Credit TrendsDespite the positive outlook, credit trends have been concerning with non-performing loans increasing for three consecutive quarters.
Fee IncomeGiven the weaker macro environment, the company reduced its fee income growth guidance for 2025 as expected from 'up 3-6%' to 'up 1-3%' given weaker markets related fee income across wealth management and capital markets.
Volatile EnvironmentsManagement remains optimistic but acknowledges the risk of being too cautious in volatile environments, which could lead to missed opportunities.