Banking - Note - [NEUTRAL] - Earnings beat estimates

Aggregated 2Q26 PAT across 27 listed banks surged +25.4% YoY and +18.5% QoQ. This strong performance was driven by: (1) robust credit growth, (2) a recovery in service fee activities, (3) strong momentum in other incomes, and (4) well-controlled operating expenses and provision costs. Consequently, 1H26 earnings reached nearly 50% of full-year 2026 guidance.