At the analyst meeting chaired by President Chartsiri Sophonpanich, BBL sets 2025 targets for loan growth at 3-4%yoy, NIM at 2.8-2.9% (down from 3% in 2024 due to interest rate cut), and credit cost at 0.9-1.0% (down from 1.3% in 2024); these are in line with our projections for loan growth at 3%, NIM at 2.9%, and credit cost at 1.2%. BBL will adjust its capital structure to increase ROE. It considers revising dividend policy to pay higher dividend; last year it paid 2023 dividend on February 22. BBL (Outperform) Feb. 19, 2025 : Good NPL control