Improving Leverage & Capital BaseA materially lower debt-to-equity (~0.49 in 2024) and rising equity strengthen resilience to shocks and regulatory pressure. This durable improvement increases room to absorb loan losses, support lending growth and maintain capital ratios, enhancing funding flexibility over months.
Rising Profitability And MarginsConsistent net margins in the low-to-mid 20% and ROE rising to about 10% indicate sustainable core profitability. Durable margin strength supports internal capital generation, dividend capacity and reinvestment into the franchise, reducing reliance on external funding over the medium term.
Recovered Cash Generation (positive FCF)Return to positive free cash flow (~1.51B in 2024) with FCF near 88% of net income improves liquidity and the firm's capacity to fund operations, dividends and capital needs internally. This recovery suggests more predictable cash conversion over coming quarters.