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An analysis of the financial results reveals a fluctuating relationship between reported and adjusted net income, driven by mark-to-market adjustments on available-for-sale securities. While both metrics demonstrate a significant upward trajectory toward the end of the period, the variance between them indicates distinct cycles of unrealized gains and losses.

Net Income Growth Trends

Reported net income experienced a period of relative stability and slight decline between 2021 and 2024, reaching a low of 93,736 million in 2024 before accelerating sharply to 132,175 million by 2026. Adjusted net income followed a similar growth pattern, indicating a strengthening of core earnings that eventually outweighed the volatility of investment adjustments.

Positive Investment Impact

The period began with reported income exceeding adjusted income, most notably in 2022, where a positive variance of approximately 11,899 million was observed. This indicates that mark-to-market adjustments for available-for-sale securities contributed significantly to the reported bottom line through unrealized gains.

Period of Unrealized Losses

A reversal in investment performance occurred from 2023 through 2025, during which reported net income remained consistently below adjusted net income. The most substantial negative impact was recorded in 2024, with a downward adjustment of approximately 6,054 million, signaling a period of unrealized losses on the securities portfolio.

Convergence and Recovery

By 2026, the trend shifted back to a positive variance, with reported net income exceeding adjusted net income by 1,407 million. This suggests a recovery in the market valuation of available-for-sale securities, coinciding with the highest levels of reported net income observed across the six-year period.

The analysis of profitability ratios from 2021 to 2026 reveals a general trend of resilience and growth, particularly in the latter years of the period, despite fluctuations caused by the mark-to-market valuation of available-for-sale securities.

Net Profit Margin

Reported net profit margins remained relatively stable between 25.31% and 25.88% from 2021 to 2023, followed by a dip to 23.97% in 2024 and a subsequent recovery to 27.60% by 2026. The adjusted net profit margin shows a notable divergence in 2022, dropping to 22.29% compared to the reported 25.31%, suggesting that mark-to-market gains temporarily inflated reported results. By 2024, the inverse occurred, with the adjusted margin (25.52%) exceeding the reported margin (23.97%), indicating that unrealized losses on securities negatively impacted reported profitability.

Return on Equity (ROE)

Both reported and adjusted ROE figures are exceptionally high, though they exhibit significant volatility. Reported ROE peaked at 196.96% in 2022 before trending downward to 117.92% in 2026. Adjusted ROE provides a more moderated view of this performance, peaking at 175.22% in 2024. The disparity between reported and adjusted ROE is most pronounced in 2022 and 2024, reflecting the sensitivity of the equity base to the valuation of available-for-sale securities.

Return on Assets (ROA)

ROA demonstrated a consistent upward trajectory in the final two years of the period. Reported ROA climbed from 25.68% in 2024 to 32.67% in 2026. Adjusted ROA followed a similar path, ending at 32.32% in 2026. A significant discrepancy was noted in 2022, where the adjusted ROA (24.92%) was lower than the reported ROA (28.29%), reinforcing the observation that security valuations impacted asset-based efficiency metrics during that fiscal year.

Overall, the adjusted ratios provide a clearer picture of operational profitability by neutralizing the volatility of investment valuations. The trend indicates that while mark-to-market adjustments caused short-term fluctuations in reported margins and returns, the underlying adjusted profitability showed a steady improvement toward the end of the analyzed period.

The financial trajectory from 2021 to 2026 reveals a period of consolidation followed by significant expansion in both absolute net income and profit margins. After a phase of volatility between 2022 and 2024, a strong upward trend is evident in the final two years of the analyzed period.

Net Income Performance

Reported net income exhibited a fluctuating trend, declining to a low of 93,736 million USD in 2024 before surging to 132,175 million USD by 2026. Adjusted net income followed a similar trajectory, although it demonstrated greater stability during the 2023-2024 window, maintaining levels near 99 billion USD while reported figures were in decline.

Adjusted Net Profit Margin Trends

The adjusted net profit margin experienced a notable contraction in 2022, falling to 22.29%. A recovery occurred in 2023, bringing the margin back to 25.78%. A sustained increase is observed from 2024 onward, reaching a peak of 27.31% in 2026, which indicates a strengthening of operational efficiency and improved bottom-line conversion.

Analysis of Reported versus Adjusted Metrics

A significant divergence between reported and adjusted figures occurred in 2022, where reported net income exceeded adjusted net income by nearly 12 billion USD. This relationship reversed in 2023 and 2024, as adjusted net income remained consistently higher than reported net income, suggesting the presence of non-recurring expenses or one-time charges that weighed down reported results. By 2025 and 2026, the convergence of these two metrics indicates a stabilization of earnings and a reduction in anomalous financial impacts.

Profitability Trajectory

Both reported and adjusted profit margins show a synchronized upward move starting in 2025. The reported margin rose from 23.97% in 2024 to 27.60% in 2026, while the adjusted margin increased from 25.52% to 27.31% over the same period. This indicates a broad-based improvement in profitability that exceeds the historical peaks seen in 2021.

The financial performance from 2021 to 2026 is characterized by a divergence between earnings growth and equity efficiency. While net income demonstrates a strong upward trajectory in the latter half of the period, return on equity (ROE) exhibits significant volatility followed by a notable decline.

Net Income Trends

Adjusted net income reflects a generally positive growth trend, increasing from 93,713 million US$ in 2021 to 130,768 million US$ by 2026. Although a dip was observed in 2022, the subsequent years show consistent growth, with the most significant acceleration occurring between 2024 and 2026.

Return on Equity Performance

Adjusted ROE experienced substantial fluctuations, peaking at 175.22% in 2024. Following this peak, a downward trend is observed, with the ratio falling to 153.58% in 2025 and further decreasing to 116.66% by 2026. This represents a significant contraction in equity efficiency relative to the 2024 high.

Earnings and Efficiency Divergence

A critical observation is found in the period between 2024 and 2026. During this timeframe, adjusted net income grew from 99,790 million US$ to 130,768 million US$, yet adjusted ROE declined from 175.22% to 116.66%. This inverse relationship indicates that the growth in the equity base significantly outpaced the growth in net income, thereby diluting the return on equity.

Reported vs. Adjusted Metrics

The variance between reported and adjusted figures remains relatively narrow across the period. However, the adjusted ROE provides a more stabilized view of performance, smoothing the volatility seen in the reported ROE, particularly in 2022 where reported ROE peaked at 196.96% compared to an adjusted 173.48%.

The financial trajectory between 2021 and 2026 indicates a period of volatility followed by significant growth in both profitability and asset efficiency. While net income experienced fluctuations during the mid-period, a strong upward acceleration is evident in the final two years of the sequence.

Net Income Trends

Reported net income showed a non-linear progression, peaking at 99,803 million USD in 2022 before declining to 93,736 million USD by 2024. However, a sharp recovery occurred thereafter, with values rising to 112,010 million USD in 2025 and reaching 132,175 million USD in 2026. Adjusted net income followed a similar recovery pattern, exhibiting more stability between 2023 and 2024 before mirroring the substantial growth seen in the latter years.

Adjusted Return on Assets (ROA)

The adjusted ROA reflects a cyclical pattern, starting at 26.70% in 2021 and dipping to 24.92% in 2022. A recovery trend began in 2023, reaching 28.02%, followed by a slight moderation to 27.34% in 2024. A significant expansion in asset productivity is observed in the final period, with the adjusted ROA climbing to 31.52% in 2025 and peaking at 32.32% in 2026.

Comparative Performance Analysis

A close correlation exists between reported and adjusted ROA throughout the analyzed period. The variance between the two metrics remains narrow, suggesting that the adjustments made to net income do not fundamentally alter the perceived efficiency of asset utilization. The simultaneous rise in both reported and adjusted ROA from 2024 to 2026 indicates an improved ability to generate earnings relative to the total asset base.