COPPER STALLIONMEDIA

Funding

InsightsFunding

Malaysia's Budget 2027 Preview: RM438.9 Billion of Expansionary Spending, a RM40 Billion Fuel Subsidy Shock and the 3% Deficit Target for 2028

Ahead of Prime Minister Anwar Ibrahim tabling Budget 2027 on October 9, 2026, the pre-budget roundtable reported by The Edge Malaysia on September 26, 2026 frames a fiscal consolidation that narrowed the federal deficit from 5.5% of GDP in 2022 to 3.7% in 2025 against the statutory 3%-by-2028 target of the Public Finance and Fiscal Responsibility Act 2023, now strained by a fuel subsidy bill rising from a budgeted RM15 billion to an estimated RM40 billion with Brent above US$100 - about half to be covered by additional public revenue and the remainder by reprioritisation of expenditure - while TA Research projects an expansionary envelope of RM438.9 billion, up 3.7% on the revised 2026 estimate of RM423.4 billion, focused on targeted assistance, development spending and longer-term growth rather than broad-based giveaways: a budget of continuity under pressure rather than a sharp change of course.

InsightsFunding

Malaysia's 2025 Market Year in Review: the 'T&A' Shock, Ten of Thirteen Bursa Sectors in the Red, and the Four Questions That Will Drive 2026

The Edge Malaysia's year-end review frames 2025 as the year of 'T&A' — Trump, tariffs and tech with the AI boom on top — in which US equities rode the artificial-intelligence rally while Malaysia's benchmark index ended the calendar roughly unchanged from where it had stood for about thirteen years; behind the flat headline ten of thirteen Bursa Malaysia sectoral indices finished in the red, led by healthcare down 36.4%, technology down 12.1% and telecoms down 11.3%, with only REITs (+7.3%), plantation (+6.6%) and financials (+0.3%) closing positive, and the review sets 2026 on four watch items — whether the AI rally is a bubble, US Main Street jobs and consumption, the narrowing US-Malaysia yield gap and possible foreign portfolio rebalancing — above domestic supports (the 13th Malaysia Plan, Budget 2026, low inflation, fiscal reforms, a current account surplus) and themes from data centres and the Johor-Singapore SEZ to Sarawak and Sabah infrastructure, plantation and banks.

InsightsFunding

Russia's 2026-2028 Budget Plan: Four Lines, One Decelerating Engine, and the Baseline Dip That Decides the Middle Year

The draft federal budget for 2026-2028, considered at a government meeting and reported by Interfax on September 24, 2025, plans non-oil-and-gas revenue of 31.365, 33.86 and 36.165 trillion rubles (+10.3%, +8%, +6.8% on the 28.430-trillion 2025 base), oil-and-gas revenue of 8.919 (3.8% of GDP), 9.05 and 9.705 trillion (3.5% in each of the latter two years), baseline oil-and-gas revenue of 8.957, 8.708 and 8.922 trillion, and deficits of 1.6%, 1.2% and 1.3% of GDP; this analysis reads the four Ministry of Finance lines as one trajectory - a decelerating non-oil engine carrying nearly four fifths of planned revenue, and a 2027 baseline dip that routes 0.342 trillion rubles of oil money past the spending side under the fiscal rule, coinciding with the horizon's lowest deficit.

InsightsFunding

Russia's 2025 Deficit Path: Three Revisions, One Revenue Line, and the Arithmetic From 1.173 to 5.737 Trillion Rubles

Autumn amendments raised Russia's 2025 deficit target by 1.944 trillion rubles to 5.737 trillion (2.6% of GDP), cutting the revenue estimate by the same amount, to 36.562 trillion; this analysis reads the year's three deficit targets — 1.173 (0.5%), 3.792 (1.7%) and 5.737 trillion rubles (2.6%) — as one trajectory of revenue sensitivity, and closes it with the preliminary January–November result of 4.276 trillion (2%) and Anton Siluanov's confirmation that the deficit stayed within 2.6% of GDP.

Company DigestFunding

Maybank's 2QFY2025 Net Profit Rises Nearly 4% to RM2.63 Billion as Higher Income Offsets Rising Provisions; Interim Dividend 30 Sen

Malayan Banking Bhd (Maybank) posted 2QFY2025 net profit of RM2.63 billion, up nearly 4% year on year (3.9% per the group's announcement), with earnings per share of 21.75 sen and pre-tax profit up 2.0%, as higher income offset rising provisions for bad debts; net interest income grew 1.1% and non-interest income 18% year on year, first-half net profit rose 4% to RM5.22 billion and the board declared an interim dividend of 30 sen per share.

Company DigestFunding

Kakao Bank Posts Record First Half of 2025 With 263.7 Billion Won Net Profit as Non-Interest Income Jumps 30.4%

Kakao Bank Corp. recorded its largest-ever first half in 2025 with net profit of 263.7 billion won (about US$190.0 million), up 14% year-on-year, while non-interest income jumped 30.4% to 562.6 billion won and interest income fell 2% to 999.9 billion won amid the monetary easing cycle; the customer base reached 25.86 million at end-June 2025 with 19.9 million monthly active users, Q2 net profit rose 5.1% to 126.3 billion won, H1 operating profit stood at 353.2 billion won, and the company attributes the growth to steady customer inflow, increased traffic and a strong rise in non-interest income.

InsightsFunding

Bank of Russia Financial Stability Review: Most Companies to Stay Solvent in 2026 as Lending Slows, Mortgage Arrears Reach 0.9% and Capital Adequacy Holds at 13.0%

In its Financial Stability Review for Q4 2024 - Q1 2025, commented on by Interfax on June 1, 2025, the Bank of Russia expects the majority of Russian companies to remain financially stable and able to service their obligations in 2026 if current trends persist, while individual borrowers may need debt restructuring; the review also records a slowdown in lending, mortgage arrears rising to 0.9 percent and banking-sector capital adequacy at 13.0 percent, a set of signals this analysis reads as one chain of a restrictive monetary policy cycle being absorbed by the banking system's capital buffer.

Company DigestFunding

Maybank's FY2024 Net Profit Rises Nearly 8% to RM10.09 Billion as Full-Year Dividend Reaches 61 Sen

Malayan Banking Bhd (Maybank) reported FY2024 net profit of RM10.09 billion, up nearly 8%, with 4Q net profit of RM2.53 billion (+6%) and a declared dividend of 32 sen per share (61 sen for the year); net interest income rose 2.0% to RM19.69 billion on 5.3% loan growth, non-interest income jumped 23% to RM9.88 billion, NIM narrowed 10 bps to 2.05%, ROE reached 11.1% against a 2025 target of 11.3% and above, gross impaired loans improved to 1.23% from 1.34% and CET1 stood at 14.9% versus 15.3% in 2023.

InsightsFunding

Russia's Mortgage Market Braces for Two Years of Compression: VTB Sees 2024 Issuance Down 35% to About 5 Trillion Rubles and 2025 Down at Least 20%

At the "Russia Calling!" forum on December 4, 2024, VTB forecast Russian mortgage issuance of about 5 trillion rubles in 2024 (down about 35%) and about 4 trillion rubles in 2025 (at least minus 20%); DOM.RF counts about 1.4 million loans for 5 trillion rubles in 2024 and 1.2-1.3 million loans for 4-4.5 trillion in 2025 if rates stay above 20%, while the market rate hit 28.4% on November 15, 2024 and subsidised issuance dipped in early November as programme limits ran out.

Company DigestFunding

Kakao Bank Posts Record Quarterly Net Profit of 124 Billion Won in Q3 2024 as Interest Income and Customer Growth Lift Operating Profit 36.2%

Kakao Bank Corp., the banking subsidiary of South Korea's parent company Kakao, closed the third quarter of 2024 with a record quarterly net profit of 124 billion won (about US$89.9 million), up 30.1% year-on-year, as operating profit rose 36.2% to 174 billion won and revenue grew 14% to 746 billion won, including interest income of 611 billion won, also up 14%; the customer base reached 24.43 million at the end of September 2024, up 2.15 million year-on-year, and the regulatory filing attributes the gains to rising interest income and the expanding customer base.

Company DigestFunding

Maybank's 2QFY2024 Net Profit Rises 8.2% to RM2.53 Billion on Lower Provisions and Tax Expense; Interim Dividend 29 Sen

Malayan Banking Bhd (Maybank) posted 2QFY2024 net profit of RM2.53 billion, up 8.2% from RM2.34 billion a year earlier, as impairment allowances fell to RM381.28 million from RM561.68 million and tax expenses declined; net interest income eased 0.6% to RM3.19 billion and non-interest income 2.8% to RM2.41 billion, the board declared an interim dividend of 29 sen per share (RM3.5 billion of total distributions) and reiterated its 11% return on equity target for FY2024, while first-half net profit rose about 9% to RM5.02 billion.