Core Viewpoint - HSBC Holdings PLC reported a mixed earnings performance, with an EPS of $1.60 falling short of the estimated $1.80, while revenue exceeded expectations at $17.7 billion compared to an estimate of $17 billion [1][6] Financial Performance - The bank's pre-tax profit, excluding notable items, exceeded consensus by 9%, driven by increased net interest income and reduced impairments [2][6] - The CET1 capital ratio stood at 14.9%, surpassing expectations by 20 basis points, indicating a strong capital position [2] Growth Drivers - HSBC's adjusted Q4 pre-tax profit benefited from deposit growth and higher interest rates in Hong Kong, although approximately $100 million of these gains are not expected to recur [3] - The wealth segment performed well, with fee and other income rising by 20% year-on-year, and invested assets increasing by $80 billion compared to the previous year [3] Future Projections - Management projects banking net interest income to reach at least $45 billion in 2026, surpassing the consensus of $43.5 billion [4] - Costs are expected to rise by just 1%, suggesting a cost base of approximately $33.8 billion, which is around $500 million better than market forecasts [4] Financial Metrics - HSBC has a P/E ratio of approximately 18.22, a price-to-sales ratio of about 2.36, and an enterprise value to sales ratio of around 1.27 [5] - The bank maintains a moderate debt-to-equity ratio of about 0.51, showcasing financial stability [5]

Core Insights - HSBC Holdings reported a significant increase in pre-tax profit for Q4 2025, reaching $6.80 billion, primarily driven by revenue growth and lower expected credit losses [1][8] Financial Performance - Total revenues for Q4 2025 were $16.34 billion, reflecting a year-over-year increase of 41.5%, attributed to higher net interest income, net fee income, and other operating income [2] - Total operating expenses rose by 8.4% year over year to $9.33 billion [2] - Expected credit losses (ECL) amounted to $901 million, down 33.8% from the previous year [2] Business Segment Performance - The Hong Kong Business segment reported a pre-tax profit of $2.45 billion, up 13.4% year over year, driven by higher revenues [4] - The UK Business segment achieved a pre-tax profit of $1.78 billion, an increase of 18.1% from the prior year, due to lower ECL charges and increased revenues [4] - Corporate and Institutional Banking reported a pre-tax profit of $2.48 billion, up 16.7% year over year, driven by lower ECL charges and higher revenues [5] - International Wealth and Premier Banking saw a pre-tax profit of $983 million, a significant increase of 96.2% year over year, attributed to higher revenues and lower ECL charges [5] - The Corporate Centre reported a narrower pre-tax loss of $891 million compared to the previous year [5] Capital and Dividend - The board of directors approved a fourth interim dividend of 45 cents per share for 2025 [6] Management Outlook - For 2026, management anticipates banking net interest income (NII) of at least $45 billion and expects ECL charges to be 40 basis points as a percentage of average gross loans [7][9] - The company targets a growth in operating expenses of 1% in 2026 compared to 2025 [7] - HSBC aims for a return on average tangible equity of 17% or better for 2026, 2027, and 2028, excluding notable items [9] Cost Management Initiatives - HSBC expects to achieve $1.5 billion in organizational simplification savings by the first half of 2026, ahead of schedule [10] - Completed and announced exits are projected to generate $0.7 billion in annualized cost savings [10] - The medium-term cost reallocation commitment has been increased from $1.5 billion to $1.8 billion due to expected cost synergies from the privatization of Hang Seng Bank [11]

Financial Performance - Group revenue for 2025 was $71 billion, representing a 5% year-on-year growth, with profit before tax at $36.6 billion, a 7% increase, marking a record high for the company [2][3] - The return on tangible equity (ROTE) was 17.2%, achieving the mid-teens target [2] Business Line Performance - Fee and other income from wholesale transaction banking grew by 4% year-over-year within the Corporate Investment Banking (CIB) business, while wealth fee and other income in the International Wealth and Personal Banking (IWPB) segment rose by 22% [3] - The loan book grew by 2%, with increases in the UK, CIB, and IWPB, partially offset by customer repayments and muted demand in Hong Kong [6] Market Performance - Deposits grew by 5%, equivalent to an increase of $78 billion, with particularly strong growth in Hong Kong [5][6] - The cost of risk for the year was around 39 basis points, aligned with guidance, with expectations for a similar level in 2026 [6] Strategic Direction and Industry Competition - The company completed the privatization of Hang Seng Bank ahead of schedule, enhancing its position in Hong Kong, a key financial center [4] - The company announced 11 business exits in 2025 to simplify operations and improve capital efficiency [5] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the balance sheet and capital generation, with a target for revenue growth of around 5% by 2028 [11] - The company is investing in digital asset capabilities and artificial intelligence to drive future growth and operational efficiency [11][12] Other Important Information - The Common Equity Tier 1 (CET1) ratio was 14.9%, expected to remain within the operating range of 14% to 14.5% [7][8] - The company plans to issue approximately $20 billion of holdco senior debt, $1 billion of Tier 2, and $4 billion of AT1 in 2026 [14] Q&A Session Summary Question: Update on issuance plans regarding currency - The company plans to issue a significant portion of its debt in US dollars, with flexibility to consider other currencies based on market conditions [17][18] Question: Insights on the FPC review and its implications - Management welcomed the FPC review, highlighting potential positive changes in leverage ratios and buffer usability [22][23][25] Question: Timeline for tokenized deposits offering - The company has onboarded clients in Hong Kong and is expanding to other jurisdictions, with ongoing development in this area [26][27] Question: Concerns regarding Stage 3 loans and their future trajectory - Stage 3 loans have increased slightly, but management remains optimistic about the overall market conditions and expects to manage risks effectively [75]

Financial Performance - Group revenue for 2025 was $71 billion, representing a 5% year-on-year growth, with profit before tax at $36.6 billion, a 7% increase, marking a record high for the company [2] - The return on tangible equity (ROTE) was 17.2%, achieving the mid-teens target [2] - Ordinary dividends declared for the year were $0.75 per share, an increase of 14% from the previous year [3] Business Line Performance - Fee and other income from wholesale transaction banking grew by 4% year-over-year within the Corporate Investment Banking (CIB) business [3] - Wealth fee and other income in the International Wealth and Personal Banking (IWPB) segment rose by 22%, with growth across all subsegments [3] Market Performance - Deposits grew by 5% during the year, equivalent to an increase of $78 billion, with particularly strong growth in Hong Kong [5] - The loan book grew by 2%, with increases in the U.K., CIB, and IWPB, partially offset by customer repayments and muted demand in Hong Kong [6] Company Strategy and Industry Competition - The company completed the privatization of Hang Seng Bank ahead of schedule, enhancing its position in the Hong Kong market [4] - The company announced 11 business exits in 2025 to simplify operations and improve capital efficiency [5] - The company is focused on digital asset capabilities and artificial intelligence to drive future growth and operational efficiency [11][12] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the strength of the balance sheet, with a CET1 ratio of 14.9% and expectations to remain capital generative [7] - The company anticipates revenue growth rising towards 5% by 2028 and targets a return on tangible equity of 17% or better each year until 2028 [11] - Management highlighted ongoing improvements in asset quality and a stable outlook for the loan book, with expectations for a cost of risk around 40 basis points [6][72] Other Important Information - The company realized approximately $1.2 billion of annualized simplification savings in 2025, ahead of the original timeline [5] - The total High-Quality Liquid Assets (HQLA) on hand is $0.9 trillion, covering around half of the total customer deposit base [9] Q&A Session Summary Question: Update on issuance plans and currency - The company plans to issue approximately $20 billion of holdco senior, $1 billion of Tier 2, and $4 billion of AT1 in 2026, primarily in U.S. dollars [14][18] Question: Insights on the FPC review and tokenized deposits - Management welcomed the FPC review as a positive step and highlighted the potential for changes in leverage ratios and buffer usability [22][25] - The company is actively developing its tokenized deposit offering, with initial launches in Hong Kong and plans to expand to other jurisdictions [26][27] Question: Stage 3 loans and commercial real estate - Stage 3 loans have increased to 2.5%, with management indicating a conservative outlook and ongoing monitoring of commercial real estate [72][73] Question: Legacy position and Tier 2 issuance - The company has made significant progress in reducing its legacy stack and continues to monitor opportunities for further reduction [54][55] - There are no set plans for Tier 2 issuance currency at the moment, with options being evaluated based on market conditions [75]

Financial Performance - Group revenue for 2025 was $71 billion, representing a 5% year-on-year growth, with profit before tax at $36.6 billion, a 7% increase, marking a record high for the company [2][3] - The return on tangible equity (ROTE) was 17.2%, achieving the mid-teens target [2] Business Line Performance - Fee and other income from wholesale transaction banking grew 4% year-over-year within the Corporate Investment Banking (CIB) business, while wealth fee and other income rose 22% in the International Wealth and Personal Banking (IWPB) segment [3] Market Performance - Deposits grew by 5%, equivalent to a $78 billion increase, with notable strength in Hong Kong [5][6] - The loan book grew by 2%, with increases in the UK, CIB, and IWPB, partially offset by customer repayments and muted demand in Hong Kong [6] Company Strategy and Industry Competition - The company completed the privatization of Hang Seng Bank ahead of schedule, enhancing its position in Hong Kong, a key financial center [4] - The company announced 11 business exits in 2025 to simplify operations and improve capital efficiency [5] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the ongoing improvement of asset quality and the potential for revenue and cost synergies from the Hang Seng transaction [4][5] - The company expects revenue growth to rise towards 5% by 2028 and targets a return on tangible equity of 17% or better each year [11] Other Important Information - The Common Equity Tier 1 (CET1) ratio was 14.9%, with expectations to manage it within the operating range of 14% to 14.5% [7][8] - The company plans to issue approximately $20 billion of holdco senior debt, $1 billion of Tier 2, and $4 billion of AT1 in 2026 [13] Q&A Session Summary Question: Update on currency issuance plans - The company plans to issue most of its debt in US dollars, with some issuance in other currencies depending on market conditions [17][18] Question: Insights on the FPC review and its implications - Management highlighted the importance of the FPC review and its potential to improve the capital framework, particularly regarding leverage ratios and buffer usability [20][22][25] Question: Timeline for tokenized deposits offering - The company has onboarded clients in Hong Kong for tokenized deposits and aims to expand this offering to other jurisdictions, including the UK and Singapore [27][28] Question: CET1 recovery timeline post-Hang Seng privatization - The CET1 ratio is expected to recover back into the target operating range quickly, with the company remaining capital generative [42][43] Question: Details on MREL requirement increase - The increase in MREL requirements was driven by leverage constraints in certain entities, with a significant buffer still maintained [52][53]

Company News - HSBC Holdings saw a pre-market increase of over 5% [1] - Axon Enterprise experienced a pre-market rise of over 17% [1] - First Solar faced a pre-market decline of over 15% [1] - HP Inc. dropped over 5% in pre-market trading, as the company projected a double-digit decline in personal computer shipments by 2026 [1] - Taiwan Semiconductor Manufacturing Company (TSMC) rose over 1% in pre-market trading, following reports that Apple plans to purchase over 100 million advanced chips produced by TSMC by 2026 [1]

中新社香港2月25日电 (记者 戴小橦)汇丰控股有限公司(简称"汇控")25日公布2025年全年业绩。报告期 内，集团实现收入683亿美元，较2024年增加24亿美元，同比增长4%；净利息收益达348亿美元，同比 增加21亿美元。 汇控行政总裁艾桥智表示，2025年集团四大业务板块均表现稳健，整体增长势头强劲。基于良好业绩表 现，集团上调2026年至2028年中长期发展目标：将每年不计及须予注意项目的平均有形股本回报率提升 至17%及以上，同步上调同期不计及须予注意项目的年度收入增长目标，力争2028年实现5%的增长水 平。 针对市场关注的私有化恒生银行后是否裁员的问题，艾桥智表示，此次私有化不涉及任何裁员计划，集 团将持续在香港加大人才投入。他提到，员工岗位职能或出现调整，为此集团已制定专项培训、技能提 升及资金支持方案，集团设有3年过渡期推进相关工作。 谈及中国内地业务时，艾桥智指出，汇控主要服务跨国企业及有海外拓展需求的内地企业，同时也是内 地核心的国际财富管理机构。(完) 2月25日，汇丰控股有限公司公布2025年全年业绩。图为香港街头汇丰银行和恒生银行的招牌。(资 料图) 中新社记者 陈永诺 摄 ...

Press Release 25 February 2026 HSBC CONTINENTAL EUROPE2025 ANNUAL AND SECOND HALF RESULTS On 24 February 2026, the Board of Directors of HSBC Continental Europe reviewed the results for the second half of the year and approved the consolidated financial statements for 2025. Revenue performance in 2025 was strong with increased client activity and deposit growth in Corporate and Institutional Banking (‘CIB’) offsetting the impacts of lower interest rates on net interest margins.  During the year, HSBC Contin ...

Annual Report and Accounts 2025 Two iconic banks. One bright future. HSBC Holdings plc 4Q25 results Presentation to investors and analysts Progress on strategy execution Georges Elhedery Group CEO Progress on strategy execution 4Q25 results Appendix Strong momentum in our full year 2025 performance Achieved through growth in earnings, discipline in cost and capital Earnings Growing Distributing Dividend per Share2 $0.75 (+14%) Group Revenue REPORTED $68.3bn (+4% YoY) EX-NOTABLE ITEMS $71.0bn (+5% YoY) Depos ...

Group 1: Bonus and Compensation - Average bonuses for HSBC investment bank staff increased by 11% to $819,000 (£606,000) compared to 2024, with the overall bonus pool rising by 10% to $3.9 billion, the highest in at least a decade [1] - HSBC plans to withhold bonuses from poorer performing staff, adopting an "eat-what-you-kill" approach similar to US competitors, with zero bonuses seen as a significant humiliation in the industry [2] Group 2: Cost-Cutting and Restructuring - HSBC has reduced the number of managing directors by 15% over the last year, contributing to a £1.1 billion cost-cutting program completed six months early, with many job losses resulting from the merger of its commercial banking, global banking, and markets businesses [3] - The bank's employee count decreased from 221,000 to just over 218,000, while pay and benefits rose from $20.2 billion to $21.5 billion during the same period [4] Group 3: Financial Performance - HSBC reported a pre-tax profit of $29.9 billion for the year, which was a 7% decrease compared to the prior year and below analysts' estimates of $28.9 billion [4] - Revenue from HSBC's Hong Kong business rose by 6% to $15.9 billion, while the UK division saw a 5% increase in revenue to $12.9 billion [6] Group 4: Strategic Focus - Since taking over, HSBC's CEO has implemented a radical restructuring, including staff cuts and division mergers, while also focusing on growth in Asia by closing some banking divisions in the US, UK, and Continental Europe [5]