FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

Core Viewpoint - Standard Chartered Group reported a strong performance in Q3 2025, with a net profit attributable to shareholders of $1.3 billion, reflecting a 13% year-on-year increase, exceeding market expectations [2][3]. Financial Performance - The group recorded a total operating income of $5.147 billion in Q3 2025, up 5% from $4.904 billion in the same period last year [3]. - The pre-tax profit before tax on a basic basis was $1.985 billion, a 10% increase compared to $1.805 billion in Q3 2024 [3]. - For the first nine months of 2025, the net profit attributable to shareholders reached $4.624 billion, a significant 32% increase from $3.516 billion in the previous year [3]. Revenue Composition - Net interest income slightly decreased by 1% to $2.7 billion, while non-interest income increased by 12% to $2.4 billion, becoming a key driver of profit growth [4]. - The net interest margin recorded was 1.94%, a decrease of 4 basis points from Q2 2025, but the decline was less than the previous quarter's 14 basis points [4]. Business Segments - Wealth management and global banking businesses showed strong performance, with wealth management revenue reaching $890 million, a 27% year-on-year increase [5]. - Global banking revenue also rose by 23%, reaching a quarterly record, driven by increased lending and capital market activities [5]. Cost Management - Operating expenses for Q3 2025 were $2.953 billion, a 4% increase year-on-year, primarily due to targeted investments in core businesses [5]. - Credit impairment charges were $195 million, slightly up from $178 million in the previous year, but overall remained manageable [5]. Capital and Liquidity - The Common Equity Tier 1 (CET1) capital ratio was 14.2%, slightly down by 18 basis points from the previous quarter but still above the target range [7]. - The liquidity coverage ratio improved to 151%, well above the regulatory requirement of 100% [7]. Future Outlook - Based on the strong quarterly performance, the group raised its 2025 revenue growth guidance to near the upper limit of the previous range of 5%-7% [8]. - The group reaffirmed its commitment to return at least $8 billion to shareholders from 2024 to 2026 and plans to continue increasing dividends [8].

（来源：吴说） 渣打银行数字资产研究主管 Geoffrey Kendrick 预计，到 2028 年，除稳定币外的链上实物资产（RWA） 市值将从目前约 350 亿美元增至 2 万亿美元，主要活动将集中在以太坊上。他估算，代币化的货币市场 基金和上市股票将各占 7,500 亿美元，其余 5,000 亿美元由基金份额及其他低流动性资产构成。 (TheBlcok) 来源：市场资讯 ...

Core Insights - Standard Chartered's outlook indicates that stablecoins are not only disrupting traditional finance (TradFi) but are also laying the groundwork for a $2 trillion decentralized finance (DeFi) revolution by 2025 [2][5]. Group 1: Stablecoins and DeFi - The explosive growth of stablecoins in 2025 is reshaping TradFi payment networks and savings, while also triggering three key preconditions for a sustained DeFi boom: increased awareness in developed markets, necessary liquidity on-chain, and expansion of on-chain lending and borrowing [3][4]. - The convergence of stablecoins and DeFi is expected to drive significant growth in tokenized real-world assets (RWAs), projected to expand from $35 billion today to $2 trillion by the end of 2028 [5]. Group 2: Market Projections - The stablecoin market cap is anticipated to grow from $230 billion to $2 trillion by the end of 2028, necessitating an additional $1.6 trillion of US T-bills to be held as reserves, which corresponds to all planned new T-bill issuance during that period [6]. Group 3: Ethereum's Role - Ethereum is emerging as a critical bridge between TradFi and DeFi, with the Ethereum Foundation launching an Institutional Use Case page to explain DeFi infrastructure and value propositions to traditional finance players, reflecting its growing importance in global digital finance [7].

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Core Viewpoint - Standard Chartered Group (02888) delivered a strong Q3 performance, with pre-tax profit exceeding market consensus by 14% (approximately $243 million), driven by revenue growth and a decrease in impairment provisions [1] Revenue Performance - Both net interest income and non-interest income surpassed expectations, with wealth management and banking services performing better than anticipated, while global markets business fell short [1] Valuation and Rating - Despite the strong performance, the valuation appears not cheap at approximately 1.1 times the projected 2026 price-to-book ratio, corresponding to about a 13% return on equity, which drops to around 11% to 12% when restructuring costs are included; the rating is "underperform" [1]

Core Insights - Standard Chartered's third-quarter net profit increased by 10% due to strong growth in cross-border trade loans and wealth management, allowing the bank to outperform analysts' expectations [1][2] Financial Performance - Net profit for the quarter ending in September reached US$1.03 billion, or 44.5 US cents per share, exceeding analysts' expectations of US$984 million [2] - Pre-tax profit rose by 3% to US$1.77 billion, also surpassing consensus estimates [2] Strategic Focus - The bank anticipates achieving an underlying return on tangible equity of around 13% by 2025, a year ahead of schedule, driven by a strategic focus on cross-border and affluent banking needs [4] - There was strong double-digit growth in wealth solutions and global banking, alongside positive momentum in the global markets flow business [4] Credit Impairments - The bank recorded US$195 million in credit impairments for the third quarter, which is a 10% increase compared to the previous year [5] - A US$25 million provision was made specifically for the Hong Kong commercial real estate sector to address liquidity and repayment capacity pressures [6] - The bank retained US$60 million in overlay for Hong Kong commercial real estate clients [6] Mainland China Exposure - Provisions for mainland China's commercial real estate decreased by US$9 million during the quarter due to client repayments, with the bank holding US$49 million in provisions for this sector [7]

Core Viewpoint - UBS report indicates that Standard Chartered Group (02888) is expected to outperform market consensus in adjusted pre-tax profit for Q3 2025 by 15% [1] Financial Performance - Net interest income is projected to exceed expectations by 2% [1] - Core non-interest income is expected to be 5% higher than anticipated, contributing to a total revenue growth of 4% [1] - Cost control is anticipated to be 1% better than expected, leading to a pre-provision profit that is 10% above forecasts [1] Impairment and Capital Ratios - Impairment losses are expected to be 23% lower than market consensus, including moderate provisions for Hong Kong commercial real estate [1] - Common Equity Tier 1 (CET1) capital ratio is projected at 14.2%, exceeding market expectations by 10 basis points, despite a quarterly decrease of 20 basis points due to the impact of the announced buyback plan [1] Revenue Drivers - Overall revenue outperformance is primarily driven by transaction services, global banking, and wealth management, although some growth is offset by a slowdown in global markets business [1] - UBS maintains a "Buy" rating on Standard Chartered [1]

Core Viewpoint - UBS report indicates that Standard Chartered Group (02888) is expected to outperform market consensus in adjusted pre-tax profit for Q3 2025 by 15% [1] Financial Performance - Net interest income is 2% above expectations, while core non-interest income exceeds by 5%, leading to a total revenue growth of 4% [1] - Cost control is better than expected by 1%, resulting in pre-provision profit being 10% higher than anticipated [1] - Impairment losses are 23% lower than market consensus, which includes moderate provisions for Hong Kong commercial real estate [1] Capital Position - Common Equity Tier 1 (CET1) capital ratio stands at 14.2%, exceeding market expectations by 10 basis points, although it decreased by 20 basis points quarter-on-quarter due to a 50 basis point drag from the announced buyback plan in Q2 [1] Business Drivers - Overall revenue outperformance is primarily driven by transaction services, global banking, and wealth management, although some growth was offset by a slowdown in global markets business [1] Rating - UBS maintains a "Buy" rating for Standard Chartered Group [1]

Core Viewpoint - Standard Chartered Group (02888) announced a share buyback plan, intending to repurchase 154,100 shares at a total cost of £2.3259 million, scheduled for October 29, 2025 [1] Group 1 - The company will spend £2.3259 million on the buyback [1] - The number of shares to be repurchased is 154,100 [1] - The buyback is set to occur on October 29, 2025 [1]