Financial Performance - The pre-tax profit on a reported basis for Q3 2025 was $7.3 billion, a decrease of $1.2 billion compared to Q3 2024, primarily due to increased operating expenses including a legal provision of $1.4 billion[5]. - Total revenue for Q3 2025 increased by $0.8 billion to $17.8 billion, a growth of 5% supported by increased customer activity in wealth management[5]. - Operating expenses for Q3 2025 were $10.1 billion, an increase of $1.9 billion or 24% compared to Q3 2024, driven by notable items including a legal provision of $1.4 billion[5]. - The company reported a net profit of $17,944 million for the nine months ended September 30, 2025, a decrease of 26.2% from $24,414 million in the same period of 2024[31]. - The company reported a pre-tax profit of $30,032 million for the nine months ended September 30, 2025, an increase from $28,000 million in the same period of 2024[173]. Net Interest Income - The net interest income for Q3 2025 was $8.8 billion, an increase of $1.1 billion or 15% compared to Q3 2024, reflecting growth in deposits and structural hedging benefits[5]. - Net interest income was $25.6 billion, an increase of $1.1 billion, despite a $1.5 billion adverse impact from the sale of Argentine and Canadian businesses[8]. - The bank's net interest income for the first nine months of 2025 was $32.362 billion, a decrease of $0.4 billion or 1% compared to the same period in 2024, primarily due to the sale of operations in Argentina and Canada, which accounted for a $1.6 billion reduction[61]. - The net interest margin remained stable at 1.57% for both the nine months ended September 30, 2025, and 2024[17]. Operating Expenses - Operating expenses rose by $2.7 billion to $27.1 billion, an increase of 11%, primarily due to significant items including legal provisions and restructuring costs[8]. - Operating expenses for Q3 2025 increased by 24% to $10,076 million from $8,143 million in Q3 2024[33]. - The company’s operating expenses included a $1,400 million legal provision, which significantly impacted the overall expense increase[43]. Expected Credit Losses - Expected credit losses for Q3 2025 were $1 billion, unchanged from Q3 2024, with provisions related to wholesale business risks[5]. - Expected credit losses increased by $900 million to $2.9 billion, with a significant portion attributed to increased provisions related to Hong Kong commercial real estate[8]. - Expected credit losses for the first nine months of 2025 were $2.95 billion, up from $1.99 billion in the same period of 2024, indicating a significant increase of about 48%[132]. Capital Ratios - The common equity tier 1 capital ratio was 14.5%, a decrease of 0.1 percentage points from Q2 2025, primarily due to a reduction in common equity tier 1 capital[5]. - The common equity tier 1 capital ratio mid-term target range is maintained at 14% to 14.5%, with anticipated capital impacts from the proposed privatization of Hang Seng Bank[8]. Dividends and Share Buybacks - The board approved a dividend of $0.10 per share for Q3 2025, and a $3 billion share buyback was completed on October 24, 2025[5]. - The dividend payout ratio target for 2025 is maintained at 50%, excluding significant items and related impacts[8]. Wealth Management - Wealth management assets under management reached $15 trillion as of September 30, 2025, representing a 13% increase year-over-year, with net new investment assets of $73 billion in the first nine months of 2025[16]. - Wealth management revenue increased by $1.44 billion or 25%, reflecting strong performance in the segment[46]. Strategic Transactions - HSBC announced a conditional proposal to privatize Hang Seng Bank, which is expected to result in a capital impact of approximately 125 basis points upon completion[12]. - The group plans to reallocate approximately $1.5 billion from non-strategic business activities to areas with significant competitive advantages and value-added returns[13]. - The company recognized a $1 billion impairment loss on its investment in the joint venture after conducting a value impairment test[134]. Market Conditions and Outlook - The Federal Reserve's target interest rate is currently set between 4% and 4.25%, with expectations for further rate cuts by the end of the year[182]. - The company anticipates moderate growth in its main markets in 2026, influenced by trade and tariff policies[181].

此乃要件 請即處理。倘閣下對本文件或應採取之行動有任何疑問，應諮詢股票經紀、律師、會計師或其他適當之獨立專業顧問。本通知適用於下文所列登記持 有人，不得轉讓。英國及英國以外地區之稅務影響一般概要載於滙豐控股有限公司現行《年報及賬目》的「股東參考資料」一節。股東應向其稅務顧問諮詢相 關稅務責任。滙豐控股有限公司派發之股息現時並無預扣任何稅項。 本股息貨幣選擇表格僅適用於持有以其自身名義發出之實物股票的滙豐控股有限公司香港海外股東分冊登記股東。 非登記股東如欲更改銀行指示或股息貨幣選擇偏好，應聯絡並指示持有其股份的相關中介機構（例如銀行、經紀、託管人、代名人或香港中央結算 ( 代理人 ) 有 限公司）採取行動。 香港股份代號 : 5 請用黑色筆， 以正楷於方格 內填寫各項。 股息貨幣選擇表格 對於香港海外股東分冊，股息之預設派發貨幣為港元，亦可以美元或英鎊，或此等貨幣之組合派發。閣下可填寫本表格，更改股息的貨幣選擇。 如為聯名股東，全體股東均須簽署。如為法團股東，則應在本表格蓋上法團印章或由正式授權代表簽署。本表格若未經正確簽署，將不會生效，而股息將按照 閣下過往之選擇處理，如同閣下從未交回本表格一樣。 如對本表 ...

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Core Insights - HSBC Holdings is set to announce its third-quarter 2025 results, with expectations of a year-over-year decline in revenues and earnings [1][9] - The consensus estimate for earnings is $1.65 per share, reflecting a 2.9% decrease from the previous year, while sales are estimated at $16.83 billion, indicating a roughly 1% decline [2] Investment Banking Performance - Investment banking revenues are anticipated to have increased due to a rebound in global mergers and acquisitions, driven by a strong U.S. economy and favorable regulatory conditions [3][4] - The IPO market showed significant growth in the third quarter, contributing to increased equity and debt underwriting fees for HSBC [4] Trading Revenues - Client activity and market volatility were robust, influenced by uncertainties regarding tariffs and Federal Reserve policy changes, leading to solid performance in HSBC's trading business [5] Interest Income - Interest income is expected to have improved slightly, supported by a mixed approach to interest rate adjustments by central banks and a modest rise in loan demand [6][7] Expense Management - Despite HSBC's historical ability to control expenses, overall costs are projected to be high due to investments in market share growth and digital capabilities, alongside an organizational overhaul [7] Litigation Impact - HSBC will recognize a $1.1 billion provision related to litigation from the Luxembourg Madoff fraud, which is expected to affect the bank's common equity tier 1 ratio by approximately 15 basis points [9][10]

The Bernie Madoff investment scandal was uncovered in 2008 but it is still reverberating on banks’ balance sheets today. HSBC said Monday that it has set aside $1.1 billion to cover litigation by investors who lost money in the Ponzi scheme. One of the bank’s European businesses was in charge of looking after money and administration for funds that invested with Madoff’s company. One of those funds, Herald Fund, sued it in 2009 after the scandal came to light, saying the bank should repay billions of doll ...

Core Viewpoint - HSBC Holdings announced a share buyback program, indicating confidence in its financial position and future growth prospects [1] Group 1 - The company will repurchase 1.2972 million shares at a total cost of HKD 134 million [1] - The buyback price range is set between HKD 102.9 and HKD 103.5 per share [1]

Getty Images Listen below or on the go via Apple Podcasts and Spotify Avidity (RNA) stock surges on $12B Novartis (NVS) deal. (00:29) Bessent unveils Fed chair finalists before year-end decision. (01:21) HSBC faces $1.1B loss from Madoff fraud ruling, stock falls. (02:03) This is an abridged transcript. We begin with an update to a story we told you about on Wall Street Brunch with Kim Khan. Avidity Biosciences (NASDAQ:RNA) is up 42% in premarket action after Novartis (NYSE:NVS) agreed to buy the bio ...

Core Viewpoint - HSBC is facing a financial impact of $1.1 billion due to a legal ruling related to the Bernie Madoff Ponzi scheme, leading to a decline in its share price [1][2][4]. Financial Impact - HSBC announced it would set aside $1.1 billion in its third quarter results to cover the costs associated with the lawsuit [1][4]. - The lawsuit was initiated by Herald Fund SPC, which claimed losses from investments in Madoff's funds, amounting to $2.5 billion in securities and cash plus interest, or damages of $5.6 billion plus interest [8]. Legal Proceedings - The Luxembourg Court of Cassation rejected HSBC Securities Services Luxembourg's appeal regarding the restitution claim, prompting HSBC to set aside the financial impact [5][6]. - HSBC plans to pursue a second appeal before the Luxembourg Court of Appeal to contest the amount it may be required to pay [7]. Market Reaction - Following the announcement, HSBC's shares fell by as much as 2.4% on the FTSE 100 [1]. - Despite the recent decline, HSBC's shares have increased nearly 27% year-to-date due to a significant restructuring effort by its CEO [9]. Additional Context - HSBC is also dealing with the financial implications of a $13.6 billion deal to take its Hong Kong-listed business, Hang Seng Bank, private, which has led to the suspension of share buybacks for the next three quarters [8][9].

Core Viewpoint - HSBC Holdings is set to recognize a provision of $1.1 billion in Q3 2025 related to the Luxembourg court ruling on the Herald Fund SPC case, which is tied to the Bernard Madoff Ponzi scheme. This provision, while categorized as a significant special item, is expected to negatively impact the CET1 ratio by approximately 15 basis points, potentially leading to a negative market reaction. JPMorgan and market consensus have differing expectations for HSBC's impairment charges in 2025, with JPMorgan maintaining an "Overweight" rating and a target price of HKD 122 [1]. Group 1 - HSBC has faced legal challenges since 2009 related to the Madoff fraud case, with the Herald Fund SPC seeking to recover $2.5 billion in securities and cash, or $5.6 billion in damages (including interest). The Luxembourg court recently rejected HSBC's appeal regarding the recovery of securities but accepted the appeal for cash recovery, prompting HSBC to file a second appeal. The total claims related to Madoff fraud, including those from four other pending lawsuits, amount to $5.2 billion (including interest) [2]. - The market is likely to scrutinize whether the $1.1 billion provision is sufficient given the total claim amount of $2.5 billion from the Herald Fund lawsuit and the additional claims from other lawsuits. The litigation process may be lengthy, creating ongoing uncertainty [3]. - The increase in provisions may raise concerns about the management's guidance of a 40 basis point credit cost for FY 2025, despite the provision being classified as a significant special item. The $1.1 billion provision will also lead to a 15 basis point decline in the CET1 ratio, posing a downside risk to share buybacks [3].

就诉讼背景：自2009年起，汇控一直面临与Bernard Madoff欺诈案相关的卢森堡法律诉讼，其中Herald Fund SPC要求追回25亿美元的证券及现金，或56亿美元的损害赔偿(均含利息)。10月24日，卢森堡法院 驳回了汇丰就证券追回的上诉，但接纳了现金追回的上诉，促使汇丰提出第二次上诉。在此期间，汇丰 将于2025年第三季度确认11亿美元拨备，对CET1比率造成约15个基点的影响。由于上诉程序仍在进行 且索偿金额计算复杂，最终财务影响仍存在不确定性。值得注意的是，除Herald外，另有四宗与Bernard Madoff欺诈案相关的未决诉讼，总索偿金额(包括Herald)达52亿美元(含利息)。 智通财经APP获悉，摩根大通发布研报称，汇丰控股(00005)公布会在今年第三季计提11亿美元拨备，此 举与卢森堡法院就Herald Fund SPC一案的裁决有关，该基金为投资于Bernard Madoff's(马多夫)庞氏骗 局。尽管此拨备属于重大特殊项目，且不会影响经调整ROTE及股息，但将对普通股权一级比率(CET1) 造成约15个基点的影响，料股价反应负面。需注意，摩根大通及综合市场共识对汇控2 ...