Core Viewpoint - Standard Chartered Group's strong non-interest income performance and better-than-expected asset quality have led to an upward revision of the company's net profit forecasts for 2025E and 2026E by 30.6% and 21.2% to $5.01 billion and $4.80 billion respectively [1] Group 1: Financial Performance - The company's 2Q25 adjusted operating income was $5.5 billion, a year-on-year increase of 14.6% [2] - Adjusted net profit attributable to shareholders for 2Q25 was $1.8 billion, reflecting a year-on-year growth of 53.7%, exceeding both the company's and market expectations due to strong non-interest income [2][3] Group 2: Non-Interest Income - Non-interest income increased by 33% to $2.8 billion, with a contribution of $240 million from the sale of equity in Solv India, while excluding this, non-interest income still showed a 22% year-on-year growth [3] - Financial market services revenue grew by 47.2% year-on-year in 2Q25, driven by demand for interest rate and currency hedging amid market volatility [3] - Wealth management revenue in 2Q25 rose by 20.1%, primarily from affluent clients in overseas markets such as India, Hong Kong, and the Middle East [3] - The strong performance in non-interest income has prompted the company to revise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [3] Group 3: Net Interest Income - Net interest income was in line with expectations, remaining flat year-on-year but decreasing by 3% quarter-on-quarter, mainly due to the decline in HIBOR [4] - The adjusted net interest margin was measured at 2.03%, with a quarter-on-quarter decrease of 9 basis points [4] - The company plans to continue increasing structural hedging in the second half of the year, with guidance indicating a single-digit year-on-year decline in net interest income for 2025 [4] Group 4: Operating Expenses and Asset Quality - Operating expenses in 2Q25 grew at a rate lower than revenue growth, with the company maintaining guidance for 2026 operating expenses to be below $12.3 billion [5] - Credit costs were annualized at 16 basis points in 2Q25, slightly increasing but still at a low level, with guidance suggesting a gradual return to normalized credit costs of 30-35 basis points [5] - The company expressed confidence in the quality of its exposure to the Hong Kong commercial real estate market, with local real estate exposure amounting to approximately $2 billion, representing less than 50 basis points of overall risk exposure [5] Group 5: Dividends and Buybacks - The company has nearly completed the $1.5 billion buyback announced with the 2024 annual report and has declared a new $1.3 billion buyback, maintaining guidance for a total of at least $8 billion in buybacks from 2024 to 2026 [6] - The company aims to gradually increase the annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026, with plans for further increases thereafter [6]

Core Viewpoint - CICC has upgraded Standard Chartered Group's (02888) net profit forecasts for 2025E and 2026E by 30.6% and 21.2% to $5.01 billion and $4.80 billion respectively, due to strong non-interest income performance and better-than-expected asset quality [1] Group 1: Financial Performance - In Q2 2025, Standard Chartered reported adjusted operating income of $5.5 billion, a year-on-year increase of 14.6%, and adjusted net profit of $1.8 billion, up 53.7%, exceeding both CICC's and market expectations primarily due to better-than-expected non-interest income [2] - Non-interest income grew by 33% to $2.8 billion, with a contribution of $240 million from the sale of equity in Solv India, while excluding this, non-interest income still showed a 22% year-on-year growth [3] - The bank's financial market services income in Q2 2025 increased by 47.2%, driven by demand for interest rate and currency hedging amid market volatility [3] Group 2: Guidance and Projections - The strong performance in non-interest income has led the company to raise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [3] - Net interest income was in line with expectations, remaining flat year-on-year but decreasing by 3% quarter-on-quarter, primarily due to the decline in Hibor [3] - The company expects net interest income to decline in single digits year-on-year for 2025, based on the anticipated recovery of Hibor [3] Group 3: Operating Expenses and Asset Quality - Operating expenses in Q2 2025 continued to grow at a rate lower than income growth, with guidance to keep 2026 operating expenses below $12.3 billion [4] - Credit costs were annualized at 16 basis points, slightly increasing year-on-year but still at a low level, with guidance indicating a gradual return to a normalized range of 30-35 basis points [4] - The company expressed confidence in the quality of its asset exposure in Hong Kong's commercial real estate, with only about $2 billion in local real estate exposure, representing less than 50 basis points of overall risk exposure [4] Group 4: Shareholder Returns - The company has nearly completed the $1.5 billion share buyback announced in the 2024 annual report and has declared a new $1.3 billion buyback, maintaining guidance for a total of at least $8 billion in buybacks from 2024 to 2026 [5] - The company aims to gradually increase its annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026, with plans for further increases thereafter [5]

渣打集团：以约820万英镑回购约60万股 智通财经7月30日电，渣打集团(02888.HK)在港交所发布公告称，7月30日在伦交所等交易所斥资约 820.2万英镑回购股份59.8万股，每股回购价在13.5至13.78英镑。 ...

智通财经APP讯，渣打集团(02888)公布，2025年7月30日耗资约820.17万英镑回购59.844万股股份。 ...

格隆汇7月31日丨渣打集团(02888.HK)发布公告，2025年7月30日耗资820.17万英镑回购59.84万股。 ...

渣打集团(02888)公布，2025年7月30日耗资约820.17万英镑回购59.844万股股份。 ...

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) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年7月31日 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 | | | | | | | ...

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]

Financial Data and Key Metrics Changes - Q2 income increased by 15% year on year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [1][2] - Operating income for the Group was $5.5 billion, up 14% or 15% excluding notable items, reflecting strong performance in CIB and WRB [3][4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [4][13] - Earnings per share for the first half increased by 41% year on year, with TNAV per share up 16% year on year to $16.8 [13][14] Business Line Data and Key Metrics Changes - CIB income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [14][15] - Wealth and Retail Banking income was up 4% to $2.1 billion, with Wealth Solutions income increasing by 20% [16] - Non-NII grew by 31% year on year, driven by strong performance in Global Markets and Wealth Solutions [6][19] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [11][16] - Intra ASEAN corridor income increased by 17%, driven by FX and commodity trading [22] - The Group's affluent AUM reached $420 billion at the end of the first half of 2025, with an 11% CAGR since 2016 [25] Company Strategy and Development Direction - The company is focused on delivering a cross-border strategy to support client needs, with a strong emphasis on digital asset solutions and sustainable finance [21][26][30] - The Fit for Growth program aims to simplify, standardize, and digitize operations, with a target of achieving $1.5 billion in savings [8][90] - The company is committed to exceeding $8 billion in capital returns from 2024 to 2026, with a new share buyback of $1.3 billion announced [2][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite uncertainties in the external environment [36][41] - The outlook for net interest income (NII) is expected to be down by a low single-digit percentage year on year, with guidance for total income growth in 2025 upgraded to the bottom of the 5% to 7% range [6][19][20] - The company remains optimistic about the demand for origination in global banking, with a strong pipeline and growth in corporate lending [24] Other Important Information - The company achieved a significant gain of $238 million from the Solve India transaction, retaining a non-controlling interest in the acquiring entity [17][18] - The company is actively engaging in the digital asset space, including a joint venture to issue a Hong Kong dollar-backed stablecoin [27][29] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposit growth is a positive sign for future asset management [33][34][36][44] Question: Wealth Solutions and net new money flow - Management acknowledged the current reliance on deposits but expressed confidence that clients will eventually shift towards higher-margin wealth products as uncertainty decreases [50][52][70] Question: Stablecoins and digital assets - Management discussed the strategic importance of digital assets and stablecoins, emphasizing their readiness to provide services in this evolving market [61][63][65] Question: Cost management and Fit for Growth program - Management clarified that the Fit for Growth program is a transformation initiative rather than a cost-cutting measure, with a focus on long-term efficiency and savings [87][90]

消息面上，渣打集团发布截至2025年6月30日止上半年业绩，基本表现下，该集团期内取得经营收入 108.99亿美元，同比增加9%；普通股股东应占溢利30.65亿美元，同比增加41%；每股基本盈利139.2美 仙。集团同时宣布进行另一轮13亿美元的股份回购，中期息增加37%至每股12.3美仙。 渣打集团(02888)午后转涨，该股早盘曾跌超4%。截至发稿，涨1.04%，报145.1港元，成交额3.82亿港 元。 ...