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美银证券发布研报称，总体而言渣打集团(02888)交出了一份亮眼的第三季成绩单。基本除税前盈利较 市场共识高出14%(即2.43亿美元)，主要受收入增长及减值拨备下降推动。收入方面，净利息收入与非 利息收入均超预期; 而在非利息收入中，财富管理及银行业务表现优于预期，但全球市场业务未达预 期。 尽管今日业绩表现强劲，但以约1.1倍2026年预测市账率对应约13%的股东权益回报率(若计入重组 费用则降至约11%至12%)，估值看来并不便宜，评级"跑输大市"。 来源：智通财经网 ...

瑞银发布研报称，渣打集团(02888) 2025年第三季调整后除税前盈利较市场共识高出15%，其中净利息 收入优于预期2%，基本非利息收入高出5%，带动总收入增长4%; 加上成本控制优于预期1%，使拨备前 利润较预期高出10%。减值损失较市场共识低23%，其中包括适度的香港商业地产拨备。普通股权一级 资本比率为14.2%，优于市场预期10个基点，按季减20个基点(包含第二季宣布的回购计划对该季度造成 的50基点拖累)。瑞银称，渣打整体收入超预期主要由交易服务、全球银行业务及财富管理业务所驱 动，部分增幅被全球市场业务放缓所抵消， 评级"买入"。 ...

瑞银发布研报称，渣打集团(02888)2025年第三季调整后除税前盈利较市场共识高出15%，其中净利息收 入优于预期2%，基本非利息收入高出5%，带动总收入增长4%;加上成本控制优于预期1%，使拨备前利 润较预期高出10%。减值损失较市场共识低23%，其中包括适度的香港商业地产拨备。普通股权一级资 本比率为14.2%，优于市场预期10个基点，按季减20个基点(包含第二季宣布的回购计划对该季度造成的 50基点拖累)。瑞银称，渣打整体收入超预期主要由交易服务、全球银行业务及财富管理业务所驱动， 部分增幅被全球市场业务放缓所抵消，评级"买入"。 ...

渣打集团(02888)发布公告，于2025年10月29日斥资232.59万英镑回购15.41万股股份。 ...

智通财经APP讯，渣打集团(02888)发布公告，于2025年10月29日斥资232.59万英镑回购15.41万股股份。 ...

Financial Data and Key Metrics Changes - The company reported a 9% growth in profit before tax, supported by a 5% increase in income [2][3] - Operating income reached $5.1 billion, up 5% year-on-year, while operating expenses increased by 4% [3][4] - Profit before tax was $2 billion, reflecting a 9% increase, and tangible net asset value per share rose by $0.175 year-on-year [4][5] - The return on tangible equity is now expected to be around 13% in 2025, upgraded from previous guidance [3][11] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income was $3 billion, up 2% year-on-year, driven by a 23% increase in global banking income [8][10] - Wealth and Retail Banking (WRB) income increased by 7% to $2.3 billion, with wealth solutions income up 27% [10][11] - The affluent business onboarded 67,000 new clients in the quarter, contributing to a total net new money of $42 billion year-to-date [11] Market Data and Key Metrics Changes - Underlying loans and advances to customers increased by 1% or $2 billion quarter-on-quarter, with a 4% growth year-to-date [6][7] - Underlying customer deposits rose by 2% or $11 billion quarter-on-quarter, primarily from WRB [7] Company Strategy and Development Direction - The company is focusing on servicing clients' cross-border and affluent banking needs, with a strategic emphasis on wealth management [3][11] - The company plans to present updated 2026 return on tangible equity guidance at the full-year results in February [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong performance in wealth management and the potential for continued growth [11][25] - The company is preparing for significant trends such as the digitization of money and the incorporation of AI into business models [26][27] Other Important Information - The company achieved $566 million in run-rate savings from the Fit for Growth program, with total expense guidance for 2026 remaining below $12.3 billion [5][50] - Credit impairment for the quarter was $195 million, with an annualized loan loss rate of 24 basis points [5][6] Q&A Session Summary Question: Discussion on wealth business margin pickup - Management noted that net new money is migrating into wealth products, and the return on assets has improved due to a conversion from assets under custody to assets under management [15][20] Question: Long-term outlook for wealth management in China - Management discussed the importance of AI and digitization in future growth, emphasizing the bank's strong position in China [25][26] Question: Clarification on net interest income expectations - Management indicated optimism for Q4 net interest income, citing better-than-expected performance and effective management of pass-through rates [34][39] Question: Insights on credit impairment and high-risk assets - Management reassured that there are no significant signs of stress in sovereign credit, despite some fluctuations in high-risk assets [56][60] Question: Future profitability in ventures - Management expects digital banks to turn profitable by 2026, with ongoing improvements in operating performance [75][78]

Financial Data and Key Metrics Changes - The company reported a 9% growth in profit before tax, supported by a 5% increase in operating income, reaching $5.1 billion [1][2] - Operating expenses increased by 4%, while credit impairment stood at $195 million, leading to a profit before tax of $2 billion [2][4] - The tangible net asset value per share rose by $0.175 year on year, and the return on tangible equity is now expected to be around 13% in 2025, a year earlier than previously guided [2][10] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income was $3 billion, up 2% year on year, driven by a 23% increase in global banking income [7][9] - Wealth and Private Banking (WRB) income increased by 7% to $2.3 billion, with a record performance in wealth solutions, which saw a 27% rise [9][10] - Underlying loans and advances to customers grew by 1% or $2 billion quarter on quarter, primarily from wealth lending and mortgages [5][6] Market Data and Key Metrics Changes - Underlying customer deposits increased by 2% or $11 billion quarter on quarter, largely driven by WRB [6] - Risk-weighted assets decreased by $1 billion in the quarter, with a CET1 ratio of 14.2%, up 32 basis points quarter on quarter [6][7] Company Strategy and Development Direction - The company is focusing on servicing clients' cross-border and affluent banking needs, with a strategic emphasis on wealth management and digitalization [2][10] - The company plans to continue investing in its differentiated areas of strength to drive income growth and improve returns [10][11] - The management highlighted the importance of adapting to a multipolar world and the digitization of money as key trends for future growth [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, noting strong performance across various business lines and a positive start to Q4 [10][11] - The company is tracking towards the upper end of its income growth guidance for 2025, with expectations of continued strong performance in wealth solutions [10][11] - Management acknowledged the potential challenges posed by interest rate fluctuations but remains focused on managing net interest income effectively [34][39] Other Important Information - The company achieved $566 million in run-rate savings from its Fit for Growth program and has taken $454 million in restructuring charges since its inception [4][5] - The company is committed to maintaining a cost cap of below $12.3 billion on a constant currency basis for 2026 [4][48] Q&A Session Summary Question: Discussion on wealth business margin pickup - Management noted that net new money is migrating into wealth products, and the return on assets has improved due to a conversion from assets under custody to assets under management [13][15][18] Question: Future trends in wealth management - Management discussed the importance of AI and digitization in shaping the future of wealth management, emphasizing the bank's preparedness for these changes [25][26][27] Question: Clarification on net interest income expectations - Management expressed optimism for Q4 net interest income, highlighting better-than-expected performance and effective management of pass-through rates [34][37][38] Question: Insights on Fit for Growth program - Management confirmed that the bulk of cost savings from the Fit for Growth program will be realized in 2026, with a commitment to the cost cap remaining unchanged [48][49] Question: CASA ratio stability - Management explained that the CASA ratio remains stable due to affluent customers moving funds into investment products, which is a positive trend [51][53] Question: Credit impairment and sovereign risks - Management reassured that there are no significant signs of stress in sovereign credit, despite some fluctuations in sovereign ratings [55][56]

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10月30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 | | | | | | 事件 | 已發行股份（不包括庫 ...

智通财经APP获悉，高盛发布研报称，将渣打集团(02888)2025至2027年的每股盈利预测分别上调预测 3%、5%及4%，主要反映下调税率假设的影响，除税前盈利预测则大致维持不变。渣打港股目标价由 135港元上调24%至168港元，评级维持中性。 渣打已上调2025全年总收入及股东权益回报率指引，现预期今年收入增长将趋向5%至7%区间的"上 限"(此前为"接近下限")，并预期2025年股东权益回报率约为13%，且往后持续提升(此前为2026年接近 13%并往后持续提升)。 高盛表示，渣打2025年第三季基本除税前盈利较市场共识预期高出14%，基本盈利高出23%，反映净利 息收入优于预期2%、非净利息收入优于预期4%、营运支出优于预期1%、信贷成本优于预期23%，以及 税率较预期低4个百分点。季度基本股东权益回报率为13.4%(市场共识为10.1%)，普通股权一级资本比 率为14.2%。 ...