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11月3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（不包括庫存 ...

Core Insights - Standard Chartered Group reported better-than-expected Q3 2025 results, with a 5% year-on-year increase in revenue and a 20% increase in net profit attributable to ordinary shareholders, driven by higher net interest income and strong growth in non-interest income [1][2] Group 1: Revenue and Profit Performance - The company's net interest income exceeded expectations, showing a year-on-year decrease of 1% but a quarter-on-quarter increase of 1%. This was primarily due to strong deposit growth, with deposits increasing by 10% year-on-year and 2% quarter-on-quarter [1] - The net interest margin for Q3 2025 was reported at 1.94%, with a quarter-on-quarter decline of 9 basis points, indicating that the decline in loan yields was partially offset by the repricing of time deposits [1] Group 2: Non-Interest Income - Non-interest income grew by 13% year-on-year, maintaining double-digit growth despite a slowdown compared to the first half of the year. Wealth management income was a significant contributor, increasing by 28% year-on-year, with investment product distribution growing by 36% [2] - The active Hong Kong stock market contributed to the wealth management-related fee income, and the company focused on high-net-worth clients, particularly within the Indian and Chinese communities, to drive asset growth [2] Group 3: Future Outlook and Valuation - The company has adjusted its 2025 revenue forecast upwards by 1% to $21 billion and net profit forecast upwards by 5% to $5.3 billion, reflecting the better-than-expected net interest performance [2] - The target price has been raised by 10% to HKD 175, corresponding to a price-to-book ratio of 1.1x for 2025E, indicating a 10% upside potential while maintaining an outperform rating [2]

Core Viewpoint - Standard Chartered Group's Q3 2025 revenue and profit exceeded expectations, with a return on tangible equity (ROT E) maintaining an upward trend year-on-year. The decline in net interest margin has narrowed, and both Global Banking and Wealth Management achieved strong growth of over 20% [1][12]. Revenue Performance - Q3 2025 adjusted operating income reached $5.15 billion, a year-on-year increase of 5%, surpassing market consensus by 3% [2]. - The improvement in net interest income was supported by a narrowing decline in net interest margin, with non-interest income growing robustly, particularly in Wealth Management and Global Banking, which saw increases of 28% and 24% respectively [2][5]. Profitability - Adjusted pre-tax profit for Q3 2025 was $1.985 billion, reflecting a year-on-year growth of 10%, exceeding market expectations by 14% [3]. - The ROT E for the first nine months of 2025 was 16.5%, up 3.6 percentage points year-on-year, with the target of 13% ROT E expected to be achieved ahead of schedule [3][4]. Future Outlook - The company has raised its full-year revenue guidance to around 7%, with expectations for continued growth in ROT E [4][12]. - The long-term revenue CAGR guidance for 2023-2026 is set at 5%-7%, with non-interest income expected to contribute significantly due to strong trends in Global Transaction Banking and Wealth Management [4][12]. Credit Quality - The credit cost ratio remained low at 0.27%, below the long-term guidance of 30-35 basis points, supported by minimal exposure to Hong Kong commercial real estate and private credit [3][11]. - The non-performing loan ratio decreased to 1.93%, with a provision coverage ratio of 80.8% [6][11]. Wealth Management Growth - Wealth Management business saw a robust year-on-year growth of 28% in Q3 2025, driven by an increase in affluent client numbers and strong asset under management (AUM) inflows [7][12]. - The number of new affluent clients increased by 67,000 in Q3 2025, with total AUM reaching $438 billion, reflecting a quarterly growth of 4% [7][12]. Cost Management - Operating expenses grew by 4% year-on-year, while the cost-to-income ratio improved to 55.6%, down 2 percentage points year-on-year [3][4]. - The company is implementing cost control measures, with a target for operating costs to be below $12.3 billion by 2026 [4][12]. Investment Recommendation - Based on the strong performance and positive outlook, the target price has been raised to HKD 182, maintaining a buy rating and positioning Standard Chartered as a top pick in the banking sector [12][13].

Core Viewpoint - Morgan Stanley has raised its earnings forecasts for Standard Chartered Group for the years 2025 to 2027 by 11%, 3.5%, and 2% respectively, following the release of the bank's third-quarter results [1] Group 1: Earnings Forecasts - The earnings estimates for Standard Chartered Group for 2025, 2026, and 2027 have been increased by 11%, 3.5%, and 2% respectively [1] - The target price for Standard Chartered has been adjusted from HKD 173 to HKD 176.7, maintaining an "Overweight" rating [1] Group 2: Credit Expenditure and Loss Projections - Morgan Stanley has lowered its credit expenditure forecast for Standard Chartered for the current year [1] - The bank has largely maintained its expected credit loss forecasts for 2026 and 2027 [1]

Core Viewpoint - Morgan Stanley has raised its earnings forecasts for Standard Chartered Group for the years 2025 to 2027 by 11%, 3.5%, and 2% respectively, following the release of the bank's third-quarter results [1] Group 1: Earnings Forecast Adjustments - The target price for Standard Chartered has been increased from HKD 173 to HKD 176.7, maintaining an "Overweight" rating [1] - The adjustments reflect a positive outlook on the bank's performance in the coming years [1] Group 2: Credit Expenditure and Loss Projections - Morgan Stanley has lowered its credit expenditure forecast for Standard Chartered for the current year [1] - The firm has largely maintained its expected credit loss forecasts for 2026 and 2027 [1]

Group 1 - Standard Chartered Group announced a share buyback of 36,200 shares for a total cost of £555,200 on October 30, 2025 [1]

格隆汇10月31日丨渣打集团(02888.HK)发布公告，2025年10月30日耗资55.52万英镑回购3.62万股。 ...

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].

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