智通财经网·2025-07-30 07:32Core Viewpoint - Citigroup's report indicates that HSBC Holdings achieved a strong second-quarter performance, with pre-tax profit exceeding market expectations, driven by robust net interest and non-interest income [1][2] Group 1: Financial Performance - HSBC's basic pre-tax profit (excluding special items) reached $9.2 billion, 10% higher than market consensus, with revenue exceeding expectations by 5% and costs in line with forecasts [1] - The reported pre-tax profit was $6.3 billion, which was 9% lower than market consensus, primarily due to a $2 billion impairment charge from Bank of Communications [1] - The bank's core Tier 1 capital ratio stood at 14.6% as of June 30, a quarterly decline of 10 basis points but in line with market consensus [1] Group 2: Income and Costs - The revenue outperformance was attributed to a 2% increase in net interest income and a 13% rise in non-interest income [1] - HSBC maintained its dividend and buyback plans at $0.10 per share and $3 billion, respectively [1] - The adjusted cost growth rate is projected at 3%, translating to approximately $33.3 billion in costs for the year [2] Group 3: Guidance and Future Outlook - HSBC's guidance for 2025 remains largely unchanged, with net interest income expected to be around $42 billion and a loan loss ratio of approximately 40 basis points [2] - The bank's return on tangible equity (RoTE) for the first half of 2025 was 18.2%, suggesting it can comfortably meet the upper target range of 14-16% [2] - The performance is expected to lead to a slight upward adjustment in consensus earnings per share forecasts [2]