智通财经网·2025-07-31 04:08Core Viewpoint - CICC has raised its revenue and net profit forecasts for HSBC Holdings for 2025E and 2026E due to strong non-interest income performance, with revenue estimates increased by 3.1% and 3.6% to $68.1 billion and $69.0 billion respectively, and net profit estimates raised by 1.9% and 8.7% to $21.9 billion and $24.4 billion respectively [1] Group 1 - HSBC's 2Q25 adjusted pre-tax profit was $9.2 billion, a 1% year-on-year increase, exceeding market expectations due to rapid growth in non-interest income and resilient net interest income [2] - The reported pre-tax profit decreased by 29% year-on-year to $6.3 billion, primarily due to dilution from the refinancing of a bank and impairment losses totaling $2.1 billion [2] Group 2 - Adjusted non-interest income grew by 20% year-on-year, which was the main reason for the profit exceeding expectations, with wealth management non-interest income increasing by 23.1% [3] - The adjusted net interest income decreased by 2% year-on-year but increased by 1% quarter-on-quarter, benefiting from structural hedging tools and lower funding costs [3] Group 3 - Asset impairment losses significantly increased, mainly due to exposure to commercial real estate in Hong Kong and a low base effect from the previous year [4] - The company increased impairment provisions for new defaults in Hong Kong commercial real estate and due to oversupply leading to rental and price declines [4] Group 4 - HSBC declared a dividend of $0.10 per share and announced a $3 billion share buyback, which is in line with market expectations [5] - The market is particularly focused on the $1 billion impairment loss related to the bank's stake in another bank, which was not anticipated and contributed to lower-than-expected profits [5]