汇丰上半年税后利润大降三成，信贷损失增加

Core Insights - HSBC Holdings reported a 9% decline in revenue for the first half of 2025, with a total income of $34.1 billion, down $3.2 billion from the same period in 2024 [1] - The bank's after-tax profit fell by 30%, amounting to $12.4 billion, primarily due to the absence of a one-time net gain of $3.6 billion from the sale of Canadian and Argentine businesses in the previous year [1][2] - Credit losses are projected to reach $1.9 billion, an increase of $900 million compared to the first half of 2024, reflecting heightened risk provisions due to geopolitical tensions and economic uncertainties [1][4] Financial Performance - HSBC's pre-tax profit for the first half of 2025 was $15.8 billion, a decrease of $5.7 billion year-on-year, influenced by a $2.1 billion dilution and impairment losses related to its associate, Bank of Communications [2] - The corporate and institutional banking segment generated a profit of $6.362 billion, accounting for 40.2% of total profits, showing a 3.94% increase from $6.121 billion in the same period last year [3] - Other business segments, including Hong Kong operations, UK operations, international wealth management, and premier wealth management, experienced declines in profits [3] Dividend and Share Buyback - The board has approved a second dividend of $0.10 per share and plans to initiate a share buyback program of up to $3 billion, expected to be completed before the third quarter earnings announcement in 2025 [3] Credit Losses and Real Estate Exposure - The anticipated credit losses of $1.9 billion include provisions related to the Hong Kong commercial real estate sector, reflecting updated models and increased risk from non-residential property oversupply [4][5] - HSBC's exposure to risks in the Hong Kong commercial real estate sector is limited, with less than 5% of the total exposure being of particular concern, amounting to less than $1.5 billion [5] - The bank has set aside approximately $500 million in expected credit losses for this exposure, which is primarily associated with subprime or credit-impaired borrowers [5]