瑞银：汇丰控股上季业绩强劲 减值支出仍符合预期

Core Viewpoint - UBS reports that HSBC Holdings (00005) has released its third-quarter results, benefiting from improvements in net interest income and fee income, with adjusted pre-provision profit and pre-tax profit exceeding expectations by 9% [1] Financial Performance - Pre-provision profit increased by 9%, while fee and other income surpassed expectations by 6% [1] - Operating expenses were 1% higher than anticipated, with pre-provision profit growth of 9% [1] - Despite an increase in provisions for commercial real estate in Hong Kong, impairment expenses were in line with expectations, amounting to 40 basis points of total loans [1] Guidance Updates - HSBC has raised its guidance for tangible equity return and net interest income for the banking business for the fiscal year 2025 [1] - The updated guidance for annual banking net interest income is set at $43 billion or better, up from the previous $42 billion, with market consensus at $42.45 billion [1] - The target for benchmark operating expenses is a year-on-year increase of 3%, approximately $33.5 billion, compared to market consensus of $33.3 billion [1] - Loan losses are projected at about 40 basis points, with market consensus around 42 basis points [1]