汇丰第三季度营收超预期，全年股本回报率上调至15%

Core Insights - HSBC Holdings reported a total revenue increase to $17.8 billion for Q3 2025, a 5% year-on-year rise, exceeding previous expectations of $16.7 billion [2] - The pre-tax profit for the same period was $7.3 billion, reflecting a 14% decline year-on-year, primarily due to historical legacy issues and legal provisions [2][3] - Despite the profit decline, the management raised the full-year performance outlook, expecting a return on tangible equity (RoTE) of around 15% or higher for 2025, excluding special items [2][4] Financial Performance - The pre-tax profit of $7.3 billion for Q3 2025 decreased by $1.2 billion compared to Q3 2024, mainly impacted by $1.4 billion in legal provisions related to historical issues [3] - The legal provisions included $1.1 billion linked to the Madoff fraud case and $300 million related to past legal matters in the UK [3] - Excluding special items, the annualized pre-tax profit reached $9.1 billion, marking a 3% increase year-on-year, driven by strong performance in wealth management [4] Revenue Drivers - The growth in revenue was primarily supported by a significant increase in net interest income, which reached $8.8 billion, a 15% rise from $7.637 billion in the same quarter last year [5] - Factors contributing to this growth included a rise in the Hong Kong Interbank Offered Rate (HIBOR), an increase in customer deposits, and the absence of a $300 million loss from early securities redemption in the previous year [5] - Wealth management business also showed robust growth, with fees and other income rising by 30.1% to $2.681 billion, despite a decline in fees from global forex and equity markets [5] Strategic Outlook - HSBC expects its banking net interest income to reach $43 billion or higher in the future [6] - The company plans to simplify its structure and is considering the privatization of Hang Seng Bank, which may temporarily reduce the Common Equity Tier 1 (CET1) capital ratio by 125 basis points [6] - The management believes the privatization price is fair and attractive for both parties involved [6]