Core Insights - Standard Chartered Group reported better-than-expected Q3 2025 results, with a 5% year-on-year increase in revenue and a 20% increase in net profit attributable to ordinary shareholders, driven by higher net interest income and strong growth in non-interest income [1][2] Group 1: Revenue and Profit Performance - The company's net interest income exceeded expectations, showing a year-on-year decrease of 1% but a quarter-on-quarter increase of 1%. This was primarily due to strong deposit growth, with deposits increasing by 10% year-on-year and 2% quarter-on-quarter [1] - The net interest margin for Q3 2025 was reported at 1.94%, with a quarter-on-quarter decline of 9 basis points, indicating that the decline in loan yields was partially offset by the repricing of time deposits [1] Group 2: Non-Interest Income - Non-interest income grew by 13% year-on-year, maintaining double-digit growth despite a slowdown compared to the first half of the year. Wealth management income was a significant contributor, increasing by 28% year-on-year, with investment product distribution growing by 36% [2] - The active Hong Kong stock market contributed to the wealth management-related fee income, and the company focused on high-net-worth clients, particularly within the Indian and Chinese communities, to drive asset growth [2] Group 3: Future Outlook and Valuation - The company has adjusted its 2025 revenue forecast upwards by 1% to $21 billion and net profit forecast upwards by 5% to $5.3 billion, reflecting the better-than-expected net interest performance [2] - The target price has been raised by 10% to HKD 175, corresponding to a price-to-book ratio of 1.1x for 2025E, indicating a 10% upside potential while maintaining an outperform rating [2]
渣打集团(02888.HK)：净利息收入超预期、非息收入增长强劲