核心观点 渣打集团4Q25 业绩符合预期，ROT E 显著上行，业绩目标提前超额完成。公司对2026 年业绩指引保持 积极，预计2026 年营收有望保持5%左右的大个位数增长。净利息收入预计同比持平。非息收入将继续 保持双位数高增，财富管理、环球银行、金融市场流量收入均提供有力支撑。营业成本和资产质量保持 稳定，Reported ROTE指引提升至12%以上，实际提升幅度接近1pct，延续向上趋势。25年分红水平明 显提高，股东回报超预期，预计26 年综合回报率可达8%左右，高股东回报特征明显。基于较强的成长 性逻辑和未来持续向上的ROTE 趋势，上调目标价并维持银行板块首推。 事件 机构：中信建投证券 研究员：马鲲鹏/李晨/王欣宇 因此2026 年ROT E 目标设定在12%以上，实际ROT E 增长空间至少在0.8-1pct 以上。 3、2025 年企业及机构业务（CIB）收入保持稳定增长，环球银行、环球市场均实现双位数高增。渣打 集团2025 年CIB 营业收入123.94 亿美元，同比增长4%。其中4Q25 CIB 营收同比基本持平，增量主要由 环球银行业务贡献。投行业务尽管较3Q25 有所回落，但A ...

Q4 & FY 2025 Results Presentation 24 February 2026 2025 key highlights: Accelerating delivery on our strategy 2024-2026 plan achieved a year early Three-year 5-7% income CAGR achieved within two years, with ~20% income growth from 2023 to 2025 Positive income-to-cost jaws1 achieved in both 2024 and 2025 FY'25 underlying RoTE of 14.7%, exceeding the upgraded guidance of ~13% ~$9.1bn shareholder distributions announced since Feb'24; exceeding the target of at least $8bn Upgraded 3-year plan achieved a year ea ...

Core Viewpoint - Standard Chartered Group's Q3 2025 revenue and profit exceeded expectations, with a return on tangible equity (ROT E) maintaining an upward trend year-on-year. The decline in net interest margin has narrowed, and both Global Banking and Wealth Management achieved strong growth of over 20% [1][12]. Revenue Performance - Q3 2025 adjusted operating income reached $5.15 billion, a year-on-year increase of 5%, surpassing market consensus by 3% [2]. - The improvement in net interest income was supported by a narrowing decline in net interest margin, with non-interest income growing robustly, particularly in Wealth Management and Global Banking, which saw increases of 28% and 24% respectively [2][5]. Profitability - Adjusted pre-tax profit for Q3 2025 was $1.985 billion, reflecting a year-on-year growth of 10%, exceeding market expectations by 14% [3]. - The ROT E for the first nine months of 2025 was 16.5%, up 3.6 percentage points year-on-year, with the target of 13% ROT E expected to be achieved ahead of schedule [3][4]. Future Outlook - The company has raised its full-year revenue guidance to around 7%, with expectations for continued growth in ROT E [4][12]. - The long-term revenue CAGR guidance for 2023-2026 is set at 5%-7%, with non-interest income expected to contribute significantly due to strong trends in Global Transaction Banking and Wealth Management [4][12]. Credit Quality - The credit cost ratio remained low at 0.27%, below the long-term guidance of 30-35 basis points, supported by minimal exposure to Hong Kong commercial real estate and private credit [3][11]. - The non-performing loan ratio decreased to 1.93%, with a provision coverage ratio of 80.8% [6][11]. Wealth Management Growth - Wealth Management business saw a robust year-on-year growth of 28% in Q3 2025, driven by an increase in affluent client numbers and strong asset under management (AUM) inflows [7][12]. - The number of new affluent clients increased by 67,000 in Q3 2025, with total AUM reaching $438 billion, reflecting a quarterly growth of 4% [7][12]. Cost Management - Operating expenses grew by 4% year-on-year, while the cost-to-income ratio improved to 55.6%, down 2 percentage points year-on-year [3][4]. - The company is implementing cost control measures, with a target for operating costs to be below $12.3 billion by 2026 [4][12]. Investment Recommendation - Based on the strong performance and positive outlook, the target price has been raised to HKD 182, maintaining a buy rating and positioning Standard Chartered as a top pick in the banking sector [12][13].