Core Viewpoint - Standard Chartered Group reported better-than-expected performance for Q2 2025, with adjusted operating income of $5.5 billion, a year-on-year increase of 14.6%, and adjusted net profit attributable to shareholders of $1.8 billion, up 53.7% year-on-year, primarily driven by stronger non-interest income [1] Financial Performance - Non-interest income exceeded expectations, growing 33% year-on-year to $2.8 billion, with a contribution of $240 million from the sale of Solv India equity; even excluding this, non-interest income still showed a 22% year-on-year increase [1] - The company's financial market services revenue grew 47.2% year-on-year, driven by demand for interest rate and currency hedging amid market volatility [1] - Wealth management revenue increased by 20.1% year-on-year, primarily from affluent clients in overseas markets such as India, Hong Kong, and the Middle East [1] Guidance and Projections - The strong performance in non-interest income led the company to raise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [1] - Net interest income was in line with expectations, remaining flat year-on-year and decreasing 3% quarter-on-quarter, mainly due to the decline in HIBOR; the adjusted net interest margin was 2.03%, down 9 basis points quarter-on-quarter [2] - The company maintained its guidance for operating expenses to be below $12.3 billion in 2026, with credit costs expected to gradually normalize to 30-35 basis points [2] Shareholder Returns - The company announced a new $1.3 billion share buyback, following the completion of a previous $1.5 billion buyback, maintaining a total buyback guidance of at least $8 billion for 2024-2026 [3] - The company aims to gradually increase its annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026 [3] Earnings Forecast and Valuation - Due to the strong performance in non-interest income and better-than-expected asset quality, the company raised its 2025E/2026E net profit forecasts by 30.6% and 21.2% to $5.01 billion and $4.80 billion, respectively [3] - The company is currently trading at 0.9x/0.8x 2025E/2026E price-to-book ratios, and the target price was raised by 21.7% to HKD 158.8, corresponding to 1.0x/0.9x 2025E/2026E price-to-book ratios with an upside potential of 11.8% [3]

智通财经APP获悉，中金发布研报称，考虑渣打集团(02888)非息收入表现强劲、资产质量表现好于预 期，该行上调公司2025E/2026E实质归母净利润预测30.6%、21.2%至50.1亿美元、48.0亿美元。公司当 前交易于0.9x/0.8x 2025E/2026E P/B，考虑公司业绩改善与降息背景下折现因子变动，该行上调公司目 标价21.7%至158.8港元，对应1.0x/0.9x 2025E/2026E P/B与11.8%的上行空间。维持跑赢行业评级。 中金主要观点如下： 2Q25业绩好于该行预期 渣打集团发布2Q25业绩，公司2Q25调整后营业收入55亿美元，同比增长14.6%;调整后归母净利润18亿 美元，同比增长53.7%，公司业绩好于该行和市场预期，主要由于非息收入好于预期。 盈利超预期主要由于非息收入超预期 经营支出和资产减值损失符合预期 2Q25经营支出同比增速继续小于收入增速，公司维持2026年经营支出小于123亿美元的指引。2Q25信用 成本年化16bp，同比略增但仍在低位，公司维持中期维度信用成本或逐步恢复至常态化30-35bp的指 引。对于市场较为关心的香港商业地产风险，公司在业 ...

渣打集团发布2Q25业绩，公司2Q25调整后营业收入55亿美元，同比增长14.6%;调整后归母净利润18亿 美元，同比增长53.7%，公司业绩好于该行和市场预期，主要由于非息收入好于预期。 中金发布研报称，考虑渣打集团(02888)非息收入表现强劲、资产质量表现好于预期，该行上调公司 2025E/2026E实质归母净利润预测30.6%、21.2%至50.1亿美元、48.0亿美元。公司当前交易于0.9x/0.8x 2025E/2026E P/B，考虑公司业绩改善与降息背景下折现因子变动，该行上调公司目标价21.7%至158.8 港元，对应1.0x/0.9x 2025E/2026E P/B与11.8%的上行空间。维持跑赢行业评级。 中金主要观点如下： 2Q25业绩好于该行预期 经营支出和资产减值损失符合预期 2Q25经营支出同比增速继续小于收入增速，公司维持2026年经营支出小于123亿美元的指引。2Q25信用 成本年化16bp，同比略增但仍在低位，公司维持中期维度信用成本或逐步恢复至常态化30-35bp的指 引。对于市场较为关心的香港商业地产风险，公司在业绩会上表示公司香港本地地产敞口仅约20亿美 元，占公司整 ...