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<Research>Citi: HSBC HOLDINGS Adjusted Pre-Tax Profit Beats Forecasts by 10% Last Qtr; Annual Loan Loss Rate Guidance Slightly Raised
Recommend 35 Positive 46 Negative 43 |
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According to a Citi research report, HSBC HOLDINGS (00005.HK)'s 2Q25 underlying pre-tax profit (excluding special items) reached USD9.2 billion, 10% higher than market consensus. Specifically, the bank's revenue exceeded expectations by 5%, costs met expectations, and impairment losses were 12% worse than expected. Its revenue beat was driven by bank net interest and non-interest income, which surpassed expectations by 2% and 13%, respectively. Meanwhile, the reported pre-tax profit reached USD6.3 billion, 9% lower than market consensus, mainly due to an unexpected USD2 billion impairment charge related to BANKCOMM (03328.HK), but with a minimal impact on capital. As of the end of June, HSBC HOLDINGS' CET1R was 14.6%, down 10 bps QoQ but in line with market consensus. Quarterly dividends and buyback plans remained unchanged at US10 cents and USD3 billion, respectively. While the guidance for the entire year of 2025 is largely unchanged, the loan loss rate guidance has been slightly raised. Citi reiterated a Buy rating and a target price of GBP10.1 for HSBC (HSBA.L) listed in London. AAStocks Financial News |
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