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<Research>Citi: HSBC HOLDINGS 3Q Underlying Results Strong; Guidance for 2025 NII & RoTE Raised
Recommend 33 Positive 41 Negative 30 |
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HSBC HOLDINGS (00005.HK) announced its 3Q25 results at noon, revealing that its fixed-rate pre-tax profit (excluding notable items) on the basis of alternative performance measures reached USD9.1 billion, 9% higher than market consensus, Citi said in its research report. HSBC HOLDINGS also saw its revenue beat expectations by 5%, costs slightly worse by 1%, and credit losses 2% better than expected. Its revenue growth was mainly driven by NII from banking operations (4% above expectations) and non-NII (6% above expectations). HSBC HOLDINGS has raised the guidance for FY25, now expecting NII to reach USD43 billion or more (previously around USD42 billion) and RoTE to hit 15% or more. To Citi, HSBC HOLDINGS delivered strong underlying results overall, which should provide some confidence support after recent stock price weakness due to news related to HANG SENG BANK (00011.HK) and litigation announcements. Naming HSBC (HSBA.L) as one of its top picks, Citi reiterated a Buy rating on the company and gave it a target price of GBP11.6 (around HKD120.29). AAStocks Financial News |
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