HSBC Holdings reported full-year 2025 profit before tax of $29.9 billion, down $2.4 billion year-over-year, though the underlying business showed strength with return on tangible equity excluding notable items rising 1.6 percentage points to 17.2%. Total revenue grew 4% to $68.3 billion, with net interest income up $2.1 billion to $34.8 billion. The bank declared a full-year dividend of $0.75 per share and maintained a CET1 capital ratio of 14.9%.
Notable items weighing on results included a $2.1 billion BoCom dilution and impairment charge, $1.5 billion in French portfolio reserve recycling, $1.4 billion in legal provisions, and $1.0 billion in restructuring costs. Looking ahead, Group CEO Georges Elhedery said “2025 was a year of decisive action and swift execution” and announced the bank is targeting 17% or better return on tangible equity annually through 2028, with revenue growth increasing to 5% by 2028 and banking net interest income of at least $45 billion in 2026.