REG - Standard Chrtrd PLC - 3rd Quarter Results
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RNS Number : 4328F Standard Chartered PLC 30 October 2025
Standard Chartered PLC
Q3'25 Results
30 October 2025
Registered in England under company No. 966425
Registered Office: 1 Basinghall Avenue, London, EC2V 5DD, UK
Table of contents
Performance highlights 01
Statement of results 02
Group Chief Financial Officer's review 03
Financial review 06
Supplementary financial information 12
Underlying versus reported results reconciliations 23
Risk review 25
Capital review 28
Financial statements 32
Other supplementary financial information 37
Unless another currency is specified, the word 'dollar' or symbol '$' in this
document means US dollar and the word 'cent' or symbol 'c' means one-hundredth
of one US dollar.
Unless the context requires, within this document, 'China' refers to the
People's Republic of China and, for the purposes of this document only,
excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special
Administrative Region (Macau) and Taiwan. 'Korea' or 'South Korea' refers to
the Republic of Korea.
Within the tables in this report, blank spaces indicate that the number is not
disclosed, dashes indicate that the number is zero and nm stands for not
meaningful. Standard Chartered PLC is incorporated in England and Wales with
limited liability. Standard Chartered PLC is headquartered in London.
The Group's head office provides guidance on governance and regulatory
standards. Standard Chartered PLC stock codes are: HKSE 02888 and LSE STAN.LN
Standard Chartered PLC - Results for the third quarter ended 30 September 2025
All figures are presented on an underlying basis and comparisons are made to
2024 on a constant currency basis, unless otherwise stated. A reconciliation
of restructuring and other items excluded from underlying results is set out
on pages 23-24.
Bill Winters, Group Chief Executive, said:
"We now expect to deliver an underlying return on tangible equity of around
13% in 2025, hitting our target a year earlier than planned. Progress is
broad-based, but our sharper strategic focus on servicing our clients'
cross-border and affluent banking needs is paying off, with strong
double-digit growth in Wealth Solutions and Global Banking, alongside good
momentum in our Global Markets flow business."
Selected information on Q3'25 financial performance with comparisons to Q3'24 unless otherwise stated
• Operating income of $5.1bn up 5%; up 5% excluding notable items(1)
- Net interest income (NII) down 1% to $2.7bn
- Non NII up 12% to $2.4bn, largely driven by Wealth Solutions and Global
Banking
- Record quarter in Wealth Solutions with income up 27%, with strong
performance in investment products
- Global Banking up 23%, driven by higher origination and distribution
volumes, and increased capital markets activity
• Operating expenses up 4% to $3bn, driven by targeted investments for
business growth partly offset by efficiency saves
• Credit impairment charge of $195m; Wealth & Retail Banking charge of
$107m down $73m due to unsecured portfolio optimisation. There was a $64m
charge in Corporate & Investment Banking
• Restructuring and other charges of $219m include $138m related to the
Fit for Growth programme
• Profit before tax of $2bn
• Return on Tangible Equity (RoTE) of 13.4%, up 260bps
• Balance sheet remains strong, liquid and well diversified with
underlying loans and advances to customers up 1% and underlying customer
deposits up 2% quarter-on-quarter
• The Group remains strongly capitalised with a Common Equity Tier 1
(CET1) ratio of 14.2%, down 18bps quarter-on-quarter; up 32bps excluding
impact of share buyback
• Tangible net asset value per share of $16.84, up 4 cents
quarter-on-quarter, up 175 cents year-on-year
Guidance
We have upgraded our guidance for RoTE and 2025 income growth. All other
guidance remains unchanged:
• Income:
- Operating income to increase 5-7% CAGR in 2023-2026 at ccy excluding the
deposit insurance reclassification; tracking towards the upper end of the
range
- 2025 income growth now expected to be towards the upper end of the 5-7%
range at ccy excluding notable items; previously guided to around the bottom
of the range
• Expenses:
- Operating expenses to be below $12.3bn(2) in 2026 at ccy, including the UK
bank levy and the ongoing impact of the deposit insurance reclassification
- Positive income-to-cost jaws in each year at ccy, excluding notable items
• Assets and RWA:
- Low single-digit percentage growth in underlying loans and advances to
customers and RWA
- Basel 3.1 day-1 RWA impact expected to be close to neutral
- Continue to expect the loan-loss rate to normalise towards the historical
through-the-cycle 30 to 35bps range
• Capital:
- Continue to operate dynamically within the full 13-14% CET1 ratio target
range
- Plan to return at least $8bn to shareholders cumulative 2024 to 2026
- Continue to increase full-year dividend per share over time
• RoTE now expected to be around 13% in 2025 and to progress thereafter
1. Notable items relating to Ghana hyperinflation and revaluation of FX
positions in Egypt
2. Currently running at $12.4bn due to FX
Page 01
Statement of results
3 months ended 30.09.25 3 months ended 30.09.24 Change(1)
$million
$million
%
Underlying performance
Operating income 5,147 4,904 5
Operating expenses (2,953) (2,840) (4)
Credit impairment (195) (178) (10)
Other impairment (20) (92) 78
Profit from associates and joint ventures 6 13 (54)
Profit before taxation 1,985 1,807 10
Profit attributable to ordinary shareholders² 1,208 1,005 20
Return on ordinary shareholders' tangible equity (%) 13.4 10.8 260bps
Cost to income ratio (%) 57.4 57.9 50bps
Reported performance(7)
Operating income 5,110 4,950 3
Operating expenses (3,144) (2,971) (6)
Credit impairment (188) (178) (6)
Goodwill & other impairment (22) (88) 75
Profit from associates and joint ventures 10 9 11
Profit before taxation 1,766 1,722 3
Taxation (468) (575) 19
Profit for the period 1,298 1,147 13
Profit attributable to parent company shareholders 1,300 1,150 13
Profit attributable to ordinary shareholders(2) 1,028 931 10
Return on ordinary shareholders' tangible equity (%) 10.5 10.0 50bps
Cost to income ratio (%) 61.5 60.0 (150)bps
Net interest margin (%) (adjusted)(6,9) 1.94 2.07 (13)bps
30.09.25 30.09.24 Change(1)
$million
$million
%
Balance sheet and capital
Total assets 913,650 872,173 5
Total equity 53,220 52,736 1
Average tangible equity attributable to ordinary shareholders² 38,878 37,151 5
Loans and advances to customers 285,127 287,257 (1)
Customer accounts 526,284 478,140 10
Risk weighted assets 258,378 248,924 4
Total capital 52,531 53,658 (2)
Total capital (%) 20.3 21.6 (122)bps
Common Equity Tier 1 36,594 35,425 3
Common Equity Tier 1 ratio (%) 14.2 14.2 (7)bps
Advances-to-deposits ratio (%)(3) 50.7 52.7 200bps
Liquidity coverage ratio (%) 151 143 (810)bps
Leverage ratio (%) 4.6 4.7 (6)bps
3 months ended 30.09.25 3 months ended 30.09.24 Change
Information per ordinary share(8)
Earnings per share(4) - underlying (cents) 52.3 39.8 12.5
- reported 44.5 36.8 7.7
(cents)
Net asset value per share(5) (cents) 1,952 1,762 190
Tangible net asset value per share(5) (cents) 1,684 1,509 175
Number of ordinary shares at period end (millions) 2,293 2,484 (8)
1 Variance is better/(worse) other than assets, liabilities and
risk-weighted assets. Change is the basis points (bps) difference between the
two periods rather than the percentage change for total capital ratio (%),
common equity tier 1 ratio (%), net interest margin (%), advances-to-deposits
ratio (%), liquidity coverage ratio (%), leverage ratio (%), cost-to-income
ratio (%) and return on ordinary shareholders' tangible equity (%)
2 Profit/(loss) attributable to ordinary shareholders is after the deduction
of dividends payable to the holders of non-cumulative redeemable preference
shares and Additional Tier 1 securities classified as equity
3 When calculating this ratio, total loans and advances to customers
excludes reverse repurchase agreements and other similar secured lending,
excludes approved balances held with central banks, confirmed as repayable at
the point of stress and includes loans and advances to customers held at fair
value through profit and loss. Total customer accounts include customer
accounts held at fair value through profit or loss
4 Represents the underlying or reported earnings divided by the basic
weighted average number of shares. Results represent three months ended the
reporting period
5 Calculated on period end net asset value, tangible net asset value and
number of shares
6 Net interest margin is calculated as adjusted net interest income divided
by average interest-earning assets, annualised
7 Reported performance/results within this interim financial report means
amounts reported under UK-adopted International Accounting Standards and
International Financial Reporting Standards
8 Change is cents difference between the two periods for earnings per share,
net asset value per share and tangible net asset value per share. Number of
ordinary shares at period end is percentage difference between the two periods
9 Net interest income has been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025 to reflect the
reclassification of funding cost mismatches to Non NII
Page 02
Group Chief Financial Officer's review
Summary of financial performance
All commentary that follows is on an underlying basis and comparisons are made
to the equivalent period in 2024 on a constant currency basis, unless
otherwise stated. Q3 2024 included items totalling $12 million (Q3 2025: $10
million loss) relating to gains on revaluation of FX positions in Egypt and a
hyperinflationary accounting adjustment in Ghana (the notable items).
Our engines of growth continued to deliver in the third quarter of 2025 amidst
ongoing macro environment uncertainty. Operating income of $5.1 billion grew 5
per cent driven by record quarterly performances in Wealth Solutions and
Global Banking. Operating expenses increased 4 per cent year-on-year driven by
continued investment into business initiatives. Credit impairment charges of
$195 million were equivalent to an annualised loan-loss rate of 24 basis
points. This resulted in an underlying profit before tax of $2 billion, up 9
per cent and underlying earnings per share of 52.3 cents, up 31 per cent
including the benefit from a reduction in share count.
The Group remains well capitalised and highly liquid with a diverse and stable
deposit base. The liquidity coverage ratio of 151 per cent reflects
disciplined asset and liability management. The Common Equity Tier 1 (CET1)
ratio of 14.2 per cent remains above the target range.
Operating income of $5.1 billion increased by 5 per cent driven by
double-digit growth in both Wealth Solutions and Global Banking.
Net interest income (NII) was down 1 per cent, as the benefit from higher
volumes and improved mix was offset by the impact of lower interest rates and
margin compression, albeit pass-through rates remain actively managed.
Non NII grew 12 per cent. This was driven by strong performance in both Wealth
Solutions and Global Banking. Global Markets was up 1 per cent, as 12 per cent
increase in flow income was broadly offset by softer episodic income.
Operating expenses increased 4 per cent. This was largely driven by targeted
investments into business growth initiatives including Wealth and Retail
Banking (WRB) relationship managers and Corporate and Investment Banking (CIB)
capabilities, partly offset by efficiency saves. The cost-to-income ratio
improved 1 percentage point to 57 per cent.
Credit impairment of $195 million increased $ 17 million over the prior year.
The WRB charge of $107 million was $73 million lower reflecting a reduction in
unsecured exposures from portfolio optimisation actions. CIB impairment was a
net charge of $64 million including an additional $25 million precautionary
overlay for Hong Kong CRE.
Other impairment decreased by $72 million to $20 million primarily due to the
non-repeat of software asset write-offs.
Profit from associates and joint ventures decreased by $7 million primarily
due to an increased share of losses within the Ventures segment.
Restructuring, FFG, Debit Valuation Adjustment (DVA) and other items totalled
$219 million including a $138 million charge related to the Fit for Growth
(FFG) programme and a negative $27 million movement in DVA.
Taxation for the third quarter was $468 million, with an underlying effective
tax rate of 25.6 per cent, down 6.8 per cent on the prior year, primarily due
to reduced tax losses in the UK for which no deferred tax assets are
recognised.
Underlying RoTE of 13.4 per cent was up 260 basis points, reflecting an
increase in underlying profits and a lower effective tax rate partly offset by
higher average tangible equity. On a reported basis, RoTE increased by 50
basis points to 10.5 per cent with growth in underlying profits party offset
by higher charges relating to restructuring and other items.
Underlying basic earnings per share (EPS) increased 12.5 cents or 31 per cent
to 52.3 cents and reported basic EPS increased 7.7 cents or 21 per cent to
44.5 cents reflecting both the increase in profits and the reduction in share
count following execution of successive share buyback programmes.
Diego De Giorgi
Group Chief Financial Officer
30 October 2025
Page 03
Group Chief Financial Officer's review continued
The Group delivered a strong performance in the third quarter of 2025
Summary of financial performance
Q3'25 Q3'24 Change Constant currency change¹ Q2'25 Change Constant currency change¹ YTD'25 YTD'24 Change Constant currency change¹
$million
$million
%
%
$million
%
%
$million
$million
%
%
Underlying net interest income(2) 2,737 2,769 (1) (1) 2,703 1 1 8,236 8,119 1 2
Underlying non NII(2) 2,410 2,135 13 12 2,806 (14) (15) 7,810 6,743 16 16
Underlying operating income 5,147 4,904 5 5 5,509 (7) (7) 16,046 14,862 8 8
Underlying operating expenses (2,953) (2,840) (4) (4) (3,050) 3 3 (8,918) (8,513) (5) (4)
Underlying operating profit before impairment and taxation 2,194 2,064 6 5 2,459 (11) (12) 7,128 6,349 12 14
Credit impairment (195) (178) (10) (10) (117) (67) (62) (531) (427) (24) (23)
Other impairment (20) (92) 78 78 (3) nm nm (29) (235) 88 88
Profit from associates and joint ventures 6 13 (54) (54) 64 (91) (90) 97 77 26 26
Underlying profit before taxation 1,985 1,807 10 9 2,403 (17) (18) 6,665 5,764 16 17
Restructuring(5) (54) (102) 47 51 (40) (35) (19) (191) (166) (15) (17)
FFG(5) (138) 11 nm nm (87) (59) (59) (298) (75) nm nm
DVA (27) 5 nm nm 9 nm nm (22) (21) (5) (5)
Other items - 1 nm nm (5) nm nm (5) (288) 98 98
Reported profit before taxation 1,766 1,722 3 2 2,280 (23) (23) 6,149 5,214 18 20
Taxation (468) (575) 19 19 (546) 14 17 (1,525) (1,698) 10 9
Profit for the period 1,298 1,147 13 12 1,734 (25) (25) 4,624 3,516 32 33
Net interest margin (%)(3,4) 1.94 2.07 (13) 1.98 (4) 2.01 2.01 -
Underlying return on tangible equity (%)(4) 13.4 10.8 260 19.7 (630) 16.5 12.9 360
Underlying basic earnings per share (cents) 52.3 39.8 31 76.6 (32) 191.9 138.5 39
1 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
2 Underlying Net Interest Income has been re-presented in line with the RNS
on Re-Presentation of Financial Information issued on 2 April 2025 to reflect
the reclassification of funding cost mismatches to Underlying non-Net Interest
Income
3 Net interest margin has been restated due to the revision of underlying
net interest income as outlined in footnote 2
4 Change is the basis points (bps) difference between the two periods rather
than the percentage change
5 FFG (Fit for Growth) charge previously reported within Restructuring has
been re-presented as a separate item
Page 04
Group Chief Financial Officer's review continued
Reported financial performance summary
Q3'25 Q3'24 Change Constant currency change¹ Q2'25 Change Constant currency change¹ YTD'25 YTD'24 Change Constant currency change¹
$million
$million
%
%
$million
%
%
$million
$million
%
%
Net interest income 1,408 1,482 (5) (5) 1,463 (4) (4) 4,452 4,657 (4) (4)
Non NII 3,702 3,468 7 6 4,064 (9) (9) 11,564 10,084 15 15
Reported operating income 5,110 4,950 3 3 5,527 (8) (8) 16,016 14,741 9 9
Reported operating expenses (3,144) (2,971) (6) (6) (3,201) 2 2 (9,391) (9,027) (4) (4)
Reported operating profit before impairment and taxation 1,966 1,979 (1) (1) 2,326 (15) (16) 6,625 5,714 16 18
Credit impairment (188) (178) (6) (7) (119) (58) (54) (524) (418) (25) (25)
Goodwill & other impairment (22) (88) 75 74 (4) nm nm (41) (235) 83 83
Profit from associates and 10 9 11 22 77 (87) (85) 89 153 (42) (42)
joint ventures
Reported profit before taxation 1,766 1,722 3 2 2,280 (23) (23) 6,149 5,214 18 20
Taxation (468) (575) 19 19 (546) 14 17 (1,525) (1,698) 10 9
Profit for the period 1,298 1,147 13 12 1,734 (25) (25) 4,624 3,516 32 33
Reported return on tangible 10.5 10.0 50 17.9 (740) 14.4 11.3 310
equity (%)(2)
Reported basic earnings per share (cents) 44.5 36.8 21 72.5 (39) 173.9 120.2 45
1 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
2 Change is the basis points (bps) difference between the two periods rather
than the percentage change
Page 05
Financial review
Operating income by product
Q3'25 Q3'24(1) Change Constant currency change(2) Q2'25 Change Constant currency change(2) YTD'25 YTD'24(1) Change Constant currency change(2)
$million
$million
%
%
$million
%
%
$million
$million
%
%
Transaction Services 1,488 1,572 (5) (6) 1,469 1 1 4,484 4,768 (6) (6)
Payments & Liquidity 1,016 1,112 (9) (9) 1,013 - - 3,090 3,412 (9) (9)
Securities & Prime Services 166 156 6 7 158 5 5 475 450 6 6
Trade & Working Capital 306 304 1 - 298 3 2 919 906 1 2
Global Banking 588 475 24 23 548 7 7 1,684 1,435 17 17
Lending & Financial Solutions 496 407 22 21 476 4 3 1,424 1,243 15 15
Capital Markets & Advisory 92 68 35 33 72 28 29 260 192 35 35
Global Markets 848 840 1 1 1,172 (28) (28) 3,203 2,677 20 20
Macro Trading 678 683 (1) (1) 961 (29) (30) 2,617 2,198 19 19
Credit Trading 206 174 18 18 187 10 10 615 506 22 22
Valuation & Other Adj (36) (17) (112) (100) 24 nm nm (29) (27) (7) (7)
Wealth Solutions 890 694 28 27 742 20 20 2,409 1,928 25 25
Investment Products 691 507 36 35 544 27 27 1,794 1,375 30 30
Bancassurance 199 187 6 5 198 1 - 615 553 11 12
Deposits & Mortgages 1,034 1,051 (2) (1) 990 4 4 3,030 3,112 (3) (2)
CCPL & Other Unsecured Lending 277 281 (1) (2) 282 (2) (3) 816 811 1 1
Ventures 39 43 (9) (14) 278 (86) (86) 359 123 192 191
Digital Banks 49 39 26 20 46 7 4 137 101 36 35
SCV (10) 4 nm nm 232 (104) (105) 222 22 nm nm
Treasury & Other (17) (52) 67 69 28 (161) (153) 61 8 nm nm
Total underlying operating income 5,147 4,904 5 5 5,509 (7) (7) 16,046 14,862 8 8
1 Products have been re-presented in line with the RNS on Re-Presentation of
Financial Information issued on 2 April 2025 with no change in total income
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
The operating income by product commentary that follows is on an underlying
basis and comparisons are made to the equivalent period in 2024 on a constant
currency basis, unless otherwise stated. Q3 2024 included items totalling $12
million (Q3 2025: $10 million loss) relating to gains on revaluation of FX
positions in Egypt and a hyperinflationary accounting adjustment in Ghana (the
notable items).
Transaction Services income decreased 6 per cent as growth in Securities &
Prime Services was more than offset by lower Payments & Liquidity income.
Payments & Liquidity income decreased 9 per cent, driven by the impact of
lower interest rates and margin compression, albeit passthrough rates
continued to be tightly managed and there was growth in balances. Securities
& Prime Services income grew 7 per cent due to higher custody balances and
client volumes. Trade & Working Capital income remained flat as growth in
fees was offset by lower volumes and margins.
Global Banking income grew 23 per cent, a record quarterly performance.
Lending & Financial Solutions income grew 21 per cent as increased deal
completion led to higher origination and distribution volumes and increased
carry income. Capital Markets & Advisory fee income grew 33 per cent on
the back of increased Mergers & Acquisitions transactions.
Global Markets income was up 1 per cent. Flow income grew by 12 per cent with
strong client activity in EM rates products, as we continued to capture market
opportunities across our footprint. Episodic income was softer due to lower
levels of market volatility relative to the prior year.
Wealth Solutions income was up 27 per cent, with 35 per cent growth in
Investment Products and 5 per cent growth in Bancassurance. This was driven by
momentum in affluent new-to-bank onboarding, with 67,000 clients onboarded
during the third quarter of 2025. Affluent net-new-money inflow in the third
quarter was $13 billion with a higher proportion of wealth sales than in the
previous quarter.
Deposits & Mortgages income decreased 1 per cent. The benefit from higher
Time Deposit volumes was fully offset by the impact of lower interest rates,
while Mortgages income doubled over the prior year primarily from lower
funding cost and higher volumes in a few select markets.
CCPL & Other Unsecured Lending income was down 2 per cent as lower volumes
resulting from portfolio optimisation actions was partly countered by higher
margins.
Ventures income was down 14 per cent. Digital Banks income was up 20 per cent
driven by higher Deposit volumes and fee income as they continue to grow their
customer base. SCV income was lower due to negative mark-to market movements
on underlying investments.
Page 06
Financial review continued
Treasury & Other improved by $35 million primarily from the repricing of
longer dated assets.
Profit before tax by client segment
Q3'25 Q3'24(1) Change Constant currency change(2) Q2'25 Change Constant currency change(2) YTD'25 YTD'24(1) Change Constant currency change(2)
$million
$million
%
%
$million
%
%
$million
$million
%
%
Corporate & Investment Banking(1) 1,319 1,359 (3) (3) 1,701 (22) (23) 4,761 4,457 7 8
Wealth & Retail Banking(1) 930 737 26 23 652 43 43 2,328 2,073 12 13
Ventures (114) (98) (16) (21) 130 (188) (187) (68) (295) 77 77
Central & other items(1) (150) (191) 21 22 (80) (88) (74) (356) (471) 24 28
Underlying profit before taxation 1,985 1,807 10 9 2,403 (17) (18) 6,665 5,764 16 17
1 Underlying profit before taxation has been re-presented in line with the
RNS on Re-Presentation of Financial Information issued on 2 April 2025 to
reflect the reallocation of Treasury income and certain costs across segments
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
The client segment commentary that follows is on an underlying basis and
comparisons are made to the equivalent period in 2024 on a constant currency
basis, unless otherwise stated. Q3 2024 included items totalling $12 million
(Q3 2025: $10 million loss) relating to gains on revaluation of FX positions
in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable
items).
Corporate & Investment Banking (CIB) profit before taxation decreased 3
per cent. Income grew 2 per cent with strong double-digit growth in Global
Banking partly offset by a decrease in Transaction Services income. Expenses
were 4 per cent higher and credit impairment charge was $64 million compared
to a $10 million release in the prior year.
Wealth & Retail Banking (WRB) profit before taxation increased 23 per
cent, with income up 7 per cent led by a record performance in Wealth
Solutions. Expenses increased 5 per cent from increased investment spend and
hiring of affluent relationship managers. Credit impairment charge of $107
million was down $73 million from a reduction in unsecured balances primarily
from portfolio optimisation actions.
Ventures losses increased by $16 million to $114 million. Income was down $4
million as higher income from Digital Banks was offset by negative income from
SC Ventures. Expenses were lower by 2 per cent and credit impairment was $2
million lower compared to prior year. Within SC Ventures other impairment
charge relating to write-off of investments increased by $14 million.
Central & Other items (C&O) recorded a loss before tax of $150 million
which was $41 million lower than the prior year benefitting from repricing of
longer dated assets.
Adjusted net interest income and margin
Q3'25 Q3'24 Change¹ Q2'25 Change¹ YTD'25 YTD'24 Change¹
$million
$million
%
$million
%
$million
$million
%
Adjusted net interest income(2) 2,737 2,769 (1) 2,702 1 8,236 8,131 1
Average interest-earning assets 560,336 532,459 5 546,709 2 547,771 539,984 1
Average interest-bearing liabilities 599,796 540,691 11 571,401 5 576,100 538,643 7
Gross yield (%)(3) 4.52 5.34 (82) 4.61 (9) 4.67 5.37 (70)
Rate paid (%)(3) 2.41 3.22 81 2.51 (10) 2.53 3.37 (84)
Net yield (%)(3) 2.11 2.12 (1) 2.10 1 2.14 2.00 14
Net interest margin (%)(3,4) 1.94 2.07 (13) 1.98 (4) 2.01 2.01 -
1 Variance is better/(worse) other than assets and liabilities which is
increase/(decrease)
2 Adjusted net interest income has been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025 to reflect the
reclassification of funding cost mismatches to Non NII. Adjusted net interest
income is reported net interest income less trading book funding cost,
Treasury currency management activities, cash collateral and prime services
3 Change is the basis points (bps) difference between the two periods rather
than the percentage change. Net interest margin has been re-presented due to
the revision to Adjusted net interest income as outlined in footnote 2
4 Adjusted net interest income divided by average interest-earning assets,
annualised
Page 07
Financial review continued
Adjusted net interest income, was down 1 per cent compared to the prior year
as the benefit from higher volumes and improved mix was fully offset by the
impact of lower rates and margins. Compared to the prior quarter, the adjusted
net interest income was up 1 per cent from higher day count in the third
quarter and volume growth while the net interest margin was 4 basis points
lower as the impact of falling rates and margin compression was partially
offset by better WRB CASA mix.
Average interest-earning assets were up 2 per cent on the prior quarter driven
by growth in Treasury balances, Mortgages and Wealth Lending within WRB. Gross
yields decreased 9 basis points compared to the prior quarter due to the fall
in interest rates and higher Treasury asset mix in response to strong customer
deposit inflows.
Average interest-bearing liabilities increased 5 per cent on the prior quarter
from strong in growth in customer accounts primarily in WRB Term and CASA
deposits. The rate paid on liabilities decreased 10 basis points compared with
the average in the prior quarter, reflecting the impact of interest rate
movements and improved liability mix.
Credit risk summary
Income Statement (Underlying view)
Q3'25 Q3'24 Change(1) Q2'25 Change(1) YTD'25 YTD'24 Change(1)
$million
$million
%
$million
%
$million
$million
%
Total credit impairment charge/(release) (2) 195 178 10 117 67 531 427 24
Of which stage 1 and 2(2) 55 126 (56) 67 (18) 234 199 18
Of which stage 3(2) 140 52 169 50 180 297 228 30
1 Variance is increase/(decrease) comparing current reporting period to prior
reporting periods
2 Refer to Credit Impairment charge table in Risk review section for
reconciliation from underlying to reported credit impairment
Balance sheet
30.09.25 30.06.25 Change(1) 31.12.24 Change(1) 30.09.24 Change(1)
$million
$million
%
$million
%
$million
%
Gross loans and advances to customers(2) 289,609 291,811 (1) 285,936 1 292,394 (1)
Of which stage 1 271,037 273,155 (1) 269,102 1 275,490 (2)
Of which stage 2 12,975 12,520 4 10,631 22 10,369 25
Of which stage 3 5,597 6,136 (9) 6,203 (10) 6,535 (14)
Expected credit loss provisions (4,482) (5,080) (12) (4,904) (9) (5,137) (13)
Of which stage 1 (509) (553) (8) (483) 5 (496) 3
Of which stage 2 (515) (465) 11 (473) 9 (390) 32
Of which stage 3 (3,458) (4,062) (15) (3,948) (12) (4,251) (19)
Net loans and advances to customers 285,127 286,731 (1) 281,032 1 287,257 (1)
Of which stage 1 270,528 272,602 (1) 268,619 1 274,994 (2)
Of which stage 2 12,460 12,055 3 10,158 23 9,979 25
Of which stage 3 2,139 2,074 3 2,255 (5) 2,284 (6)
Cover ratio of stage 3 before/after collateral (%)(3) 62 / 78 66 / 82 (4) / (4) 64 / 78 (2) / 0 65 / 81 (3) / (3)
Credit grade 12 accounts ($million) 1,373 2,095 (34) 969 42 943 46
Early alerts ($million)(5) 5,796 4,485 29 5,559 4 5,100 14
Investment grade corporate exposures (%)(3) 75 75 - 74 1 74 1
Aggregate top 20 corporate exposures as a percentage of Tier 1 capital(3,4) 63 56 7 61 2 60 3
1. Variance is increase/(decrease) comparing current reporting period to prior
reporting periods
2. Includes reverse repurchase agreements and other similar secured lending
held at amortised cost of $6,162 million (30 June 2025: $4,189 million; 31
December 2024: $9,660 million; 30 September 2024: $8,955 million)
3. Change is the percentage points difference between the two points rather
than the percentage change
4. Excludes repurchase and reverse repurchase agreements
5. Includes non-purely precautionary early alert balances
Page 08
Financial review continued
Asset quality remained resilient in the third quarter. The Group continues to
actively manage the credit portfolio whilst remaining alert to a volatile and
challenging external environment with evolving policy changes which may lead
to idiosyncratic stress in a select number of geographies and industry
sectors.
Credit impairment was a $195 million charge in the quarter, representing an
annualised loan-loss rate of 24 basis points. There was a $107 million charge
in WRB, down $73 million following portfolio optimisation actions primarily in
the unsecured portfolio. The Ventures charge of $13 million was broadly in
line with the prior year while in CIB, there was a net $64 million charge in
the quarter as new impairments were partly offset by releases in other parts
of the portfolio. The Group retains a $60 million overlay for clients who have
exposure to the Hong Kong commercial real estate (CRE) sector and a management
overlay of $49 million related to China CRE. During the third quarter, CRE
overlays increased $25 million for Hong Kong to capture the increased pressure
on liquidity, interest serviceability and repayment capacity. The China
overlay reduced by $9 million primarily driven by repayments.
Gross stage 3 loans and advances to customers of $5.6 billion were 9 per cent
lower compared to 30 June 2025 as repayments, client upgrades, reduction in
exposures and write-offs more than offset new inflows. Credit-impaired loans
represent 1.9 per cent of gross loans and advances, 19 basis points reduction
on the prior quarter.
The stage 3 cover ratio of 62 per cent dropped 4 per cent as compared to 30
June 2025 while the cover ratio post collateral at 78 per cent also dropped by
4 percentage points, both due to the decrease in gross stage 3 balances and
provisions, partly from the restructuring of an exposure previously in stage
3.
The total of Credit grade 12 balances at $1.4 billion and early alert accounts
of $5.8 billion together increased by $0.6 billion since 30 June 2025 from
movements in sovereigns-related exposures and Hong Kong CRE exposures. The
Group is continuing to carefully monitor its exposures in vulnerable sectors
and select geographies, given the unusual stresses caused by the currently
difficult macro-economic environment.
The proportion of investment grade corporate exposures has remained stable at
75 per cent since 30 June 2025.
Restructuring, FFG, DVA and Other items
Q3'25 Q3'24 Q2'25
Restructuring FFG DVA Other items Restructuring(1) FFG(1) DVA Other items Restructuring FFG DVA Other items
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
Operating income (10) - (27) - 40 - 5 1 14 - 9 (5)
Operating expenses (57) (134) - - (142) 11 - - (64) (87) - -
Credit impairment 7 - - - - - - - (2) - - -
Other impairment 2 (4) - - 4 - - - (1) - - -
Profit/(loss) from associates and joint ventures 4 - - - (4) - - - 13 - - -
Profit/(loss) before taxation (54) (138) (27) - (102) 11 5 1 (40) (87) 9 (5)
1 FFG (Fit for Growth) charge previously reported within Restructuring has
been re-presented as a separate item
The Group's reported performance is adjusted for profits or losses of a
capital nature, amounts consequent to investment transactions driven by
strategic intent, other infrequent and/or exceptional transactions that are
significant or material in the context of the Group's normal business earnings
for the period and items which management and investors would ordinarily
identify separately when assessing underlying performance period-by period.
Restructuring charges of $54 million reflects the impact of actions to
simplify technology platforms, business exits and optimising the office space
and property footprint.
Charges related to the Fit for Growth programme totalled $138 million in the
quarter.
Movements in Debit Valuation Adjustment (DVA) were negative $27million driven
by the tightening of Group's asset swap spreads on derivative liability
exposures.
Page 09
Financial review continued
Balance sheet and liquidity
30.09.25 30.06.25 Change¹ 31.12.24 Change¹ 30.09.24 Change
$million
$million
%
$million
%
$million
%
Assets
Loans and advances to banks 45,612 42,386 8 43,593 5 47,512 (4)
Loans and advances to customers 285,127 286,731 (1) 281,032 1 287,257 (1)
Other assets 582,911 584,819 - 525,063 11 537,404 8
Total assets 913,650 913,936 - 849,688 8 872,173 5
Liabilities
Deposits by banks 30,003 30,883 (3) 25,400 18 32,172 (7)
Customer accounts 526,284 517,390 2 464,489 13 478,140 10
Other liabilities 304,143 310,993 (2) 308,515 (1) 309,125 (2)
Total liabilities 860,430 859,266 - 798,404 8 819,437 5
Equity 53,220 54,670 (3) 51,284 4 52,736 1
Total equity and liabilities 913,650 913,936 - 849,688 8 872,173 5
Advances-to-deposits ratio (%)² 50.7 51.0 53.3 52.7
Liquidity coverage ratio (%) 151 146 138 143
1 Variance is increase/(decrease) comparing current reporting period
to prior reporting periods
2 The Group excludes $8,956 million held with central banks (30 June
2025: $14,239 million, 31 December 2024: $19,187 million and 30 September
2024: $20,534 million) that has been confirmed as repayable at the point of
stress. Advances exclude reverse repurchase agreement and other similar
secured lending of $6,162 million (30 June 2025: $4,189 million, 31 December
2024: $9,660 million and 30 September 2024: $8,955 million) and include loans
and advances to customers held at fair value through profit or loss of $9,421
million (30 June 2025: $8,119 million, 31 December 2024: $7,084 million and 30
September 2024: $6,093 million). Deposits include customer accounts held at
fair value through profit or loss of $24,545 million (30 June 2025: $24,958
million, 31 December 2024: $21,772 million and 30 September 2024: $22,344
million)
The Group's balance sheet remains strong, liquid and well diversified.
Loans and advances to customers decreased by $2 billion or 1 per cent from 30
June 2025. Underlying growth was $2 billion or 1 per cent excluding the $2
billion reduction from Treasury and securities-based held to collect loans and
$2 billion impact of decrease from currency translation. The underlying growth
is primarily driven by Wealth Lending and Mortgages in WRB. Loans and advances
to banks increased 8 per cent since 30 June 2025 driven by higher interbank
lending in a few select markets.
Customer accounts of $526 billion increased by $9 billion or 2 per cent from
30 June 2025. Excluding a $2 billion decrease from currency translation,
customer accounts increased by $11 billion, or 2 per cent. This was primarily
driven by a $ 7 billion increase in WRB CASA and term deposits from affluent
focus and targeted campaigns, and a $3 billion increase in corporate term
deposits and Treasury management activities.
Other assets decreased $2 billion from 30 June 2025, with a $7 billion
increase in cash and balances with Central banks, and a $4 billion increase in
investment securities was more than offset by a $6 billion reduction in
financial assets held at fair value through profit or loss, primarily debt
securities and a $7 billion reduction in derivative financial instruments.
Other liabilities decreased 2 per cent or $7 billion from 30 June 2025, with a
$11 billion decrease in derivative balances and a $8 billion reduction in
financial liabilities held at fair value through profit and loss was partly
offset by an increase of $6 billion in other financial liabilities held at
amortised cost and a $5 billion increase in debt securities in issue.
The advances-to-deposits ratio decreased to 50.7 per cent from 51.0 per cent
as of 30 June 2025. The point-in-time liquidity coverage ratio increased 5
percentage point in the quarter to 151 per cent and remains well above the
minimum regulatory requirement of 100 per cent.
Risk-weighted assets
30.09.25 30.06.25 Change¹ 31.12.24 Change¹ 30.09.24 Change¹
$million
$million
%
$million
%
$million
%
By risk type
Credit risk 191,074 191,348 - 189,303 1 188,844 1
Operational risk 32,578 32,578 - 29,479 11 29,479 11
Market risk 34,726 35,758 (3) 28,283 23 30,601 13
Total RWAs 258,378 259,684 (1) 247,065 5 248,924 4
1. Variance is increase/(decrease) comparing current reporting period to prior
reporting periods
Page 10
Financial review continued
Total risk-weighted assets of $258.4 billion dropped by $1.3 billion or 1 per
cent from 30 June 2025.
• Credit risk RWA at $191.1 billion remained stable since 30 June 2025.
There was a $1.9 billion increase from asset growth and mix within primarily
in Treasury and a $0.5 billion increase from model and methodology changes.
This was partly offset by $1.4 billion reduction in CIB optimisation actions
and $1.3 billion decrease from currency translation.
• Market risk RWA decreased by $1.0 billion to $34.7 billion primarily
from updates to internal models mainly from risks not in VaR (Value at risk).
Capital base and ratios
30.09.25 30.06.25 Change¹ 31.12.24 Change¹ 30.09.24 Change¹
$million
$million
%
$million
%
$million
%
CET1 capital 36,594 37,260 (2) 35,190 4 35,425 3
Additional Tier 1 capital (AT1) 6,515 6,517 - 6,482 1 6,507 -
Tier 1 capital 43,109 43,777 (2) 41,672 3 41,932 3
Tier 2 capital 9,422 9,504 (1) 11,419 (17) 11,726 (20)
Total capital 52,531 53,281 (1) 53,091 (1) 53,658 (2)
CET1 capital ratio(%)² 14.2 14.3 (18) 14.2 (8) 14.2 (7)
Total capital ratio(%)² 20.3 20.5 (19) 21.5 (116) 21.6 (122)
Leverage ratio (%)² 4.6 4.7 (9) 4.8 (20) 4.7 (6)
1 Variance is increase/(decrease) comparing current reporting period to
prior reporting periods
2 Change is the basis points (bps) difference between the two periods rather
than the percentage change
The Group's CET1 ratio of 14.2 per cent was 18 basis points lower compared to
30 June 2025 primarily reflecting underlying profit accretion, lower RWA and
impact of share buyback. CET1 remains 3.9 percentage points above the Group's
latest regulatory minimum CET1 requirement. The Group's Pillar 2A reduced in
the third quarter post a supervisory review resulting in a 22 basis points
reduction in the Group's CET1 requirement.
CET1 accretion from profits was 50 basis points while lower RWA added 3 basis
points to the ratio. Changes in FX, fair value gains in other comprehensive
income and certain regulatory capital adjustments increased CET1 by a further
9 basis points.
The Group is part way through the $1.3 billion share buyback programme which
it announced on 31 July 2025, and by 30 September 2025 had spent $413 million
purchasing 22million ordinary shares, reducing the share count by
approximately 1 per cent. Even though the share buyback was still ongoing on
30 September 2025, the entire $1.3 billion is deducted from CET1 in the
period, equivalent to a 50 basis points reduction in the CET1 ratio.
The Group is accruing the foreseeable dividend in respect of the final 2025
ordinary share dividend in the third quarter. This is not an indication of the
Group's final 2025 ordinary share dividend, which will be proposed by the
Board at the presentation of the 2025 full year results. The increase in the
foreseeable dividend for ordinary dividend and AT1 coupons reduced the CET1
ratio by 30 basis points.
The Group's leverage ratio of 4.6 per cent is 9 basis points lower than as of
30 June 2025. The Group's leverage ratio remains significantly above its
minimum requirement of 3.7 per cent.
Page 11
Supplementary financial information
Underlying performance by client segment
Q3'25 Q3'24(1)
Corporate & Investment Banking Wealth & Ventures Central & Total Corporate & Investment Banking Wealth & Ventures Central & Total
$million
Retail Banking
$million
other items
$million
$million
Retail Banking
$million
other items
$million
$million
$million
$million
$million
Operating income 2,970 2,252 39 (114) 5,147 2,910 2,096 43 (145) 4,904
External 2,733 1,032 39 1,343 5,147 2,569 914 43 1,378 4,904
Inter-segment 237 1,220 - (1,457) - 341 1,182 - (1,523) -
Operating expenses (1,583) (1,212) (116) (42) (2,953) (1,512) (1,168) (119) (41) (2,840)
Operating profit/(loss) before impairment losses and taxation 1,387 1,040 (77) (156) 2,194 1,398 928 (76) (186) 2,064
Credit impairment (64) (107) (13) (11) (195) 10 (180) (16) 8 (178)
Other impairment (4) (3) (15) 2 (20) (49) (11) (1) (31) (92)
(Loss)/profit from associates and joint ventures - - (9) 15 6 - - (5) 18 13
Underlying profit/(loss) before taxation 1,319 930 (114) (150) 1,985 1,359 737 (98) (191) 1,807
Restructuring & Other items (145) (69) (1) (4) (219) (36) (43) - (6) (85)
Reported profit/(loss) before taxation 1,174 861 (115) (154) 1,766 1,323 694 (98) (197) 1,722
Total assets 499,829 131,164 7,850 274,807 913,650 479,518 125,912 5,886 260,857 872,173
Of which: loans and advances to customers 202,157 127,423 1,631 16,355 347,566 189,854 122,636 1,231 26,300 340,021
Loans and advances to customers 139,722 127,419 1,631 16,355 285,127 137,098 122,628 1,231 26,300 287,257
Loans held at fair value through profit or loss 62,435 4 - - 62,439 52,756 8 - - 52,764
Total liabilities 494,081 250,884 6,122 109,343 860,430 490,017 218,765 4,972 105,683 819,437
Of which: customer accounts(2) 329,011 246,528 5,798 4,061 585,398 315,749 214,430 4,702 5,140 540,021
Risk-weighted assets 175,434 58,373 3,385 21,186 258,378 163,669 60,534 2,195 22,526 248,924
Income return on risk-weighted assets (%) 6.8 15.6 4.7 (2.1) 8.0 7.1 14.2 7.9 (2.7) 8.0
Underlying return on tangible equity (%) 13.1 35.6 nm (20.9) 13.4 15.0 24.6 nm (26.1) 10.8
Cost to income ratio (%) 53.3 53.8 nm nm 57.4 52.0 55.7 nm nm 57.9
1 Underlying profit before taxation has been re-presented in line with the
RNS on Re-Presentation of Financial Information issued on 2 April 2025 to
reflect the reallocation of Treasury income and certain costs across segments
2 Customer accounts includes FVTPL and repurchase agreements
Page 12
Supplementary financial information continued
Corporate & Investment Banking
Q3'25 Q3'24(3,4) Change(1) Constant currency change(1,2) Q2'25 Change(1) Constant currency change(1,2) YTD'25 YTD'24 Change(1) Constant currency change(1,2)
$million
$million
%
%
$million
%
%
$million
$million
%
%
Transaction Services 1,488 1,572 (5) (6) 1,469 1 1 4,484 4,768 (6) (6)
Payments & Liquidity 1,016 1,112 (9) (9) 1,013 - - 3,090 3,412 (9) (9)
Securities & Prime Services 166 156 6 7 158 5 5 475 450 6 6
Trade & Working Capital 306 304 1 - 298 3 2 919 906 1 2
Global Banking 588 475 24 23 548 7 7 1,684 1,435 17 17
Lending & Financial Solutions 496 407 22 21 476 4 3 1,424 1,243 15 15
Capital Markets & Advisory 92 68 35 33 72 28 29 260 192 35 35
Global Markets 848 840 1 1 1,172 (28) (28) 3,203 2,677 20 20
Macro Trading 678 683 (1) (1) 961 (29) (30) 2,617 2,198 19 19
Credit Trading 206 174 18 18 187 10 10 615 506 22 22
Valuation & Other Adj (36) (17) (112) (100) 24 nm nm (29) (27) (7) (7)
Treasury & Other 46 23 100 96 72 (36) (39) 182 224 (19) (17)
Operating income(4) 2,970 2,910 2 2 3,261 (9) (9) 9,553 9,104 5 5
Operating expenses (1,583) (1,512) (5) (4) (1,602) 1 1 (4,738) (4,557) (4) (3)
Operating profit before impairment losses and taxation 1,387 1,398 (1) (1) 1,659 (16) (17) 4,815 4,547 6 7
Credit impairment (64) 10 nm nm 44 nm nm (50) 64 (178) (188)
Other impairment (4) (49) 92 92 (1) nm nm (4) (154) 97 97
Profit from associates and joint ventures - - nm nm (1) nm nm - - nm nm
Underlying profit before taxation 1,319 1,359 (3) (3) 1,701 (22) (23) 4,761 4,457 7 8
Restructuring & Other items (145) (36) nm nm (49) (196) (188) (291) (113) (158) (160)
Reported profit before taxation 1,174 1,323 (11) (11) 1,652 (29) (30) 4,470 4,344 3 4
Total assets 499,829 479,518 4 5 512,928 (3) (3) 499,829 479,518 4 5
Of which: loans and advances 202,157 189,854 6 7 204,812 (1) (1) 202,157 189,854 6 7
to customers(5)
Total liabilities 494,081 490,017 1 1 507,646 (3) (2) 494,081 490,017 1 1
Of which: customer accounts(6) 329,011 315,749 4 5 332,952 (1) (1) 329,011 315,749 4 5
Risk-weighted assets 175,434 163,669 7 nm 182,129 (4) nm 175,434 163,669 7 nm
Income return on risk-weighted 6.8 7.1 (30) nm 7.3 (50) nm 7.3 7.4 (10) nm
assets (%)(7)
Underlying return on tangible 13.1 15.0 (190) nm 19.4 (630) nm 17.4 16.5 90 nm
equity (%)(7)
Cost to income ratio (%)(8) 53.3 52.0 (1.3) (1.0) 49.1 (4.2) (4.5) 49.6 50.1 0.5 0.8
1 Variance is better/(worse), except for risk-weighted assets, assets and
liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
3 Segment results have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025
4 Products have been re-presented in line with the RNS on Re-Presentation of
Financial Information issued on 2 April 2025
5 Loans and advances to customers includes FVTPL and reverse repurchase
agreements
6 Customer accounts includes FVTPL and repurchase agreements
7 Change is the basis points (bps) difference between the two periods rather
than the percentage change
8 Change is the percentage points difference between the two periods rather
than the percentage change
Page 13
Supplementary financial information continued
Performance highlights
• Underlying profit before tax of $1,319 million was down 3 per cent
year-on-year at constant currency (ccy), mainly due to higher operating
expenses and credit impairment partly offset by higher operating income.
• Operating income of $2,970 million was $60 million higher, 2 per cent up
at ccy, primarily driven by a record Global Banking performance, up 23 per
cent at ccy, due to higher origination and distribution volumes in addition to
capturing the rebound in Capital Markets and Advisory activity. Global Markets
income increased 1 per cent as strong flow income was partially offset by
lower episodic income due to non-repeat of prior year gains in Rates.
Transaction Services income fell 6 per cent at ccy as the benefit of increased
liability balances was more than offset by margin compression due to lower
interest rates impacting Payments & Liquidity while Securities & Prime
Services grew 7 per cent benefitting from increased deposit balances.
• Underlying operating expenses rose 4 per cent at ccy, largely due to
investments in strategic growth initiatives, higher performance-related pay
and deposit insurance premium reclassification.
• Credit impairment charges of $64 million were up $74 million, primarily
due to a non-repeat of prior-year releases. Other impairment reduction of $45
million year-on-year due to a non-repeat of software asset write-off.
• Risk-weighted assets (RWA) of $175 billion was up $11 billion
year-on-year driven mainly by business growth in Banking and Markets.
Page 14
Supplementary financial information continued
Wealth & Retail Banking
Q3'25 Q3'24(3,4) Change(1) Constant currency change(1,2) Q2'25 Change(1) Constant currency change(1,2) YTD'25 YTD'24(3,4) Change(1) Constant currency change(1,2)
$million
$million
%
%
$million
%
%
$million
$million
%
%
Wealth Solutions 890 694 28 27 742 20 20 2,409 1,928 25 25
Investment Products 691 507 36 35 544 27 27 1,794 1,375 30 30
Bancassurance 199 187 6 5 198 1 - 615 553 11 12
Deposits & Mortgages 1,034 1,051 (2) (1) 990 4 4 3,030 3,112 (3) (2)
CCPL & Other Unsecured Lending 277 281 (1) (2) 282 (2) (3) 816 811 1 1
Treasury & Other 51 70 (27) (29) 38 34 35 159 129 23 23
Operating income(4) 2,252 2,096 7 7 2,052 10 9 6,414 5,980 7 7
Operating expenses (1,212) (1,168) (4) (5) (1,248) 3 3 (3,641) (3,422) (6) (6)
Operating profit before impairment losses and taxation 1,040 928 12 10 804 29 29 2,773 2,558 8 9
Credit impairment (107) (180) 41 41 (153) 30 31 (439) (447) 2 1
Other impairment (3) (11) 73 67 1 nm nm (6) (38) 84 86
Underlying profit before taxation 930 737 26 23 652 43 43 2,328 2,073 12 13
Restructuring & Other Items (69) (43) (60) (66) (55) (25) (24) (199) (238) 16 14
Reported profit before taxation 861 694 24 21 597 44 44 2,129 1,835 16 17
Total assets 131,164 125,912 4 5 129,591 1 2 131,164 125,912 4 5
Of which: loans and advances 127,423 122,636 4 5 126,712 1 2 127,423 122,636 4 5
to customers(5)
Total liabilities 250,884 218,765 15 16 244,591 3 3 250,884 218,765 15 16
Of which: customer accounts(6) 246,528 214,430 15 16 240,612 2 3 246,528 214,430 15 16
Risk-weighted assets 58,373 60,534 (4) nm 57,610 1 nm 58,373 60,534 (4) nm
Income return on risk-weighted 15.6 14.2 140 nm 14.7 90 nm 15.1 13.5 160 nm
assets (%)(7)
Underlying return on tangible 35.6 24.6 1,100 nm 24.0 1,160 nm 28.7 22.9 580 nm
equity (%)(7)
Cost to income ratio (%)(8) 53.8 55.7 1.9 1.3 60.8 7.0 7.1 56.8 57.2 0.4 0.7
1 Variance is better/(worse), except for risk-weighted assets, assets and
liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
3 Segment results have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025
4 Products have been re-presented in line with the RNS on Re-Presentation of
Financial Information issued on 2 April 2025
5 Loans and advances to customers includes FVTPL and reverse repurchase
agreements
6 Customer accounts includes FVTPL and repurchase agreements
7 Change is the basis points (bps) difference between the two periods rather
than the percentage change
8 Change is the percentage points difference between the two periods rather
than the percentage change
Page 15
Supplementary financial information continued
Performance highlights
• Underlying profit before tax of $930 million was up 23 per cent at
constant currency (ccy) mainly driven by higher income and lower impairments,
partially offset by higher operating expenses.
• Operating income of $2,252 million was up 7 per cent at ccy, primarily
driven by a strong 27 per cent growth in Wealth Solutions primarily in
Investment Products which registered robust growth on the back of continued
investment in product innovation, advisory capabilities and digital build. The
growth is also supported by $13 billion of affluent net-new-money and 67,000
affluent new-to-bank clients onboarded during the quarter.
• Operating expenses increased 5 per cent at ccy, reflecting continued
investment in our affluent strategy, including the hiring of relationship
managers, and investments into new products, capabilities and platforms,
partly offset by efficiency savings from the Fit for Growth programme.
• Credit impairment charges reduced by $73 million driven by the reduction
in unsecured exposures from portfolio optimisation actions.
• Risk-weighted assets (RWA) of $58 billion reduced $2 billion
year-on-year primarily due to reductions in Unsecured Lending portfolios,
partially offset by increase in Wealth Lending and Secured Lending portfolio
reflecting growth in asset balances.
Page 16
Supplementary financial information continued
Ventures
Q3'25 Q3'24(3) $million Change(1) Constant currency change(1,2) Q2'25 Change(1) Constant currency change(1,2) YTD'25 YTD'24(3) Change(1) Constant currency change(1,2)
$million
%
%
$million
%
%
$million
$million
%
%
Digital Banks 49 39 26 20 46 7 4 137 101 36 35
SCV (10) 4 nm nm 232 (104) (105) 222 22 nm nm
Operating income 39 43 (9) (14) 278 (86) (86) 359 123 192 191
Operating expenses (116) (119) 3 2 (127) 9 9 (355) (347) (2) (2)
Operating (loss)/profit before impairment losses and taxation (77) (76) (1) (5) 151 (151) (151) 4 (224) 102 102
Credit impairment (13) (16) 19 13 (14) 7 13 (37) (59) 37 37
Other impairment (15) (1) nm nm - nm nm (15) (1) nm nm
Loss from associates and joint ventures (9) (5) (80) (80) (7) (29) (50) (20) (11) (82) (82)
Underlying (loss)/profit before taxation (114) (98) (16) (21) 130 (188) (187) (68) (295) 77 77
Restructuring & Other items (1) - nm nm (1) - nm (2) (1) (100) (100)
Reported (loss)/profit before taxation (115) (98) (17) (22) 129 (189) (188) (70) (296) 76 76
Total assets 7,850 5,886 33 30 7,534 4 4 7,850 5,886 33 30
Of which: loans and advances 1,631 1,231 32 33 1,555 5 5 1,631 1,231 32 33
to customers(4)
Total liabilities 6,122 4,972 23 24 6,010 2 2 6,122 4,972 23 24
Of which: customer accounts(5) 5,798 4,702 23 24 5,718 1 2 5,798 4,702 23 24
Risk-weighted assets 3,385 2,195 54 nm 3,288 3 nm 3,385 2,195 54 nm
Income return on risk-weighted 4.7 7.9 (320) nm 39.8 nm nm 16.6 8.1 850 nm
assets (%)(6)
Underlying return on tangible nm nm nm nm nm nm nm nm nm nm nm
equity (%)(6)
Cost to income ratio (%)(7) nm nm nm nm nm nm nm nm nm nm nm
1 Variance is better/(worse), except for risk-weighted assets, assets and
liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
3 Segment results have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025
4 Loans and advances to customers includes FVTPL
5 Customer accounts includes FVTPL
6 Change is the basis points (bps) difference between the two periods rather
than the percentage change
7 Change is the percentage points difference between the two periods rather
than the percentage change
Performance highlights
• Underlying loss before tax increased by $16 million to $114 million
mainly driven by higher other impairments offsetting strong growth in Digital
Banks.
• Digital Banks income was up 20 per cent at constant currency (ccy),
driven by growth in credit cards, personal loans and deposits, partially
offsetting lower SCV income.
• Other impairment charges increased $14 million, largely from SCV.
Page 17
Supplementary financial information continued
Central & other items
Q3'25 Q3'24(3,4) Change(1) Constant currency change(1,2) Q2'25 Change(1) Constant currency change(1,2) YTD'25 YTD'24(3,4) Change(1) Constant currency change(1,2)
$million
$million
%
%
$million
%
%
$million
$million
%
%
Treasury & Other(4) (114) (145) 21 23 (82) (39) (37) (280) (345) 19 25
Operating income (114) (145) 21 23 (82) (39) (37) (280) (345) 19 25
Operating expenses (42) (41) (2) (10) (73) 42 43 (184) (187) 2 1
Operating loss before impairment losses and taxation (156) (186) 16 16 (155) (1) 1 (464) (532) 13 17
Credit impairment (11) 8 nm nm 6 nm nm (5) 15 (133) (133)
Other impairment 2 (31) 106 106 (3) 167 167 (4) (42) 90 91
Profit from associates and 15 18 (17) (17) 72 (79) (78) 117 88 33 33
joint ventures
Underlying loss before taxation (150) (191) 21 22 (80) (88) (74) (356) (471) 24 28
Restructuring & Other items(5) (4) (6) 33 64 (18) 78 79 (24) (198) 88 88
Reported loss before taxation (154) (197) 22 24 (98) (57) (46) (380) (669) 43 46
Total assets 274,807 260,857 5 6 263,883 4 5 274,807 260,857 5 6
Of which: loans and advances 16,355 26,300 (38) (37) 17,539 (7) (6) 16,355 26,300 (38) (37)
to customers(6)
Total liabilities 109,343 105,683 3 4 101,019 8 8 109,343 105,683 3 4
Of which: customer accounts(7) 4,061 5,140 (21) (19) 2,851 42 44 4,061 5,140 (21) (19)
Risk-weighted assets 21,186 22,526 (6) nm 16,657 nm nm 21,186 22,526 (6) nm
Income return on risk-weighted (2.1) (2.7) 60 nm (1.6) (50) nm (1.8) (2.0) 20 nm
assets (%)(8)
Underlying return on tangible (20.9) (26.1) 520 nm (3.2) (1,770) nm (16.1) (16.0) (10) nm
equity (%)(8)
Cost to income ratio (%)(9) nm nm nm nm nm nm nm nm nm nm nm
1 Variance is better/(worse), except for risk-weighted assets, assets and
liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
3 Segment results have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025
4 Products have been re-presented in line with the RNS on Re-Presentation of
Financial Information issued on 2 April 2025
5 Other items in H1 2024 includes $174 million primarily relating to
recycling of FX translation losses from reserves into profit and loss on the
sale of Zimbabwe
6 Loans and advances to customers includes FVTPL
7 Customer accounts includes FVTPL
8 Change is the basis points (bps) difference between the two periods rather
than the percentage change
9 Change is the percentage points difference between the two periods rather
than the percentage change
Performance highlights
• Underlying loss before taxation decreased to $150 million compared to
the prior year loss of $191 million, mainly from improved operating income and
lower impairments, partly offset by lower profit from associates and joint
ventures.
• Income for the quarter was $31 million higher year-on-year, mainly
driven by improved yields from longer dated Treasury assets.
• Impairments were lower year-on-year as a non-repeat of prior year
software impairment was partly offset by a non-repeat of prior year credit
impairment releases.
• The reduced profit from associates and joint ventures mainly stems from
a reduction in profits recognised from China Bohai Bank.
Page 18
Supplementary financial information continued
Underlying performance by key market
Q3'25
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
Operating income 1,220 280 295 163 745 350 319 369 317 1,089 5,147
Operating expenses (618) (204) (209) (91) (431) (226) (166) (197) (161) (650) (2,953)
Operating profit before impairment losses and taxation 602 76 86 72 314 124 153 172 156 439 2,194
Credit impairment (69) (17) (14) (3) (33) (3) 9 34 (71) (28) (195)
Other impairment (1) - (2) - (1) (1) - 6 - (21) (20)
Profit/(loss) from associates and - - 16 - (2) - - (2) - (6) 6
joint ventures
Underlying profit before taxation 532 59 86 69 278 120 162 210 85 384 1,985
Total assets employed 210,684 53,179 43,925 22,342 120,605 33,140 22,003 239,384 75,023 93,365 913,650
Of which: loans and advances 91,282 30,034 14,475 11,689 62,432 13,224 8,554 57,866 25,058 32,952 347,566
to customers(3)
Total liabilities employed 213,178 44,987 37,721 20,092 115,859 24,792 19,202 251,869 50,345 82,385 860,430
Of which: customer accounts(4) 187,204 36,214 31,696 18,467 101,193 15,920 16,605 94,972 21,292 61,835 585,398
Q3'24(1)
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
Operating income 1,233 252 382 156 655 423 270 252 250 1,031 4,904
Operating expenses (549) (163) (217) (86) (335) (251) (138) (347) (137) (617) (2,840)
Operating profit/(loss) before impairment losses and taxation 684 89 165 70 320 172 132 (95) 113 414 2,064
Credit impairment (81) (28) (36) (8) (5) (17) 23 30 2 (58) (178)
Other impairment (45) - (12) - 64 (23) (16) (28) (14) (18) (92)
Profit/(loss) from associates and - - 15 - 1 - - - - (3) 13
joint ventures
Underlying profit/(loss) before taxation(1) 558 61 132 62 380 132 139 (93) 101 335 1,807
Total assets employed(2) 205,361 50,124 46,175 22,975 109,731 35,230 21,630 241,153 57,979 81,815 872,173
Of which: loans and advances 85,875 28,153 15,419 11,991 68,466 13,517 8,202 61,715 17,077 29,606 340,021
to customers(3)
Total liabilities employed(2) 201,553 41,544 37,896 19,577 97,165 27,187 19,276 254,788 42,810 77,641 819,437
Of which: customer accounts(4) 165,991 32,063 28,228 17,722 86,190 20,006 16,492 95,670 17,678 59,981 540,021
1 Underlying profit before taxation has been re-presented in line with the
RNS on Re-Presentation of Financial Information issued on 2 April 2025
2 Balance sheet numbers have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025 reflecting
change from management basis to financial basis
3 Loans and advances to customers includes FVTPL and reverse repurchase
agreements
4 Customer deposits includes FVTPL and repurchase agreements
Page 19
Supplementary financial information continued
Q2'25
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
Operating income 1,414 299 320 135 927 381 301 404 288 1,040 5,509
Operating expenses (599) (182) (206) (86) (412) (224) (172) (398) (126) (645) (3,050)
Operating profit before impairment losses and taxation 815 117 114 49 515 157 129 6 162 395 2,459
Credit impairment (79) (10) (22) (7) (24) (11) 13 31 2 (10) (117)
Other impairment - - - - - (1) - - - (2) (3)
Profit/(loss) from associates and - - 69 - - - - (1) - (4) 64
joint ventures
Underlying profit before taxation 736 107 161 42 491 145 142 36 164 379 2,403
Total assets employed 209,923 53,654 45,573 24,526 114,423 33,336 21,902 265,713 56,506 88,380 913,936
Of which: loans and advances 86,140 31,328 15,243 12,628 65,063 13,616 8,464 65,615 22,039 30,482 350,618
to customers(1)
Total liabilities employed 214,165 45,178 38,422 21,401 109,253 25,260 18,323 258,501 47,405 81,358 859,266
Of which: customer accounts(2) 187,036 35,057 30,959 18,841 99,094 17,383 15,471 99,032 18,277 60,983 582,133
1 Loans and advances to customers includes FVTPL and reverse repurchase
agreements
2 Customer deposits includes FVTPL and repurchase agreements
Quarterly underlying operating income by product
Q3'25 Q2'25 Q1'25 Q4'24(1) Q3'24(1) Q2'24(1) Q1'24(1) Q4'23(1)
$million
$million
$million
$million
$million
$million
$million
$million
Transaction Services 1,488 1,469 1,527 1,666 1,572 1,593 1,603 1,647
Payments & Liquidity 1,016 1,013 1,061 1,193 1,112 1,139 1,161 1,207
Securities & Prime Services 166 158 151 161 156 153 141 140
Trade & Working Capital 306 298 315 312 304 301 301 300
Global Banking 588 548 548 500 475 488 472 400
Lending & Financial Solutions 496 476 452 434 407 422 414 358
Capital Markets & Advisory 92 72 96 66 68 66 58 42
Global Markets 848 1,172 1,183 773 840 796 1,041 534
Macro Trading 678 961 978 654 683 631 884 463
Credit Trading 206 187 222 138 174 165 167 92
Valuation & Other Adj (36) 24 (17) (19) (17) - (10) (21)
Wealth Solutions 890 742 777 562 694 618 616 412
Investment Products 691 544 559 452 507 444 424 298
Bancassurance 199 198 218 110 187 174 192 114
Deposits & Mortgages 1,034 990 1,006 1,058 1,051 1,041 1,020 1,008
CCPL & Other Unsecured Lending 277 282 257 270 281 270 260 259
Ventures 39 278 42 60 43 48 32 32
Digital Banks 49 46 42 41 39 33 29 26
SCV (10) 232 - 19 4 15 3 6
Treasury & Other (17) 28 50 (55) (52) (48) 108 (268)
Total underlying operating income 5,147 5,509 5,390 4,834 4,904 4,806 5,152 4,024
1 Products have been re-presented in line with the RNS on Re-Presentation of
Financial Information issued on 2 April 2025 with no change in total income
Page 20
Supplementary financial information continued
Earnings per ordinary share
Q3'25 Q3'24 Change Q2'25 Change YTD'25 YTD'24 Change
$million
$million
%
$million
%
$million
$million
%
Profit for the period attributable to equity holders 1,298 1,147 13 1,734 (25) 4,624 3,516 32
Non-controlling interest 2 3 (33) (15) nm (15) 12 nm
Dividend payable on preference shares and AT1 classified as equity (272) (219) (24) (11) nm (516) (428) (21)
Profit for the period attributable to ordinary shareholders 1,028 931 10 1,708 (40) 4,093 3,100 32
Items normalised(1):
Restructuring 54 102 (47) 40 35 191 166 15
FFG 138 (11) nm 87 59 298 75 nm
DVA 27 (5) nm (9) nm 22 21 5
Net (gain)/loss on sale of businesses - (1) nm 5 nm 5 188 (97)
Other items - - nm - nm - 100 nm
Tax on normalised items (39) (11) nm (26) (50) (94) (78) (21)
Underlying profit attributable to ordinary shareholders 1,208 1,005 20 1,805 (33) 4,515 3,572 26
Basic - Weighted average number of shares (millions) 2,310 2,527 (9) 2,355 (2) 2,353 2,579 (9)
Diluted - Weighted average number of shares (millions) 2,381 2,595 (8) 2,422 (2) 2,422 2,644 (8)
Basic earnings per ordinary share (cents)² 44.5 36.8 7.7 72.5 (28.0) 173.9 120.2 53.7
Diluted earnings per ordinary share (cents)² 43.2 35.9 7.3 70.5 (27.3) 169.0 117.2 51.8
Underlying basic earnings per ordinary share (cents)² 52.3 39.8 12.5 76.6 (24.3) 191.9 138.5 53.4
Underlying diluted earnings per ordinary share (cents)² 50.7 38.7 12.0 74.5 (23.8) 186.4 135.1 51.3
1 Refer Profit before taxation (PBT) table in underlying versus reported
results reconciliation
2 Change is the difference between the two periods rather than the
percentage change
Page 21
Supplementary financial information continued
Return on Tangible Equity
Q3'25 Q3'24 Change Q2'25 Change YTD'25 YTD'24 Change
$million
$million
%
$million
%
$million
$million
%
Average parent company Shareholders' Equity 46,490 44,836 4 45,645 2 45,536 44,417 3
Less Average preference share capital and share premium (1,494) (1,494) - (1,494) - (1,494) (1,494) -
Less Average intangible assets (6,118) (6,191) 1 (5,965) (3) (5,966) (6,187) 4
Average Ordinary Shareholders' Tangible Equity 38,878 37,151 5 38,186 2 38,076 36,736 4
Profit for the period attributable to equity holders 1,298 1,147 13 1,734 (25) 4,624 3,516 32
Non-controlling interests 2 3 (33) (15) nm (15) 12 nm
Dividend payable on preference shares and AT1 classified as equity (272) (219) (24) (11) nm (516) (428) (21)
Profit for the period attributable to ordinary shareholders 1,028 931 10 1,708 (40) 4,093 3,100 32
Items normalised(1):
Restructuring 54 102 (47) 40 35 191 166 15
FFG 138 (11) nm 87 59 298 75 nm
DVA 27 (5) nm (9) nm 22 21 5
Net (gain)/loss on sale of businesses - (1) nm 5 nm 5 188 (97)
Ventures FVOCI unrealised loss/(gain) net of tax 102 3 nm 72 42 174 (12) nm
Other items - - nm - nm - 100 nm
Tax on normalised items (39) (11) nm (26) (50) (94) (78) (21)
Underlying profit for the period attributable to ordinary shareholders 1,310 1,008 30 1,877 (30) 4,689 3,560 32
Underlying return on tangible equity(2) 13.4% 10.8% 260 19.7% (630) 16.5% 12.9% 360
Reported return on tangible equity(2) 10.5% 10.0% 50 17.9% (740) 14.4% 11.3% 310
1 Refer Profit before taxation (PBT) table in underlying versus reported
results reconciliation
2 Change is the basis points (bps) difference between the two periods rather
than the percentage change
Net Tangible Asset Value per share
30.09.25 30.09.24 Change 30.06.25 Change 31.12.24 Change
$million
$million
%
$million
%
$million
%
Parent company shareholders' equity 46,250 45,259 2 46,730 (1) 44,388 4
Less Preference share capital and share premium (1,494) (1,494) - (1,494) - (1,494) -
Less Intangible assets (6,145) (6,279) 2 (6,091) (1) (5,791) (6)
Net shareholders tangible equity 38,611 37,486 3 39,145 (1) 37,103 4
Ordinary shares in issue, excluding own shares (millions) 2,293 2,484 (8) 2,330 (2) 2,408 (5)
Net Tangible Asset Value per share (cents)(1) 1,684 1,509 175 1,680 4 1,541 143
1 Change is cents difference between the two periods rather than the
percentage change
Page 22
Underlying versus reported results reconciliations
Reconciliations between underlying and reported results are set out in the
tables below:
Operating income by client segment
Q3'25 Q3'24
Corporate & Investment Banking Wealth & Ventures Central & Total Corporate & Investment Banking(1) Wealth & Retail Banking(1) Ventures Central & Other items(1) Total
$million
Retail Banking
$million
other items
$million
$million
$million
$million
$million
$million
$million
$million
Underlying operating income 2,970 2,252 39 (114) 5,147 2,910 2,096 43 (145) 4,904
Restructuring (6) (4) - - (10) 37 6 - (3) 40
DVA (27) - - - (27) 5 - - - 5
Other items - - - - - - - - 1 1
Reported operating income 2,937 2,248 39 (114) 5,110 2,952 2,102 43 (147) 4,950
1 Underlying profit before taxation has been re-presented in line with the
RNS on Re-Presentation of Financial Information issued on 2 April 2025 to
reflect the reallocation of Treasury income and certain costs across segments
Net interest income and Non NII
Q3'25 Q3'24
Underlying Restructuring Adjustment for Trading book funding cost and Others Reported Underlying(1) Restructuring Adjustment for Trading book funding cost and Others(1) Reported
$million
$million
$million
$million
$million
$million
$million
$million
Net interest income 2,737 - (1,329) 1,408 2,769 - (1,287) 1,482
Non NII 2,410 (37) 1,329 3,702 2,135 46 1,287 3,468
Total income 5,147 (37) - 5,110 4,904 46 - 4,950
1 Underlying net interest income has been re-presented in line with the RNS
on Re-Presentation of Financial Information issued on 2 April 2025 to reflect
the reclassification of funding cost mismatches to Underlying Non NII
Profit before taxation (PBT)
Q3'25
Underlying Restructuring FFG DVA Other items Reported
$million
$million
$million
$million
$million
$million
Operating income 5,147 (10) - (27) - 5,110
Operating expenses (2,953) (57) (134) - - (3,144)
Operating profit/(loss) before impairment losses 2,194 (67) (134) (27) - 1,966
and taxation
Credit impairment (195) 7 - - - (188)
Other impairment (20) 2 (4) - - (22)
Profit from associates and joint ventures 6 4 - - - 10
Profit/(loss) before taxation 1,985 (54) (138) (27) - 1,766
Q3'24
Underlying Restructuring(1) FFG(1) DVA Other items Reported
$million
$million
$million
$million
$million
$million
Operating income 4,904 40 - 5 1 4,950
Operating expenses (2,840) (142) 11 - - (2,971)
Operating profit/(loss) before impairment losses 2,064 (102) 11 5 1 1,979
and taxation
Credit impairment (178) - - - - (178)
Other impairment (92) 4 - - - (88)
Profit/(loss) from associates and joint ventures 13 (4) - - - 9
Profit/(loss) before taxation 1,807 (102) 11 5 1 1,722
1 FFG (Fit for Growth) charge previously reported within Restructuring has
been re-presented as a separate item
Page 23
Underlying versus reported results reconciliations continued
Profit before taxation (PBT) by client segment
Q3'25 Q3'24
Corporate & Investment Banking Wealth & Ventures Central & Total Corporate & Investment Banking(1) Wealth & Ventures Central & Total
$million
Retail Banking
$million
Other items
$million
$million
Retail Banking(1)
$million
Other items(1)
$million
$million
$million
$million
$million
Operating income 2,970 2,252 39 (114) 5,147 2,910 2,096 43 (145) 4,904
External 2,733 1,032 39 1,343 5,147 2,569 914 43 1,378 4,904
Inter-segment 237 1,220 - (1,457) - 341 1,182 - (1,523) -
Operating expenses (1,583) (1,212) (116) (42) (2,953) (1,512) (1,168) (119) (41) (2,840)
Operating profit/(loss) before impairment losses and taxation 1,387 1,040 (77) (156) 2,194 1,398 928 (76) (186) 2,064
Credit impairment (64) (107) (13) (11) (195) 10 (180) (16) 8 (178)
Other impairment (4) (3) (15) 2 (20) (49) (11) (1) (31) (92)
Profit/(loss) from associates and joint ventures - - (9) 15 6 - - (5) 18 13
Underlying profit/(loss) before taxation 1,319 930 (114) (150) 1,985 1,359 737 (98) (191) 1,807
Restructuring & Other items (145) (69) (1) (4) (219) (36) (43) - (6) (85)
Reported profit/(loss) before taxation 1,174 861 (115) (154) 1,766 1,323 694 (98) (197) 1,722
1 Underlying profit before taxation has been re-presented in line with the RNS
on Re-Presentation of Financial Information issued on 2 April 2025 to reflect
the reallocation of Treasury income and certain costs across segments
Earnings per ordinary share (EPS)
Q3'25
Underlying Restructuring FFG DVA Net loss on sale of business Tax on normalised items Reported
$ million
$ million
$ million
$ million
$ million
$ million
$ million
Profit for the period attributable to ordinary shareholders 1,208 (54) (138) (27) - 39 1,028
Basic - Weighted average number of shares (millions) 2,310 2,310
Basic earnings per ordinary share (cents) 52.3 44.5
Q3'24
Underlying Restructuring FFG DVA Net loss on sale of business Tax on normalised items Reported
$ million
$ million
$ million
$ million
$ million
$ million
$ million
Profit for the period attributable to ordinary shareholders 1,005 (102) 11 5 1 11 931
Basic - Weighted average number of shares (millions) 2,527 2,527
Basic earnings per ordinary share (cents) 39.8 36.8
Page 24
Risk review
Credit quality by client segment
Amortised cost 30.09.25
Banks Customers Undrawn commitments Financial Guarantees
$million
$million
$million
Corporate & Investment Banking Wealth & Retail Banking Ventures Central & other items Customer Total
$million
$million
$million
$million
$million
Stage 1 44,893 129,366 125,146 1,623 14,902 271,037 193,616 103,424
- Strong 32,702 91,558 119,686 1,605 14,530 227,379 175,444 64,611
- Satisfactory 12,191 37,808 5,460 18 372 43,658 18,172 38,813
Stage 2 696 11,040 1,891 44 - 12,975 3,779 1,594
- Strong 333 2,045 1,409 27 - 3,481 1,144 690
- Satisfactory 250 7,735 150 5 - 7,890 2,445 719
- Higher risk 113 1,260 332 12 - 1,604 190 185
Of which (stage 2):
- Less than 30 days past due - 498 150 5 - 653 - -
- More than 30 days past due 2 138 332 12 - 482 - -
Stage 3, credit-impaired financial assets 35 3,878 1,691 17 11 5,597 694 460
Gross balance¹ 45,624 144,284 128,728 1,684 14,913 289,609 198,089 105,478
Stage 1 (8) (105) (377) (27) - (509) (60) (14)
- Strong (4) (42) (345) (25) - (412) (40) (6)
- Satisfactory (4) (63) (32) (2) - (97) (20) (8)
Stage 2 - (378) (121) (16) - (515) (30) (14)
- Strong - (14) (71) (10) - (95) (7) (1)
- Satisfactory - (296) (18) (2) - (316) (13) (6)
- Higher risk - (68) (32) (4) - (104) (10) (7)
Of which (stage 2):
- Less than 30 days past due - (8) (18) (2) - (28) - -
- More than 30 days past due - (3) (32) (4) - (39) - -
Stage 3, credit-impaired financial assets (4) (2,632) (811) (10) (5) (3,458) (57) (97)
Total credit impairment (12) (3,115) (1,309) (53) (5) (4,482) (147) (125)
Net carrying value 45,612 141,169 127,419 1,631 14,908 285,127
Stage 1 0.0% 0.1% 0.3% 1.7% 0.0% 0.2% 0.0% 0.0%
- Strong 0.0% 0.0% 0.3% 1.6% 0.0% 0.2% 0.0% 0.0%
- Satisfactory 0.0% 0.2% 0.6% 11.1% 0.0% 0.2% 0.1% 0.0%
Stage 2 0.0% 3.4% 6.4% 36.4% 0.0% 4.0% 0.8% 0.9%
- Strong 0.0% 0.7% 5.0% 37.0% 0.0% 2.7% 0.6% 0.1%
- Satisfactory 0.0% 3.8% 12.0% 40.0% 0.0% 4.0% 0.5% 0.8%
- Higher risk 0.0% 5.4% 9.6% 33.3% 0.0% 6.5% 5.3% 3.8%
Of which (stage 2):
- Less than 30 days past due 0.0% 1.6% 12.0% 40.0% 0.0% 4.3% 0.0% 0.0%
- More than 30 days past due 0.0% 2.2% 9.6% 33.3% 0.0% 8.1% 0.0% 0.0%
Stage 3, credit-impaired financial assets (S3) 11.4% 67.9% 48.0% 58.8% 45.5% 61.8% 8.2% 21.1%
- Stage 3 Collateral - 275 632 - - 907 - 19
- Stage 3 Cover ratio (after collateral) 11.4% 75.0% 85.3% 58.8% 45.5% 78.0% 8.2% 25.2%
Cover ratio 0.0% 2.2% 1.0% 3.1% 0.0% 1.5% 0.1% 0.1%
Fair value through profit or loss
Performing 34,566 62,405 4 - - 62,409
- Strong 28,565 40,715 4 - - 40,719
- Satisfactory 6,001 21,690 - - - 21,690
- Higher risk - - - - - -
Defaulted (CG13-14) 67 30 - - - 30
Gross balance (FVTPL)(2) 34,633 62,435 4 - - 62,439
Net carrying value (incl FVTPL) 80,245 203,604 127,423 1,631 14,908 347,566
1 Loans and advances includes reverse repurchase agreements and other similar
secured lending of $6,162 million under Customers and of $3,870 million under
Banks, held at amortised cost
2 Loans and advances includes reverse repurchase agreements and other similar
secured lending of $53,018 million under Customers and of $31,831 million
under Banks, held at fair value through profit or loss
Page 25
Risk review continued
Amortised cost 30.06.25
Banks Customers Undrawn commitments Financial Guarantees
$million
$million
$million
Corporate & Investment Banking Wealth & Retail Banking Ventures Central & other items Customer Total
$million
$million
$million
$million
$million
Stage 1 41,613 129,064 124,273 1,549 18,269 273,155 188,364 101,740
- Strong 28,979 91,162 118,929 1,528 17,799 229,418 171,907 66,028
- Satisfactory 12,634 37,902 5,344 21 470 43,737 16,457 35,712
Stage 2 737 10,374 2,078 47 21 12,520 4,546 1,794
- Strong 41 1,888 1,563 30 - 3,481 1,144 471
- Satisfactory 263 6,845 146 6 - 6,997 3,133 990
- Higher risk 433 1,641 369 11 21 2,042 269 333
Of which (stage 2):
- Less than 30 days past due - 118 146 6 - 270 - -
- More than 30 days past due 2 57 369 11 - 437 - -
Stage 3, credit-impaired financial assets 48 4,421 1,701 14 - 6,136 37 425
Gross balance(1) 42,398 143,859 128,052 1,610 18,290 291,811 192,947 103,959
Stage 1 (6) (124) (403) (26) - (553) (60) (16)
- Strong (3) (49) (328) (24) - (401) (34) (7)
- Satisfactory (3) (75) (75) (2) - (152) (26) (9)
Stage 2 (2) (306) (141) (18) - (465) (37) (16)
- Strong - (6) (65) (11) - (82) (4) -
- Satisfactory - (209) (38) (2) - (249) (24) (5)
- Higher risk (2) (91) (38) (5) - (134) (9) (11)
Of which (stage 2):
- Less than 30 days past due - (11) (38) (2) - (51) - -
- More than 30 days past due - - (38) (5) - (43) - -
Stage 3, credit-impaired financial assets (4) (3,251) (800) (11) - (4,062) (1) (106)
Total credit impairment (12) (3,681) (1,344) (55) - (5,080) (98) (138)
Net carrying value 42,386 140,178 126,708 1,555 18,290 286,731 - -
Stage 1 0.0% 0.1% 0.3% 1.7% 0.0% 0.2% 0.0% 0.0%
- Strong 0.0% 0.1% 0.3% 1.6% 0.0% 0.2% 0.0% 0.0%
- Satisfactory 0.0% 0.2% 1.4% 9.5% 0.0% 0.3% 0.2% 0.0%
Stage 2 0.3% 2.9% 6.8% 38.3% 0.0% 3.7% 0.8% 0.9%
- Strong 0.0% 0.3% 4.2% 36.7% 0.0% 2.4% 0.3% 0.0%
- Satisfactory 0.0% 3.1% 26.0% 33.3% 0.0% 3.6% 0.8% 0.5%
- Higher risk 0.5% 5.5% 10.3% 45.5% 0.0% 6.6% 3.3% 3.3%
Of which (stage 2):
- Less than 30 days past due 0.0% 9.3% 26.0% 33.3% 0.0% 18.9% 0.0% 0.0%
- More than 30 days past due 0.0% 0.0% 10.3% 45.5% 0.0% 9.8% 0.0% 0.0%
Stage 3, credit-impaired financial assets (S3) 8.3% 73.5% 47.0% 78.6% 0.0% 66.2% 2.7% 24.9%
- Stage 3 Collateral - 294 656 - - 950 - 37
- Stage 3 Cover ratio (after collateral) 8.3% 80.2% 85.6% 78.6% 0.0% 81.7% 2.7% 33.6%
Cover ratio 0.0% 2.6% 1.0% 3.4% 0.0% 1.7% 0.1% 0.1%
Fair value through profit or loss
Performing 36,958 63,870 5 - - 63,875
- Strong 32,385 44,257 4 - - 44,261
- Satisfactory 4,468 19,524 1 - - 19,525
- Higher risk 105 89 - - - 89
Defaulted (CG13-14) - 12 - - - 12
Gross balance (FVTPL)(2) 36,958 63,882 5 - - 63,887
Net carrying value (incl FVTPL) 79,344 204,060 126,713 1,555 18,290 350,618
1 Loans and advances includes reverse repurchase agreements and other similar
secured lending of $4,189 million under Customers and of $4,250 million under
Banks, held at amortised cost
2 Loans and advances includes reverse repurchase agreements and other similar
secured lending of $55,768 million under Customers and of $34,565 million
under Banks, held at fair value through profit or loss
Page 26
Risk review continued
Credit impairment charge
9 months ended 30.09.25 9 months ended 30.09.24(1)
Stage 1 & 2 Stage 3 Total Stage 1 & 2 Stage 3 Total
$million
$million
$million
$million
$million
$million
Ongoing business portfolio
Corporate & Investment Banking(1) 128 (78) 50 (16) (48) (64)
Wealth & Retail Banking(1) 112 327 439 220 227 447
Ventures (6) 43 37 9 50 59
Central & other items(1) - 5 5 (14) (1) (15)
Credit impairment charge 234 297 531 199 228 427
Restructuring business portfolio
Others (5) (2) (7) 2 (11) (9)
Credit impairment charge / (release) (5) (2) (7) 2 (11) (9)
Total credit impairment charge 229 295 524 201 217 418
1 Business segments have been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025 with no change
in total credit impairment charge
Page 27
Capital review
Capital ratios
30.09.25 30.06.25 Change(2) 31.12.24 Change(2)
CET1 14.2% 14.3% (18) 14.2% (8)
Tier 1 capital 16.7% 16.9% (17) 16.9% (18)
Total capital 20.3% 20.5% (19) 21.5% (116)
Capital base(1)
30.09.25 30.06.25 Change(3) 31.12.24 Change(3)
$million
$million
%
$million
%
CET1 instruments and reserves
Capital instruments and the related share premium accounts 5,135 5,154 - 5,201 (1)
Of which: share premium accounts 3,989 3,989 - 3,989 -
Retained earnings 24,887 26,692 (7) 24,950 -
Accumulated other comprehensive income (and other reserves) 10,180 10,099 1 8,724 17
Non-controlling interests (amount allowed in consolidated CET1) 208 234 (11) 235 (11)
Independently reviewed interim and year-end profits 4,642 3,341 39 4,072 14
Foreseeable dividends (802) (570) 41 (923) (13)
CET1 capital before regulatory adjustments 44,250 44,950 (2) 42,259 5
CET1 regulatory adjustments
Additional value adjustments (prudential valuation adjustments) (727) (660) 10 (624) 17
Intangible assets (net of related tax liability) (6,048) (5,995) 1 (5,696) 6
Deferred tax assets that rely on future profitability (excludes those arising (13) (18) (28) (31) (58)
from temporary differences)
Fair value reserves related to net losses on cash flow hedges (361) (378) (4) (4) 8,925
Deduction of amounts resulting from the calculation of excess expected loss (579) (617) (6) (702) (18)
Net gains on liabilities at fair value resulting from changes in own credit 358 275 30 278 29
risk
Defined-benefit pension fund assets (182) (159) 14 (149) 22
Fair value gains arising from the institution's own credit risk related to (79) (103) (23) (97) (19)
derivative liabilities
Exposure amounts which could qualify for risk weighting of 1,250% (25) (35) (30) (44) (44)
Total regulatory adjustments to CET1 (7,656) (7,690) - (7,069) 8
CET1 capital 36,594 37,260 (2) 35,190 4
Additional Tier 1 capital (AT1) instruments 6,535 6,537 - 6,502 1
AT1 regulatory adjustments (20) (20) - (20) -
Tier 1 capital 43,109 43,777 (2) 41,672 3
Tier 2 capital instruments 9,452 9,534 (1) 11,449 (17)
Tier 2 regulatory adjustments (30) (30) - (30) -
Tier 2 capital 9,422 9,504 (1) 11,419 (17)
Total capital 52,531 53,281 (1) 53,091 (1)
Total risk-weighted assets 258,378 259,684 (1) 247,065 5
1 Capital base is prepared on the regulatory scope of consolidation
2 Change is the percentage point difference between two periods, rather than
percentage change
3 Variance is increase/(decrease) comparing current reporting period to prior
periods
Page 28
Capital review continued
Movement in total capital
9 months ended 30.09.25 12 months ended 31.12.24
$million
$million
CET1 at 1 January 35,190 34,314
Ordinary shares issued in the period and share premium - -
Share buy-back (2,800) (2,500)
Profit for the period 4,642 4,072
Foreseeable dividends deducted from CET1 (802) (923)
Difference between dividends paid and foreseeable dividends (546) (469)
Movement in goodwill and other intangible assets (352) 432
Foreign currency translation differences 781 (525)
Non-controlling interests (27) 18
Movement in eligible other comprehensive income 468 636
Deferred tax assets that rely on future profitability 18 10
Decrease/(increase) in excess expected loss 122 52
Additional value adjustments (prudential valuation adjustment) (103) 106
IFRS 9 transitional impact on regulatory reserves including day one - 2
Exposure amounts which could qualify for risk weighting 18 -
Fair value gains arising from the institution's own Credit Risk related to 18 19
derivative liabilities
Others (33) (54)
CET1 at 30 September/31 December 36,594 35,190
AT1 at 1 January 6,482 5,492
Net issuances (redemptions) 32 1,015
Foreign currency translation difference 1 (25)
AT1 at 30 September/31 December 6,515 6,482
Tier 2 capital at 1 January 11,419 11,935
Regulatory amortisation (187) 1,189
Net issuances (redemptions) (2,175) (1,517)
Foreign currency translation difference 344 (191)
Tier 2 ineligible minority interest 16 (3)
Other 5 6
Tier 2 capital at 30 September/31 December 9,422 11,419
Total capital at 30 September/31 December 52,531 53,091
Page 29
Capital review continued
Risk-weighted assets by business
30.09.25
Credit risk Operational risk Market risk Total risk
$million
$million
$million
$million
Corporate & Investment Banking 122,556 22,555 30,323 175,434
Wealth & Retail Banking 47,790 10,583 - 58,373
Ventures 3,130 239 16 3,385
Central & other items 17,598 (799) 4,387 21,186
Total risk-weighted assets 191,074 32,578 34,726 258,378
30.06.25
Credit risk Operational risk Market risk Total risk
$million
$million
$million
$million
Corporate & Investment Banking 128,605 22,555 30,969 182,129
Wealth & Retail Banking 47,027 10,583 - 57,610
Ventures 3,031 239 18 3,288
Central & other items 12,685 (799) 4,771 16,657
Total risk-weighted assets 191,348 32,578 35,758 259,684
31.12.24(1)
Credit risk Operational risk Market risk Total risk
$million
$million
$million
$million
Corporate & Investment Banking 124,635 19,987 24,781 169,403
Wealth & Retail Banking 47,764 9,523 - 57,287
Ventures 2,243 142 21 2,406
Central & other items 14,661 (173) 3,481 17,969
Total risk-weighted assets 189,303 29,479 28,283 247,065
1 RWA balances are now presented to reflect the RNS on Presentation of
Financial Information issued on 2 April 2025. Prior periods have been
re-presented and there is no change in total RWA
Movement in risk-weighted assets
Credit risk(1) Operational risk Market risk Total risk
$million
$million
$million
Corporate & Investment Banking Wealth & Retail Banking Ventures Central & other items Total
$million
$million
$million
$million
$million
At 1 January 2024(1) 116,621 50,771 1,885 22,146 191,423 27,861 24,867 244,151
Asset growth & mix 11,616 (491) 358 (5,176) 6,307 - - 6,307
Asset quality (2,472) (316) - (384) (3,172) - - (3,172)
Model updates 1,620 (1) - - 1,619 - (400) 1,219
Methodology and policy changes 38 39 - - 77 - (1,300) (1,223)
Acquisitions and disposals - - - - - - - -
Foreign currency translation (2,788) (1,397) - (691) (4,876) - - (4,876)
Other, including non-credit risk movements - (841) - (1,234) (2,075) 1,618 5,116 4,659
At 31 December 2024(1) 124,635 47,764 2,243 14,661 189,303 29,479 28,283 247,065
Asset growth & mix (5,074) (1,228) 887 2,086 (3,329) - - (3,329)
Asset quality 1,837 (134) - 621 2,324 - - 2,324
Model updates (1,276) 395 - - (881) - 51 (830)
Methodology and policy changes - - - - - - - -
Acquisitions and disposals (14) (92) - (11) (117) - - (117)
Foreign currency translation 2,448 1,085 - 241 3,774 - - 3,774
Other, including non-credit risk movements - - - - - 3,099 6,392 9,491
At 30 September 2025 122,556 47,790 3,130 17,598 191,074 32,578 34,726 258,378
1 RWA balances are now presented to reflect the RNS on Presentation of
Financial Information issued on 2 April 2025. Prior periods have been
re-presented and there is no change in total RWA
Page 30
Capital review continued
Leverage Ratio
30.09.25 30.06.25 Change(3) 31.12.24 Change(3)
$million
$million
%
$million
%
Tier 1 capital 43,109 43,777 (2) 41,672 3
Derivative financial instruments 56,905 64,225 (11) 81,472 (30)
Derivative cash collateral 10,854 13,895 (22) 11,046 (2)
Securities financing transactions (SFTs) 94,881 98,772 (4) 98,801 (4)
Loans and advances and other assets 751,010 737,044 2 658,369 14
Total on-balance sheet assets 913,650 913,936 - 849,688 8
Regulatory consolidation adjustments(1) (104,211) (96,465) 8 (76,197) 37
Derivatives adjustments
Derivatives netting (45,342) (48,236) (6) (63,934) (29)
Adjustments to cash collateral (9,093) (12,032) (24) (10,169) (11)
Net written credit protection 2,752 2,757 - 2,075 33
Potential future exposure on derivatives 55,475 54,443 2 51,323 8
Total derivatives adjustments 3,792 (3,068) (224) (20,705) (118)
Counterparty risk leverage exposure measure for SFTs 6,390 5,959 7 4,198 52
Off-balance sheet items 125,281 120,878 4 118,607 6
Regulatory deductions from Tier 1 capital (8,078) (8,006) 1 (7,247) 11
Total exposure measure excluding claims on central banks 936,824 933,234 - 868,344 8
Leverage ratio excluding claims on central banks(2) 4.6% 4.7% (9) 4.8% (20)
Average leverage exposure measure excluding claims on 933,449 946,944 (1) 894,296 4
central banks
Average leverage ratio excluding claims on central banks(2) 4.6% 4.6% - 4.7% (8)
Countercyclical leverage ratio buffer(2) 0.1% 0.1% - 0.1% -
G-SII additional leverage ratio buffer(2) 0.4% 0.4% - 0.4% -
1 Includes adjustment for qualifying central bank claims and unsettled
regular way trades
2 Change is the basis points (bps) difference between the two periods rather
than the percentage change
3 Variance is increase/(decrease) comparing current reporting period to prior
periods
Page 31
Financial statements
Condensed consolidated interim income statement
For the nine months ended 30 September 2025
9 months ended 30.09.25 9 months ended 30.09.24
$million
$million
Interest income 18,619 21,180
Interest expense (14,167) (16,523)
Net interest income 4,452 4,657
Fees and commission income 4,090 3,551
Fees and commission expense (811) (644)
Net fee and commission income 3,279 2,907
Net trading income 7,946 7,228
Other operating income 339 (51)
Operating income 16,016 14,741
Staff costs (6,632) (6,473)
Premises costs (273) (268)
General administrative expenses (1,650) (1,502)
Depreciation and amortisation (836) (784)
Operating expenses (9,391) (9,027)
Operating profit before impairment losses and taxation 6,625 5,714
Credit impairment (524) (418)
Goodwill, property, plant and equipment and other impairment (41) (235)
Profit from associates and joint ventures 89 153
Profit before taxation 6,149 5,214
Taxation (1,525) (1,698)
Profit for the period 4,624 3,516
Profit attributable to:
Non-controlling interests 15 (12)
Parent company shareholders 4,609 3,528
Profit for the period 4,624 3,516
Cents cents
Earnings per share:
Basic earnings per ordinary share 173.9 120.2
Diluted earnings per ordinary share 169.0 117.2
Page 32
Financial statements continued
Condensed consolidated interim statement of comprehensive income
For the nine months ended 30 September 2025
30.09.25 30.09.24
$million
$million
Profit for the period 4,624 3,516
Other comprehensive income
Items that will not be reclassified to income statement: 168 (188)
Own credit losses on financial liabilities designated at fair value through (93) (351)
profit or loss
Equity instruments at fair value through other comprehensive income/(loss) 262 (3)
Actuarial gains on retirement benefit obligations 29 33
Revaluation (deficit)/surplus (11) 16
Taxation relating to components of other comprehensive income (19) 117
Items that may be reclassified subsequently to income statement: 1,325 932
Exchange differences on translation of foreign operations:
Net gains taken to equity 790 32
Net (loss)/gain on net investment hedges (28) 149
Share of other comprehensive (loss)/income from associates and joint ventures (8) 15
Debt instruments at fair value through other comprehensive income:
Net valuation gains taken to equity 281 342
Reclassified to income statement (45) 134
Net impact of expected credit losses 1 (24)
Cash flow hedges:
Net movements in cash flow hedge reserve 425 394
Taxation relating to components of other comprehensive income (91) (110)
Other comprehensive income for the period, net of taxation 1,493 744
Total comprehensive income for the period 6,117 4,260
Total comprehensive income attributable to:
Non-controlling interests 31 (16)
Parent company shareholders 6,086 4,276
Total comprehensive income for the period 6,117 4,260
Page 33
Financial statements continued
Condensed consolidated interim balance sheet
As at 30 September 2025
30.09.25 31.12.24
$million
$million
Assets
Cash and balances at central banks 86,800 63,447
Financial assets held at fair value through profit or loss 195,512 177,517
Derivative financial instruments 56,905 81,472
Loans and advances to banks 45,612 43,593
Loans and advances to customers 285,127 281,032
Investment securities 162,346 144,556
Other assets 65,125 43,468
Current tax assets 571 663
Prepayments and accrued income 3,125 3,207
Interests in associates and joint ventures 1,431 1,020
Goodwill and intangible assets 6,145 5,791
Property, plant and equipment 2,477 2,425
Deferred tax assets 454 414
Retirement benefit schemes in surplus 165 151
Assets classified as held for sale 1,855 932
Total assets 913,650 849,688
Liabilities
Deposits by banks 30,003 25,400
Customer accounts 526,284 464,489
Repurchase agreements and other similar secured borrowing 5,022 12,132
Financial liabilities held at fair value through profit or loss 91,972 85,462
Derivative financial instruments 58,975 82,064
Debt securities in issue 75,217 64,609
Other liabilities 54,272 44,681
Current tax liabilities 977 726
Accruals and deferred income 6,560 6,896
Subordinated liabilities and other borrowed funds 8,809 10,382
Deferred tax liabilities 764 567
Provisions for liabilities and charges 352 349
Retirement benefit schemes in deficit 251 266
Liabilities included in disposal groups held for sale 972 381
Total liabilities 860,430 798,404
Equity
Share capital and share premium account 6,629 6,695
Other reserves 10,180 8,724
Retained earnings 29,441 28,969
Total parent company shareholders' equity 46,250 44,388
Other equity instruments 6,535 6,502
Total equity excluding non-controlling interests 52,785 50,890
Non-controlling interests 435 394
Total equity 53,220 51,284
Total equity and liabilities 913,650 849,688
Page 34
Financial statements continued
Condensed consolidated interim statement of changes in equity
For the nine months ended 30 September 2025
Ordinary share capital and share premium account Preference share capital and share premium account Capital and merger reserves(1) Own credit adjust-ment reserve Fair value through other compre-hensive income reserve - debt Fair value through other compre-hensive income reserve - equity Cash flow hedge reserve Trans-lation reserve Retained earnings Parent company share-holders' equity Other equity instru-ments Non-controlling interests Total
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
$million
As at 01 January 2024 5,321 1,494 17,453 100 (690) 330 91 (8,113) 28,459 44,445 5,512 396 50,353
Profit for the period - - - - - - - - 4,050 4,050 - (8) 4,042
Other comprehensive (loss)/income(12) - - - (377) 442 (26)(10) (87) (735) 227(2,11) (556) - (14) (570)
Distributions - - - - - - - - - - - (43) (43)
Other equity instruments issued, net of expenses - - - - - - - - - - 1,568(13) - 1,568
Redemption of other equity instruments - - - - - - - - - - (553)(14) - (553)
Treasury shares net movement - - - - - - - - (168) (168) - - (168)
Share option expense, net of taxation - - - - - - - - 269 269 - - 269
Dividends on ordinary shares - - - - - - - - (780) (780) - - (780)
Dividends on preference shares and AT1 securities - - - - - - - - (457) (457) - - (457)
Share buyback(6, 7) (120) - 120 - - - - - (2,500) (2,500) - - (2,500)
Other movements - - - (1) 7 - - 210(3) (131)(5) 85 (25)(14) 63(4) 123
As at 31 December 2024 5,201 1,494 17,573 (278) (241) 304 4 (8,638) 28,969 44,388 6,502 394 51,284
Profit for the period - - - - - - - - 4,609 4,609 - 15 4,624
Other comprehensive (loss)/income(12) - - - (80) 204 154(17) 357 745 97(2,17) 1,477 - 16 1,493
Distributions - - - - - - - - - - - (40) (40)
Other equity instruments issued, net of expenses - - - - - - - - - - 994(15) - 994
Redemption of other equity instruments - - - - - - - - - - (1,000)(16) - (1,000)
Treasury shares net movement - - - - - - - - (86) (86) - - (86)
Share option expense, net of taxation - - - - - - - - 203 203 - - 203
Dividends on ordinary shares - - - - - - - - (954) (954) - - (954)
Dividends on preference shares and AT1 securities - - - - - - - - (516) (516) - - (516)
Share buyback(7,8,9) (66) - 66 - - - - - (2,800) (2,800) - - (2,800)
Other movements - - - - (26) - - 36(18) (81) (71) 39(20) 50(19) 18
As at 30 September 2025 5,135 1,494 17,639 (358) (63) 458 361 (7,857) 29,441 46,250 6,535 435 53,220
1. Includes capital reserve of $5 million (31 December 2024: $5
million), capital redemption reserve of $523 million (31 December 2024: $457
million), merger reserve of $17,111 million (31 December 2024: $17,111
million).
2. Includes actuarial gain, net of taxation on Group defined
benefit schemes
3. Movement in 2024 includes realisation of translation adjustment
loss from sale of SCB Zimbabwe Limited ($190 million), SCB Angola S.A. ($31
million), SCB Sierra Leone Limited ($25 million) recycled to other operating
income
4. Movement in 2024 is primarily from non-controlling interest
pertaining to Mox Bank Limited ($14 million) and Trust Bank Singapore Limited
($55 million) offset by SCB Angola S.A. ($6 million)
5. Movement in 2024 mainly includes movements related to Ghana
hyperinflation
6. On 23 February 2024, the Group announced the buyback programme
for a share buyback of its ordinary shares of $0.50 each. Nominal value of
share purchases was $57 million, the total consideration paid was $1,000
million and the buyback completed on 25 June 2024. The total number of shares
purchased was 113,266,516, representing 4.25 per cent of the ordinary shares
in issue at the beginning of the programme. The nominal value of the shares
was transferred from the share capital to the capital redemption reserve
account
7. On 30 July 2024, the Group announced the buyback programme for
a $1,500 million share buyback of its ordinary shares of $0.50 each. As at
December 2024, nominal value of share purchases was $63 million with the total
number of shares purchased of 126,262,414 and the total consideration was
$1,355 million. The buyback programme was completed on 30 January 2025 with a
further 11,300,128 shares purchased in 2025, representing 0.44 per cent of
shares in issue at the beginning of the programme. The nominal value of the
shares was transferred from the share capital to the capital redemption
reserve account
8. On 21 February 2025, the Group announced the buyback programme
for a $1,500 million share buyback of its ordinary shares of $0.50 each. The
buyback programme was completed on 30 July 2025, and the total number of
shares purchased was 98,162,451, representing 4.07 per cent of the ordinary
shares in issue at the beginning of the programme. The nominal value of the
shares was transferred from the share capital to the capital redemption
reserve account
9. On 31 July 2025, the Group announced the buyback programme for
a $1,300 million share buyback of its ordinary shares of $0.50 each. As at 30
September 2025, the total number of shares purchased of 21,942,729
representing 0.95 per cent of the ordinary shares in issue at the beginning of
the programme, for a total consideration of $413 million, and a further $887
million relating to irrevocable obligation to buy back shares under the
buyback programme has been recognised. The nominal value of the shares was
transferred from the share capital to the capital redemption reserve account
10. Includes $174 million gain on sale of equity investment
transferred to retained earnings partly offset by $76 million reversal of
deferred tax liability and $72 million mark-to-market gain on equity
instrument
11. Includes $174 million gain on sale of equity investment in other
comprehensive income reserve transferred to retained earnings partly offset by
$13 million capital gain tax
12. All amounts are net of tax
13. Includes $992 million and $576 million (SGD 750 million) fixed
rate resetting perpetual subordinated contingent convertible AT1 securities
issued by Standard Chartered PLC
14. Relates to redemption of AT1 securities of SGD 750 million ($553
million) and realised translation loss ($25 million) reported in other
movements
15. Relates to $994 million fixed rate resetting perpetual
subordinated contingent convertible AT1 securities issued by Standard
Chartered PLC
16. On 26 July 2025, Standard Chartered PLC redeemed its $1.0 billion
6.00 per cent Resetting Perpetual Subordinated Contingent Convertible
Securities
17. Includes $68 million gain on sale of equity investment in other
comprehensive income reserve transferred to retained earnings
18. Includes realisation of translation adjustment loss from sale of
Standard Chartered Bank Gambia Limited ($8 million) and Standard Chartered
Research and Technology India Private Limited ($3 million) transferred to
other operating income
19. Movement from non-controlling interest primarily pertaining to
Zodia Markets Holdings Limited ($12 million), Standard Chartered Research and
Technology India Private Limited ($12 million), Mox Bank Limited ($8 million),
Trust Bank Singapore Limited ($8 million), Century Leader Limited ($6 million)
and Furaha Holdings Limited ($3 million)
20. Includes reversal of realised translation loss ($25 million)
reported during 2024 (refer foot note 14)
Page 35
Financial statements continued
Basis of preparation
This statement covers the results of Standard Chartered PLC together with its
subsidiaries and equity accounted interest in associates and jointly
controlled entities (the Group) for the nine months ended 30 September 2025.
The financial information on which this statement is based, and the data set
out in the appendix to this statement, are unaudited and have been prepared in
accordance with the Group's accounting policies. The Group's material
accounting policies are described in the Annual Report 2024, which have been
prepared in accordance with UK-adopted international accounting standards and
International Financial Reporting Standards (IFRS) (Accounting Standards) as
adopted by the European Union (EU IFRS) as there are no applicable differences
for the periods presented, and in conformity with the requirements of the
Companies Act 2006. The Group's Annual Report 2025 will continue to be
prepared in accordance with these frameworks.
The interim financial information does not constitute a full or condensed set
of financial statements under IAS 34 'Interim Financial Reporting' as
contained in UK-adopted IAS or EU IFRS. The interim financial information has
been prepared in accordance with the recognition and measurement principles,
but not the disclosure requirements under UK-adopted IAS and EU IFRS.
The information in this interim financial report is unaudited and does not
constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. All references to reported performance/results within this
interim financial report means amounts reported under UK-adopted IAS and EU
IFRS or in reference to the statutory accounts for the year ended 31 December
2024, unless otherwise stated. This document was approved by the Board on 30
October 2025. The statutory accounts for the year ended 31 December 2024 have
been audited and delivered to the Registrar of Companies in England and Wales.
The report of the auditors was (i) unqualified, (ii) did not include a
reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under sections 498(2) and 498(3) of the Companies Act 2006.
Going concern
The directors assessed the Group's ability to continue as a going concern,
including a review of the Group's forecasts, Funding and Liquidity metrics,
Capital and Liquidity plans, Legal and regulatory matters, Credit impairment,
macroeconomic conditions and geopolitical headwinds, and confirm they are
satisfied that the Group has adequate resources to continue in business for a
period of twelve months from 30 October 2025. For this reason, the Group
continues to adopt the going concern basis of accounting for preparing the
interim financial information.
Page 36
Other supplementary financial information
Net Interest Margin
3 months ended 30.09.25 3 months ended 30.06.25 3 months ended 30.09.24
$million
$million
$million
Interest income (Reported) 6,134 6,158 6,986
Adjustment for trading book funding cost and others(1) 247 126 163
Interest Income adjusted for trading book funding cost and others 6,381 6,284 7,149
Average interest earning assets 560,336 546,709 532,459
Gross yield (%) 4.52 4.61 5.34
Interest expense (Reported) 4,726 4,695 5,504
Adjustment for trading book funding cost and others (1,082) (1,113) (1,124)
Interest expense adjusted for trading book funding cost and others 3,644 3,582 4,380
Average interest-bearing liabilities 599,796 571,401 540,691
Rate paid (%) 2.41 2.51 3.22
Net yield (%) 2.11 2.10 2.12
Adjusted net interest income(1) 2,737 2,702 2,769
Net interest margin (%) 1.94 1.98 2.07
1 Adjusted net interest income has been re-presented in line with the RNS on
Re-Presentation of Financial Information issued on 2 April 2025 to reflect the
reclassification of funding cost mismatches to Non NII. Adjusted net interest
income is reported net interest income less trading book funding cost,
Treasury currency management activities, cash collateral and prime services
Page 37
Other supplementary financial information continued
Important Notice
Forward-looking statements
The information included in this document may contain 'forward-looking
statements' based upon current expectations or beliefs as well as statements
formulated with assumptions about future events. Forward-looking statements
include, without limitation, projections, estimates, commitments, plans,
approaches, ambitions and targets (including, without limitation, ESG
commitments, ambitions and targets). Forward-looking statements often use
words such as 'may', 'could', 'will', 'expect', 'intend', 'estimate',
'anticipate', 'believe', 'plan', 'seek', 'aim', 'continue' or other words of
similar meaning to any of the foregoing. Forward-looking statements may also
(or additionally) be identified by the fact that they do not relate only to
historical or current facts.
By their very nature, forward-looking statements are subject to known and
unknown risks and uncertainties and other factors that could cause actual
results, and the Group's plans and objectives, to differ materially from those
expressed or implied in the forward-looking statements. Readers should not
place reliance on, and are cautioned about relying on, any forward-looking
statements.
There are several factors which could cause the Group's actual results and its
plans and objectives to differ materially from those expressed or implied in
forward-looking statements. The factors include (but are not limited to):
changes in global, political, economic, business, competitive and market
forces or conditions, or in future exchange and interest rates; changes in
environmental, geopolitical, social or physical risks; legal, regulatory and
policy developments, including regulatory measures addressing climate change
and broader sustainability-related issues; the development of standards and
interpretations, including evolving requirements and practices in ESG
reporting; the ability of the Group, together with governments and other
stakeholders to measure, manage, and mitigate the impacts of climate change
and broader sustainability-related issues effectively; risks arising out of
health crises and pandemics; risks of cyber-attacks, data, information or
security breaches or technology failures involving the Group; changes in tax
rates or policy; future business combinations or dispositions; and other
factors specific to the Group, including those identified in Standard
Chartered PLC's Annual Report and the financial statements of the Group. To
the extent that any forward-looking statements contained in this document are
based on past or current trends and/or activities of the Group, they should
not be taken as a representation that such trends or activities will continue
in the future.
No statement in this document is intended to be, nor should be interpreted as,
a profit forecast or to imply that the earnings of the Group for the current
year or future years will necessarily match or exceed the historical or
published earnings of the Group. Each forward-looking statement speaks only as
of the date that it is made. Except as required by any applicable laws or
regulations, the Group expressly disclaims any obligation to revise or update
any forward-looking statement contained within this document, regardless of
whether those statements are affected as a result of new information, future
events or otherwise.
Please refer to Standard Chartered PLC's Annual Report and the financial
statements of the Group for a discussion of certain of the risks and factors
that could adversely impact the Group's actual results, and cause its plans
and objectives, to differ materially from those expressed or implied in any
forward-looking statements.
Non-IFRS performance measures and alternative performance measures
This document may contain: (a) financial measures and ratios not specifically defined under: (i) International Financial Reporting Standards (IFRS) (Accounting Standards) as adopted by the European Union; or (ii) UK-adopted International Accounting Standards (IAS); and/or (b) alternative performance measures as defined in the European Securities and Market Authority guidelines. Such measures may exclude certain items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. These measures are not a substitute for IAS or IFRS measures and are based on a number of assumptions that are subject to uncertainties and change. Please refer to Standard Chartered PLC's Annual Report and the financial statements of the Group for further information, including reconciliations between the underlying and reported measures.
Financial instruments
Nothing in this document shall constitute, in any jurisdiction, an offer or
solicitation to sell or purchase any securities or other financial
instruments, nor shall it constitute a recommendation or advice in respect of
any securities or other financial instruments or any other matter.
Caution regarding climate and environment related information
Some of the climate and environment related information in this document is
subject to certain limitations, and therefore the reader should treat the
information provided, as well as conclusions, projections and assumptions
drawn from such information, with caution. The information may be limited due
to a number of factors, which include (but are not limited to): a lack of
reliable data; a lack of standardisation of data; and future uncertainty. The
information includes externally sourced data that may not have been verified.
Furthermore, some of the data, models and methodologies used to create the
information is subject to adjustment which is beyond our control, and the
information is subject to change without notice.
Page 38
Other supplementary financial information continued
General
You are advised to exercise your own independent judgement (with the advice of
your professional advisers as necessary) with respect to the risks and
consequences of any matter contained in this document. The Group, its
affiliates, directors, officers, employees or agents expressly disclaim any
liability and responsibility for any decisions or actions which you may take
and for any damage or losses you may suffer from your use of or reliance on
the information contained in this document.
Chinese translation
If there is any inconsistency between the English version of this document and
any translation of the English version, the English version shall prevail.
Page 39
CONTACT INFORMATION
Global headquarters
Standard Chartered Group
1 Basinghall Avenue
London, EC2V 5DD
United Kingdom
telephone: +44 (0)20 7885 8888
facsimile: +44 (0)20 7885 9999
Shareholder enquiries
ShareCare information
website: sc.com/shareholders
helpline: +44 (0)370 702 0138
ShareGift information
website: ShareGift.org
helpline: +44 (0)20 7930 3737
Registrar information
UK
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol, BS99 6ZZ
helpline: +44 (0)370 702 0138
Hong Kong
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong
website: computershare.com/hk/investors
Chinese translation
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong
Register for electronic communications
website: investorcentre.co.uk
For further information, please contact:
Manus Costello, Global Head of Investor Relations
+44 (0) 20 7885 0017
LSE Stock code: STAN.LN
HKSE Stock code: 02888
Page 40
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