Overview
- Pretax profit for the quarter rose 3% to US$1.77 billion, topping the US$1.52 billion analyst average and up from US$1.72 billion a year earlier.
- Management now guides to the top end of 5–7% income growth, enabling a 13% return on tangible equity in 2025 rather than 2026.
- Wealth management income increased 27% as inflows and new accounts grew with clients seeking advice during market volatility.
- Global banking revenue climbed 24% to US$588 million, with the quarter also reflecting a US$138 million ‘Fit for Growth’ restructuring charge.
- The lender’s strategy centers on cross-border flows in Asia and Africa, where it earns most of its revenue and is adding affluent clients.