Business
HSBC Holdings 2025 Results
HSBC Holdings plc reported a 2025 profit before tax of $29.9 billion, a decrease of $2.4 billion from 2024, largely due to $4.9 billion in net adverse notable items including dilution and impairment losses related to BoCom and reserve recycling losses. However, excluding these notable items, constant currency profit before tax increased by $2.4 billion to $36.6 billion, and return on tangible equity (RoTE) excluding notable items rose to 17.2%. Revenue for 2025 increased by 4% to $68.3 billion, with constant currency revenue excluding notable items up to $71.0 billion. The bank maintained its Common Equity Tier 1 capital ratio at 14.9% and declared a fourth interim dividend of $0.45 per share, bringing the total for 2025 to $0.75 per share. Looking ahead, HSBC is targeting a RoTE of 17% or better and year-on-year revenue growth from 2026 to 2028. Disclaimer*
About this update from Hsbc Holdings Plc
[{"type":"text","content":"\n\n\n25 February 2026\n\n\nHSBC Holdings plc 2025 results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGeorges Elhedery, Group CEO, said:\n\n\n\"2025 was a year of decisive action and swift execution, which is reflected in our strong performance. Each of our four businesses performed well and we have strong momentum across the bank. That is why we are raising our ambition and targeting a 17% RoTE or better, excluding notable items, in each year from 2026 to 2028. We are also targeting year-on-year revenue growth over the same period on the same basis, rising to 5% in 2028. We are becoming a simple, more agile, focused bank, one that moves with the speed our customers need to navigate the modern world. We are delivering growth, investing for growth and we are executing our strategy with discipline and precision. That gives us confidence in our ability to continue delivering for our shareholders.\"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 financial performance (vs 2024)\n\n- Reported profit before tax decreased by $2.4bn to $29.9bn, mainly due to a $4.9bn year-on-year net adverse impact from notable items. Profit after tax decreased by $1.9bn to $23.1bn.\n- In 2025, notable items included dilution and impairment losses of $2.1bn related to our associate Bank of Communications Co., Limited ('BoCom'), reserve recycling losses of $1.5bn following the completion of the sale of our French retained portfolio of home and certain other loans, legal provisions of $1.4bn and restructuring and other related costs associated with our organisational simplification of $1.0bn. In 2024, notable items included net losses relating to our disposals in Canada and Argentina of $1.4bn.\n- Constant currency profit before tax excluding notable items increased by $2.4bn to $36.6bn, from a strong performance in Wealth in our International Wealth and Premier Banking ('IWPB') and Hong Kong businesses, and from Wholesale Transaction Banking in our Corporate and Institutional Banking ('CIB') business. This was partly offset by a rise in expected credit losses and other credit impairment charges ('ECL') and an increase in operating expenses due to planned investment and inflation.\n-  ...