Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation 30 October 2025
Slide 2: Q3'25 key highlights
CONFIDENTIAL Q3’25 key highlights Underlying profit before tax up 9% YoY at ccy, driven by 5% growth in operating income Record quarter in Wealth Solutions with income up 27% YoY at ccy, buoyed by strong performance in Investment Products Global Banking income up 23% YoY at ccy, supported by strong
Slide 3: Q3'25 performance overview
CONFIDENTIAL Q3’25 performance overview $m Q3’24 Q3’25 YoY ccy Q3’25 key stats B/(W) Net interest income (NII) 2,769 2,737 (1%) Underlying RoTE Income-to-cost jaws1 Non-NII 2,135 2,410 12% 13.4% 1% up 260bps YoY positive Operating income 4,904 5,147 5% Operating expenses (2,840) (2,953) (4%) CET1 ra
Slide 4: NII slightly up in the quarter; non-NII continued to drive strong growth
CONFIDENTIAL NII slightly up in the quarter; non-NII continued to drive strong growth NII QoQ ($m) Non-NII YoY ($m) +1% ccy +12% ccy 58 30 2,410 2,737 2,703 (30) (24) 2,135 Q2’25 Volumes Day Rates & Mix & Q3’25 Q3’24 Wealth Global Global Others1 Q3’25 count margin others Solutions Markets Banking •
Slide 5: Expenses remained well-controlled
CONFIDENTIAL Expenses remained well-controlled Operating expenses YoY ($m) +4% ccy 227 40 2,953 52 2,840 5 (211) Q3’24 FX Inflation1 Business growth FFG & other Deposit insurance Q3’25 & others efficiency saves • Q3 expenses down 3% QoQ at ccy; up 4% YoY driven by targeted business growth in CIB and
Slide 6: Credit impairment remained modest
CONFIDENTIAL Credit impairment remained modest Credit impairment ($m) • WRB down QoQ mainly due to reduced exposure in unsecured portfolios Group total 178 130 219 117 195 10 0 • Q3’25 CIB impairment includes $25m increased overlay for Hong 16 14 11 13 Kong CRE exposures 14 CIB 179 107 • Loan-loss r
Slide 7: Low single-digit growth in underlying customer loans and deposits
CONFIDENTIAL Low single-digit growth in underlying customer loans and deposits Loans and advances (L&A) to customers1 ($bn) • Underlying L&A up 1% QoQ, mainly from WRB wealth lending and mortgages +1% 287 • Underlying L&A up 4% since 31.12.24, driven by Global Banking in 2 285 CIB, as well as wealth
Slide 8: RWA down in the quarter; capital generation remains strong
CONFIDENTIAL RWA down in the quarter; capital generation remains strong Risk-weighted assets ($bn) • RWA down 1% QoQ ($1bn) − Increase in asset growth and mix offset by reductions from 1.9 0.1 market risk RWA and optimisation activities 259.7 258.4 (1.3) (1.0) − $1bn reduction from FX as USD appreci
Slide 9: CIB saw a strong quarter in Global Banking and flow income
CONFIDENTIAL CIB saw a strong quarter in Global Banking and flow income CIB ($m) Q3’24 Q3’25 YoY ccy Global Markets: flow and episodic income ($m) B/(W) Transaction Services 1,572 1,488 (6%) 1,183 1,172 Global Markets 840 848 1% YoY Global Banking 475 588 23% 406 397 840 848 Treasury & Other 23 46 9
Slide 10: Consistent flow income growth; episodic income range-bound
CONFIDENTIAL Consistent flow income growth; episodic income range-bound Global Markets: Flow and episodic last 12-month rolling income1 ($bn) Episodic Flow 1.1 1.1 0.9 0.9 1.2 1.0 1.1 0.7 1.1 0.9 0.8 0.7 0.7 1.0 0.9 1.1 1.1 1.0 0.7 1.0 0.8 0.7 0.7 0.7 2.8 2.9 2.6 2.7 2.3 2.4 2.5 2.2 2.3 2.3 2.3 2.3
Slide 11: WRB performance bolstered by strong Wealth Solutions
CONFIDENTIAL WRB performance bolstered by strong Wealth Solutions WRB ($m) Q3’24 Q3’25 YoY ccy Affluent clients – key indicators ($bn) B/(W) Investment Products 507 691 35% Net new money (NNM)1 Assets under management (AUM) Bancassurance 187 199 5% Wealth Solutions 694 890 27% +4% QoQ Deposits & Mor
Slide 12: In conclusion
CONFIDENTIAL In conclusion Our engines of growth continued to deliver consistently FY’25 income growth now expected to be towards the upper end of the 5-7% range1 Expect to achieve ~13% underlying RoTE in 2025, reaching our target a year early Updated 2026 RoTE guidance to be provided in Feb’26; med
Slide 13: Appendices
CONFIDENTIAL Appendices 13
Slide 14: 2025 and 2026 guidance
CONFIDENTIAL 2025 and 2026 guidance 2025 guidance 2026 guidance • 5-7% CAGR in 2023-20262, tracking towards upper end of the range • 2025 growth now expected to be towards the upper end of 5-7% range1 Income • On current 2026 forward FX rates3, the 2023 base is ~$17.4bn • On current 2025 forward FX
Slide 15: TNAV movement
CONFIDENTIAL TNAV movement Tangible equity VenturesTNAV per share fair value portfolio Basic # of ordinary shares2 ($m) (cents) (m) As of 30.6.25 39,145 1,680 2,330 Profit attributable to ordinary shareholders 1,300 56 Movement in intangible assets (54) (2) Dividends paid to: Ordinary shareholders (
Slide 16: Product income
CONFIDENTIAL Product income $m Q3’25 YoY YoY ccy 9M’25 YoY YoY ccy B/(W) B/(W) B/(W) B/(W) Transaction Services 1,488 (84) (6%) 4,484 (284) (6%) Payments & Liquidity 1,016 (96) (9%) 3,090 (322) (9%) Securities & Prime Services 166 10 7% 475 25 6% Trade & Working Capital 306 2 - 919 13 2% Global Bank
Slide 17: Interest rate assumptions
CONFIDENTIAL Interest rate assumptions Currency-weighted average1 (bps) 389 21.7.25 Change 15.10.25 Change 332 326 313 301 289 278 FY’24 441 441 271 FY’25 331 (110) 340 (101) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 FY’26 287 (44) 285 (55) Average as of 21.7.25 Average as of 15.10.25 USD – SO
Slide 18: Limited Hong Kong CRE exposure; mostly secured
CONFIDENTIAL Limited Hong Kong CRE exposure; mostly secured Hong Kong CRE exposure6 ($bn) by credit grade7 • $1.8bn portfolio is <0.5% of total Group exposures1 1.8 − Down $0.3bn QoQ due to repayments 0.2 Unsecured − 89% secured2 with average LTV2 below 50% Secured • 95% performing3, no change to st
Slide 19: Conservative approach to credit risk management
CONFIDENTIAL Conservative approach to credit risk management • Key portfolio indicators improved since FY’14 reflecting: Risk indicators bps − Strengthening of Group’s risk culture and tightened risk appetite 200 100% − Increased diversity by industry sector, product and geography 83% 90% 150 75% 80
Slide 20: Deposit mix stable with PTRs managed assertively
CONFIDENTIAL Deposit mix stable with PTRs managed assertively • CASA/TD mix for both CIB and WRB have been stable Transaction Services CASA% of CIB deposits3 ($bn) 62% 64% 64% 64% 64% − Slight reduction in CIB deposits as surplus HKD liquidity eased as expected CASA % − WRB growth largely in Hong Ko
Slide 21: High levels of liquid resources and stable funding
CONFIDENTIAL High levels of liquid resources and stable funding • 151%1 LCR up 5% QoQ as deposit volume and mix improved Components of Liquidity coverage ratio (LCR)1 151% 146% 138% • Comfortable to run LCR efficiently without relying on seasonal flows; optimising funding costs while remaining highl
Slide 22: Capital & MREL: Well-positioned for future growth and requirements
CONFIDENTIAL Capital & MREL: Well-positioned for future growth and requirements • Minimum CET1 requirement now 10.2% due to Pillar 2A reduction Capital metrics 34.2% 33.3% 34.1% 10.2% • CET1 capacity to support both growth and shareholder distributions CCB 2.5% • Basel 3.1 day-1 RWA impact expected
Slide 23: Select technical and abbreviated terms (1/2)
CONFIDENTIAL Select technical and abbreviated terms (1/2) Term Definition Term Definition Adj. Adjustments DVA Debit valuation adjustment: the Group calculates DVA on its derivative AIEA Average interest earning assets liabilities to reflect changes in its own credit standing AT1 Additional Tier 1 E
Slide 24: Select technical and abbreviated terms (2/2)
CONFIDENTIAL Select technical and abbreviated terms (2/2) Term Definition Term Definition MDA Maximum distributable amount QoQ Quarter-on-quarter min. Minimum RWA Risk-weighted assets. A measure of a bank’s assets adjusted for their MREL Minimum requirement for own funds and eligible liabilities ass
Slide 25: Important notice
CONFIDENTIAL 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 li