Here is the 3Q25 earnings summary for HSBC.
1. Financial Performance Overview
- Profit Before Tax:
- 3Q25: Reported profit before tax was $7.3bn, down $1.2bn compared to 3Q24. The decline was primarily driven by higher operating expenses, which included $1.4bn in legal provisions related to historical matters (mainly involving Madoff fraud claims and French tax investigations).
- 9M25: Reported profit before tax was $23.1bn, down $6.9bn year-on-year. This mainly reflects the impact of “notable items,” including the non-recurrence of gains from the sale of Canada and Argentina operations last year, impairment and dilution losses related to the investment in Bank of Communications (BoCom), and legal provisions.
- Excluding notable items, profit before tax on a constant currency basis increased by $0.3bn (3%) in 3Q25, reaching $9.1bn.
- Revenue:
- 3Q25: Revenue increased by $0.8bn (5%) to $17.8bn. This was supported by strong performance in Wealth and growth in Banking Net Interest Income (Banking NII).
- 9M25: Revenue decreased by $2.4bn (4%) to $519bn, primarily due to the non-recurrence of one-time gains from business disposals last year.
- Net Interest Income (NII):
- 3Q25 NII was $8.8bn, up 15% year-on-year. The Net Interest Margin (NIM) was 1.57%, an increase of 11 basis points compared to the same period last year.
- Expected Credit Losses (ECL):
- 3Q25 ECL was $1.0bn, remaining flat year-on-year. Charges mainly related to additional provisions for the Hong Kong Commercial Real Estate (CRE) sector and certain wholesale exposures.
2. Strategic Updates and Restructuring
- Organizational Simplification: Effective January 1, 2025, the Group restructured into four new business segments: Hong Kong, UK, Corporate & Institutional Banking (CIB), and International Wealth & Premier Banking (IWPB).
- Hang Seng Bank Privatization Proposal: The Group made a conditional proposal to privatize Hang Seng Bank via a scheme of arrangement. The transaction is expected to cause a decrease of approximately 125 basis points in the Group’s Common Equity Tier 1 (CET1) ratio on the first day following completion.
- Business Disposals: The Group continues to exit non-core businesses, including the completed sale of its German private banking business and announced plans to sell retail banking operations in Malta and Sri Lanka, as well as its South African business.
3. Future Outlook and Targets
- Return on Tangible Equity (RoTE): The Group upgraded its target and now expects 2025 RoTE (excluding notable items) to be around the mid-teens or better (15%+).
- Banking Net Interest Income: Banking NII is expected to reach $43bn or higher in 2025.
- Operating Expenses: Maintained the target of approximately 3% growth in basis operating expenses for 2025.
- Credit Losses: ECL charges as a percentage of average gross loans are expected to be around 40 basis points in 2025.
4. Capital and Dividends
- Capital Ratio: The CET1 ratio was 14.5%, down 0.1 percentage points from the previous quarter, mainly due to the recognition of legal provisions. The Group maintains its medium-term CET1 target range of 14%–14.5%.
- Dividends: The Board approved a third interim dividend of $0.10 per share.
- Share Buybacks: In light of the Hang Seng Bank privatization proposal, the Group announced it will temporarily not initiate new share buyback programs to accumulate capital for the transaction.
5. Business Segment Highlights (Constant Currency Basis)
- Wealth: Strong performance, with revenue growth in 3Q25 driven by increased client activity in insurance and investment distribution. Net new invested assets reached $73bn in the first nine months.
- Hong Kong: 3Q25 profit before tax was $2.5bn, up 11% year-on-year.
- UK: 3Q25 profit before tax was $1.6bn, down 5% year-on-year, primarily due to higher expenses.
- Corporate & Institutional Banking (CIB): 3Q25 profit before tax was $2.5bn, down 16% year-on-year, as lower market volatility led to reduced client activity.
Based on the financial report for HSBC Holdings plc’s third quarter of 2025, the group confirmed a total of 1.4 billion USD in legal proceedings provisions. These charges are classified as “notable items” and primarily involve two historical cases:
1. Madoff Securities Fraud Litigation (Approx. 1.1 billion USD)
This represents the largest portion of the legal provisions this quarter, amounting to 1.1 billion USD.
- Background: The case involves a lawsuit in Luxembourg against HSBC Securities Services Luxembourg (HSSL) that dates back to 2009. The plaintiff, Herald Fund SPC, is seeking the return of securities and cash.
- Recent Development: On October 24, 2025, the Luxembourg Court of Cassation dismissed HSSL’s appeal regarding the claim for the return of securities but accepted the appeal regarding the claim for the return of cash.
- Next Steps: HSSL will file a second appeal with the Luxembourg Court of Appeal. Should this second appeal fail, HSSL will contest the amount of damages to be paid in subsequent proceedings.
- Financial Impact: This provision is treated as a “post-balance sheet adjusting event” and has been recognized in the third-quarter financial statements. It is expected to reduce the Group’s Common Equity Tier 1 (CET1) ratio by approximately 15 basis points. However, the Group stated that this provision will not affect 2025 dividend payments or the Return on Tangible Equity (RoTE) excluding notable items.
2. French Tax Investigation (Approx. 0.3 billion USD)
- Background: A provision of 0.3 billion USD relates to an investigation by the French National Financial Prosecutor.
- Matter: The investigation concerns the dividend withholding tax treatment of certain historical trading activities by HSBC Bank plc.
- Status: The financial report notes that the investigation is currently at an “advanced stage.”
Tax and Financial Implications
- Tax Deductibility: No tax credits were recorded for either of these legal provisions (i.e., they are not tax-deductible). This resulted in an increase of 4.4% in HSBC’s effective tax rate for 3Q25, bringing it to 24.6%.
- Expense Classification: The 1.4 billion USD in charges drove up operating expenses for the quarter and was a primary reason for the year-on-year decline in reported profit before tax.
The Madoff investment scandal is the largest and most far-reaching Ponzi scheme in financial history. Orchestrated by Bernard Madoff, former chairman of the NASDAQ, this fraud operated for over 20 years and impacted victims worldwide.
Here is a breakdown of the core elements of the case:
1. Key Figure: Bernard Madoff
Madoff was an immensely prestigious figure on Wall Street. Not only did he found his own securities investment firm, but he also served as the Chairman of the NASDAQ Board of Directors. This background as a “pillar of the community” earned him the absolute trust of countless individual investors, charities, and even major global banks.
2. Modus Operandi: The Ponzi Scheme
Madoff’s investment strategy claimed to provide “stable and above-market” returns (roughly 10%–12% annually), regardless of market volatility.
- Robin Peter to pay Paul: In reality, he never invested the funds in legitimate market trades. Instead, he used capital from new investors to pay “returns” to older ones.
- Falsified Statements: He fabricated massive volumes of trade records and account statements to make investors believe their wealth was steadily growing.
- Exclusivity Marketing: He deliberately created an air of mystery and even rejected certain clients. This made joining his fund a “status symbol,” attracting more people to practically beg him to take their money.
3. The Collapse: 2008 Financial Crisis
A Ponzi scheme requires a constant influx of new capital to survive. When the 2008 global financial crisis hit, a wave of panicked investors requested redemptions totaling approximately 7 billion USD. Madoff did not have the cash to fulfill these requests, causing the scheme to collapse immediately.
4. Scale and Impact
- Amount Involved: Based on paper value, the fraud involved as much as 65 billion USD. Actual cash losses were estimated between 17 billion and 20 billion USD.
- Victims: Included high-profile figures like director Steven Spielberg, Nobel Peace Prize laureates, numerous major banks (such as HSBC and UBS), and countless ordinary people who relied on these funds for retirement.
- Sentencing: Madoff pleaded guilty in 2009 and was sentenced to the maximum of 150 years in prison. He passed away in prison in 2021 at the age of 82.
5. Connection to HSBC Holdings
As noted in the financial summaries mentioned earlier, HSBC is still making provisions for this case (such as the 1.1 billion USD in 3Q25) because its service unit (HSSL) acted as a custodian or administrator for several Madoff “feeder funds.” Plaintiffs argue that HSBC failed in its duties regarding due diligence and asset protection, leading to over a decade of litigation.
The Madoff scandal fundamentally changed global financial regulation, prompting countries to strengthen oversight of investment advisors and requiring assets to be held by independent third-party custodians to prevent a “player-referee” conflict of interest.
Based on HSBC Holdings plc’s 3Q25 report, the Group continues to execute its strategy of organizational simplification and exiting non-core businesses. Below is a detailed summary of business disposal progress and plans:
1. Completed Transactions
- German Private Banking Business: The sale to BNP Paribas was completed on October 3, 2025. A pre-tax gain of approximately 0.01 billion USD is expected to be recognized in 4Q25.
2. Signed Agreements or Planned Transactions (Estimated Completion)
The Group has announced 11 transactions so far in 2025, aimed at creating investment capacity for growth.
- France-Related Operations:
- Retained Home Loan Portfolio: A sale and purchase agreement was signed on October 16, 2025, with a consortium comprising Rothesay Life plc and CCF. Completion is expected in 4Q25, at which point approximately 1.5 billion USD in cumulative fair value losses (previously recorded in Other Comprehensive Income) will be recycled into the income statement as a “notable item.”
- Life Insurance Business: The sale to Matmut is expected to complete in 4Q25, with an estimated pre-tax loss of approximately 0.02 billion USD (including the impact of reserve recycling).
- Bahrain Retail Banking: Assets will be transferred to the Bank of Bahrain and Kuwait, with completion expected in 4Q25 and an estimated pre-tax gain of 0.01 billion USD.
- Malta Operations: A put option agreement has been signed for the sale of a 70.03% stake in HSBC Bank Malta plc. Completion is expected in 2H26. The sale is projected to result in a 0.04 billion USD pre-tax loss, the majority of which (0.03 billion USD) will be recognized in 4Q25 when the business is reclassified as “held for sale.”
- Sri Lanka Retail Banking: The Group has agreed to sell this business to Nations Trust Bank PLC, with completion expected in 1H26.
- HSBC Life (UK) Limited: The sale to Chesnara plc is expected to complete in early 2026, with an estimated disposal loss of 0.01 billion USD.
- Other German Operations:
- Custody Business: Sale to BNP Paribas, expected to complete in phases starting from 1Q26, with a projected gain of 0.01 billion USD.
- Fund Administration Business: Sale to BlackFin Capital Partners, expected to complete in 2H26.
- South Africa Operations: The transfer to FirstRand Bank Ltd is expected to complete in 1Q26.
- Uruguay Operations: The sale to BTG Pactual is expected to complete in 2H26.
3. Strategic Review and Future Planning
The Group is focusing on opportunities with clear competitive advantages and value-added returns, planning to redeploy approximately 1.5 billion USD in costs from non-strategic activities to growth areas over the medium term.
- Ongoing Reviews:
- Egypt: A strategic review of retail banking operations has been initiated.
- Australia and Indonesia: Strategic reviews of retail banking operations are ongoing, with no decisions yet. Corporate & Institutional Banking (CIB) operations in these markets remain unaffected.
4. Financial Impact
- Expected 4Q25 Impact: The Group expects to recognize several financial impacts related to strategic transactions in the fourth quarter. These will be classified as “material notable items” and will therefore not affect the calculation of the dividend payout ratio. This includes the 1.5 billion USD loss from the French loan portfolio disposal, as well as gains or losses related to businesses in Malta, French insurance, Germany, and Bahrain.
According to HSBC Holdings plc’s 3Q25 financial report, the Group implemented a significant organizational simplification structure starting January 1, 2025. This initiative aims to make the bank simpler, more agile, and more focused on its core strengths.
Below is a detailed breakdown of the organizational simplification:
1. Four New Business Segments
The Group restructured its previous operating model into four primary business segments, complemented by a Corporate Centre:
- Hong Kong:
- Integrates the “Retail Banking and Wealth Management” and “Commercial Banking” businesses of both HSBC Hong Kong and Hang Seng Bank.
- UK:
- Comprises “Retail Banking and Wealth Management” (including first direct and M&S Bank) and “UK Commercial Banking” (including HSBC Innovation Bank).
- Corporate and Institutional Banking (CIB):
- Integrates “Commercial Banking” businesses outside of the UK and Hong Kong, along with the former “Global Banking and Markets” operations.
- International Wealth and Premier Banking (IWPB):
- Consists of Premier banking, Private Bank, Asset Management, and Insurance businesses outside of Hong Kong and the UK.
2. Financial Targets and Progress
This restructuring is accompanied by clear commitments to cost savings:
- Cost Savings Target: The Group committed to achieving approximately 1.5 billion USD in annualized cost reductions through the simplification program by the end of 2026.
- Current Progress:
- In the first nine months of 2025 (9M25), the Group identified and took action to realize approximately 1.0 billion USD in annualized cost savings.
- This led to a reduction in operating expenses of approximately 0.3 billion USD in 9M25.
- Restructuring Costs:
- During 9M25, the Group incurred 0.8 billion USD in restructuring and other related costs (classified as “notable items”) associated with organizational simplification, primarily involving severance pay.
- Of this total, 0.2 billion USD was recognized in the third quarter of 2025.
3. Strategic Significance
Group Chief Executive Georges Elhedery stated that these simplification measures make HSBC a “simpler, more agile, and more focused bank,” placing the evolving needs of customers at the core. The new structure integrates similar businesses that were previously dispersed across different regions (such as merging commercial banking in non-core markets into CIB, while keeping the core Hong Kong and UK markets independent) to improve operational efficiency.
Based on the financial report for the third quarter of 2025, HSBC Holdings plc announced a proposal regarding the privatization of Hang Seng Bank on October 9, 2025. Below are the detailed specifics of the proposal:
1. Proposal Substance and Mechanism
- Method: HSBC has made a conditional proposal to privatize Hang Seng Bank through a Scheme of Arrangement.
- Outcome: If the proposal is approved and implemented, The Hongkong and Shanghai Banking Corporation Limited, a wholly-owned subsidiary of HSBC Holdings, will acquire all remaining shares of Hang Seng Bank held by minority shareholders.
- Listing Status: Upon completion of the transaction, Hang Seng Bank will withdraw its listing status from the Stock Exchange of Hong Kong.
2. Financial Consideration
- Acquisition Amount: The present value of the proposed acquisition consideration is approximately 106.1 billion HKD (approximately 13.7 billion USD).
- Accounting Treatment: Once approved, the Group will recognize a corresponding financial liability in the consolidated financial statements and adjust equity. Simultaneously, it will derecognize non-controlling interests, which stood at approximately 6.8 billion USD as of September 30, 2025.
3. Impact on Capital Structure
- CET1 Ratio Impact: The transaction is expected to have a “day one capital impact” resulting in a decrease of approximately 125 basis points (bps) in the Group’s Common Equity Tier 1 (CET1) ratio upon completion.
- Capital Targets: Although the CET1 ratio may temporarily fall below the medium-term target range of 14%–14.5% due to this transaction, the Group expects to restore the ratio to within the target range through organic capital generation and the suspension of share buybacks.
4. Impact on Share Buyback Strategy
- Suspension of Buybacks: In light of the capital impact from the privatization proposal, the Group announced it will temporarily not initiate any new share buyback programs.
- Specific Arrangement: The Group intends to refrain from further buybacks for three quarters following the transaction announcement to accumulate capital in preparation for the impact upon completion.
- Future Resumption: The decision to resume buybacks will depend on regular quarterly buyback considerations and established processes.
5. Estimated Timeline
- Completion Date: Subject to court proceedings and the satisfaction of relevant conditions (including obtaining the necessary majority approval from shareholders), the transaction is expected to be completed in the first half of 2026.
The privatization of Hang Seng Bank represents the most significant capital and organizational restructuring for HSBC Holdings in recent years. This decision is far more than a simple financial maneuver; it is a profound strategic realignment.
Below are the core strategic reasons behind the privatization proposal:
1. Deep Integration of Hong Kong Operations and Enhanced Efficiency
Under the new organizational structure implemented in 2025, HSBC has isolated “Hong Kong” as a standalone core segment.
- Eliminating Redundancy: Currently, HSBC and Hang Seng have highly overlapping operations in retail, wealth management, and commercial banking within Hong Kong. They maintain separate back-office systems, management teams, and compliance frameworks. Privatization allows HSBC to fully integrate resources, reducing duplicated system development and administrative costs.
- Cross-Platform Collaboration: With total control over Hang Seng, the Group can more flexibly allocate customers and products across the two brands, unlocking greater synergies.
2. Capturing Hang Seng’s Robust Capital and Liquidity
Hang Seng Bank has long been the “cash cow” of the HSBC Group, maintaining exceptionally high profit margins and capital adequacy ratios.
- Capital Deployment Freedom: As a separate entity, approximately 38% of Hang Seng’s dividends must be paid to external minority shareholders. Post-privatization, HSBC will command 100% of Hang Seng’s cash flow, allowing the Group to redeploy this capital freely into high-growth areas like International Wealth or CIB.
- Optimizing the Balance Sheet: Hang Seng possesses a massive base of low-cost deposits. Privatization enables HSBC to perform more efficient asset and liability management (ALM) across the entire Hong Kong market.
3. Resolving Brand Overlap and Internal Competition
For a long time, HSBC and Hang Seng have effectively competed against each other in the local market.
- Clearer Market Positioning: Privatization allows for precise strategic differentiation. For example, Hang Seng can focus on local youth segments or specific SMEs, while the HSBC master brand focuses on international connectivity and high-net-worth wealth management.
- Agile Decision-Making: As a listed company, Hang Seng must answer to public shareholders, requiring any major business shifts to prioritize minority interests. Post-privatization, HSBC can make rapid strategic transitions centered solely on Group interests.
4. Maximizing Shareholder Value (RoTE)
HSBC recently upgraded its Return on Tangible Equity (RoTE) target to 15% or better.
- Eliminating Non-controlling Interests (NCI): In accounting terms, profits attributed to Hang Seng’s minority shareholders dilute HSBC’s overall ROE performance. Privatization removes these minority profit shares, directly increasing the net income attributable to HSBC’s ordinary shareholders, which helps drive RoTE performance in the long run.
Potential Challenges and Costs
While the strategic significance is high, the transaction comes with a steep price:
- Capital Pressure: As noted in the earnings report, this will result in an immediate 125 basis point drop in HSBC’s CET1 ratio and has forced the suspension of share buybacks for three quarters.
- Brand Equity Protection: Hang Seng holds deep local brand sentiment in Hong Kong. Maintaining its brand identity and customer loyalty while avoiding talent attrition during integration will be a major challenge.
Here is the detailed income statement for HSBC Holdings plc for the third quarter of 2025, comparing results with the same period in 2024.
1. Consolidated Income Statement
Units: Millions of US Dollars ($m)
| Line Item | 3Q25 | % of Total Revenue | 3Q24 | Year-on-Year (YoY) |
| Net interest income | 8,777 | 49.3% | 7,637 | +14.9% |
| Net fee income | 3,506 | 19.7% | 3,122 | +12.3% |
| Trading & Fair Value Income | 4,513 | 25.4% | 5,298 | -14.8% |
| Net income from Insurance | 832 | 4.7% | 390 | +113.3% |
| Other operating income/expense | 160 | 0.9% | 551 | -71.0% |
| Total Revenue | 17,788 | 100.0% | 16,998 | +4.6% |
| Expected Credit Losses (ECL) | (1,008) | -5.7% | (986) | +2.2% |
| Net operating income | 16,780 | 94.3% | 16,012 | +4.8% |
| Operating expenses | (10,076) | -56.6% | (8,143) | +23.7% |
| Operating profit | 6,704 | 37.7% | 7,869 | -14.8% |
| Share of profit in associates | 591 | 3.3% | 607 | -2.6% |
| Profit before tax | 7,295 | 41.0% | 8,476 | -13.9% |
| Tax expense | (1,792) | -10.1% | (1,727) | +3.8% |
| Profit after tax | 5,503 | 30.9% | 6,749 | -18.5% |
2. Segment Revenue
Revenue performance by business segment (Reported Basis).
Units: Millions of US Dollars ($m)
| Business Segment | 3Q25 | % of Total Revenue | 3Q24 | Year-on-Year (YoY) |
| Hong Kong | 3,964 | 22.3% | 3,806 | +4.2% |
| UK | 3,341 | 18.8% | 3,048 | +9.6% |
| Corporate & Institutional Banking (CIB) | 6,729 | 37.8% | 6,725 | +0.1% |
| International Wealth & Premier Banking (IWPB) | 3,823 | 21.5% | 3,632 | +5.3% |
| Corporate Centre | (69) | -0.4% | (213) | +67.6% |
| Total Group | 17,788 | 100.0% | 16,998 | +4.6% |
3. Financial Notes and Analysis
- Trading Revenue Decline: Trading and fair value income fell by 14.8% year-on-year, primarily due to lower fee income from global foreign exchange, debt, and equity markets. This reflects reduced client activity as market volatility subsided.
- Strong Insurance Performance: Net income from insurance saw a massive 113.3% jump, driven by increased Contractual Service Margin (CSM) release and favorable experience variances.
- Revenue Resilience: Despite the disposal of businesses like Argentina, total revenue grew by 5%, fueled by strong performance in Wealth management and growth in Net Interest Income (NII).
- Expense Surge: Operating expenses increased significantly by 23.7%. This was mainly due to 1.4 billion USD in legal provisions (notable items) related to historical matters, including Madoff fraud claims and French tax investigations. Excluding these items, expense growth was driven by inflation and technology investments.
- Segment Highlights:
- Hong Kong & UK: Both recorded steady growth, with the UK benefiting from increased commercial and mortgage lending.
- CIB: Revenue remained flat due to the slowdown in market activities.
- Corporate Centre: The negative revenue narrowed as the losses from early securities redemptions in the prior year did not recur.
Here is the summary of the consolidated balance sheet for HSBC Holdings plc, with comparisons between September 30, 2025, and December 31, 2024 (Year-to-Date).
1. Summary Consolidated Balance Sheet
Units: Millions of US Dollars ($m)
| Assets | Sep 30, 2025 | % of Total Assets | Dec 31, 2024 | Change (vs Year-end 24) |
| Cash & balances at central banks | 246,821 | 7.6% | 267,674 | -7.8% |
| Trading assets | 357,418 | 11.1% | 314,842 | +13.5% |
| Derivatives | 213,903 | 6.6% | 268,637 | -20.4% |
| Loans and advances to customers | 982,886 | 30.4% | 930,658 | +5.6% |
| Financial investments | 563,159 | 17.4% | 493,166 | +14.2% |
| Assets held for sale | 46,026 | 1.4% | 27,234 | +69.0% |
| Other assets | 824,010 | 25.5% | 714,837 | +15.3% |
| Total Assets | 3,234,223 | 100.0% | 3,017,048 | +7.2% |
| Liabilities & Equity | Sep 30, 2025 | % of Total Assets | Dec 31, 2024 | Change (vs Year-end 24) |
| Customer accounts | 1,737,247 | 53.7% | 1,654,955 | +5.0% |
| Deposits by banks | 98,126 | 3.0% | 73,997 | +32.6% |
| Trading liabilities | 73,182 | 2.3% | 65,982 | +10.9% |
| Financial liabilities designated at fair value | 162,914 | 5.0% | 138,727 | +17.4% |
| Derivatives | 217,438 | 6.7% | 264,448 | -17.8% |
| Debt securities in issue | 98,240 | 3.0% | 105,785 | -7.1% |
| Insurance contract liabilities | 120,169 | 3.7% | 107,629 | +11.7% |
| Liabilities of disposal groups held for sale | 52,616 | 1.6% | 29,011 | +81.4% |
| Other liabilities | 475,603 | 14.7% | 384,241 | +23.8% |
| Total Liabilities | 3,035,535 | 93.9% | 2,824,775 | +7.5% |
| Total shareholders’ equity | 191,430 | 5.9% | 184,973 | +3.5% |
| Non-controlling interests | 7,258 | 0.2% | 7,300 | -0.6% |
| Total Equity | 198,688 | 6.1% | 192,273 | +3.3% |
2. Key Data Analysis
- Asset Growth: Total assets increased by 7.2% to 3.23 trillion USD compared to the end of 2024. This growth was primarily driven by increases in trading assets and financial investments.
- Loans and Deposits (LDR):
- Customer Loans: Increased by 52.2 billion USD (+5.6%). Key drivers include growth in commercial and mortgage lending in the UK, alongside expanded lending in the International Wealth & Premier Banking (IWPB) segment in Asia.
- Customer Deposits: Increased by 82.3 billion USD (+5.0%), largely due to growth in Corporate & Institutional Banking (CIB) accounts across Asia, Europe, the UK, and the US.
- Loan-to-Deposit Ratio (LDR): Stood at 56.6%, a slight decrease from 57.1% as of June 30, 2025, indicating continued strong liquidity.
- Surge in Assets/Liabilities Held for Sale: This reflects the Group’s ongoing strategic disposals. During the third quarter, several operations—including UK Life Insurance, Uruguay, Sri Lanka Retail Banking, and German Fund Administration—were reclassified as “held for sale,” adding approximately 8.5 billion USD to these categories.
- Shareholders’ Equity: Total equity rose to 191.4 billion USD, reflecting profit generation during the period, which was partially offset by dividend payouts and share buybacks.
Source:
- https://www.hsbc.com/investors/results-and-announcements
- https://www.hsbc.com/who-we-are/leadership-and-governance/executive-committee/georges-elhedery
- https://www.sec.gov/edgar/browse/?CIK=1089113
- https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=5&sc_lang=zh-HK
- https://www.hangseng.com/en-hk/about/investor-relations/financial-reports/
- https://www.bloomberg.com/quote/HSBA:LN
- https://www.reuters.com/markets/companies/HSBA.L
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