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Brokers Project HSBC HOLDINGS 2025 Profit Before Tax to Drop ~11%; Focus on RoTE/ Shareholder Return Guidance
2026-02-13 16:08:27
HSBC HOLDINGS (00005.HK) will announce its 2025 results on 25 February (Wednesday). The market anticipated that 'items requiring attention' like non-recurring items and market estimated dilution and impairment losses related to its associated firm BANKCOMM (03328.HK) may impact the results.

According to the forecast by eight brokers as summarized by our reporters, HSBC HOLDINGS' 2025 reported profit before tax is projected to range between US$28.466 billion and US$30.135 billion, a YoY decline of 6.7-11.9% from US$32.309 billion in 2024. The median was US$28.794 billion, down 10.8% YoY.

Investors will focus on whether HSBC HOLDINGS' average return on tangible equity (RoTE) for 2025 (excluding items requiring attention) can reach approx. 15% or higher.

With the potential for further interest rate cuts by the Fed in 2H26, the market is awaiting HSBC HOLDINGS management's sustainable guidance on mid-term net interest margin and average RoTE.

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Broker│2025 Reported Profit Before Tax Forecast (USD)│ YoY Change
CICC│30.135 billion│-6.7%
Citi│29.584 billion│-8.4%
Barclays│29.235 billion│-9.5%
BNP Paribas│28.843 billion│-10.7%
DBS│28.744 billion│-11.0%
Goldman Sachs│28.693 billion│-11.2%
Morgan Stanley│28.583 billion│-11.5%
UBS│28.466 billion│-11.9%
Calculated based on HSBC HOLDINGS' 2024 reported profit before tax of US$32.309 billion.
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