Key points
- Adjusted profit nearly flat at around $18 billion
- Revenue falls 8pc, credit losses surge over 70pc
ISLAMABAD: Banking giant HSBC said Wednesday that pre-tax profit in the first six months of 2025 fell to US$15.8 billion, partly because of losses associated with its stake in China’s Bank of Communications.
“In the first half, we continued to execute our strategy with discipline, and each of our four businesses sustained momentum in their earnings with each growing revenue,” chief executive Georges Elhedery said in a Hong Kong stock exchange filing, according to AFP.
Earlier, HSBC (0005) was expected to announce an over 23 per cent decline in pre-tax profit for the first half of the year on Wednesday, partly due to a one-off gain from the sale of its Canadian business a year ago.
Profits plunge
The lender’s profit before tax for the six months was estimated to drop to between US$15.5 billion (HK$120.9 billion) and US$16.5 billion, representing a 23.6 to 28 per cent decrease compared to the same period last year.
The British bank is expected to maintain the second interim dividend at 10 US cents and to announce a new share buyback plan, ranging from US$2 billion to US$3 billion.
Adjusted pre-tax profit for the six months is forecast to be nearly US$18 billion, down by around 0.5 per cent year-on-year. The bank’s first-half revenue is estimated to drop by nearly 8 per cent, but expected credit losses may surge by over 70 per cent to US$1.83 billion, according to The Standard.
