Profit attributable to shareholders came in at US$21.1 billion, down from US$22.9 billion in 2024, the lender said in a filing to the Hong Kong stock exchange. Pre-tax profit fell US$2.4 billion to US$29.9 billion.

CEO Georges Elhedery said, “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.”

He added that the bank was “raising our ambition and targeting a 17% (return on tangible equity) 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,” he added.

The drop in 2025 pre-tax profit was mainly down to a US$4.9 billion year-on-year net adverse impact from notable items, including dilution and impairment losses of US$2.1 billion related to its associate Bank of Communications, HSBC said.