CICC: HSBC Holdings' third-quarter performance exceeded expectations, rated "outperforming the industry"

Industrial and Commercial Bank of China (ICBC) issued a report stating that HSBC Holdings' third-quarter performance exceeded the bank's expectations, with adjusted revenue of $17.9 billion, a 4% year-on-year increase. The benchmark net profit for dividends increased by 1% year-on-year to $6.2 billion, surpassing both the bank's and market expectations, mainly due to higher-than-expected net interest income and wealth management income. Considering the slowdown in the company's non-interest income growth, the bank lowered its forecast for HSBC's operating income this year by 1.3% to $67.2 billion, and lowered its forecast for attributable net profit to ordinary shareholders by 3.7% to $21.1 billion. Taking into account the resilience of net interest margin, the bank raised its forecast for next year's operating income by 4% to $71.7 billion, and raised its forecast for attributable net profit to ordinary shareholders by 11.2% to $27.1 billion. The bank maintains its target price for HSBC at HK$111.9 unchanged, with a rating of "outperforming the industry".