Europe’s largest lender HSBC on Wednesday reported annual pre-tax profit of $29.91 billion, beating the estimates on the back of a strong performance in its wealth division and Hong Kong businesses.

While annual profit declines 7.4%, HSBC’s revenue gained 4%, year on year.

Here are HSBC’s full-year results compared with the consensus estimates compiled by the bank.

• Pre-tax profit: $29.91 billion vs. $28.86 billion
• Revenue: $68.27 billion vs. $67.36 billion

The lender’s fourth quarter profit before tax rose to $6.8 billion, up $4.5 billion from a year earlier, largely due to favorable one-off items linked to business disposals. Operating expenses rose 8% to $9.3 billion, reflecting restructuring costs, technology investment and higher performance-related pay.

Its revenue for the final quarter jumped 42% year on year to $16.4 billion.

HSBC Group CEO Georges Elhedery said 2025 marked a year of “decisive action and swift execution,” with all four of the bank’s businesses performing well and building strong momentum.

The lender now aims to deliver a return on average tangible equity — a measure of profitability — of 17% or more, excluding notable items, in between 2026 and 2028.

The results come close on the heels of HSBC completing the privatization of Hang Seng Bank on Jan. 26, with the latter’s shares subsequently delisted from the Hong Kong Stock Exchange.

HSBC said last year that the deal would be add to its earnings and was a better use of capital than buybacks.

“We do anticipate revenue and cost synergies between the two brands, but we expect that to come through gradually in the medium term,” Morningstar’s equity analyst Kathy Chan said.

The take private offer was “an exciting opportunity to grow both Hang Seng and HSBC,” Elhedery said last October, adding that the bank would preserve Hang Seng’s brand while investing to strengthen its capabilities.

At the start of the month, Bloomberg reported that HSBC was set to award minimal or no bonuses to some bankers as it moves toward a tougher, more performance-driven compensation model similar to that of its Wall Street peers. 

The bank intends to use the upcoming bonus round to push out underperformers in areas such as investment banking and wealth management, potentially including managing directors, the report said, citing according to people familiar with the matter.

While HSBC has not confirmed any final decisions regarding plans to cull underperformers, Morningstar’s Chan said she would not be surprised to see further headcount reductions, given the Group’s broader goal to improve operational efficiency and deliver cost savings.

Hong Kong listed shares of HSBC declined 0.46%.

BEIJING — Nearly 60 British businesses and cultural organizations will join U.K. Prime Minister Keir Starmer on his trip to China this week, the first such state visit in eight years.

Starmer is due to meet with Chinese President Xi Jinping and Premier Li Qiang on Thursday to discuss trade, investment and national security, according to an official U.K. readout that listed the business representatives accompanying the British leader.

The group includes financial industry leaders such as HSBC Group Chairman Brendan Nelson and Aberdeen Group CEO Jason Windsor.

Aircraft giant Airbus‘s general counsel John Harrison will also join, along with British Airways Chief Commercial Officer Colm Lacy.

Pharmaceutical executives accompanying Starmer include AstraZeneca CEO Pascal Soriot and GSK Chair Sir Jonathan Symonds.

The visit comes as Beijing hosts a series of foreign leaders this month amid escalating U.S. tensions with its trading partners and disputes involving Greenland.

Earlier this month, Canada’s Prime Minister Mark Carney visited Beijing. On the first Monday of 2026, Xi met Ireland’s Prime Minister Michael Martin — the first visit by an Irish leader in 14 years — and hosted South Korea’s President Lee Jae Myung later in the day. Xi also met Tuesday with Finnish Prime Minister Petteri Orpo.