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Financial results
Annual Report 2025
See how we’re performing with our full-year results.
14.7%
Return on Tangible Equity (RoTE) on an underlying basis.
14.1%
Common Equity Tier 1 ratio (CET1).
89%
Total shareholder return.
Performance highlights
Return on Tangible Equity
We exceeded our 13 per cent Return on Tangible Equity (RoTE) milestone a year earlier than guided, with an underlying RoTE of 14.7 per cent in 2025.
Operating income
Our operating income grew by 6 per cent to USD20.9 billion or 8 per cent excluding notable items, driven by record performance in Wealth Solutions and Global Markets and strong double-digit growth in Global Banking.
Underlying profit before tax
Underlying profit before tax of USD7.9 billion was up 18 per cent, and underlying earnings per share of 229.7 cents increased 37 per cent, benefitting from a reduction in share count as well as the increase in profitability.
Positive income-to-cost jaws
Despite operating expenses growing by 4 per cent, disciplined cost management enabled us to generate positive income-to-cost jaws of 2 per cent, or 4 per cent excluding the impact of notable items.
Sustainable finance income
We have delivered USD1.07 billion sustainable finance income, achieving our target of USD1 billion income by 2025.
Credit impairment charges
Credit impairment charges were USD676 million, equivalent to an annualised loan-loss rate of 19 basis points, with asset quality remaining resilient in the face of a volatile global environment.
Common Equity Tier 1
The Common Equity Tier 1 (CET1) ratio of 14.1 per cent is above the Group’s target range of 13 per cent to 14 per cent.
A further share buyback programme
The Board has announced a full-year dividend of 61 cents per share and a further share buyback programme of USD1.5 billion commencing imminently.
Executive statements
Building for the years ahead
Maria Ramos, Group Chair
A strategy for a complex world
Bill Winters, Group Chief Executive
Focusing on areas of distinction
Pete Burrill, interim Group Chief Financial Officer
How our businesses are performing
Corporate & Investment Banking (CIB) supports local and large corporations, governments, banks and investors with their transaction services, banking and financial markets’ needs. We provide differentiated cross-border capabilities to over 17,000 clients in some of the world’s fastest-growing economies and most active trade corridors.
$5.9 bn
profit before tax (underlying basis), +9 per cent.
15.8%
Return on Tangible Equity (underlying basis), +90bps.
$175.9 bn
risk-weighted assets, +USD6.5 billion.
With our wealth insights, tailored advice and global network, we connect our clients to investment opportunities across Asia, Africa and the Middle East, meeting their wealth needs domestically and internationally.
Our products and services, supported by views from our Chief Investment Office, help our clients grow, protect and pass on their wealth to future generations.
As we look to accelerate our affluent business, we are backed by a USD1.5 billion investment commitment and are targeting USD200 billion in affluent net new money from 2025 to 2029.
$2.9 bn
profit before tax (underlying basis), +14 per cent.
25.5%
Return on Tangible Equity (underlying basis), +480bps.
$56.8 bn
risk-weighted assets, -USD0.5 billion.
Formed in 2022, the Ventures client segment is a consolidation of SC Ventures and its related entities as well as the Group’s two majority-owned digital banks – Mox in Hong Kong and Trust in Singapore
$(167) m
loss before taxation (underlying basis), -57 per cent.
$4.9 bn
risk-weighted assets, +USD2.5 billion.
2.9 m
customers, compared with 2.3 million in 2024 and 1.5 million in 2023.
What makes us different
The connectivity of our markets, our expertise in managing generational wealth, our efforts to mobilise sustainable finance and our approach to innovation are among what sets us apart.
Streamlined enterprise FX
SC PrismFX offers greater transparency, control and efficiency.
Meeting clients where they are
New Wealth Centres form part of a leading global wealth offering.
Innovative financing
Bringing scalability and credit discipline to carbon removals.
Cross-border AI with Alibaba
A strategic partnership to extend the use of AI across our business.
Looking ahead
“We built additional momentum in 2025, leveraging our distinct competitive advantages, and intend to capitalise on this in the years to come, having exceeded our 13 per cent Return on Tangible Equity milestone a year earlier than guided.
“This bank has been transformed in the last ten years, from a traditional, broad-based commercial bank into a focused, structurally more profitable, and distinctly positioned international institution.
“But what got us here will not get us to where we want to be over the next decade. We will explain more about our plans at our capital markets event in May of this year, where we will describe our next phase of growth and the expected financial effects of our plans.”
– Bill Winters, Group Chief Executive