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Half Year Results 2025
Connecting the world’s most dynamic markets
Discover how we’re performing with our latest results.
18.1%
return on tangible equity on an underlying basis, up 4% pts year-on-year
$4.7 bn
profit before tax on an underlying basis, up 22% year-on-year at constant currency
$10.9 bn
operating income, up 10% year-on-year at constant currency
$1.3 bn
share buyback announced

Group Chief Executive
Bill Winters
“The disciplined execution of our strategy is delivering strong financial results and improving shareholder returns. Income of USD10.9 billion was up 10 per cent year-on-year at constant currency with an underlying return on tangible equity of 18.1 per cent in the first half of the year.
Our strategic objectives are clear and continue to resonate with our clients and employees. We combine differentiated cross-border capabilities for corporate and institutional clients with leading wealth management expertise for affluent clients.”

Group Chief Financial Officer
Diego De Giorgi
“We’re delivering consistent performance with continued cost discipline while deploying capital towards our strength areas and differentiators to generate higher shareholder returns. As a result, we delivered a 41 per cent increase in earnings per share in the first half and a buyback program of USD1.3 billion.”
Update on our strategic actions
- Double-digit income growth in Wealth Solutions, Global Markets and Global Banking in the first half of 2025.
- Record net new money in our affluent business delivered in Q2, providing demonstrable progress towards our ambition to deliver USD200 billion net new money from 2025 to 2029.
- Our cross-border income was up 9 per cent year-on-year excluding the impact of rates and we saw a 17 per cent increase in the intra-ASEAN corridor.
- Our sustainable finance income grew 5 per cent year-on-year.