UBS released a research report highlighting HSBC Holdings' (00005) robust third-quarter results, with pre-provision profits rising 9% year-on-year. Excluding a significant special item of $1.6 billion, the actual performance was even more impressive. During the period, revenue increased by 5%, net interest income grew by 4%, and fee and other income rose by 6%, though partially offset by a 1% increase in operating expenses.

The report noted that while provisions for commercial real estate in Hong Kong, China, and exposures in the UK, Middle East, and North Africa increased, impairment losses remained stable at 40 basis points, in line with expectations. The third-quarter Common Equity Tier 1 (CET1) ratio stood at 14.5%, down 10 basis points quarter-on-quarter, also meeting forecasts.

UBS raised its earnings per share (EPS) forecasts for HSBC by 3%, 1%, and 0% for 2025–2027, respectively, and increased the target price from HK$103.7 to HK$108.2, maintaining a "Neutral" rating.