摩根大通发表研报指，渣打集团2025年第四季收入大致符合预期，净利息收入好过预期，但受环球市场业务阶段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期高4%。股息较市场预期高40%，而15亿美元的回购计划则符合预期。 2026年指引成为市场焦点，集团料法定有形股东权益回报率(ROTE)将超过12%，高于市场预期的11.7%，并较2025年的11.9%有所上升。同时，集团预期年内收入增长将位于5%至7%预期的下限，意味较市场预期高2%。 摩通预期，集团更新指引，令市场将2026年拨备前利润预测上调中单位数，并料集团的ROTE将逐步上升，于2028年达约14.5%；渣打仍然为其首选股份，维持“增持”评级，目标价为265港元。
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