SCPLC Final Results 2025

Summary by AI ^BETAClose X

Standard Chartered PLC reported a strong financial performance for FY25, with underlying operating income rising 6% to $20.9 billion, driven by significant growth in Wealth Solutions, Global Banking, and Global Markets. The bank achieved an underlying return on tangible equity of 14.7%, exceeding its target a year early, and announced a $1.5 billion share buyback alongside a 65% increase in its full-year dividend per share to 61 cents. Despite a 4% increase in operating expenses to $12.3 billion, largely due to investments in growth, the bank maintained a resilient balance sheet with loans and advances up 5% and customer deposits up 12%, while its Common Equity Tier 1 ratio remained strong at 14.1%.

Disclaimer*

Standard Chartered PLC

24 February 2026

Standard Chartered PLC

4Q'25 and FY'25 Results

24 February 2026

Registered in England under company No. 966425
Registered Office: 1 Basinghall Avenue, London, EC2V 5DD, UK

Page 01

Table of contents

Performance highlights	03
Statement of results	05
Group Chair's statement	06
Group Chief Executive's statement	08
Group Chief Financial Officer's review	11
Financial review	14
Supplementary financial information	20
Underlying versus reported results reconciliations	32
Group Chief Risk Officer's review	36
Risk review	44
Capital review	48
Financial statements	53
Other supplementary financial information	58
Shareholder information	64

Unless another currency is specified, the word 'dollar' or symbol '$' in this document means US dollar and the word 'cent' or symbol 'c' means one-hundredth of one US dollar.

Unless the context requires, within the document, 'China' refers to the People's Republic of China and, for the purposes of this document only, excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special Administrative Region (Macau) and Taiwan. 'Korea' or 'South Korea' refers to the Republic of Korea. Asia includes Australia, Bangladesh, Brunei, Cambodia, India, Indonesia, Laos, Malaysia, Myanmar, Nepal, Philippines, Singapore, Sri Lanka, Thailand, Vietnam, China, Hong Kong, Japan, Korea, Macau and Taiwan; Africa includes Botswana, Côte d'Ivoire, Egypt, Ghana, Kenya, Mauritius, Nigeria, South Africa, Tanzania, Uganda and Zambia. The Middle East includes Bahrain, Iraq, Oman, Pakistan, Qatar and Saudi Arabia and the UAE. Europe includes Belgium, Falkland Islands, France, Germany, Jersey, Luxembourg, Poland, Sweden, Türkiye and the UK. The Americas includes Argentina, Brazil, Colombia and the US.

Within the tables in this report, blank spaces indicate that the number is not disclosed, dashes indicate that the number is zero and 'nm' stands for not meaningful. Standard Chartered PLC is incorporated in England and Wales with limited liability, and is headquartered in London.

The Group's head office provides guidance on governance and regulatory standards. Standard Chartered PLC stock codes are: HKSE 02888 and LSE STAN.LN.

Page 02

Standard Chartered PLC - full-year and fourth quarter 2025 results

All figures are presented on an underlying basis and comparisons are made to 2024 on a constant currency basis, unless otherwise stated. A reconciliation of restructuring and other items excluded from underlying results is set out on pages 32 - 35.

Bill Winters, Group Chief Executive, said:

"2025 was another year of strong momentum. We achieved an underlying return on tangible equity of 14.7%, exceeding our three-year plan a full year early. We have made a good start to the year and continue to benefit from a supportive business environment. We are seeing robust growth in our larger markets, and structural shifts in global trade and investment play to our distinctive strengths serving our clients' cross-border and affluent banking needs. We have increased our full year dividend per share by 65% and are announcing a new share buyback of $1.5 billion."

Selected information on FY'25 financial performance with comparisons to FY'24 unless otherwise stated

• Operating income of $20.9bn, up 6%; up 8% excluding notable items¹

- Net interest income (NII) up 1% to $11.2bn

- Non NII up 13% to $9.7bn, largely driven by Wealth Solutions, Global Banking and Global Markets

- Wealth Solutions up 24% with double-digit growth in both Investment Products and Bancassurance

- Global Banking up 15%, driven by higher origination and distribution volumes, and increased capital markets activity

- Global Markets up 12%, mostly driven by flow income

• Operating expenses up 4% to $12.3bn, driven by targeted investments for business growth partly offset by efficiency saves

• Credit impairment charge of $676m; Wealth & Retail Banking (WRB) charge of $595m down $28m, mainly from unsecured portfolio optimisation. Corporate & Investment Banking (CIB) charge of $4m was up $124m due to non-repeat of prior year releases.

• Restructuring and other charges of $937m include $531m related to the Fit for Growth programme

• Underlying profit before tax of $7.9bn, up 18%; reported profit before tax of $7.0bn, up 18%

• Return on Tangible Equity (RoTE) of 14.7%, up 300bps; Reported RoTE of 11.9%

• Balance sheet remains strong, liquid and well diversified with underlying loans and advances to customers up 5% and underlying customer deposits up 12%

• Risk-weighted assets (RWA) up $11bn to $258bn; Credit risk RWA up $2.8bn, Market risk RWA up $2.4bn, and Operational RWA up $5.7bn as the annual change is now recognised in Q4 instead of Q1 the subsequent year, resulting in two operational risk RWA increases in 2025

• The Group remains strongly capitalised with a Common Equity Tier 1 (CET1) ratio 14.1% (31.12.24: 14.2%)

- $1.5bn share buyback starting imminently is expected to reduce CET1 ratio by approximately 58bps

- Proposed final dividend of $1,092m or 49 cents per share will result in a full-year dividend of $1.38bn or 61 cents per share, up 65%

• Underlying earnings per share (EPS) increased 37% or 61.6 cents to 229.7 cents; Reported EPS increased 38% or 54.1 cents to 195.4 cents

• Tangible net asset value per share of $17.30 up 12% or 189 cents

Selected information on Q4'25 financial performance with comparisons to Q4'24 unless otherwise stated

• Operating income of $4.8bn broadly flat; up 3% excluding notable items and the reclassification²

- NII down 1% at ccy to $3.0bn, up 3% excluding the reclassification

- Non NII up 1% to $1.9bn, up 2% excluding notable items; growth in Wealth Solutions and Global Banking partly offset by lower episodic income in Global Markets

• Operating expenses of $3.4bn up 4%, up 7% excluding the reclassification

• Credit impairment charge of $145m with $156m from WRB and a $46m net release in CIB

• Underlying profit before tax of $1.2bn, up 19%.

1 Notable items relating to Ghana hyperinflation and revaluation of FX positions in Egypt

2 Reclassification of deposit insurance to expenses

Page 03

Standard Chartered PLC - full-year and fourth quarter 2025 results continued

Outlook and guidance

Building on the performance delivered in the year, the Group continues to expect client activity to be shaped by structural shifts in the global economy. These trends, which include a more multi-aligned world, increasing digitisation of money, and rising wealth participation in markets, are expected to persist.

We will host a capital markets event in May of this year where we will describe how these trends position the Group for the next phase of growth, as well as detailing the expected financial outcomes.

Our 2026 guidance is as follows:

• Reported operating income growth year-on-year to be around the bottom end of 5-7 per cent range at constant currency

- Within which, net interest income³ expected to be broadly flat year-on-year at constant currency

• Reported cost to be broadly flat in constant currency including the final year of Fit for Growth charges

• Statutory RoTE to be greater than 12 per cent

3 Net interest income is adjusted for trading book funding cost, treasury currency management activities, and financial guarantee fees on interest earning assets

Page 04

Statement of results

	2025 $million	2024 $million	Change¹ %
Underlying performance
Operating income	20,894	19,696	6
Operating expenses	(12,347)	(11,790)	(5)
Credit impairment	(676)	(557)	(21)
Other impairment	(42)	(588)	93
Profit from associates and joint ventures	71	50	42
Profit before taxation	7,900	6,811	16
Profit attributable to ordinary shareholders²	5,360	4,276	25
Return on ordinary shareholders' tangible equity (%)	14.7	11.7	300bps
Cost-to-income ratio (%)	59.1	59.9	80bps
Reported performance⁷
Operating income	20,942	19,543	7
Operating expenses	(13,304)	(12,502)	(6)
Credit impairment	(672)	(547)	(23)
Goodwill & other impairment	(65)	(588)	89
Profit from associates and joint ventures	62	108	(43)
Profit before taxation	6,963	6,014	16
Taxation	(1,866)	(1,972)	5
Profit for the period	5,097	4,042	26
Profit attributable to parent company shareholders	5,085	4,050	26
Profit attributable to ordinary shareholders²	4,558	3,593	27
Return on ordinary shareholders' tangible equity (%)	11.9	9.7	220bps
Cost-to-income ratio (%)	63.5	64.0	50bps
Net interest margin (%)^6,9	2.03	2.06	(3)bps
Balance sheet and capital
Total assets	919,955	849,688	8
Total equity	54,586	51,284	6
Average tangible equity attributable to ordinary shareholders²	38,242	36,876	4
Loans and advances to customers	286,788	281,032	2
Customer accounts	530,161	464,489	14
Risk-weighted assets	258,031	247,065	4
Total capital	53,227	53,091	-
Total capital ratio (%)	20.6	21.5	(86)bps
Common Equity Tier 1	36,440	35,190	4
Common Equity Tier 1 ratio (%)	14.1	14.2	(12)bps
Advances-to-deposits ratio (%)³	51.4	53.3	(190)bps
Liquidity coverage ratio (%)	155.4	138.2	1720bps
UK leverage ratio (%)	4.7	4.8	(11)bps

	Cents	Cents	Change¹
Information per ordinary share⁸
Earnings per share⁴ - underlying	229.7	168.1	61.6
- reported	195.4	141.3	54.1
Net asset value per share⁵	2,007	1,781	226
Tangible net asset value per share⁵	1,730	1,541	189
Number of ordinary shares at period end (millions)	2,247	2,408	(7)

1 Variance is better/(worse) other than assets, liabilities and risk-weighted assets. Change is percentage points difference between two points rather than percentage change for total capital ratio (%), Common Equity Tier 1 ratio (%), net interest margin (%), advances-to-deposits ratio (%), liquidity coverage ratio (%), leverage ratio (%), cost-to-income ratio (%) and return on ordinary shareholders' tangible equity (%).

2 Profit/(loss) attributable to ordinary shareholders is after the deduction of dividends payable to the holders of non-cumulative redeemable preference shares and Additional Tier 1 securities classified as equity.

3 When calculating this ratio, total loans and advances to customers excludes reverse repurchase agreements and other similar secured lending, excludes approved balances held with central banks, confirmed as repayable at the point of stress and includes loans and advances to customers held at fair value through profit and loss. Total customer accounts include
customer accounts held at fair value through profit or loss.

4 Represents the underlying or reported earnings divided by the basic weighted average number of shares.

5 Calculated on period end net asset value, tangible net asset value and number of shares.

6 Net interest margin is calculated as adjusted net interest income divided by average interest-earning assets, annualised.

7 Reported performance/results within the annual report means amounts reported under UK-adopted International Accounting Standards and International Financial Reporting Standards.

8 Change is cents difference between the two periods for earnings per share, net asset value per share and tangible net asset value per share. Number of ordinary shares at period end is percentage difference between the two periods.

9 Net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification of funding cost mismatches to non NII.

Page 05

Group Chair's statement

2025 marked my first year as Chair of Standard Chartered, and I am acutely aware of the responsibility this entails. As I stepped into this role, I did so with a profound respect for my predecessor, José Viñals, who during his tenure, provided steady, principled leadership through a period of exceptional change for the global banking system and the Group.

Our strategy has never been clearer. We combine our differentiated cross-border capabilities and leading wealth management expertise to connect clients to growth opportunities across Asia, Africa and the Middle East. Across the business we are aligned to our strategic direction, having simplified our structure to ensure we meet the needs of our globally-minded clients, whether they are corporates, financial institutions, individuals or families. Our capital position and liquidity are robust, our risk discipline is well-embedded, and we have proven our renewed ability to generate sustainable returns, as evidenced by 2025 being the strongest year of financial performance since the financial crisis.

Those achievements form a solid foundation on which we now build. But as we move forward, we do so in the knowledge that the world is transforming. We must ensure our approach continues to reflect our environment, by evaluating and balancing the risks and opportunities presented by an ever‑changing landscape.

The friction and fracturing of our operating context

Our ability to remain agile and proactive is of paramount importance. This is what our clients seek when partnering with us, and it is what our people seek in working for Standard Chartered. We helped our clients navigate the shifting geopolitical and geoeconomic sands of 2025 to deliver a robust performance. And, while worldwide growth and business pragmatism have thus far prevailed, we remain acutely aware that ongoing disruption is altering both clients' needs and our consideration of risk.

Power continues to be projected less through formal institutions and established norms and more through economic leverage, technological capability and control of strategic resources. As such, the ability to sustain growth is increasingly determined by access - to capital, to data, to energy, to supply chains, and to reliable networks. While many factors are reshaping the global landscape, we must cut through the noise and identify those trends that are most relevant to our clients, markets and communities, and that play to our distinctive competitive advantages. Bill explains some of these trends in his review; I will highlight the following:

• First is the promise of technology, much of which is materialising in the form of enhanced productivity. Technological advancement has radically changed the industrial landscape and with it the business models, investment decisions and competitive strengths of both incumbents and new entrants alike. Many of the largest corporates today are themselves technology companies or otherwise heavily reliant on it as an enabler.

• Second, a broad digital transformation of finance, and the banking system in particular, is already underway. Adoption is accelerating, integration is deepening, and the boundary between financial services and technology continues to blur. Digital assets, tokenisation and the future of money are no longer theoretical. They are becoming embedded in real-world use cases - in trade, in payments and in capital markets - demanding both innovation and rigorous risk management from global banks.

• Third, and related to the first two factors, is the contest for strategic resources that underpin the adoption of AI and data-intensive technologies. This is driving unprecedented demand for data centres, reliable energy and critical minerals, further reshaping geopolitics, supply chains and investment priorities, and reinforcing the strategic value of resilience, access and partnership. It offers significant advantage to those markets that can responsibly capitalise on their natural resources. Such an endowment, if well-stewarded, can present significant opportunity for economic and social development, so we must endeavour to play a role that facilitates such outcomes.

Against this backdrop, global governance is in focus. Financial regulators are shifting from policy consultation and design towards implementation and enforcement - while still recognising their role in stimulating further economic growth. As regulatory convergence and coordination is sought, even if challenging to achieve, as a Group we must retain the ability to act decisively, particularly if we wish to capitalise on our leadership position in digital assets and in our advocacy for a model of banking that is more transparent, secure and immediate.

In engaging in these trends, our conduct at Standard Chartered must be underpinned by trust, discipline and accountability, enabling clear decisions in complex markets. Good conduct provides certainty to clients, supports prudent risk-taking, and strengthens confidence across our markets, directly contributing to sustainable growth and long-term success globally.

Page 06

Group Chair's statement continued

Maintaining strategic discipline and focus

The Group Management Team, under Bill's leadership, continues to show that our distinctive strategy is effective, agile and resilient to the external environment. And the strong financial performance outlined in the financial review later in this report reflects our sharper focus and our improved discipline in execution. The role of the Board is to maintain this momentum and to translate our clear strategic intent into sustained outcomes.

The Board's confidence in management is grounded in consistent delivery, sound judgement and their understanding of the risks inherent in operating across our markets. The Board remains rigorous in its oversight, challenging assumptions and decisions and ensuring that performance is sustainable and within our risk appetite. This balance - between trust and scrutiny - is essential to good governance, particularly in a volatile global environment.

I believe resilience matters as much as ambition. A central priority for the Board will therefore remain safeguarding the Group's financial strength, risk discipline and regulatory standing, ensuring that the extraordinary growth opportunities we face are pursued with care and that trade-offs are made transparently.

Relevance - to clients and to society - will also be central to our approach. Standard Chartered operates in markets that are critical to global growth and development, and we play an important role in facilitating trade, investment and financial inclusion. Our commitment to sustainability and responsible finance is integral to our franchise and long-term value creation. This is not about pursuing objectives in isolation but about recognising that strong financial performance and positive social impact are mutually reinforcing when approached with discipline and integrity.

Such an approach is deeply valued by our clients, and it is often cited as their reason for both choosing and remaining with us. And, over the last year in particular, this has been highlighted as an example of true differentiation from our global peers.

Culture as a strategic asset

In a global institution spanning diverse markets and regulatory regimes, culture is not an abstract concept; it is a strategic asset. As Chair, I experienced this firsthand during market visits in 2025 to Malaysia, Hong Kong, Singapore, the UAE, Mainland China, and the US. While our footprint is diverse it is our inclusive, collaborative, client-centric culture that sets us apart from our peers and serves as a valuable anchor of continuity.

Standard Chartered's valued behaviours - do the right thing, never settle and better together - are central to how we manage risk, serve clients and build trust. The Board will continue to focus on how these behaviours are reinforced through leadership, incentives and everyday decision-making, and on ensuring that the tone from the top is consistently reflected throughout the organisation.

In fulfilling its responsibilities, the Board must maintain a balance and diversity of perspectives, skills and experience and remain engaged, informed and forward-looking in its oversight. During the year, Phil Rivett succeeded me as Senior Independent Director when I took the role of Chair in May. Phil also became Chair of the Board Risk Committee in August, with Jackie Hunt taking over as Chair of the Audit Committee in September.

Pete Burrill was appointed as interim Group Chief Financial Officer in February, succeeding Diego De Giorgi, who stepped down as Executive Director and GCFO. The Board thanks Diego for his contribution and wishes him well for the future.

The Board, as part of its core governance mandate, continues to focus on long term succession planning for the Board and its Committees and provides oversight of detailed executive and senior management succession plans, ensuring the Group remains well positioned to deliver the strategy and long‑term objectives.

Looking ahead with confidence

As Chair, I intend to act as a steward of this remarkable institution - to preserve its strengths, to support its continued improvement, and to help ensure that Standard Chartered remains relevant and trusted for the long term.

Reflecting the Board's confidence in the Group's future prospects, we are pleased to recommend an increased full-year dividend of 61 cents per share (a 65 per cent increase) and are announcing a further share buyback of $1.5 billion, in addition to the $2.8 billion already announced over the course of 2025.

I would like to thank our clients for their trust, our colleagues for their extraordinary commitment, and our shareholders for their continued support. Together, we are building a stronger, more resilient and even more distinctive Standard Chartered - one that will continue to deliver sustainable performance and value creation in the years ahead.

Maria Ramos

Group Chair, Standard Chartered PLC

24 February 2026

Page 07

Group Chief Executive's statement

Our performance in recent years has been strong in both absolute terms and relative to many of our peers. This is reflected in key metrics such as the value of our client franchise, financial results, and share price.

We have taken advantage of a generally supportive business environment. Shifts in trade and investment driven by geopolitical changes have worked in our favour, and growth remains strong in our key markets.

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 (RoTE) milestone a year earlier than guided.

Navigating a period of extraordinary change

We recognise that short-term results alone are not sufficient in banking; lasting success comes from building long-term resilience - for our clients, our communities and our own organisation. Sustainable performance comes from adapting to structural change and turning that into distinctive client value.

We continually assess the structural shifts shaping the future of finance - some of which I explore below - and refine our strategic response to ensure that our current momentum translates into long-term value. The strengths that have fuelled our recent progress will continue to support our success and adaptability as a financial services company, even as markets evolve.

1. The emergence of a multipolar and multi‑aligned world

The global marketplace is rapidly changing, with growth, capital and innovation more widely distributed and geopolitical alignment more fluid. As alliances form around specific trade, security and investment priorities, this creates new opportunities but also increased complexity in financing, supply chains, procurement, and logistics for clients operating internationally.

• We help our clients navigate change by using our strong local presence across Asia, Africa and the Middle East to facilitate secure and compliant trade, investment and wealth flows.

• Our investment over decades to develop these capabilities gives us a structural competitive advantage.

• In relation to China, for example - which is neither converging with other financial systems nor isolating itself, but developing its own capital markets, payment rails and international linkages - we have built a leading RMB franchise in many of the markets in which we operate.

2. Digital transformation and evolving client expectations

Money is becoming digital, programmable and increasingly interoperable across systems.

Distributed ledger technology, tokenisation and new settlement models are already reshaping payments, securities issuance and settlement, custody and liquidity management. These changes raise fundamental questions about where trust and value will ultimately reside. History suggests that financial innovation does not eliminate clients' need for banks; it changes the form that banking takes.

• We have built market-leading digital asset capabilities, supporting clients across trading, custody, settlement and tokenisation in a compliant and scalable way.

• Our approach is pragmatic, applying distributed ledger technology where it solves real problems - particularly in cross-border payments, liquidity management and market infrastructure - rather than pursuing novelty for its own sake.

• We are modernising our financial plumbing while preserving the trust on which the system depends, partnering where necessary with those that share this vision.

Digital-first banking models have reshaped client expectations across all segments, with clients increasingly prioritising convenience and consistency over physical interaction. Such models are cheaper to run and easier to scale, raising industry benchmarks for simplicity and speed.

• Through our uniquely diversified digital banking portfolio across our markets, we serve distinct customer segments while enhancing offerings in our core businesses. These experiences have improved customer satisfaction and productivity across our Wealth & Retail Banking (WRB) business.

• We are equally committed to advancing digital engagement with our Corporate & Investment Banking (CIB) clients, investing in new platforms, portals and digital channels, making it easier for them to access services, manage transactions and engage with us securely and efficiently.

Page 08

Group Chief Executive's statement continued

3. The changing role of banks in serving the real economy

Banks are increasingly acting as service providers, credit originators and intermediaries, connecting borrowers and investors rather than holding risk alone.

The post-financial crisis capital rules strengthened the system but made bank capital more expensive for some activities and changed the critical role of banks in serving the real economy. The role of non-bank financial institutions in the provision of credit, pricing and liquidity, significantly outpacing that of banks. This is not cyclical - it reflects a lasting reallocation of risk and capital that comes along with banks having governments as lenders of last resort.

• These trends play directly to our strengths. We provide value to borrowers and investors through credit origination, warehousing, structuring and distribution, rather than balance-sheet accumulation alone.

• This is driving greater demand for cross-border hedging and liquidity solutions, which we capture as valuable 'flow' business in our Global Markets franchise.

• Our experience across our unique geographic footprint allows us to originate assets in markets, sectors and corridors where others cannot. That origination capability sits at the intersection of our corporate, institutional and wealth businesses, allowing us to connect borrowers, sponsors and investors in ways that are difficult to replicate.

4. Rising wealth participation is reshaping capital markets

Affluent individuals and corporates are moving beyond deposits into equities, bonds and funds, while governments and regulators promote infrastructure and private sector growth. Capital markets across our footprint are transforming rapidly. Economies that once relied on bank lending and physical assets are shifting towards more accessible and sophisticated financial systems. This is not cyclical yield-chasing, but a structural change in how wealth is built, preserved and transferred.

Technology is an accelerator, enabling broader participation and making capital markets integral to everyday economic life - unlocking new channels for savings, generational wealth transfer, investment and risk management.

• As capital markets expand, our ability to provide trusted advice and innovative solutions becomes a critical differentiator, ensuring we capture growth while helping clients navigate complexity.

• Wealth continues to grow rapidly across our footprint with the largest opportunities concentrated in our top markets, and this expansion is becoming increasingly international. Our affluent business is both large and high returning, driven by clients' growing need to manage and grow their assets, and by our position as a top wealth manager in Asia.

We differentiate ourselves by combining deep local market capabilities with global wealth and capital markets products and services, allowing our clients to improve returns and funding costs.

5. The transition economy and sustainable finance

The global transition to a lower-carbon economy will significantly affect capital allocation for decades. But, as we saw in 2025, it will not follow a straight path. What has changed is the pace and pattern of the transition itself - more urgent because of accelerating climate impacts, more volatile because of geopolitical and energy market shocks, and more centred on emerging markets where capital is scarcest and where credible transition pathways, not just green solutions, are now essential.

Asia, Africa and the Middle East will account for most of the future global population growth, energy demand and infrastructure investment. For these regions, the challenge is not whether to grow, but how to grow - balancing development, affordability and sustainability.

• We have built one of the leading sustainable finance franchises across our footprint, precisely because we operate where the transition is most dynamic and most consequential.

• Our role extends beyond financing renewable energy to supporting modernised grids, electrified transport, emerging industries, sustainable trade and adaptation - often in markets where capital is scarce and risk is misunderstood.

Sustainable finance, in this context, is not an overlay. It is a growth opportunity and core capability that combines local knowledge, cross-border capabilities, structuring expertise and long-term client relationships.

Taking the trends above together, they reinforce the logic of our strategy. We focus on areas where cross-border connectivity matters, where clients value insight, access and trust. When we describe Standard Chartered as a super-connector, we mean something specific. We sit at the centre of the world's most important trade and capital corridors and help clients move money, manage risk, exchange ideas and deploy capital across borders that others cannot serve effectively.

Page 09

Group Chief Executive's statement continued

Further progress executing our distinctive strategy

Our robust performance in 2025 reflected the disciplined execution of our strategy to maximise our areas of strongest competitive advantage:

• Serving our international corporate, institutional and individual clients with our differentiated cross-border products and services.

• Helping our affluent customers manage their wealth in our markets across Asia, Africa and the Middle East.

We specialise in providing creative solutions to complex issues for these sophisticated and internationally oriented clients. As Pete, our interim Group Chief Financial Officer, will explain in more detail, we made good progress in both respects in 2025. I would like to take this opportunity to thank Diego for his valuable contribution during his tenure. Pete brings extensive sectoral experience and provides valuable continuity to the leadership of our finance function.

Our distinctive model relies on the quality and resilience of our people. Our achievements in 2025 are a direct result of their extraordinary commitment and ingenuity, and I want to thank them for their dedication and for embracing the challenges and opportunities of a rapidly changing world. I am most proud that people who are the best at what they do choose to work at Standard Chartered, bringing their expertise and insights to help us deliver an increasingly distinctive client proposition. As we strive for excellence and deepen our role as a super-connector, it is the collective spirit and drive of our people that will define our next chapter.

Our ongoing focus on serving our clients in the most productive way - through continuous transformation of our technology, adoption of advanced data skills (including AI), simplification of our processes, and disciplined expense management - has served us well. Initiatives such as Fit for Growth and other ongoing transformation programmes are enabling us to grow income at a faster rate than expenses while simultaneously enhancing the resilience of our functions. Our transformation is not limited to operational improvements; it is also underpinning a profound cultural shift. We are building a bank that is agile, seamless and truly client-centric, where collaboration and innovation are not just aspirations but embedded in our daily practice.

Continuity of strategy under our new Chair

This year marks an important transition in our leadership, as Maria Ramos succeeded José Viñals as Chair. We are grateful to José for his steady guidance and commitment, which have been instrumental in steering the bank through a dynamic period. Maria's appointment brings both continuity and fresh perspective; she is exceptionally well placed to guide us through the next chapter. For further detail on her vision and priorities, I encourage you to read Maria's statement, where she sets out her objectives.

Looking ahead: this is (still) our time

This year, we and our clients confronted a global economy and international system at what felt like an inflection point. Trends previously considered medium-term have accelerated. Trust and incrementalism - a belief that tomorrow will be a slightly modified version of today - have given way to a more substantial re-think. In response, markets and key actors are re-wiring their financial systems' connectivity, security alliances, trading routes and infrastructure, and technological dependencies.

Our unique business model with its trusted network of deeply-rooted local franchises has always thrived in febrile environments, and we expect the prevailing conditions to continue for the foreseeable future. Our strategy is designed to enable us to endure change, to support clients as the world becomes more complex and as their own needs evolve, and to ensure that we remain relevant, resilient and trusted over the long term. We allocate capital, talent and technology accordingly - and we are equally deliberate about what we choose not to do.

We remain committed to sharing our success with our shareholders and will continue to actively manage our capital position with this objective in mind. We are therefore announcing a further share buyback programme of $1.5 billion, to commence imminently.

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

24 February 2026

Page 10

Group Chief Financial Officer's review

We delivered strong performance in 2025 reflecting sustained successful execution of our cross-border and affluent banking strategy which helped our clients navigate an uncertain external environment. The continued strategic focus on areas of our distinctive competitive advantage helped us deliver an underlying return on tangible equity of 14.7 per cent in 2025, surpassing our 13 per cent underlying return on tangible equity target a year earlier than planned.

Summary of financial performance

All commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FX positions in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable items).

Our operating income grew by 6 per cent to $20.9 billion or 8 per cent excluding the notable items, driven by record performance in Wealth Solutions and Global Markets and strong double-digit growth in Global Banking. Operating expenses grew 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. Credit impairment charges were $676 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. Underlying profit before tax of $7.9 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.

The Group remains well capitalised and highly liquid with a strong and diverse deposit base. The liquidity coverage ratio of 155 per cent reflects disciplined asset and liability management. 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, enabling the Board to announce a further $1.5 billion share buyback programme to commence imminently.

Net interest income (NII) of $11.2 billion was up 1 per cent, as the benefit from higher volumes and improved balance sheet mix was partly offset by the impact of lower interest rates leading to margin compression, albeit pass-through rates remain robustly managed.

Non NII of $9.7 billion increased 13 per cent or 17 per cent excluding the notable items. This was driven by record performance in Wealth Solutions from continued momentum in new clients onboarding and growth in net new money, strong performance in Global Banking from higher origination and distribution volumes and robust growth in Global Markets from client flow income. Ventures realised a $238 million gain from the Solv India transaction.

Operating expenses of $12.3 billion increased 4 per cent. This was largely driven by continued investments into business growth initiatives, including strategic hiring of Relationship Managers in Wealth & Retail Banking (WRB) and coverage bankers in Corporate & Investment Banking (CIB) and higher performance related compensation reflecting a combination of strong profitability, share price increases and a change in regulation which enabled the acceleration of deferred bonuses. This was partly offset by efficiency saves, primarily linked to the Fit for Growth programme. The cost-to-income ratio improved by 1 percentage point to 59 per cent.

Credit impairment charge of $676 million represents a loan loss rate of 19 basis points, in line with the prior year. WRB impairment of $595 million was down $28 million, reflecting portfolio optimisation actions. The $59 million charge in Ventures was down $14 million year-on-year as delinquency rates improved in Mox. CIB impairment was a net charge of $4 million, up $124 million from the non-repeat of prior year releases.

Other impairment of $42 million decreased by $546 million year-on-year primarily due to lower software asset write-offs.

Profit from associates and joint ventures was up 42 per cent to $71 million mainly reflecting higher profits at China Bohai Bank.

Restructuring, FFG, Debit Valuation Adjustment (DVA) and other items totalled $937 million (2024: $797 million). Restructuring of $320 million reflects the impact of actions to simplify technology platforms and business exits (2024: $285 million). Charges to structurally improve productivity through the Fit for Growth programme totalled $531 million (2024: $156 million). Movements in DVA were a negative $31 million (2024: negative $24 million) while Other Items were a $55 million charge (2024: $332 million).

Taxation was $1.9 billion on reported basis, with an underlying effective tax rate of 25.3 per cent down 5.3 per cent year-on-year reflecting a favourable change in the geographic mix of profits, reduced impact of deferred tax not recognised for UK losses and beneficial adjustments for prior period items.

Underlying RoTE increased by 300 basis points to 14.7 per cent reflecting increased profits, a lower underlying effective tax rate, and gains on SC Ventures equity investments recognised through fair value movements in other comprehensive income. Reported RoTE increased 220 basis points to 11.9 per cent from an 18 per cent increase in profit before tax and 6 per cent drop-in tax rate.

Underlying basic earnings per share (EPS) increased 61.6 cents or 37 per cent to 229.7 cents and reported EPS increased 54.1 cents or 38 per cent to 195.4 cents.

Page 11

Group Chief Financial Officer's review continued

A final ordinary dividend per share of 49 cents has been proposed taking the full-year dividend to 61 cents per share, a 65 per cent increase year-on-year. The Group completed a $1.5 billion share buyback programme during the first half of the year and the $1.3 billion share buyback programme announced on 31 July 2025 was completed on 26 January 2026. The increased dividend, along with a new share buyback programme of $1.5 billion to be commenced imminently, takes the total shareholder distributions announced since the full-year 2023 results to $9.1 billion.

Guidance

In 2026, the Group's reporting will move from an underlying to a reported basis, and our 2026 guidance below is set on this basis:

• Reported operating income growth year-on-year to be around the bottom end of 5-7 per cent range at constant currency.

- Within which, net interest income¹ expected to be broadly flat year-on-year at constant currency.

• Reported cost to be broadly flat in constant currency including the final year of Fit for Growth charges.

• Statutory RoTE to be greater than 12 per cent.

Pete Burrill

Interim Group Chief Financial Officer

24 February 2026

1 Net interest income is adjusted for trading book funding cost, treasury currency management activities, and financial guarantee fees on interest earning assets.

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Group Chief Financial Officer's review continued

Summary of financial performance

	Q4'25	Q4'24	Change	Constant currency change¹	Q3'25	Change	Constant currency change¹	FY'25	FY'24	Change	Constant currency change¹
	$million	$million	%	%	$million	%	%	$million	$million	%	%
Underlying net interest income²	2,949	2,977	(1)	(1)	2,737	8	8	11,185	11,096	1	1
Underlying non NII²	1,899	1,857	2	1	2,410	(21)	(21)	9,709	8,600	13	13
Underlying operating income	4,848	4,834	-	-	5,147	(6)	(6)	20,894	19,696	6	6
Underlying operating expenses	(3,429)	(3,277)	(5)	(4)	(2,953)	(16)	(16)	(12,347)	(11,790)	(5)	(4)
Underlying operating profit before impairment and taxation	1,419	1,557	(9)	(8)	2,194	(35)	(35)	8,547	7,906	8	9
Credit impairment	(145)	(130)	(12)	(12)	(195)	26	24	(676)	(557)	(21)	(21)
Other impairment	(13)	(353)	96	96	(20)	35	35	(42)	(588)	93	93
Profit from associates and joint ventures	(26)	(27)	4	4	6	nm	nm	71	50	42	42
Underlying profit before taxation	1,235	1,047	18	19	1,985	(38)	(38)	7,900	6,811	16	18
Restructuring⁵	(129)	(119)	(8)	(7)	(54)	(139)	(146)	(320)	(285)	(12)	(13)
FFG⁵	(233)	(81)	(188)	(188)	(138)	(69)	(69)	(531)	(156)	nm	nm
DVA	(9)	(3)	nm	nm	(27)	67	64	(31)	(24)	(29)	(29)
Other items	(50)	(44)	(14)	(14)	-	nm	nm	(55)	(332)	83	83
Reported profit before taxation	814	800	2	4	1,766	(54)	(54)	6,963	6,014	16	18
Taxation	(341)	(274)	(24)	(3)	(468)	27	31	(1,866)	(1,972)	5	6
Profit for the period	473	526	(10)	4	1,298	(64)	(62)	5,097	4,042	26	29
Net interest margin (%)^3,4	2.09	2.21	(12)		1.94	15		2.03	2.06	(3)
Underlying return on tangible equity (%)⁴	9.6	8.1	150		13.4	(380)		14.7	11.7	300
Underlying basic earnings per share (cents)	37.1	28.9	28		52.3	(29)		229.7	168.1	37

1 Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

2 Underlying Net Interest Income (NII) has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification of funding cost mismatches to underlying non NII

3 Net interest margin has been restated due to the revision of underlying net interest income as outlined in footnote 2

4 Change is the basis points (bps) difference between the two periods rather than the percentage change

5 FFG (Fit for Growth) charge previously reported within Restructuring has been re-presented as a separate item

Reported financial performance summary

	Q4'25	Q4'24	Change	Constant currency change¹	Q3'25	Change	Constant currency change¹	FY'25	FY'24	Change	Constant currency change¹
	$million	$million	%	%	$million	%	%	$million	$million	%	%
Net interest income	1,503	1,709	(12)	(12)	1,408	7	8	5,955	6,366	(6)	(6)
Non NII	3,423	3,093	11	10	3,702	(8)	(8)	14,987	13,177	14	14
Reported operating income	4,926	4,802	3	2	5,110	(4)	(3)	20,942	19,543	7	7
Reported operating expenses	(3,913)	(3,475)	(13)	(11)	(3,144)	(24)	(25)	(13,304)	(12,502)	(6)	(6)
Reported operating profit before impairment and taxation	1,013	1,327	(24)	(23)	1,966	(48)	(48)	7,638	7,041	8	10
Credit impairment	(148)	(129)	(15)	(14)	(188)	21	20	(672)	(547)	(23)	(22)
Goodwill & other impairment	(24)	(353)	93	93	(22)	(9)	(9)	(65)	(588)	89	89
Profit from associates and joint ventures	(27)	(45)	40	36	10	nm	nm	62	108	(43)	(43)
Reported profit before taxation	814	800	2	4	1,766	(54)	(54)	6,963	6,014	16	18
Taxation	(341)	(274)	(24)	(3)	(468)	27	31	(1,866)	(1,972)	5	6
Profit/(loss) for the period	473	526	(10)	4	1,298	(64)	(62)	5,097	4,042	26	29
Reported return on tangible equity (%)²	4.8	5.3	(50)		10.5	(570)		11.9	9.7	220
Reported basic earnings per share (cents)	20.4	20.2	1		44.5	(54)		195.4	141.3	38

1 Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

2 Change is the basis points (bps) difference between the two periods rather than the percentage change

Page 13

Financial review

Operating income by product

	Q4'25	Q4'24¹	Change	Constant currency change²	Q3'25	Change	Constant currency change²	FY'25	FY'24¹	Change	Constant currency change²
	$million	$million	%	%	$million	%	%	$million	$million	%	%
Transaction Services	1,521	1,666	(9)	(9)	1,488	2	3	6,005	6,434	(7)	(7)
Payments & Liquidity	1,065	1,193	(11)	(11)	1,016	5	5	4,155	4,605	(10)	(10)
Securities & Prime Services	173	161	7	9	166	4	5	648	611	6	7
Trade & Working Capital	283	312	(9)	(10)	306	(8)	(7)	1,202	1,218	(1)	(1)
Global Banking	545	500	9	7	588	(7)	(8)	2,229	1,935	15	15
Lending & Financial Solutions	481	434	11	9	496	(3)	(3)	1,905	1,677	14	13
Capital Markets & Advisory	64	66	(3)	(5)	92	(30)	(32)	324	258	26	26
Global Markets	660	773	(15)	(15)	848	(22)	(22)	3,863	3,450	12	12
Macro Trading	499	654	(24)	(24)	678	(26)	(26)	3,116	2,852	9	9
Credit Trading	138	138	-	-	206	(33)	(32)	753	644	17	17
Valuation & Other Adj	23	(19)	nm	nm	(36)	164	164	(6)	(46)	87	87
Wealth Solutions	677	562	20	20	890	(24)	(24)	3,086	2,490	24	24
Investment Products	553	452	22	22	691	(20)	(20)	2,347	1,827	28	28
Bancassurance	124	110	13	13	199	(38)	(37)	739	663	11	12
Deposits & Mortgages	1,050	1,058	(1)	(1)	1,034	2	2	4,080	4,170	(2)	(2)
CCPL & Other Unsecured Lending	264	270	(2)	(2)	277	(5)	(4)	1,080	1,081	-	-
Ventures	56	60	(7)	(8)	39	44	41	415	183	127	125
Digital Banks	58	41	41	39	49	18	19	195	142	37	36
SCV	(2)	19	(111)	(111)	(10)	80	78	220	41	nm	nm
Treasury & Other	75	(55)	nm	nm	(17)	nm	nm	136	(47)	nm	nm
Total underlying operating income	4,848	4,834	-	-	5,147	(6)	(6)	20,894	19,696	6	6

1 Products have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 with no change in total income

2 Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

The operating income by product commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FX positions in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable items).

Transaction Services income decreased 7 per cent as growth in Securities & Prime Services was more than offset by lower Payments & Liquidity and Trade & Working Capital income. Payments & Liquidity income decreased 10 per cent, driven by the impact of lower interest rates and margin compression, albeit passthrough rates continued to be tightly managed and there was strong growth in balances. Securities & Prime Services income grew 7 per cent due to higher fee from increase in custody balances. Trade & Working Capital income was down 1 per cent as growth in fees was offset by lower average volumes and margin compression.

Global Banking income increased 15 per cent as Lending & Financial Solutions grew 13 per cent from strong pipeline execution which led to higher origination and distribution volumes and increased carry income. Capital Market & Advisory income was up 26 per cent on the back of increased bond fees and Mergers & Acquisitions transactions.

Global Markets income increased 12 per cent driven by continued strong growth in flow income which grew 15 per cent primarily from Financial Institutions clients and increased Rates and Credit trading volumes. Episodic income grew 3 per cent from higher macro trading income.

Wealth Solutions income was up 24 per cent, driven by a 28 per cent increase in Investment Products income and 12 per cent increase in Bancassurance. This was driven by continued momentum in affluent new-to-bank onboarding, with 275,000 clients onboarded in 2025, and $52 billion of affluent net new money, equivalent to 14 per cent growth of assets under management.

Deposits & Mortgages income decreased 2 per cent. The benefit from higher deposit volumes and proactive pricing actions was more than offset by the impact of lower interest rates, while Mortgages income increased year-on year supported by margin expansion from lower funding cost and higher volumes in a few select markets.

CCPL & Other Unsecured Lending income remained flat as an increase in margins was partly offset by lower volumes resulting from portfolio optimisation actions.

Ventures income more than doubled year-on year. Digital Banks income was up $53 million driven by higher Deposit volumes and fee income as they continue to grow their customer base. SCV income was up $179 million mainly from a $238 million gain from the Solv India transaction.

Treasury & other performance improved by $183 million as the benefit in Treasury from the repricing of longer dated assets was partly offset by the non-repeat of the notable items.

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Financial review continued

Profit before tax by client segment

	Q4'25 $million	Q4'24¹ $million	Change %	Constant currency change² %	Q3'25 $million	Change %	Constant currency change² %	FY'25 $million	FY'24¹ $million	Change %	Constant currency change² %
Corporate & Investment Banking¹	1,114	974	14	15	1,319	(16)	(16)	5,875	5,431	8	9
Wealth & Retail Banking¹	555	464	20	20	930	(40)	(41)	2,883	2,537	14	14
Ventures	(99)	(90)	(10)	(9)	(114)	13	13	(167)	(385)	57	57
Central & other items¹	(335)	(301)	(11)	(9)	(150)	(123)	(119)	(691)	(772)	10	14
Underlying profit before taxation	1,235	1,047	18	19	1,985	(38)	(38)	7,900	6,811	16	18

1 Underlying profit before taxation has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reallocation of Treasury income and certain costs across segments

2 Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

The client segment commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FX positions in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable items).

Corporate & Investment Banking (CIB) profit before taxation increased 9 per cent. Income grew 4 per cent with a record performance in Global Markets and strong double-digit growth in Global Banking partly offset by lower Transaction Services. Expenses were 2 per cent higher, mainly from investments in business initiatives, while credit impairment was a net charge of $4 million compared to a $120 million net release in 2024. The other impairment decreased by $284 million year-on year due to non-repeat of software asset write-offs.

Wealth & Retail Banking (WRB) profit before taxation increased 14 per cent. Income grew by 6 per cent, driven by a record performance in Wealth Solutions. Expenses increased 5 per cent, mainly from increased investment spend on business initiatives including strategic hiring of relationship managers. The credit impairment charge of $595 million was down $28 million from portfolio optimisation actions across in unsecured lending portfolios. The other impairment charge decreased $108 million compared to 2024 due to non-repeat of software asset write-offs.

Ventures loss before tax decreased by $218 million to $167 million mainly from higher income of $232 million. Digital Banks income increased by $53 million driven by continued growth in customers and volumes. while SCV income increased by $179 million supported by a $238 million gain from the Solv India transaction. Expenses remained flat as costs were well controlled, while the $59 million credit impairment charge was down $14 million year-on-year as delinquency rates have improved in Mox.

Central & other items (C&O) loss before tax improved by $81 million year-on year. Treasury benefited from the repricing of longer dated assets; this was in part offset by the nonrepeat of the notable items. Other impairments were lower by $159 million reflecting non-repeat of prior year software asset write-offs.

Adjusted net interest income and margin

	Q4'25 $million	Q4'24 $million	Change¹ %	Q3'25 $million	Change %	FY'25 $million	FY'24 $million	Change¹ %
Adjusted net interest income²	2,948	2,981	(1)	2,737	8	11,184	11,112	1
Average interest-earning assets	560,311	537,410	4	560,336	-	550,930	539,338	2
Average interest-bearing liabilities	599,439	543,195	10	599,796	-	581,911	539,787	8
Gross yield (%)³	4.40	5.03	(63)	4.52	(12)	4.60	5.29	(69)
Rate paid (%)³	2.16	2.79	63	2.41	25	2.43	3.22	79
Net yield (%)³	2.24	2.24	-	2.11	13	2.17	2.07	10
Net interest margin (%)^3,4	2.09	2.21	(12)	1.94	15	2.03	2.06	(3)

1 Variance is better/(worse), other than assets and liabilities which is increase/(decrease)

2 Adjusted net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification of funding cost mismatches to non NII. Adjusted net interest income is reported net interest income less trading book funding cost, Treasury currency management activities, cash collateral and prime services

3 Change is the basis points (bps) difference between the two periods rather than the percentage change. Net interest margin has been re-presented due to the revision to Adjusted net interest income as outlined in footnote 2

4 Adjusted net interest income divided by average interest-earning assets, annualised

Page 15

Financial review continued

Adjusted net interest income was up 1 per cent compared to 2024 as the benefit from higher volumes and improved balance sheet mix was partly offset by the impact of lower rates and margins. Net interest margin was 3 basis points lower as the impact of falling rates and margin compression was partially offset by better asset and deposit mix.

Average interest-earning assets were up 2 per cent compared to 2024 driven by growth in Global Banking, Mortgages and Wealth Lending partially offset by reduction in Treasury assets and Trade and Working Capital. Gross yields decreased 69 basis points compared to the prior year due to the fall in benchmark interest rates. Average interest-bearing liabilities increased 8 per cent on the prior year from strong growth in customer accounts, primarily in WRB Term and CASA deposits. The rate paid on liabilities decreased 79 basis points compared with the average in the prior year, reflecting the impact of interest rate movements and improved liability mix.

Credit risk summary

Income Statement (Underlying view)

	Q4'25 $million	Q4'24 $million	Change¹ %	Q3'25 $million	Change¹ %	FY'25 $million	FY'24 $million	Change¹ %
Total credit impairment charge / (release)²	145	130	12	195	(26)	676	557	21
Of which stage 1 and 2²	62	172	(64)	55	13	296	371	(20)
Of which stage 3²	83	(42)	(298)	140	(41)	380	186	104

1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods

2 Refer to Credit Impairment charge table in Risk review section for reconciliation from underlying to reported credit impairment

Balance sheet

	31.12.25 $million	30.09.25 $million	Change¹ %	30.06.25 $million	Change¹ %	31.12.24 $million	Change¹ %
Gross loans and advances to customers²	290,849	289,609	0	291,811	0	285,936	2
Of which stage 1	275,062	271,026	1	273,155	1	269,102	2
Of which stage 2	9,823	12,975	(24)	12,520	(22)	10,631	(8)
Of which stage 3	5,964	5,608	6	6,136	(3)	6,203	(4)

Expected credit loss provisions	(4,061)	(4,482)	(9)	(5,080)	(20)	(4,904)	(17)
Of which stage 1	(528)	(509)	4	(553)	(5)	(483)	9
Of which stage 2	(446)	(515)	(13)	(465)	(4)	(473)	(6)
Of which stage 3	(3,087)	(3,458)	(11)	(4,062)	(24)	(3,948)	(22)

Net loans and advances to customers	286,788	285,127	1	286,731	0	281,032	2
Of which stage 1	274,534	270,517	1	272,602	1	268,619	2
Of which stage 2	9,377	12,460	(25)	12,055	(22)	10,158	(8)
Of which stage 3	2,877	2,150	34	2,074	39	2,255	28

Cover ratio of stage 3 before/after collateral (%)³	52 / 68	62 / 78	(10) / (10)	66 / 82	(14) / (14)	64 / 78	(12) / (10)
Credit grade 12 accounts ($million)	1,111	1,373	(19)	2,095	(47)	969	15
Early alerts ($million) ⁵	4,303	5,796	(26)	4,485	(4)	5,559	(23)
Investment grade corporate exposures (%)³	74	75	(1)	75	(1)	74	0
Aggregate top 20 corporate exposures as a percentage of Tier 1 capital^3,4	64	63	1	56	8	61	3

1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods

2 Includes reverse repurchase agreements and other similar secured lending held at amortised cost of $8,242 million (30 September 2025: $6,162 million; 30 June 2025: $4,189 million; 31 December 2024: $9,660 million)

3 Change is the percentage points difference between the two points rather than the percentage change

4 Excludes repurchase and reverse repurchase agreements

5 Includes non-purely precautionary early alert balances

Asset quality remained resilient during the year, with an improvement in a number of underlying credit metrics. The Group continues to actively manage the credit portfolio while remaining alert to a volatile and challenging external environment including increased geopolitical tensions and evolving policy changes which may lead to idiosyncratic stress in a select number of geographies and industry sectors.

The credit impairment charge of $676 million was up $119 million year-on-year, of which $95 million relates to debt securities which were a net release of $57 million in 2024 and a charge of $38 million in 2025. The loan loss rate of 19 basis points, which by definition excludes debt securities, remained flat year-on year.

Page 16

Financial review continued

WRB charges of $595 million were $28 million lower reflecting the impact of portfolio optimisation actions. The $59 million charge in Ventures was down $14 million year-on-year as delinquency rates improved in Mox following a change in underlying credit criteria. There was net charge in CIB of $4 million, with a non-repeat of prior year net releases. During the year the non-linearity impact increased by $70 million to $113 million. This reflects an increased probability weighting of the two downside scenarios from 32 per cent as at 31 December 2024 to 41 per cent while the base forecast probability weighting reduced from 68 per cent as at 31 December 2024 to 59 per cent as at 31 December 2025.

The Group retains a China commercial real estate (CRE) management overlay of $36 million and a $47 million overlay for clients who have exposure to the Hong Kong CRE sector. During 2025 the CRE overlays reduced by $11 million for Hong Kong and $34 million for China primarily driven by exposure movements and repayments.

Gross stage 3 loans and advances to customers of $6 billion were 4 per cent lower year-on-year as repayments, client upgrades and write-offs more than offset new inflows. Credit-impaired loans represented 2.1 per cent of gross loans and advances, down from 2.2 per cent in the prior year. The stage 3 cover ratio before collateral of 52 per cent decreased by 12 percentage points mainly due to restructuring and lower provisions on inflows as they are covered by credit mitigants. The cover ratio post collateral at 68 per cent decreased 10 percentage points as some of the stage 3 inflows are now being covered by guarantees and credit insurance which are not classified as tangible collateral.

Early alert exposures at $4.3 billion reduced by $1.3 billion year-on-year primarily from migrations into credit grade 12, while credit grade 12 balances remained around $1 billion as new inflows were largely offset by sovereign client upgrades.

The proportion of investment grade corporate exposures of 74 per cent was broadly stable year-on-year.

Restructuring, FFG, DVA and Other items

	FY'25					FY'24					Q4'25
	Restruc- turing $million	FFG $million	DVA $million	Net loss on businesses disposed of/ held for sale $million	Other items $million	Restruc- turing¹ $million	FFG¹ $million	DVA $million	Net loss on businesses disposed of/ held for sale² $million	Other items³ $million	Restruc- turing $million	FFG $million	DVA $million	Net loss on businesses disposed of/ held for sale $million	Other items $million
Operating income	(24)	-	(31)	(10)	113	103	-	(24)	(232)	-	(21)	-	(9)	(5)	113
Operating expenses	(289)	(510)	-	-	(158)	(456)	(156)	-	-	(100)	(103)	(223)	-	-	(158)
Credit impairment	4	-	-	-	-	10	-	-	-	-	(3)	-	-	-	-
Other impairment	(2)	(21)	-	-	-	-	-	-	-	-	(1)	(10)	-	-	-
Profit from associates and joint ventures	(9)	-	-	-	-	58	-	-	-	-	(1)	-	-	-	-
Profit/(loss) before taxation	(320)	(531)	(31)	(10)	(45)	(285)	(156)	(24)	(232)	(100)	(129)	(233)	(9)	(5)	(45)

1 FFG (Fit for Growth) charge previously reported within Restructuring has been re-presented as a separate item

2 Net loss on businesses disposed of/ held for sale 2024 includes $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal

3 Other items include $100 million charge relating to Korea equity-linked securities (ELS) portfolio

The Group's reported performance is adjusted for profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/ or exceptional transactions that are significant or material in the context of the Group's normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing underlying performance period-by period.

Restructuring charges of $320 million, reflect the impact of actions to transform the organisation to improve productivity, primarily additional redundancy charges, simplifying technology platforms and business exits.

During 2025 charges related to the Fit for Growth programme totalled $531 million. Movements in the Debit Valuation Adjustment (DVA) were a negative $31 million driven by the tightening of the Group's asset swap spreads.

Other items charge of $45 million reflect mainly a $113 million gains on the sale of property, charges booked for the participation in a compensation scheme recommended by the Korean Financial Supervisory Service and the settlement of a legal case relating to section 90A of the UK Financial Service Market Act.

Page 17

Financial review continued

Balance sheet and liquidity

	31.12.25 $million	30.09.25 $million	Change¹ %	30.06.25 $million	Change¹ %	31.12.24 $million	Change¹ %
Assets
Loans and advances to banks	43,901	45,612	(4)	42,386	4	43,593	1
Loans and advances to customers	286,788	285,127	1	286,731	-	281,032	2
Other assets	589,266	582,911	1	584,819	1	525,063	12
Total assets	919,955	913,650	1	913,936	1	849,688	8
Liabilities
Deposits by banks	30,846	30,003	3	30,883	-	25,400	21
Customer accounts	530,161	526,284	1	517,390	2	464,489	14
Other liabilities	304,362	304,143	-	310,993	(2)	308,515	(1)
Total liabilities	865,369	860,430	1	859,266	1	798,404	8
Equity	54,586	53,220	3	54,670	-	51,284	6
Total equity and liabilities	919,955	913,650	1	913,936	1	849,688	8
Advances-to-deposits ratio (%)²	51.4	50.7		51.0		53.3
Liquidity coverage ratio (%)	155	151		146		138

1 Variance is increase/(decrease)comparing current reporting period to prior reporting periods

2 The Group excludes $8,474 million held with central banks (30 September 2025: $8,956 million, 30 June 2025: $14,239 million and 31 December 2024: $19,187 million) that has been confirmed as repayable at the point of stress. Advances exclude repurchase agreement and other similar secured lending of $8,243 million (30 September 2025: $6,162 million, 30 June 2025: $4,189 million and 31 December 2024: $9,660 million) and include loans and advances to customers held at fair value through profit or loss of $12,355 million (30 September 2025: $9,421 million, 30 June 2025: $8,119 million and 31 December 2024: $7,084 million). Deposits include customer accounts held at fair value through profit or loss of $19,414 million (30 September 2025: $24,545 million, 30 June 2025: $24,958 million and 31 December 2024: $21,772 million)

The Group's balance sheet remains strong, liquid and well diversified:

Loans and advances (L&A) to customers increased 2 per cent, or $6 billion, to $287 billion as at 31 December 2025. Excluding a $7 billion increase from currency translation and the $14 billion reduction in Treasury and securities backed loans held to collect, the underlying growth was $13 billion or 5 per cent. The underlying growth is primarily driven by Global Banking in CIB and Wealth Lending and Mortgages in WRB.

Customer accounts of $530 billion increased by $66 billion or 14 per cent. Excluding a $8 billion increase from currency translation, customer accounts increased by $58 billion, or 12 per cent. This was primarily driven by a $31 billion increase in WRB term and CASA deposits from targeted campaigns and a focus on attracting new to bank affluent clients and net new money. There was also a $13 billion increase in Transaction Services from CASA inflows and a $7 billion increase in corporate term deposits from Treasury management activities. Deposit from banks increased by 21 per cent reflecting balance sheet management activities across a number of markets.

Other assets increased by $64 billion from 31 December 2024, with a $14 billion increase in cash and balances with central banks, a $22 billion increase in investment securities primarily debt securities, a $22 billion increase in non-financial assets mainly an increase in precious metals inventory and price, and a $18 billion increase in financial assets held at fair value through profit or loss. The increases were partly offset by a $16 billion reduction in derivative financial instruments.

Other liabilities decreased 1 per cent or $4 billion from 31 December 2024, with a $14 billion decrease in derivative balances partly offset by an increase of $4 billion in financial liabilities held at fair value through profit and loss and a $8 billion increase in debt securities in issue.

The advances-to-deposits ratio dropped around 2 percentage points year-on-year to 51.4 per cent. The point-intime LCR of 155 per cent increased 17 percentage points year-on-year due to balance sheet growth and ongoing Treasury liquidity management actions. It remains well above the minimum regulatory requirement of 100 per cent.

Risk-weighted assets

	31.12.25 $million	30.09.25 $million	Change¹ %	30.06.25 $million	Change¹ %	31.12.24 $million	Change¹ %
By risk type
Credit risk	192,145	191,074	1	191,348	-	189,303	2
Operational risk	35,223	32,578	8	32,578	8	29,479	19
Market risk	30,663	34,726	(12)	35,758	(14)	28,283	8
Total RWAs	258,031	258,378	(0)	259,684	(1)	247,065	4

1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods

Page 18

Financial review continued

Total risk-weighted assets (RWA) of $258 billion increased $11 billion or 4 per cent in comparison to 31 December 2024.

Credit risk RWA increased by $2.8 billion to $192.1 billion. This was driven by an increase of $6.4 billion in asset growth, quality and mix, a $1.0 billion increase in derivatives and a $3.9 billion increases from foreign currency translation. The increase was partly offset by a decrease of $7.4 billion from optimisation actions and $1.1 billion reduction from model changes.

Operational risk RWA increased by $5.7 billion to $35.2 billion driven by an increase in average income as measured over a rolling three-year time horizon. 2025 includes a $3.1 billion increases relating to average income for the years 2022 to 2024 and a $2.6 billion increase relating to the average income for the years 2023 to 2025 as the Group is now performing the annual operational risk RWA computation in the fourth quarter of the current year rather than the first quarter of the following year.

Market risk RWA increased by $2.4 billion to $30.7 billion driven mainly by increase in specific interest rate risk from higher credit trading.

Capital base and ratios

	31.12.25 $million	30.09.25 $million	Change %	30.06.25 $million	Change %	31.12.24 $million	Change¹ %
CET1 capital	36,440	36,594	(0)	37,260	(2)	35,190	4
Additional Tier 1 capital (AT1)	7,509	6,515	15	6,517	15	6,482	16
Tier 1 capital	43,949	43,109	2	43,777	‒	41,672	5
Tier 2 capital	9,278	9,422	(2)	9,504	(2)	11,419	(19)
Total capital	53,227	52,531	1	53,281	‒	53,091	‒
CET1 capital ratio (%)²	14.1	14.2	(4)bps	14.3	(23)bps	14.2	(12)bps
Total capital ratio (%)²	20.6	20.3	30bps	20.5	11bps	21.5	(86)bps
Leverage ratio (%)²	4.7	4.6	8bps	4.7	(1)bps	4.8	(11)bps

1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods

2 Change is percentage points difference between two points rather than percentage change

The Group's CET1 ratio of 14.1 per cent was 12 basis points lower year-on-year and is 3.9 percentage points above the Group's latest regulatory minimum requirement. The Group's Pillar 2A reduced in 2025 post a supervisory review resulting in a 22-basis points reduction in the Group's CET1 requirement.

There was 206 basis points of CET1 accretion from underlying profits, and a further 19 basis points uplift primarily from fair value gains on other comprehensive income, FX, software intangibles and regulatory capital adjustments. This was partly offset by 46 basis points drop from an increase in RWAs.

The Group completed the $1.5 billion share buyback programme announced with the full year 2024 results on 30th July 2025, purchasing 98.2 million shares. The Group subsequently announced a $1.3 billion share buyback programme on 31 July 2025 concurrently with the half year 2025 results, and as of 31 December 2025, the Group had spent $1.1 billion purchasing 53.1 million ordinary shares. Whilst the $1.3 billion share buyback was completed on 26 January 2026 purchasing 62.2 million shares, the entire $1.3 billion is deducted from CET1 in the reporting period. The 2025 share buybacks reduced the CET1 ratio by 113 basis points.

The Board has recommended a final dividend of 49 cents per share or $1,092 million resulting in a total 2025 ordinary dividend of 61 cents a share or $1.38 billion. This, combined with the payments due to AT1 and preference shareholders cost approximately 78 basis points.

The Board has announced a share buyback for up to a maximum consideration of $1.5 billion to further reduce the number of ordinary shares in issue by cancelling the repurchased shares. The terms of the buyback will be published, and the programme will start shortly and is expected to reduce the Group's CET1 ratio in the first quarter of 2026 by 58 basis points.

The Group's UK leverage ratio of 4.7 per cent remains significantly above its minimum requirement of 3.7 per cent.

Page 19

Supplementary financial information

Underlying performance by client segment

	2025					2024¹
	Corporate & Investment Banking	Wealth & Retail Banking	Ventures	Central & other items	Total	Corporate & Investment Banking	Wealth & Retail Banking	Ventures	Central & other items	Total
	$million	$million	$million	$million	$million	$million	$million	$million	$million	$million
Operating income	12,394	8,464	415	(379)	20,894	11,935	8,021	183	(443)	19,696
External	11,718	3,619	416	5,141	20,894	10,480	3,533	184	5,499	19,696
Inter-segment	676	4,845	(1)	(5,520)	-	1,455	4,488	(1)	(5,942)	-
Operating expenses	(6,509)	(4,982)	(461)	(395)	(12,347)	(6,334)	(4,749)	(460)	(247)	(11,790)
Operating profit/(loss) before impairment losses and taxation	5,885	3,482	(46)	(774)	8,547	5,601	3,272	(277)	(690)	7,906
Credit impairment	(4)	(595)	(59)	(18)	(676)	120	(623)	(73)	19	(557)
Other impairment	(6)	(4)	(23)	(9)	(42)	(290)	(112)	(18)	(168)	(588)
Profit/(loss) from associates and joint ventures	-	-	(39)	110	71	-	-	(17)	67	50
Underlying profit/(loss) before taxation	5,875	2,883	(167)	(691)	7,900	5,431	2,537	(385)	(772)	6,811
Restructuring & Other items^2,5	(525)	(456)	(4)	48	(937)	(234)	(315)	(3)	(245)	(797)
Reported profit/(loss) before taxation	5,350	2,427	(171)	(643)	6,963	5,197	2,222	(388)	(1,017)	6,014
Total assets	516,923	130,489	8,335	264,208	919,955	485,680	122,357	6,259	235,392	849,688
Of which: loans and advances to customers	205,493	126,980	2,660	14,453	349,586	197,582	119,263	1,388	21,324	339,557
loans and advances to customers	142,698	126,978	2,659	14,453	286,788	139,063	119,257	1,388	21,324	281,032
loans held at fair value through profit or loss (FVTPL)³	62,795	2	1	-	62,798	58,519	6	-	-	58,525
Total liabilities	491,976	256,332	6,276	110,785	865,369	477,385	220,416	5,277	95,326	798,404
Of which: customer accounts⁴	319,670	252,033	5,773	7,698	585,174	297,690	216,662	5,028	3,883	523,263
Risk-weighted assets	175,921	56,782	4,903	20,425	258,031	169,403	57,287	2,406	17,969	247,065
Income return on risk-weighted assets (%)	7.0	14.6	12.3	(1.8)	8.1	7.2	13.7	8.7	(2.0)	7.9
Underlying return on tangible equity (%)	15.8	25.5	nm	(17.3)	14.7	14.9	20.7	nm	(15.7)	11.7
Cost to income ratio (%)	52.5	58.9	nm	nm	59.1	53.1	59.2	nm	nm	59.9

1 Segment results have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025.

2 Other items 2025 include gains on sale of office space and an additional provision with respect to a proposed penalty amount with regards to the Korea equity-linked securities (ELS) matter and the settlement of a litigation matter. Other items 2024 include $100 million charge relating to Korea equity-linked securities (ELS) portfolio, $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal. Refer Restructuring, FFG (Fit for Growth), DVA and Other items table in Finance review section.

3 Loans held at FVTPL includes $50,443 million (2024: $51,441 million) of reverse repurchase agreements.

4 Customer accounts includes $19,414 million (2024: $21,772 million) of FVTPL and $35,559 million (2024: $37,002 million) of repurchase agreements.

5 Restructuring, FFG (Fit for Growth), DVA, Other items have been combined and now disclosed as one line item i.e. "Restructuring and Other items"

Page 20

Supplementary financial information continued

Corporate & Investment Banking

	Q4'25	Q4'24^3,4	Change¹	Constant currency change^1,2	Q3'25	Change¹	Constant currency change^1,2	FY'25	FY'24^3,4	Change¹	Constant currency change^1,2
	$million	$million	%	%	$million	%	%	$million	$million	%	%
Transaction Services	1,521	1,666	(9)	(9)	1,488	2	3	6,005	6,434	(7)	(7)
Payments & Liquidity	1,065	1,193	(11)	(11)	1,016	5	5	4,155	4,605	(10)	(10)
Securities & Prime Services	173	161	7	9	166	4	5	648	611	6	7
Trade & Working Capital	283	312	(9)	(10)	306	(8)	(7)	1,202	1,218	(1)	(1)
Global Banking	545	500	9	7	588	(7)	(8)	2,229	1,935	15	15
Lending & Financial Solutions	481	434	11	9	496	(3)	(3)	1,905	1,677	14	13
Capital Markets & Advisory	64	66	(3)	(5)	92	(30)	(32)	324	258	26	26
Global Markets	660	773	(15)	(15)	848	(22)	(22)	3,863	3,450	12	12
Macro Trading	499	654	(24)	(24)	678	(26)	(26)	3,116	2,852	9	9
Credit Trading	138	138	-	-	206	(33)	(32)	753	644	17	17
Valuation & Other Adj	23	(19)	nm	nm	(36)	164	164	(6)	(46)	87	87
Treasury & Other	115	(108)	nm	nm	46	150	153	297	116	156	163
Operating income⁴	2,841	2,831	-	-	2,970	(4)	(4)	12,394	11,935	4	4
Operating expenses	(1,771)	(1,777)	-	1	(1,583)	(12)	(12)	(6,509)	(6,334)	(3)	(2)
Operating profit before impairment losses and taxation	1,070	1,054	2	2	1,387	(23)	(23)	5,885	5,601	5	6
Credit impairment	46	56	(18)	(18)	(64)	172	173	(4)	120	(103)	(104)
Other impairment	(2)	(136)	99	99	(4)	50	50	(6)	(290)	98	98
Underlying profit before taxation	1,114	974	14	15	1,319	(16)	(16)	5,875	5,431	8	9
Restructuring & Other items	(234)	(121)	(93)	(90)	(145)	(61)	(63)	(525)	(234)	(124)	(123)
Reported profit before taxation	880	853	3	4	1,174	(25)	(25)	5,350	5,197	3	4
Total assets	516,923	485,680	6	6	499,829	3	3	516,923	485,680	6	6
Of which: loans and advances to customers^⁵	205,493	197,582	4	2	202,157	2	1	205,493	197,582	4	2
Total liabilities	491,976	477,385	3	2	494,081	-	-	491,976	477,385	3	2
Of which: customer accounts^⁶	319,670	297,690	7	6	329,011	(3)	(3)	319,670	297,690	7	6
Risk-weighted assets	175,921	169,403	4	nm	175,434	-	nm	175,921	169,403	4	nm
Income return on risk-weighted assets (%)^⁷	6.4	6.6	(20)	nm	6.8	(40)	nm	7.0	7.2	(20)	nm
Underlying return on tangible equity (%)^⁷	11.6	10.4	120	nm	13.1	(150)	nm	15.8	14.9	90	nm
Cost to income ratio (%)^⁸	62.3	62.8	0.5	0.9	53.3	(9.0)	(9.2)	52.5	53.1	0.6	0.9

1 Variance is better/(worse), except for risk-weighted assets, assets and liabilities which is increase/(decrease)

2 Comparisons presented on the basis of the current period's transactional currency rate, ensuring like-for-like currency rates between the two periods

3 Segment results have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025

4 Products have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025

5 Loans and advances to customers includes FVTPL and reverse repurchase agreements

6 Customer accounts includes FVTPL and repurchase agreements

7 Change is the basis points (bps) difference between the two periods rather than the percentage change

8 Change is the percentage points difference between the two periods rather than the percentage change

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.

Segment overview

Our strong and deep local presence enables us to co‑create bespoke financing solutions and connect our clients multilaterally to investors, suppliers, buyers and sellers. Our products and services enable our clients to move capital, manage risk and invest to create wealth. Our clients represent a large and important part of the economies we serve. CIB is at the heart of the Group's shared purpose to drive commerce and prosperity through our unique diversity.

We are also committed to promoting sustainable finance in our markets and channelling capital to where the impact will be greatest. We are delivering on our ambition to support sustainable economic growth, increasing support and funding for financial offerings that have a positive impact on our communities and environment.

Page 21

Supplementary financial information continued

Business focus

• Deliver sustainable growth for clients by leveraging our unique network to facilitate trade, capital and investment flows across our footprint markets.

• Generate high-quality returns by improving income mix, growing capital-lite income, expanding our wallet share, and driving balance sheet velocity, while maintaining disciplined risk management.

• Be a digital-first and data-driven bank that delivers enhanced client experiences.

• Accelerate our sustainable finance offering to our clients through product innovation and enabling transition to a low-carbon future.

Progress

• Our underlying income performance was driven by our diversified product suite, expanded client solutions and optimised resource allocation by focusing on clients whose cross-border needs played directly to our strengths. Our cross-border income was 61.5 per cent of total CIB income with growth across strategic corridors.

• We increased the share of income from our financial institution income as a percentage of total CIB income, from 51 per cent in 2024 to 54 per cent in 2025. Client Digital Transaction Initiation stood at 72.1 per cent (2024: 68.3 per cent) largely in Cash, Trade and FX. Client experience remained at the centre of our digital transformation, with our Customer Satisfaction Score improving to 76.5 per cent (2024: 71.6 per cent).

• We have delivered $1.07 billion sustainable finance income, achieving our target of $1 billion income by 2025, and have mobilised $157 billion against our commitment to mobilise $300 billion of sustainable finance by 2030.

Performance highlights

• Underlying profit before tax of $5,875 million increased by 9 per cent at constant currency driven by higher income, and lower impairment charge partially offset by higher operating expenses.

• Underlying operating income of $12,394 million increased by 4 per cent at constant currency primarily driven by strong performance in Global Markets and Global Banking. Global Markets increased 12 per cent driven by continued strong growth in flow income (up 15 per cent) and growth in episodic income (3 per cent). Global Banking increased 15 per cent due to higher origination and distribution volumes from strong pipeline execution, coupled with increased Capital Markets activities. Transaction Services income decreased 7 per cent as growth in Securities & Prime Services was offset by lower Payments & Liquidity and Trade & Working Capital incomes.

• Underlying operating expenses were up by 2 per cent at constant currency largely due to strategic business investments and higher performance-related pay.

• Credit impairment was a net charge of $4 million as the gross impairments were offset by recoveries. Other impairment decreased by $284 million year-on year due to non-repeat of software asset write-offs.

• RWAs of $175.9 billion were up $6.5 billion, mainly driven by higher operational and market RWA. Credit RWA increase from asset growth was offset by RWA optimisation actions.

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Supplementary financial information continued

Wealth & Retail Banking

	Q4'25	Q4'24^3,4	Change¹	Constant currency change^1,2	Q3'25	Change¹	Constant currency change^1,2	FY'25	FY'24^3,4	Change¹	Constant currency change^1,2
	$million	$million	%	%	$million	%	%	$million	$million	%	%
Wealth Solutions	677	562	20	20	890	(24)	(24)	3,086	2,490	24	24
Investment Products	553	452	22	22	691	(20)	(20)	2,347	1,827	28	28
Bancassurance	124	110	13	13	199	(38)	(37)	739	663	11	12
Deposits & Mortgages	1,050	1,058	(1)	(1)	1,034	2	2	4,080	4,170	(2)	(2)
CCPL & Other Unsecured Lending	264	270	(2)	(2)	277	(5)	(4)	1,080	1,081	-	-
Treasury & Other	59	151	(61)	(62)	51	16	14	218	280	(22)	(23)
Operating income⁴	2,050	2,041	-	-	2,252	(9)	(9)	8,464	8,021	6	6
Operating expenses	(1,341)	(1,327)	(1)	(1)	(1,212)	(11)	(11)	(4,982)	(4,749)	(5)	(5)
Operating profit before impairment losses and taxation	709	714	(1)	(1)	1,040	(32)	(32)	3,482	3,272	6	7
Credit impairment	(156)	(176)	11	11	(107)	(46)	(48)	(595)	(623)	4	4
Other impairment	2	(74)	103	101	(3)	167	133	(4)	(112)	96	96
Underlying profit before taxation	555	464	20	20	930	(40)	(41)	2,883	2,537	14	14
Restructuring & Other Items	(257)	(77)	nm	nm	(69)	nm	nm	(456)	(315)	(45)	(47)
Reported profit before taxation	298	387	(23)	(22)	861	(65)	(66)	2,427	2,222	9	10
Total assets	130,489	122,357	7	4	131,164	(1)	-	130,489	122,357	7	4
Of which: loans and advances to customers⁵	126,980	119,263	6	4	127,423	-	-	126,980	119,263	6	4
Total liabilities	256,332	220,416	16	14	250,884	2	2	256,332	220,416	16	14
Of which: customer accounts⁶	252,033	216,662	16	14	246,528	2	2	252,033	216,662	16	14
Risk-weighted assets	56,782	57,287	(1)	nm	58,373	(3)	nm	56,782	57,287	(1)	nm
Income return on risk-weighted assets (%)⁷	14.1	14.1	-	nm	15.6	(150)	nm	14.6	13.7	90	nm
Underlying return on tangible equity (%)⁷	17.4	14.1	330	nm	35.6	(1,820)	nm	25.5	20.7	480	nm
Cost to income ratio (%)⁸	65.4	65.0	(0.4)	(0.3)	53.8	(11.6)	(11.8)	58.9	59.2	0.3	0.6