Record Annual Income and Strong Profitability
Record annual income of $20.9 billion (management: +8% YoY). Underlying profit before tax of $7.9 billion, up 18% YoY, and underlying return on tangible equity (RoTE) of 14.7% (includes ~70 bps from Ventures). Reported profit before tax was $7.0 billion and statutory RoTE was 11.9%.
Non-Interest Income Momentum
Non-NII increased 13% YoY (17% excluding notable items), driven by Wealth Solutions, Global Markets and Global Banking; SOLV transaction gains also contributed.
Wealth Solutions Outperformance
Wealth Solutions income grew 24% YoY. Record net new money of $52 billion in 2025 (14% growth in affluent AUM), affluent net new money of $10 billion in Q4, affluent AUM approximately $447 billion, 275,000 new-to-bank affluent clients onboarded and 300,000 clients up‑tiered.
CIB and Segment Growth
Corporate & Institutional Banking (CIB) income of $12.4 billion (+4% YoY). Global Banking up 15% and Global Markets up 12% for the year, underpinned by diversified network services and flow income growth.
Net Interest Income and Balance Sheet Trends
Full year NII of $11.2 billion (+1% YoY). Underlying customer deposits grew 12% YoY with improvements in CASA and term deposits across WRB and CIB; risk-weighted assets $258 billion (+4% YoY).
Cost Discipline and Productivity
Operating expenses up 4% YoY; positive income-to-cost jaws of 4% and underlying cost/income ratio improved 80 bps to 59%. Fit for Growth has delivered ~ $700 million CTA spent and ~ $700 million run-rate savings to date.
Capital Returns and Shareholder Distributions
Announced $1.5 billion share buyback and proposed full year dividend per share up 65% YoY. Since Feb 2024, $9.1 billion of shareholder distributions announced, exceeding the $8 billion target ahead of schedule. CET1 ratio closed at 14.1% (pro forma ~13.5% after buyback).
Digital Banks and Ventures Progress
Mox customer base +15% YoY to ~750,000; Trust Bank customers +15% YoY to over 1 million ( >20% share of Singapore adult population). Unrealized gains in Ventures (Ripple, Toss) contributed ~70 bps to underlying RoTE in 2025.