Group Chairman reflects on ‘excellent’ shareholder returns
Our strong financial performance in 2025 enabled us to deliver an “excellent” total return to shareholders, Group Chairman Brendan Nelson told our informal shareholders’ meeting (ISM) in Hong Kong.
The meeting, held at the Hopewell Hotel in Wan Chai, is an annual opportunity for our senior leadership to engage with retail shareholders in the city.
In his first ISM as Group Chairman, Brendan said: “Our 2025 performance was strong, generating significant profits.
“This enabled us to reward you with a higher dividend, which, in addition to the increase in the share price, delivered an excellent total shareholder return for the year.”
He said that our strategy, aimed at delivering “focused sustainable growth”, is working, and thanked shareholders for their continued trust and loyalty.
“The Board and the management team are fully aligned in our shared commitment to ensure that the strong financial performance and returns for you, our loyal shareholders, continue in the years to come,” he said.
On stage alongside Brendan were Group CEO Georges Elhedery; Peter Wong, Chairman of The Hongkong and Shanghai Banking Corporation; David Liao, our Co-CEO, Asia and Middle East; and Maggie Ng, HSBC Hong Kong CEO.
Other topics covered at the meeting
Brendan paid tribute to his predecessor, Sir Mark Tucker, for his “strong leadership and exemplary commitment to the Group”.
“For my part, I am privileged to be part of this remarkable institution and to have this opportunity to be with you in Hong Kong - our spiritual home,” he added.
He reflected on our US$13.7 billion investment in the privatisation of Hang Sang Bank, describing it as a “significant milestone in our history”.
“We have brought together two seminal institutions that have served Hong Kong for generations. We are absolutely committed to building on that valued legacy.”
Turning to our financial performance, he said that, in total, we had returned US$18.9 billion to shareholders in respect of 2025, through dividends and buybacks.
“Dividends paid in 2025, together with a more than 49% increase in the share price, delivered a total shareholder return for the year of more than 57%,” he said.
In addressing the Iran conflict and the impact on the Gulf and broader region, Brendan said: “As the international bank with the longest and deepest heritage in the Middle East, with roots going back 135 years, our thoughts are with all those who are affected.
“We are confident in the Gulf States, in the long-term strength, resilience and promise of the region, and we remain invested in its future and in the opportunities that lie ahead for its people, businesses, and economies.”
Georges Elhedery, Group CEO
In his speech, Georges reflected on a fast-changing world in which “the demand for globally connected financial services is increasing”.
“That is why the decisive action we have been taking positions us directly for these structural shifts,” he said.
Discussing our 2025 performance, he said: “We have now aligned our structure with our strategy and strengthened our four complementary businesses.
“Each business performed well, growing both revenue and deposits. And all four delivered RoTE of mid-teens or better.
“Growth accelerated in areas of core strength, and we are investing to enhance innovation, productivity and customer experience.”
Georges discussed the continued simplification of HSBC, and the actions that “will enable us to deliver the US$1.5 billion of simplification saves we promised [shareholders] – six months ahead of plan”.
He also touched on our medium-term efforts to exit non-strategic or low returning activities.
“This initiative is now expected to release US$1.8 billion of incremental investment capacity, which we are already reallocating to areas of competitive strength.”
He said these included growth opportunities in Hong Kong, such as tokenised assets and real time payments – and cited our receipt of a stablecoin licence from the Hong Kong Monetary Authority.
“2025 was a year in which we moved forward with clarity, discipline and confidence,” he said.
Peter Wong, Chairman of The Hongkong and Shanghai Banking Corporation
Speaking in Cantonese, Peter talked about the importance of The Hongkong and Shanghai Banking Corporation to HSBC, adding: “It has always been the Group's largest source of profit.”
He called the completion of the privatisation of Hang Seng Bank “one of the largest mergers and acquisitions in the banking industry in Hong Kong” and a “very important long-term investment”.
Thanking the audience for their “continued support”, he added: “I believe many of you here were Hang Seng shareholders or customers… We will work even harder to create greater value for our shareholders.”
In his speech, Peter also reflected on the important role that Hong Kong plays.
“We remain very confident in Hong Kong's prospects and will continue to invest in Hong Kong,” he said.
He highlighted ways in which we served customers and the community last year, including through the opening of three wealth centres and two branches, and spoke about our support following the fire in Tai Po, which included a total donation of HK$30 million from HSBC and Hang Seng Bank.
“HSBC will continue to focus on growth, efficiency and risk management, to achieve more stable and sustainable returns for shareholders,” he added.
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