HSBC lifts full-year outlook for 2025

HSBC HOLDINGS RAISED its profitability outlook for 2025 even as quarterly earnings slid after it had to set aside $1.1 billion to cover litigation by investors who lost money in Bernard Madoff’s fraud.

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Pretax profit for the thirdquarter fell 14% to $7.3 billion as litigation expenses blunted rising earnings from its key wealth management business.

Still, revenue for the period topped estimates. As a result, HSBC now expects to deliver a “mid-teens orbetter” return on tangible equity for the year as wellas higher-than-previously expected net interest income.