HSBC and Standard Chartered have not yet released their 2025 results, so Tricumen estimated the banks 4Q25 performance. Banks’ operating revenue exceeded $180bn, up 12% from FY24. Transaction revenues surged, supported by strong brokerage fee inflows. Investment management fees – particularly advisory – also contributed meaningfully, though growth lagged the 20% increase in AuM. Net interest income advanced modestly, driven mainly by strong Lombard and securities‑based lending. The aggregate pre‑tax margin improved by 200bps to 25%. Regionally, AMER and APAC maintained the strong earnings momentum seen earlier in the year, while EMEA grew at a much slower pace. Several banks