Goldman Sachs issued a report stating that HSBC Holdings (00005.HK) announced its fourth-quarter results at noon today, with pre-tax profit reaching US$8.6 billion, significantly exceeding Goldman Sachs' and market expectations. This was primarily driven by strong growth in net interest income and lower-than-expected provisions. The bank's net interest income was boosted by rising HKD interbank rates and low sensitivity of savings deposits. Asset quality also demonstrated resilience, with credit costs at only 37 basis points and limited provisions related to Hong Kong Commercial Real Estate (CRE). Operating costs were broadly in line with expectations, and the Common Equity Tier 1 (CET1) ratio reached 14.9%, higher than market expectations. The board announced a total annual dividend of 75 US cents per share, exceeding the market consensus of 72 US cents per share. Goldman Sachs noted that HSBC Holdings announced new three-year targets: revenue growth of 5% annually until 2028, a return on tangible equity (ROTE) of 17% or better annually, and a dividend payout ratio maintained at 50% of earnings per share. Looking ahead to 2026, management expects net interest income to reach at least US$45 billion, credit costs to remain at 40 basis points, operating costs to increase by only 1%, and the capital adequacy ratio to stay within the 14% to 15% range.