UBS maintains its neutral opinion on the stock, although raises its target price to 1035 pence (from 980 pence).

UBS highlights the solid Q3 results, driven by improved net interest margins in the banking sector and market-indexed commissions and wealth management.

"After adjusting for the Hang Seng offer and third-quarter results, the target price rises by around 5%, and we maintain our Neutral position," UBS said.

The group confirmed its target of adjusted RoTE in the mid-teens or better for 2025, 2026, and 2027. It also raised its banking net interest income (NII) forecast to $43bn, or more, for 2025 (vs. $32.4bn over nine months), in line with expected rate developments in its key markets.