[HSBC] HSBC: Q3 2026 Net Interest Income Test for the $46bn Guidance

HSBC Holdings, a London-headquartered international bank whose two home markets are Hong Kong and the UK, earns most of its profit from deposit spreads, wealth management and corporate transaction banking, and it plans to release results for the Third quarter of 2026 (three months ended 30 September 2026) on 2026-10-27[1]. In the latest disclosed quarter, the second quarter of 2026, HSBC reported revenue of $19.118bn, banking net interest income of $11.643bn, up 9% year on year, and wealth fee and other income of $2.765bn, up 22%[2], alongside profit before tax of $10.146bn and an expected credit loss (ECL) charge of $1.052bn[3]; its common equity tier 1 (CET1) ratio stood at 14.1% at the end of June[4]. On 4 August management raised HSBC's net interest income guidance for full-year 2026 banking NII from around $46bn to at least $46bn, and kept its targets of around 1% target-basis cost growth, credit costs of around 45 basis points and a CET1 operating range of 14% to 14.5%[5][6]. A company-compiled consensus of 13 analysts dated 4 September puts full-year 2026 banking NII at $46.815bn, revenue at $75.216bn, the ECL charge at $4.460bn, profit before tax at $37.998bn and the year-end CET1 ratio at 14.2%[7].

Three things matter most in these results. The first is whether third-quarter banking NII reaches about $11.55bn, the average each remaining quarter needs to deliver after $22.896bn in the first half for the year to hold $46bn; part of the second-quarter gain came from large short-term deposit inflows and from the Hong Kong interbank rate (HIBOR) rising from about 2.5% to 2.7%-2.8%[8], and whether those factors persist decides how much room the guidance has. The second is whether wealth fee and other income keeps growing at double-digit rates after the mainland issued its draft rules applying overseas direct investment requirements to individuals on 21 August; management said in September that it had not yet seen a shift in product demand[9], and the third quarter is the first set of numbers that can test that claim. The third is whether the ECL charge stays at or below the second quarter's $1.052bn while the CET1 ratio holds inside its target range and the buyback of up to $1bn completes on schedule before the third-quarter results[10]; the annualised first-half credit cost of 0.47% is already above full-year guidance and a 14.1% capital ratio sits at the bottom of the range, so together they decide the quality of earnings and whether shareholder returns can recover.

Company Background and Business Structure

HSBC is an international banking group with two home markets, Hong Kong and the UK, that also runs cross-border corporate banking and wealth businesses. The group is headquartered in London, traces its origins to The Hongkong and Shanghai Banking Corporation founded in Hong Kong in 1865, and lists American depositary shares in New York; since 2025 it has reported four businesses, Hong Kong, UK, Corporate and Institutional Banking (CIB) and International Wealth and Premier Banking (IWPB), plus a Corporate Centre[11]. On 26 January 2026 HSBC completed the privatisation of Hang Seng Bank, which became a wholly owned subsidiary[12]; the group is also selling or exiting several non-core businesses, including insurance in Singapore, retail banking in Australia, Egypt and Indonesia, and its business in Malta[13].

On a constant currency basis for the first half of 2026, CIB was the group's largest profit source, while the Hong Kong business was the most efficient. Revenue and profit before tax were $8.132bn and $5.138bn for Hong Kong, 26.3% of group profit before tax; $6.530bn and $3.332bn for the UK, 17.1%; $15.609bn and $7.250bn for CIB, 37.1%; and $7.739bn and $2.616bn for IWPB, 13.4%[14]. Over the same period the cost efficiency ratio was 30.2% in Hong Kong, 47.8% in CIB and 61.1% in IWPB[14].

HSBC's balance sheet holds far more deposits than loans, which makes its profit first and foremost a deposit-spread business. At the end of June 2026 customer accounts were $669.7bn in CIB, $536.8bn in Hong Kong, $348.3bn in the UK and $272.6bn in IWPB, a total of $1.83 trillion, against customer loans of only $1.02 trillion, a loan-to-deposit ratio of 55.9%[14][4]. Customers leave current, savings and payment balances with HSBC, the bank deploys that money into loans, interbank placements and securities, and it locks in part of the yield through its structural hedge; on top of that, wealth clients buy funds, structured products and insurance, and corporate clients use foreign exchange, payments, trade finance and securities services, which generates fee income.

Financial History and Current Position

HSBC's reported profit for 2025 was held down by notable items, but underlying earnings still grew. For fiscal 2025 reported revenue was $68.274bn and profit before tax was $29.907bn, down from $32.309bn in 2024[11], mainly because of $2.1bn of dilution and impairment losses related to BoCom, $1.4bn of legal provisions and $1.0bn of restructuring costs[15]. Excluding notable items, constant currency revenue was $71.020bn and profit before tax was $36.617bn, up 5% and 7% respectively, and return on tangible equity was 17.2%, compared with only 13.3% on a reported basis[15][11].

In 2025 the interest, cost and credit lines all landed within management's targets. Full-year banking NII was $44.084bn, above the constant currency 2024 figure of $43.550bn, the reported net interest margin was 1.59% and the credit cost ratio was 0.39%[11]. Target basis operating expenses were $33.464bn, up about 3% from $32.478bn in 2024, in line with that year's cost target[16][15].

HSBC returned a large amount of capital to shareholders in 2025 and still ended the year with ample capital. The full-year dividend was $0.75 per share, or $12.9bn, HSBC also completed $6bn of buybacks for total shareholder returns of $18.9bn, and the year-end CET1 ratio was 14.9%[15].

In the first half of 2026 (the six months to 30 June), both reported and underlying earnings improved. First-half revenue was $37.742bn and profit before tax was $19.522bn, up from $15.810bn in the first half of 2025; banking NII was $22.896bn, return on tangible equity excluding notable items was 19.1%, and the cost efficiency ratio fell from 49.9% to 46.2%[4]. Within that, second-quarter revenue was $19.118bn and profit before tax was $10.146bn[3], while banking NII was $11.643bn, up 9% year on year, and wealth fee and other income was $2.765bn, up 22%[2].

The price of the stronger first half showed up in credit and capital. The first-half ECL charge was $2.353bn, an annualised credit cost of 0.47%, above the full-year guidance of around 45 basis points[14][4][5]. The Hang Seng Bank privatisation cut CET1 by a net 110 basis points in January[12], and the CET1 ratio was 14.1% at the end of June[4]; HSBC bought back no shares in the first half, announced a new buyback of up to $1bn on 4 August, and paid dividends of $0.20 per share for the first half[10][4].

Operating Model

HSBC's revenue splits into an interest line and a fee line, with banking NII making up about 60% of the total. The first line comes from $1.83 trillion of customer deposits funding $1.02 trillion of customer loans plus interbank and securities investments, where the yield on earning assets minus the cost of liabilities produces the spread, and a structural hedge of around $637bn locks in part of the fixed yield[8]; this line was $22.896bn in the first half of 2026[4]. The second line is fee and other income: in the second quarter wealth fee and other income was $2.765bn and wholesale transaction banking was $2.981bn, with further income from debt and equity markets and investment banking[2].

Net interest income is driven by volume times spread, but each variable works on a different timetable. A change in deposit balances alters the pool of earning assets within the same quarter, HIBOR and US dollar and sterling rates feed through floating-rate assets, and the structural hedge rolls over as instruments mature; of the roughly $110bn of maturing instruments due for reinvestment at the start of 2026, about $50bn remained at the half year, so the benefit of reinvesting at higher yields builds quarter by quarter[8]. Wealth fees transmit more directly: fund and structured product sales generate distribution income in the quarter they are made, while new insurance business creates a contractual service margin that is released gradually over several years[17].

Profit before tax equals revenue minus credit losses and operating expenses, plus income from associates, chiefly BoCom. In the first half of 2026 revenue was $37.742bn, the ECL charge was $2.353bn, operating expenses were $17.426bn, the share of associates' profit was $1.559bn and profit before tax was $19.522bn, a cost efficiency ratio of 46.2%[14][4]. The largest expense item is $9.685bn of staff pay, of which performance pay moves with revenue; the annualised savings target from organisational simplification has been raised from $1.5bn to $2bn[6], about $1.8bn of one-off restructuring costs are booked as notable items, and management runs costs on a target basis, aiming for growth of around 1% in 2026 compared with 2025[5].

For a bank, the cash that can go to shareholders is set by the capital ratio rather than by free cash flow. Each quarter's profit, after a 50% dividend accrual, becomes CET1 capital, loan growth adds risk-weighted assets, and the gap between the two sets how much headroom the CET1 ratio has above the 14% to 14.5% target range; that headroom goes to buybacks each quarter after dividends and organic growth[18][5]. In 2025 HSBC paid $12.9bn in dividends and bought back $6bn of shares[15], and risk-weighted assets stood at $906.4bn at the end of June 2026[4].

The model has three limits on what can be observed. The company gives forward guidance on non-GAAP measures that are not reconciled to reported figures; the separate contributions of hedge reinvestment, HIBOR and deposit growth to net interest income are not disclosed quarter by quarter, so they can only serve as explanatory variables; and invested assets, net new money and staged commercial real estate data are disclosed every six months, so a third-quarter judgement depends on management commentary.

Industry and Competitive Position

HSBC is the largest banking group in Hong Kong, and low-cost deposits are its clearest advantage there. After privatising Hang Seng Bank the group runs both the HSBC and Hang Seng brands[12]; management says its share of current and savings deposits is about 20% higher than that of its nearest competitor, so it rarely matches aggressive time-deposit pricing in Hong Kong and the margin impact is relatively small[8].

In the UK and in cross-border business, HSBC relies on scale and network rather than pricing power in a single market. In the UK, HSBC is one of the main retail and corporate banks, with corporate lending up about 10% and mortgages up about 5% in the first half of 2026; in cross-border business, HSBC describes itself as the world's leading trade bank, and about 85% of CIB client revenue comes from clients operating across several jurisdictions[6].

Asian wealth management is HSBC's fastest-growing source of fees. The group holds about $1.1 trillion of wealth balances, and net new money in the first half of 2026 was $64bn, of which $57bn came from Asia, up 32% year on year[6].

Compared with large banks focused on domestic retail customers, HSBC earns a lower net interest margin but has a larger deposit base and is more exposed to Hong Kong dollar rates and cross-border flows. HSBC's reported net interest margin was 1.61% in the first half of 2026[4]; without like-for-like peer data, this comparison shows a structural difference but cannot size the gap.

Core Debates

Can deposit growth and structural-hedge reinvestment keep HSBC's third-quarter banking net interest income on the run-rate its 'at least $46bn' full-year guidance requires?

This line decides whether HSBC's full-year revenue and return targets have any room to spare. Banking NII was $22.896bn in the first half of 2026, about 60% of the $37.742bn of revenue in the period[4]; management first raised full-year guidance to around $46bn in May[19], then changed it to at least $46bn in August, saying the figure already included a buffer for short-term swings in HIBOR and exchange rates[5][6].

The current evidence supports continued growth, but the quality of that growth can be read two ways. Second-quarter banking NII was $11.643bn, above $11.253bn in the first quarter and $10.714bn in the second quarter of 2025[2]; constant currency customer accounts rose by $56bn in the first half, including $53bn in CIB and $8bn in the Hong Kong business[13], and management attributed the growth to higher deposits and to reinvesting the structural hedge at higher yields[20]. The other reading is equally valid: the company acknowledged that second-quarter deposit growth in Hong Kong was strong but lumpy, about half of CIB's $42bn of new deposits in the second quarter came from large short-term inflows[6], and HIBOR's rise from about 2.5% to 2.7%-2.8% also lifted the quarterly figure[8].

The financial transmission behind this debate is clear. Customer deposit balances set the pool of earning assets, the share of current and savings deposits sets the cost of liabilities, HIBOR and US dollar and sterling rates set the yield on floating-rate assets, and maturing structural hedges reinvested at higher yields lift the yield on fixed-income assets; together they produce banking NII, which then passes through costs and credit losses into profit before tax. The reported net interest margin was 1.61% in the first half of 2026, up from 1.57% in the first half of 2025 and 1.59% for full-year 2025[4][11]; for reference, this line was $11.049bn in the third quarter of 2025[21].

What remains unresolved is how much of the second quarter's strength can last. If third-quarter banking NII is no lower than the roughly $11.55bn average the second half requires and above the second quarter's $11.643bn, and constant currency deposits do not fall from $1.83 trillion at the end of June, the guidance has headroom; if HIBOR falls back below 2.5%, short-term CIB deposits flow out at quarter end, or time-deposit competition in Hong Kong raises funding costs, the same guidance would lean more heavily on the fourth quarter. Whether management keeps saying "at least $46bn", and how it describes the contribution of HIBOR and hedge reinvestment, are also direct points to watch[5].

After the mainland tightened rules on cross-border investment, can HSBC's Hong Kong-centred Asian wealth business keep growing fee income at double-digit rates?

Wealth is HSBC's main support for returns once the rate cycle turns. Wealth fee and other income totalled $5.462bn in the first half of 2026, about 14.5% of group revenue[2]; this income uses little capital and is not directly hit by falling rates, and management treats wealth and fee income as the main source of returns after the rate cycle turns.

First-half data show strong wealth growth concentrated in Asia. Second-quarter wealth fee and other income was $2.765bn, up 22% year on year and above $2.697bn in the first quarter[2]; IWPB wealth income grew 18% in the first half, with investment distribution up 37%, mainly from sales of funds and structured products in Asia, and insurance income up 19% as strong new business in Hong Kong lifted the release of contractual service margin[17]. Private bank and retail invested assets rose from $885bn a year earlier to $968bn[22], and first-half net new money was $64bn, of which $57bn came from Asia[6], compared with $86bn for the whole of 2025[23].

The opposing reading is that part of the growth reflects rising markets, while mainland rules could change how clients allocate assets through Hong Kong. After the mainland issued its draft rules applying overseas direct investment requirements to individuals on 21 August, HSBC asked clients with investment accounts to submit declarations by 12 September or have those accounts closed; management said zero-balance accounts were less than 5% of newly opened investment accounts and that it had so far seen no shift in product demand[9]. In terms of transmission, cross-border investment demand from mainland and Hong Kong clients sets new account openings, net new money and sales volumes of funds, structured products and insurance; volume times fee rate produces distribution and brokerage income in the same quarter, while the contractual service margin from new insurance business is released over several years.

This debate can only be tested with third-quarter data. If wealth fee and other income stays above $2.765bn with year-on-year growth above 15%, and net new money keeps the first-half pace of about $32bn a quarter without Asia's share falling, management's view that demand has not shifted is supported; if mainland rules are formalised and widened, cross-border account openings slow, or a market pullback cuts both invested assets and trading activity, that view is weakened. Management's account of account closures after the 12 September declaration deadline and of new mainland client openings is an equally important point to watch.

Will credit stress in Hong Kong commercial real estate and mid-sized companies push HSBC past its roughly 45bp credit-cost guidance for the year?

Credit cost is the line on HSBC's income statement that management controls least this year, and the first half already ran above full-year guidance. The first-half 2026 ECL charge was $2.353bn, an annualised credit cost of 0.47%, above the full-year guidance of around 45 basis points and above 0.42% in the first half of 2025 and 0.39% for full-year 2025[4][11][5].

The first-half overshoot came mainly from individual cases, while Hong Kong commercial real estate itself improved. The first-quarter ECL charge of $1.301bn mainly reflected a $0.4bn fraud-related secondary securitisation exposure with a financial sponsor in the UK and a $0.3bn forward-looking allowance added because of the Middle East conflict[24]; the charge fell to $1.052bn in the second quarter[3], including about $0.2bn related to Hong Kong commercial real estate, down from $0.4bn a year earlier[25]. Stage 3 Hong Kong commercial real estate loans fell from $7.568bn at the end of 2025 to $7.009bn at the end of June 2026[26][27], and the Hong Kong business's first-half ECL charge fell from $857m to $540m[14].

The other reading is that credit stress has simply moved. CIB's first-half ECL charge rose from $313m to $894m[14], and management also pointed to small pockets of stress among mid-sized companies in the UK and Asia linked to energy prices and high interest rates[6]. In terms of transmission, rent and asset-price pressure on non-core Hong Kong office and retail property, together with debt-service pressure on mid-sized companies, pushes corporate loans into Stage 3; new Stage 3 exposure net of collateral becomes specific provisions, which enter the ECL charge together with scenario-weighting adjustments and reduce profit before tax directly.

The third quarter has to show whether the first-half overshoot is behind HSBC. If the third-quarter ECL charge is no higher than the second quarter's $1.052bn and new quarterly provisions for Hong Kong commercial real estate stay at or below $0.2bn, the nine-month credit cost ratio has a path back to around 45 basis points; if prices of non-core Hong Kong office and retail property keep falling, or stress among UK and Asian mid-sized companies spreads beyond isolated cases and CIB records another large individual case, full-year guidance comes under pressure.

After the Hang Seng Bank privatisation absorbed about 110bp of capital, can HSBC grow lending while keeping CET1 in its target range and continuing buybacks?

Since the Hang Seng privatisation, the capital ratio has become the constraint on HSBC's shareholder returns. HSBC completed $6bn of buybacks in 2025 for total shareholder returns of $18.9bn[15], whereas it made no buybacks in the first half of 2026 because of the privatisation, and the buyback of up to $1bn restarted in August is clearly smaller[10].

Current capital data show a narrower buffer, and loan growth is consuming capital. The CET1 ratio fell from 14.9% at the end of 2025 to 14.0% at the end of March 2026, with the Hang Seng Bank privatisation accounting for 1.1 percentage points[28], and recovered to 14.1% at the end of June, at the bottom of the 14% to 14.5% target range[4][5]. Risk-weighted assets rose by $17.8bn in the first half to $906.4bn, mainly because of loan growth in CIB[12]; management said in September that additional profit goes first to the 50% dividend payout, then to supporting loan and risk-weighted asset growth, with residual capital returned through quarterly buybacks[18].

This means that the faster loans grow, the less capital is left for buybacks, so whether HSBC announces a new buyback in the third quarter does not depend on profit alone. In terms of transmission, quarterly profit after a 50% dividend accrual forms CET1 capital, loan growth in CIB, the UK and Hong Kong adds credit risk-weighted assets, and the gap between the two sets the CET1 ratio's headroom over the target range, with the headroom used for buybacks that shrink the share count; moves in the prices of bonds held at fair value through other comprehensive income (FVOCI) or in exchange rates can also pull CET1 down directly.

Whether the CET1 ratio is still within 14% to 14.5% at the end of the third quarter, whether the $1bn buyback completes before the third-quarter results, and whether a new buyback is announced are the most direct tests of this debate. Whether risk-weighted assets grow in step with lending shows whether capital is being consumed by business expansion or by other factors; if CET1 ends the third quarter below 14.1% with no new buyback, the view that capital can support both growth and buybacks is weakened.

Risks and Falsifiers

Cost growth could exceed the full-year target of around 1%, a risk that falls on target basis operating expenses. Management said that if business performance stays strong it may pay more performance-related pay, lifting 2026 target basis cost growth modestly[5][18], while announced business exits will also remove about $2bn of revenue. Target basis operating expenses were $33.464bn in 2025[16] and $16.979bn in the first half of 2026, up about 2.2% from $16.607bn in the first half of 2025[4]; if management keeps its full-year cost growth guidance of around 1% at the third-quarter results and nine-month target basis cost growth slows, this risk is falsified.

Quarterly swings in rates and deposits hit banking net interest income directly. Management acknowledged short-term volatility in HIBOR and exchange rates, aggressive time-deposit pricing in Hong Kong around month-end and quarter-end, and that part of second-quarter deposit growth came from large short-term inflows[8][6]. This line was $11.643bn in the second quarter and $22.896bn in the first half, about 60% of first-half revenue of $37.742bn[2][4]; if third-quarter banking NII is no lower than $11.55bn and constant currency deposits do not fall from the end of June, this risk has not materialised.

Tighter mainland rules on cross-border investment expose wealth fee and other income. The draft rules applying overseas direct investment requirements to individuals, together with tax-reporting requirements, could change how mainland clients allocate assets through Hong Kong, and HSBC has already asked investment account clients to submit declarations[9]. This line was $2.765bn in the second quarter and $5.462bn for the first half[2], and invested assets at The Hongkong and Shanghai Banking Corporation entity were $682bn[22]; if third-quarter wealth fee and other income grows at least 15% year on year and management confirms that new accounts and net new money are keeping their first-half pace, this risk is falsified.

Concentration in wholesale credit is exposed through the ECL charge. Stage 3 Hong Kong commercial real estate loans still total $7.009bn, the ECL allowance held by The Hongkong and Shanghai Banking Corporation against Hong Kong commercial real estate is $2.087bn[27], CIB had a further $0.4bn fraud case in the first half[25], and small pockets of stress have appeared among mid-sized companies in the UK and Asia. The first-half ECL charge was $2.353bn, or 0.47% annualised[4]; if the third-quarter ECL charge is no higher than $1.052bn and Stage 3 Hong Kong commercial real estate loans do not rise again, this risk is falsified.

A thin capital buffer exposes shareholder distributions. The CET1 ratio of 14.1% sits at the bottom of the target range, risk-weighted assets of $906.4bn rise with lending[4], and buybacks only receive the capital left after dividends and growth[18]; buybacks were $6bn in 2025, zero in the first half of 2026 and up to $1bn announced in August[15][10]. If CET1 is no lower than 14.1% at the end of the third quarter and a new buyback is announced, this risk is falsified.

What to Watch Next

The third-quarter results test five lines at once: interest, wealth, credit, capital and costs.

• Net interest income and the at-least-$46bn guidance: second-quarter banking NII was $11.643bn and deposits were $1.83 trillion at the end of June. Watch whether the third quarter reaches the roughly $11.55bn second-half average and whether short-term CIB deposits flow out. At least $11.55bn with stable deposits confirms the current view; a lower figure with falling deposits weakens it.
• Double-digit growth in Asian wealth fees: second-quarter wealth fee and other income was $2.765bn, up 22%, and first-half net new money was $64bn. Watch account closures and mainland client openings after the 12 September declaration deadline. Growth of at least 15% with about $32bn of quarterly net new money confirms the view; growth below 15% weakens it.
• Credit cost of around 45 basis points: the second-quarter ECL charge was $1.052bn and Stage 3 Hong Kong commercial real estate loans were $7.009bn at the end of June. Watch new Hong Kong commercial real estate provisions and large individual cases in CIB and among mid-sized companies. An ECL charge no higher than $1.052bn with no rise in Stage 3 loans confirms the view.
• Capital for both lending and buybacks: the CET1 ratio was 14.1%, risk-weighted assets were $906.4bn and a buyback of up to $1bn is under way. Watch whether the buyback completes before the results and whether a new one is announced. CET1 of at least 14.1% with a new buyback confirms the view; a ratio outside the range or no new buyback weakens it.
• Cost growth of around 1% (a risk item): first-half target basis operating expenses were $16.979bn, up about 2.2%. Watch whether management keeps its full-year guidance of around 1%. Maintained guidance with slower nine-month cost growth confirms the view.

Conclusion

HSBC's earnings are still driven by deposit spreads, with wealth fees as the second engine, while credit costs and the capital ratio decide how much of that income ultimately reaches shareholders. In the first half of 2026 banking NII was $22.896bn, profit before tax was $19.522bn and return on tangible equity excluding notable items was 19.1%[4], but the annualised credit cost of 0.47% ran above full-year guidance and the 14.1% CET1 ratio sat at the bottom of the target range. The central unresolved relationship is whether net interest income, lifted in the second quarter by deposit inflows and HIBOR, can hold up and, as credit costs ease, leave capital for buybacks on top of dividends.

Only one verifiable independent assessment was published after the results, and it offers a direct contrast with management. In a 4 August column, Antony Currie of Reuters Breakingviews argued that HSBC's first-half results were strong and that, with the stock up 35% this year, the market already treats continued high returns as a given, while mainland curbs on capital outflows and the unexpected exit from Australian retail banking limit further gains[29]. Management reads it the other way, describing the mainland rules as the implementation of existing requirements that have not yet changed client behaviour[9], while Currie treats cross-border capital limits as a ceiling on wealth growth, so the two views diverge mainly on the Asian wealth fee debate; on net interest income, credit cost and capital returns, no other verifiable independent assessment published after the results is available for comparison, and this column is one outside interpretation rather than a majority view.

The set of observations that would materially strengthen the current understanding is this: third-quarter banking NII of at least about $11.55bn with stable deposits, wealth fee and other income growth of at least 15% year on year, an ECL charge no higher than $1.052bn, and a CET1 ratio still above 14% alongside a new buyback. Conversely, if net interest income falls below the level the second half requires, wealth fee growth slows clearly after the 12 September deadline, and credit costs stay above around 45 basis points, the at-least-$46bn guidance, the 17%-or-better return target and the resumption of buybacks would all come under pressure at once.

Sources

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[12] HSBC 1H26 interim report - capital and RWAs · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[13] HSBC 1H26 interim report - customer accounts movement · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[14] HSBC 1H26 interim report - constant currency results by business segment · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[15] HSBC 2025 Form 20-F - 2025 performance summary · 2026-02-26 · 20-F · https://www.sec.gov/Archives/edgar/data/1089113/000108911326000010/

[16] HSBC 2025 Form 20-F - target basis operating expenses · 2026-02-26 · 20-F · https://www.sec.gov/Archives/edgar/data/1089113/000108911326000010/

[17] HSBC 1H26 interim report - IWPB financial performance · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[18] HSBC Q2 post-results analyst meeting (2 Sep 2026) - costs and capital priorities · 2026-09-02 · earnings-call · https://www.hsbc.com/-/files/hsbc/investors/hsbc-results/2026/interim/pdfs/hsbc-holdings-plc/260908-follow-up-interim-results-2026-equity-analysts-meeting-transcript.pdf

[19] HSBC Q1 2026 earnings call - guidance update · 2026-05-05 · earnings-call · https://www.hsbc.com/investors/results-and-announcements

[20] HSBC 1H26 interim report - net interest income commentary · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[21] HSBC 2025 Form 20-F - banking net interest income by quarter · 2026-02-26 · 20-F · https://www.sec.gov/Archives/edgar/data/1089113/000108911326000010/

[22] HSBC 1H26 interim report - wealth balances · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[23] HSBC 2025 Form 20-F - wealth balances and net new money · 2026-02-26 · 20-F · https://www.sec.gov/Archives/edgar/data/1089113/000108911326000010/

[24] HSBC 1Q26 earnings release - highlights and capital · 2026-05-05 · 6-K · https://www.hsbc.com/news-and-views/news/media-releases/2026/hsbc-holdings-plc-1q-2026-earnings-release

[25] HSBC 1H26 interim report - ECL commentary · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[26] HSBC 2025 Form 20-F - commercial real estate lending by stage · 2026-02-26 · 20-F · https://www.sec.gov/Archives/edgar/data/1089113/000108911326000010/

[27] HSBC 1H26 interim report - commercial real estate lending by stage · 2026-08-04 · 6-K · https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2026/august/sea-040826-e-2026-interim-results.pdf

[28] HSBC 1Q26 earnings release - CET1 ratio movement · 2026-05-05 · 6-K · https://www.hsbc.com/news-and-views/news/media-releases/2026/hsbc-holdings-plc-1q-2026-earnings-release

[29] Breakingviews 2026-08-04 - HSBC is starting to look priced for perfection · 2026-08-04 · Reuters Breakingviews · https://www.breakingviews.com/columns/breaking-view/hsbc-is-starting-look-priced-perfection-2026-08-04/