Hsbc Holdings Plc · LSE:HSBA
Hsbc — Q3 2026 Earnings Presentation
39 slides from Hsbc's earnings presentation, Oct 27, 2026
Slide 1: HSBC Holdings plc 3Q26 results
HSBC Holdings plc 3Q26 results Presentation to investors and analysts
Slide 2: 3Q26 results
3Q26 results Pam Kaur Group CFO
Slide 3: A simple, more agile and growing HSBC
3Q26 results Appendix A simple, more agile and growing HSBC Targets & Targets unchanged – confidence in our ability to deliver against targets guidance Guidance unchanged – on track to meet all guidance for 2026 Revenue excl. notable items: +5% growth 3Q YoY Performance PBT excl. notable ite
Slide 4: Strong 3Q26 performance
3Q26 results Appendix Strong 3Q26 performance Performance highlights Income statement, $bn 3Q25 3Q26 Δ, $ Δ, % Revenue excl. notable items 17.9 18.7 0.8 5% PBT excl. notable items 9.1 10.0 0.9 10% Revenue 17.8 18.6 0.9 5% Revenue* PBT* ECL (1.0) (0.8) 0.2 18% Costs (10.1) (8.8) 1.2 12% $18.7bn $10.0
Slide 5: Four high-returning businesses
3Q26 results Appendix Four high -returning businesses All f our businesses growing deposits, all delivering 17% or better annualised RoTE Revenue excl. notable items*, $bn 3Q25 (0.1) 3.9 3.2 6.9 4.0 17.9 +5% 3Q26 (0.2) 4.1 3.4 7.6 3.8 18.7 Corporate HK UK CIB IWPB Centre ‡ YTD annualised RoTE excl.
Slide 6: Banking NII: re-iterating FY26 guidance of at least $46bn
3Q26 results Appendix Banking NII: re -iterating FY26 guidance of at least $46bn Banking NII, $bn 11.8 11.6 11.7 11.1 11.2 QoQ: broadly stable, driven by: Balance sheet growth, offset by emerging customer and competitive pressure on deposits in Hong Kong and the UK $0.1bn day count $0.1bn hi
Slide 7: The world's wholesale transaction bank
3Q26 results Appendix The world’s wholesale transaction bank Fee and other income, $bn +11% 3.1 vs. 3Q25 3.0 +5% GTS , continued growth in guarantees in Asia and 2.9 2.6 GTS +5% the US 2.6 (Trade) GPS +4% +4% GPS , continued growth in payments volumes and (Payments) increased card fees Securitie
Slide 8: Asia's #1 Wealth Manager
3Q26 results Appendix Asia’s #1 Wealth Manager Group Wealth fee and other income, $bn + 0% 2.8 vs. 3Q25 2.7 2.7 2.7 +7% Investment Distribution , higher mutual funds and Asset +0% structured product sales, partly offset by equities Management 2.1 Insurance (16)% (16)% Insurance , non -recurrence
Slide 9: Credit: maintaining FY26 ECL guidance of ~(45)bps
3Q26 results Appendix Credi t: maintaining FY26 ECL guidance of ~(45)bps ECL charge, $bn (41)bps (52)bps (41)bps (36)bps (31)bps (1.3) $(0.8)bn 3Q26 ECL charge , driven by Stage 3 (1.0) (1.1) charges (0.9) (0.8) Continue to expect FY26 ECL charge* of ~(45)bps 3Q25 4Q25 1Q26 2Q26 3Q26 Annualised
Slide 10: Costs: +2% YoY target basis cost growth in 9M26
3Q26 results Appendix Costs: +2% YoY target basis cost growth in 9M26 Target basis costs, $bn +2% 1.3 (3)% +5% 25.5 3Q26: +1% YoY target basis cost growth (0.8) 25.0 2026: continue to guide to ~1% cost growth on a target basis. Should strong business performance continue, may consider increasing
Slide 11: Customer deposits & loans: strong and growing deposit franchise
3Q26 results Appendix Customer deposits & loans: strong and growing deposit franchise, +$105bn YoY * Deposits, $bn Loans, $bn +6% +6% , +5% , +8% incl. held +5% † +6% incl. held -for-sale balances* -for-sale balances* 1,837 1,030 9 25 (9) 42 1,725 † 9 977 † 22 52 14 3Q25 HK UK CIB IWPB 3Q26 3Q25 HK
Slide 12: Capital: strong organic capital generation during the quarter
3Q26 results Appendix Capital: strong organic capital generation during the quarter CET1 ratio , % 1 90bps organic capital generation , +0.9 deployed in line with our priorities: Dividend : ~(50)bps in 3Q26. $0.65 0.0 DPS generated in 9M26 (of which (0.5) $0.30 announced to date)* 14.1 (0.1) (0.
Slide 13: Targets reiterated
3Q26 results Appendix Targets reiterated Revenue Rising to 5% YoY growth by 2028 , excluding notable items 2026, 2027 and 2028 RoTE 17% or better , excluding notable items, each year targets Dividends 50% of EPS , excluding material notable items and related impacts Our targets and expectations refl
Slide 14: Guidance
3Q26 results Appendix Guidance Banking NII At least $46bn 1 ECL charge ~(45)bps , reflecting ongoing uncertainty 2 2026 guidance 3 Costs ~1 % growth , on a target basis CET1 ratio 14 -14.5% target range 4 Savings ~$2.0 bn savings from re -organisation to be actioned by YE26 ~$1.8bn costs to be re -a
Slide 15: Appendix
Appendix
Slide 16: Quarterly financial performance summary
3Q26 results Appendix Quarterly financial performance summary $bn 3Q25 4Q25 1Q26 2Q26 3Q26 vs. 3Q25 Income statement metrics: <blank> <blank> <blank> <blank> <blank> <blank> Revenue 17.8 16.4 18.5 19.1 18.6 0.9 5% ECL (1.0) (0.9) (1.3) (1.1) (0.8) 0.2 18 % Costs (10.1) (9.3) (8.7) (8.7) (8.8) 1.2 12
Slide 17: Structural hedge and impact of financial investments
3Q26 results Appendix Structural hedge and impact of financial investments Structural hedge portfolio (illustrative) Around half of our structural hedge portfolio is deployed in Hold -to-collect -and -sell securities, the mix of securities balances flexibility and capital volatility: Hold -to-coll
Slide 18: Banking NII drivers (1/2)
3Q26 results Appendix Banking NII drivers (1/2) One -year forward 1 , bps Spot rate 2 , bps 482 481 407 426 406 359 334 336 308 294 301 300 227 249 224 199 USD GBP EUR HKD (1m HIBOR) Five -year yield 3 , bps 509 497 423 446 430 373 394 392 335 245 273 259 USD GBP EUR 31 December 2025 31 March 2026 3
Slide 19: Banking NII drivers (2/2)
3Q26 results Appendix Banking NII drivers (2/2) Structural hedge balance, $bn Banking NII – year 1 sensitivity to change in yield curves * As at 30 June 2026 593 637 655 529 $bn (100)bps down -shock +100bps up -shock USD (1.0) 0.7 HKD (0.3) 0.0 GBP (0.5) 0.4 EUR (0.0) 0.0 4Q24 4Q25 2Q26 3Q26 Other (
Slide 20: Exits: 15 exits announced since 2025; 9 completed to date
3Q26 results Appendix Exits: 15 exits announced since 2025; 9 completed to date Exits announced Egypt retail banking Egypt retail banking Australia retail banking Australia retail banking Singapore Insurance Singapore Insurance Indonesia retail banking Indonesia retail banking Indonesia retail banki
Slide 21: Strategic transactions: expected cost and revenue impact
3Q26 results Appendix Strategic transactions: expected cost and revenue impact Cumulative cost savings from Cumulative revenue impact from Cost reallo cation*, $bn *, $bn completed or announced exits † , $bn completed or announced exits ~50/50 Banking NII vs $ 1.8 bn Fee and other income ~ 1.1 Hang
Slide 22: Strategic transactions: held-for-sale balances
3Q26 results Appendix Strategic transactions: held -for -sale balances Customer deposits Customer loans Constant currency, $ bn 3Q25 2Q26 3Q26 Constant currency, $ bn 3Q25 2Q26 3Q26 Deposits 1,725 1,830 1,837 Loans 977 1,023 1,030 Held -for-sale deposits 18.2 18.0 11.1 Held -for-sale loans 3.0 5.3 2
Slide 23: Strategic transactions: material notable items
3Q26 results Appendix Strategic transactions: material notable items (where disclosed) Timing South Africa $(0.1)bn FX recycling loss* — 4Q26 1 German fund administration Immaterial gain on disposal — 4Q26 Indonesia retail banking Up to $0.4bn gain on disposal — 1H27 Singapore Insurance $1.8bn gain
Slide 24: Continued momentum in HK customer acquisition, Wealth and Insurance flows
3Q26 results Appendix Continued momentum in HK customer acquisition, Wealth and Insurance flows Wealth balances † , $bn Insurance ANP ‡ , $bn Monthly customers acquired *, k 111 507 521 1.6 106 480 1.4 1.4 97 1.6 89 79 1.4 1.4 80 70 73 74 26 25 21 20 21 11 9 10 9 Jan Feb Mar Apr May Jun Jul Aug Sep
Slide 25: Wealth balances (1/2)
3Q26 results Appendix Wealth balances (1/2) Net new money, $bn Wealth balances, $bn 41 1,577 1,604 1,537 3 487 485 499 25 3 38 12 1,038 1,090 1,119 1 22 11 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Asia Rest of Group Asia Rest of Group 24
Slide 26: Wealth balances (2/2)
3Q26 results Appendix Wealth balances (2/2) Wealth balances evolution YoY, $bn Wealth balances evolution QoQ, $bn +$67bn +$27bn 131 41 (14) 56 (64) 24 1,604 1,604 75 17 1,577 1,537 3Q25 Net new Market impact, 3Q26 2Q26 Net new Market impact, 3Q26 mo ney FX and other * money FX and other Net new depo
Slide 27: Insurance
3Q26 results Appendix Insurance Group CSM, $bn CSM walk, $bn 17.2 17.2 +10% 15.7 1.1 (1.8) 18.9 5.0 (1.7) 17.2 15.7 3Q25 2Q26 3Q26 Of which: Singapore Insurance 3Q25 New business Economic Group CSM CSM release 3Q26 Group CSM CSM factors, before release Group CSM New business assumptions CSM 1.0 1.8*
Slide 28: Hong Kong commercial real estate
3Q26 results Appendix Hong Kong commercial real estate Excluding exposure to Chinese mainland borrowers Loans and advances to customers by credit quality, $bn FY25 1H26 9M26 Strong 3.3 3.5 4.7 Modest increase in ECL allowances in 3Q26, reflecting continued Good 8.2 7.7 6.6 pressure on property val
Slide 29: Notable items
3Q26 results Appendix Notable items $bn 3Q25 3Q26 Constant currency PBT 7.3 9.6 Less: notable items (1.8) (0.4) — Disposals, wind -down, acquisitions and related costs (0.3) (0.2) — Restructuring and other related costs (0.2) (0.1) — Legal provisions (1.4) — Constant currency PBT, excl. notable item
Slide 30: Revenue — supplementary information
3Q26 results Appendix Revenue — supplementary information 3Q26 reported revenue to revenue excluding notable items Corporate $m HK UK CIB IWPB Total Centre Reported revenue 4,096 3,419 7,568 3,752 (215) 18,620 Less: Notable items — — 18 (57) (21) (60) Constant currency r evenue , excl. notable items
Slide 31: Costs — supplementary information
3Q26 results Appendix Costs — supplementary information Target basis costs reconciliation $m FY25 9M25 9M26 3Q25 3Q26 Costs (36,848) (27,505) (26,248) (10,054) (8,822) Less: Notable items 2,968 2,553 776 1,691 329 Less: Impact of retranslating prior period results in hyperinflationary (36) (28) — (1
Slide 32: EPS excluding material notable items and related impacts
3Q26 results Appendix EPS excluding material notable items and related impacts Reported FX, $m 3Q25 4Q25 1Q26 2Q26 3Q26 Profit attributable to ordinary shareholders (PAOS) 4,873 4,719 6,938 7,688 7,090 Dilution and impairment losses of interest in associate (32) — — — — Legal provisions 1,100 10 — —
Slide 33: 3Q26 vs. 2Q26 equity drivers
3Q26 results Appendix 3Q26 vs. 2Q26 equity drivers Basic number of ordinary Shareholders’ Tangible equity, TNAV per share, shares outstanding after Reported FX equity, $bn $bn $ deducting own shares held , millions At 30 June 2026 196.7 160.7 9.36 17,164 Profit attributable to: 7.6 7.8 0.45 — Ordina
Slide 34: Total shareholders' equity to CET1 capital
3Q26 results Appendix Total shareholders’ equity to CET1 capital 3 Q26 total equity to CET1 capital (reported FX) , $m Total equity to CET1 capital walk (reported FX), $m 1Q26 2Q26 3Q26 Total equity 196,275 Total equity (per balance sheet) 197,270 197,081 196,275 Non -controlling interests (451) (39
Slide 35: Glossary
3Q26 results Appendix Glossary ANP Annualised new business premiums EPS Earnings per share AUM Assets under management FCNR Foreign Currency Non -Resident Deposit scheme in India Banking net interest income is an alternative performance measure, and is defined as FVOCI Fair value through other compr
Slide 36: Footnotes
3Q26 results Appendix Footnotes 3Q26 results Slide 10: Customer deposits and loans 1. The below table provides the period -on -period net impacts on customer lending and customer accounts from balances that have been transferr ed to and from HFS as at 3Q26 * Includes custody balances in CIB where cl
Slide 37: Footnotes
3Q26 results Appendix Footnotes Appendix Slide 17: Banking NII drivers (1/2) 1. Rates used are US 1Y implied, UK 1Y implied, ECB 1Y implied (source: Bloomberg) 2. Rate used is 1m HIBOR (source: Bloomberg) 3. Rates used are US 5Y yield, UK 5Y yield and German Bund 5Y yield (source: Bloomberg) Slide 2
Slide 38: Disclaimer
3Q26 results Appendix Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are f or informational and reference purposes only and do not constitute a public offer for the purposes of any applicable law or
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