Hsbc Holdings Plc · LSE:HSBA
Hsbc — Debt Investor Presentation (August 2026)
55 slides from Hsbc's debt investor presentation, August 2026
Slide 1: HSBC Holdings plc 2Q26 results
HSBC Holdings plc 2Q26 results Fixed Income Investor Presentation
Slide 2: A diversified and capital-generative business
Results and strategy Balance sheet & issuance Appendix A diversified and capital-generative business 1H26: $37.7bn revenue / $38.2bn excl. notable items IWPB business Corporate Centre Strong capital 14.1% 33.0% Hong Kong business CET1 ratio MREL ratio $38.2bn Highly liquid; well funded $867bn 56% To
Slide 3: Our three strategic priorities – progressing at pace and with discipline
Results and strategy Balance sheet & issuance Appendix Our three strategic priorities – progressing at pace and with discipline One ambition: To be the most trusted bank globally, putting customers at the heart of everything we do Three strategic priorities: Drive customer- Deliver focused Be simple
Slide 4: Strategic Priority 1: Be simple and agile
Results and strategy Balance sheet & issuance Appendix Strategic Priority 1: Be simple and agile Simplifying the Group to unlock HSBC’s growth potential 1 Organisational structure reaping benefits DONE 4 ~$1.8bn cost reallocation ON TRACK Two home markets and two globally connected businesses. All
Slide 5: HK franchise: Capture the super connector driven growth through two iconic banks
Results and strategy Balance sheet & issuance Appendix HK franchise: Capture the super connector driven growth through two iconic banks Client centric and delivering focused sustainable growth Leading franchise in HK Structural growth drivers Best-in-class customer recognition Two iconic banks World
Slide 6: UK franchise: Combining domestic scale with global connectivity
Results and strategy Balance sheet & issuance Appendix UK franchise: Combining domestic scale with global connectivity Client centric and delivering focused sustainable growth UK’s leading international bank Supporting UK’s growth* Improving customer recognition* Strong operating position Delivering
Slide 7: Wealth franchise: Robust growth from a leading Asia position
Results and strategy Balance sheet & issuance Appendix Wealth franchise: Robust growth from a leading Asia position Client centric and delivering focused sustainable growth Leading market position Continued strong growth momentum Strong customer recognition Asia’s #1 Wealth manager1 Wealth balances,
Slide 8: Corporate & Institutional franchise: Power and depth of our global connectivity
Results and strategy Balance sheet & issuance Appendix Corporate & Institutional franchise: Power and depth of our global connectivity Client centric and delivering focused sustainable growth Leading global connectivity Sustaining growth Leading customer recognition Cross-border business resilience
Slide 9: AI and Digital Assets
Results and strategy Balance sheet & issuance Appendix AI and Digital Assets Investing in future technologies to drive growth, opportunities and operational efficiency Digital Assets & Currencies Our AI goals Our digital bond issuance platform delivered a record- ~200k colleagues enabled with AI pro
Slide 10: Strong 1H26 performance
Results and strategy Balance sheet & issuance Appendix Strong 1H26 performance Performance highlights Revenue* PBT* Income statement, $bn 1H25 1H26 Δ, $ Δ, % Revenue excl. notable items 36.1 38.2 2.0 6% $38.2bn $20.4bn PBT excl. notable items 19.3 20.4 1.1 6% Revenue 34.8 37.7 2.9 8% +6% YoY +6% YoY
Slide 11: Four growing, high-returning businesses
Results and strategy Balance sheet & issuance Appendix Four growing, high-returning businesses All four businesses growing in revenue and deposits§, all delivering 17% or better annualised RoTE Revenue excl. notable items*, $bn 2Q25 3.8 3.1 7.2 3.6 0.1 17.7 +7% 2Q26 (0.1) 4.1 3.3 7.8 3.9 19.0 Corpor
Slide 12: Banking NII: upgrading FY26 guidance to at least $46bn
Results and strategy Balance sheet & issuance Appendix Banking NII: upgrading FY26 guidance to at least $46bn Banking NII, $bn 11.8 11.6 11.1 11.2 10.8 +$0.4bn QoQ, including +$0.1bn impact of a one-off item*: Good deposit & loan growth $0.1bn day count Higher structural hedge re-investment
Slide 13: The world's wholesale transaction bank
Results and strategy Balance sheet & issuance Appendix The world’s wholesale transaction bank Fee and other income, $bn +7% 3.1 vs. 2Q25 +7% GTS, from continued growth in Guarantees in Asia 3.0 and USA, demonstrating the strength of the franchise in 2.8 GTS 2.6 +7% volatile market conditions 2.6 (
Slide 14: Wealth: strong, broad-based growth showing strategic focus
Results and strategy Balance sheet & issuance Appendix Wealth: strong, broad-based growth showing strategic focus Fee and other income, $bn +21% 2.7 2.7 2.8 vs. 2Q25 +7% Asset Management, from continued AUM growth Asset +7% 2.3 Management +21% Insurance, due to higher CSM release 2.2 Insurance +
Slide 15: Credit: re-iterating FY26 ECL guidance of ~(45)bps
Results and strategy Balance sheet & issuance Appendix Credit: re-iterating FY26 ECL guidance of ~(45)bps ECL charge, $bn (45)bps (41)bps (52)bps (41)bps (36)bps (1.3) (1.1) $(1.1)bn 2Q26 ECL charge, driven by Stage 3 (1.0) (1.1) charges (0.9) Continue to expect FY26 ECL charge* of ~(45)bps 2Q25
Slide 16: Asset quality
Results and strategy Balance sheet & issuance Appendix Asset quality Gross loans to customers by credit quality classification trend, $bn Stage 3 loans to customers* Reported ECL (charge) / release 950 940 999 1,034 24.7 24.3 3%2% 2%2% 2%2% 2%2% 22.7 (47) 20% 19% 19% (33) (36) (39) 21% 19.4 22% 22%
Slide 17: Gross customer lending
Results and strategy Balance sheet & issuance Appendix Gross customer lending Personal loan book, $bn Wholesale loan book, $bn Other Other* Credit cards Manufacturing 4.7% Electricity, gas, steam 10.5% Other secured 5.3% and air conditioning supply 17.2% personal lending 3.9% 9.3% 90% Publishing, au
Slide 18: Costs: +1% YoY target basis cost growth in 2Q26
Results and strategy Balance sheet & issuance Appendix Costs: +1% YoY target basis cost growth in 2Q26 1H26 vs. 1H25 target basis costs, $bn Organisational simplification programme +2% At 1H26, actions taken to generate annualised saves of $1.7bn 0.9 (restructuring charges of $1.4bn) More saves
Slide 19: Guidance
Results and strategy Balance sheet & issuance Appendix Guidance Banking NII At least $46bn, noting continued favourable, though volatile, rate outlook1 UPGRADED ECL charge ~(45)bps, reflecting ongoing uncertainty2 2026 guidance Costs ~1% growth, on a target basis3 CET1 ratio 14-14.5% target range4 S
Slide 20: Unlocking HSBC's full potential: 2026, 2027 and 2028
Results and strategy Balance sheet & issuance Appendix Unlocking HSBC’s full potential: 2026, 2027 and 2028 A simple, more agile, growing bank generating high returns We are set up to succeed Reiterating targets for 2026, 2027 and 2028 Maintain discipline in our cost, Revenue Rising to 5% YoY grow
Slide 21: Balance sheet
Balance sheet 20
Slide 22: Customer deposits & loans: strong and growing deposit franchise
Results and strategy Balance sheet & issuance Appendix Customer deposits & loans: strong and growing deposit franchise, +$129bn YoY* Deposits, $bn Loans, $bn +8%, +5%, +5%† +8% +8% incl. held-for-sale balances* +6% incl. held-for-sale balances† 1,828 1,022 (2) 5 92 20 1,698 28 12 971 20 5 2Q25 HK UK
Slide 23: Capital: strong organic capital generation during the quarter
Results and strategy Balance sheet & issuance Appendix Capital: strong organic capital generation during the quarter CET1 ratio, %1 +1.0 0.0 (0.5) 100bps organic capital generation, (0.0) deployed in line with our priorities: 14.1 14.0 (0.3) (0.1) Dividend: (50)bps in 2Q26. $0.44 DPS accrued in
Slide 24: 2Q26 capital position versus requirements
Results and strategy Balance sheet & issuance Appendix 2Q26 capital position versus requirements CET1 ratio as a % of RWAs, vs. requirements Regulatory capital as a % of RWAs, vs. requirements 19.7% Buffer to MDA hurdle 16.7% 11.2% $26bn 15.8% 0.7% (2.9ppts) 14.1% 13.2% Combined 2.0% 11.2% buffer of
Slide 25: MREL position
Results and strategy Balance sheet & issuance Appendix MREL position Position versus requirement as a % of Group RWAs 3.9ppts / $36bn buffer to current requirement 3.9ppts ($36bn) The Group’s binding MREL requirement is currently the Composition of the aggregation of each resolution group’s loca
Slide 26: 2026 issuance plan
Results and strategy Balance sheet & issuance Appendix 2026 issuance plan Planned gross issuance 2H calls and maturities YTD issuance HoldCo ~$20bn $6.0bn $17.6bn senior Tier 2 - $0.9bn - AT1 ~$4bn $1.3bn* $4.0bn Expect certain subsidiaries to OpCo issue modest senior / secured - - debt in local mar
Slide 27: Portfolio instruments
Results and strategy Balance sheet & issuance Appendix Portfolio instruments Maturity profile1 Outstanding instruments by currency (notional) $bn-equivalent HoldCo senior 27.0 AUD 24.6 24.7 1% EUR 18% 21.7 7% GBP 20.9 16.0 $124 bn 1% 2% JPY 19.5 Other 15.1 70% USD 8.2 4.6 Subordinated notes Addition
Slide 28: Funding and liquidity
Results and strategy Balance sheet & issuance Appendix Funding and liquidity loan to Year-on-year 56% deposit ratio 8% customer $0.9tn Total HQLA^ deposit growth* $1,828bn $1,828bn $1,828bn $1,698bn 0.5x $806bn customer funding deposit surplus coverage $1,022bn $867bn Customer Customer 2Q25* 2Q26 Cu
Slide 29: Appendix
Appendix 28
Slide 30: MREL / TLAC position
Results and strategy Balance sheet & issuance Appendix MREL / TLAC position HSBC Group US Resolution Group Europe Resolution Group Asian Resolution Group (Including HSBC Holdings) Total MREL / TLAC: $299bn Total TLAC: $25bn Total MREL / TLAC: $117bn Total TLAC: $123bn MREL / TLAC position Of which:
Slide 31: Approach to issuance
Results and strategy Balance sheet & issuance Appendix Approach to issuance HSBC Holdings plc External Since 2015, HSBC Holdings has been the Group’s issuing entity for external AT1, Tier 2 and MREL / Investors TLAC-eligible senior Issuance executed with consideration to our maturity profile Ext
Slide 32: 1H26 Capital walk
Results and strategy Balance sheet & issuance Appendix 1H26 Capital walk CET1 ratio, % 1.9 (1.0) 14.9 (1.1) 14.1 (0.5) (0.0) (0.1) FY25 Regulatory Dividend Strategic Change in FX translation Other 1H26 profits1 initiatives RWAs differences 31
Slide 33: Simplification saves now target ~$2.0bn, creating capacity to support growth
Results and strategy Balance sheet & issuance Appendix Simplification saves now target ~$2.0bn, creating capacity to support growth Targeting ~$2.0bn saves (previously $1.5bn) Creating capacity to support growth Annualised saves actioned 1.2 1.7 ~2.0 (cumulative), $bn ~2.0 ~1.5 Now intend to actio
Slide 34: Exits: announced the exit of Singapore Insurance, Australia retail, Egypt retail
Results and strategy Balance sheet & issuance Appendix Exits: announced the exit of Singapore Insurance, Australia retail, Egypt retail and the strategic review of Türkiye retail and domestic SMEs Exits announced Egypt retail banking Australia retail banking Singapore Insurance Indonesia retail bank
Slide 35: Strategic transactions material notable items (where disclosed)
Results and strategy Balance sheet & issuance Appendix Strategic transactions material notable items (where disclosed) Timing Uruguay† Immaterial FX recycling loss* — 3Q26 South Africa $(0.1)bn FX recycling loss* — 2H261 German fund administration Immaterial gain on disposal — 2H26 Indonesia retail
Slide 36: Notable items
Results and strategy Balance sheet & issuance Appendix Notable items $bn 2Q25 2Q26 1H25 1H26 Constant currency PBT 6.2 10.1 16.0 19.5 Less: notable items (3.0) (0.2) (3.3) (0.9) — Disposals, wind-down, acquisitions and related costs (0.2) (0.0) (0.4) (0.6) — Restructuring and other related costs (0.
Slide 37: In HSBC Hong Kong, existing customers contribute the majority of RBW balances
Results and strategy Balance sheet & issuance Appendix In HSBC Hong Kong, existing customers contribute the majority of RBW balances; new customers remain a growth opportunity ~90% of RBW deposits and invested ~85% of insurance ANP from existing New customer acquisition momentum assets from existing
Slide 38: HSBC Hong Kong: Retail Banking and Wealth customer analysis
Results and strategy Balance sheet & issuance Appendix HSBC Hong Kong: Retail Banking and Wealth customer analysis ~40% increase in customers since Jan’23; ~70% are New customers acquired since Jan’23 have driven: non-resident HSBC One customers ~40% ~70% of growth in deposits* of which ~60% from no
Slide 39: Wealth balances (1/2)
Results and strategy Balance sheet & issuance Appendix Wealth balances (1/2) Net new money, $bn Wealth balances, $bn 39 1,570 1,577 1,475 5 502 487 494 25 25 1 3 34 1,068 1,090 24 22 981 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26* Asia Rest of Group Asia Rest of Group * In 2Q26, ~$18bn of Wealth balances were re
Slide 40: Wealth balances (2/2)
Results and strategy Balance sheet & issuance Appendix Wealth balances (2/2) Wealth balances evolution YoY, $bn Wealth balances evolution QoQ, $bn +$102bn +$8bn 101 1,577 25 1 3 28 (17) 22 1,577 73 1,570 1,475 2Q25 Net new Market impact, 2Q26 1Q26 Net new Market impact, 2Q26 money FX and other* mone
Slide 41: Insurance
Results and strategy Balance sheet & issuance Appendix Insurance Insurance manufacturing CSM, $bn CSM walk, $bn 15.7 +17% 15.2 13.5 1.2 0.8 (1.6) 17.2 1.0 (1.4) 15.7 1.5 4.4 13.5 2Q25 1Q26 2Q26 2Q25 New Economic CSM release Singapore 2Q26 Bank 2Q26 manufacturing business factors, Insurance* manufact
Slide 42: Banking NII drivers
Results and strategy Balance sheet & issuance Appendix Banking NII drivers Structural hedge balance, $bn Banking NII – year 1 sensitivity to a (100)bps down-shock* As at 30 June 2026 593 637 478 529 $m USD (1,019) HKD (323) GBP (526) EUR (42) 4Q23 4Q24 4Q25 2Q26 Other (1,087) Total (2,997) Structura
Slide 43: Structural hedge
Results and strategy Balance sheet & issuance Appendix Structural hedge The structural hedge is $637bn with an average life of 3.2 years. We use it to manage interest rate earnings sensitivity. It reflects several considerations, including: Economic outlook: the trade-off between stabilising N
Slide 44: Customer deposits: additional disclosures on retail / wholesale split
Results and strategy Balance sheet & issuance Appendix Customer deposits: additional disclosures on retail / wholesale split The Hongkong HSBC North Grupo de and HSBC Bank Other HSBC UK HSBC Bank America Financiero At 30 June 2026, $bn Shanghai Middle East trading Total Bank plc plc Holdings HSBC, S
Slide 45: Hong Kong commercial real estate
Results and strategy Balance sheet & issuance Appendix Hong Kong commercial real estate Excluding exposure to Chinese mainland borrowers Loans and advances to customers by credit quality, $bn FY25 1H26 Strong 3.3 3.5 Modest increase in ECL allowances in 2Q26, reflecting continued Good 8.2 7.7 pres
Slide 46: In the UK, we combine domestic scale with global connectivity
Results and strategy Balance sheet & issuance Appendix In the UK, we combine domestic scale with global connectivity HSBC’s operations in the UK* 1H26 UK wholesale cross-border client revenue§ $10bn $578bn UK RFB 3 204 UK NRFB 7 373 Europe 1H26 revenue 1H26 deposits UK Chinese Americas Business high
Slide 47: Revenue — supplementary information
Results and strategy Balance sheet & issuance Appendix Revenue — supplementary information 2Q26 reported revenue to revenue excluding notable items $m HK UK CIB IWPB Corp. Centre Total Reported revenue 4,108 3,280 7,821 3,990 (81) 19,118 Less: Notable items — — 16 60 (1) 75 Constant currency revenue
Slide 48: Costs — supplementary information
Results and strategy Balance sheet & issuance Appendix Costs — supplementary information Target basis costs reconciliation $m FY25 1H25 1H26 2Q25 2Q26 Costs (36,876) (17,451) (17,426) (8,998) (8,705) Less: Notable items 2,970 862 447 664 269 Less: Impact of retranslating prior period results in hype
Slide 49: Total shareholders' equity to CET1 capital
Results and strategy Balance sheet & issuance Appendix Total shareholders’ equity to CET1 capital 2Q26 total equity to CET1 capital (reported FX), $m Total equity to CET1 capital walk (reported FX), $m 4Q25 1Q26 2Q26 Total equity 197,081 Total equity (per balance sheet) 205,666 197,270 197,081 Non-c
Slide 50: Credit ratings for main issuing entities
Results and strategy Balance sheet & issuance Appendix Credit ratings for main issuing entities Long term senior ratings as at 3 August 2026 S&P Moody’s Fitch Rating Outlook Rating Outlook Rating Outlook HSBC Holdings plc A- POSITIVE A3 STABLE A+ STABLE The Hongkong and Shanghai Banking Corporation
Slide 51: Simplified structure chart
Results and strategy Balance sheet & issuance Appendix Simplified structure chart Holding company Associate Intermediate holding company Resolution entity HSBC Operating company Holdings plc HSBC Asia Holdings Ltd 99.9% HSBC HSBC The Hongkong & HSBC UK HSBC Shanghai 94.5% HSBC Bank Mexico, North Ame
Slide 52: Glossary
Results and strategy Balance sheet & issuance Appendix Glossary AT1 Additional Tier 1 HQLA High-quality liquid assets Banking net interest income is an alternative performance measure, and is defined as Group net HSBC Group HSBC Holdings plc and its subsidiary undertakings interest income after dedu
Slide 53: Footnotes
Results and strategy Balance sheet & issuance Appendix Footnotes Results and strategy 6. Source: Savanta. Ranking out of 4 banks; based on businesses with a turnover £15-350m in Great Britain, YE Q2 2025 (Base: 579) and YE Q2 2026 (Base: 516). Data weighted by region and turnover to be representativ
Slide 54: Footnotes
Results and strategy Balance sheet & issuance Appendix Footnotes Balance sheet & issuance Slide 22: Capital 1. Ratio movements include the impact of threshold deductions 2. Regulatory profits exclude the impact of strategic initiatives Slide 23: 1H26 capital position versus requirements 1. Excludes
Slide 55: Disclaimer
Results and strategy Balance sheet & issuance Appendix Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are for informational and reference purposes only and do not constitute a public offer for the pu
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