Slide 1: HSBC Holdings plc 2Q26 results
HSBC Holdings plc 2Q26 results Presentation to investors and analysts
Slide 2: Results update
Results update Georges Elhedery Group CEO
Slide 3: Strong momentum in 2Q26
Progress on strategy execution 2Q26 results Appendix Strong momentum in 2Q26 $19.0bn revenue, +7% YoY $10.3bn PBT, +13% YoY +$46bn QoQ deposit growth +$20bn QoQ loan growth 19.5% RoTE Unless otherwise stated, this presentation is presented on a constant currency basis. denotes a measure shown on a r
Slide 4: Sustained momentum in 1H26, building on our strong quarterly performance
Progress on strategy execution 2Q26 results Appendix Sustained momentum in 1H26, building on our strong quarterly performance Achieved through growth in earnings, discipline in cost and capital Group Revenue Profit Before Tax RoTE (annualised) REPORTED EX-NOTABLE ITEMS REPORTED EX-NOTABLE ITEMS REPO
Slide 5: Progress on strategy execution
Progress on strategy execution Georges Elhedery Group CEO
Slide 6: Our three strategic priorities – progressing at pace and with discipline
Progress on strategy execution 2Q26 results 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 a
Slide 7: Strategic Priority 1: Be simple and agile
Progress on strategy execution 2Q26 results 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 f
Slide 8: HK franchise: Capture the super connector driven growth through two iconic banks
Progress on strategy execution 2Q26 results 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’s
Slide 9: UK franchise: Combining domestic scale with global connectivity
Progress on strategy execution 2Q26 results 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 s
Slide 10: Wealth franchise: Robust growth from a leading Asia position
Progress on strategy execution 2Q26 results 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 11: Corporate & Institutional franchise: Power and depth of our global connectivity
Progress on strategy execution 2Q26 results 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 In
Slide 12: Targets for 2026, 2027 and 2028
Targets for 2026, 2027 and 2028 Georges Elhedery Group CEO
Slide 13: Unlocking HSBC's full potential: 2026, 2027 and 2028
Progress on strategy execution 2Q26 results 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 growth
Slide 14: 2Q26 results
2Q26 results Pam Kaur Group CFO
Slide 15: Strong 2Q26 performance
Progress on strategy execution 2Q26 results Appendix Strong 2Q26 performance Performance highlights Income statement, $bn 2Q25 2Q26 Δ, $ Δ, % Revenue excl. notable items 17.7 19.0 1.3 7% PBT excl. notable items 9.2 10.3 1.2 13% Revenue 16.5 19.1 2.6 16% Revenue* PBT* ECL (1.1) (1.1) — 4% $19.0bn $10
Slide 16: Four growing, high-returning businesses
Progress on strategy execution 2Q26 results 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 Corporat
Slide 17: Banking NII: upgrading FY26 guidance to at least $46bn
Progress on strategy execution 2Q26 results 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 yi
Slide 18: The world's wholesale transaction bank
Progress on strategy execution 2Q26 results 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 (Tr
Slide 19: Wealth: strong, broad-based growth showing strategic focus
Progress on strategy execution 2Q26 results 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 +21
Slide 20: Credit: re-iterating FY26 ECL guidance of ~(45)bps
Progress on strategy execution 2Q26 results 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 3
Slide 21: Costs: +1% YoY target basis cost growth in 2Q26
Progress on strategy execution 2Q26 results 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 br
Slide 22: Customer deposits & loans: strong and growing deposit franchise
Progress on strategy execution 2Q26 results 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 C
Slide 23: Capital: strong organic capital generation during the quarter
Progress on strategy execution 2Q26 results 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 1H
Slide 24: Targets reiterated
Progress on strategy execution 2Q26 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 t
Slide 25: Guidance
Progress on strategy execution 2Q26 results 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 Sav
Slide 26: Appendix
Appendix
Slide 27: Quarterly financial performance summary
Progress on strategy execution 2Q26 results Appendix Quarterly financial performance summary $bn 2Q25 3Q25 4Q25 1Q26 2Q26 vs. 2Q25 Income statement metrics: <blank> <blank> <blank> <blank> <blank> <blank> Revenue 16.5 17.8 16.4 18.5 19.1 2.6 16 % ECL (1.1) (1.0) (0.9) (1.3) (1.1) — 4% Costs (9.0) (1
Slide 28: Simplification saves now target ~$2.0bn, creating capacity to support growth
Progress on strategy execution 2Q26 results 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 action
Slide 29: Exits: announced the exit of Singapore Insurance, Australia retail, Egypt retail
Progress on strategy execution 2Q26 results 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 bankin
Slide 30: Strategic transactions material notable items (where disclosed)
Progress on strategy execution 2Q26 results 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 ba
Slide 31: Notable items
Progress on strategy execution 2Q26 results Appendix Notable items $bn 2Q25 2Q26 Constant currency PBT 6.2 10.1 Less: notable items (3.0) (0.2) — Disposals, wind-down, acquisitions and related costs (0.2) (0.0) — Restructuring and other related costs (0.5) (0.2) — BoCom: dilution loss of interest in
Slide 32: In HSBC Hong Kong, existing customers contribute the majority of RBW balances
Progress on strategy execution 2Q26 results 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 c
Slide 33: HSBC Hong Kong: Retail Banking and Wealth customer analysis
Progress on strategy execution 2Q26 results 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 non-
Slide 34: Wealth balances (1/2)
Progress on strategy execution 2Q26 results 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 recl
Slide 35: Wealth balances (2/2)
Progress on strategy execution 2Q26 results 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* money
Slide 36: Insurance
Progress on strategy execution 2Q26 results 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* manufactur
Slide 37: Banking NII drivers (1/2)
Progress on strategy execution 2Q26 results Appendix Banking NII drivers (1/2) One-year forward1, bps Spot rate2, bps 407 426 406 359 334 300 308 294 227 249 224 199 USD GBP EUR HKD (1m HIBOR) Five-year yield3, bps 423 446 430 373 394 392 245 273 259 USD GBP EUR 31 December 2025 31 March 2026 30 Jun
Slide 38: Banking NII drivers (2/2)
Progress on strategy execution 2Q26 results Appendix Banking NII drivers (2/2) 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) Struc
Slide 39: Customer deposits: additional disclosures on retail / wholesale split
Progress on strategy execution 2Q26 results 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.A
Slide 40: Hong Kong commercial real estate
Progress on strategy execution 2Q26 results 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 pressu
Slide 41: In the UK, we combine domestic scale with global connectivity
Progress on strategy execution 2Q26 results 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 highli
Slide 42: Revenue — supplementary information
Progress on strategy execution 2Q26 results Appendix Revenue — supplementary information 2Q26 reported revenue to revenue excluding notable items Corporate $m HK UK CIB IWPB Total Centre Reported revenue 4,108 3,280 7,821 3,990 (81) 19,118 Less: Notable items — — 16 60 (1) 75 Constant currency reven
Slide 43: Costs — supplementary information
Progress on strategy execution 2Q26 results 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 hyperi
Slide 44: EPS excluding material notable items and related impacts
Progress on strategy execution 2Q26 results Appendix EPS excluding material notable items and related impacts Reported FX, $m 2Q25 3Q25 4Q25 1Q26 2Q26 Profit attributable to ordinary shareholders (PAOS) 4,578 4,873 4,719 6,938 7,688 Dilution and impairment losses of interest in associate 1,988 (32)
Slide 45: 2Q26 vs. 1Q26 equity drivers
Progress on strategy execution 2Q26 results Appendix 2Q26 vs. 1Q26 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 31 March 2026 196.8 162.3 9.46 17,164 Profit attribu
Slide 46: Total shareholders' equity to CET1 capital
Progress on strategy execution 2Q26 results 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-con
Slide 47: Glossary
Progress on strategy execution 2Q26 results Appendix Glossary ANP Annualised new business premiums GTS Global Trade Solutions AUC Assets under custody HFS Held-for-sale Banking net interest income is an alternative performance measure, and is defined as HIBOR Hong Kong Inter-bank Offered Rate Group
Slide 48: Footnotes
Progress on strategy execution 2Q26 results Appendix Footnotes Results update Slide 3: Sustained momentum in our 1H26 performance 1. Growth of $129bn includes held-for-sale balances of $18bn for 2Q26 and $19bn for 2Q25, which are not included in the $1,828bn absolute value quoted 2. Growth of $55bn
Slide 49: Footnotes
Progress on strategy execution 2Q26 results Appendix Footnotes Slide 8: UK franchise 1. UK operating banks comprises our ring-fenced bank, HSBC UK Bank plc, and our UK non-ring-fenced bank in HSBC Bank plc 2. “Top 3 UK deposit franchise” statement supported by internal analysis based on 5 peers’ ext
Slide 50: Footnotes
Progress on strategy execution 2Q26 results Appendix Footnotes 2Q26 results Slide 22: Capital 1. Ratio movements include the impact of threshold deductions 2. Regulatory profits exclude the impact of strategic initiatives Slide 24: Guidance 1. Based on our current expectations for policy rates 2. As
Slide 51: Disclaimer
Progress on strategy execution 2Q26 results 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 purp
Slide 52: Slide 52