HSBC Holdings plc released its unaudited 2Q26 data pack, showing robust first-half 2026 results driven by higher net interest income and stable credit costs.
Revenue and Earnings • Group revenue reached USD 19.12 billion in 2Q26, lifting first-half revenue to USD 37.74 billion, up 10.60 % from USD 34.12 billion in 1H25. • Profit before tax (PBT) rose 23.50 % year on year to USD 19.52 billion, while profit after tax advanced 23.11 % to USD 15.32 billion. • Earnings per share increased to USD 0.85 in 1H26 versus USD 0.65 a year earlier. • Return on average tangible equity improved to 18.2 % (1H25: 14.7 %).
Revenue Composition • Net interest income expanded 8.41 % year on year to USD 18.23 billion, supported by an average Group net interest margin of 1.61 % (1H25: 1.57 %). • Banking net interest income totaled USD 22.90 billion for 1H26. • Fee and other income grew 9.55 % to USD 15.27 billion, led by Wealth activities (USD 5.46 billion) and Wholesale Transaction Banking (USD 6.06 billion).
Credit Quality • Expected credit losses and other credit impairment charges (ECL) were USD 2.35 billion in 1H26, equating to an annualised 0.47 % of average gross loans (1H25: 0.42 %). • Stage 3 loans represented 2.3 % of total credit exposures, with overall ECL coverage at 0.4 %.
Cost Base and Notable Items • Operating expenses were essentially flat at USD 17.43 billion (+2.37 % year on year). • Notable items reduced PBT by USD 0.61 billion in 1H26, markedly lower than the USD 2.68 billion drag in 1H25.
Segment Highlights (1H26 PBT) • Corporate & Institutional Banking generated USD 7.25 billion (+8.55 % year on year), reflecting stronger client activity and higher transaction banking income. • International Wealth & Premier Banking delivered USD 2.62 billion (+25.05 %), underpinned by a 22.50 % rise in wealth-related fee income. • The Hong Kong business contributed USD 5.14 billion (+13.45 %), benefiting from a resilient local economy and improved credit trends. • The UK business reported USD 3.33 billion PBT (+7.14 %), supported by a higher NIM of 1.62 %.
Balance-Sheet and Capital • Total assets increased to USD 3.44 trillion, with customer loans at USD 1.02 trillion and customer deposits at USD 1.83 trillion. • The common equity tier 1 (CET1) ratio stood at 14.1 %, while the leverage ratio remained solid at 4.9 %. • Tangible net asset value was USD 160.65 billion, equal to USD 9.36 per share.
Shareholder Returns • The Board declared a second-quarter dividend of USD 0.10 per share, unchanged from the prior-year period and bringing total declared dividends to USD 0.20 per share for 1H26.
Outlook Indicators Management reported constant-currency revenue excluding notable items of USD 38.17 billion and PBT of USD 20.40 billion for 1H26, signalling continued momentum into the second half of the year.
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