汇丰控股披露2026年第三季度及前九个月业绩：前九个月税前利润291.54亿美元，批准每股0.10美元中期股息并拟启动最高10亿美元回购

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2026

Commission File Number: 001-14930

HSBC Holdings plc

8 Canada Square, London E14 5HQ, England

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F).

Form 20-F   X             Form 40-F ......

This Report on Form 6-K with respect to our quarterly results for the three-month and nine-month periods ended September 30, 2026 is hereby

incorporated by reference in HSBC Holdings plc’s registration statement on Form F-3 (File No. 333-277306).

Neither our website referred to herein, nor any of the information contained on our website, is incorporated by reference in the Form 6-K.

HSBC Holdings plc Earnings Release 3Q26

27 October 2026

Georges Elhedery, Group CEO, said:

“Our performance shows that in a more complex world clients continue to turn to us to navigate uncertainty and seize new opportunities. It also

reflects consistent execution of our strategic priorities with pace, precision and discipline. As we simplify HSBC, we are creating greater

capacity to invest, grow and deliver strong returns for our shareholders.”

Financial performance in 3Q26

–Profit before tax increased by $2.3bn or 32% to $9.6bn compared with 3Q25, primarily due to a net favourable impact from notable

items of $1.4bn, which reflected the non-recurrence of legal provisions in 3Q25 of $1.4bn. The increase also reflected growth in revenue,

mainly from banking net interest income (‘banking NII’) and lower expected credit losses and other credit impairment charges (‘ECL’). Profit

after tax increased by $2.1bn or 38% to $7.6bn compared with 3Q25.

–Constant currency profit before tax excluding notable items increased by $0.9bn to $10.0bn compared with 3Q25.

–Annualised return on average tangible equity (‘RoTE‘) in 3Q26 was 17.7% compared with 12.3% in 3Q25. Excluding notable items,

annualised RoTE in 3Q26 was 18.2%, a rise of 1.6 percentage points compared with 3Q25.

–Revenue increased by $0.8bn to $18.6bn compared with 3Q25, primarily reflecting growth in banking NII. Fee and other income also

increased in our Corporate and Institutional Banking (‘CIB’) business in Wholesale Transaction Banking (‘WTB’) and in Debt and Equity

Markets, supported by higher customer activity, and in Investment Distribution and Private Bank in Wealth. This was partly offset by

valuation losses in Corporate Centre and the non-recurrence of one-off favourable impacts in 3Q25 in Insurance. Constant currency

revenue excluding notable items rose by $0.8bn to $18.7bn.

–Net interest income (‘NII’) of $9.3bn increased by $0.5bn or 6% compared with 3Q25. The increase reflected deposit balance growth

and the benefit of reinvestment of our structural hedge at higher yields, partly offset by lower NII from Markets Treasury and an adverse

impact of $0.1bn from one-off items in 3Q26. Banking NII increased by $0.6bn to $11.7bn. Banking NII excludes insurance NII, which fell

by $0.1bn, and the funding costs associated with the trading book, which remained broadly stable.

–Net interest margin (‘NIM’) of 1.57% was stable compared with 3Q25.

–ECL of $0.8bn decreased by $0.2bn or 17% compared with 3Q25, primarily reflecting a $0.1bn reduction in stage 3 charges related to the

Hong Kong commercial real estate (‘CRE’) sector, as well as lower charges in our UK business and International Wealth and Premier Banking

(‘IWPB’) business in Mexico.

–Operating expenses of $8.8bn were $1.3bn or 12% lower compared with 3Q25. This included a favourable net impact of $1.4bn from

notable items, which reflected the non-recurrence of legal provisions in 3Q25. Excluding notable items, the increase in operating expenses

primarily reflected the impact of inflation, higher planned spend and investment in technology, and the phasing of the performance-related

pay accrual relative to 3Q25, partly mitigated by the cost reduction benefits from our organisational simplification. Target basis operating

expenses were $0.1bn or 1.4% higher than in 3Q25, including the impact of inflation and higher planned spend and investment in

technology, partly offset by the cost reduction benefits from our organisational simplification.

–Customer lending balances increased by $7.8bn compared with 2Q26 on a reported basis. On a constant currency basis, lending

balances increased by $6.7bn. This primarily reflected growth as we supported our customers to participate in the India Foreign Currency

Non-Resident Deposit scheme, together with growth in our UK and Hong Kong businesses. This was partly offset by the classification to

held for sale of lending balances associated with the exit of our retail banking business in Australia in our IWPB business.

–Customer accounts increased by $9.1bn compared with 2Q26 on a reported basis. On a constant currency basis, customer accounts

increased by $6.5bn, reflecting continued momentum in deposit inflows in our Hong Kong business. In our IWPB business, deposit growth

was mainly in India, as we facilitated customer participation in the India Foreign Currency Non-Resident Deposit scheme. This growth was

partly offset by retail deposit outflows following our announced exit of our retail banking business in Australia. In CIB, lower deposit balances

reflected outflows of short-term balances.

–Common equity tier 1 (‘CET1’) capital ratio of 13.9% decreased by 0.2 percentage points compared with 30 June 2026, reflecting an

increase in risk-weighted assets (‘RWAs‘), together with a decrease in the fair value of hold-to-collect-and-sell debt instruments due to higher

yields and the impact of the share buy-back announced at our interim results, partly offset by regulatory profits net of dividends.

–The Board has approved a third interim dividend of $0.10 per share. On 28 September 2026, we completed the $1bn share buy-back

announced at our interim results. We also intend to initiate a share buy-back of up to $1bn, which we expect to complete by our 2026 full-

year results announcement.

Financial performance in 9M26

–Profit before tax increased by $6.0bn or 26% to $29.2bn compared with 9M25. The increase primarily reflected a net favourable impact

of $3.7bn from notable items. The increase also reflected revenue growth from an increase in banking NII and higher fee and other income,

primarily in Wealth and WTB. Profit after tax of $22.9bn was $4.9bn or 28% higher compared with 9M25.

–The net favourable movement in notable items primarily reflected the non-recurrence of 9M25 dilution and impairment losses of $2.1bn

related to our associate Bank of Communications Co., Limited (‘BoCom’) and legal provisions of $1.4bn, together with lower restructuring

costs associated with our organisational simplification of $0.3bn. These items were partly offset by disposal losses recognised on the

classification to held for sale associated with the planned sale of our business in Malta of $0.3bn in 9M26.

–Constant currency profit before tax excluding notable items increased by $2.0bn to $30.4bn compared with 9M25.

–Annualised RoTE in 9M26 was 18.0%. Excluding notable items, annualised RoTE in 9M26 was 18.8%, a rise of 1.1 percentage points

compared with 9M25.

–Revenue increased by $4.5bn or 9% to $56.4bn compared with 9M25, including a net favourable impact from notable items of $0.9bn

and a favourable impact from foreign currency translation differences of $0.7bn. The remaining increase reflected higher banking NII, and fee

and other income growth in Wealth across our IWPB and Hong Kong businesses, supported by higher customer activity, and in WTB, mainly

in our CIB business. Constant currency revenue excluding notable items rose by $2.8bn to $56.8bn compared with 9M25.

–NII increased by $1.9bn compared with 9M25, primarily driven by deposit balance growth, the benefit of reinvestment of our structural

hedge at higher yields, and the favourable impact of foreign currency translation differences of $0.4bn. This was partly offset by lower NII

from Markets Treasury. Banking NII increased by $2.2bn to $34.6bn, as the deduction for insurance NII reduced by $0.2bn, due to the

impact of strategic transactions. The funding costs associated with the trading book, which are also excluded from banking NII, rose by

$0.1bn.

–NIM of 1.60% was 3 basis points (‘bps‘) higher compared with 9M25, mainly due to the impact from foreign currency translation

differences and the benefit of our structural hedge, partly offset by lower market interest rates.

–ECL of $3.2bn were $0.2bn higher than in 9M25. The 9M26 charge primarily reflected stage 3 charges on wholesale exposures, including

a $0.5bn fraud-related, secondary, securitisation exposure with a financial sponsor in the UK in our CIB business. The 9M26 charge also

included $0.3bn related to the Hong Kong CRE sector and allowances to reflect uncertainty due to the ongoing conflict in the Middle East.

ECL in 9M25 included charges of $0.7bn related to the Hong Kong CRE sector and a charge against a Middle Eastern exposure.

–Operating expenses of $26.2bn were $0.9bn or 3% lower than in 9M25, including a favourable net impact of $1.8bn from notable items,

which comprised the non-recurrence of legal provisions in 9M25 of $1.4bn and lower restructuring and other related costs associated with

our organisational simplification of $0.3bn. Excluding notable items, the increase in expenses primarily reflected an adverse impact of $0.4bn

from foreign currency translation differences, higher planned spend and investment in technology and Wealth, and the impact of inflation,

partly mitigated by cost reductions from our organisational simplification. Target basis operating expenses were $0.5bn or 2.0% higher

than in 9M25, including higher planned spend and investment in technology and the impact of inflation, partly offset by cost reductions from

our organisational simplification.

Outlook

Group financial targets

–We remain confident in achieving the targets we set out in February 2026, including a RoTE of 17% or better for 2026, 2027 and 2028,

excluding notable items.

–We continue to target year-on-year growth in revenue from 2026 to 2028, rising to 5% growth in 2028 compared with 2027, excluding

notable items and on a constant currency basis.

–We maintain our dividend payout ratio target basis of 50% for 2026, 2027 and 2028. Our target basis payout ratio is calculated as a

percentage of earnings per share, excluding material notable items and related impacts.

In respect of 2026

–We continue to expect banking NII of at least $46bn in 2026.

–We continue to expect an ECL charge as a percentage of average gross customer loans of around 45bps (including held for sale loan

balances) for 2026. Over the medium term, we retain our planning range of 30–40bps.

–The Group remains on track to deliver year-on-year growth in operating expenses of approximately 1% in 2026 on a target basis. As

communicated at our 2026 interim results, should strong business performance continue, we may consider additional performance-related

pay, which would increase 2026 target basis cost growth modestly. Our target basis operating expenses measure excludes notable items

and includes the impact of simplification-related saves associated with our announced strategic reorganisation.

Capital and regulatory developments

–We continue to assess the anticipated impact of the final Basel 3.1 standards on our capital. We expect, based on our latest modelling,

that the impact on the Group CET1 capital ratio at 1 January 2027 will be a benefit of approximately 40–50bps. The final impact will

depend on a number of factors, including model and data refinements, portfolio size and composition and supervisory permissions granted.

Any related reductions to firm-specific capital requirements are not expected to be significant.

–We intend to continue to manage our CET1 capital ratio within our medium-term target operating range of 14% to 14.5%.

ÑOur targets and expectations reflect our current outlook for the global macroeconomic environment and market-dependent factors, such as market-implied

interest rates (as of mid-October 2026) and rates of foreign exchange, as well as customer behaviour and activity levels.

ÑWe do not reconcile our forward guidance on RoTE excluding notable items, target basis operating expenses, dividend payout ratio target basis or banking NII to

their equivalent reported measures.

ÑSee page 8 for a further explanation of RoTE excluding notable items, constant currency revenue excluding notable items, banking NII, target basis operating

expenses and dividend payout ratio target basis. For further information on our CET1 ratio, see page 55.

Cautionary statement regarding forward-looking statements

This Earnings Release 3Q26 on Form 6-K contains certain forward-looking statements with respect to HSBC’s financial condition; results of

operations and business, including the strategic priorities; financial, investment and capital targets; and environmental, social and governance

(‘ESG’) ambitions, targets and commitments described herein.

Statements that are not historical facts, including statements about HSBC’s beliefs and expectations, are forward-looking statements. Words

such as ‘may’, ‘will’, ‘should’, ‘expects’, ‘targets’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘potential’ and ‘reasonably

possible’, or the negative thereof, other variations thereon or similar expressions are intended to identify forward-looking statements. These

statements are based on current plans, information, data, forecasts, estimates and projections, and therefore undue reliance should not be

placed on them. Forward-looking statements speak only as of the date they are made. Any such forward-looking statements are not a reliable

indicator of future performance, as they may involve significant stated or implied assumptions and subjective judgements which may or may not

prove to be correct. There can be no assurance that any of the matters set out in forward-looking statements are attainable, will actually occur or

will be realised or are complete or accurate. The assumptions and judgments may prove to be incorrect and involve known and unknown risks,

uncertainties, contingencies and other important factors, many of which are outside the control of HSBC. HSBC makes no commitment to

revise or update any forward-looking statements to reflect events or circumstances occurring or existing after the date of any forward-looking

statements. Written and/or oral forward-looking statements may also be made in the periodic reports to the US Securities and Exchange

Commission, summary financial statements to shareholders, offering circulars and prospectuses, press releases and other written materials,

and in oral statements made by HSBC’s directors, officers or employees to third parties, including financial analysts. Forward-looking statements

involve inherent risks and uncertainties. Readers are cautioned that a number of factors could cause actual results to differ, in some instances

materially, from those anticipated or implied in any forward-looking statement. These include, but are not limited to:

–changes in general economic conditions in the markets in which we operate, such as new, continuing or deepening recessions, prolonged

inflationary pressures and fluctuations in employment levels and the creditworthiness of customers beyond those factored into consensus

forecasts; the Russia-Ukraine war (including hybrid attacks across Europe attributed to Russia), the conflict in the Middle East, or any

potential military action or conflict elsewhere, and their impact on global economies and the markets where HSBC operates, which could

have a material adverse effect on (among other things) our financial condition, results of operations, prospects, liquidity, capital position and

credit ratings; deviations from the market and economic assumptions that form the basis for our ECL measurements (including, without

limitation, as a result of the Russia-Ukraine war, the conflict in the Middle East, or any potential military action or conflict elsewhere,

inflationary pressures, commodity price changes, and ongoing developments in the commercial real estate sector and the residential

property sector in the Chinese mainland and Hong Kong); potential changes in HSBC’s dividend policy; changes and volatility in foreign

exchange rates and interest rates levels, including the accounting impact resulting from financial reporting in respect of hyperinflationary

economies; volatility in equity markets and the risk of disruptive correction stemming from high company valuations, including in the artificial

intelligence and technology sectors; lack of liquidity in wholesale funding or capital markets, which may affect our ability to meet our

obligations under financing facilities or to fund new loans, investments and businesses; geopolitical tensions or diplomatic developments

producing social instability or legal uncertainty, such as the Russia-Ukraine war, the conflict in the Middle East, or any potential military action

or conflict elsewhere, and the related imposition of sanctions, export-control and trade and investment restrictions, as well as increased

market volatility, supply chain restrictions and disruptions, sustained increases in energy prices and key commodity prices, claims of human

rights violations, diplomatic tensions and strategic competition between China and the US, which may extend to and involve other countries

and territories, and developments in Hong Kong and Taiwan and the surrounding maritime region, alongside other potential areas of tension,

which may adversely affect HSBC by creating regulatory, reputational and market risks; the efficacy of government, customer, and HSBC’s

actions in managing and mitigating ESG-related risks, in particular climate risk, nature-related risks and human rights risks, and in supporting

the global transition to net zero carbon emissions, each of which can impact HSBC both directly and indirectly through our customers and

which may result in potential financial and non-financial impacts; illiquidity and downward price pressure in national real estate markets;

adverse changes in central banks’ policies with respect to the provision of liquidity support to financial markets; heightened market concerns

over sovereign creditworthiness, fiscal capacity and debt sustainability resulting in higher long-term government debt yields, which could also

increase sovereign funding pressures and private sector borrowing costs and reduce the value of HSBC’s sovereign bond holdings, along

with the growing role of non-bank financial institutions in holding and intermediating sovereign debt and the continued growth of private

equity and debt markets, which may amplify the transmission of market volatility and risks across markets; adverse changes in the funding

status of public or private defined benefit pensions; the significant depreciation of the US dollar through 2025, with volatility expected to

persist; societal shifts in customer financing and investment needs, including consumer perception as to the continuing availability of credit;

exposure to counterparty risk, including third parties using us as a conduit for illegal activities without our knowledge; and price competition

in the market segments we serve;

–changes in government policy and regulation, as well as monetary, fiscal, interest rate and other policies of central banks and other

regulatory authorities in the major markets in which we operate and the consequences thereof (including, without limitation, actions taken as

a result of changes in government following national elections, higher social welfare commitments and increased government expenditure

on defence, energy security and climate transition in the markets where the Group operates); continued volatility in trade and tariff policies,

changes in tariff rates, including sector-specific measures imposed by various nations, including the US, which could reduce capital

investment and consumer spending, disrupt supply chains and dampen global trade growth; initiatives to change the size, scope of activities

and interconnectedness of financial institutions in connection with the implementation of stricter regulation of financial institutions in key

markets worldwide; revised capital and liquidity benchmarks, which could serve to deleverage bank balance sheets and lower returns

available from the current business model and portfolio mix; changes to tax laws and tax rates applicable to HSBC, including the imposition

of levies or taxes designed to change business mix and risk appetite; the practices, pricing or responsibilities of financial institutions serving

their consumer markets; expropriation, nationalisation, confiscation of assets and changes in legislation relating to foreign ownership; the

UK’s relationship with the EU, particularly with respect to the potential divergence of UK and EU law on the regulation of financial services;

changes in government approach and regulatory treatment in relation to ESG disclosures and reporting requirements, and the current lack of

a single standardised regulatory approach to ESG across all sectors and markets; changes in UK macroeconomic and fiscal policy, which may

result in fluctuations in the value of the pound sterling; general changes in government policy (including, without limitation, actions taken as a

result of changes in government following national elections in the markets where the Group operates) that may significantly influence

investor decisions; the costs, effects and outcomes of regulatory reviews, actions or litigation, including any additional compliance

requirements; and the effects of competition in the markets where we operate including increased competition from non-bank financial

services companies; and

–factors specific to HSBC, including our success in adequately identifying the risks we face, such as the incidence of loan losses or

delinquency, and managing those risks (through account management, hedging and other techniques); our ability to achieve our financial,

investment, capital and ESG ambitions, targets and commitments (including the positions set forth in our thermal coal phase-out policy and

our energy policy and our targets to reduce our on-balance sheet financed emissions and, where applicable, facilitated emissions in our

portfolio of selected high-emitting sectors), which may result in our failure to achieve any of the expected outcomes of our strategic priorities

and may result in reputational risks; technology changes and developments, including the development, deployment and use of artificial

intelligence, including generative artificial intelligence, by HSBC, third-party service providers, counterparties, customers, competitors and

other market participants, and related operational, cyber, fraud, data, regulatory, compliance, litigation, reputational and competitive risks, as

well as such technological developments’ impact on how we manage risk; model limitations or failure, including, without limitation, the

impact that high inflationary pressures and interest rates have had on the performance and usage of financial models, which may require us

to hold additional capital, incur losses and/or use compensating controls, such as judgemental post-model adjustments, to address model

limitations; changes to the judgements, estimates and assumptions we base our financial statements on; changes in our ability to meet the

requirements of regulatory stress tests; a reduction in the credit ratings assigned to us or any of our subsidiaries, which could increase the

cost or decrease the availability of our funding and affect our liquidity position and net interest margin; changes to the reliability and security

of our data management, data privacy, information and technology infrastructure, including threats from cyber-attacks, which may impact our

ability to service clients and may result in financial loss, business disruption and/or loss of customer services and data; the accuracy and

effective use of data, including internal management information that may not have been independently verified; changes in insurance

customer behaviour and insurance claim rates; our dependence on loan payments and dividends from subsidiaries to meet our obligations;

changes in our reporting frameworks and accounting standards, which have had and may continue to have a material impact on the way we

prepare our financial statements; our ability to successfully execute planned strategic acquisitions and disposals; our success in adequately

integrating acquired businesses into our business; our ability to successfully execute and implement the announced strategic reorganisation

of the Group; changes in our ability to manage third-party, fraud, financial crime and reputational risks inherent in our operations; employee

misconduct, which may result in regulatory sanctions and/or reputational or financial harm; changes in skill requirements, ways of working

and talent shortages, which may affect our ability to recruit and retain senior management and an inclusive and skilled workforce; and

changes in our ability to develop sustainable finance and ESG-related products consistent with the evolving expectations of our regulators,

and our capacity to measure the environmental and social impacts from our financing activity (including as a result of data limitations and

changes in methodologies), which may affect our ability to achieve our ESG ambitions, targets and commitments, including our net zero

ambition, our targets to reduce on-balance sheet financed emissions and, where applicable, facilitated emissions in our portfolio of selected

high-emitting sectors and the positions set forth in our thermal coal phase-out policy and our energy policy, and increase the risk of

greenwashing. Effective risk management depends on, among other things, our ability through stress testing and other techniques to

prepare for events that cannot be captured by the statistical models it uses; our success in addressing operational, legal and regulatory, and

litigation challenges; and other risks and uncertainties we identify in ‘Risk - Managing risk’ on page 44 of this Earnings Release 3Q26 on

Form 6-K.

Additional detailed information concerning important factors, including but not limited to ESG-related factors, that could cause actual results to

differ materially from those anticipated or implied in any forward-looking statement in this Earnings Release 3Q26 on Form 6-K is available in our

Annual Report and Accounts for the fiscal year ended 31 December 2025, which was filed with the SEC on Form 20-F on 26 February 2026, our

Earnings Release 1Q26, furnished to the SEC on Form 6-K on 5 May 2026 and our Interim Report for the six months ended 30 June 2026,

furnished to the SEC on Form 6-K on 4 August 2026.

Presentation to investors and analysts

HSBC Holdings plc will be conducting a trading update conference call with analysts and investors today to coincide with the publication of this

Earnings Release on Form 6-K. The call will take place at 07:45am GMT. Details of how to participate in the call and the live audio webcast can

be found at www.hsbc.com/investors.

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. With assets of $3.4tn at 30 September 2026, HSBC is one of the

world’s largest banking and financial services organisations.

The Group‘s operating segments comprise of four businesses along with Corporate Centre:

–Hong Kong

–UK

–Corporate and Institutional Banking

–International Wealth and Premier Banking

Our Hong Kong business comprises Retail Banking and Wealth and Commercial Banking of HSBC Hong Kong and Hang Seng Bank Limited

(‘Hang Seng Bank‘). Our UK business comprises UK Retail Banking and Wealth (including first direct and M&S Bank) and UK Commercial

Banking, including HSBC Innovation Bank. CIB integrates our Commercial Banking business (outside of the UK and Hong Kong) with our Global

Banking and Markets business. IWPB comprises Premier banking outside of Hong Kong and the UK, our Private Bank, Asset Management and

Insurance businesses. Corporate Centre results primarily comprise the financial impact from certain acquisitions and disposals and the share of

profit, dilution and impairment loss impacts from interests in our associates and joint ventures. It also includes Central Treasury, stewardship

costs and consolidation adjustments.

Notes

Income statement comparisons, unless stated otherwise, are between the quarter ended 30 September 2026 and the quarter ended

30 September 2025. Balance sheet comparisons, unless otherwise stated, are between balances at 30 September 2026 and the corresponding

balances at 31 December 2025. Unless otherwise stated, the factors impacting constant currency income statement performance between

periods are the same factors discussed in relation to reported income statement performance for the same periods. Constant currency

performance is computed by adjusting reported results for the effects of foreign currency translation differences.

ÑSee page 7 for an explanation of constant currency performance.

The financial information on which this Earnings Release 3Q26 on Form 6-K is based is unaudited. Other than the adoption of certain

amendments to IFRS 9 ‘Financial Instruments‘ effective from 1 January 2026, which have had no material impact on the Group, it has been

prepared in accordance with our material accounting policies as described on pages 300 to 311 of the Annual Report and Accounts 2025 on

Form 20-F.

Reshaping the Group for growth

Privatisation of Hang Seng Bank

On 26 January 2026, we completed our privatisation of Hang Seng Bank, following shareholder and Court approval. Hang Seng Bank is now a

wholly-owned subsidiary of the HSBC Group and Hang Seng Bank shares have been withdrawn from the Hong Kong Stock Exchange. Through

the privatisation of Hang Seng Bank, we expect to realise $0.5bn in annualised pre-tax revenue and cost synergies across both our brands in

Hong Kong by the end of 2028. We expect to incur associated restructuring costs of $0.6bn, of which one-off income statement impacts would

be reported as material notable items. We also have an ambition to generate further annualised revenue and cost opportunities of around

$0.4bn by the end of 2028 across both our brands in Hong Kong.

Organisational simplification

At our 2024 full-year results we announced measures to simplify the Group, committing to deliver an annualised reduction of around $1.5bn in

our cost base by the end of 2026, spending $1.8bn in restructuring and other related costs. At our 1H26 interim results, having already

exceeded our savings commitment of $1.5bn, we revised our simplification savings commitment with an intention to action around $2bn of

annualised savings by the end of 2026, spending up to our originally expected $1.8bn of restructuring costs. The additional saves we have

brought into the programme generate capacity that will be used to support the growth of our four businesses.

Since the start of 2025, we have identified and actioned annualised cost savings of approximately $1.9bn, spending associated restructuring and

other related costs of $1.6bn. These actions have resulted in a reduction of around $0.6bn in operating expenses in the income statement in

2025, and a $0.8bn reduction in 9M26.

Strategic transactions

We remain focused on opportunities where we have a clear competitive advantage and accretive returns, and we aim to redeploy approximately

$1.8bn of additional costs saved from non-strategic activities into these areas over the medium term. This includes the additional $0.3bn of

costs saved from the synergies generated from our privatisation of Hang Seng Bank.

During the third quarter of 2026, we completed the sale of our operations in Uruguay. In addition, we announced the sale of HSBC Life

Singapore. In Australia, we announced the sale of our portfolio of home and personal loans, the planned wind-down of the remaining retail

business and the transfer of our CIB, Private Banking and Asset Management businesses to the Sydney branch of The Hongkong and Shanghai

Banking Corporation Limited, simplifying our entity footprint. In Egypt, we announced the sale of our retail banking business. The completion of

announced disposals and related actions remains subject to relevant regulatory and other approvals. We have commenced a strategic review of

our retail business and domestic-focused small and mid-sized corporate banking operations in Türkiye. Our international wholesale client

business in Türkiye is unaffected by this review.

ÑFor further details on business disposals, see page 15.

Progress in growth areas

Wealth balances increased by 3% to $1.6tn at 30 September 2026 compared with 31 December 2025. We attracted net new money (‘NNM‘) in

9M26 of $105bn, with $95bn booked in Asia, partly offset by the impact of classifications to held for sale and portfolio exits.

Transaction banking continues to perform well as we leverage our network and capabilities to capture opportunities from changing trade and

capital flows. In 9M26, fee and other income in WTB rose by 8% compared with 9M25, or by 6% on a constant currency basis, reflecting

increases in Global Foreign Exchange, Securities Services, Global Trade Solutions (‘GTS‘) and Global Payment Solutions (‘GPS‘).

Financial summary

Key financial metrics

ÑFor reconciliations of our reported results to a constant currency basis, including lists of notable items, see page 27. Definitions and calculations of other

alternative performance measures are included in ‘Alternative performance measures’ on page 35.

1Regulatory ratios and requirements are based on the Prudential rules in force at the time.

2Regulatory numbers and ratios are as presented at the date of reporting. Small changes may exist between these numbers and ratios and those subsequently

submitted in regulatory filings. Where differences are significant, we may restate in subsequent periods.

3The liquidity coverage ratio (‘LCR‘) is based on the average value of the preceding 12 months.

Basis of presentation

Constant currency performance

Constant currency performance is computed by adjusting reported results for the effects of foreign currency translation differences, which

reflect the movements of the US dollar against most major currencies during 2026. Excluding these differences allows us to assess balance

sheet and income statement performance on a like-for-like basis and to better understand the underlying trends in the business. Foreign

currency translation differences at 30 September 2026 are computed by retranslating into US dollars for non-US dollar branches, subsidiaries,

joint ventures and associates:

–the income statements for 9M25 at the average rate of exchange for 9M26;

–the income statements for the quarterly periods at the average rate of exchange for 3Q26;

–the closing prior period balance sheets at the prevailing rates of exchange on 30 September 2026.

No adjustment has been made to the exchange rates used to translate foreign currency-denominated assets and liabilities into the functional

currencies of any HSBC branches, subsidiaries, joint ventures or associates. The constant currency data of our operations in Türkiye has not

been adjusted further for the impacts of hyperinflation. When reference is made to foreign currency translation differences in tables or

commentaries, comparative data reported in the functional currencies of HSBC’s operations has been translated at the appropriate exchange

rates applied in the current period on the basis described above.

Notable items and material notable items

We separately disclose ‘notable items’, which are components of our income statement that management would consider as outside the

normal course of business and generally non-recurring in nature.

Certain notable items are classified as ‘material notable items’, which are a subset of notable items. Categorisation as a material notable item is

dependent on the nature of each item in conjunction with the financial impact on the Group‘s income statement, and such items are excluded

from our target basis dividend payout ratio calculation and earnings per share measure. Material notable items in 9M26 or relevant comparative

periods relate to the operating expenses associated with actions to exit or wind down non-strategic businesses. They also include a dilution loss

and the recognition of an impairment of our investment in BoCom in 9M25, and a legal provision relating to developments in a claim in

Luxembourg relating to the Bernard L. Madoff Investment Securities LLC fraud in 9M25.

ÑThe tables on pages 27 to 31 and pages 37 to 41 detail the effects of notable items on each of our business segments and legal entities.

Impact of strategic transactions

In addition to the items categorised as material notable items, the impacts of strategic transactions include the distorting impact observed

between the periods of the operating income statement results related to acquisitions, disposals and wind-downs that affect period-on-period

comparisons. Once a transaction has completed or a wind-down has commenced, the impact will include the operating income statement

results of each business, which are not classified as notable items, in any comparative period if there are no results in the current period as a

result of a transaction, or a reduction in revenue or costs has arisen from the wind-down of a business. We consider the monthly impact of

distorting income statement results when calculating the impact of strategic transactions. In the case of wind-downs, or transactions that

complete in phased tranches, there may be timing differences between the recognition of operating cost impacts and operating revenue

impacts. These would arise in the event that there is a timing lag between the impact of cost actions and the resultant impact on operating

revenue.

ÑSee page 32 for further details on the impact of strategic transactions. 

Management view of revenue on a constant currency basis

We provide breakdowns of revenue for each of our business segments on a constant currency basis by major product. These reflect the basis

on which revenue performance of the businesses is assessed and managed. In the management view of revenue, notable items are presented

separately.

We group certain products in a consistent manner across our business segments. WTB comprises our Global Foreign Exchange, GPS, GTS and

Securities Services businesses. Wealth comprises our Investment Distribution, Insurance, Private Bank and Asset Management businesses.

On page 9 we provide a summarised management view of revenue for the Group‘s results, on reported foreign exchange rates, to supplement

the Group‘s reported revenue performance using the product grouping which is used to manage and assess our segmental performance.

Impact of hyperinflationary accounting

We continue to treat Türkiye as a hyperinflationary economy for accounting purposes. The impact of applying International Accounting Standard

(‘IAS’) 29 ‘Financial Reporting in Hyperinflationary Economies’ and the hyperinflation provisions of IAS 21 ’The Effects of Changes in Foreign

Exchange Rates’ in the current period on our operations in Türkiye was a decrease in the Group’s profit before tax of $146m for 9M26 and a

decrease of $40m for 3Q26 (9M25: $119m decrease; 2Q26: $44m decrease; 3Q25: $40m decrease). The consumer price index at

30 September 2026 for Türkiye was 137.23 (30 June 2026: 129.99; 30 September 2025: 105.78).

Use of alternative performance measures

Our reported results are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting

Standards Board (‘IFRS Accounting Standards‘), as detailed in our financial statements starting on page 288 of the Annual Report and Accounts

2025 on Form 20-F.

To measure our performance, we supplement our IFRS Accounting Standards figures with non-IFRS Accounting Standards measures, which

constitute alternative performance measures under European Securities and Markets Authority guidance and non-GAAP financial measures

defined in and presented in accordance with the US Securities and Exchange Commission rules and regulations. These measures include those

derived from our reported results that eliminate factors distorting period-on-period comparisons. The ‘constant currency performance’ measure

used throughout this report is described on page 7. Definitions and calculations of other alternative performance measures are included in

‘Alternative performance measures’ on page 35. All alternative performance measures are reconciled to the closest reported performance

measure.

Return on average tangible equity excluding notable items

The calculation for RoTE excluding notable items adjusts the ‘profit attributable to the ordinary shareholders, excluding goodwill and other

intangible assets impairment‘ for the post-tax impact of notable items. To better align with market practice, from our 2025 full-year results, we

no longer adjust the ‘average tangible equity‘ for the post-tax impact of notable items in each period. Comparatives have been re-presented.

ÑSee page 35 for the definition of return on average tangible equity excluding notable items and page 36 for the reconciliation to the GAAP measure.

Banking net interest income

Banking net interest income (‘banking NII‘) adjusts our NII primarily for the impact of funding trading and fair value activities reported in interest

expense. It represents the Group’s banking revenue that is directly impacted by changes in interest rates. We use this measure to determine

the deployment of our surplus funding and to help optimise our structural hedging and risk management actions.

ÑFor more information on banking NII, including the reconciliation to the GAAP measure, see page 13.

Constant currency revenue and profit before tax excluding notable items and the

impact of strategic transactions

To aid the understanding of our results, we separately report ‘constant currency revenue excluding notable items‘ and ‘constant currency profit

before tax excluding notable items‘, which exclude the impact of notable items and the impact of foreign exchange translation. We also

separately disclose ‘constant currency revenue excluding notable items and the impact of strategic transactions‘ and ‘constant currency profit

before tax excluding notable items and the impact of strategic transactions‘, which also exclude the impact of strategic transactions classified as

material notable items. We consider these measures to provide useful information to investors as they remove items that distort period-on-

period comparisons.

The impact of strategic transactions also includes the distorting impact between the periods of the operating income statement results related

to acquisitions and disposals and that affect period-on-period comparisons. These impacts are not included in our notable or material notable

items. The impact of strategic transactions is computed by including the operating income statement results of each business in any period for

which there are no results in the comparative period.

ÑSee page 36 for the reconciliation to the GAAP measure.

Target basis operating expenses

Target basis operating expenses include the impact of simplification-related saves associated with our announced strategic reorganisation, is

measured on a constant currency basis and excludes notable items and the impact of retranslating the prior year results of hyperinflationary

economies at constant currency, which we consider to be outside of our control. We consider target basis operating expenses to provide useful

information to investors by quantifying and excluding the notable items that management considered when setting and assessing cost-related

targets.

ÑSee page 43 for the reconciliation to the GAAP measure.

Basic earnings per share excluding material notable items and related impacts

We have established a dividend payout ratio target basis of 50% for 2026. For the purposes of computing our dividend payout ratio target basis,

we exclude from earnings per share material notable items and related impacts.

Related impacts include those items that do not qualify for designation as notable items but whose adjustment is considered by management to

be appropriate for the purposes of determining the basis for our dividend payout ratio target basis calculation, which we exclude from earnings

per share material notable items and related impacts.

ÑSee page 32 for the supplementary analysis of the impact of strategic transactions.

ÑSee page 35 for the definition of ‘basic earnings per share excluding material notable items and related impacts‘ and page 43 for the reconciliation to the

GAAP measure.

Income statement results

Summary consolidated income statement

1Amounts in 9M25 include a $0.1bn mark-to-market gain on interest rate hedging of the portfolio of retained loans post sale of our retail banking operations in

France and a $0.1bn fair value loss on Grupo Financiero Galicia‘s (‘Galicia‘) American Depositary Receipts (‘ADRs‘) received as purchase consideration from the

sale of our business in Argentina, which were disposed of in 2Q25.

2Amounts in 9M26 include $0.2bn from the recycling of foreign currency translation reserve losses arising on completion of the sale of our UK life insurance

business, HSBC Life (UK) Limited, $0.3bn of disposal losses recognised upon the classification as ‘held for sale’ of HSBC Continental Europe’s shareholding in

HSBC Bank Malta plc, and disposal losses relating to HSBC Australia’s portfolios of home and personal loans and credit cards, which together with related

restructuring costs and write-downs reported in operating expenses, totalled $0.2bn in 3Q26.

3The amount in 9M25 ‘Other operating (expense)/income’ includes a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in

BoCom. In the same period we also recognised a $1.0bn impairment loss following an impairment test on the carrying value of the Group’s investment in

BoCom in ‘Impairment of interest in associate’.

4Also referred to as revenue.

3Q26 compared with 3Q25 – reported results

1For a reconciliation of reported revenue to revenue excluding notable items and reported profit before tax to profit before tax excluding notable items, see page

36.

1For a reconciliation of banking NII to reported NII, see page 13. Banking NII in our supplementary management view of reported revenue excludes notable items,

which were nil in 3Q26 (3Q25: nil).

2For a reconciliation of reported revenue to revenue excluding notable items, see page 36.

3Q26 compared with 3Q25 – constant currency basis

3Q26 compared with 3Q25 – performance commentary

Reported profit before tax of $9.6bn was $2.3bn or 32% higher than in 3Q25, primarily reflecting a net favourable impact from notable items,

primarily due to the non-recurrence of legal provisions of $1.4bn in 3Q25. The increase also reflected growth in revenue, mainly from banking

NII, and lower ECL.

On a constant currency basis, profit before tax was $2.3bn higher than in 3Q25. On the same basis and excluding notable items, profit before

tax was $0.9bn higher than in 3Q25.

Reported revenue increased by $0.8bn or 5% to $18.6bn, primarily reflecting growth in banking NII. Fee and other income also rose in CIB in

WTB across all products, supported by higher customer activity, as well as in Debt and Equity Markets, mainly in Prime Finance. Fee and other

income also increased in Investment Distribution and Private Bank in Wealth from increased client activity, partly offset by valuation losses in

Corporate Centre, the non-recurrence of 3Q25 one-off favourable impacts and an adverse impact from strategic transactions in Insurance.

NII increased by $0.5bn compared with 3Q25. The increase reflected deposit growth and the benefit of reinvestment of our structural hedge at

higher yields, partly offset by lower NII from Markets Treasury and an adverse impact of $0.1bn from one-off items in 3Q26. Banking NII

increased by $0.6bn to $11.7bn. Banking NII excludes insurance NII, which fell by $0.1bn, and the funding costs associated with the trading

book, which remained broadly stable. Banking NII increased by $0.6bn on a constant currency basis.

Reported ECL in 3Q26 of $0.8bn were $0.2bn lower compared with 3Q25, primarily reflecting a $0.1bn reduction in stage 3 charges related to

the Hong Kong CRE sector, as well as lower charges in our UK business and in our IWPB business in Mexico.

ÑFor further details of the calculation of ECL, including the measurement uncertainties and significant judgements applied to such calculations, the impact of the

economic scenarios and management judgemental adjustments, see pages 48 to 53.

Reported operating expenses of $8.8bn were $1.3bn or 12% lower than in 3Q25. This included a favourable net impact of $1.4bn from

notable items, which primarily reflected the non-recurrence of legal provisions in 3Q25 of $1.4bn. Excluding notable items, the increase in

operating expenses primarily reflected the impact of inflation, higher planned spend and investment in technology, and the phasing of the

performance-related pay accrual relative to 3Q25, partly mitigated by the cost reduction benefits from our organisational simplification. Target

basis operating expenses were $0.1bn or 1.4% higher than in 3Q25, primarily due to the impact of inflation and higher planned spend and

investment in technology, partly offset by the cost reduction benefits from our organisational simplification.

Reported share of profit from associates and joint ventures less impairment of $0.7bn was $0.1bn or 13% higher compared with 3Q25,

reflecting increases from Saudi Awwal Bank (‘SAB‘) and BoCom.

Tax expense in 3Q26 was a charge of $2.1bn, representing an effective tax rate of 21.4%. Tax expense in 3Q25 was a charge of $1.8bn,

representing an effective tax rate of 24.6%. The effective tax rate for 3Q25 was increased by 4.4% due to legal provisions on which no tax

benefit was recorded.

Dividend

On 27 October 2026, the Board announced a third interim dividend for 2026 of $0.10 per ordinary share. For further details, see page 57.

9M26 compared with 9M25 – reported results

1For a reconciliation of reported revenue to revenue excluding notable items and reported profit before tax to profit before tax excluding notable items, see page

36.

1For a reconciliation of banking NII to reported NII, see page 13. Banking NII in our supplementary management view of revenue excludes notable items, which

were nil in 9M26 (9M25: nil).

2For a reconciliation of reported revenue to revenue excluding notable items, see page 36.

9M26 compared with 9M25 – constant currency basis

1For details, see ‘Strategic transactions supplementary analysis‘ on page 32.

9M26 compared with 9M25 – performance commentary

Reported profit before tax of $29.2bn was $6.0bn higher than in 9M25, primarily reflecting a $3.7bn net favourable impact from notable items

together with revenue growth from an increase in banking NII and higher fee and other income, primarily in Wealth and WTB.

The net favourable movement in notable items primarily reflected the non-recurrence of 9M25 dilution and impairment losses of $2.1bn related

to our associate BoCom and legal provisions of $1.4bn, together with lower restructuring costs associated with our organisational simplification

of $0.3bn. These items were partly offset by disposal losses recognised on the classification to held for sale associated with the planned sale of

our business in Malta of $0.3bn in 9M26. 

On a constant currency basis, profit before tax of $29.2bn was $5.9bn higher than in 9M25. On the same basis and excluding notable items,

profit before tax of $30.4bn was $2.0bn or 7% higher compared with 9M25.

Reported revenue of $56.4bn was $4.5bn or 9% higher than in 9M25 including a $0.9bn net favourable impact from notable items, which

primarily related to the non-recurrence of a dilution loss of $1.1bn on BoCom recognised in 9M25, partly offset by higher net losses from

business disposals.

Revenue excluding notable items increased by $3.6bn or 7%, reflecting higher banking NII, and growth in fee and other income. The fee and

other income growth reflected a strong performance in Wealth, driven by increases in Investment Distribution in both our IWPB and Hong Kong

businesses, and in Private Bank supported by higher customer activity. In addition, there was growth in Insurance fee and other income, driven

primarily by a higher contractual service margin (‘CSM’) release as a result of strong new business growth in Hong Kong.

Fee and other income also increased in our CIB business. This was mainly in WTB, reflecting growth across all products, supported by higher

customer activity, and also in Debt and Equity Markets, partly offset by a reduction in Investment Banking fee and other income due to the

wind-down of our Mergers and Acquisitions (‘M&A’) and Equity Capital Markets (‘ECM’) businesses in the UK, Europe and the US.

In Corporate Centre, fee and other income was lower, primarily driven by valuation losses on financial instruments and structural foreign

exchange hedges, together with the non-recurrence of fair value gains on non-qualifying hedges related to our retained French portfolio of home

and certain other loans. This was partly offset by a one-off $0.2bn gain from a property asset disposal in 9M26.

NII increased by $1.9bn compared with 9M25, primarily driven by deposit balance growth and the benefit of reinvestment of our structural

hedge at higher yields, and the favourable impact of foreign currency translation differences of $0.4bn. This was partly offset by lower NII from

Markets Treasury. Banking NII increased by $2.2bn to $34.6bn, as the deduction for insurance NII reduced by $0.2bn due to the impact of

strategic transactions. The funding costs associated with generating trading and fair value income were $7.2bn, an increase of $0.1bn compared

with 9M25, as the impact of higher trading balances was partly offset by lower market interest rates.

Reported ECL charge of $3.2bn was $0.2bn or 8% higher than in 9M25. The charge in 9M26 primarily reflected stage 3 charges on wholesale

exposures, including a $0.5bn fraud-related, secondary, securitisation exposure with a financial sponsor in the UK in our CIB business. The

9M26 charge also included $0.3bn related to the Hong Kong CRE sector and allowances to reflect uncertainty due to the ongoing conflict in the

Middle East. ECL in 9M25 included charges related to the Hong Kong CRE sector of $0.7bn, as well as allowance increases relating to

geopolitical tensions and higher trade tariffs.

Reported operating expenses of $26.2bn were $0.9bn or 3% lower than in 9M25, reflecting a favourable net impact of $1.8bn from notable

items, which comprised the non-recurrence of legal provisions in 9M25 of $1.4bn and lower restructuring and other related costs associated

with our organisational simplification of $0.3bn. Excluding notable items, the increase in expenses primarily reflected an adverse impact of

$0.4bn from foreign currency translation differences, higher planned spend and investment in technology and Wealth, the impact of inflation,

the phasing of the performance-related pay accrual relative to 9M25 and other cost growth. These increases were partly mitigated by cost

reductions from our organisational simplification. Target basis operating expenses were $0.5bn or 2% higher than in 9M25 reflecting higher

planned spend and investment in technology, and the impacts of inflation, partly offset by cost reductions from our organisational simplification.

The number of employees expressed in full-time equivalent staff at 30 September 2026 was 204,330, a decrease of 4,390 from 31 December

2025. The number of contractors at 30 September 2026 was 4,087, an increase of 113 from 31 December 2025.

Reported share of profit from associates and joint ventures of $2.2bn increased by $1.0bn, mainly due to the non-recurrence of an

impairment loss of $1.0bn recognised on BoCom in 9M25.

Tax expense in 9M26 was a charge of $6.3bn, representing an effective tax rate of 21.5% (9M25: 22.3%). The effective tax rate for 9M26 was

increased by the non-deductible losses recorded on the sales of HSBC Life (UK) Limited and our business in Uruguay, and the planned sale of

our business in Malta. Excluding these items, the effective tax rate for 9M26 was 21.1%. Tax expense in 9M25 was a charge of $5.2bn,

representing an effective tax rate of 22.3%, increased by the non-deductible impairment and dilution loss in BoCom and legal provisions on

which no tax benefit is recorded. Excluding these items, the effective tax rate for 9M25 was 19.9%.

Net interest income

1Gross interest yield is the average annualised interest rate earned on average interest-earning assets (‘AIEA’), net of amortised premiums and loan fees. Gross

interest payable is the average annualised interest cost as a percentage of average interest-bearing liabilities.

2Net interest spread is the difference between the average annualised interest rate earned on AIEA, net of amortised premiums and loan fees, and the average

annualised interest rate payable on average interest-bearing funds.

3Net interest margin is net interest income expressed as an annualised percentage of AIEA.

NII in 3Q26 of $9.3bn was $0.5bn higher compared with 3Q25. This mainly reflected deposit growth and the benefit of reinvestment of our

structural hedge at higher yields, partly offset by lower NII from Markets Treasury and the impact of an adverse $0.1bn in one-off items in 3Q26.

NII in 3Q26 remained stable compared with 2Q26, as the benefit of the reinvestment of our structural hedge at higher yields and a higher day

count were partly offset by lower NII from Markets Treasury and the impact of an adverse $0.1bn in one-off items.

NII in 9M26 of $27.5bn was 8% higher compared with 9M25. The increase was primarily driven by deposit balance growth, the benefit of

reinvestment of our structural hedge at higher yields and the favourable impact from foreign currency translation differences of $0.4bn. This was

partly offset by lower NII from Markets Treasury. The funding costs associated with generating trading and fair value income were $7.2bn, an

increase of $0.1bn compared with 9M25 as the impact of higher trading balances was partly offset by lower market interest rates.

NIM for 3Q26 of 1.57% was stable compared with 3Q25. NIM was down 5bps in 3Q26 compared with 2Q26, driven by AIEA increasing faster

than NII. NIM for 9M26 was up 3bps compared with 9M25, primarily reflecting the benefit of our structural hedge.

Interest income in 3Q26 of $25.9bn increased by $1.5bn or 6% compared with 2Q26, and by $1.5bn or 6% compared with 3Q25, primarily due

to an increase in AIEA. On a constant currency basis, interest income rose by $1.5bn compared with 2Q26, and by $1.5bn compared with 3Q25.

Interest expense in 3Q26 of $16.6bn increased by $1.4bn or 10% compared with 2Q26, and by $1.0bn or 6% compared with 3Q25, primarily

due to an increase in average interest-bearing liabilities. On a constant currency basis, interest expense rose by $1.5bn compared with 2Q26,

and by $1.0bn compared with 3Q25.

Banking net interest income

Banking NII adjusts our NII primarily for the impact of funding trading and fair value activities reported in interest expense. It represents the

Group’s banking revenue that is directly impacted by changes in interest rates. It is defined as Group net interest income after deducting:

–the internal cost to fund trading and fair value net assets for which associated revenue is reported in ‘Net income from financial instruments

held for trading or managed on a fair value basis’, also referred to as ‘trading and fair value income’. These funding costs reflect proxy

overnight or term interest rates as applied by internal funds transfer pricing;

–the funding cost of foreign exchange swaps in Markets Treasury, where an offsetting income or loss is recorded in trading and fair value

income. These instruments are used to manage foreign currency deployment and funding in our entities; and

–third-party net interest income in our Insurance business.

In our segmental disclosures, the funding costs of trading and fair value net assets are predominantly recorded in CIB in ‘net income from

financial instruments held for trading or managed on a fair value basis’. On consolidation, this funding is eliminated in Corporate Centre, resulting

in an increase in the funding cost reported in net interest income with an equivalent offsetting increase in ‘net income from financial

instruments held for trading or managed on a fair value basis’ in this segment. In the consolidated Group results, the cost to fund these trading

and fair value net assets is reported in net interest income.

Banking NII was $34.6bn in 9M26, an increase of $2.2bn or 7% compared with 9M25, primarily driven by deposit balance growth, the benefit of

reinvestment of our structural hedge at higher yields and the favourable impact of foreign currency translation differences of $0.5bn.

This was partly offset by lower NII from Markets Treasury. Insurance NII, which is deducted from banking NII, reduced by $0.2bn, due to the

impact of strategic transactions. The funding costs associated with generating trading and fair value income were $7.2bn, an increase of $0.1bn

compared with 9M25, as the impact of higher trading balances was partly offset by lower market interest rates.

The internally allocated funding to generate trading and fair value income was $272bn at 30 September 2026, a rise of approximately $35bn

since 30 September 2025. This related to trading, fair value and associated net asset balances, predominantly in CIB.

Balance sheet

Summary consolidated balance sheet

1Other loans and advances to customers of disposal groups reported in ‘Assets held for sale‘ consist of our retail banking business in Sri Lanka, Indonesia retail

banking business, Singapore insurance business, Germany custody business and business in South Africa.

2Other customer accounts reported in ‘Liabilities of disposal groups held for sale‘ mainly consist of our retail banking business in Sri Lanka.

Balance sheet commentary – 30 September 2026 compared with 30 June 2026

At 30 September 2026, our total assets of $3.4tn were stable on both a reported and constant currency basis. Lending growth, net of the

classification to assets held for sale of loans from the exit of our retail banking business in Australia, and growth in derivative asset balances,

were broadly offset by lower trading assets and reverse repo balances.

Loans and advances to customers as a percentage of customer accounts were 56.1%, compared with 55.9% at 30 June 2026.

Loans and advances to customers of $1.0tn were $7.8bn higher on a reported basis. This included a favourable effect of foreign currency

translation differences of $1.1bn. On a constant currency basis, customer lending balances increased by $6.7bn.

The following movements are on a constant currency basis.

In our UK business, customer lending rose by $7.2bn, primarily driven by continued growth in commercial lending and mortgage balances.

In our Hong Kong business, customer lending increased by $6.7bn, which included higher retail lending balances and the accounting

reclassification of certain Wealth-related lending balances.

In our CIB business, customer lending increased by $4.4bn, primarily reflecting growth in Asia.

In our IWPB business, customer lending decreased by $11.7bn, reflecting the classification to held for sale of loans from the exit of our retail

banking business in Australia. This was partly offset by lending growth as we supported our customers to participate in the India Foreign

Currency Non-Resident Deposit scheme.

Customer accounts of $1.8tn increased by $9.1bn on a reported basis. This included the favourable effects of foreign currency translation

differences of $2.6bn. On a constant currency basis, customer accounts increased by $6.5bn.

The following movements are on a constant currency basis.

In our Hong Kong business, customer accounts increased by $20.6bn reflecting continued momentum in deposit inflows, mainly into term

deposits.

In IWPB, customer accounts increased by $9.8bn reflecting deposit growth in India as we facilitated customer participation in the India Foreign

Currency Non-Resident Deposit scheme. This growth was partly offset by retail deposit outflows following our announced exit of our retail

banking business in Australia.

In CIB, customer accounts decreased by $24.2bn, which included expected outflows of balances placed by clients for a short-term duration in

both Securities Services and GPS.

In our UK business, customer accounts were stable despite growing competition for retail deposits.

Financial investments

As part of our interest rate hedging strategy and liquidity management we hold a portfolio of debt instruments, reported within financial

investments, which are classified as hold-to-collect-and-sell. As a result, the change in value of these instruments is recognised through ‘debt

instruments at fair value through other comprehensive income’ in equity. At 3Q26, we recognised a pre-tax cumulative unrealised loss reserve

through other comprehensive income of $5.0bn related to these hold-to-collect-and-sell positions, excluding investments held in our Insurance

business. This compared with an unrealised loss of $2.4bn at 2Q26, and reflected a $2.6bn pre-tax loss in 3Q26, inclusive of movements on

related fair value hedges.

We also hold a portfolio of financial investments measured at amortised cost, which are classified as hold-to-collect. At 3Q26, the debt

instruments within this portfolio had a cumulative unrecognised loss of $7.0bn, representing a $4.9bn deterioration during 3Q26.

Risk-weighted assets

RWAs of $922.4bn increased by $16.0bn compared with 30 June 2026, primarily due to asset size movements of $18.7bn, driven primarily by

IWPB due to increases in sovereign exposures arising from participation in the Foreign Currency Non-Resident Deposit scheme in India, lending

in our CIB and UK businesses and financial commitments in our Hong Kong business. A further increase of $5.9bn reflected the impact of a

redeveloped probability of default (‘PD‘) model for large corporates mainly in CIB, partly offset by reductions in our UK and Hong Kong

businesses, as well as an increase for the small and medium-sized enterprises PD model in our UK business. Methodology and policy changes

reduced RWAs by $6.0bn, mainly driven by a significant risk transfer transaction executed through the issuance of a credit-linked note (‘CLN‘) in

our UK business, and changes to the market risk capital multiplier in CIB.

ÑFor further details on RWAs, see page 56.

Business disposals

We reported balances of $45.5bn in assets held for sale and $23.8bn in liabilities held for sale at 30 September 2026, which were predominantly

business disposal groups that met the held for sale criteria. This included a reclassification made in the third quarter of 2026 of $25.6bn in

assets and $1.2bn in liabilities in respect of our retail banking business in Australia.

During the nine months ended 30 September 2026, we recognised net pre-tax losses of $0.8bn relating to business disposals, including $0.2bn

in disposals losses and related restructuring costs and write-downs recognised in the third quarter of 2026 relating to our retail banking business

in Australia. Impacts in prior quarters of 2026 included a $0.3bn disposal loss on the classification of our business in Malta as held for sale and a

$0.2bn loss on the recycling of foreign currency translation reserves on completion of the sale of our UK life insurance business.

Australia retail banking business

On 31 July 2026, HSBC Bank Australia Limited (‘HSBC Australia’), an indirect wholly-owned subsidiary of HSBC Holdings plc, entered into an

agreement to sell its portfolio of home and personal loans to Virgo BidCo Pty Ltd, an entity wholly owned by funds managed by affiliates of

Blackstone Inc. The transaction has received competition approval, remains subject to regulatory approval and is expected to complete in the

first half of 2027. The remainder of HSBC Australia’s retail business will be wound down in a phased manner over 18 months. Following this,

HSBC Australia’s Corporate and Institutional Banking, Asset Management and Private Banking businesses in Australia will be consolidated into

The Hongkong and Shanghai Banking Corporation Limited Sydney Branch, simplifying HSBC’s entity footprint. HSBC expects to incur $0.3 bn in

associated restructuring costs. Following the disposal and associated wind-down actions, we expect then to recycle foreign currency translation

reserve losses to the income statement. These stood at $0.2bn at 30 September 2026. During the third quarter of 2026, we recognised a

$0.2bn loss including an immaterial disposal loss and related restructuring costs and write-offs.

On 21 August 2026, HSBC Australia entered into a binding agreement to sell its credit card balances to Credit Corp Group Limited, on which we

recognised an immaterial loss on disposal during the third quarter of 2026.

The home and personal loan portfolio and credit card balances met the criteria for classification as held for sale in the third quarter of 2026, with

aggregate assets of $25.6bn and liabilities of $1.2bn classified as held for sale at 30 September 2026.

Other transactions

On 9 October 2026, HSBC Continental Europe, a wholly-owned subsidiary of HSBC Bank plc, completed the sale of its fund administration

business, Internationale Kapitalanlagegesellschaft mbH, to BlackFin Capital Partners S.A.S. On completion, the associated financial impacts

were immaterial.

On 2 August 2026, HSBC Bank Egypt S.A.E., an indirect subsidiary of HSBC Holdings plc, entered into a binding agreement to sell its retail

banking business to Emirates NBD Egypt (S.A.E), a direct subsidiary of Emirates NBD Bank PJSC. The transaction remains subject to regulatory

approval and is expected to complete in the second half of 2027. The disposal group did not meet the held for sale criteria in the third quarter of

2026, given a completed migration was anticipated to require more than 12 months from the reporting date. The sale is expected to generate an

estimated pre-tax gain of $0.3bn, inclusive of related transaction and migration costs and write-offs, that will be recognised largely upon

completion.

On 24 July 2026, HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, entered into an

agreement to sell its Singapore insurance business, HSBC Life (Singapore) Pte. Ltd, to Allianz Asia Holdings Pte. Ltd. The disposal group met

the held for sale criteria in the second quarter of 2026, with balances remaining classified as held for sale at 30 September 2026 of $10.8bn in

assets and $10.5bn in liabilities, including insurance manufacturing contractual service margin of $1.4bn. The transaction, which remains subject

to regulatory approval, is expected to generate an estimated pre-tax gain of $1.8bn, net of migration costs. The estimated pre-tax profit on the

sale will be recognised through a combination of the consolidation of HSBC Life (Singapore) Pte. Ltd’s results into the Group’s financial

statements (between the 31 December 2025 net asset reference date and until completion), and the remaining gain on sale recognised at

completion, expected in the first half of 2027.

On 10 July 2026, HSBC Latin America Holdings (UK) Limited completed the sale of HSBC Bank (Uruguay) S.A. to a subsidiary of BTG Pactual

Holding SA. On completion, we recycled immaterial foreign currency translation and other reserves losses to the income statement.

On 4 May 2026, PT Bank HSBC Indonesia, an indirect subsidiary of HSBC Holdings plc, entered into a binding agreement to sell its retail banking

business to PT Bank OCBC NISP Tbk. The disposal group met the held for sale criteria in the second quarter of 2026, with balances remaining

classified as held for sale at 30 September 2026 of $0.3bn in assets and $2.0bn in liabilities. The transaction, which is subject to regulatory

approval, is expected to complete in the first half of 2027, at which point, subject to variable consideration terms, an estimated pre-tax gain of

up to $0.4bn will be recognised.

On 30 April 2026, The Hongkong and Shanghai Banking Corporation Limited completed the sale of its retail banking business in Sri Lanka to

Nations Trust Bank PLC. An immaterial pre-tax gain on disposal was recognised following completion.

On 27 February 2026, HSBC Bank plc completed the transfer of its business in South Africa to local lender FirstRand Bank Ltd. Upon

subsequent substantive wind-down of the entity, expected in the fourth quarter of 2026, cumulative foreign currency translation reserves and

other reserves will recycle to the income statement. At 30 September 2026, foreign currency translation reserve and other reserve losses stood

at $0.1bn.

On 30 January 2026, HSBC Bank plc completed the sale of its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. On completion,

we recognised a loss of $0.2bn following the recycling of foreign currency translation reserves to the income statement.

On 22 December 2025, in line with the put option agreement entered into with CrediaBank S.A. in September 2025 and following the

completion of the employee information and consultation process in France, HSBC Continental Europe signed a sale and purchase agreement

for the sale of its 70.03% majority stake in HSBC Bank Malta p.l.c. The disposal group met the criteria for classification as held for sale in the

first quarter of 2026, at which point a pre-tax loss on disposal of $0.3bn was recognised. As at 30 September 2026, $8.3bn of assets and $8.2bn

of liabilities remained classified as held for sale. The transaction remains subject to regulatory approval and is expected to complete in the first

half of 2027.

On 27 June 2025, HSBC Continental Europe reached an agreement to sell its custody business in Germany to BNP Paribas. The transaction is

being completed in a phased manner, with a number of phases completed during 2026. While client consent and related operational

requirements may extend the timing for completion of all client transfers, given the signing of a sale and purchase agreement, the disposal

group met the held for sale criteria in the second quarter of 2025, with balances remaining classified as held for sale at 30 September 2026 of

$0.1bn in assets and $1.9bn in liabilities. The sale is expected to generate an estimated pre-tax gain on disposal of $0.1bn, which will be

recognised in line with completion of client transfers.

Events after the balance sheet date

On 9 October 2026, HSBC Continental Europe, a wholly-owned subsidiary of HSBC Bank plc, completed the sale of its fund administration

business, Internationale Kapitalanlagegesellschaft mbH, to BlackFin Capital Partners S.A.S. On completion, the associated financial impacts

were immaterial.

Business segments

Our business segments – Hong Kong, UK, Corporate and Institutional Banking and International Wealth and Premier Banking – along with

Corporate Centre – are our reportable segments under IFRS 8 ‘Operating Segments’.

The Group Operating Committee is considered the Chief Operating Decision Maker (‘CODM’) for the purposes of identifying the Group’s

reportable segments. Business segment results are assessed by the CODM on the basis of constant currency performance. We separately

disclose ‘notable items’, as described on page 7.

Our operations are closely integrated and, accordingly, the presentation of data includes internal allocations of certain items of income and

expense. These allocations include the costs of certain support services and global infrastructures to the extent that they can be meaningfully

attributed to business segments. While such allocations have been made on a systematic and consistent basis, they necessarily involve a

degree of subjectivity. Costs that are not allocated to business segments are included in Corporate Centre.

Where relevant, income and expense amounts presented include the results of inter-segment funding along with inter-company and inter-

business line transactions. All such transactions are undertaken on arm‘s length terms. The intra-Group elimination items for business segments

are presented in Corporate Centre.

As required by IFRS 8, reconciliations of the constant currency results to the Group’s reported results are presented on page 27. Supplementary

reconciliations of constant currency to reported results by business segment are presented on pages 30 to 32 for information purposes.

Effective 1 January 2026, we transferred certain clients, primarily in Hong Kong and the UK, to the CIB segment to better meet their needs. This

transfer does not change the Group’s reportable segments. Comparative periods have been re-presented accordingly. The re-presentation has

no impact on the Group’s consolidated financial results or financial position.

Hong Kong – constant currency basis

9M26 compared with 9M25

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

2For a description of how we derive banking NII, see page 13. In the Hong Kong business, there are no adjustments to NII to derive banking NII.

3Includes revenue from Markets Treasury. It also includes other non-product-specific income and notional tax credits.

4For details of our RoTE calculation by business segment, see page 37.

Profit before tax of $7.7bn increased by $0.8bn or 12% compared with 9M25 on a constant currency basis.

Revenue of $12.2bn was $0.7bn or 6% higher on a constant currency basis.

Banking NII of $9.1bn increased by $0.5bn or 5%. The increase was mainly due to the impact of deposit balance growth and higher lending

balances, partly offset by the impact of lower average margins on time deposits due to market competition, and an adverse one-off impact of

$0.1bn in 9M26.

Fee and other income of $3.2bn was up by $0.2bn or 8%. In Retail Banking and Wealth, fee and other income increased, primarily driven by

growth in Wealth, underpinned by a strong performance in Investment Distribution reflecting higher customer activity and invested asset

balance growth.

ECL of $0.8bn in 9M26 were $0.4bn lower than in 9M25 on a constant currency basis, primarily reflecting lower charges related to the Hong

Kong CRE sector.

Operating expenses increased by $0.2bn to $3.7bn on a constant currency basis, driven by continued investment in our Wealth business and

the impact of inflation. These increases were partly mitigated by cost reductions from our organisational simplification.

3Q26 compared with 3Q25

1Impact of strategic transactions classified as material notable items.

1Impact of strategic transactions classified as material notable items.

2For a description of how we derive banking NII, see page 13. In the Hong Kong business, there are no adjustments to NII to derive banking NII.

3Includes revenue from Markets Treasury. It also includes other non-product-specific income and notional tax credits.

Profit before tax of $2.6bn increased by $0.2bn or 8% compared with 3Q25, on a constant currency basis. The increase reflected $0.2bn of

revenue growth, primarily driven by a $0.2bn increase in banking NII due to deposit balance growth, partly offset by the impact of lower average

margins on time deposits due to market competition. In addition, ECL were lower on a constant currency basis due to a reduction in charges

related to the Hong Kong CRE sector. This was partly offset by higher planned spend and investment in technology, and the impact of inflation.

UK – constant currency basis

9M26 compared with 9M25

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

2For a description of how we derive banking NII, see page 13. In the UK business, there are no adjustments to NII to derive banking NII.

3Includes revenue from Markets Treasury. It also includes other non-product-specific income and notional tax credits.

4For details of our RoTE calculation by business segment, see page 37.

Profit before tax of $5.2bn increased by $0.4bn or 8% compared with 9M25 on a constant currency basis.

Revenue of $9.9bn was $0.5bn or 5% higher on a constant currency basis.

Banking NII of $8.6bn increased by $0.5bn or 6%, reflecting the benefit of reinvestment of our structural hedge at higher yields, and growth in

lending and deposit balances.

Fee and other income of $1.3bn decreased by $30m or 2% compared with 9M25, reflecting strategic actions taken to support small businesses

and Premier customers.

ECL of $0.7bn in 9M26 increased by $0.1bn compared with 9M25 on a constant currency basis. The 9M26 period included the addition of

allowances to reflect the ongoing uncertainty of impacts related to the conflict in the Middle East.

Operating expenses of $4.1bn were broadly stable on a constant currency basis. Increases from continued investment in technology, the impact

of inflation and higher branch security costs were partly mitigated by cost reductions from our organisational simplification.

3Q26 compared with 3Q25

1Impact of strategic transactions classified as material notable items.

1Impact of strategic transactions classified as material notable items.

2For a description of how we derive banking NII, see page 13. In the UK business, there are no adjustments to NII to derive banking NII.

3Includes revenue from Markets Treasury. It also includes other non-product-specific income and notional tax credits.

Profit before tax of $1.8bn increased by $0.3bn or 19%, compared with 3Q25 on a constant currency basis. The increase reflected $0.2bn of

revenue growth, primarily driven by higher banking NII due to the continued benefit of our structural hedge and the impact of balance sheet

growth.

ECL of $0.2bn decreased by $0.1bn compared with 3Q25 on a constant currency basis. This mainly reflected lower stage 3 charges in

Commercial Banking.

Operating expenses were broadly stable on a constant currency basis as the impact of inflation and higher restructuring and other related costs

were broadly offset by cost reductions from our organisational simplification.

Corporate and Institutional Banking – constant currency basis

9M26 compared with 9M25

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

2For a description of how we derive banking NII, see page 13. In CIB, there are no adjustments to NII to derive banking NII. The internal funding costs of trading

and fair value net assets are recorded in ’fee and other income’. On consolidation, this funding is eliminated in Corporate Centre. In 9M26, this funding cost was

$7.2bn (9M25: $7.2bn).

3Includes revenue from Markets Treasury, hyperinflationary impacts and principal investments. It also includes other non-product-specific income and notional tax

credits.

4For details of our RoTE calculation by business segment, see page 37.

Profit before tax of $10.9bn was $1.4bn or 14% higher than in 9M25 on a constant currency basis, including a favourable impact of $0.2bn from

strategic transactions, mainly notable items.

Revenue of $23.2bn was $1.5bn or 7% higher on a constant currency basis.

Banking NII of $12.0bn increased by $0.7bn or 6%, driven by balance growth across Securities Services, GPS and GTS, reflecting strong

customer demand. Banking NII also rose from increased funding deployed into trading activities on higher bullion balances, as well as from

strong financing demand. This was partly offset by lower Wholesale Credit and Lending banking NII, due to reduced balances and the impact of

lower market interest rates across our main legal entities in Europe and Mexico compared with 9M25.

Fee and other income of $11.2bn increased by $0.7bn or 7%.

–In WTB, fee and other income increased by $0.5bn or 7%, primarily reflecting growth in Global Foreign Exchange, an increase in volumes

and new mandates across Securities Services, GPS and GTS. There was also a one-off recovery fee in GTS.

–In Debt and Equity Markets, fee and other income increased by $0.3bn or 17%, reflecting higher Equity Derivatives, and Prime Finance

income driven by increased volumes and wider margins, which were partly offset by higher funding costs on increased bullion balances.

–In Investment Banking, fee and other income of $0.8bn was broadly stable as growth in financing was offset by the impact of the wind-down

of M&A and ECM in the UK, Europe and the US.

ECL of $1.1bn in 9M26 increased by $0.6bn compared with 9M25 on a constant currency basis. The charge in 9M26 included a $0.5bn charge

for a fraud-related, secondary, securitisation exposure with a financial sponsor in the UK, higher charges in Asia, as well as an increase in

allowances to reflect uncertainty due to the ongoing conflict in the Middle East. In 9M25, charges included a single name Middle Eastern

exposure.

Operating expenses of $11.2bn were $0.5bn or 5% lower than in 9M25 on a constant currency basis. The decrease reflected the year-on-year

favourable impact from notable items, which in 9M25 primarily included a legal provision, costs associated with the wind-down of our M&A and

ECM activities in the UK, Europe and the US, and impairments in Germany. Excluding notable items, operating expenses increased, reflecting

higher planned spend and investment in technology, and the impact of inflation. This was partly offset by cost reductions from our organisational

simplification.

3Q26 compared with 3Q25

1Impact of strategic transactions classified as material notable items.

1Impact of strategic transactions classified as material notable items.

2For a description of how we derive banking NII, see page 13. In CIB, there are no adjustments to NII to derive banking NII. The internal funding costs of trading

and fair value net assets are recorded in ’fee and other income’. On consolidation, this funding is eliminated in Corporate Centre. In 3Q26, this funding cost was

$2.4bn (3Q25: $2.4bn).

3Includes revenue from Markets Treasury, hyperinflationary impacts and principal investments. It also includes other non-product-specific income and notional tax

credits.

Profit before tax of $3.6bn increased by $0.9bn or 34% compared with 3Q25, on a constant currency basis. Revenue grew by $0.7bn or 10% on

a constant currency basis, primarily driven by higher fee and other income. WTB fee and other income increased by $0.3bn mainly reflecting

growth in Global Foreign Exchange, and Debt and Equity Markets fee and other income also increased by $0.3bn driven by client activity.

Banking NII increased by $0.1bn, driven by growth across Securities Services, GPS and GTS.

ECL increased by $0.1bn on a constant currency basis, which included the non-recurrence of net releases in Asia in 3Q25.

Operating expenses of $3.7bn were $0.3bn lower compared with 3Q25 on a constant currency basis, reflecting a net favourable movement in

notable items, primarily due to the non-recurrence of a legal provision in 3Q25, and cost reductions from our organisational simplification.

International Wealth and Premier Banking – constant currency basis

9M26 compared with 9M25

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

2For a description of how we derive banking NII, see page 13. Banking NII in IWPB is computed by deducting third-party NII in our Insurance business from total

IWPB NII, which was $138m in 9M26 (9M25: $337m). Total insurance NII is presented in ‘fee and other income‘ in Wealth.

3Includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income.

4For details of our RoTE calculation by business segment, see page 37.

Profit before tax of $3.7bn was $0.3bn or 9% higher than in 9M25 on a constant currency basis, including an adverse impact of $0.3bn from

strategic transactions and notable items.

Revenue of $11.5bn was $0.3bn or 3% higher on a constant currency basis, including an adverse impact of $0.3bn from strategic transactions

and notable items.

Banking NII of $5.3bn decreased by $0.2bn or 3% compared with 9M25, primarily due to lower interest rates, mainly in Asia, partly offset by

growth in deposit balances.

Fee and other income of $6.4bn was up by $0.5bn or 9%, driven by Wealth due to growth across all products and in multiple markets, including

Hong Kong, the Chinese mainland, Singapore and Taiwan.

In Wealth, fee and other income of $5.9bn was up by $0.6bn or 10% including an adverse impact of $0.3bn from strategic transactions.

–Investment Distribution rose by $0.3bn or 29%, primarily due to higher sales of mutual funds and structured products, mainly in Asia.

–Private Bank increased by $0.2bn or 15%, as increased customer activity supported by business initiatives led to strong performances in

brokerage and trading, and from higher annuity fees, driven by growth in invested asset balances.

–Insurance income increased by $0.1bn or 4%, including an adverse impact of $0.2bn from strategic transactions. The increase reflected a

higher CSM release as a result of strong new business growth and the non-recurrence of 9M25 losses from onerous contracts, primarily in

the Chinese mainland, largely offset by less favourable net investment returns.

In Other, fee and other income was $0.1bn lower compared with 9M25 primarily reflecting lower Markets Treasury allocations.

Notable items in 9M26 primarily related to losses of $0.2bn from the recycling of foreign currency translation reserves following the completion

of the sale of our UK life insurance business.

ECL of $0.6bn in 9M26 were $0.1bn lower compared with 9M25 on a constant currency basis. This reflected a reduction in charges primarily in

Mexico, mainly due to lower unsecured lending, while credit performance across the rest of the portfolio was stable.

Operating expenses of $7.2bn were $0.2bn or 2% higher than in 9M25 on a constant currency basis, primarily reflecting continued investments

in Wealth, higher planned spend and investment in technology, and the impact of inflation. These increases were partly mitigated by cost

reductions from our organisational simplification.

3Q26 compared with 3Q25

1Impact of strategic transactions classified as material notable items.

1Impact of strategic transactions classified as material notable items.

2For a description of how we derive banking NII, see page 13. Banking NII in IWPB is computed by deducting third-party NII in our Insurance business from total

IWPB NII, which was $46m in 3Q26 (3Q25: $111m). Total insurance NII is presented in ‘fee and other income‘ in Wealth.

3Includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income.

Profit before tax of $1.1bn decreased by $0.2bn or 14%, compared with 3Q25 on a constant currency basis, including an adverse impact of

$0.1bn from strategic transactions. Revenue was $0.1bn or 3% lower on a constant currency basis, driven by lower fee and other income and

banking NII. Wealth fee and other income was lower, mainly in Insurance reflecting the non-recurrence of 3Q25 one-off favourable impacts and

an adverse impact from strategic transactions. This was partly offset by increases in Investment Distribution and Private Bank from increased

client activity.

Operating expenses increased by $0.1bn on a constant currency basis, reflecting continued investments in Wealth, higher planned spend and

investment in technology, and the impact of inflation. These increases were partly mitigated by cost reductions from our organisational

simplification.

Corporate Centre – constant currency basis

9M26 compared with 9M25

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

1Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 32.

2For a description of how we derive banking NII, see page 13. Banking NII in Corporate Centre is computed by deducting the internal cost to fund trading and fair

value net assets for which associated revenue is reported in ‘Net income from financial instruments held for trading or managed on a fair value basis’. Corporate

Centre banking net interest expense includes funding charges on property and technology assets, and the banking NII of the French retained portfolio of home

and other loans prior to disposal.

3Revenue from Markets Treasury, HSBC Holdings net interest expense and hyperinflation are allocated out to the business segments, to align them better with

their revenue and expense. The total Markets Treasury revenue component of this allocation for 9M26 was $1,441m (9M25: $1,835m).

4For details of our RoTE calculation by business segment, see page 37.

Profit before tax of $1.7bn was $3.0bn higher than in 9M25, on a constant currency basis.

Revenue was $0.8bn higher on a constant currency basis, primarily reflecting a $0.9bn net favourable impact from notable items.

In 9M26, notable items included a $0.3bn disposal loss recognised on classification to held for sale of our business in Malta. In 9M25, notable

items included a $1.1bn dilution loss related to BoCom, and $0.1bn of fair value losses on ADRs received as part of the sale consideration for

our business in Argentina, which were disposed of in 2Q25.

Banking NII in 9M26 excluded from NII the internal cost to fund trading and fair value of net assets, predominantly in CIB, of $7.2bn (9M25:

$7.2bn). Banking NII was favourable by $0.2bn compared with 9M25 on a constant currency basis, primarily reflecting the impact of the disposal

of our retained French portfolio of home and certain other loans in the second half of 2025.

Fee and other income was $0.3bn lower compared with 9M25, primarily driven by valuation losses on financial instruments and structural

foreign exchange hedges, together with the non-recurrence of $0.1bn in fair value gains on non-qualifying hedges related to our retained French

portfolio of home and certain other loans. This was partly offset by a one-off $0.2bn gain from a property asset disposal in 9M26.

Operating expenses were $1.1bn lower on a constant currency basis, primarily reflecting the non-recurrence of legal provisions in 9M25 of

$1.1bn and lower restructuring and other related costs associated with our organisational simplification.

Share of profit from associates and joint ventures less impairment of $2.2bn increased by $1.0bn on a constant currency basis, primarily due to

the non-recurrence of an impairment related to BoCom.

3Q26 compared with 3Q25

1Impact of strategic transactions classified as material notable items.

1Impact of strategic transactions classified as material notable items.

2For a description of how we derive banking NII, see page 13. Banking NII in Corporate Centre is computed by deducting the internal cost to fund trading and fair

value net assets for which associated revenue is reported in ‘Net income from financial instruments held for trading or managed on a fair value basis’. Corporate

Centre banking net interest expense includes funding charges on property and technology assets, and the banking NII of the French retained portfolio of home

and other loans prior to disposal.

3Revenue from Markets Treasury, HSBC Holdings net interest expense and hyperinflationary impacts are allocated out to the business segments, to align them

better with their revenue and expense. The total Markets Treasury revenue component of this allocation for 3Q26 was $423m (3Q25: $606m).

Profit before tax of $0.5bn was $1.1bn higher compared with 3Q25 on a constant currency basis, primarily driven by the non-recurrence of legal

provisions in 3Q25 of $1.1bn. Revenue decreased by $0.1bn on a constant currency basis, primarily due to lower fee and other income,

reflecting valuation losses on financial instruments and structural foreign exchange hedges, partly offset by a $0.2bn favourable movement in

banking NII which included the impact of the disposal of our retained French portfolio of home and certain other loans in the second half of

2025. In 3Q26, banking NII excluded from NII the internal cost to fund trading and fair value of net assets, predominantly in CIB, of $2.4bn

(3Q25: $2.4bn).

Supplementary financial information

Reported and constant currency results