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6-K 1 a1266p.htm HSBC HOLDINGS PLC 2026 INTERIM RESULTS a1266p

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d - 16 of

the Securities Exchange Act of 1934

For the month of August

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

HSBC Holdings plc

2026 Interim results

Georges Elhedery, Group CEO, said:

"HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline. This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships. The result is a bank capable of achieving more."

Financial performance in 1H26

- Profit before tax increased by $3.7bn or 23% to $19.5bn compared with 1H25. The increase primarily reflected a year-on-year net favourable impact of $2.2bn from notable items. The increase also reflected growth in banking net interest income ('banking NII') and higher fee and other income, primarily in Wealth and Wholesale Transaction Banking ('WTB'). This was partly offset by higher expected credit losses and other credit impairment charges ('ECL'), and a planned increase in operating expenses. Profit after tax of $15.3bn was $2.9bn or 23% higher compared with 1H25.

- In 1H26, notable items included disposal losses of $0.3bn recognised on classification to held for sale associated with the planned sale of our business in Malta, restructuring costs associated with our organisational simplification of $0.3bn, and losses of $0.2bn from the recycling of foreign currency translation reserves following the completion of the sale of our UK life insurance business. In 1H25, notable items included dilution and impairment losses of $2.1bn related to our associate Bank of Communications Co., Limited ('BoCom'), and restructuring costs associated with our organisational simplification of $0.6bn.

- Constant currency profit before tax excluding notable items increased by $1.1bn to $20.4bn compared with 1H25.

- Revenue increased by $3.6bn or 11% to $37.7bn compared with 1H25, including a year-on-year net favourable impact of notable items of $0.8bn and the favourable impact of foreign currency translation differences of $0.7bn. The remaining increase reflected higher banking NII, and strong growth in Wealth fee and other income in our International Wealth and Premier Banking ('IWPB') and Hong Kong business segments, supported by higher customer activity. The increase also included a one-off property asset disposal gain of $0.2bn. Constant currency revenue excluding notable items rose by $2.0bn to $38.2bn compared with 1H25.

- Net interest income ('NII') increased by $1.4bn compared with 1H25, primarily driven by deposit balance growth and the benefit of reinvestment of our structural hedge at higher yields. There was also a favourable impact from foreign currency translation differences of $0.4bn, partly offset by the impact of an adverse $0.1bn one-off item. The impact of lower market interest rates on the funding deployed to the trading book was broadly offset by higher trading balances. Banking NII, which excludes the funding costs associated with the trading book and insurance NII, increased by $1.6bn to $22.9bn.

- Net interest margin ('NIM') of 1.61% was 4 basis points ('bps') higher compared with 1H25, 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 $2.4bn were $0.4bn higher than in 1H25. The 1H26 charge primarily reflected stage 3 charges on wholesale exposures, including a $0.4bn fraud-related, secondary, securitisation exposure with a financial sponsor in the UK in our Corporate and Institutional Banking ('CIB') business, and $0.2bn related to the Hong Kong commercial real estate ('CRE') sector. 1H26 also included allowances to reflect uncertainty due to the ongoing conflict in the Middle East. ECL in 1H25 included charges related to the Hong Kong CRE sector of $0.5bn, as well as allowance increases relating to geopolitical tensions and higher trade tariffs.

- Operating expenses of $17.4bn were $0.4bn or 2% higher than in 1H25, including an adverse impact from foreign currency translation differences of $0.4bn. The increase was driven by higher planned spend and investment in technology, and the impact of inflation. These increases were partly mitigated by cost reductions from our organisational simplification and a year-on-year favourable impact from notable items.

- Target basis operating expenses were $0.4bn or 2% higher than in 1H25, including the impact of inflation and higher planned spend and investment in technology, partly offset by cost reductions from our organisational simplification.

- Customer lending balances increased by $34bn compared with 31 December 2025, including adverse foreign currency translation differences of $6bn. On a constant currency basis, lending balances increased by $40bn, reflecting growth across all our business segments, particularly in our main entity in Hong Kong. This was partly offset by the classification to held for sale of loans from the planned sale of our business in Malta.

- Customer accounts increased by $41bn compared with 31 December 2025, including adverse foreign currency translation differences of $15bn. On a constant currency basis, customer accounts increased by $56bn, primarily reflecting growth in our CIB business, partly offset by the classification to held for sale of deposits from the planned sale of our business in Malta and our retail banking business in Indonesia.

- Common equity tier 1 ('CET1') capital ratio of 14.1% decreased by 0.8 percentage points compared with 31 December 2025, reflecting the impact of the privatisation of Hang Seng Bank Limited ('Hang Seng Bank'), dividends and an increase in risk-weighted assets ('RWAs'), partly offset by regulatory profit.

- The Board has approved a second interim dividend of $0.10 per share. We also intend to initiate a share buy-back of up to $1bn, which we expect to complete by our third quarter 2026 results announcement.

Financial performance in 2Q26

- Profit before tax increased by $3.8bn or 60% to $10.1bn compared with 2Q25, primarily reflecting a net favourable impact from notable items of $2.6bn. The increase also reflected growth in banking NII, and higher fee and other income primarily in Wealth and WTB. Profit after tax increased by $3.1bn or 63% to $7.9bn compared with 2Q25.

- In 2Q26, notable items included restructuring costs associated with our organisational simplification of $0.2bn. In 2Q25, notable items included dilution and impairment losses of $2.1bn related to our associate BoCom, and restructuring costs associated with our organisational simplification of $0.5bn.

- Revenue increased by $2.6bn to $19.1bn compared with 2Q25, including a year-on-year net favourable impact of $1.3bn from notable items. The increase also reflected a rise in banking NII, and strong growth in Wealth fee and other income in our IWPB and Hong Kong business segments, supported by higher customer activity. Revenue grew in Debt and Equity Markets and WTB in our CIB business. Constant currency revenue excluding notable items rose by $1.3bn to $19.0bn.

- ECL of $1.1bn were stable compared with 2Q25. The charge in 2Q26 primarily comprised stage 3 charges, including $0.2bn related to the Hong Kong CRE sector. The ECL charge in 2Q25 included charges of $0.4bn related to the Hong Kong CRE sector.

- Operating expenses of $8.7bn were $0.2bn or 2% lower compared with 2Q25, reflecting lower restructuring costs together with the resultant cost reduction benefits from our organisational simplification, and the phasing of performance-related pay accrual relative to 2Q25. These reductions were partly offset by higher planned spend and investment in technology, the impact of inflation and an adverse impact from foreign currency translation differences of $0.1bn.

- Customer lending increased by $20bn compared with 1Q26 on a reported basis, reflecting growth across all segments.

- Customer accounts increased by $46bn compared with 1Q26 on a reported basis, primarily reflecting growth in our CIB business, notably in Hong Kong, partly offset by the classification of deposits from the planned sale of our retail banking business in Indonesia to held for sale.

Outlook

Group financial targets

- We remain confident in achieving the targets we set out in February 2026, including a return on average tangible equity ('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% in 2026, 2027 and 2028. Our target basis payout ratio is calculated as a percentage of earnings per share ('EPS') excluding material notable items and related impacts.

In respect of 2026

- We now expect banking NII of at least $46bn in 2026, reflecting a continued favourable interest rate outlook, while recognising the outlook remains volatile and uncertain. We had previously provided banking NII guidance of around $46bn for 2026.

- We continue to expect an ECL charge as a percentage of average gross customer loans to be around 45bps (including held for sale loan balances) for 2026, reflecting ongoing uncertainty in the outlook. 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. 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.

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

Ñ Our 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-July 2026) and rates of foreign exchange, as well as customer behaviour and activity levels.

Ñ We 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.

Ñ For further details, please refer to the following pages of our Interim Report 2026: pages 41 to 44 for a further explanation of RoTE excluding notable items, banking NII, target basis operating expenses and dividend payout ratio target basis. For further information on our CET1 ratio, see page 70.

Key financial metrics

	Half-year to
	30 Jun 2026	30 Jun 2025
Reported results
Profit before tax ($m)	19,522	15,810
Profit after tax ($m)	15,321	12,441
Net operating income before change in expected credit losses and other credit impairment charges ('revenue') ($m)	37,742	34,122
Cost efficiency ratio (%)	46.2	49.9
Net interest margin (%)	1.61	1.57
Basic earnings per share ($)	0.85	0.65
Diluted earnings per share ($)	0.85	0.65
Dividend per ordinary share (in respect of the period) ($)	0.20	0.20
Alternative performance measures
Constant currency profit before tax ($m)	19,522	16,001
Constant currency revenue ($m)	37,742	34,812
Constant currency banking net interest income ($m)	22,896	21,820
Constant currency cost efficiency ratio (%)	46.2	50.1
Constant currency profit before tax excluding notable items ($m)	20,395	19,267
Constant currency revenue excluding notable items ($m)	38,168	36,149
Constant currency profit before tax excluding notable items and strategic transactions ($m)	20,395	19,072
Constant currency revenue excluding notable items and strategic transactions ($m)	38,168	35,805
Expected credit losses and other credit impairment charges (annualised) as % of average gross loans and advances to customers, including held for sale (%)	0.47	0.42
Basic earnings per share excluding material notable items and related impacts ($)	0.88	0.78
Return on average ordinary shareholders' equity (annualised) (%)	16.9	13.7
Return on average tangible equity (annualised) (%)	18.2	14.7
Return on average tangible equity excluding notable items (annualised) (%)	19.1	18.2
Target basis operating expenses ($m)	16,979	16,607

	At
	30 Jun 2026	31 Dec 2025
Balance sheet
Total assets ($m)	3,438,161	3,233,034
Net loans and advances to customers ($m)	1,022,105	988,399
Constant currency net loans and advances to customers ($m)	1,022,105	981,950
Customer accounts ($m)	1,827,703	1,786,828
Constant currency customer accounts ($m)	1,827,703	1,771,972
Average interest-earning assets, year to date ($m)	2,280,838	2,190,078
Loans and advances to customers as % of customer accounts (%)	55.9	55.3
Total shareholders' equity ($m)	196,682	198,225
Tangible ordinary shareholders' equity ($m)	160,652	165,153
Net asset value per ordinary share at period end ($)	10.08	10.36
Tangible net asset value per ordinary share at period end ($)	9.36	9.64
Capital, leverage and liquidity
Common equity tier 1 capital ratio (%)1,2	14.1	14.9
Risk-weighted assets ($m)1,2	906,417	888,647
Total capital ratio (%)1,2	19.7	20.5
Leverage ratio (%)1,2	4.9	5.3
High-quality liquid assets (liquidity value, average) ($m)1,2,3	713,669	702,123
Liquidity coverage ratio (average) (%)1,2,3	134	137
Share count
Period end basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions)	17,164	17,140
Period end basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares, after deducting own shares held (millions)	17,267	17,276
Average basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions)	17,146	17,427

Ñ For reconciliations of our reported results to a constant currency basis, including lists of notable items, see page 29 of the Interim Report 2026. For detail on other alternative performance measures, including definitions and calculations, see 'Reconciliation of alternative performance measures' on page 41 of the Interim Report 2026.

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

2 Regulatory 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.

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

Highlights

	Half-year to
	30 Jun 2026	30 Jun 2025
	$m	$m
Reported
Revenue1,2	37,742	34,122
Change in expected credit losses and other credit impairment charges	(2,353)	(1,941)
Operating expenses	(17,426)	(17,022)
Share of profit in associates and joint ventures less impairment2	1,559	651
Profit before tax	19,522	15,810
Tax charge	(4,201)	(3,369)
Profit after tax	15,321	12,441
Constant currency3
Revenue1,2	37,742	34,812
Change in expected credit losses and other credit impairment charges	(2,353)	(2,015)
Operating expenses	(17,426)	(17,451)
Share of profit in associates and joint ventures less impairment2	1,559	655
Profit before tax	19,522	16,001
Tax charge	(4,201)	(3,428)
Profit after tax	15,321	12,573

Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1	(426)	(139)
Dilution loss of interest in BoCom associate2	-	(1,136)
Operating expenses
Disposals, wind-downs, acquisitions and related costs	(129)	(227)
Restructuring and other related costs4	(318)	(616)
Impairment loss of interest in BoCom associate2	-	(1,000)
Tax
Tax credit on notable items	85	379

1 The amount in 1H26 includes $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, and $0.3bn of disposal losses recognised upon the 'held for sale' classification of HSBC Continental Europe's shareholding in HSBC Bank Malta p.l.c. The amount in 1H25 includes 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.

2 Amounts in 1H25 in 'Revenue' and 'Dilution loss of interest in BoCom associate' include a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment loss following an impairment test on the carrying value of the Group's investment in BoCom in 'Share of profit in associates and joint ventures less impairment' and 'Impairment loss of interest in BoCom associate'.

3 Constant currency performance is computed by adjusting reported results of comparative periods for the effects of foreign currency translation differences, which distort period-on-period comparisons.

4 Amounts relate to restructuring provisions recognised in 2025 and 2026.

Group CEO's shareholder letter

Dear fellow shareholders,

HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline. This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships. The result is a bank capable of achieving more. The first half of 2026 shows what a stronger HSBC can achieve.

Performance with discipline

On a reported basis, profit before tax was $19.5bn, up 23% compared with 1H25. Revenue grew 11% to $37.7bn. Annualised RoTE was 18.2%, or 19.1% excluding notable items.

Our deposit franchise grew by $129bn on a constant currency basis, including held-for-sale balances, over the last year. We are also seeing encouraging growth in loans, particularly in Hong Kong and the UK.

We also grew fee and other income. Wholesale Transaction Banking increased by 4% on a constant currency basis. As the world's trade bank, this resilient growth shows the central role we are playing as businesses adapt to new patterns of trade and investment. Wealth grew by 18% on a constant currency basis, reflecting our market-leading Asia franchise.

We delivered strong returns to our shareholders. Our 18.2% annualised RoTE reflects a strong performance. We are paying another 10 cents per share quarterly interim dividend. We have also resumed share buy-backs (up to $1bn), three quarters after we paused them following the Hang Seng Bank privatisation announcement.

Our strong performance in the first half gives us the capacity to continue investing for growth while safeguarding the hallmark financial strength and cost discipline that our customers and shareholders expect.

Compounding our strengths

HSBC creates greater value when more of our capabilities work together for our customers. That is why over the past two years we have sharpened our focus, simplified the organisation and are directing investment towards the businesses and markets where HSBC is strongest.

As recent uncertainty has reshaped patterns of trade and investment, we have seen that our customers are adapting the way they do business. New networks of trade, investment and growth are emerging across the global economy.

As they do, our customers increasingly need a banking partner that can connect financing, payments, markets and wealth seamlessly across borders, ensuring they remain resilient and agile enough to adapt to fast-changing circumstances.

We see this every day. A manufacturer reshaping its supply chain. An entrepreneur expanding into a new market. An investor allocating capital across regions.

The better we connect HSBC, the more value we can create. Better outcomes deepen relationships. Deeper relationships create more opportunities to support our customers' ambitions and compound value over time.

Connecting the enterprise

In a more complex world, our customers need more of HSBC working together on their behalf. We are making that easier.

HSBC Access is one example. It brings together the capabilities of our Private Bank, Innovation Banking and Corporate and Institutional Banking to give eligible customers access to a broader range of investment opportunities through a single relationship.

More broadly, shared capabilities are helping successful ideas to move faster across businesses and markets. Our simplification actions are also creating clearer accountability and enabling quicker decisions.

For customers, that means more relevant solutions and easier access to our network and expertise. For colleagues, it means greater clarity and more time to focus on customers. For shareholders, it means more opportunities for focused, sustainable growth.

The more effectively HSBC works together, the more we can achieve.

Innovation at scale

Innovation creates value when it moves from possibility to practical use.

Artificial intelligence will play an increasingly important role in how we personalise our services for customers and run the bank. We are equipping colleagues with tools that amplify their expertise, improve decisions and reduce complexity. We are also strengthening the data, technology and controls needed to deploy these capabilities safely and at scale.

We are applying the same ambition to the next generation of financial infrastructure. This year, the UK Government selected HSBC to provide the technology for its first digital government bond. It shows that innovation developed inside HSBC can help shape the infrastructure of the market itself.

We also expanded our tokenised deposits services into the US and the UAE, taking a capability first developed in Asia to six markets across our international network. This enables customers to move money frictionlessly across borders in real time, 24 hours a day, seven days a week.

During the first half, HSBC was also granted a stablecoin issuer licence in Hong Kong, becoming one of the first banks able to issue stablecoins under the new regulatory framework. We plan to issue in the second half of the year.

These are different technologies, but they reflect the same discipline: identify a real need, demonstrate the value and scale what works.

Building for tomorrow

My first two years have been about building a stronger HSBC. The next phase is about putting more of those strengths to work.

The completion of the Hang Seng Bank privatisation is one example of that. It brings together the strengths of two iconic banks for the benefit of customers and shareholders.

We begin this next phase knowing where HSBC is strongest, where we should invest and where we can create the greatest value.

Our intention is to grow more consistently by compounding those strengths. To do this, we will continue to invest with discipline in our people, technology and international network. These investments will help us deepen customer relationships, strengthen our competitive position and support future growth. By doing so, we will unlock more of HSBC's potential.

Finally, none of the progress described in this report would be possible without the skill, judgement and dedication of our colleagues around the world. Every day, they earn the trust our customers place in HSBC and bring our strategy to life. I would like to thank them for everything they do. I would also like to thank our customers for their trust and our shareholders for their continued support.

Georges Elhedery

Group CEO

4 August 2026

Financial summary

	Half-year to
	30 Jun 2026	30 Jun 2025
	$m	$m
For the period
Profit before tax	19,522	15,810
Profit attributable to:
- ordinary shareholders of the parent company	14,626	11,510
Dividends on ordinary shares1	9,416	8,147
At the period end
Total shareholders' equity	196,682	192,554
Total regulatory capital	178,776	178,496
Customer accounts	1,827,703	1,718,604
Total assets	3,438,161	3,214,371
Risk-weighted assets	906,417	886,860
Per ordinary share	$	$
Basic earnings	0.85	0.65
Dividend per ordinary share (paid in the period)1	0.55	0.46
Net asset value2	10.08	9.88

1 The $0.55 dividend paid during the period consisted of a fourth interim dividend of $0.45 per ordinary share in respect of the financial year ended 31 December 2025 paid in April 2026 and a first interim dividend of $0.10 per ordinary share in respect of the financial year ending 31 December 2026 paid in June 2026.

2 The definition of net asset value per ordinary share is total shareholders' equity, less non-cumulative preference shares and capital securities, divided by the basic number of ordinary shares in issue, excluding own shares held by the parent company, including those purchased and held in treasury.

Distribution of results by business segments1

Constant currency profit before tax
	Half-year to
	30 Jun 2026		30 Jun 2025
	$m	%	$m		%
Hong Kong	5,138	26.3	4,511		28.2
UK	3,332	17.1	3,229		20.2
Corporate and Institutional Banking	7,250	37.1	6,805		42.5
International Wealth and Premier Banking	2,616	13.4	2,136		13.3
Corporate Centre	1,186	6.1	(680	)	(4.2	)
Profit before tax	19,522	100.0	16,001		100.0

1 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.

Distribution of results by legal entity

Reported profit/(loss) before tax
	Half-year to
	30 Jun 2026		30 Jun 2025
	$m	%	$m	%
HSBC UK Bank plc	3,900	20.0	3,618	22.9
HSBC Bank plc	1,174	6.0	1,493	9.4
The Hongkong and Shanghai Banking Corporation Limited	12,897	66.1	9,384	59.4
HSBC Bank Middle East Limited	474	2.4	568	3.6
HSBC North America Holdings Inc.	935	4.8	490	3.1
Grupo Financiero HSBC, S.A. de C.V.	405	2.1	330	2.1
Other trading entities1	964	4.9	817	5.2