# HSBC # HSBC HOLDINGS PLC Data Pack 4Q 2025 The financial information on which this supplement is based is unaudited and has been prepared in accordance with HSBC's significant accounting policies as described in the Annual Report and Accounts 2025. The financial information does not constitute financial statements prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board ('IFRS Accounting Standards'), is not complete and should be read in conjunction with the Annual Report and Accounts 2025, the Interim Report 2025, and other reports and financial information published by HSBC. Unless stated otherwise, all information is on a reported basis. Constant currency performance is computed by adjusting reported results for the effects of foreign currency translation differences, which distort year-on-year comparisons. It is computed by retranslating into US dollars for non-US dollar branches, subsidiaries, joint ventures and associates: the reported income statements of comparative periods at the average rates of exchange for the most recent period; and the reported balance sheets of comparative periods at the prevailing rates of exchange on 31 December 2025. We consider constant currency performance to provide useful information for investors by aligning internal and external reporting, and reflecting how management assesses year-on-year performance. Definitions and calculations of other alternative performance measures are included in our 'Alternative performance measures' on page 92 of our Annual Report and Accounts 2025. Alternative performance measures are reconciled to the closest reported financial measure. We separately disclose 'notable items', which are components of our income statement which management would consider as outside the normal course of business and generally non-recurring in nature. The quarterly comparatives are translated at average 4Q25 exchange rates for the income statement or at the prevailing rates of exchange on 31 December 2025 for the balance sheet. The income statement for the 12 months to 31 December 2024 is translated at the average rate of exchange for the 12 months to 31 December 2025. Effective from 1 January 2025, the Group's reporting segments under IFRS 8 'Operating Segments' comprise four businesses along with Corporate Centre: 1. Hong Kong 2. UK 3. Corporate and Institutional Banking 4. International Wealth and Premier Banking These replace our previously reported operating segments up to 31 December 2024. Registered office and Group Head office: 8 Canada Square, London, E14 5HQ, United Kingdom Web: www.hsbc.com Incorporated in England and Wales with limited liability. Registration number 617987 # Index | Item | Page | |---|---| | HSBC Holdings plc (Group) - Income statement | 1 | | HSBC Holdings plc (Group) - Balance sheet data | 3 | | HSBC Holdings plc (Group) - Management view of revenue ('MVOI') | 5 | | HSBC Holdings plc (Group) - Net interest margin ('NIM') | 7 | | Businesses | | | Hong Kong | 8 | | UK | 10 | | Corporate and Institutional Banking ('CIB') | 12 | | International Wealth and Premier Banking ('IWPB') | 14 | | Corporate Centre | 16 | | Legal entities | | | HSBC UK Bank plc | 18 | | HSBC Bank plc | 24 | | The Hongkong and Shanghai Banking Corporation Limited | 28 | | The Hongkong and Shanghai Banking Corporation Limited (Hong Kong) | 34 | | HSBC North America Holdings Inc. | 40 | | HSBC Bank Canada | 44 | | Grupo Financiero HSBC, S.A. de C.V. | 48 | | HSBC Bank Middle East Limited | 52 | | Other trading entities | 56 | | Credit risk | 57 | # HSBC Holdings plc consolidated income statement ## Quarter ended | Reported ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Net interest income | 9,196 | 8,777 | 8,519 | 8,302 | 8,185 | | Net fee income | 3,194 | 3,506 | 3,319 | 3,324 | 2,979 | | Other operating income | 3,974 | 5,505 | 4,635 | 6,023 | 400 | | Net operating income before change in expected credit losses and other credit impairment charges ('Revenue') | 16,364 | 17,788 | 16,473 | 17,649 | 11,564 | | Change in expected credit losses and other credit impairment charges ('ECL') | (901) | (1,008) | (1,065) | (876) | (1,362) | | Total operating expenses | (9,330) | (10,076) | (8,920) | (8,102) | (8,604) | | Share of profit in associates and joint ventures less impairment | 669 | 591 | (162) | 813 | 679 | | Profit/(loss) before tax | 6,802 | 7,295 | 6,326 | 9,484 | 2,277 | | Tax credit/(charge) | (1,615) | (1,792) | (1,455) | (1,914) | (1,692) | | Profit/(loss) after tax | 5,187 | 5,503 | 4,871 | 7,570 | 585 | | Profit/(loss) attributable to: | | | | | | | ordinary shareholders of the parent company ('PAOS') | 4,719 | 4,873 | 4,578 | 6,932 | 197 | | - other equity holders of the parent company | 225 | 411 | 155 | 392 | 154 | | - non-controlling interests | 243 | 219 | 138 | 246 | 234 | | Impairment of goodwill and other intangible assets (net of tax) | 80 | 40 | 24 | 4 | 144 | | PAOS net of goodwill impairment | 4,799 | 4,913 | 4,602 | 6,932 | 201 | | Constant currency ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 16,364 | 17,722 | 16,472 | 18,201 | 11,780 | | ECL | (901) | (1,010) | (1,079) | (913) | (1,405) | | Total operating expenses | (9,330) | (10,015) | (8,956) | (8,383) | (8,742) | | Share of profit in associates and joint ventures less impairment | 669 | 594 | (171) | 829 | 687 | | Profit/(loss) before tax | 6,802 | 7,291 | 6,266 | 9,734 | 2,320 | | Constant currency revenue excluding notable items | 17,723 | 17,834 | 17,677 | 18,293 | 16,717 | | Constant currency profit before tax excluding notable items | 8,586 | 9,077 | 9,148 | 10,027 | 7,355 | | Notable items (reported) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (1,359) | (112) | (1,184) | (91) | (4,940) | | Revenue | | | | | | | of which: Banking net interest income | 46 | | | | | | of which: Fee and other income | (1,359) | (112) | (1,184) | (91) | (4,986) | | ECL | | | | | | | Operating expenses | (425) | (1,696) | (652) | (191) | (106) | | Impairment losses of interest in BoCom associate | | (1,000) | | | | | Notable items (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (1,359) | (112) | (1,205) | (92) | (4,937) | | Revenue | | | | | | | of which: Banking net interest income | 46 | | | | | | of which: Fee and other income | (1,359) | (112) | (1,205) | (92) | (4,983) | | ECL | | | | | | | Operating expenses | (425) | (1,674) | (656) | (201) | (98) | | Impairment losses of interest in BoCom associate | | (1,021) | | | | ## Year to date | Reported ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Net interest income | 34,794 | 32,733 | | Net fee income | 13,343 | 12,301 | | Other operating income | 20,137 | 20,820 | | Net operating income before change in expected credit losses and other credit impairment charges ('Revenue') | 68,274 | 65,854 | | Change in expected credit losses and other credit impairment charges ('ECL') | (3,850) | (3,414) | | Total operating expenses | (36,428) | (33,043) | | Share of profit in associates and joint ventures less impairment | 1,911 | 2,912 | | Profit/(loss) before tax | 29,907 | 32,309 | | Tax credit/(charge) | (6,776) | (7,310) | | Profit/(loss) after tax | 23,131 | 24,999 | | Profit/(loss) attributable to: | | | | ordinary shareholders of the parent company ('PAOS') | 21,102 | 22,917 | | - other equity holders of the parent company | 1,183 | 1,062 | | - non-controlling interests | 846 | 1,020 | | Impairment of goodwill and other intangible assets (net of tax) | 144 | 118 | | PAOS net of goodwill impairment | 21,246 | 23,035 | | Constant currency ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 68,274 | 66,009 | | ECL | (3,850) | (3,392) | | Total operating expenses | (36,428) | (33,146) | | Share of profit in associates and joint ventures less impairment | 1,911 | 2,913 | | Profit/(loss) before tax | 29,907 | 32,384 | | Constant currency revenue excluding notable items | 71,020 | 67,591 | | Constant currency profit before tax excluding notable items | 36,617 | 34,181 | | Notable items (reported) ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (2,746) | (1,580) | | Revenue | | | | of which: Banking net interest income | (237) | | | of which: Fee and other income | (2,746) | (1,343) | | ECL | | | | Operating expenses | (2,964) | (233) | | Impairment losses of interest in BoCom associate | (1,000) | | | Notable items (constant currency) ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (2,746) | (1,582) | | Revenue | | | | of which: Banking net interest income | (237) | | | of which: Fee and other income | (2,746) | (1,345) | | ECL | | | | Operating expenses | (2,964) | (215) | | Impairment losses of interest in BoCom associate | (1,000) | | # HSBC Holdings plc consolidated income statement ## Earnings metrics | Metric | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |---|---|---|---|---|---|---|---| | Return on average equity (annualised) | 10.8% | 11.3% | 10.7% | 16.6% | 0.5% | 12.3% | 13.6% | | Return on average tangible equity (annualised) | 11.8% | 12.3% | 11.5% | 17.9% | 0.5% | 13.3% | 14.6% | | Return on average tangible equity excluding notable items (annualised)¹ | 15.9% | 16.6% | 17.8% | 18.4% | 13.2% | 17.2% | 15.6% | | Earnings per share ($) | 0.28 | 0.28 | 0.26 | 0.39 | 0.01 | 1.21 | 1.25 | | Earnings per share excluding material notable items and related impacts ($) | 0.37 | 0.36 | 0.39 | 0.39 | 0.29 | 1.51 | 1.31 | | Constant currency ECL / average gross loans (annualised) | 0.36% | 0.40% | 0.44% | 0.38% | 0.57% | 0.39% | 0.35% | ## Dividends | Metric | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |---|---|---|---|---|---|---|---| | Dividends per share - declared in respect of the period ($) | 0.45 | 0.10 | 0.10 | 0.10 | 0.36 | 0.75 | 0.66 | ## Revenue notable items ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (1,359) | (112) | (1,184) | (91) | (4,940) | | Disposals, wind-downs, acquisitions and related costs | (1,359) | (144) | (48) | (91) | (4,986) | | - Early redemption of legacy securities | | | | 46 | | | - Dilution loss of interest in BoCom associate | 32 | | (1,136) | | | | Year to date ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (2,746) | (1,580) | | Disposals, wind-downs, acquisitions and related costs | (1,642) | (1,343) | | - Early redemption of legacy securities | | (237) | | - Dilution loss of interest in BoCom associate | (1,104) | | ## Cost notable items ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (425) | (1,696) | (652) | (191) | (106) | | Disposals, wind-downs, acquisitions and related costs | (157) | (118) | (177) | (50) | (50) | | - Restructuring and other related costs | (257) | (157) | (475) | (141) | (56) | | - Legal provision | (11) | (1,421) | | | | | Year to date ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (2,964) | (233) | | Disposals, wind-downs, acquisitions and related costs | (502) | (199) | | - Restructuring and other related costs | (1,030) | (34) | | - Legal provision | (1,432) | | ## Impairment losses of interest in BoCom associate ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | | (1,000) | | | | | | Year to date ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | | (1,000) | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (1,359) | (112) | (1,205) | (92) | (4,937) | | Revenue | | | | | | | of which: Banking net interest income | 46 | | | | | | of which: Fee and other income | (1,359) | (112) | (1,205) | (92) | (4,983) | | ECL | | | | | | | Operating expenses | (425) | (1,674) | (656) | (201) | (98) | | Impairment losses of interest in BoCom associate | | (1,021) | | | | | Year to date ($m) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (2,746) | (1,582) | | Revenue | | | | of which: Banking net interest income | (237) | | | of which: Fee and other income | (2,746) | (1,345) | | ECL | | | | Operating expenses | (2,964) | (215) | | Impairment losses of interest in BoCom associate | (1,000) | | --- **Note 1:** We have revised the adjustments made to average tangible equity for the purposes of computing our return on average tangible equity ('ROTE') excluding notable items measure. Prior to this, we adjusted average tangible equity for the average impact of notable items whereas from 2025 we no longer make adjustments to average tangible equity. Comparatives have been re-presented on the revised basis. # HSBC Holdings plc consolidated balance sheet data ## Balance sheet date | Assets (reported) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Cash and balances at central banks | 242,859 | 246,821 | 246,360 | 254,660 | 267,674 | | Hong Kong Government certificates of indebtedness | 44,063 | 43,549 | 42,592 | 42,293 | 42,293 | | Trading assets | 366,153 | 357,418 | 333,745 | 318,579 | 314,842 | | Financial assets designated and otherwise mandatorily measured at fair value through profit or loss | 133,063 | 134,408 | 128,942 | 120,340 | 115,769 | | Derivatives | 237,740 | 213,903 | 249,672 | 214,148 | 268,637 | | Loans and advances to banks | 108,462 | 105,202 | 107,582 | 100,843 | 102,039 | | Loans and advances to customers (net) | 988,399 | 982,886 | 981,722 | 944,708 | 930,658 | | Reverse repurchase agreements - non-trading | 298,392 | 278,615 | 283,204 | 278,216 | 252,549 | | Financial investments | 567,211 | 563,159 | 547,955 | 522,298 | 493,166 | | Prepayments, accrued income and other assets¹ | 195,909 | 258,646 | 243,348 | 208,388 | 179,974 | | Current tax assets | 864 | 743 | 1,364 | 1,270 | 1,313 | | Interests in associates and joint ventures | 29,577 | 28,829 | 28,202 | 29,485 | 28,909 | | Goodwill and intangible assets | 13,107 | 13,011 | 13,022 | 12,436 | 12,384 | | Deferred tax assets | 7,235 | 7,033 | 6,661 | 6,697 | 6,841 | | **Total assets** | **3,233,034** | **3,234,223** | **3,214,371** | **3,054,361** | **3,017,048** | | Liabilities (reported) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Hong Kong currency notes in circulation | 44,063 | 43,549 | 42,592 | 42,293 | 42,293 | | Deposits by banks | 97,952 | 98,126 | 97,782 | 88,186 | 73,997 | | Customer accounts | 1,786,828 | 1,737,247 | 1,718,604 | 1,666,485 | 1,654,955 | | Repurchase agreements - non-trading | 204,974 | 215,308 | 195,532 | 197,979 | 180,880 | | Trading liabilities | 72,122 | 73,182 | 70,653 | 72,402 | 65,982 | | Financial liabilities designated at fair value | 158,456 | 162,914 | 163,589 | 149,195 | 138,727 | | Derivatives | 237,854 | 217,438 | 257,601 | 212,584 | 264,448 | | Debt securities in issue | 99,675 | 98,240 | 102,129 | 100,051 | 105,785 | | Accruals, deferred income and other liabilities² | 165,505 | 232,181 | 213,227 | 181,388 | 159,351 | | Current tax liabilities | 3,037 | 3,693 | 3,232 | 2,696 | 1,729 | | Insurance contract liabilities | 122,955 | 120,169 | 118,297 | 112,541 | 107,629 | | Provisions | 3,441 | 3,434 | 2,125 | 1,727 | 1,724 | | Deferred tax liabilities | 2,100 | 1,540 | 1,570 | 1,418 | 1,317 | | Subordinated liabilities | 28,406 | 28,514 | 27,569 | 27,299 | 25,958 | | **Total liabilities** | **3,027,368** | **3,035,535** | **3,014,502** | **2,856,244** | **2,824,775** | | Equity (reported) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Called up share capital | 8,588 | 8,630 | 8,739 | 8,874 | 8,973 | | Share premium account | 111 | 110 | 14,918 | 14,917 | 14,810 | | Other equity instruments | 20,716 | 20,716 | 20,716 | 18,719 | 19,070 | | Other reserves | (795) | (4,341) | (1,556) | (8,401) | (10,282) | | Retained earnings | 169,605 | 166,315 | 149,737 | 156,701 | 152,402 | | Total shareholders' equity | 198,225 | 191,430 | 192,554 | 190,810 | 184,973 | | Non-controlling interests | 7,441 | 7,258 | 7,315 | 7,307 | 7,300 | | **Total equity** | **205,666** | **198,688** | **199,869** | **198,117** | **192,273** | | **Total liabilities and equity** | **3,233,034** | **3,234,223** | **3,214,371** | **3,054,361** | **3,017,048** | | Other balance sheet data (reported) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to customers (gross) | 999,091 | 993,394 | 991,865 | 954,802 | 940,373 | | Risk-weighted assets | 888,647 | 878,793 | 886,860 | 853,257 | 838,254 | | Total shareholders' equity | 198,225 | 191,430 | 192,554 | 190,810 | 184,973 | | AT1 capital | (20,716) | (20,716) | (20,716) | (18,719) | (19,070) | | Preference shares | | | | | | | Perpetual capital securities | | | | | | | Ordinary shareholders' equity ('NAV') | 177,509 | 170,714 | 171,838 | 172,091 | 165,903 | | Goodwill and other intangibles (net of deferred tax) | (12,356) | (12,263) | (12,281) | (11,693) | (11,608) | | Tangible equity ('TNAV') | 165,153 | 158,451 | 159,557 | 160,398 | 154,295 | ## Balance sheet (constant currency) ($m) | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to customers (net) | 988,399 | 983,088 | 977,497 | 972,236 | 970,778 | | Customer accounts | 1,786,828 | 1,737,241 | 1,711,741 | 1,709,754 | 1,719,240 | | Risk-weighted assets | 888,647 | 879,307 | 884,688 | 872,562 | 865,484 | ## Regulatory capital (end-point basis, reported) ($m) | Regulatory capital | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 capital | 132,593 | 127,765 | 129,819 | 125,477 | 124,911 | | Additional tier 1 capital | 20,804 | 20,790 | 20,800 | 18,811 | 19,216 | | Tier 2 capital | 28,974 | 29,174 | 27,877 | 25,526 | 24,401 | | Total regulatory capital | 182,371 | 177,729 | 178,496 | 169,814 | 168,528 | ## Capital ratios (end-point basis, reported) | Ratio | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 ratio | 14.9% | 14.5% | 14.6% | 14.7% | 14.9% | | Tier 1 ratio | 17.3% | 16.9% | 17.0% | 16.9% | 17.2% | | Total capital ratio | 20.5% | 20.2% | 20.1% | 19.9% | 20.1% | | Leverage exposures ($m) | 2,877,070 | 2,840,483 | 2,792,934 | 2,651,983 | 2,571,071 | | Leverage Ratio | 5.3% | 5.2% | 5.4% | 5.4% | 5.6% | | NAV / share ($) at the end of the period | 10.36 | 9.94% | 9.88% | 9.74% | 9.26% | | TNAV / share ($) at the end of the period | 9.64 | 9.22% | 9.17% | 9.08% | 8.61% | ## Ordinary $0.50 shares | Metric | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Basic number of ordinary shares in issue, after deducting own shares held (m) | 17,140 | 17,183 | 17,397 | 17,668 | 17,918 | | Quarter ended (m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Ordinary shares issued during the period | 0.1 | 0.2 | 9.7 | 0.1 | | | Shares bought back and cancelled during the period³ | (84) | (219) | (271) | (208) | (331) | | Other movements in basic number of ordinary shares during the period | 41 | 5 | | (52) | 267 | | Average basic number of ordinary shares outstanding during the period, after deducting own shares held (m) | 17,136 | 17,297 | 17,528 | 17,769 | 18,042 | --- **Notes:** 1 Includes 'Assets held for sale' of $11,115m. 2 Includes 'Liabilities of disposal groups held for sale' of $23,382m. 3 Includes shares cancelled during the period that were originally bought back in prior periods. 4 Includes movements in own shares held. # HSBC Holdings plc consolidated balance sheet data ## Balance sheet (constant currency) ($m) | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to customers (net) | 988,399 | 983,088 | 977,497 | 972,236 | 970,778 | | Customer accounts | 1,786,828 | 1,737,241 | 1,711,741 | 1,709,754 | 1,719,240 | | Risk-weighted assets | 888,647 | 879,307 | 884,688 | 872,562 | 865,484 | ## Regulatory capital (end-point basis, reported) ($m) | Regulatory capital | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 capital | 132,593 | 127,765 | 129,819 | 125,477 | 124,911 | | Additional tier 1 capital | 20,804 | 20,790 | 20,800 | 18,811 | 19,216 | | Tier 2 capital | 28,974 | 29,174 | 27,877 | 25,526 | 24,401 | | Total regulatory capital | 182,371 | 177,729 | 178,496 | 169,814 | 168,528 | ## Capital ratios (end-point basis, reported) | Ratio | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 ratio | 14.9% | 14.5% | 14.6% | 14.7% | 14.9% | | Tier 1 ratio | 17.3% | 16.9% | 17.0% | 16.9% | 17.2% | | Total capital ratio | 20.5% | 20.2% | 20.1% | 19.9% | 20.1% | | Leverage exposures ($m) | 2,877,070 | 2,840,483 | 2,792,934 | 2,651,983 | 2,571,071 | | Leverage Ratio | 5.3% | 5.2% | 5.4% | 5.4% | 5.6% | | NAV / share ($) at the end of the period | 10.36 | 9.94% | 9.88% | 9.74% | 9.26% | | TNAV / share ($) at the end of the period | 9.64 | 9.22% | 9.17% | 9.08% | 8.61% | ## Ordinary $0.50 shares | Metric | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Basic number of ordinary shares in issue, after deducting own shares held (m) | 17,140 | 17,183 | 17,397 | 17,668 | 17,918 | | Quarter ended (m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Ordinary shares issued during the period | 0.1 | 0.2 | 9.7 | 0.1 | | | Shares cancelled during the period that were originally bought back in prior periods³ | (84) | (219) | (271) | (208) | (331) | | Other movements in basic number of ordinary shares during the period⁴ | 41 | 5 | | (52) | 267 | | Average basic number of ordinary shares outstanding during the period, after deducting own shares held (m) | 17,136 | 17,297 | 17,528 | 17,769 | 18,042 | --- **Notes:** 1 Includes 'Assets held for sale' of $11,115m. 2 Includes 'Liabilities of disposal groups held for sale' of $23,382m. 3 Includes shares cancelled during the period that were originally bought back in prior periods. 4 Includes movements in own shares held. # HSBC Holdings plc consolidated balance sheet data ## Balance sheet (constant currency) ($m) | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to customers (net) | 988,399 | 983,088 | 977,497 | 972,236 | 970,778 | | Customer accounts | 1,786,828 | 1,737,241 | 1,711,741 | 1,709,754 | 1,719,240 | | Risk-weighted assets | 888,647 | 879,307 | 884,688 | 872,562 | 865,484 | ## Regulatory capital (end-point basis, reported) ($m) | Regulatory capital | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 capital | 132,593 | 127,765 | 129,819 | 125,477 | 124,911 | | Additional tier 1 capital | 20,804 | 20,790 | 20,800 | 18,811 | 19,216 | | Tier 2 capital | 28,974 | 29,174 | 27,877 | 25,526 | 24,401 | | Total regulatory capital | 182,371 | 177,729 | 178,496 | 169,814 | 168,528 | ## Capital ratios (end-point basis, reported) | Ratio | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Common equity tier 1 ratio | 14.9% | 14.5% | 14.6% | 14.7% | 14.9% | | Tier 1 ratio | 17.3% | 16.9% | 17.0% | 16.9% | 17.2% | | Total capital ratio | 20.5% | 20.2% | 20.1% | 19.9% | 20.1% | | Leverage exposures ($m) | 2,877,070 | 2,840,483 | 2,792,934 | 2,651,983 | 2,571,071 | | Leverage Ratio | 5.3% | 5.2% | 5.4% | 5.4% | 5.6% | | NAV / share ($) at the end of the period | 10.36 | 9.94% | 9.88% | 9.74% | 9.26% | | TNAV / share ($) at the end of the period | 9.64 | 9.22% | 9.17% | 9.08% | 8.61% | ## Ordinary $0.50 shares | Metric | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Basic number of ordinary shares in issue, after deducting own shares held (m) | 17,140 | 17,183 | 17,397 | 17,668 | 17,918 | | Quarter ended (m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Ordinary shares issued during the period | 0.1 | 0.2 | 9.7 | 0.1 | | | Shares cancelled during the period that were originally bought back in prior periods³ | (84) | (219) | (271) | (208) | (331) | | Other movements in basic number of ordinary shares during the period⁴ | 41 | 5 | | (52) | 267 | | Average basic number of ordinary shares outstanding during the period, after deducting own shares held (m) | 17,136 | 17,297 | 17,528 | 17,769 | 18,042 | --- **Notes:** 1 Includes 'Assets held for sale' of $11,115m. 2 Includes 'Liabilities of disposal groups held for sale' of $23,382m. 3 Includes shares cancelled during the period that were originally bought back in prior periods. 4 Includes movements in own shares held. # Group Management View of Revenue ## Group Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII¹ | 11,722 | 11,049 | 10,714 | 10,599 | 10,904 | | Fee and other income | 6,001 | 6,851 | 6,943 | 7,141 | 5,600 | | - Wholesale Transaction Banking | 2,615 | 2,608 | 2,786 | 2,851 | 2,533 | | of which: Global Foreign Exchange | 1,321 | 1,277 | 1,494 | 1,602 | 1,285 | | of which: Global Payments Solutions | 587 | 586 | 576 | 545 | 554 | | of which: Global Trade Solutions | 347 | 370 | 370 | 375 | 362 | | of which: Securities Services | 360 | 375 | 346 | 329 | 332 | | - Wealth | 2,145 | 2,681 | 2,274 | 2,290 | 1,758 | | of which: Investment Distribution | 806 | 1,039 | 877 | 902 | 703 | | of which: Insurance¹ | 580 | 846 | 632 | 541 | 388 | | of which: Asset Management | 406 | 387 | 357 | 350 | 349 | | of which: Private Bank | 353 | 409 | 408 | 497 | 318 | | - Investment Banking, Debt and Equity Markets | 590 | 591 | 796 | 1,268 | 735 | | - Retail Banking | 299 | 323 | 322 | 302 | 333 | | - Wholesale Credit and Lending | 224 | 227 | 209 | 223 | 226 | | - Other² | 128 | 421 | 556 | 207 | 15 | | Revenue excluding notable items | 17,723 | 17,900 | 17,657 | 17,740 | 16,504 | | Notable items | (1,359) | (112) | (1,184) | (91) | (4,940) | | **Revenue** | **16,364** | **17,788** | **16,473** | **17,649** | **11,564** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII¹ | 44,084 | 43,975 | | Fee and other income | 26,936 | 23,459 | | - Wholesale Transaction Banking | 10,860 | 10,433 | | of which: Global Foreign Exchange | 5,694 | 5,445 | | of which: Global Payments Solutions | 2,294 | 2,236 | | of which: Global Trade Solutions | 1,462 | 1,460 | | of which: Securities Services | 1,410 | 1,292 | | - Wealth | 9,390 | 7,559 | | of which: Investment Distribution | 3,624 | 2,852 | | of which: Insurance¹ | 2,599 | 1,921 | | of which: Asset Management | 1,500 | 1,367 | | of which: Private Bank | 1,667 | 1,419 | | - Investment Banking, Debt and Equity Markets | 3,245 | 3,148 | | - Retail Banking | 1,246 | 1,371 | | - Wholesale Credit and Lending | 883 | 912 | | - Other² | 1,312 | 36 | | Revenue excluding notable items | 71,020 | 67,434 | | Notable items | (2,746) | (1,580) | | **Revenue** | **68,274** | **65,854** | | Total revenue excluding notable items | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total revenue excluding notable items | 6,777 | 6,413 | 6,543 | 6,689 | 6,515 | | - of which: Wholesale Transaction Banking | 4,137 | 3,894 | 3,809 | 3,873 | 4,051 | | of which: Global Payments Solutions | 668 | 686 | 681 | 695 | 682 | | of which: Global Trade Solutions | 2,481 | 3,008 | 2,590 | 2,607 | 2,062 | | - of which: Wealth | 669 | 713 | 709 | 797 | 616 | | of which: Private Bank | | | | | | | Total revenue excluding notable items (Year to date) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total revenue excluding notable items | 26,422 | 26,306 | | - of which: Wholesale Transaction Banking | 15,713 | 16,377 | | of which: Global Payments Solutions | 2,732 | 2,684 | | of which: Global Trade Solutions | 10,686 | 8,758 | | - of which: Wealth | 2,888 | 2,612 | | of which: Private Bank | | | ## Group Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII¹ | 11,722 | 11,015 | 10,767 | 10,927 | 11,040 | | Fee and other income | 6,001 | 6,819 | 6,910 | 7,366 | 5,677 | | - Wholesale Transaction Banking | 2,615 | 2,597 | 2,790 | 2,932 | 2,578 | | of which: Global Foreign Exchange | 1,321 | 1,272 | 1,492 | 1,643 | 1,304 | | of which: Global Payments Solutions | 587 | 583 | 578 | 565 | 568 | | of which: Global Trade Solutions | 347 | 369 | 373 | 385 | 367 | | of which: Securities Services | 360 | 373 | 347 | 339 | 339 | | - Wealth | 2,145 | 2,679 | 2,285 | 2,340 | 1,781 | | of which: Investment Distribution | 806 | 1,040 | 879 | 916 | 710 | | of which: Insurance¹ | 580 | 846 | 637 | 552 | 389 | | of which: Asset Management | 406 | 385 | 357 | 361 | 355 | | of which: Private Bank | 353 | 408 | 412 | 511 | 327 | | - Investment Banking, Debt and Equity Markets | 590 | 590 | 800 | 1,309 | 749 | | - Retail Banking | 299 | 324 | 328 | 316 | 341 | | - Wholesale Credit and Lending | 224 | 225 | 212 | 232 | 232 | | - Other² | 128 | 404 | 495 | 237 | (4) | | Revenue excluding notable items | 17,723 | 17,834 | 17,677 | 18,293 | 16,717 | | Notable items | (1,359) | (112) | (1,205) | (92) | (4,937) | | **Revenue** | **16,364** | **17,722** | **16,472** | **18,201** | **11,780** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII¹ | 44,084 | 43,785 | | Fee and other income | 26,936 | 23,806 | | - Wholesale Transaction Banking | 10,860 | 10,468 | | of which: Global Foreign Exchange | 5,694 | 5,441 | | of which: Global Payments Solutions | 2,294 | 2,261 | | of which: Global Trade Solutions | 1,462 | 1,457 | | of which: Securities Services | 1,410 | 1,309 | | - Wealth | 9,390 | 7,586 | | of which: Investment Distribution | 3,624 | 2,857 | | of which: Insurance¹ | 2,599 | 1,913 | | of which: Asset Management | 1,500 | 1,373 | | of which: Private Bank | 1,667 | 1,443 | | - Investment Banking, Debt and Equity Markets | 3,245 | 3,198 | | - Retail Banking | 1,246 | 1,350 | | - Wholesale Credit and Lending | 883 | 925 | | - Other² | 1,312 | 279 | | Revenue excluding notable items | 71,020 | 67,591 | | Notable items | (2,746) | (1,582) | | **Revenue** | **68,274** | **66,009** | | Total revenue excluding notable items (Constant Currency) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total revenue excluding notable items | 6,777 | 6,387 | 6,564 | 6,873 | 6,618 | | - of which: Wholesale Transaction Banking | 4,137 | 3,880 | 3,823 | 3,984 | 4,112 | | of which: Global Payments Solutions | 668 | 686 | 685 | 713 | 691 | | - of which: Wealth | 2,481 | 3,007 | 2,603 | 2,668 | 2,113 | | of which: Private Bank | 669 | 712 | 713 | 822 | 633 | | Total revenue excluding notable items (Constant Currency Year to date) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total revenue excluding notable items | 26,422 | 26,392 | | - of which: Wholesale Transaction Banking | 15,713 | 16,429 | | of which: Global Payments Solutions | 2,732 | 2,678 | | - of which: Wealth | 10,686 | 8,888 | | of which: Private Bank | 2,888 | 2,657 | --- **Notes:** 1 Banking NII for IWPB is computed by deducting third party net interest income ('NII') in our insurance business from total IWPB NII. Total insurance NII is presented in 'fee and other income' in Insurance in our Group Management View of Revenue. 2 'Other' includes revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income, and notional tax credits. # HSBC Holdings plc Net Interest Margin ## Quarter to date | Average balances during period ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Short-term funds and loans and advances to banks | 317,912 | 316,852 | 328,935 | 339,797 | 350,169 | | Loans and advances to customers | 988,965 | 983,604 | 974,198 | 939,779 | 952,357 | | Reverse repurchase agreements - non-trading | 287,302 | 280,681 | 275,219 | 252,099 | 246,018 | | Financial investments | 554,175 | 553,675 | 535,875 | 512,079 | 494,185 | | Other interest-earning assets | 72,700 | 83,660 | 81,017 | 80,407 | 70,547 | | **Total interest-earning assets** | **2,221,054** | **2,218,472** | **2,195,244** | **2,124,161** | **2,113,276** | | Interest income during period ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Short-term funds and loans and advances to banks | 2,685 | 2,733 | 2,852 | 3,190 | 3,483 | | Loans and advances to customers | 11,460 | 11,510 | 11,599 | 11,467 | 12,139 | | Reverse repurchase agreements - non-trading | 4,353 | 4,229 | 4,158 | 3,876 | 4,237 | | Financial investments | 5,258 | 5,165 | 5,262 | 5,145 | 5,145 | | Other interest-earning assets | 747 | 724 | 724 | 735 | 1,000 | | **Total** | **24,503** | **24,361** | **24,595** | **24,413** | **26,004** | | Average balances during period ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Deposits by banks | 77,352 | 78,274 | 76,755 | 71,860 | 72,979 | | Customer accounts | 1,515,315 | 1,503,972 | 1,490,291 | 1,437,508 | 1,437,420 | | Repurchase agreements - non-trading | 199,654 | 187,304 | 186,270 | 181,580 | 186,036 | | Debt securities in issue - non-trading | 197,015 | 202,337 | 199,166 | 194,683 | 198,513 | | Other interest-bearing liabilities | 86,547 | 81,825 | 73,668 | 68,895 | 76,557 | | **Total interest-bearing liabilities** | **2,075,883** | **2,053,712** | **2,026,150** | **1,954,526** | **1,971,505** | | Non-interest bearing current accounts | 224,650 | 213,356 | 209,334 | 210,544 | 211,804 | | Interest expense during period ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Deposits by banks | 629 | 666 | 678 | 640 | 653 | | Customer accounts | 7,864 | 8,124 | 8,567 | 8,734 | 9,725 | | Repurchase agreements - non-trading | 3,619 | 3,405 | 3,327 | 3,278 | 3,715 | | Debt securities in issue - non-trading | 2,558 | 2,733 | 2,786 | 2,770 | 2,922 | | Other interest-bearing liabilities | 637 | 656 | 718 | 689 | 804 | | **Total** | **15,307** | **15,584** | **16,076** | **16,111** | **17,819** | | Net interest margin (%) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Net interest margin (%) | 1.64% | 1.57% | 1.56% | 1.59% | 1.54% | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Average balances during period ($m) | | | | Deposits by banks | 76,081 | 66,405 | | Customer accounts | 1,487,032 | 1,385,840 | | Repurchase agreements - non-trading | 188,748 | 187,337 | | Debt securities in issue - non-trading | 198,317 | 196,440 | | Other interest-bearing liabilities | 77,793 | 84,773 | | **Total interest-bearing liabilities** | **2,027,971** | **1,920,795** | | Non-interest bearing current accounts | 214,507 | 220,291 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Interest income during period ($m) | | | | Short-term funds and loans and advances to banks | 11,460 | 14,727 | | Loans and advances to customers | 46,036 | 49,879 | | Reverse repurchase agreements - non-trading | 16,616 | 17,721 | | Financial investments | 20,830 | 20,587 | | Other interest-earning assets | 2,930 | 5,717 | | **Total** | **97,872** | **108,631** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Interest expense during period ($m) | | | | Deposits by banks | 2,613 | 2,930 | | Customer accounts | 33,289 | 40,173 | | Repurchase agreements - non-trading | 13,629 | 15,617 | | Debt securities in issue - non-trading | 10,847 | 12,806 | | Other interest-bearing liabilities | 2,700 | 4,372 | | **Total** | **63,078** | **75,898** | | Net interest margin (%) | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Net interest margin (%) | 1.59% | 1.56% | # HSBC Holdings plc consolidated income statement ## Hong Kong business | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 4,066 | 3,964 | 3,842 | 4,006 | 3,820 | 15,878 | 15,034 | | ECL | (308) | (304) | (544) | (320) | (356) | (1,476) | (1,076) | | Total operating expenses | (1,307) | (1,209) | (1,167) | (1,143) | (1,302) | (4,826) | (4,837) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 2,451 | 2,451 | 2,131 | 2,543 | 2,162 | 9,576 | 9,121 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 4,066 | 3,986 | 3,858 | 4,008 | 3,819 | 15,878 | 15,047 | | ECL | (308) | (306) | (547) | (320) | (357) | (1,476) | (1,077) | | Total operating expenses | (1,307) | (1,214) | (1,172) | (1,144) | (1,301) | (4,826) | (4,841) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 2,451 | 2,466 | 2,139 | 2,544 | 2,161 | 9,576 | 9,129 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (6) | | (1) | (7) | | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (6) | | | (7) | | (16) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (6) | | (2) | | | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (6) | | | | | (16) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 233,389 | 233,367 | 233,677 | 236,455 | 238,416 | | Loans and advances to external customers (net) | 229,491 | 229,574 | 230,139 | 233,054 | 235,208 | | Total external assets | 437,934 | 442,423 | 433,153 | 421,940 | 433,945 | | External customer accounts | 543,381 | 519,269 | 517,406 | 505,334 | 507,389 | | Risk-weighted assets | 139,628 | 140,496 | 140,630 | 144,929 | 143,668 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 229,491 | 229,608 | 232,173 | 233,197 | 235,053 | | External customer accounts | 543,381 | 519,192 | 521,891 | 505,260 | 506,557 | | Risk-weighted assets | 139,628 | 140,591 | 141,935 | 145,176 | 143,777 | # HSBC Hong Kong business ## Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 3,273 | 2,934 | 2,835 | 3,040 | 3,063 | | Fee and other income | 793 | 1,030 | 1,007 | 966 | 757 | | - Retail Banking and Wealth | 548 | 748 | 701 | 661 | 502 | | Retail Banking | 89 | 155 | 111 | 87 | 74 | | Wealth | 459 | 596 | 590 | 574 | 428 | | Other¹ | 23 | 18 | 57 | 38 | 26 | | - Commercial Banking | 245 | 282 | 306 | 305 | 255 | | Wholesale Transaction Banking | 182 | 187 | 185 | 176 | 179 | | Credit and Lending | 18 | 17 | 16 | 27 | 19 | | Other¹ | 45 | 78 | 105 | 102 | 57 | | Other | 0 | 0 | 0 | 0 | 0 | | Revenue excluding notable items | 4,066 | 3,964 | 3,842 | 4,006 | 3,820 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **4,066** | **3,964** | **3,842** | **4,006** | **3,820** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 12,082 | 11,987 | | Fee and other income | 3,796 | 3,047 | | - Retail Banking and Wealth | 2,658 | 1,940 | | Retail Banking | 326 | 312 | | Wealth | 2,206 | 1,576 | | Other¹ | 126 | 52 | | - Commercial Banking | 1,138 | 1,107 | | Wholesale Transaction Banking | 730 | 708 | | Credit and Lending | 78 | 83 | | Other¹ | 330 | 316 | | Other | 0 | 0 | | Revenue excluding notable items | 15,878 | 15,034 | | Notable items | 0 | 0 | | **Revenue** | **15,878** | **15,034** | ## Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 3,273 | 2,951 | 2,846 | 3,042 | 3,062 | | Fee and other income | 793 | 1,035 | 1,012 | 966 | 757 | | - Retail Banking and Wealth | 548 | 753 | 704 | 661 | 503 | | Retail Banking | 66 | 85 | 90 | 87 | 74 | | Wealth | 459 | 650 | 557 | 548 | 417 | | Other¹ | 23 | 18 | 57 | 38 | 28 | | - Commercial Banking | 245 | 282 | 308 | 305 | 254 | | Wholesale Transaction Banking | 182 | 188 | 186 | 176 | 179 | | Credit and Lending | 18 | 17 | 17 | 27 | 18 | | Other¹ | 45 | 77 | 105 | 102 | 57 | | Other | 0 | 0 | 0 | 0 | 0 | | Revenue excluding notable items | 4,066 | 3,986 | 3,858 | 4,008 | 3,819 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **4,066** | **3,986** | **3,858** | **4,008** | **3,819** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 12,082 | 11,997 | | Fee and other income | 3,796 | 3,050 | | - Retail Banking and Wealth | 2,658 | 1,941 | | Retail Banking | 326 | 312 | | Wealth | 2,206 | 1,577 | | Other¹ | 126 | 52 | | - Commercial Banking | 1,138 | 1,109 | | Wholesale Transaction Banking | 730 | 709 | | Credit and Lending | 78 | 83 | | Other¹ | 330 | 317 | | Other | 0 | 0 | | Revenue excluding notable items | 15,878 | 15,047 | | Notable items | 0 | 0 | | **Revenue** | **15,878** | **15,047** | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury. # HSBC UK business ## Reported results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | ECL | (102) | (271) | (154) | (169) | (170) | | Total operating expenses | (1,485) | (1,428) | (1,341) | (1,283) | (1,389) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,642 | 1,730 | 1,551 | 1,509 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 11,954 | | ECL | (696) | (402) | | Total operating expenses | (5,537) | (4,947) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,605 | ## Constant currency results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | ECL | (102) | (267) | (153) | (178) | (177) | | Total operating expenses | (1,485) | (1,408) | (1,335) | (1,355) | (1,439) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,618 | 1,722 | 1,641 | 1,567 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 12,342 | | ECL | (696) | (415) | | Total operating expenses | (5,537) | (5,104) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,823 | ## Notable items (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 305,700 | 301,492 | 301,611 | 278,878 | 269,141 | | Loans and advances to external customers (net) | 303,698 | 299,443 | 299,631 | 276,965 | 267,293 | | Total external assets | 451,493 | 446,179 | 443,023 | 415,785 | 404,577 | | External customer accounts | 364,323 | 357,201 | 360,494 | 339,570 | 330,012 | | Risk-weighted assets | 152,973 | 153,511 | 152,894 | 139,774 | 133,495 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 303,698 | 298,720 | 293,365 | 287,768 | 285,778 | | External customer accounts | 364,323 | 356,338 | 352,955 | 352,815 | 352,833 | | Risk-weighted assets | 152,973 | 153,139 | 149,687 | 145,247 | 142,763 | # HSBC UK business ## Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,855 | 2,745 | 2,561 | 2,571 | | Fee and other income | 434 | 486 | 480 | 442 | 497 | | - Retail Banking and Wealth | 128 | 173 | 165 | 151 | 179 | | Retail Banking | 51 | 70 | 72 | 62 | 81 | | Wealth | 70 | 94 | 89 | 86 | 77 | | Other¹ | 7 | 9 | 4 | 3 | 21 | | - Commercial Banking | 306 | 313 | 315 | 291 | 318 | | Wholesale Transaction Banking | 224 | 223 | 228 | 216 | 218 | | Credit and Lending | 62 | 65 | 58 | 53 | 55 | | Other¹ | 20 | 25 | 29 | 22 | 45 | | Revenue excluding notable items | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,341** | **3,225** | **3,003** | **3,068** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,029 | | Fee and other income | 1,842 | 1,925 | | - Retail Banking and Wealth | 617 | 722 | | Retail Banking | 255 | 264 | | Wealth | 339 | 380 | | Other¹ | 23 | 78 | | - Commercial Banking | 1,225 | 1,203 | | Wholesale Transaction Banking | 891 | 884 | | Credit and Lending | 238 | 209 | | Other¹ | 96 | 110 | | Other | 0 | 0 | | Revenue excluding notable items | 12,938 | 11,954 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **11,954** | ## Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,814 | 2,731 | 2,708 | 2,668 | | Fee and other income | 434 | 479 | 479 | 466 | 515 | | - Retail Banking and Wealth | 128 | 170 | 163 | 161 | 187 | | Retail Banking | 51 | 69 | 71 | 66 | 85 | | Wealth | 70 | 92 | 88 | 91 | 80 | | Other¹ | 7 | 9 | 4 | 4 | 22 | | - Commercial Banking | 306 | 309 | 316 | 305 | 328 | | Wholesale Transaction Banking | 224 | 221 | 226 | 228 | 228 | | Credit and Lending | 62 | 64 | 58 | 56 | 57 | | Other¹ | 20 | 24 | 32 | 21 | 43 | | Other | 0 | 0 | 0 | 0 | 0 | | Revenue excluding notable items | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,293** | **3,210** | **3,174** | **3,183** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,355 | | Fee and other income | 1,842 | 1,987 | | - Retail Banking and Wealth | 617 | 744 | | Retail Banking | 255 | 273 | | Wealth | 339 | 391 | | Other¹ | 23 | 80 | | - Commercial Banking | 1,225 | 1,243 | | Wholesale Transaction Banking | 891 | 912 | | Credit and Lending | 238 | 216 | | Other¹ | 96 | 115 | | Other | 0 | 0 | | Revenue excluding notable items | 12,938 | 12,342 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **12,342** | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury. # HSBC UK business ## Reported results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | ECL | (102) | (271) | (154) | (169) | (170) | | Total operating expenses | (1,485) | (1,428) | (1,341) | (1,283) | (1,389) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,642 | 1,730 | 1,551 | 1,509 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 11,954 | | ECL | (696) | (402) | | Total operating expenses | (5,537) | (4,947) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,605 | ## Constant currency results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | ECL | (102) | (267) | (153) | (178) | (177) | | Total operating expenses | (1,485) | (1,408) | (1,335) | (1,355) | (1,439) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,618 | 1,722 | 1,641 | 1,567 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 12,342 | | ECL | (696) | (415) | | Total operating expenses | (5,537) | (5,104) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,823 | ## Notable items (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 305,700 | 301,492 | 301,611 | 278,878 | 269,141 | | Loans and advances to external customers (net) | 303,698 | 299,443 | 299,631 | 276,965 | 267,293 | | Total external assets | 451,493 | 446,179 | 443,023 | 415,785 | 404,577 | | External customer accounts | 364,323 | 357,201 | 360,494 | 339,570 | 330,012 | | Risk-weighted assets | 152,973 | 153,511 | 152,894 | 139,774 | 133,495 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 303,698 | 298,720 | 293,365 | 287,768 | 285,778 | | External customer accounts | 364,323 | 356,338 | 352,955 | 352,815 | 352,833 | | Risk-weighted assets | 152,973 | 153,139 | 149,687 | 145,247 | 142,763 | # HSBC UK business ## Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,855 | 2,745 | 2,561 | 2,571 | | Fee and other income | 434 | 486 | 480 | 442 | 497 | | - Retail Banking and Wealth | 128 | 173 | 165 | 151 | 179 | | Retail Banking | 51 | 70 | 72 | 62 | 81 | | Wealth | 70 | 94 | 89 | 86 | 77 | | Other¹ | 7 | 9 | 4 | 3 | 21 | | - Commercial Banking | 306 | 313 | 315 | 291 | 318 | | Wholesale Transaction Banking | 224 | 223 | 228 | 216 | 218 | | Credit and Lending | 62 | 65 | 58 | 53 | 55 | | Other¹ | 20 | 25 | 29 | 22 | 45 | | Revenue excluding notable items | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,341** | **3,225** | **3,003** | **3,068** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,029 | | Fee and other income | 1,842 | 1,925 | | - Retail Banking and Wealth | 617 | 722 | | Retail Banking | 255 | 264 | | Wealth | 339 | 380 | | Other¹ | 23 | 78 | | - Commercial Banking | 1,225 | 1,203 | | Wholesale Transaction Banking | 891 | 884 | | Credit and Lending | 238 | 209 | | Other¹ | 96 | 110 | | Revenue excluding notable items | 12,938 | 11,954 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **11,954** | ## Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,814 | 2,731 | 2,708 | 2,668 | | Fee and other income | 434 | 479 | 479 | 466 | 515 | | - Retail Banking and Wealth | 128 | 170 | 163 | 161 | 187 | | Retail Banking | 51 | 69 | 71 | 66 | 85 | | Wealth | 70 | 92 | 88 | 91 | 80 | | Other¹ | 7 | 9 | 4 | 4 | 22 | | - Commercial Banking | 306 | 309 | 316 | 305 | 328 | | Wholesale Transaction Banking | 224 | 221 | 226 | 228 | 228 | | Credit and Lending | 62 | 64 | 58 | 56 | 57 | | Other¹ | 20 | 24 | 32 | 21 | 43 | | Revenue excluding notable items | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,293** | **3,210** | **3,174** | **3,183** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,355 | | Fee and other income | 1,842 | 1,987 | | - Retail Banking and Wealth | 617 | 744 | | Retail Banking | 255 | 273 | | Wealth | 339 | 391 | | Other¹ | 23 | 80 | | - Commercial Banking | 1,225 | 1,243 | | Wholesale Transaction Banking | 891 | 912 | | Credit and Lending | 238 | 216 | | Other¹ | 96 | 115 | | Revenue excluding notable items | 12,938 | 12,342 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **12,342** | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury. # HSBC UK business ## Reported results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | ECL | (102) | (271) | (154) | (169) | (170) | | Total operating expenses | (1,485) | (1,428) | (1,341) | (1,283) | (1,389) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,642 | 1,730 | 1,551 | 1,509 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 11,954 | | ECL | (696) | (402) | | Total operating expenses | (5,537) | (4,947) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,605 | ## Constant currency results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | ECL | (102) | (267) | (153) | (178) | (177) | | Total operating expenses | (1,485) | (1,408) | (1,335) | (1,355) | (1,439) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,782 | 1,618 | 1,722 | 1,641 | 1,567 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 12,938 | 12,342 | | ECL | (696) | (415) | | Total operating expenses | (5,537) | (5,104) | | Share of profit in associates and joint ventures less impairment | | | | Profit/(loss) before tax | 6,705 | 6,823 | ## Notable items (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (7) | (15) | (43) | (4) | 5 | | Revenue | | | | | | | ECL | | | | | | | Operating expenses | (7) | (15) | (43) | (4) | 5 | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (69) | 13 | | Revenue | | | | ECL | | | | Operating expenses | (69) | 13 | | Impairment of interest in associate | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 305,700 | 301,492 | 301,611 | 278,878 | 269,141 | | Loans and advances to external customers (net) | 303,698 | 299,443 | 299,631 | 276,965 | 267,293 | | Total external assets | 451,493 | 446,179 | 443,023 | 415,785 | 404,577 | | External customer accounts | 364,323 | 357,201 | 360,494 | 339,570 | 330,012 | | Risk-weighted assets | 152,973 | 153,511 | 152,894 | 139,774 | 133,495 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 303,698 | 298,720 | 293,365 | 287,768 | 285,778 | | External customer accounts | 364,323 | 356,338 | 352,955 | 352,815 | 352,833 | | Risk-weighted assets | 152,973 | 153,139 | 149,687 | 145,247 | 142,763 | # HSBC UK business ## Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,855 | 2,745 | 2,561 | 2,571 | | Fee and other income | 434 | 486 | 480 | 442 | 497 | | - Retail Banking and Wealth | 128 | 173 | 165 | 151 | 179 | | Retail Banking | 51 | 70 | 72 | 62 | 81 | | Wealth | 70 | 94 | 89 | 86 | 77 | | Other¹ | 7 | 9 | 4 | 3 | 21 | | - Commercial Banking | 306 | 313 | 315 | 291 | 318 | | Wholesale Transaction Banking | 224 | 223 | 228 | 216 | 218 | | Credit and Lending | 62 | 65 | 58 | 53 | 55 | | Other¹ | 20 | 25 | 29 | 22 | 45 | | Revenue excluding notable items | 3,369 | 3,341 | 3,225 | 3,003 | 3,068 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,341** | **3,225** | **3,003** | **3,068** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,029 | | Fee and other income | 1,842 | 1,925 | | - Retail Banking and Wealth | 617 | 722 | | Retail Banking | 255 | 264 | | Wealth | 339 | 380 | | Other¹ | 23 | 78 | | - Commercial Banking | 1,225 | 1,203 | | Wholesale Transaction Banking | 891 | 884 | | Credit and Lending | 238 | 209 | | Other¹ | 96 | 110 | | Revenue excluding notable items | 12,938 | 11,954 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **11,954** | ## Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 2,935 | 2,814 | 2,731 | 2,708 | 2,668 | | Fee and other income | 434 | 479 | 479 | 466 | 515 | | - Retail Banking and Wealth | 128 | 170 | 163 | 161 | 187 | | Retail Banking | 51 | 69 | 71 | 66 | 85 | | Wealth | 70 | 92 | 88 | 91 | 80 | | Other¹ | 7 | 9 | 4 | 4 | 22 | | - Commercial Banking | 306 | 309 | 316 | 305 | 328 | | Wholesale Transaction Banking | 224 | 221 | 226 | 228 | 228 | | Credit and Lending | 62 | 64 | 58 | 56 | 57 | | Other¹ | 20 | 24 | 32 | 21 | 43 | | Revenue excluding notable items | 3,369 | 3,293 | 3,210 | 3,174 | 3,183 | | Notable items | 0 | 0 | 0 | 0 | 0 | | **Revenue** | **3,369** | **3,293** | **3,210** | **3,174** | **3,183** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 11,096 | 10,355 | | Fee and other income | 1,842 | 1,987 | | - Retail Banking and Wealth | 617 | 744 | | Retail Banking | 255 | 273 | | Wealth | 339 | 391 | | Other¹ | 23 | 80 | | - Commercial Banking | 1,225 | 1,243 | | Wholesale Transaction Banking | 891 | 912 | | Credit and Lending | 238 | 216 | | Other¹ | 96 | 115 | | Revenue excluding notable items | 12,938 | 12,342 | | Notable items | 0 | 0 | | **Revenue** | **12,938** | **12,342** | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury. # HSBC Corporate and Institutional Banking business ## Reported results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 6,791 | 6,729 | 6,930 | 7,187 | 6,560 | | ECL | (233) | (164) | (130) | (169) | (524) | | Total operating expenses | (4,082) | (4,018) | (3,958) | (3,498) | (3,913) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | 1 | | | | Profit/(loss) before tax | 2,477 | 2,547 | 2,842 | 3,520 | 2,123 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 27,637 | 26,819 | | ECL | (696) | (869) | | Total operating expenses | (15,556) | (14,544) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | | Profit/(loss) before tax | 11,386 | 11,407 | ## Constant currency results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 6,791 | 6,704 | 6,968 | 7,417 | 6,661 | | ECL | (233) | (165) | (132) | (176) | (542) | | Total operating expenses | (4,082) | (4,001) | (3,985) | (3,618) | (3,989) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | 1 | | | | Profit/(loss) before tax | 2,477 | 2,538 | 2,851 | 3,623 | 2,130 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 27,637 | 26,772 | | ECL | (696) | (878) | | Total operating expenses | (15,556) | (14,612) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | | Profit/(loss) before tax | 11,386 | 11,283 | ## Notable items (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (154) | (419) | (324) | (72) | (17) | | Revenue | (3) | | | | | | ECL | | | | | | | Operating expenses | (151) | (413) | (324) | (72) | (17) | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (969) | (26) | | Revenue | | | | ECL | | | | Operating expenses | (960) | (12) | | Impairment of interest in associate | | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | (154) | (415) | (326) | (79) | (14) | | Revenue | (3) | | | | | | ECL | | | | | | | Operating expenses | (151) | (408) | (326) | (79) | (14) | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (969) | (23) | | Revenue | | | | ECL | | | | Operating expenses | (960) | (9) | | Impairment of interest in associate | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 308,169 | 306,090 | 307,233 | 298,341 | 287,842 | | Loans and advances to external customers (net) | 305,022 | 303,055 | 304,240 | 295,097 | 284,701 | | Total external assets | 1,793,162 | 1,758,157 | 1,763,915 | 1,663,958 | 1,647,797 | | External customer accounts | 597,719 | 586,529 | 564,847 | 554,760 | 557,796 | | Risk-weighted assets | 408,687 | 403,337 | 411,223 | 394,659 | 388,047 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 305,022 | 303,546 | 303,917 | 305,110 | 297,877 | | External customer accounts | 597,719 | 586,824 | 561,442 | 575,235 | 587,926 | | Risk-weighted assets | 408,687 | 403,781 | 410,624 | 404,275 | 400,687 | # HSBC Corporate and Institutional Banking business ## Management View of Revenue (original FX rates) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 3,807 | 3,711 | 3,570 | 3,444 | 3,596 | | Fee and other income | 2,987 | 3,024 | 3,360 | 3,743 | 2,964 | | - Wholesale Transaction Banking | 2,210 | 2,198 | 2,373 | 2,458 | 2,135 | | Investment Banking | 200 | 220 | 292 | 250 | 231 | | Debt and Equity Markets | 390 | 371 | 504 | 1,018 | 504 | | Wholesale Credit and Lending | 144 | 145 | 135 | 143 | 152 | | Other¹ | 43 | 90 | 56 | (126) | (58) | | Revenue excluding notable items | 6,794 | 6,735 | 6,930 | 7,187 | 6,560 | | Notable items | (3) | (6) | | | | | **Revenue** | **6,791** | **6,729** | **6,930** | **7,187** | **6,560** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 14,532 | 14,774 | | Fee and other income | 13,114 | 12,059 | | - Wholesale Transaction Banking | 9,239 | 8,841 | | Investment Banking | 962 | 934 | | Debt and Equity Markets | 2,283 | 2,214 | | Wholesale Credit and Lending | 567 | 620 | | Other¹ | 63 | (550) | | Revenue excluding notable items | 27,646 | 26,833 | | Notable items | (9) | (14) | | **Revenue** | **27,637** | **26,819** | ## Management View of Revenue (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Banking NII | 3,807 | 3,697 | 3,592 | 3,553 | 3,619 | | Fee and other income | 2,987 | 3,014 | 3,376 | 3,864 | 3,042 | | - Wholesale Transaction Banking | 2,210 | 2,189 | 2,379 | 2,527 | 2,171 | | Investment Banking | 200 | 219 | 292 | 259 | 236 | | Debt and Equity Markets | 390 | 371 | 508 | 1,050 | 513 | | Wholesale Credit and Lending | 144 | 144 | 137 | 149 | 157 | | Other¹ | 43 | 91 | 60 | (121) | (35) | | Revenue excluding notable items | 6,794 | 6,711 | 6,968 | 7,417 | 6,661 | | Notable items | (3) | (7) | | | | | **Revenue** | **6,791** | **6,704** | **6,968** | **7,417** | **6,661** | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Banking NII | 14,532 | 14,519 | | Fee and other income | 13,114 | 12,267 | | - Wholesale Transaction Banking | 9,239 | 8,847 | | Investment Banking | 962 | 946 | | Debt and Equity Markets | 2,283 | 2,252 | | Wholesale Credit and Lending | 567 | 626 | | Other¹ | 63 | (404) | | Revenue excluding notable items | 27,646 | 26,786 | | Notable items | (9) | (14) | | **Revenue** | **27,637** | **26,772** | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes notional tax credits. # HSBC International Wealth and Premier Banking business ## Reported results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,686 | 3,823 | 3,500 | 3,511 | 3,174 | | ECL | (235) | (204) | (226) | (227) | (310) | | Total operating expenses | (2,466) | (2,351) | (2,362) | (2,106) | (2,367) | | Share of profit in associates and joint ventures less impairment | (2) | 24 | (8) | 10 | 4 | | Profit/(loss) before tax | 983 | 1,292 | 904 | 1,188 | 501 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 14,520 | 13,976 | | ECL | (892) | (1,038) | | Total operating expenses | (9,285) | (9,013) | | Share of profit in associates and joint ventures less impairment | 24 | 47 | | Profit/(loss) before tax | 4,367 | 3,972 | ## Constant currency results ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 3,686 | 3,827 | 3,549 | 3,648 | 3,239 | | ECL | (235) | (207) | (237) | (247) | (328) | | Total operating expenses | (2,466) | (2,351) | (2,396) | (2,191) | (2,410) | | Share of profit in associates and joint ventures less impairment | (2) | 24 | (8) | 10 | 4 | | Profit/(loss) before tax | 983 | 1,293 | 908 | 1,220 | 505 | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Revenue | 14,520 | 13,817 | | ECL | (892) | (993) | | Total operating expenses | (9,285) | (8,900) | | Share of profit in associates and joint ventures less impairment | 24 | 45 | | Profit/(loss) before tax | 4,367 | 3,969 | ## Notable items (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | 12 | (188) | (100) | (41) | (44) | | Revenue | 94 | | | | | | ECL | (110) | (43) | (14) | (27) | | | Operating expenses | (82) | (78) | (57) | (27) | (17) | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (317) | 11 | | Revenue | (73) | 28 | | ECL | | | | Operating expenses | (244) | (17) | | Impairment of interest in associate | | | ## Notable items (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Total | 12 | (188) | (100) | (44) | (46) | | Revenue | 94 | | | | | | ECL | (110) | (43) | (16) | (29) | | | Operating expenses | (82) | (78) | (57) | (28) | (17) | | Impairment of interest in associate | | | | | | | Year to date | 31-Dec-25 | 31-Dec-24 | |---|---|---| | Total | (317) | 9 | | Revenue | (73) | 26 | | ECL | | | | Operating expenses | (244) | (17) | | Impairment of interest in associate | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 151,657 | 152,243 | 149,110 | 140,910 | 137,789 | | Loans and advances to external customers (net) | 150,047 | 150,654 | 147,523 | 139,416 | 136,325 | | Total external assets | 416,331 | 447,082 | 435,437 | 411,768 | 396,447 | | External customer accounts | 281,058 | 273,849 | 275,504 | 266,428 | 259,443 | | Risk-weighted assets | 89,876 | 91,559 | 91,036 | 86,532 | 85,673 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 150,047 | 151,055 | 147,852 | 145,981 | 144,027 | | External customer accounts | 281,058 | 274,488 | 275,106 | 276,035 | 271,588 | | Risk-weighted assets | 89,876 | 91,900 | 91,436 | 89,880 | 89,739 | --- **Notes:** 1 Banking NII for IWPB is computed by deducting third party net interest income ('NII') in our insurance business from total IWPB NII. Total insurance NII is presented in 'fee and other income' in Wealth in our Management View of Revenue. 2 'Other' includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income. # HSBC Legal entities ## HSBC UK Bank plc (UK ring-fenced bank) ### All businesses | Reported Results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 3,600 | 3,559 | 3,432 | 3,211 | 3,263 | 13,802 | 12,752 | | ECL | (101) | (269) | (153) | (187) | (170) | (710) | (405) | | Total operating expenses | (1,538) | (1,461) | (1,372) | (1,313) | (1,436) | (5,684) | (5,135) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | 1 | 1 | 1 | | | | Profit/(loss) before tax | 1,962 | 1,829 | 1,907 | 1,711 | 1,658 | 7,409 | 7,213 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 3,600 | 3,509 | 3,417 | 3,389 | 3,384 | 13,802 | 13,157 | | ECL | (101) | (266) | (152) | (198) | (176) | (710) | (419) | | Total operating expenses | (1,538) | (1,439) | (1,368) | (1,386) | (1,488) | (5,684) | (5,297) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 1,962 | 1,804 | 1,897 | 1,805 | 1,720 | 7,409 | 7,442 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (56) | (25) | (72) | (9) | 3 | (162) | 11 | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (56) | (25) | (72) | (9) | 3 | (162) | 11 | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (56) | (25) | (72) | (10) | 2 | (162) | 10 | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (56) | (25) | (72) | (10) | 2 | (162) | 10 | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 312,145 | 307,580 | 307,670 | 284,917 | 274,840 | | Loans and advances to external customers (net) | 310,116 | 305,503 | 305,661 | 282,969 | 272,973 | | Total external assets | 471,852 | 465,908 | 462,803 | 435,420 | 422,524 | | External customer accounts | 376,903 | 368,585 | 371,420 | 349,850 | 340,233 | | Risk-weighted assets¹ | 157,542 | 158,446 | 158,083 | 144,861 | 138,520 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 310,116 | 304,765 | 299,268 | 294,006 | 291,851 | | External customer accounts | 376,903 | 367,694 | 363,652 | 363,496 | 363,762 | | Risk-weighted assets | 157,542 | 158,063 | 154,777 | 150,510 | 148,099 | # HSBC Legal entities ## HSBC UK Bank plc (UK ring-fenced bank) ### UK business | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 3,451 | 3,424 | 3,305 | 3,079 | 3,137 | 13,359 | 12,531 | | ECL | (100) | (273) | (154) | (169) | (170) | (710) | (419) | | Total operating expenses | (1,538) | (1,461) | (1,372) | (1,313) | (1,436) | (5,684) | (5,297) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | 1 | 1 | 1 | | | | Profit/(loss) before tax | 1,866 | 1,721 | 1,825 | 1,711 | 1,658 | 7,409 | 7,442 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 3,451 | 3,374 | 3,289 | 3,250 | 3,253 | 13,359 | 13,157 | | ECL | (100) | (268) | (153) | (179) | (177) | (710) | (430) | | Total operating expenses | (1,538) | (1,408) | (1,321) | (1,348) | (1,443) | (5,684) | (5,297) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 1,866 | 1,698 | 1,815 | 1,723 | 1,633 | 7,409 | 7,442 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (15) | (14) | (43) | (4) | 5 | (162) | 11 | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (15) | (14) | (43) | (4) | 5 | (162) | 11 | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (15) | (14) | (43) | (4) | 5 | (162) | 10 | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (15) | (14) | (43) | (4) | 5 | (162) | 10 | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 303,698 | 299,443 | 299,632 | 276,965 | 267,293 | | External customer accounts | 364,323 | 357,200 | 360,494 | 339,570 | 330,012 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 303,698 | 298,720 | 293,365 | 287,768 | 285,778 | | External customer accounts | 364,323 | 356,338 | 352,955 | 352,815 | 352,833 | # HSBC UK Bank plc (UK ring-fenced bank) ## UK business ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 62 | 48 | 52 | 52 | 54 | 214 | 212 | | ECL | (8) | (15) | (17) | (13) | (16) | (59) | (55) | | Total operating expenses | (872) | (908) | (820) | (780) | (824) | (3,384) | (3,255) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 54 | 33 | 35 | 39 | 38 | 156 | 157 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 62 | 48 | 52 | 55 | 56 | 213 | 212 | | ECL | (8) | (14) | (18) | (14) | (16) | (59) | (55) | | Total operating expenses | (872) | (894) | (817) | (823) | (854) | (3,360) | (3,337) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 54 | 34 | 34 | 41 | 40 | 154 | 157 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (7) | | (3) | (1) | (2) | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (7) | | (3) | (1) | (2) | (16) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (7) | | (3) | (1) | (2) | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (7) | | (3) | (1) | (2) | (16) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | ## HSBC UK Bank plc (UK ring-fenced bank) ### Retail Banking and Wealth (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 1,628 | 1,623 | 1,565 | 1,436 | 1,444 | | ECL | (70) | (93) | (89) | (88) | (21) | | Total operating expenses | (872) | (908) | (820) | (780) | (824) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 686 | 622 | 656 | 568 | 599 | | Loans and advances to external customers (net) | 201,717 | 199,435 | 200,297 | 186,702 | 179,672 | | External customer accounts | 230,474 | 227,504 | 230,359 | 218,514 | 210,231 | ### Retail Banking and Wealth (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 1,628 | 1,600 | 1,556 | 1,516 | 1,498 | | ECL | (70) | (90) | (89) | (93) | (23) | | Total operating expenses | (872) | (894) | (817) | (823) | (854) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 686 | 616 | 650 | 600 | 621 | | Loans and advances to external customers (net) | 201,717 | 198,953 | 196,108 | 193,984 | 192,097 | | External customer accounts | 230,474 | 226,955 | 225,543 | 227,037 | 224,768 | ### Commercial Banking (reported) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 1,823 | 1,801 | 1,740 | 1,643 | 1,693 | | ECL | (30) | (180) | (65) | (81) | (149) | | Total operating expenses | (613) | (522) | (506) | (497) | (568) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,180 | 1,099 | 1,169 | 1,065 | 976 | | Loans and advances to external customers (net) | 101,981 | 100,008 | 99,335 | 90,263 | 87,621 | | External customer accounts | 133,849 | 129,696 | 130,135 | 121,056 | 119,781 | ### Commercial Banking (constant currency) ($m) | Quarter ended | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Revenue | 1,823 | 1,774 | 1,733 | 1,734 | 1,755 | | ECL | (30) | (178) | (64) | (86) | (154) | | Total operating expenses | (613) | (514) | (504) | (525) | (589) | | Share of profit in associates and joint ventures less impairment | | | | | | | Profit/(loss) before tax | 1,180 | 1,082 | 1,165 | 1,123 | 1,012 | | Loans and advances to external customers (net) | 101,981 | 99,767 | 97,257 | 93,784 | 93,681 | | External customer accounts | 133,849 | 129,383 | 127,412 | 125,778 | 128,065 | # HSBC Legal entities ## HSBC UK Bank plc (UK ring-fenced bank) ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 62 | 48 | 52 | 52 | 54 | 214 | 212 | | ECL | (8) | (15) | (17) | (13) | (16) | (59) | (55) | | Total operating expenses | (872) | (908) | (820) | (780) | (824) | (3,384) | (3,255) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 54 | 33 | 35 | 39 | 38 | 156 | 157 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 62 | 48 | 52 | 55 | 56 | 213 | 212 | | ECL | (8) | (14) | (18) | (14) | (16) | (59) | (55) | | Total operating expenses | (872) | (894) | (817) | (823) | (854) | (3,360) | (3,337) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 54 | 34 | 34 | 41 | 40 | 154 | 157 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (7) | | (3) | (1) | (2) | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (7) | | (3) | (1) | (2) | (16) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (7) | | (3) | (1) | (2) | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (7) | | (3) | (1) | (2) | (16) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | ### Retail Banking and Wealth | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 1,628 | 1,623 | 1,565 | 1,436 | 1,444 | 6,056 | 5,810 | | ECL | (70) | (93) | (89) | (88) | (21) | (286) | (113) | | Total operating expenses | (480) | (54) | (57) | (53) | (58) | (197) | (233) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 52 | 36 | 33 | 14 | 22 | 237 | 229 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 1,628 | 1,600 | 1,556 | 1,516 | 1,498 | 6,038 | 5,901 | | ECL | (70) | (90) | (89) | (93) | (23) | (285) | (113) | | Total operating expenses | (480) | (54) | (56) | (56) | (61) | (197) | (233) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 52 | 35 | 34 | 15 | 23 | 238 | 229 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | 3 | | (4) | | | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | 3 | | (4) | | | (16) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | 3 | | (4) | | | (16) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | 3 | | (4) | | | (16) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 6,418 | 6,060 | 6,029 | 6,004 | 5,680 | | External customer accounts | 12,295 | 11,077 | 10,659 | 10,021 | 9,991 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 6,418 | 6,045 | 5,903 | 6,238 | 6,073 | | External customer accounts | 12,295 | 11,050 | 10,436 | 10,412 | 10,682 | --- **Note 1:** 'Other' includes allocated revenue from Markets Treasury. ### Corporate Centre | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | (14) | 1 | (14) | (5) | (8) | (37) | (27) | | ECL | 3 | 38 | 28 | 30 | 30 | 101 | 101 | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | 1 | | | | | 1 | 1 | | Profit/(loss) before tax | (10) | 39 | 14 | 25 | 23 | 65 | 75 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | (14) | | (13) | (6) | (8) | (37) | (28) | | ECL | 3 | 37 | 27 | 32 | 32 | 104 | 101 | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | 1 | | | | | 1 | 1 | | Profit/(loss) before tax | (10) | 37 | 14 | 26 | 24 | 64 | 74 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (37) | (6) | (23) | (4) | | (70) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (37) | (6) | (23) | (4) | | (70) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (37) | (7) | (23) | (5) | (1) | (72) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (37) | (7) | (23) | (5) | (1) | (72) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | --- **Note 1:** Reported RWAs include transactions with other group entities in line with the published consolidated balance sheets. # HSBC Legal entities ## HSBC Bank plc (our non ring-fenced bank in the UK and Europe) ### All businesses | Reported Results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 1,239 | 2,441 | 2,638 | 2,720 | 2,388 | 9,038 | 9,557 | | ECL | (80) | (24) | (60) | (39) | (274) | (203) | (211) | | Total operating expenses | (2,108) | (3,227) | (2,141) | (1,665) | (1,909) | (9,141) | (6,723) | | Share of profit in associates and joint ventures less impairment | 22 | 20 | 43 | (3) | 3 | 82 | 22 | | Profit/(loss) before tax | (927) | (790) | 480 | 1,013 | 208 | (224) | 2,645 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 1,239 | 2,421 | 2,627 | 2,925 | 2,477 | 9,038 | 9,853 | | ECL | (80) | (24) | (60) | (44) | (287) | (203) | (217) | | Total operating expenses | (2,108) | (3,193) | (2,169) | (1,788) | (2,021) | (9,141) | (6,981) | | Share of profit in associates and joint ventures less impairment | 22 | 20 | 42 | (3) | 3 | 82 | 23 | | Profit/(loss) before tax | (927) | (776) | 440 | 1,090 | 172 | (224) | 2,678 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (1,402) | (1,648) | (397) | (34) | (20) | (3,481) | (142) | | Revenue | | | | | | | | | ECL | (1,386) | (104) | (42) | (14) | (20) | (1,546) | (148) | | Operating expenses | (16) | (1,544) | (355) | (20) | | (1,935) | 6 | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (1,402) | (1,627) | (406) | (38) | (22) | (3,481) | (150) | | Revenue | (1,386) | (103) | (43) | (16) | (22) | (1,546) | (156) | | ECL | | | | | | | | | Operating expenses | (16) | (1,524) | (363) | (22) | | (1,935) | 6 | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 107,347 | 109,237 | 107,977 | 102,614 | 104,541 | | Loans and advances to external customers (net) | 106,409 | 108,308 | 107,058 | 101,516 | 103,464 | | Total external assets | 894,114 | 916,374 | 920,890 | 858,092 | 858,910 | | External customer accounts | 321,451 | 309,673 | 306,014 | 307,594 | 297,785 | | Risk-weighted assets¹ | 150,670 | 150,963 | 154,392 | 141,522 | 140,813 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 106,409 | 108,174 | 106,152 | 108,389 | 114,316 | | External customer accounts | 321,451 | 309,172 | 302,095 | 324,713 | 324,567 | | Risk-weighted assets | 150,670 | 150,598 | 151,163 | 147,042 | 150,551 | --- **Notes:** 1 Includes 'Assets held for sale' of $11,115m. 2 Includes 'Liabilities of disposal groups held for sale' of $23,382m. 3 Includes shares cancelled during the period that were originally bought back in prior periods. 4 Includes movements in own shares held. # HSBC Legal entities ## HSBC Bank plc (our non ring-fenced bank in the UK and Europe) ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 2,118 | 1,973 | 2,179 | 2,173 | 1,851 | 8,038 | 8,857 | | ECL | (97) | (37) | (38) | (42) | (268) | (203) | (217) | | Total operating expenses | (1,778) | (1,690) | (1,647) | (1,309) | (1,576) | (6,141) | (6,552) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 243 | 246 | 494 | 822 | 7 | (224) | 1,088 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 2,118 | 1,956 | 2,203 | 2,335 | 1,963 | 9,038 | 9,853 | | ECL | (97) | (37) | (38) | (47) | (281) | (203) | (217) | | Total operating expenses | (1,778) | (1,672) | (1,666) | (1,402) | (1,664) | (6,141) | (6,752) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 243 | 247 | 499 | 886 | 18 | (224) | 1,084 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (131) | (371) | (260) | (17) | 1 | (1,546) | (148) | | Revenue | (3) | | | | | (3) | | | ECL | | | | | | | | | Operating expenses | (128) | (365) | (260) | (17) | 1 | (1,543) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (131) | (368) | (266) | (18) | 1 | (1,546) | (150) | | Revenue | (3) | | | | | (3) | | | ECL | | | | | | | | | Operating expenses | (128) | (361) | (266) | (18) | 1 | (1,543) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 107,347 | 109,237 | 107,977 | 102,614 | 104,541 | | Loans and advances to external customers (net) | 106,409 | 108,308 | 107,058 | 101,516 | 103,464 | | Total external assets | 894,114 | 916,374 | 920,890 | 858,092 | 858,910 | | External customer accounts | 321,451 | 309,673 | 306,014 | 307,594 | 297,785 | | Risk-weighted assets¹ | 150,670 | 150,963 | 154,392 | 141,522 | 140,813 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 106,409 | 108,174 | 106,152 | 108,389 | 114,316 | | External customer accounts | 321,451 | 309,172 | 302,095 | 324,713 | 324,567 | --- **Note 1:** Risk-weighted assets are non-additive across the entities, due to market risk diversification effects within the Group. ### International Wealth and Premier Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 569 | 472 | 464 | 443 | 466 | 1,910 | 1,735 | | ECL | 6 | 4 | (12) | (3) | (5) | 12 | 2 | | Total operating expenses | (380) | (339) | (364) | (271) | (301) | (1,354) | (1,255) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 195 | 137 | 88 | 169 | 160 | 568 | 482 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 569 | 469 | 467 | 476 | 496 | 1,910 | 1,785 | | ECL | 6 | 4 | (12) | (3) | (5) | 12 | 2 | | Total operating expenses | (380) | (338) | (371) | (296) | (323) | (1,354) | (1,291) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 195 | 135 | 84 | 177 | 168 | 568 | 496 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | 48 | (145) | (52) | (17) | (21) | (207) | (21) | | Revenue | 71 | (96) | (42) | (14) | (20) | (161) | (21) | | ECL | | | | | | | | | Operating expenses | (23) | (49) | (10) | (3) | (1) | (46) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | 48 | (143) | (53) | (19) | (24) | (191) | (24) | | Revenue | 71 | (94) | (43) | (16) | (23) | (157) | (23) | | ECL | | | | | | | | | Operating expenses | (23) | (49) | (10) | (3) | (1) | (44) | (1) | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 22,700 | 22,454 | 22,519 | 21,277 | 20,424 | | External customer accounts | 55,209 | 54,962 | 55,959 | 53,817 | 50,738 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 22,700 | 22,443 | 22,341 | 22,804 | 22,490 | | External customer accounts | 55,209 | 54,856 | 55,066 | 56,364 | 54,719 | --- **Notes:** 1 Banking NII for IWPB is computed by deducting third party net interest income ('NII') in our insurance business from total IWPB NII. Total insurance NII is presented in 'fee and other income' in Wealth in our Management View of Revenue. 2 'Other' includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income. # HSBC Legal entities ## The Hongkong and Shanghai Banking Corporation Limited (Hong Kong)¹ ### All businesses | Reported Results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 5,533 | 5,670 | 5,775 | 6,068 | 5,297 | 23,046 | 21,235 | | ECL | (384) | (352) | (426) | (316) | (431) | (1,478) | (1,274) | | Total operating expenses | (2,345) | (2,215) | (2,147) | (2,105) | (2,202) | (8,812) | (8,281) | | Share of profit in associates and joint ventures less impairment | (7) | 17 | (16) | 4 | (3) | (2) | 10 | | Profit/(loss) before tax | 2,797 | 3,120 | 3,186 | 3,651 | 2,661 | 12,754 | 11,690 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 5,533 | 5,700 | 5,796 | 6,070 | 5,295 | 23,046 | 21,253 | | ECL | (384) | (354) | (427) | (316) | (431) | (1,478) | (1,273) | | Total operating expenses | (2,345) | (2,228) | (2,155) | (2,106) | (2,200) | (8,812) | (8,287) | | Share of profit in associates and joint ventures less impairment | (7) | 18 | (16) | 4 | (3) | (2) | 9 | | Profit/(loss) before tax | 2,797 | 3,136 | 3,198 | 3,652 | 2,661 | 12,754 | 11,702 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (63) | (34) | (59) | (23) | (3) | (179) | (3) | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (63) | (33) | (59) | (23) | (3) | (178) | (3) | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (63) | (35) | (59) | (23) | (3) | (179) | (3) | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (63) | (34) | (59) | (23) | (3) | (178) | (3) | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 277,513 | 274,322 | 275,317 | 275,003 | 275,613 | | Loans and advances to external customers (net) | 273,396 | 270,393 | 271,663 | 271,361 | 272,152 | | Total external assets | 1,451,530 | 1,432,060 | 1,413,049 | 1,358,951 | 1,358,371 | | External customer accounts | 911,725 | 882,380 | 871,247 | 839,433 | 845,284 | | Risk-weighted assets¹ | 411,824 | 412,904 | 416,794 | 407,315 | 402,847 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 467,842 | 461,437 | 461,697 | 460,055 | 456,662 | | External customer accounts | 911,725 | 883,337 | 874,770 | 848,308 | 855,057 | | Risk-weighted assets | 411,824 | 413,366 | 417,313 | 411,261 | 407,222 | # HSBC Legal entities ## The Hongkong and Shanghai Banking Corporation Limited (Hong Kong)¹ ### HK business | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 4,142 | 4,042 | 3,919 | 4,079 | 3,890 | 16,080 | 15,023 | | ECL | (293) | (314) | (499) | (313) | (318) | (1,425) | (1,245) | | Total operating expenses | (1,250) | (1,158) | (1,116) | (1,082) | (1,246) | (4,706) | (4,601) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 2,533 | 2,505 | 2,237 | 2,615 | 2,252 | 9,955 | 9,177 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 4,142 | 4,065 | 3,935 | 4,081 | 3,888 | 16,080 | 15,044 | | ECL | (293) | (316) | (501) | (313) | (318) | (1,425) | (1,246) | | Total operating expenses | (1,250) | (1,164) | (1,120) | (1,083) | (1,246) | (4,706) | (4,608) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 2,533 | 2,549 | 2,219 | 2,629 | 2,228 | 9,955 | 9,190 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (12) | | (2) | (7) | | (23) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (12) | | (2) | (7) | | (23) | | | Impairment losses of interest in BoCom associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (12) | | (2) | (7) | | (23) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (12) | | (2) | (7) | | (23) | | | Impairment losses of interest in BoCom associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 220,393 | 220,329 | 220,691 | 223,085 | 224,879 | | External customer accounts | 532,973 | 509,655 | 507,236 | 495,405 | 497,038 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 220,393 | 220,242 | 222,553 | 222,933 | 224,359 | | External customer accounts | 532,973 | 509,452 | 511,517 | 495,068 | 495,888 | # HSBC Legal entities ## The Hongkong and Shanghai Banking Corporation Limited (Hong Kong)¹ ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 914 | 1,023 | 1,101 | 1,243 | 969 | 4,331 | 3,841 | | ECL | (92) | (38) | 76 | (2) | (110) | (164) | (216) | | Total operating expenses | (632) | (636) | (578) | (614) | (599) | (2,459) | (2,327) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 190 | 349 | 599 | 627 | 260 | 1,708 | 1,304 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 914 | 1,028 | 1,105 | 1,243 | 969 | 4,331 | 3,852 | | ECL | (92) | (37) | 76 | (2) | (111) | (164) | (217) | | Total operating expenses | (632) | (640) | (580) | (614) | (598) | (2,466) | (2,328) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 190 | 351 | 601 | 627 | 260 | 1,701 | 1,307 | | Notable (reported items) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (14) | (11) | (10) | (14) | (2) | (37) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (14) | (11) | (10) | (14) | (2) | (37) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (14) | (11) | (10) | (14) | (2) | (37) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (14) | (11) | (10) | (14) | (2) | (37) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 37,672 | 34,434 | 36,690 | 35,845 | 36,185 | | External customer accounts | 47,627 | 50,510 | 45,228 | 41,749 | 44,508 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 37,672 | 34,420 | 36,999 | 35,821 | 36,101 | | External customer accounts | 47,627 | 50,490 | 45,610 | 41,721 | 44,406 | --- **Note 1:** Represents the principal operations of the subsidiary or branch of The Hongkong and Shanghai Banking Corporation Limited, which are located in Hong Kong. ### International Wealth and Premier Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 760 | 846 | 757 | 839 | 676 | 3,102 | 2,541 | | ECL | (9) | (39) | (11) | (3) | (1) | (62) | (10) | | Total operating expenses | (319) | (336) | (283) | (301) | (311) | (1,239) | (1,135) | | Share of profit in associates and joint ventures less impairment | (4) | 17 | (17) | 3 | (4) | (2) | 2 | | Profit/(loss) before tax | 433 | 527 | 454 | 540 | 358 | 1,801 | 1,401 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 760 | 852 | 759 | 839 | 675 | 3,102 | 2,546 | | ECL | 1 | (1) | (2) | (1) | (2) | 0 | (2) | | Total operating expenses | (319) | (338) | (284) | (301) | (310) | (1,233) | (1,125) | | Share of profit in associates and joint ventures less impairment | (9) | 17 | (17) | 3 | (4) | (2) | 1 | | Profit/(loss) before tax | 433 | 530 | 456 | 540 | 359 | 1,807 | 1,420 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (2) | | (7) | | | (29) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (2) | | (7) | | | (29) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (2) | | (7) | | | (29) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (2) | | (7) | | | (29) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 15,210 | 15,511 | 14,164 | 12,314 | 10,972 | | External customer accounts | 38,429 | 38,880 | 37,409 | 36,174 | 33,595 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 15,210 | 15,504 | 14,285 | 12,305 | 10,947 | | External customer accounts | 38,429 | 38,865 | 37,724 | 36,149 | 33,517 | # HSBC Legal entities ## The Hongkong and Shanghai Banking Corporation Limited (Hong Kong)¹ ### Corporate Centre | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | (217) | (176) | 65 | (24) | (164) | (420) | (337) | | ECL | | | | | | | | | Total operating expenses | (144) | (85) | (170) | (108) | (46) | (413) | (177) | | Share of profit in associates and joint ventures less impairment | 2 | 1 | 1 | 1 | 1 | 5 | 2 | | Profit/(loss) before tax | (359) | (261) | (104) | (131) | (209) | (729) | (498) | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | (217) | (178) | 65 | (23) | (163) | (419) | (334) | | ECL | | | | | | | | | Total operating expenses | (144) | (86) | (171) | (108) | (46) | (413) | (177) | | Share of profit in associates and joint ventures less impairment | 2 | 1 | 1 | 1 | 1 | 5 | 2 | | Profit/(loss) before tax | (359) | (263) | (105) | (130) | (208) | (727) | (495) | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (40) | (18) | (43) | (2) | (1) | (103) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (40) | (17) | (43) | (2) | (1) | (102) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (40) | (20) | (43) | (2) | (1) | (105) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (40) | (19) | (43) | (2) | (1) | (104) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 121 | 119 | 118 | 117 | 116 | | External customer accounts | | | | | | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 121 | 119 | 117 | 116 | | | External customer accounts | | | | | | --- **Note 1:** Risk-weighted assets are non-additive across the entities, due to market risk diversification effects within the Group. # HSBC Legal entities ## HSBC Bank Canada ### All businesses | Reported Results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | 462 | 462 | | ECL | | | | | | (40) | (40) | | Total operating expenses | | | | | | (236) | (236) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | 186 | 186 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | 435 | 435 | | ECL | | | | | | (38) | (38) | | Total operating expenses | | | | | | (222) | (222) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | 175 | 175 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | (36) | | | Revenue | | | | | | (36) | | | ECL | | | | | | | | | Operating expenses | | | | | | (36) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | (33) | | | Revenue | | | | | | (33) | | | ECL | | | | | | | | | Operating expenses | | | | | | (33) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | | | | | | | Loans and advances to external customers (net) | | | | | | | Total external assets | | | | | | | External customer accounts | | | | | | | Risk-weighted assets | | | | | | | Balance sheet - constant currency ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Risk-weighted assets | | | | | | # HSBC Legal entities ## HSBC Bank Canada ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | | | | | | | Loans and advances to external customers (net) | | | | | | | Total external assets | | | | | | | External customer accounts | | | | | | | Risk-weighted assets | | | | | | | Balance sheet - constant currency ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Risk-weighted assets | | | | | | ### International Wealth and Premier Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Balance sheet - constant currency ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | # HSBC Legal entities ## HSBC Bank Canada ### Corporate Centre | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | | | | | | | | | ECL | | | | | | | | | Total operating expenses | | | | | | | | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | | | | | | | | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | | | | | | | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | | | | | | | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | | | | | | | External customer accounts | | | | | | # HSBC Legal entities ## Grupo Financiero HSBC, S.A. de C.V. ### All businesses | Reported Results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 905 | 903 | 842 | 823 | 829 | 3,473 | 3,573 | | ECL | (202) | (201) | (203) | (180) | (265) | (786) | (864) | | Total operating expenses | (579) | (511) | (499) | (459) | (519) | (2,048) | (1,994) | | Share of profit in associates and joint ventures less impairment | 2 | 2 | 2 | 4 | 3 | 10 | 15 | | Profit/(loss) before tax | 126 | 193 | 142 | 188 | 48 | 649 | 730 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 905 | 918 | 897 | 918 | 910 | 3,473 | 3,410 | | ECL | (202) | (205) | (216) | (201) | (291) | (786) | (840) | | Total operating expenses | (579) | (519) | (532) | (512) | (569) | (2,048) | (1,910) | | Share of profit in associates and joint ventures less impairment | 2 | 2 | 3 | 4 | 3 | 10 | 14 | | Profit/(loss) before tax | 126 | 196 | 152 | 209 | 53 | 649 | 674 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (36) | (14) | (14) | | | (65) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (36) | (14) | (14) | | | (65) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (36) | (16) | (15) | | | (65) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (36) | (16) | (15) | | | (65) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (gross) | 26,522 | 26,375 | 26,286 | 24,963 | 24,534 | | Loans and advances to external customers (net) | 25,252 | 25,113 | 25,074 | 23,843 | 23,439 | | Total external assets | 48,822 | 49,183 | 48,051 | 44,801 | 45,073 | | External customer accounts | 29,493 | 27,235 | 27,354 | 26,701 | 27,525 | | Risk-weighted assets¹ | 32,509 | 32,383 | 32,711 | 30,182 | 29,671 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 25,252 | 25,587 | 26,303 | 27,062 | 27,046 | | External customer accounts | 29,493 | 27,749 | 28,695 | 30,306 | 31,761 | | Risk-weighted assets | 32,509 | 32,965 | 34,234 | 34,083 | 34,043 | --- **Note 1:** Risk-weighted assets are non-additive across the entities, due to market risk diversification effects within the Group. ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 275 | 275 | 252 | 250 | 248 | 1,052 | 1,021 | | ECL | (18) | (22) | (29) | (20) | (32) | (89) | (126) | | Total operating expenses | (135) | (117) | (110) | (105) | (133) | (487) | (499) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | 1 | | | 3 | 2 | | Profit/(loss) before tax | 123 | 136 | 113 | 125 | 83 | 332 | 398 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 275 | 280 | 268 | 279 | 273 | 1,052 | 1,024 | | ECL | (18) | (23) | (31) | (23) | (36) | (89) | (117) | | Total operating expenses | (135) | (119) | (117) | (117) | (145) | (488) | (475) | | Share of profit in associates and joint ventures less impairment | 1 | 1 | | | | 3 | 2 | | Profit/(loss) before tax | 123 | 138 | 120 | 139 | 92 | 329 | 414 | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (3) | | (2) | | | (5) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (3) | | | | | (5) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (3) | | (2) | | | (5) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (3) | | | | | (5) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 12,004 | 11,749 | 11,797 | 11,428 | 10,997 | | External customer accounts | 13,447 | 12,588 | 12,638 | 12,922 | 13,215 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 12,004 | 11,971 | 12,375 | 12,971 | 12,689 | | External customer accounts | 13,447 | 12,826 | 13,258 | 14,667 | 15,249 | --- **Note 1:** Risk-weighted assets are non-additive across the entities, due to market risk diversification effects within the Group. ### International Wealth and Premier Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 619 | 618 | 584 | 564 | 564 | 2,385 | 2,231 | | ECL | (184) | (179) | (174) | (160) | (233) | (701) | (783) | | Total operating expenses | (438) | (367) | (371) | (327) | (374) | (1,510) | (1,474) | | Share of profit in associates and joint ventures less impairment | 1 | 2 | 2 | 4 | 3 | 10 | 11 | | Profit/(loss) before tax | (2) | 74 | 41 | 81 | (40) | (116) | (16) | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 619 | 628 | 623 | 629 | 619 | 2,395 | 2,258 | | ECL | (184) | (182) | (185) | (178) | (255) | (710) | (270) | | Total operating expenses | (438) | (373) | (396) | (365) | (410) | (1,582) | (1,518) | | Share of profit in associates and joint ventures less impairment | 1 | 2 | 3 | 4 | 3 | 10 | 11 | | Profit/(loss) before tax | (2) | 75 | 45 | 90 | (43) | (167) | (49) | | Notable items (reported) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (23) | (10) | (4) | | | (37) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (23) | (10) | (4) | | | (37) | | | Impairment of interest in associate | | | | | | | | | Notable items (constant currency) ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Total | (23) | (10) | (5) | | | (38) | | | Revenue | | | | | | | | | ECL | | | | | | | | | Operating expenses | (23) | (10) | (5) | | | (38) | | | Impairment of interest in associate | | | | | | | | | Balance sheet date | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Balance sheet (reported) ($m) | | | | | | | Loans and advances to external customers (net) | 13,248 | 13,364 | 13,277 | 12,415 | 12,442 | | External customer accounts | 16,046 | 14,647 | 14,716 | 13,779 | 14,310 | | Balance sheet (constant currency) ($m) | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |---|---|---|---|---|---| | Loans and advances to external customers (net) | 13,248 | 13,616 | 13,928 | 14,091 | 14,357 | | External customer accounts | 16,046 | 14,923 | 15,437 | 15,639 | 16,512 | # HSBC Legal entities ## HSBC Bank Middle East Limited ### Corporate and Institutional Banking | Reported results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 409 | 424 | 400 | 398 | 404 | 1,635 | 1,635 | | ECL | (13) | (115) | (22) | (26) | (47) | (184) | (191) | | Total operating expenses | (206) | (170) | (181) | (165) | (159) | (670) | (617) | | Share of profit in associates and joint ventures less impairment | | | | | | | | | Profit/(loss) before tax | 190 | 142 | 202 | 221 | 198 | 1,055 | 1,034 | | Constant currency results ($m) | Quarter ended | | | | | Year to date | |---|---|---|---|---|---|---| | | 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | | Revenue | 409 | 423 | 401 | 398 | 404 | 1,635 | 1,636 | | ECL | (13) | (111) | (17) | (12) | (46) | (