HSBC (HSBA) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue excluding notable items rose 5% YoY to $18.7bn and PBT excluding notable items rose 10% to $10.0bn on a constant-currency basis.

• Reported PBT rose 32% YoY to $9.6bn; 9M26 reported PBT increased 26% to $29.2bn.

• 2026–28 targets and FY26 guidance were reaffirmed; a further share buyback of up to $1bn was announced.

Financial highlights

• Reported revenue was $18.6bn, up 5% YoY; banking NII increased to $11.7bn from $11.0bn, while fee and other income rose to $7.0bn from $6.8bn.

• Reported profit after tax rose 38% to $7.6bn; basic EPS was $0.41 versus $0.28.

• Customer deposits reached $1,837bn, up $105bn YoY; customer loans were $1,030bn, up 1%.

• Q3 ECL charge was $0.8bn versus $1.0bn; operating expenses fell 12% to $8.8bn, reflecting the non-recurrence of $1.4bn in legal provisions.

Outlook and guidance

• FY26 banking NII guidance remains at least $46bn; FY26 ECL guidance is ~45bps and target-basis cost growth is ~1%.

• 2026–28 targets remain revenue growth reaching 5% YoY by 2028, ROTE of 17% or better each year, and a target-basis dividend payout ratio of 50%.

• CET1 operating range remains 14%–14.5%; the reorganisation savings target is ~$2.0bn by YE26.

• Basel 3.1 is estimated to add 40–50bps to CET1 from 1 January 2027; the final effect depends on models, portfolio composition and supervisory permissions.

• Additional performance-related pay may modestly increase FY26 cost growth.