HSBC Holdings reported profit before tax of $19.5 billion for the first half of 2026, up $3.7 billion or 23% year-on-year, primarily reflecting a $2.2 billion year-on-year net favourable impact from notable items, as well as growth in banking net interest income and higher fee and other income, mainly in Wealth and Wholesale Transaction Banking. The London-headquartered group released its interim results on 4 August.
Reported revenue rose $3.6 billion, or 11%, to $37.7 billion, including a $0.8 billion net favourable impact from notable items and $0.7 billion of favourable currency effects. Excluding notable items, constant-currency revenue was up 6% year-on-year to $38.2 billion, while profit before tax excluding notables rose 6% to $20.4 billion.
UNDERLYING GROWTH RUNS AT 6%
The gap between the 23% headline profit growth and the 6% underlying figure mainly reflects notable items: the first half of 2025 included $2.1 billion of dilution and impairment losses related to associate Bank of Communications, while first-half 2026 notable items included a $0.3 billion loss on the planned sale of its business in Malta.
HSBC raised its 2026 banking net interest income guidance to at least $46 billion, from around $46 billion, citing a continued favourable interest rate outlook, while wealth fee and other income grew 18% on a constant currency basis.
REPORTED REVENUE RISES TO $37.7 BILLION
Beyond notable items and currency effects, the revenue increase reflected higher banking net interest income, strong growth in Wealth fee and other income in the International Wealth and Premier Banking and Hong Kong segments, and a one-off $0.2 billion gain on a property disposal.
The group has also continued to reshape its footprint, classifying its business in Malta and its retail banking business in Indonesia as held for sale in the first half.
The interim results were published on the group's website alongside a quick-read investor summary. Group chief executive Georges Elhedery and group chief financial officer Pam Kaur presented the results to analysts and investors on a call on 4 August.
Alongside the results, the board approved a second interim dividend of $0.10 per share and HSBC said it would resume share buy-backs with a programme of up to $1 billion, three quarters after pausing them following the Hang Seng Bank privatisation announcement.