Companies: 10,595     total market cap: โ‚น12636.796 T
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HSBC
HSBC
#49
Rank
โ‚น25.764 T
Marketcap
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
Country
โ‚น7,495
Share price
0.73%
Change (1 day)
51.63%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. HSBC
  2. Annual Reports (20-F)
  3. Financial Year 2025

HSBC - 20-F annual report 2025


Text size:
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As filed with the Securities and Exchange Commission on February 26, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark one)
¨
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT
OF 1934
OR
þ
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
¨
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of event requiring this shell company report ____________
For the transition period from N/A to N/A
Commission file number: 001-14930
HSBC Holdings plc
(Exact name of Registrant as specified in its charter)
N/A
United Kingdom
(Translation of Registrant’s name into English)
(Jurisdiction of incorporation or organization)
8 Canada Square
London E14 5HQ
United Kingdom
(Address of principal executive offices)
Jonathan Bingham
8 Canada Square
London E14 5HQ
United Kingdom
Tel +44 (0) 20 3268 4840
Email jonathan.bingham@hsbc.com
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Ordinary Shares, nominal value US$0.50 each (GB0005405286)
HSBA
London Stock Exchange
5
Hong Kong Stock Exchange
HSBC.BH
Bermuda Stock Exchange
HSBC
New York Stock Exchange
*
American Depositary Shares, each representing 5 Ordinary
Shares of nominal value US$0.50 each (US4042804066)
HSBC
New York Stock Exchange
7.625% Subordinated Notes due 2032 (US404280AF65)
HSBC/32A
New York Stock Exchange
7.35% Subordinated Notes due 2032 (US404280AE90)
HSBC/32B
New York Stock Exchange
6.5% Subordinated Notes 2036 (US404280AG49)
HSBC36
New York Stock Exchange
6.5% Subordinated Notes 2037 (US404280AH22)
HSBC37
New York Stock Exchange
6.8% Subordinated Notes Due 2038 (US404280AJ87)
HSBC38
New York Stock Exchange
6.100% Senior Unsecured Notes due 2042 (US404280AM17)
HSBC42
New York Stock Exchange
5.250% Subordinated Notes due 2044 (US404280AQ21)
HSBC44
New York Stock Exchange
4.300% Senior Unsecured Notes due 2026 (US404280AW98)
HSBC26
New York Stock Exchange
3.900% Senior Unsecured Notes due 2026 (US404280BB43)
HSBC26A
New York Stock Exchange
4.375% Subordinated Notes due 2026 (US404280BH13)
HSBC26B
New York Stock Exchange
4.041% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028 (US404280BK42)
HSBC28
New York Stock Exchange
4.583% Fixed Rate/Floating Rate Senior Unsecured Notes due
2029 (US404280BT50)
HSBC29
New York Stock Exchange
3.000% Resettable Senior Unsecured Notes due 2028
(XS1961843171)
HSBC28A
New York Stock Exchange
3.973% Fixed Rate/Floating Rate Senior Unsecured Notes due
2030 (US404280CC17)
HSBC30
New York Stock Exchange
3.00% Resettable Senior Unsecured Notes due 2030
(XS2003500142)
HSBC30A
New York Stock Exchange
4.950% Fixed Rate Senior Unsecured Notes due 2030
(US404280CF48)
HSBC30B
New York Stock Exchange
2.848% Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(US404280CH04)
HSBC31
New York Stock Exchange
2.357% Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(US404280CK33)
HSBC31A
New York Stock Exchange
2.013% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028
(US404280CL16)
HSBC28B
New York Stock Exchange
1.589% Fixed Rate/Floating Rate Senior Unsecured Notes due
2027
(US404280CM98)
HSBC27
New York Stock Exchange
1.750% Fixed Rate/Floating Rate Senior Unsecured Notes due
2027
(XS2322315727)
HSBC27A
New York Stock Exchange
2.804% Fixed Rate/Floating Rate Senior Unsecured Notes due
2032
(US404280CT42)
HSBC32
New York Stock Exchange
2.206% Fixed Rate/Floating Rate Senior Unsecured Notes due
2029
(US404280CV97)
HSBC29A
New York Stock Exchange
2.251% Fixed Rate/Floating Rate Senior Unsecured Notes due
2027
(US404280CX53)
HSBC27B
New York Stock Exchange
2.871% Fixed Rate/Floating Rate Senior Unsecured Notes due
2032
(US404280CY37)
HSBC32A
New York Stock Exchange
4.762% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2033 (US404280DC08)
HSBC33
New York Stock Exchange
4.755% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028 (US404280DF39)
HSBC28C
New York Stock Exchange
5.210% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028 (US404280DG12)
HSBC28D
New York Stock Exchange
5.402% Fixed Rate/Floating Rate Senior Unsecured Notes due
2033 (US404280DH94)
HSBC33A
New York Stock Exchange
7.35% Subordinated Notes due 2032 (US404280DJ50)
HSBC32B
New York Stock Exchange
7.625% Subordinated Notes due 2032 (US404280DK24)
HSBC32C
New York Stock Exchange
6.5% Subordinated Notes Due 2036 (US404280DL07)
HSBC36A
New York Stock Exchange
6.5% Subordinated Notes Due 2037 (US404280DM89)
HSBC37A
New York Stock Exchange
6.8% Subordinated Notes Due 2038 (US404280DN62)
HSBC38A
New York Stock Exchange
7.390% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028 (US404280DR76)
HSBC28E
New York Stock Exchange
8.113% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2033 (US404280DS59)
HSBC33B
New York Stock Exchange
6.161% Fixed Rate/Floating Rate Senior Unsecured Notes due
2029
(US404280DU06)
HSBC29B
New York Stock Exchange
6.254% Fixed Rate/Floating Rate Senior Unsecured Notes due
2034
(US404280DV88)
HSBC34
New York Stock Exchange
6.332% Fixed Rate/Floating Rate Senior Unsecured Notes due
2044
(US404280DW61)
HSBC44A
New York Stock Exchange
6.547% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2034 (US404280DX45)
HSBC34A
New York Stock Exchange
5.887% Fixed Rate/Floating Rate Senior Unsecured Notes due
2027
(US404280DZ92)
HSBC27C
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2027
(US404280DY28)
HSBC27D
New York Stock Exchange
6.800% Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(XS2685873908)
HSBC31B
New York Stock Exchange
7.399% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2034 (US404280EC98)
HSBC34B
New York Stock Exchange
5.546% Fixed Rate/Floating Rate Senior Unsecured Notes due
2030
(US404280ED71)
HSBC30C
New York Stock Exchange
5.719% Fixed Rate/Floating Rate Senior Unsecured Notes due
2035
(US404280EE54)
HSBC35
New York Stock Exchange
5.597% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028
(US404280EF20)
HSBC28F
New York Stock Exchange
5.733% Fixed Rate/Floating Rate Senior Unsecured Notes due
2032
(US404280EG03)
HSBC32D
New York Stock Exchange
5.874% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2035 (US404280EL97)
HSBC35A
New York Stock Exchange
5.130% Fixed Rate/Floating Rate Senior Unsecured Notes due
2028
(US404280EM70)
HSBC28G
New York Stock Exchange
5.286% Fixed Rate/Floating Rate Senior Unsecured Notes due
2030
(US404280EN53)
HSBC30D
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2028
(US404280EK15)
HSBC28H
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2030
(US404280EP02)
HSBC30E
New York Stock Exchange
4.899% Fixed Rate/Floating Rate Senior Unsecured Notes due
2029
(US404280EQ84)
HSBC29C
New York Stock Exchange
5.130% Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(US404280ER67)
HSBC31C
New York Stock Exchange
5.450%  Fixed Rate/Floating Rate Senior Unsecured Notes due
2036
(US404280ES41)
HSBC36B
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2029
(US404280ET24)
HSBC29D
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2031
(US404280EU96)
HSBC31D
New York Stock Exchange
5.240%  Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(US404280EW52)
HSBC31E
New York Stock Exchange
5.790% Fixed Rate/Floating Rate Senior Unsecured Notes due
2036
(US404280EX36)
HSBC36C
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2031
(US404280EZ83)
HSBC31F
New York Stock Exchange
5.741% Fixed Rate/Floating Rate Subordinated Unsecured Notes
due 2036
(US404280FB07)
HSBC36D
New York Stock Exchange
4.619% Fixed Rate/Floating Rate Senior Unsecured Notes due
2031
(US404280FE46)
HSBC31G
New York Stock Exchange
5.133% Fixed Rate/Floating Rate Senior Unsecured Notes due
2036
(US404280FG93)
HSBC36E
New York Stock Exchange
Floating Rate Senior Unsecured Notes due 2031
(US404280FF11)
HSBC31H
New York Stock Exchange
*Not for trading, but only in connection with the registration of American Depositary Shares.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report:
Ordinary Shares, nominal value US$0.50 each 17,175,239,862
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ Yes ¨
No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934. ¨ Yes þ No
Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files). þ Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an
emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in
Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Emerging growth company
¨
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards† provided pursuant to Section 13(a) of the Exchange Act.
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting firm that prepared or issued its audit report. þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive
based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ¨
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this
filing:
U.S. GAAP
¨
International Financial Reporting Standards
þ
Other
¨
as issued by the International Accounting Standards Board
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the
registrant has elected to follow. ¨ Item 17 ¨ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). ¨ Yes þ No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
¨ Yes ¨ No
HSBC Holdings plc Annual Report on Form 20-F
Opening up a world of opportunity
HSBC is one of the largest banking and financial
services organisations in the world.
Guided by our purpose of opening up a world of
opportunity, our ambition is to become the world’s
most trusted bank globally, putting customers at
the heart of everything we do.
In this year’s report
1Cautionary statement regarding
forward-looking statements
2 Additional cautionary statement
regarding ESG data, metrics and
forward-looking statements
3 Certain defined terms
Strategic report
5 Highlights
7 Who we are
8 Group Chairman’s shareholder letter
10 Group CEO’s shareholder letter
12 Our strategy
15 Financial overview
19 Business segments
28 ESG overview
30 Risk overview
Environmental, social and
governance (‘ESG’) review
33 Environmental
51 Social
57 Governance
Financial review
65 Financial summary
88 Business segments and legal
entities
106 Alternative
performance measures
111Other information
Risk review
119Our approach to risk
121 Top and emerging risks
126Risk factors
138 Our material banking risks
Corporate governance report
220 Biographies of Directors and
senior management
233 Board committees
249 Directors’ remuneration report
Financial statements
286Report of Independent Registered
Public Accounting Firm to the
Board of Directors and Shareholders
of HSBC Holdings plc (PCAOB ID 876)
288Financial statements
300Notes on the financial statements
Additional information
382Shareholder information
394Abbreviations
This Strategic Report was approved by the
Board on 25 February 2026.
Brendan Nelson
Group Chairman
A reminder
The currency we report in is US dollars.
Our approach to ESG reporting
We embed our ESG reporting and Task Force on
Climate-related Financial Disclosures (‘TCFD’) within
our Annual Report and Accounts. Our TCFD
disclosures are highlighted with the following
TCFD
symbol:
Use of alternative performance
measures
We supplement our IFRS Accounting Standards
figures with non-IFRS Accounting Standards
measures used by management internally that
constitute alternative performance measures under
European Securities and Markets Authority guidance
and non-GAAP financial measures defined in and
presented in accordance with US Securities and
Exchange Commission rules and regulations.
These measures are highlighted with the following
symbol: ø
ÑFurther explanation may be found on page 65.
Financial targets
For our financial targets, medium-term is defined as
between three to five years, and long term as five to
six years, from 1 January 2026.
ÑSee page 6 for details on our forward guidance
and outlook.
None of the websites referred to in this Form 20-F for
the year ended 31 December 2025 (the ‘Form 20-F’)
(including where a link is provided), and none of the
information contained on such websites, are
incorporated by reference in this report.
HSBC Holdings plc Annual Report on Form 20-F
1
Strategic report
ESG review
Financial review
Risk review
Corporate
Governance Report
Financial 
statements
Additional
information
Cautionary statement regarding forward-looking statements
This Form 20-F contains certain forward-looking statements with
respect to HSBC’s financial condition; results of operations and
business, including the strategic priorities; financial, investment and
capital targets; and ESG ambitions, targets and commitments
described herein.
Statements that are not historical facts, including statements about
HSBC’s beliefs and expectations, are forward-looking statements.
Words such as ‘may’, ‘will’, ‘should’, ‘expects’, ‘targets’,
‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’,
‘potential’ and ‘reasonably possible’, or the negative thereof, other
variations thereon or similar expressions are intended to identify
forward-looking statements. These statements are based on current
plans, information, data, estimates and projections, and therefore
undue reliance should not be placed on them. Forward-looking
statements speak only as of the date they are made. HSBC makes
no commitment to revise or update any forward-looking statements
to reflect events or circumstances occurring or existing after the
date of any forward-looking statements. Written and/or oral forward-
looking statements may also be made in the periodic reports to the
US Securities and Exchange Commission, summary financial
statements to shareholders, offering circulars and prospectuses,
press releases and other written materials, and in oral statements
made by HSBC’s directors, officers or employees to third parties,
including financial analysts. Forward-looking statements involve
inherent risks and uncertainties. Readers are cautioned that a
number of factors could cause actual results to differ, in some
instances materially, from those anticipated or implied in any
forward-looking statement. These include, but are not limited to:
–changes in general economic conditions in the markets in which
we operate, such as new, continuing or deepening recessions,
prolonged inflationary pressures and fluctuations in employment
levels and the creditworthiness of customers beyond those
factored into consensus forecasts; the Russia-Ukraine war, further
conflict or military action in the Middle East or elsewhere and their
impact on global economies and the markets where HSBC
operates, which could have a material adverse effect on (among
other things) our financial condition, results of operations,
prospects, liquidity, capital position and credit ratings; deviations
from the market and economic assumptions that form the basis
for our ECL measurements (including, without limitation, as a
result of the Russia-Ukraine war, further conflict or military action
in the Middle East or elsewhere, inflationary pressures,
commodity price changes, and ongoing developments in the
commercial real estate sector in mainland China and Hong Kong);
potential changes in HSBC’s dividend policy; changes and volatility
in foreign exchange rates and interest rates levels, including
fluctuations in HIBOR and the accounting impact resulting from
financial reporting in respect of hyperinflationary economies;
volatility in equity markets and the risk of disruptive correction
stemming from high company valuations; lack of liquidity in
wholesale funding or capital markets, which may affect our ability
to meet our obligations under financing facilities or to fund new
loans, investments and businesses; geopolitical tensions or
diplomatic developments producing social instability or legal
uncertainty, such as the Russia-Ukraine war, conflict in the Middle
East, the US military operation in Venezuela and any potential
military action or conflict elsewhere, and the related imposition of
sanctions, export-control, trade and investment restrictions,
supply chain restrictions and disruptions, sustained increases in
energy prices and key commodity prices, claims of human rights
violations, diplomatic tensions between China and the US, which
may extend to and involve other countries and territories, and
developments in Hong Kong and Taiwan and the surrounding
maritime region, alongside other potential areas of tension, which
may adversely affect HSBC by creating regulatory, reputational
and market risks; the efficacy of government, customer, and
HSBC’s actions in managing and mitigating ESG-related risks, in
particular climate risk, nature-related risks and human rights risks,
and in supporting the global transition to net zero carbon
emissions, each of which can impact HSBC both directly and
indirectly through our customers and which may result in potential
financial and non-financial impacts; illiquidity and downward price
pressure in national real estate markets; adverse changes in
central banks’ policies with respect to the provision of liquidity
support to financial markets; heightened market concerns over
sovereign creditworthiness in over-indebted countries; adverse
changes in the funding status of public or private defined benefit
pensions; the significant depreciation of the US dollar through
2025, with volatility expected to persist; societal shifts in
customer financing and investment needs, including consumer
perception as to the continuing availability of credit; exposure to
counterparty risk, including third parties using us as a  conduit for
illegal activities without our knowledge; and price competition in
the market segments we serve;
–changes in government policy and regulation, as well as monetary,
interest rate and other policies of central banks and other
regulatory authorities in the principal markets in which we operate
and the consequences thereof (including, without limitation,
actions taken as a result of changes in government following
national elections in the markets where the Group operates);
continued volatility in trade and tariff policies, changes in tariff
rates, including sector-specific levies imposed by various nations,
including the US, which could further disrupt supply chains and
reduce global trade growth; initiatives to change the size, scope of
activities and interconnectedness of financial institutions in
connection with the implementation of stricter regulation of
financial institutions in key markets worldwide; revised capital and
liquidity benchmarks, which could serve to deleverage bank
balance sheets and lower returns available from the current
business model and portfolio mix; changes to tax laws and tax
rates applicable to HSBC, including the imposition of levies or
taxes designed to change business mix and risk appetite; the
practices, pricing or responsibilities of financial institutions serving
their consumer markets; expropriation, nationalisation,
confiscation of assets and changes in legislation relating to foreign
ownership; the UK’s relationship with the EU, particularly with
respect to the potential divergence of UK and EU law on the
regulation of financial services; changes in government approach
and regulatory treatment in relation to ESG disclosures and
reporting requirements, and the current lack of a single
standardised regulatory approach to ESG across all sectors and
markets; changes in UK macroeconomic and fiscal policy, which
may result in fluctuations in the value of the pound sterling;
general changes in government policy (including, without
limitation, actions taken as a result of changes in government
following national elections in the markets where the Group
operates) that may significantly influence investor decisions; the
costs, effects and outcomes of regulatory reviews, actions or
litigation, including any additional compliance requirements; and
the effects of competition in the markets where we operate
including increased competition from non-bank financial services
companies; and
–factors specific to HSBC, including our success in adequately
identifying the risks we face, such as the incidence of loan losses
or delinquency, and managing those risks (through account
management, hedging and other techniques); our ability to
achieve our financial, investment, capital and ESG ambitions,
targets and commitments (including the positions set forth in our
thermal coal phase-out policy and our energy policy and our
targets to reduce our on-balance sheet financed emissions and,
where applicable, facilitated emissions in our portfolio of selected
high-emitting sectors), which may result in our failure to achieve
any of the expected outcomes of our strategic priorities and may
result in reputational risks; evolving regulatory requirements and
the development of new technologies, including artificial
intelligence, affecting how we manage risk, including model risk;
model limitations or failure, including, without limitation, the
impact that high inflationary pressures and interest rates have had
on the performance and usage of financial models, which may
require us to hold additional capital, incur losses and/or use
compensating controls, such as judgemental post-model
adjustments, to address model limitations; changes to the
judgements, estimates and assumptions we base our financial
statements on; changes in our ability to meet the requirements of
regulatory stress tests; a reduction in the credit ratings assigned
to us or any of our subsidiaries, which could increase the cost or
decrease the availability of our funding and affect our liquidity
HSBC Holdings plc Annual Report on Form 20-F
2
Strategic report
ESG review
Financial review
Risk review
Corporate
Governance Report
Financial 
statements
Additional
information
position and net interest margin; changes to the reliability and
security of our data management, data privacy, information and
technology infrastructure, including threats from cyber-attacks,
which may impact our ability to service clients and may result in
financial loss, business disruption and/or loss of customer services
and data; the accuracy and effective use of data, including internal
management information that may not have been independently
verified; changes in insurance customer behaviour and insurance
claim rates; our dependence on loan payments and dividends from
subsidiaries to meet our obligations; changes in our reporting
frameworks and accounting standards, which have had and may
continue to have a material impact on the way we prepare our
financial statements; our ability to successfully execute planned
strategic acquisitions and disposals; our success in adequately
integrating acquired businesses into our business; our ability to
successfully execute and implement the announced strategic
reorganisation of the Group; changes in our ability to manage third-
party, fraud, financial crime and reputational risks inherent in our
operations; employee misconduct, which may result in regulatory
sanctions and/or reputational or financial harm; changes in skill
requirements, ways of working and talent shortages, which may
affect our ability to recruit and retain senior management and an
inclusive and skilled workforce; and changes in our ability to
develop sustainable finance and ESG-related products consistent
with the evolving expectations of our regulators, and our capacity
to measure the environmental and social impacts from our
financing activity (including as a result of data limitations and
changes in methodologies), which may affect our ability to achieve
our ESG ambitions, targets and commitments, including our net
zero ambition, our targets to reduce on-balance sheet financed
emissions and, where applicable, facilitated emissions in our
portfolio of selected high-emitting sectors and the positions set
forth in our thermal coal phase-out policy and our energy policy,
and increase the risk of greenwashing. Effective risk management
depends on, among other things, our ability through stress testing
and other techniques to prepare for events that cannot be
captured by the statistical models it uses; our success in
addressing operational, legal and regulatory, and litigation
challenges; and other risks and uncertainties we identify in ‘Top
and emerging risks’ on pages 121 to 125.
This Annual Report and Accounts 2025 contains a number of
images, graphics, infographics, text boxes and illustrative case
studies and credentials which aim to give a high-level overview of
certain elements of our disclosures and to improve accessibility for
readers. These images, graphics, infographics, text boxes and
illustrative case studies and credentials are designed to be read
within the context of the Form 20-F as a whole.
The information, statements and opinions set out in this Form 20-F
do not constitute a public offer for the purposes of any applicable
law or an offer to sell or solicitation of any offer to purchase any
securities or other financial instruments or any advice or
recommendation in respect of such securities or other financial
instruments.
Additional cautionary statement regarding ESG data, metrics and forward-
looking statements
The Form 20-F contains a number of forward-looking statements (as
defined above) with respect to HSBC’s ESG-related ambitions, targets
and commitments, climate-related pathways, processes and plans, and
the methodologies and scenarios we use, or intend to use, to assess
our progress in relation to these (‘ESG-related forward-looking
statements’).
In preparing the ESG-related information contained in the Form 20-F,
HSBC has made a number of key judgements, estimations and
assumptions, and the processes and issues involved are complex. We
have used ESG (including climate) data, models and methodologies that
we consider, as of the date on which they were used, to be appropriate
and suitable to understand and assess climate change risk and its
impact, to analyse financed emissions and operational and supply chain
emissions, to set ESG-related ambitions, targets and commitments and
to evaluate the classification of sustainable finance and investments.
However, these data, models and methodologies are often new, are
rapidly evolving and are not of the same standard as those available in
the context of other financial information, nor are they subject to the
same or equivalent disclosure standards, historical reference points,
benchmarks or globally accepted accounting principles. In particular, it
is not possible to rely on historical data as a strong indicator of future
trajectories in the case of climate change and its evolution. Outputs of
models, processed data and methodologies are also likely to be
affected by underlying data quality, which can be hard to assess and
we expect industry guidance, market practice, and regulations in this
field to continue to change. We also face challenges in relation to our
ability to access data on a timely basis, lack of consistency and
comparability between data that is available and our ability to collect
and process relevant data. Consequently, the ESG-related forward-
looking statements and ESG metrics disclosed in the Annual Report
and Accounts 2025 carry an additional degree of inherent risk and
uncertainty.
Due to the unpredictable evolution of climate change and its future
impact and the uncertainty of future policy and market response to
ESG-related issues and the effectiveness of any such response, HSBC
may have to re-evaluate its progress towards its ESG-related ambitions,
targets and commitments in the future, update the methodologies it
uses or alter its approach to ESG (including climate) analysis and may
be required to amend, update and recalculate its ESG-related
disclosures and assessments in the future, as market practice and data
quality and availability develop.
No assurance can be given by or on behalf of HSBC as to the likelihood
of the achievement or reasonableness of any projections, estimates,
forecasts, ambitions, targets, commitments, prospects or returns
contained herein. Readers are cautioned that a number of factors, both
external and those specific to HSBC, could cause actual achievements,
results, performance or other future events or conditions to differ, in
some cases materially, from those stated, implied and/or reflected in
any ESG-related forward-looking statement or metric due to a variety of
risks, uncertainties and other factors (including without limitation those
referred to below):
–Climate change projection risk: this includes, for example, the
evolution of climate change and its impacts, changes in the scientific
assessment of climate change impacts, transition pathways and
future risk exposure and limitations of climate scenario forecasts;
–ESG projection risk: ESG-related metrics are complex and are still
subject to development. In addition, the scenarios employed in
relation to them, and the models that analyse them, have limitations
that are sensitive to key assumptions and parameters, which are
themselves subject to some uncertainty, and cannot fully capture all
of the potential effects of climate, policy and technology-driven
outcomes;
–Changes in the ESG regulatory landscape: this involves changes in
government approach and regulatory treatment in relation to ESG
disclosures and reporting requirements, and the current lack of a
single standardised regulatory approach to ESG across all sectors and
markets;
–Variation in reporting standards: ESG reporting standards are still
developing and are not standardised or comparable across all sectors
and markets, and new reporting standards in relation to different ESG
metrics are still emerging; 
–Data availability, accuracy, verifiability and data gaps: our disclosures
are limited by the availability of high quality data in some areas and
our own ability to timely collect and process such data as required.
Where data is not available for all sectors or consistently year on year,
there may be an impact to our data quality scores. We may not be
able to fully mitigate financial reporting risks related to our climate
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and ESG disclosures due to the limited quantity and consistency of
available data. The accuracy and reliability of data is also impacted by
the diverse range of internal and external data sources and data
structures needed for climate-related reporting. While we expect our
data quality scores to improve over time, as companies continue to
expand their disclosures to meet growing regulatory and stakeholder
expectations, there may be unexpected fluctuations within sectors
year on year, and/or differences between the data quality scores
between sectors. Any such changes in the availability and quality of
data over time, or our ability to collect and process such data, could
result in revisions to reported data going forward, including on
financed emissions, meaning that such data may not be reconcilable
or comparable year-on year;
–Developing methodologies and scenarios: the methodologies and
scenarios HSBC uses to assess financed emissions and set ESG-
related ambitions, targets and commitments may develop over time
in line with market practice, industry standards, regulation and/or
developments in science, where applicable. Such developments
could result in revisions to reported data, including on financed
emissions or the classification of sustainable finance and
investments, meaning that data outputs may not be reconcilable or
comparable year-on year. Consequently, we might need to reassess
our progress towards ESG-related ambitions, targets and
commitments in the future; and
–Risk management capabilities: global actions, including HSBC’s own
actions, may not be effective in transitioning to net zero and in
managing relevant ESG risks, including in particular climate, nature-
related and human rights risks, each of which can impact HSBC both
directly and indirectly through our customers, and which may result in
potential financial and non-financial impacts to HSBC. In particular:
–we may not be able to achieve our ESG-related ambitions, targets
and commitments (including with respect to the positions set
forth in our thermal coal phase-out policy and our energy policy,
and our targets to reduce our on-balance sheet financed
emissions and, where applicable, facilitated emissions in our
portfolio of selected high-emitting sectors), which may result in
our failure to achieve some or all of the expected outcomes of our
strategic priorities and raise reputational concerns; and
–we may not be able to develop sustainable finance and ESG-
related products consistent with the evolving expectations of our
regulators, and our capacity to measure the environmental and
social impacts from our financing activity may diminish (including
as a result of data and model limitations and changes in
methodologies), which may affect our ability to achieve our ESG-
related ambitions, targets and commitments, including our net
zero ambition, our targets to reduce our on-balance sheet financed
emissions and, where applicable, facilitated emissions in our
portfolio of selected high-emitting sectors and the positions set
forth in our thermal coal phase-out policy and energy policy, and
increase the risk of greenwashing. We may face additional risks if
we knowingly or unknowingly make inaccurate, unclear,
misleading or unsubstantiated claims regarding sustainability to
our stakeholders.
Any forward-looking statements made by or on behalf of HSBC speak
only as of the date they are made. HSBC expressly disclaims any
obligation to revise or update these ESG forward-looking statements,
other than as expressly required by applicable law.
Written and/or oral ESG-related forward-looking statements may also
be made in our periodic reports to the US Securities and Exchange
Commission, summary financial statements to shareholders, proxy
statements, offering circulars and prospectuses, press releases and
other written materials, and in oral statements made by HSBC’s
Directors, officers or employees to third parties, including financial
analysts.
Our data dictionaries and methodologies for preparing the above ESG-
related metrics and third-party limited assurance reports can be found
on: www.hsbc.com/who-we-are/esg-and-responsible-business/esg-
reporting-centre.
Certain defined terms
Unless the context requires otherwise, ‘HSBC Holdings’ means HSBC
Holdings plc and ‘HSBC’, the ‘Group’, ‘we’, ‘us’ and ‘our’ refer to HSBC
Holdings together with its subsidiaries. Within this document the Hong
Kong Special Administrative Region of the People’s Republic of China is
referred to as ‘Hong Kong’.
When used in the terms ‘shareholders’ equity’ and ‘total shareholders’
equity’, ‘shareholders’ means holders of HSBC Holdings ordinary
shares and those preference shares and capital securities issued by
HSBC Holdings classified as equity. The abbreviations ‘$m’, ‘$bn’ and
‘$tn’ represent millions, billions (thousands of millions) and trillions of
US dollars, respectively.
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Performance in 2025
Our key performance indicators measure the progress we have
made against our priorities for the benefit of all our stakeholders,
and also inform remuneration outcomes across the Group.
Financial performance
indicators
ÑRead more on our financial performance in 2025
on pages 5 and 17.
ÑFor an explanation of performance against our
key Group financial targets, see page 15.
ÑTo better align with market practice, from our
2025 full-year results we no longer adjust the
‘average tangible equity‘ for the post-tax impact
of notable items in each period. Comparatives
have been re-presented. This revision improved
RoTE excluding notable items by 16 basis points
(‘bps’) in 2025 (2024: (34)bps).
ÑFor a reconciliation of alternative performance
measures to their reported equivalents, see
page 106.
Return on average tangible equity
(‘RoTE’) ø 
13.3%
(2024: 14.6%)
 
Profit before tax
$29.9bn
(2024: $32.3bn)
RoTE excluding notable items ø
Performace icons-01.jpg
Performace icons-02.jpg
17.2%
(2024: 15.6%)
Constant currency profit before tax
excluding notable items ø    
Performace icons-01.jpg
$36.6bn
(2024: $34.2bn)
Operating expenses
$36.4bn
(2024: $33.0bn)
 
Common equity tier 1 capital ratio
14.9%
(2024: 14.9%)
Target basis operating expenses ø
Performace icons-01.jpg
$33.5bn
(2024: $32.5bn)
Dividend per share in respect of 2025
$0.75
(2024 dividend per share: $0.87, inclusive
of a special dividend of $0.21 per share)
Strategic performance
indicators
ÑRead more on our strategy on pages 12 to 14.
ÑRead more on our approach to ESG on page 28.
ÑRead more on our definition of sustainable
finance and investment on page 35.
Organisational simplification
Performace icons-01.jpg
$1.2bn
Annualised impact of cost saving actions taken
during 2025
Sustainable finance and investment
Performace icons-02.jpg
$495.6bn
Cumulative total provided and facilitated
since 1 January 2020.
(2024: $393.6bn)
Grow our Wealth business
$80bn
Net new invested assets generated in 2025,
of which $39bn were in Asia.
(2024: $64bn generated, of which $47bn
were in Asia)
Link to remuneration
ÑFor details of executive Directors’ pay and
performance in 2025, see the Directors’
Remuneration Report on page 249.
Our remuneration policy supports the
achievement of our strategic objectives by
aligning reward with our long-term
sustainable performance. This includes
review of our performance against financial
and non-financial metrics to determine overall
variable pay for our colleagues and executive
Directors.
Key financial and strategic performance
indicators included in the 2025 annual
incentive and 2023-2025 long-term incentive
scorecards of our executive Directors are
highlighted by the following symbols:
Performace icons-01.jpg
Annual incentive
Performace icons-02.jpg
Long-term incentive
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Highlights
We are becoming a simple, more agile, focused bank, built on our core strengths.
Financial performance (vs 2024)
–Reported profit before tax decreased by
$2.4bn to $29.9bn, mainly due to a $4.9bn
year-on-year net adverse impact from
notable items. Profit after tax decreased
by $1.9bn to $23.1bn.
–In 2025, notable items included dilution and
impairment losses of $2.1bn related to our
associate Bank of Communications Co.,
Limited (‘BoCom‘), reserve recycling losses
of $1.5bn following the completion of the
sale of our French retained portfolio of home
and certain other loans, legal provisions of
$1.4bn and restructuring and other related
costs associated with our organisational
simplification of $1.0bn. In 2024, notable
items included net losses relating to our
disposals in Canada and Argentina of $1.4bn.
–Constant currency profit before tax
excluding notable items increased by
$2.4bn to $36.6bn, from a strong
performance in Wealth in our International
Wealth and Premier Banking (‘IWPB’) and
Hong Kong businesses, and from Wholesale
Transaction Banking in our Corporate and
Institutional Banking (‘CIB’) business. This
was partly offset by a rise in expected credit
losses and other credit impairment charges
(‘ECL’) and an increase in operating
expenses due to planned investment and
inflation.
–RoTE in 2025 was 13.3%, compared with
14.6% in 2024. Excluding notable items,
RoTE in 2025 was 17.2%, a rise of 1.6
percentage points compared with 2024.
–Revenue of $68.3bn increased by $2.4bn
or 4% compared with 2024. The increase
was primarily due to fee and other income
growth in Wealth from Investment
Distribution and Insurance, and in Wholesale
Transaction Banking, particularly in Foreign
Exchange in CIB. This was partly offset by
the year-on-year impact of notable items,
mainly relating to business disposals and a
dilution loss related to BoCom. Constant
currency revenue excluding notable items
rose by $3.4bn to $71.0bn.
–Net interest income (‘NII’) of $34.8bn was
$2.1bn higher than 2024 reflecting the
benefit of the reinvestment of our structural
hedge at higher yields, deposit balance
growth and higher NII in Markets Treasury.
In addition, the increase included the non-
recurrence of a $0.2bn loss in 2024 on the
early redemption of legacy securities. This
was partly offset by the adverse year-on-
year impact of $1.6bn from business
disposals in Argentina and Canada, and
margin compression on our deposits. The
growth in NII of $2.1bn also reflected a
benefit from lower funding costs associated
with the trading book of $1.7bn. Banking
net interest income (‘banking NII’), which
excludes these funding costs, increased
by $0.3bn to $44.1bn.
–Net interest margin (‘NIM’) of 1.59% was
3bps higher, reflecting the reinvestment of
our structural hedge at higher yields.
–ECL were $3.9bn, an increase of $0.4bn
compared with 2024, including charges in
both periods related to the commercial real
estate (‘CRE’) sectors in Hong Kong and
mainland China. In 2025, the charge in this
sector in Hong Kong of $0.7bn (2024:
$0.1bn) reflected higher allowances for new
defaulted exposures, the impact of an over-
supply of non-residential properties that has
put continued downward pressure on rental
and capital values, and updates to our
models used for ECL calculations. The 2025
charge in the mainland China CRE sector
was $0.2bn (2024: $0.4bn). ECL were 39
bps of average gross loans, including
loans and advances classified as held for
sale.
–Operating expenses increased by $3.4bn
or 10% to $36.4bn. The increase primarily
reflected notable items in 2025 of $3.0bn,
including legal provisions of $1.4bn,
restructuring and other related costs
associated with our organisational
simplification of $1.0bn, and $0.5bn related
to disposals, wind-downs, acquisitions and
related costs.
–Cost growth also reflected planned spend
and investment in technology, higher
performance-related pay and the impacts of
inflation, partly offset by reductions related
to our business disposals and the benefits of
our organisational simplification.
–Target basis operating expenses rose by
3%, in line with our cost growth target. This
increase primarily reflected higher planned
spend and investment in technology, higher
performance-related pay and the impact of
inflation, partly offset by the benefits of our
organisational simplification.
–Customer lending balances rose by
$57.7bn including favourable foreign
currency translation differences. On a
constant currency basis, lending balances
rose by $17.6bn, mainly in our UK business
reflecting growth in mortgage and
commercial customer lending.
–Customer accounts rose by $131.9bn,
including favourable foreign currency
translation differences. On a constant
currency basis, customer accounts
increased by $67.6bn, with growth in all our
businesses, particularly our Hong Kong
business segment.
–Common equity tier 1 (‘CET1’) capital
ratio remained at 14.9%. This reflected an
increase in risk-weighted assets (‘RWAs‘),
which was offset by an increase in CET1
capital through capital generation net of
distributions. The increase in RWAs was
mainly driven by foreign currency translation
differences and asset size movements.
–The Board has approved a fourth interim
dividend of $0.45 per share, resulting in a
total of $0.75 per share in respect of 2025.
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Outlook
Group financial targets
–We are targeting a RoTE of 17% or better
for 2026, 2027 and 2028, excluding
notable items. Our revised target reflects
momentum in our earnings and the positive
progress we are making in our strategic
execution.
–We are targeting year-on-year growth in
revenue from 2026 to 2028, rising to 5%
growth in 2028 compared with 2027
excluding notable items and on a constant
currency basis.
–We maintain our dividend payout ratio
target basis of 50% in 2026, 2027 and
2028. Our target basis payout ratio is
calculated as a percentage of earnings per
share (‘EPS’) excluding material notable
items and related impacts.
In respect of 2026:
–We expect banking NII of at least $45bn,
based on our current expectations for policy
rates.
–We expect ECL charges as a percentage of
average gross loans to be around 40bps
in 2026 (including held for sale loan
balances). Over the medium term, we retain
our planning range of 30-40bps.
–We retain our commitment to Group-wide
cost discipline. We are targeting growth in
target basis operating expenses of
approximately 1% compared with 2025.
–Our target basis operating expenses
measure excludes notable items and
includes the impact of simplification-related
saves associated with our announced
reorganisation.
–We intend to continue to manage the CET1
capital ratio within our medium-term
target range of 14%–14.5%. Capital may fall
below our target range during January 2026
owing to the privatisation of Hang Seng
Bank, which had a net CET1 capital impact of
110bps in January 2026 (based on our CET1
capital ratio as at 31 December 2025). This
included a day one impact of around 120bps
on CET1, partly offset by a release of around
10bps of incremental hedging-related
structural foreign exchange RWAs.
–We expect to restore our CET1 capital ratio
within our target range through a
combination of organic capital generation and
not initiating any further buy-backs until CET1
capital is back within, or above, this range. A
decision to recommence buy-backs will be
subject to our normal buy-back
considerations and process on a quarterly
basis.
ÑOur targets and expectations reflect our current
outlook for the global macroeconomic
environment and market-dependent factors,
such as market-implied interest rates (as of end
January 2026) and rates of foreign exchange, as
well as customer behaviour and activity levels.
ÑWe do not reconcile our forward guidance on
RoTE excluding notable items, constant currency
revenue excluding notable items, target basis
operating expenses, dividend payout ratio target
basis or banking NII to their equivalent reported
measures.
ÑSee pages 107 to 108 for a further explanation of
RoTE excluding notable items, constant currency
revenue excluding notable items, banking NII,
target basis operating expenses and dividend
payout ratio target basis. For further information
on our CET1 ratio, see page 191.
Reshaping the Group for growth
Privatisation of Hang Seng Bank
–On 26 January 2026, we completed our
privatisation of Hang Seng Bank, following
shareholder and Court approval. Hang Seng
Bank is now a wholly-owned subsidiary
of the HSBC Group and Hang Seng Bank
shares have been withdrawn from the Hong
Kong Stock Exchange. This transaction
demonstrates our confidence in the outlook
for Hong Kong and further strengthens our
market-leading position.
–Through the privatisation of Hang Seng
Bank, we expect to realise $0.5bn in pre-tax
revenue and cost synergies across both our
brands in Hong Kong by the end of 2028,
with associated restructuring costs of
$0.6bn. These costs would be reported as a
material notable item. We intend to redeploy
savings we realise from cost synergies into
areas of competitive advantage and
accretive returns.
–We also have an ambition to generate
further revenue and cost opportunities of
around $0.4bn by the end of 2028 across
both our brands in Hong Kong.
Organisational simplification
–At our 2024 full-year results we announced
measures to simplify the Group, and we
have committed to deliver an annualised
reduction of around $1.5bn in our cost
base, expected by the end of 2026 from
our organisational simplification programme.
–We are on track to have taken actions to
deliver our $1.5bn annualised cost
reduction by the end of June 2026, which is
six months earlier than planned. In 2025,
we identified and actioned annualised
cost savings of approximately $1.2bn,
which resulted in a reduction of around
$0.6bn in operating expenses in the
income statement in 2025. In this period
we incurred $1.0bn in restructuring and
other related costs, primarily related to
severance.
Strategic transactions
–We are also focused on opportunities where
we have a clear competitive advantage and
accretive returns, and we aim to redeploy
approximately $1.8bn of additional costs
saved from non-strategic activities into
these areas over the medium term. The
increase from $1.5bn reflects our intention
to redeploy an additional $0.3bn of costs
saved from the synergies generated from
our privatisation of Hang Seng Bank.
–In 2025, we announced a further 11
transactions, which are set to create
incremental investment capacity for
growth. During the fourth quarter of 2025,
we completed the sales of our French
retained portfolio of home and certain other
loans, our France life insurance business, our
German private banking business and our
Bahrain retail banking business. Completed
or announced transactions are expected to
generate approximately $0.7bn of annualised
cost capacity for reallocation. The associated
businesses contributed around $1.0bn to
revenue in 2025.
–Targeted strategic reviews of our retail
businesses in Australia, Indonesia and
Egypt remain underway on which no
decisions have been made. Our CIB
businesses in these markets are unaffected
by these reviews. In addition, we have
commenced a strategic review of HSBC
Life Singapore.
Progress in growth areas
–In Wealth, we are investing in Wealth
Centres and hiring additional relationship
managers. Wealth balances as at 31
December 2025 across all of our business
segments were $2.1tn, an increase of
16% compared with the same period last
year. Within this we have attracted net
new invested assets of $80bn, with
$39bn booked in Asia. This compared with
net new invested assets in 2024 of $64bn,
with $47bn booked in Asia.
–Transaction banking continues to perform
well as we leverage our network and
capabilities to capture opportunities from
changing trade and capital flows. In 2025,
fee and other income in Wholesale
Transaction Banking performed well,
rising by 4% compared with 2024,
particularly from growth in Global Foreign
Exchange.
ÑFor more details on our strategic progress in
2025, see ‘Our strategy’ on page 12.
ÑFor more details on our businesses held for sale
and disposal groups, see Note 23 on the
financial statements on page 355.
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Who we are
Founded in 1865, HSBC is one of the world’s largest banking and financial services
organisations. We’re here to use our expertise, capabilities, breadth and
perspectives to help open up a world of opportunity for our customers.
Our strategy
Our strategy supports our ambition to be the most trusted bank globally, putting customers at the heart of
everything we do. We help meet our customers’ financial needs and support them to achieve their goals
with our products and services, while navigating the complexities of the global market through our deep
international network, supported with the stability and strength of our balance sheet.
Our priorities
u
Be simple           
and agile
u
Drive customer- 
centricity
u
Deliver focused
sustainable growth
ÑSee page 12 for further details on
our strategy.
We aim to make fast, safe
decisions – adapting to change
by staying relevant, driving
simplification and being future
ready through technology and
digitisation.
We are intensely focused on
our customers – helping to
deliver excellent outcomes,
drive loyalty, and serve our
customers for the long term
through the depth of what we
offer as a franchise.
As a leading international bank,
we aim to drive long-term,
sustainable growth, focused on
areas of competitive strength.
Our organisational
structure
Since 1 January 2025, the HSBC Group has operated through four new businesses to simplify our
organisational structure and accelerate delivery against our strategic priorities.
Revenue by business ($bn)1
11544872129456
HK
$15.9bn
CIB
$27.6bn
UK
$12.9bn
IWPB
$14.5bn
1    Calculation based on revenue of our business
segments excluding Corporate Centre.
Hong Kong
UK
Our Hong Kong business has a leading
market position. It comprises Retail Banking
and Wealth and Commercial Banking of
HSBC Hong Kong and Hang Seng Bank.
Our UK business has a leading market
position. It comprises Retail Banking and
Wealth (including first direct and M&S
Bank) and UK Commercial Banking,
including HSBC Innovation Bank. 
Corporate and Institutional
Banking
International Wealth and 
Premier Banking
Our CIB business is a market leader in
cross-border transaction banking and capital
markets. It integrates our Commercial
Banking business (outside the UK and Hong
Kong) with our Global Banking and Markets
business.
Our IWPB business comprises Premier
banking outside of Hong Kong and the UK,
our Private Bank, Asset Management and
Insurance businesses.
ÑSee pages 19 to 27 for further details on our four businesses and Corporate Centre.
Our values
At HSBC, our values guide us in all our actions – from strategic decisions to day-to-day interactions with customers and each other. Our values are
rooted in HSBC’s history, heritage and character, and help us deliver on our purpose.
We get it done
We value difference
We take responsibility
We succeed together
Moving at pace and making
things happen
Seeking out different
perspectives
Holding ourselves accountable
and taking the long view
Collaborating across
boundaries
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Group Chairman’s shareholder letter
1.5.7.3.2 RT_Brendan_Nelson 2025_sRGB_FLAT.jpg
Brendan Nelson
Group Chairman
We delivered strong performance and material returns for our
shareholders in 2025. By leveraging our unique global network and
leading capabilities, we helped our customers see past the sustained
uncertainty in the international environment and find the opportunities 
that are driving the global economy forward.
It is with great pride that I have begun my
tenure as Group Chairman of HSBC. I am truly
privileged to serve such a remarkable
institution, working alongside exceptionally
talented colleagues.
Our 161-year history is firmly rooted in the
objective set by HSBC’s founders – to
establish a bank in Hong Kong and Shanghai
that would facilitate local and international
trade.
By not losing sight of that foundational
objective and by remaining true to our purpose
and values, we have focused on what matters
most – our customers – moving forward
together through these most complex of
times.
Building on that forward momentum, the
Board and I will continue to closely partner
with our highly capable CEO, Georges
Elhedery, and his management team who are
accelerating the execution of our strategy,
with discipline and confidence.
A Modern HSBC: Simple and More Agile
A key catalyst for achieving that acceleration
was the introduction in January 2025 of our
new organisational structure centred on our
four businesses: Hong Kong, the UK,
Corporate and Institutional Banking, and
International Wealth and Premier Banking.
By halving the number of operating
businesses and significantly streamlining the
new Operating Committee of the Group, we
embarked on a journey to become a simple
and more agile organisation; a modern
institution that reflects its cherished legacy,
while embracing technological advances as a
core enabler of future growth,
competitiveness, and, ultimately, customer
aspirations.
Today, HSBC is clear on its core strengths,
investing to further develop our competitive
advantages and deliver sustainable growth,
with an entirely attainable ambition to be the
most trusted bank globally, putting customers
at the heart of everything we do.
Global Context
Global growth in 2025 was stronger than
expected, as the tariff-related headwinds were
offset by the significant momentum generated
by AI capital expenditure and trade growth,
and by the support provided by the ever-
resilient US consumer.
The global geopolitical context was marked by
continued uncertainty. The war in Ukraine,
which has entered its fifth year, and conflicts
in the Middle East and elsewhere, continue to
have significant human consequences.     
In parallel, the changing approach to global
trade relations has increased economic
uncertainty. But as the resilience of global
trade growth demonstrates, the inter-
connectedness of the global economy,
underpinned by growing trade flows, is
compelling.
Faced with the re-configuration of the
globalised world, HSBC is optimally positioned
to help our customers capture the meaningful
opportunities that are driving the global
economy forward, across geographies and
throughout our unique global network. Our
strong financial performance and material
returns in 2025 point to that dynamic, along
with our focused approach to implementing
our strategic priorities.
2025 Performance
In 2025, we delivered reported profit before
tax of $29.9bn. Our return on average tangible
equity was 13.3%, or 17.2% excluding the
impact of notable items. 
We delivered material returns for our
shareholders. The Board approved a fourth
quarterly dividend of $0.45 per share, bringing
the total dividend announced for 2025 to $0.75
per share. In addition, we announced two
share buy-backs in respect of 2025 worth a
total of $6bn.
Dividends paid in 2025, together with a more
than 49% increase in the share price, delivered
a total shareholder return for the year of more
than 57%.
With our realigned structure providing a
decisive impetus, we achieved broad-based
profit generation through geographic and
business diversification. Our performance
reflects that, as does our ability to invest for
growth, while continuing to optimise cost and
capital allocation. Indeed, we are keeping to
our committed objective of delivering $1.5bn
of organisational simplification savings and
expect to have taken the relevant actions to
achieve it by the end of June 2026, which is
six months earlier than planned. 
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Group Chairman’s letter
”Today, HSBC is clear
on its core strengths,
investing to further
develop our competitive
advantages and deliver
sustainable growth, with
an entirely attainable
ambition to be the most
trusted bank globally,
putting customers at
the heart of everything
we do.”
 
Against this backdrop, we believe that the
privatisation of Hang Seng Bank is a milestone
development that brings together two seminal
institutions that have served Hong Kong – a
home market for the Group – for generations.
We are absolutely committed to building on
that valued legacy. While respecting Hang
Seng’s heritage and retaining its brand and
distinct customer proposition, we will continue
to invest and build on the complementary
strengths of our businesses, to the benefit of
our valued customers and the communities
that we serve.
Sustainability
Our ambition remains to become a net zero
bank by 2050. Supporting our customers is
core to our strategy – financing their transition
is both critical to them and aligned to our net
zero ambition.
In November 2025, we published our updated
Net Zero Transition Plan, setting out our
commercially-grounded sustainability strategy,
which reflects the realities of an evolving
global transition. We also set out our updated
interim financed emissions targets, metrics
and associated policies, seeking to remain
science-aligned and compatible with our own
net zero ambition.
We believe that supporting our customers’
transition is one of the most significant roles
we can play in the global transition to net zero.
We aim to provide and facilitate between
$750bn and $1tn of sustainable finance and
investment by 2030. In 2025, we provided and
facilitated $102bn in sustainable finance and
investment, bringing our cumulative total to
$495.6bn since January 2020. This puts us on
track to meet our target by 2030.
Leadership and Board Changes
As I begin my first full year as Group
Chairman, I want to acknowledge and pay
tribute to Sir Mark Tucker’s remarkable
leadership and exemplary commitment to the
Group.
Over a period of eight years, Mark helped
steer HSBC through a number of
unprecedented challenges – a global
pandemic, decades-high inflation and profound
shifts in the trade and geopolitical landscape –
leaving the Group more profitable, resilient,
and strongly positioned for accelerated
growth. I am very grateful to him for the
trusted partnership, friendship, and his support
in ensuring a smooth handover. 
We also announced the appointment of Wei
Sun Christianson as an independent non-
executive Director, with effect from 1 January
2026. Wei brings extensive banking and
regulatory experience gained over a 30-year
international career, including as Co-CEO of
Asia Pacific at Morgan Stanley.
Ann Godbehere will be stepping down as a
Director of the Company and retire from the
Board at our 2026 AGM. I want to thank Ann
for her considerable contributions to the HSBC
Board.
In October, we announced the appointment of
Angela McEntee as Group Company Secretary
with effect from 1 January 2026.
In 2025, the Board held meetings in Hong
Kong, India, and London. These were
invaluable opportunities to meet with valued
clients, government representatives,
regulators and colleagues.
We also had productive engagements with our
shareholders on important Group-related
issues at our Annual General Meeting in
London and at the Informal Meeting of our
Hong Kong Shareholders.
Year Ahead
We expect the global economy to expand in
2026. Despite significant policy uncertainty,
global trade is also set to grow, supported by
the expansion of new trade corridors and the
boom in AI hardware demand. Inflation should
continue drifting downward, although with
divergence across markets. Somewhat
uneven growth across industries and
geographies could contribute to periodic
financial volatility. 
In China, a stronger policy push should anchor
its growth, and we expect it to broadly
maintain its expansion pace of recent years, as
structural reforms start to gain traction. As part
of its continued economic transformation, the
emphasis will be on strengthening domestic
demand – particularly consumption, but also
investment. Services consumption will benefit
from government policy priorities, as will
technology development. Hong Kong will
continue to benefit as the super-connector
between mainland China and the rest of the
world. Buoyant markets and improvements in
consumption are expected to support its
growth this year. 
Elsewhere in Asia, robust consumption and
rising exports generated impressive growth in
a number of markets, in ASEAN in particular.
That combination is expected to continue in
2026. In India, domestic demand will likely be
the main driver of growth, reflecting robust
consumption, as well as ongoing government
infrastructure investment.   
Economic diversification continues in the
Middle East, with deep capital reserves being
deployed into significant investments in
infrastructure, technology, and human capital.
The Asia–Middle East trade, investment, and
travel corridor continues to grow.   
Europe’s economy will be supported by fiscal
expansion, particularly in Germany, coupled
with lower effective interest rates and steady
consumption growth. We see euro area
growth maintaining its recent pace over the
next year. In the UK, greater fiscal headroom
should give markets and businesses more
confidence. Lower expected inflation and
interest rates should provide a tailwind for
consumption growth.
The US should be a key driver of global
growth, reaping the benefits of sizeable
investments in AI, tax cuts and incentives, as
well as substantial deregulation. 
Our Colleagues
I will end where I began, by recognising and
wholeheartedly thanking our HSBC colleagues.
They are the ones who deliver for our
customers, day in and day out, with
excellence, dedication, and respect. 
They are the backbone of the Group,
embodying our high-performance culture.
Their commitment to our customers and to
maintaining and further strengthening the
relationships we have built with them is what
set us apart in 2025 and what will help us
thrive going forward, to the benefit of our
shareholders.   
Brendan Nelson
Group Chairman
25 February 2026
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George Elhedery_NEW.jpg
Georges Elhedery
Group CEO
RoTE ø
13.3%
(2024: 14.6%)
RoTE excluding notable items ø
17.2%
(2024: 15.6%) 
Profit before tax
$29.9bn
(2024: $32.3bn)
Dear fellow shareholders,
In previous letters I set out a clear agenda to
unlock HSBC’s full potential. 2025 marked a
year of decisive action and swift execution.
We are performing, transforming and investing
for growth as demand for globally-connected
financial services increases, especially in the
world’s fastest-growing regions.
We have aligned our structure with our
strategy and strengthened our four
complementary businesses. We are becoming
a simple, more agile, focused bank built for a
fast-changing world. One that stays true to our
strong foundations and hallmark financial
strength yet moves with the speed our
customers need to navigate the modern
world.
The dynamic market environment shows why
our global network, deep local expertise built
over generations and financial strength set us
apart. It also shows why our customers
continue to turn to us as their reliable and
trusted financial partner.
New targets: 2026-2028
Last February, we set out a three-year target
of a mid-teens return on average tangible
equity (‘RoTE’) in each of the three years from
2025 to 2027, excluding notable items. We
made clear progress against this target in
2025. That is why we are now raising our
ambition and targeting 17% RoTE or better in
each year from 2026 to 2028, excluding
notable items. We are also targeting year-on-
year revenue growth over the same period
rising to 5% in 2028 compared with 2027,
excluding notable items. We maintain our
dividend payout ratio target basis of 50% in
2026, 2027 and 2028. Our target basis payout
ratio is calculated as a percentage of EPS,
excluding material notable items and related
impacts.  
Strong performance 
On a reported basis, profit before tax of
$29.9bn fell 7% year-on-year due to the impact
of notable items. These included dilution and
impairment losses of $2.1bn related to
BoCom, legal provisions of $1.4bn and $1.0bn
of restructuring and other related costs
associated with our organisational
simplification. On this basis, we delivered a
RoTE of 13.3%. 
Excluding notable items, our RoTE was 17.2%
achieving our ‘mid-teens, or better’ target. Our
revenue increased 5% year-on-year to $71bn
and our profit before tax grew 7% to $36.6bn,
excluding notable items on a constant
currency basis. Our common equity tier 1
(‘CET1’) capital ratio was 14.9%, reflecting our
long-standing financial strength.
We maintained tight cost discipline, managing
target basis cost growth to around 3%,
thereby achieving our target. This strong
performance enabled us to announce a total
ordinary dividend per share for 2025 of $0.75,
or $12.9bn, an increase of 14% on the prior
year. In addition, we completed $6bn of share
buy-backs taking total returns to $18.9bn.
Momentum
Our four businesses are built on customer
trust and performed well. Revenue and
deposits grew in each and all four delivered
RoTE of mid-teens, or better, excluding
notable items. We saw growth accelerate in
areas of core strength and we are actively
investing in modern technology to enhance
innovation, productivity and customer
experience.
Turning to business-line performance on a
year-on-year and constant currency basis, our
market-leading Hong Kong business generated
revenue of $15.9bn, or 6% growth. Our
deposit base grew by 7% to more than
$540bn, helping us maintain our number one
position in Hong Kong with market share of
25%. Our UK business delivered revenue of
$12.9bn, an increase of 5%, supported by
robust balance sheet growth with customer
loans increasing by 6% to more than $300bn.
CIB increased revenue by 3% to $27.6bn, and
we generated $13.1bn of fee and other
income, which was 7% higher than the prior
year. 
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“We are becoming
a simple, more agile,
focused bank built for
a fast changing world.”
In 2025, we facilitated around $900bn in trade,
which is comparable to the economic output
of a G20 economy. This represents the
equivalent of around $2.5bn of goods and
services moving through our global network
every single day. This scale, which gives
access to 86% of world trade flows, is why
we were voted in a survey of 13,000
corporates as Euromoney’s ‘World’s Best
Trade Finance Bank’ for the ninth consecutive
year. Across our network we processed
around $500tn of payment transactions in 130
currencies, equivalent to almost $1bn every
minute. That is why 30,000 customers
surveyed by Euromoney voted HSBC the
number one payments bank in products,
services and technology.
In IWPB, revenue was $14.5bn, an increase of
5%. Wealth fee and other income across all
our businesses was $9.4bn, up 24%. At 31
December 2025, bank-wide Wealth balances
were $2.1tn, of which more than $1tn was
booked in Asia, reflecting our position as the
leading wealth manager in Asia and the Middle
East. Given the importance of managing
customer deposits as well as their invested
assets, we are changing our wealth
disclosures. In 2026, we will replace Invested
assets (2025: $1.5tn) with a new calculation of
Wealth balances. The new disclosure adds our
wealth customers’ deposits of $608bn and
removes $580bn of Asset Management third-
party distribution assets. On this new basis,
Wealth balances in 2025 were $1.6tn. 
In 2025, we were pleased to update our Net
Zero Transition Plan, which reaffirms our
ambition to become a net zero bank by 2050
and emphasises the importance of supporting
our customers in their transitions.
Discipline 
We expect to have taken action to deliver our
$1.5bn organisational simplification saves by
the first half of 2026, six months ahead of
plan. The initiative is designed to make HSBC
simple and more agile with an immaterial
revenue impact. Cost efficiency is one of the
key benefits, clearer accountability and greater
collaboration are others. The saves will be
taken straight to the bottom line.
We have reviewed our portfolio against our
strategic priorities and are moving at pace to
exit non-strategic or low-returning activities.
This initiative is expected to release $1.5bn of
incremental investment capacity, which we
are actively reallocating to areas of competitive
strength where we can generate accretive
returns. In 2025, we announced 11 exits, of
which three have fully completed. These are in
addition to the two transactions we
announced in 2024.
Taken together, the completed and announced
exits will generate $0.7bn in annualised cost
savings and exits in active execution, including
activities under strategic review, are expected
to generate a further $0.6bn.
Following the privatisation of Hang Seng Bank,
reported cost synergies across HSBC and
Hang Seng Bank will release $0.3bn, which
we will direct towards growth opportunities in
Hong Kong. To reflect this, we are increasing
our medium-term cost reallocation
commitment from $1.5bn to $1.8bn.
Investing for growth
Our $13.7bn privatisation of Hang Seng Bank
brings together 255 years of history and
heritage, combining global reach and local
depth. It allows us to scale capabilities across
both banks for all customers. Hong Kong is a
dynamic economy, a top three global financial
centre and a thriving trade gateway. It is a
super-connector between mainland China and
the world. It is also poised to become the
world’s leading cross-border wealth hub by
2029. The privatisation of Hang Seng Bank
reflects our confidence and conviction in Hong
Kong’s future growth.
In our home markets, we are expanding the
number of Wealth Centres and enhancing our
wealth capabilities. In Hong Kong we opened
five new state-of-the-art Wealth Centres. They
provide a space where our Private Banking and
Premier customers can meet our wealth
specialists to plan, invest and manage their
long-term financial future. In the UK, our
flagship Wealth Centre launched in Mayfair,
London, and we opened a second in Leeds, a
major regional wealth hub.
Also in the UK, investment in our Business
Banking coverage model is generating results.
We are growing customer numbers, lowering
attrition rates and seeing greater advocacy.
In IWPB we opened a further 20 new Wealth
Centres focusing on Asia and the Middle East,
excluding those in markets under strategic
review. These are in many of the world’s
fastest-growing wealth economies, such as
mainland China, Singapore and the UAE. We
became the world’s first global asset manager
to establish an onshore platform in the UAE,
offering retail and institutional investors access
to 10 new funds. We refreshed our Premier
proposition for affluent customers in four
markets and it is now live in seven.
In CIB, we are using digital innovation to serve
customers faster. Our tokenised deposits now
offer next-generation real time payments
across our network. They are available in Hong
Kong, Singapore, the UK and Luxembourg.
Other markets will follow in 2026. With
mobile-first consumers changing customer
payment choices, we are changing digital
wallet collection capabilities. Our Digital
Merchant Services solution allows
omnichannel payments, making e-commerce
easier and more efficient for retailers. It is
currently available in Hong Kong, India and
Singapore, with six more markets launching in
2026.   
We are also reengineering HSBC while
focusing on resilience and risk management.
We are modernising the bank through AI and
automation to enhance customer experience,
increase productivity and boost efficiency. We
have more than 100 GenAI active use cases
and are increasing AI partnerships to
accelerate adoption of cutting-edge
technologies. More than 31,000 of our
engineers now use an AI-enabled coding
assistant and our HSBC Productivity Suite tool
is available to around 85% of our colleagues to
help summarise, analyse and translate
documents. 
High performance culture
A clear strategy sets our direction. A strong
culture is what turns it into results. This is why
we are investing to build a high-performance
culture. First, we refreshed our ambition: ‘To
be the most trusted bank globally, putting
customers at the heart of everything we do’.
Second, we launched six new Leadership
Principles and How We Lead, our new Group-
wide leadership framework. All our senior
leaders, and the broader Managing Director
cohort, have now attended a two-day How We
Lead event and 86% surveyed believe it is
creating a positive cultural change. In 2026, we
will roll it out to our broader people leaders
globally. In the spirit of our Leadership
Principle that ‘great leaders build better
leaders’, more than 150 of our senior leaders
will facilitate a How We Lead event in 2026. 
Our people
I would like to thank Sir Mark Tucker for his
exceptional leadership over the last eight years
and congratulate Brendan Nelson on his
appointment as Group Chairman. I look
forward to continue working with Brendan as
we pursue our clear agenda to unlock HSBC’s
full potential.
I would also like to take this opportunity to
thank all my colleagues for their many valuable
contributions to our results. It is a privilege to
work with such talented people. Their
dedication, commitment and passion to deliver
for our customers truly differentiates HSBC
and is key to delivering sustainable long-term
growth for you, our shareholders.
Georges Elhedery
Group CEO
25 February 2026
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Our strategy
In 2025, we continued to implement our strategy that supports our ambition to be the most
trusted bank globally, putting customers at the heart of everything we do.
A growing, high-returning HSBC
Our strategic priorities remain clear: we aim to
drive customer-centricity, deliver focused
sustainable growth, and be simple and more
agile.
We are intensely focused on our customers.
The depth and quality of our customer
relationships and our ability to connect
customers globally help enable us to deliver
best-in-class products and service excellence.
Each of our four businesses is built on trust, as
demonstrated by our $2.1tn Wealth balances
and our $500tn annual payment volumes.
We are driving focused sustainable growth by
targeting areas of competitive strengths. The
privatisation of Hang Seng Bank is an example
of this. The transaction allows us to further
capture the growth opportunities in Hong Kong,
one of our home markets where we are already
the number one bank1. All four of our
businesses are high-returning, delivering mid-
teens or better RoTE individually.
We aim to be a simple and agile organisation
in accordance with the strategy we set out in
2024. We simplified our organisation down to
four connected businesses. We are also
exiting non-strategic businesses at pace,
freeing up investment to grow our core
businesses where we have scale and
competitive advantage.
1Based on deposit market share. Source: Hong
Kong Monetary Authority (‘HKMA’).
Strong performance in 2025
We delivered a strong set of results in 2025.
Our reported revenue was $68.3bn. On a
constant currency basis and excluding notable
items, our revenue was $71.0bn, 5% higher
compared with 2024.
Our reported profit before tax was $29.9bn.
On a constant currency basis and excluding
notable items, we grew our profit before tax
by 7% to $36.6bn.
We continue to grow our deposit base. On a
constant currency basis, customer deposits
increased by $68bn during 2025 and reached
$1.8tn as at 31 December 2025.
In 2025, we achieved a RoTE of 13.3%.
Excluding the impact of notable items, RoTE
was 17.2%, achieving our RoTE target of ‘mid-
teens or better’. We delivered a 15.6% RoTE
excluding notable items in 2024.
Our strong performance in 2025 allowed us to
announce ordinary dividends of $0.75 per
share to our shareholders, compared with
$0.66 in 2024.
CIB
$11.4bn
RoTE excluding notable items ø
17.2%
(2024: 15.6%)
Reported profit before tax by business
segment ($bn)
342497872144752
IWPB
$4.4bn
HK
$9.6bn
UK
$6.7bn
Reshaping and focusing the Group
We continued to make progress in reshaping
the Group. We announced a further 11 exits in
2025. These included our business in Malta,
Sri Lanka retail banking, our UK life insurance
business, our Germany custody and fund
administration businesses, our stake in Grupo
Financiero Galicia, our French retained
portfolio of home and certain other loans, our
Uruguay business, our Bangladesh retail
banking business, equity capital markets
(‘ECM’) and mergers and acquisitions (‘M&A’)
in the US, UK and Europe, and our Bahrain
retail banking unit.
The targeted strategic reviews of our retail
businesses in Australia, Indonesia and Egypt
remain underway, on which no decisions have
been made. We remain committed to our
wholesale banking activities in these markets.
In addition, we commenced a strategic review
of HSBC Life Singapore.
We completed the privatisation of Hang Seng
Bank on 26 January 2026. This transaction will
further simplify the Group and deepen our
presence in one of our home markets where
we are already the market leader.
We are committed to serving Hong Kong with
two iconic brands. We intend to retain Hang
Seng Bank as a separately-licensed bank with
its own governance, brand, distinct customer
proposition and branch network. We aim to
strengthen both the HSBC and Hang Seng
brands by focusing on their competitive
advantages, while allowing customers to
choose where to bank.
Connectivity – our key strength
Connectivity distinguishes HSBC. We have
four deeply-connected businesses that
complement each other. CIB and IWPB are
leading global franchises that serve the Group
by providing a wide range of products and
capabilities. Hong Kong and the UK are our
home markets where we have substantial
retail and wholesale distribution networks.
Our customers choose us because we are a
trusted bank with extensive international
connectivity. We connect customers across
borders in our 56 markets. We are well placed
to help our clients manage increased
complexity as global trade reconfigures, and
their wealth and investment needs globally.
We partner with our clients for the long term as
their business and wealth grow over time. We
are one of the few global universal banking
franchises that offer our clients a full banking
product suite and services for their diverse
financial needs. We serve clients from small
businesses to global institutions, from retail
customers to ultra-high net worth individuals.
As our customers grow, they grow with us.
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Strategy
Our home markets
Hong Kong
Our Hong Kong business generated revenue
of $15.9bn in 2025, growing by 6% on a
constant currency basis. We have the market-
leading banking franchise in Hong Kong1. Our
deposit base grew by 7% to over $540bn,
maintaining our number one position in market
share1 in Hong Kong at 25.4%2. We also
consistently lead peers in customer
satisfaction, retaining the number one position
in strategic net promoter scores (‘NPS’)3. In
our Commercial Banking (‘CMB’) business, we
focused on strengthening our market position
across multiple products. In trade finance, we
maintained our strong performance with a
market share of 32.6%2. We continued to
solidify and grow our Retail Banking and
Wealth (‘RBW’) business. We welcomed over
1.1 million new-to-bank customers, bringing
the total to over seven million4, and we
opened five new Wealth Centres in 2025.
These achievements reflect our ongoing
commitment to growth, customer satisfaction
and long-term value creation.
UK
Our UK business delivered revenue of $12.9bn
in 2025, an increase of 5% on a constant
currency basis, supported by robust balance
sheet growth, with customer loans increasing
by 6% to over $300bn. We continue to
support key growth sectors in the UK
economy, with our CMB business voted the
‘Best Bank for Corporates’ in the UK by
Euromoney for the second consecutive year.
We see an opportunity to build share in the
small and medium-sized enterprise (‘SME’)
segment and have introduced fee-free banking
for SME clients. In our RBW business, we aim
to support customers to manage and grow
their wealth. Following the relaunch of our
Premier proposition, we rolled out ‘Funds on
Mobile’ to make it easier for customers to buy,
sell and trade funds via the HSBC app, in
addition to opening two new Wealth Centres.
We continued to build on our mortgage
franchise, growing balances by $9bn on a
constant currency basis, taking market share
to 8.1%5.
32.6%
Trade finance market share in Hong Kong2
8.1%
Mortgage market share in the UK5
1HSBC internal analysis based on HSBC Group
deposit balances in Hong Kong as of 30 June
2025, and the financial data presented in the
2Q25 interim financial reports of 12 selected peer
banks.
2Market share refers to HSBC Group balances in
Hong Kong compared with the HKMA Hong
Kong market data as of December 2025.
3    Strategic NPS ranking based on a survey by
third-party vendors, InMoment and MDRi Asia
Limited. Scores pertain to our Retail Banking and
Wealth business only.
4    New-to-bank and total customer numbers
exclude Hang Seng Bank customers.
5    Source: Bank of England. Retail mortgages only.
Our network business
Corporate and Institutional Banking
In CIB, revenue was $27.6bn, an increase of
3% compared with 2024 on a constant
currency basis. HSBC continued to be a
leading global wholesale transaction bank.
Bank-wide, we generated $10.9bn of
wholesale transaction banking fees and other
income in 2025, which was 4% higher
compared with 2024. We also grew our
deposits by $10bn in 2025, bringing the total
to $600bn. We facilitated around $900bn in
trade6, and were ranked number one in 21
markets around the world7. In Global
Payments Solutions (‘GPS’), HSBC was
recognised as the number one Global Cash
Management service provider in products,
service and technology8. In Foreign Exchange,
we were named the ‘World’s Best FX Bank for
Corporates’9. In addition, we were recognised
as ‘Asia’s Best Bank for Securities Services’ by
Euromoney. We continued to invest in
innovative technologies to help build a bank for
the future. We launched a Tokenised Deposit
Service in four markets, enabling continuous
access to real-time settlement for corporate
clients.
International Wealth and Premier
Banking
In IWPB, revenue was $14.5bn, an increase of
5% compared with 2024 on a constant
currency basis. We continued to execute our
bank-wide Wealth strategy in 2025. Our
Premier 3.0 service is now live in seven
markets and we opened 29 new Wealth
Centres across the Group, including seven in
our home markets. Bank-wide Wealth fee and
other income was $9.4bn, up 24% on a
constant currency basis, delivering on our
ambition of ‘double-digit’ growth. At 31
December 2025, wealth balances across all
our businesses were $2.1tn, of which $1.2tn
was booked in Asia, making us a leading
wealth manager in the region. We attracted
bank-wide net new invested assets of $80bn
in 2025, with $39bn booked in Asia. In our
insurance business, our insurance
manufacturing contractual service margin
(‘CSM’) grew by 21% to $14.6bn, which is a
store of potential future revenue for us.
c.$900bn
Trade volumes facilitated6
$2.1tn
Wealth balances
increased by 16% compared with 2024
6HSBC internal management information.
7    Source: Euromoney Trade Finance Survey in
2025.
8Source: Euromoney Cash Management Survey
2025.
9Source: Euromoney Foreign Exchange Awards
2025.
Performance across geographies
We have an established presence in a number
of markets globally. We are particularly
focused on mainland China, India, Singapore
and the UAE. These markets are especially
well connected to international trade, wealth
and investment flows and are key to our
strategy.
In 2025, we reported profit before tax of
$1.1bn in our mainland China business,
including a loss of $2.1bn related to the
dilution and impairment of our associate
BoCom. We continued to support our
customers expanding internationally, where
we serve approximately half of Fortune Global
500 companies. We were recognised as the
‘Best International Bank’ by Euromoney in
2025. We continued to perform strongly in
Wealth, where Wealth invested assets grew
by 37% compared with 2024, driven by strong
wealth distribution and growth in Private
Banking.
In Singapore, we generated profit before tax of
$1.5bn, and we remain the largest foreign
bank10. Singapore is our primary wholesale
offshore booking centre and wealth hub within
the ASEAN region. In 2025, we were
recognised by Euromoney as the ‘Best Bank for
Large Corporates’. Singapore, where we
opened two new Wealth Centres, is our largest
Wealth business outside our home markets and
fast growing. Wealth fee and other income
grew by 27% and our Wealth invested assets
surpassed $100bn for the first time.
10Based on 9M25 profit before tax, using peers’
published results.
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Performance across geographies (continued)
In India, we reported a profit before tax of
$1.9bn and continued to be the largest foreign
bank1. We are the leading bank for multinational
companies, of which around 50% bank with us2.
We launched HSBC Innovation Bank with a
$1bn financing pool and launched new digital
propositions in Payments and Trade. Our ECM
issuance grew more than 60% in 2025. We
expanded to four new cities with wealth and
international potential, remained the top wealth
manager across foreign banks3 and were the
first bank to launch international wealth
solutions in GIFT City4.
In the UAE, we generated $0.8bn in profit
before tax, and are the largest foreign bank5 .
We continued to further strengthen our
leadership in Corporate and Institutional
Banking. We were named ‘Best Investment
Bank’ in the Middle East6, including being top
ranked in debt capital markets in the region for
the fifth consecutive year7. Our UAE wealth
business saw strong growth, with invested
assets up 33% and international new-to-bank
customers up 12%. In 2025, we launched
Premier 3.0, opened a new Wealth Centre, and
introduced 10 new asset management funds.
1    HSBC internal analysis based on 1H25 revenue,
deposits and advances, using peers’ published
results.
2    Source: Ministry of Commerce of India.
3    By Wealth AUM. Source: Indian Mutual Fund
Industry.
4    Gujarat International Finance Tec-City.
5    HSBC internal analysis based on 9M25 revenue,
deposits and advances, using peers’ published
results.
6    Euromoney Awards for Excellence 2025.
7    Source: Bloomberg league table.
Deposit strength core to our strategy
The strength of our franchise is built on the
solid foundation of our $1.8tn deposit base,
which is comprised primarily of current and
savings accounts. We are proud of our
deposit strength, which is a product of the
trust of our customers and an important
source of funding for us, and forms the
foundation of our financial stability.
We have customer loans of $1.0tn, excluding
held for sale assets, representing 55% of
customer deposits. We operate with a
surplus of customer deposits relative to
loans in each of our four franchises and in
our major operating entities, including The
Hongkong and Shanghai Banking Corporation
Limited, HSBC UK and HSBC Bank plc.
$1.8tn
Customer deposit balances
(2024: $1.7tn)
Improving operational excellence through artificial intelligence
In 2025, we accelerated the adoption of
Generative AI (‘GenAI’) across HSBC, moving
from experimentation to scaled delivery.
Today, we have over 100 GenAI solutions in
use and a strong pipeline of use cases in
development. Our adoption of AI is
underpinned by our people, and we continue
to invest in training and tooling to support
staff in their roles. Around the globe, around
85% of our colleagues have access to our
large language model-based productivity
tool, HSBC Productivity Suite, which helps
them to analyse and translate documents,
summarise information and generate insights.
While the progress this year has been
significant, the opportunity ahead is far
greater. Our strategic partnership with Mistral
strengthens our commitment to scale GenAI
capabilities and we will continue to prioritise
areas that matter most to our customers and
colleagues, and drive performance. Through
2026, we intend to expand enterprise-wide
adoption of AI tools and strive to embed AI
deeper into our core processes.
>100
GenAI solutions in use
Our ambitions
Revenue growth rising to 5% YoY
We are focused on growth opportunities
within our strategy that play to our strengths,
while maintaining tight cost discipline and
continuing to invest in growth and efficiency.
We are targeting revenue growth rising to 5%
year-on-year by 2028 on a constant currency
basis excluding notable items. We see growth
opportunities in each of our four businesses. In
Hong Kong, we intend to consolidate market
leadership with the privatisation of Hang Seng
Bank. In the UK, we see the opportunity to
continue building our mortgage franchise and
build share in SME banking. In IWPB, we
intend to particularly focus on building our
successful wealth business, especially in Asia
and the Middle East. In CIB, the opportunities
include further expanding our international
network business and transaction banking.
Having simplified our approach to now include
a revenue growth target, we no longer provide
separate guidance on Wealth fee and other
income growth.
RoTE of 17% or better
Underpinned by the momentum in our earnings
and the positive progress we are making in our
strategic execution, we are targeting a RoTE
excluding notable items of 17% or better for
each of 2026, 2027 and 2028.
Capital generation
Our business model is designed to be highly
capital generative. In 2025, our CET1 capital
ratio was 14.9%, remaining stable compared
with 31 December 2024. During the calendar
year, we paid $5.2bn ordinary dividends with
respect to 2025, and we expect to pay a
further $7.7bn through the fourth interim
dividend with respect to 2025. We aim to
maintain a CET1 capital ratio in the range of
14-14.5% over the medium term8. Capital may
fall below our target range during the first half
of 2026 owing to the privatisation of Hang
Seng Bank. We plan to address this through
organic capital generation and pausing share
buy-backs until CET1 capital is back within or
above this range. A decision to recommence
buy-backs will be subject to our normal buy-
back considerations and process on a quarterly
basis.
Our primary use of capital generation is to pay
an ordinary dividend of 50% of profit
attributable to ordinary shareholders, excluding
material notable items and related impacts (our
dividend payout ratio target basis9). Our
preferred use of capital after paying the
dividend is to support the growth of our four
businesses.
Our targets for 2026-2028
Rising to 5%
Revenue growth YoY by 2028, on a constant
currency basis excluding notable items9
17% or better
RoTE excluding notable items target for 2026,
2027 and 20289
50%
Dividend payout ratio target basis, 2026-20289
8Medium term is defined as 3-5 years from 1
January 2026.
9    We do not reconcile our forward guidance on
revenue on a constant currency basis excluding
notable items, RoTE excluding the impact of
notable items or dividend payout ratio target
basis to their equivalent reported measures.
HSBC Holdings plc Annual Report on Form 20-F
15
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Financial overview
Performance compared with our 2025 Group financial targets
Return on average tangible equity
excluding notable items ø
17.2%
(2024: 15.6%)
In 2025, RoTE was 13.3%, a decrease of 1.3
percentage points from 2024.
For the purposes of measuring performance
against our Group target, we adjust RoTE to
exclude notable items.
RoTE excluding notable items was 17.2%, an
increase of 1.6 percentage points compared
with 2024 and above our mid-teens target for
2025.
To better align with market practice, from our
2025 full-year results we no longer adjust the
‘average tangible equity‘ for the post-tax
impact of notable items in each period. We
have re-presented comparatives on the
revised basis. This revision improved RoTE
excluding notable items by 16bps in 2025. In
2024, this revision had a 34bps adverse
impact.
ÑSee pages 65 and 107 for further detail on RoTE
excluding notable items.
ÑSee page 65 for further details on notable items.
Target basis operating expenses ø
$33.5bn
(2024: $32.5bn)
In 2025, operating expenses of $36.4bn
increased by $3.4bn or 10%, on a reported
basis.
Target basis operating expenses grew by 3%
compared with 2024 in line with our target of
approximately 3%. This primarily
reflected higher planned spend in technology,
higher performance-related pay and the impact
of inflation.
Our target basis operating expenses exclude
the direct cost impact of the business
disposals in Canada and Argentina, notable
items and the impact of retranslating the prior
year results of hyperinflationary economies at
constant currency.
Our target basis operating expenses included
the impact of simplification-related savings
associated with our reorganisation, which
generated $0.6bn of cost reductions in 2025.
We are on track to have taken actions to
deliver our $1.5bn annualised cost reduction
by the end of June 2026, which is six months
earlier than planned.
ÑSee page 109 for a reconciliation of target basis
operating expenses to reported operating expenses.
Capital and dividend policy
CET1 ratio 
14.9%
(2024: 14.9%)
Dividend payout ratio in respect of 2025
50%
on a dividend payout ratio target basis ø
At 31 December 2025, our CET1 capital ratio
was 14.9%, which was higher than our
medium-term target range of 14% to 14.5%.
We intend to continue to manage the CET1
ratio within this range.
The total dividend per share announced in
respect of 2025 was $0.75. On a dividend
payout ratio target basis this resulted in a
payout ratio of 50% of earnings per share. For
the purposes of computing our target basis
dividend payout ratio, we exclude from
earnings per share material notable items and
related impacts.
ÑSee page 110 for a reconciliation of basic
earnings per share excluding material notable
items and related impacts to basic earnings per
share.
Basis of presentation
Constant currency performance
Constant currency performance is computed
by adjusting reported results of comparative
periods for the effects of foreign currency
translation differences, which distort period-
on-period comparisons. Constant currency
performance provides useful information for
investors by aligning internal and external
reporting, reflecting how management
assesses period-on-period performance.
Notable items and material notable items
We separately disclose ‘notable items‘, which
are components of our income statement that
management considers as outside the normal
course of business and generally non-recurring
in nature. Certain notable items are classified
as ‘material notable items’, a subset of notable
items. Categorisation as a material notable
item is dependent on the nature of each item
in conjunction with the financial impact on the
Group’s income statement, and are excluded
from our target basis dividend payout ratio
calculation and earnings per share measure.
Material notable items in 2025 or relevant
comparative periods relate to the following:
–Income statement impacts associated with
actions to exit or wind down certain
businesses to redeploy costs from non-
strategic activities (reported under
‘Disposals, wind-downs, acquisitions and
related costs’ in notable items).
–Dilution and impairment losses on our
investment in BoCom.
–A legal provision following developments in
a claim in Luxembourg relating to the
Bernard L. Madoff Investment Securities
LLC fraud.
Impact of strategic transactions
To aid the understanding of our results, we
separately disclose the impact of strategic
transactions classified as material notable
items on the results of the Group and our
business segments. The distorting impact of
the operating income statement results related
to acquisitions and disposals that affect period-
on-period comparisons primarily related to our
disposals in Canada and Argentina. 
Management view of revenue on a
constant currency basis
We provide breakdowns of revenue for each
of our business segments on a constant
currency basis by major product. These reflect
the basis on which revenue performance of
the businesses is assessed and managed. In
the management view of revenue, notable
items are presented separately. We group
certain products in a consistent manner across
our business segments. Wholesale transaction
banking comprises our Global Foreign
Exchange, Global Payments Solutions (‘GPS’),
Global Trade Solutions (‘GTS’) and Securities
Services businesses. Wealth comprises our
Investment Distribution, Insurance, Private
Bank and Asset Management businesses.
On page 18, we provide a summarised
management view of revenue for the Group‘s
results to supplement the Group‘s reported
revenue performance using the product
grouping used to manage and assess our
segmental performance.
ÑSee page 92 for further details on the impact of
strategic transactions.
ÑSee page 65 for further details on basis of
preparation and use of alternative performance
measures.
ÑSee pages 88 to 90 and pages 97 to 102 for
details of notable items in our business segments
and legal entities.
HSBC Holdings plc Annual Report on Form 20-F
16
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Additional
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Financial overview
Key financial metrics
For the year ended 31 Dec
Reported results
2025
2024
2023
Profit before tax ($m)
29,907
32,309
30,348
Profit after tax ($m)
23,131
24,999
24,559
Net operating income before change in expected credit losses and other credit
impairment charges (‘revenue’) ($m)
68,274
65,854
66,058
Cost efficiency ratio (%)
53.4
50.2
48.5
Net interest margin (%)
1.59
1.56
1.66
Basic earnings per share ($)
1.21
1.25
1.15
Diluted earnings per share ($)
1.20
1.24
1.14
Dividend per ordinary share (in respect of the period) ($)1
0.75
0.87
0.61
Dividend payout ratio (%)2
50
50
50
Alternative performance measures ø
Constant currency profit before tax ($m)
29,907
32,384
29,802
Constant currency revenue ($m)
68,274
66,009
65,040
Constant currency banking net interest income ($m)
44,084
43,550
42,515
Constant currency cost efficiency ratio (%)
53.4
50.2
48.7
Constant currency profit before tax excluding notable items ($m)
36,617
34,181
32,841
Constant currency revenue excluding notable items ($m)
71,020
67,591
64,835
Constant currency profit before tax excluding notable items and strategic transactions ($m)
36,617
33,768
N/A
Constant currency revenue excluding notable items and strategic transactions ($m)
71,020
66,377
N/A
Expected credit losses and other credit impairment charges (annualised) as a % of
average gross loans and advances to customers, including held for sale (%)
0.39
0.34
0.31
Basic earnings per share excluding material notable items and related impacts ($)
1.51
1.31
1.22
Return on average ordinary shareholders’ equity (annualised) (%)
12.3
13.6
13.6
Return on average tangible equity (annualised) (%)
13.3
14.6
14.6
Return on average tangible equity excluding notable items (annualised) (%)
17.2
15.6
16.0
Target basis operating expenses ($m)
33,464
32,478
N/A
At 31 Dec
Balance sheet
2025
2024
2023
Total assets ($m)
3,233,034
3,017,048
3,038,677
Net loans and advances to customers ($m)
988,399
930,658
938,535
Constant currency net loans and advances to customers ($m)
988,399
970,778
955,706
Customer accounts ($m)
1,786,828
1,654,955
1,611,647
Constant currency customer accounts ($m)
1,786,828
1,719,240
1,641,000
Average interest-earning assets, year to date ($m)
2,190,078
2,099,285
2,161,746
Loans and advances to customers as % of customer accounts (%)
55.3
56.2
58.2
Total shareholders’ equity ($m)
198,225
184,973
185,329
Tangible ordinary shareholders’ equity ($m)
165,153
154,295
155,710
Net asset value per ordinary share at period end ($)
10.36
9.26
8.82
Tangible net asset value per ordinary share at period end ($)
9.64
8.61
8.19
Capital, leverage and liquidity
Common equity tier 1 capital ratio (%)3,4
14.9
14.9
14.8
Risk-weighted assets ($m)3,4
888,647
838,254
854,114
Total capital ratio (%)3,4
20.5
20.6
20.0
Leverage ratio (%)3,4
5.3
5.6
5.6
High-quality liquid assets (liquidity value) ($m)4,5
702,123
649,210
647,505
Liquidity coverage ratio (%)4,5
137
138
136
Net stable funding ratio (%)4,5
143
143
138
Share count
Period end basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions)
17,140
17,918
19,006
Period end basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares, after
deducting own shares held (millions)
17,276
18,062
19,135
Average basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions)
17,427
18,357
19,478
ÑFor reconciliation and analysis of our reported results on a constant currency basis, including lists of notable items, see page 88. Definitions and calculations of
other alternative performance measures are included in ‘Reconciliation of alternative performance measures’ on page 106.
1In 2024, dividend per share includes the special dividend of $0.21 per ordinary share arising from the proceeds of the sale of our banking business in Canada to
Royal Bank of Canada.
2Our dividend payout ratio is adjusted for material notable items and related impacts, including all associated income statement impacts relating to those items. 
3Regulatory capital ratios and requirements are based on the transitional arrangements of the Capital Requirements Regulation in force at the time. Effective 1
January 2025, the IFRS 9 transitional arrangements came to an end, followed by the end of the CRR II grandfathering provisions on 28 June 2025.
4Regulatory numbers and ratios are as presented at the date of reporting. Small changes may exist between these numbers and ratios and those submitted in
regulatory filings. Where differences are significant, we may restate in subsequent periods.
5The liquidity coverage ratio is based on the average value of the preceding 12 months. The net stable funding ratio is based on the average value of four preceding
quarters.
HSBC Holdings plc Annual Report on Form 20-F
17
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Additional
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Financial overview
Income statement results
2025 compared with 2024
Movement in reported profit before tax compared with 2024
2025
2024
2023
2025 vs 2024
of which strategic
transactions1
Reported results
$m
$m
$m
$m
%
$m
Revenue
68,274
65,854
66,058
2,420
4
(1,936)
–  of which: net interest income
34,794
32,733
35,796
2,061
6
(1,628)
ECL
(3,850)
(3,414)
(3,447)
(436)
(13)
87
Net operating income
64,424
62,440
62,611
1,984
3
(1,849)
Total operating expenses
(36,428)
(33,043)
(32,070)
(3,385)
(10)
606
Operating profit
27,996
29,397
30,541
(1,401)
(5)
(1,243)
Share of profit in associates and joint ventures less
impairment
1,911
2,912
(193)
(1,001)
(34)
Profit before tax
29,907
32,309
30,348
(2,402)
(7)
(1,243)
Tax expense
(6,776)
(7,310)
(5,789)
534
7
Profit after tax
23,131
24,999
24,559
(1,868)
(7)
Revenue excluding notable items ø
71,020
67,434
65,723
3,586
5
Profit before tax excluding notable items ø
36,617
34,122
33,198
2,495
7
1For details, see ‘Strategic transactions supplementary analysis‘ on page 92.
Reported profit
Reported profit before tax of $29.9bn was
$2.4bn or 7% lower, mainly due to a $4.9bn
year-on-year net adverse impact from notable
items.
In 2025, notable item impacts included
recognition of dilution and impairment losses
of $2.1bn related to BoCom, reserve recycling
losses of $1.5bn following the completion of
the sale of our French retained portfolio of
home and certain other loans, legal provisions
of $1.4bn and restructuring and other related
costs associated with our organisational
simplification of $1.0bn. In 2024, these
included a gain of $4.8bn on the disposal of
our banking business in Canada and the
impacts of the disposal of our business in
Argentina, comprising a $1.0bn loss on
disposal, and the recycling of foreign currency
reserve losses and other reserves of $5.2bn.
They also included a $0.2bn loss on the early
redemption of legacy securities.
On a constant currency basis, profit before tax
of $29.9bn was $2.5bn lower than in 2024,
while excluding notable items it increased by
$2.4bn or 7%.
Reported revenue
Reported revenue of $68.3bn was $2.4bn or
4% higher, reflecting strong fee and other
income growth. This was partly offset by a net
adverse movement in notable items of
$1.2bn, primarily relating to business
disposals, as well as a dilution loss of $1.1bn
following the completion of BoCom’s capital
issuance in June 2025, which reduced our
interest from 19.03% to 16.00%.
Revenue excluding notable items increased by
$3.6bn, primarily reflecting higher fee and
other income in Wealth and Wholesale
Transaction Banking, as well as from the non-
recurrence of adverse hyperinflationary
impacts in Argentina.
In Wealth, there was a strong performance in
Insurance, due to a higher CSM release,
reflecting strong new business growth and
favourable net investment returns and
experience variances, and growth in our
Private Bank and investment distribution from
higher customer activity. In Wholesale
Transaction Banking, fee and other income
growth reflected a strong performance in
2025, particularly in Global Foreign Exchange
amid elevated market volatility.
Net interest income
NII increased by $2.1bn reflecting the benefit
of the reinvestment of our structural hedge at
higher yields, deposit balance growth and
higher NII in Markets Treasury. In addition, the
increase reflected the non-recurrence of a
$0.2bn loss in 2024 on the early redemption of
legacy securities. This was partly offset by the
adverse impact of $1.6bn from business
disposals in Argentina and Canada, and margin
compression on our deposits from lower
interest rates. The growth in NII also reflected
a benefit from lower funding costs associated
with the trading book of $1.7bn. Banking NII,
which excludes these funding costs, increased
by $0.3bn.
On a constant currency basis, revenue
increased by $2.3bn or 3% and banking NII
rose by $0.5bn.
Notable items – on a reported basis
2025
2024
2023
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs1
(1,642)
(1,343)
1,298
Dilution loss of interest in BoCom associate
(1,104)
—
—
Fair value movements on financial instruments
—
—
14
Disposal losses on Markets Treasury repositioning
—
—
(977)
Early redemption of legacy securities
—
(237)
—
Currency translation on revenue notable items
—
(2)
(130)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(502)
(199)
(321)
Restructuring and other related costs
(1,030)
(34)
136
Legal provisions
(1,432)
—
—
Currency translation on operating expenses notable items
—
18
—
Share of profit in associates and joint ventures less impairment
Impairment losses of interest in BoCom associate
(1,000)
—
(3,000)
Currency translation on associate notable items
—
—
(59)
12024 includes losses of $0.2bn related to the sale of our business in Russia, which are not categorised as a material notable item.
HSBC Holdings plc Annual Report on Form 20-F
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Reported ECL
Reported ECL charges of $3.9bn were $0.4bn
or 13% higher than 2024, including charges in
both periods related to the CRE sectors in
Hong Kong and mainland China. In 2025, the
charge in this sector in Hong Kong of $0.7bn
(2024: $0.1bn) reflected higher allowances for
new defaulted exposures, the impact of an
over-supply of non-residential properties that
has put continued downward pressure on
rental and capital values, and updates to our
models used for ECL calculations. The 2025
charge in the mainland China CRE sector was
$0.2bn (2024: $0.4bn).
ÑFor further details of the calculation of ECL, see
pages 157 to 160.
Reported operating expenses
Reported operating expenses of $36.4bn were
$3.4bn or 10% higher. The increase primarily
reflected notable items in 2025, including legal
provisions of $1.4bn, restructuring and other
related costs in 2025 of $1.0bn and $0.5bn
related to disposals, wind-downs, acquisitions
and related costs.
The remaining growth in reported operating
expenses included higher planned spend and
investment in technology, higher performance-
related pay and the impacts of inflation. These
increases were partly offset by reductions
following the completion of business disposals
in Canada and Argentina, and the benefits
delivered by our restructuring activities.
Target basis operating expenses were
$33.5bn or 3% higher than in 2024 due to
higher planned spend and investment in
technology and the impact of inflation.
Reported share of profit in associates and
joint ventures less impairment of $1.9bn
was $1.0bn or 34% lower, primarily due to an
impairment loss of $1.0bn recognised on
BoCom following our value-in-use assessment
made in 2025.
ÑFor further details on our value-in-use
assessment, see Note 18: Interests in associates
and joint ventures on page 345.
Tax expense
In 2025 tax expense was a charge of $6.8bn,
representing an effective tax rate of 22.7%
(2024: 22.6%). Excluding the non-deductible
impairment and dilution loss in BoCom and
legal provisions on which no tax benefit is
recorded, the effective rate for 2025 was
20.6% (2024: 21.5%, excluding the impact of
the non-taxable gains and losses on the sale of
our banking business in Canada and our
business in Argentina).
ÑFor further details on tax expense, see page 70.
Supplementary management view of revenue ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions1
$m
$m
$m
$m
%
$m
Banking NII2
44,084
43,975
44,095
109
0
(1,603)
Fee and other income
26,936
23,459
21,628
3,477
15
128
–  Wealth
9,390
7,559
6,339
1,831
24
(164)
–  Wholesale Transaction Banking
10,860
10,433
10,654
427
4
(171)
–  Other
6,686
5,467
4,635
1,219
22
463
Revenue excluding notable items
71,020
67,434
65,723
3,586
5
(1,475)
Notable items
(2,746)
(1,580)
335
(1,166)
(74)
(461)
Revenue
68,274
65,854
66,058
2,420
4
(1,936)
1For details, see ‘Strategic transactions supplementary analysis‘ on page 92.
2For a reconciliation of banking NII to reported NII, see page 69. In the supplementary management view of revenue, banking NII in 2024 excludes notable items
of $0.2bn, which are separately presented in ‘notable items’. There were no notable items in banking NII in 2025 or 2023.
Movement in reported profit before tax compared with 2024 – constant currency basis
2025
2024
2023
2025 vs 2024
of which strategic
transactions1
Results – on a constant currency basis ø
$m
$m
$m
$m
%
$m
Revenue
68,274
66,009
65,040
2,265
3
(1,681)
ECL
(3,850)
(3,392)
(3,250)
(458)
(14)
72
Total operating expenses
(36,428)
(33,146)
(31,691)
(3,282)
(10)
417
Operating profit
27,996
29,471
30,099
(1,475)
(5)
(1,192)
Share of profit in associates and joint ventures less impairment
1,911
2,913
(297)
(1,002)
(34)
—
Profit before tax
29,907
32,384
29,802
(2,477)
(8)
(1,192)
Revenue excluding notable items
71,020
67,591
64,835
3,429
5
Profit before tax excluding notable items
36,617
34,181
32,841
2,436
7
1  For details, see ‘Strategic transactions supplementary analysis‘ on page 92.
Balance sheet and capital
Balance sheet strength
Total assets of $3.2tn were $216bn higher than
at 31 December 2024 on a reported basis, and
$93bn higher on a constant currency basis. The
increase was driven by growth in financial
investments balances, higher trading assets
and reverse repurchase agreements and higher
other asset balances. This was partly offset by
lower cash and balances at central banks due
to redeployment opportunities and a decrease
in derivative assets. Loans and advances to
customers also increased, and as a percentage
of customer accounts they were 55.3%,
compared with 56.2% at 31 December 2024
(excluding balances classified as held for sale).
Given customer loan growth has been muted in
recent years, we will no longer provide
guidance on medium- to long-term customer
lending growth. 
ÑFor detailed balance sheet commentary, see
page 74.
Distributable reserves
The distributable reserves of HSBC Holdings
at 31 December 2025 were $46.2bn, a
$17.9bn increase since 31 December 2024,
primarily driven by $22.1bn in profits and other
reserve movements generated in 2025,
cancellation of $16.6bn standing to the credit
of its share premium and capital redemption
reserves pursuant to the Court approval
obtained by HSBC Holdings on 24 June 2025,
offset by $20.8bn of dividends on ordinary
shares, additional tier 1 coupon and share buy-
back payments.
Capital and liquidity position
Our CET1 ratio at 31 December 2025
remained at 14.9%, unchanged from
31 December 2024. The average high-quality
liquid assets (‘HQLA’) we held was $702.1bn
(31 December 2024: $649.2bn). This excludes
HQLA in legal entities that are not transferable
due to local restrictions.
ÑFor further details, see ‘Capital overview‘ on
page 191.
HSBC Holdings plc Annual Report on Form 20-F
19
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Business segments
Hong Kong
Our Hong Kong business has a leading market position in our home
market of Hong Kong. It comprises Retail Banking and Wealth and
Commercial Banking of HSBC Hong Kong and Hang Seng Bank.
Contribution to Group profit
before tax ø
13194139533560
$9.6bn
Calculation is based on profit before tax of our
business segments excluding Corporate Centre.
Divisional highlights
40%
7%
Growth in Wealth fee and other
income compared with 2024,
on a constant currency basis. ø
Growth in deposits compared with
2024, on a constant currency basis. ø
Results – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Revenue
15,878
15,047
14,532
831
6
—
ECL
(1,476)
(1,077)
(1,494)
(399)
(37)
—
Operating expenses
(4,826)
(4,841)
(4,514)
15
—
—
Share of profit/(loss) from associates and joint ventures
—
—
—
—
—
—
Profit before tax
9,576
9,129
8,524
447
5
—
RoTE1 (%)
35.5
37.5
34.7
RoTE excluding notable items1 (%)
35.5
37.5
36.4
Management view of revenue – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Banking NII3
12,082
11,997
12,108
85
1
—
Fee and other income4
3,796
3,050
2,798
746
24
—
–  Retail Banking and Wealth
2,658
1,941
1,678
717
37
—
–  Retail Banking
326
312
287
14
4
—
–  Wealth
2,206
1,577
1,203
629
40
—
–  Other5
126
52
188
74
>100
–  Commercial Banking
1,138
1,109
1,120
29
3
—
–  Wholesale Transaction Banking
730
709
692
21
3
—
–  Credit and Lending
78
83
76
(5)
(6)
—
–  Other5
330
317
352
13
4
—
Revenue excluding notable items
15,878
15,047
14,906
831
6
—
Notable items
—
—
(374)
—
n/a
—
Revenue
15,878
15,047
14,532
831
6
—
1    For details of our RoTE calculation by business segment, see page 108.
2    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 92.
3    For a description of how we derive banking NII, see page 65. In the Hong Kong business, there are no adjustments to NII to derive banking NII.
4    For supplementary analysis of fee and other income, see page 91.
5    Includes revenue from Markets Treasury. It also includes other non-product-specific income and notional tax credits.
HSBC Holdings plc Annual Report on Form 20-F
20
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Notable items
2025
2024
2023
$m
$m
$m
Revenue
Disposal losses on Markets Treasury repositioning
—
—
(373)
Currency translation on revenue notable items
—
—
(1)
Operating expenses
Restructuring and other related costs
(16)
—
—
Currency translation on operating expenses notable items
—
—
—
Financial performance 
Profit before tax of $9.6bn increased by $0.4bn
or 5% compared with 2024, on a constant
currency basis.
Revenue of $15.9bn was $0.8bn or 6% higher,
on a constant currency basis.
Banking NII of $12.1bn was broadly stable
compared with 2024, as the benefit of growth
in deposit balances was largely offset by
margin compression on deposits in a lower
interest rate environment, together with lower
lending balances.
Fee and other income of $3.8bn grew by
$0.7bn or 24%, primarily reflecting an increase
of $0.6bn or 40% in Wealth from a strong
performance in investment distribution due to
higher customer activity.
ECL of $1.5bn increased by $0.4bn compared
with 2024, on a constant currency basis,
including charges in both periods related to the
Hong Kong CRE sector. In 2025, the increased
charge in this sector reflected higher
allowances for new defaulted exposures, the
impact of an over-supply of non-residential
properties that has put continued downward
pressure on rental and capital values, and
updates to our models used for ECL
calculations.
Operating expenses of $4.8bn were stable, on
a constant currency basis. This reflected lower
operations costs, which were broadly offset by
increases from planned higher spend on
technology, including the development of our
Wealth proposition, and the impact of inflation.
ÑFor business segment financial performance
commentary for the year ended 31 December
2024 compared with 31 December 2023, see
pages 104 to 105.
HSBC Holdings plc Annual Report on Form 20-F
21
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Business segments
UK
Our UK business has a leading market position in our home market of the
UK. It comprises UK Retail Banking and Wealth (including first direct and
M&S Bank) and UK Commercial Banking, including HSBC Innovation Bank.
Contribution to Group profit
before tax ø
13194139533582
$6.7bn
Calculation is based on profit before tax of our
business segments excluding Corporate Centre.
Divisional highlights
6%
7%
Growth in loans and advances to customers
compared with 2024, on a constant
currency basis. ø
Growth in banking NII compared with 2024,
on a constant currency basis.3 ø
Results – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Revenue
12,938
12,342
13,439
596
5
—
ECL
(696)
(415)
(545)
(281)
(68)
—
Operating expenses
(5,537)
(5,104)
(4,829)
(433)
(8)
(7)
Share of profit/(loss) from associates and joint ventures
—
—
—
—
—
—
Profit before tax
6,705
6,823
8,065
(118)
(2)
(7)
RoTE1 (%)
22.6
25.0
33.3
RoTE excluding notable items1 (%)
22.9
25.0
25.1
Management view of revenue – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Banking NII3
11,096
10,355
9,903
741
7
—
Fee and other income4
1,842
1,987
2,036
(145)
(7)
—
–  Retail Banking and Wealth
617
744
749
(127)
(17)
—
–  Retail Banking
255
273
260
(18)
(7)
—
–  Wealth
339
391
419
(52)
(13)
—
–  Other5
23
80
70
(57)
(71)
–  Commercial Banking
1,225
1,243
1,287
(18)
(1)
—
–  Wholesale Transaction Banking
891
912
926
(21)
(2)
—
–  Credit and Lending
238
216
178
22
10
—
–  Other5
96
115
183
(19)
(17)
—
Revenue excluding notable items
12,938
12,342
11,939
596
5
—
Notable items
—
—
1,500
—
n/a
—
Revenue
12,938
12,342
13,439
596
5
—
1    For details of our RoTE calculation by business segment, see page 108.
2    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 92.
3    For a description of how we derive banking NII, see page 65. In the UK business, there are no adjustments to NII to derive banking NII.
4    For supplementary analysis of fee and other income, see page 91.
5    Includes revenue from Markets Treasury. It also includes other non-product-specific income, gains/(losses) on property disposals and notional tax credits.
HSBC Holdings plc Annual Report on Form 20-F
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Notable items
2025
2024
2023
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs
—
—
1,591
Disposal losses on Markets Treasury repositioning
—
—
(142)
Currency translation on revenue notable items
—
—
51
Operating expenses
Disposals, wind-downs, acquisitions and related costs
1
6
(45)
Restructuring and other related costs
(70)
7
17
Currency translation on operating expenses notable items
—
—
(3)
Financial performance
Profit before tax of $6.7bn was $0.1bn or 2%
lower than 2024, on a constant currency basis.
Revenue of $12.9bn was $0.6bn or 5% higher
on a constant currency basis.
Banking NII of $11.1bn increased by $0.7bn or
7%, despite reductions in interest rates. This
increase was driven by the continued benefit
of our structural hedge, as well as higher
lending balances across mortgages and
corporate lending and from growth in deposit
balances, in line with the increase in the
overall market size. These increases were
partly offset by the impact of lower interest
rates.
Fee and other income of $1.8bn fell by 7%.
–In Retail Banking and Wealth, fee and other
income was lower reflecting an increased
cost of customer rewards following the
relaunch of HSBC Premier.
–In Commercial Banking, lower business
banking fees due to proposition changes
were partly offset by higher corporate
lending fees.
ECL of $0.7bn increased by $0.3bn compared
with 2024, on a constant currency basis. The
increase reflected a more normalised level of
ECL in 2025, as well as the non-recurrence of
releases against retail exposures in 2024.
Operating expenses of $5.5bn increased by
$0.4bn or 8%, on a constant currency basis,
including restructuring and other related costs
associated with our organisational
simplification of $0.1bn. The increase primarily
reflected planned higher investment spend in
technology, including on operational resilience.
ÑFor business segment financial performance
commentary for the year ended 31 December
2024 compared with 31 December 2023, see
pages 104 to 105.
HSBC Holdings plc Annual Report on Form 20-F
23
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Business segments
Corporate and
Institutional Banking
Our CIB business is a market leader in cross-border transaction banking and
capital markets.
Contribution to Group profit
before tax ø
13194139533619
$11.4bn
Calculation is based on profit before tax of our
business segments excluding Corporate Centre.
Divisional highlights
7%
16.2%
Growth in fees and other income compared
with 2024, on a constant currency basis. ø
RoTE excluding notable items up 2.0
percentage points compared with 2024. ø
Results – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Revenue
27,637
26,772
24,723
865
3
(638)
ECL
(696)
(878)
(524)
182
21
36
Operating expenses
(15,556)
(14,612)
(13,755)
(944)
(6)
96
Share of profit/(loss) from associates and joint ventures
1
1
(1)
—
—
—
Profit before tax
11,386
11,283
10,443
103
1
(506)
RoTE1 (%)
14.9
14.2
14.3
RoTE excluding notable items1 (%)
16.2
14.2
14.8
Management view of revenue – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Banking NII3
14,532
14,519
13,399
13
0
(758)
Fee and other income4
13,114
12,267
11,701
847
7
129
–  Wholesale Transaction Banking
9,239
8,847
8,920
392
4
(137)
–  Investment Banking
962
946
851
16
2
(26)
–  Debt and Equity Markets
2,283
2,252
1,628
31
1
33
–  Wholesale Credit and Lending
567
626
668
(59)
(9)
(52)
–  Other5
63
(404)
(366)
467
>100
311
Revenue excluding notable items
27,646
26,786
25,100
860
3
(629)
Notable items
(9)
(14)
(377)
5
36
(9)
Revenue
27,637
26,772
24,723
865
3
(638)
1    For details of our RoTE calculation by business segment, see page 108.
2    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 92.
3    For a description of how we derive banking NII, see page 65. In CIB, there are no adjustments to NII to derive banking NII. The internal funding costs of trading
and fair value net assets are recorded in ’fee and other income’. On consolidation, this funding is eliminated in Corporate Centre. In 2025, this funding cost was
$9.7bn (2024: $11.5bn).
4    For supplementary analysis of fee and other income, see page 91.
5    Includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes notional tax credits.
HSBC Holdings plc Annual Report on Form 20-F
24
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Business segments
Notable items
2025
2024
2023
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs
(9)
(14)
—
Disposal losses on Markets Treasury repositioning
—
—
(371)
Currency translation on revenue notable items
—
—
(6)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(290)
(10)
(7)
Restructuring and other related costs
(348)
(2)
45
Legal provisions
(322)
—
—
Currency translation on operating expenses notable items
—
3
2
Financial performance
Profit before tax of $11.4bn was $0.1bn or
1% higher than in 2024, on a constant
currency basis.
Revenue of $27.6bn was $0.9bn or 3%
higher, on a constant currency basis, including
the adverse impact of $0.6bn from strategic
transactions.
Banking NII of $14.5bn was broadly stable in
comparison with 2024 including an adverse
impact of $0.8bn from strategic transactions.
Banking NII benefited from an increase in
allocated revenue from Markets Treasury
along with a strong growth of 8% in GTS,
mainly in Asia. This was offset by a reduction
in GPS due to the impact of lower interest
rates, offsetting a 5% growth in average
balances.
Fee and other income of $13.1bn increased
by $0.8bn or 7%.
–In Wholesale Transaction Banking, fee and
other income increased by $0.4bn or 4%,
mainly due to strong trading performance in
Global Foreign Exchange from elevated
market volatility and Securities Services,
reflecting improved market conditions and
new clients.
–In Debt and Equity Markets, fee and other
income increased by 1% from elevated
market volatility and strong client demand
from both wealth and corporate clients
within Equity Derivatives.
–In Other, fee and other income increased by
$0.5bn, largely due to the non-recurrence of
adverse hyperinflationary impacts in
Argentina.
ECL of $0.7bn decreased by $0.2bn compared
with 2024 on a constant currency basis. The
decrease reflected lower charges in Asia, due
to a reduction in ECL within the CRE sector in
mainland China.
Operating expenses of $15.6bn were $0.9bn
or 6% higher than in 2024 on a constant
currency basis, including a $0.1bn favourable
impact from strategic transactions. The
increase reflected the impact of notable items
of $1.0bn, including restructuring and other
related costs associated with our
organisational simplification of $0.3bn, legal
provisions of $0.3bn, and costs associated
with the wind-down of M&A and ECM
activities in the UK, Europe and the US. Cost
growth also reflected planned higher spend
and investment in technology, and inflationary
impacts.
ÑFor business segment financial performance
commentary for the year ended 31 December
2024 compared with 31 December 2023, see
pages 104 to 105.
HSBC Holdings plc Annual Report on Form 20-F
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Business segments
International Wealth and
Premier Banking
Our IWPB business comprises Premier banking outside of Hong Kong and
the UK, our Private Bank, Asset Management and Insurance businesses.
Contribution to Group
profit before tax ø
13194139533543
$4.4bn
Calculation is based on profit before tax of our
business segments excluding Corporate Centre.
Divisional highlights
22%
35%
Growth in wealth fees and other
income compared with 2024, on a constant
currency basis. ø
Growth in Insurance manufacturing new
business CSM compared with 2024, up
$0.9bn.
Results – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Revenue
14,520
13,817
12,385
703
5
(590)
ECL
(892)
(993)
(686)
101
10
36
Operating expenses
(9,285)
(8,900)
(8,549)
(385)
(4)
253
Share of profit/(loss) from associates and joint ventures
24
45
62
(21)
(47)
—
Profit before tax
4,367
3,969
3,212
398
10
(301)
RoTE1 (%)
17.8
15.7
13.1
RoTE excluding notable items1 (%)
19.0
15.5
13.6
Management view of revenue – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Banking NII3
7,000
7,640
7,288
(640)
(8)
(552)
Fee and other income4
7,593
6,151
5,391
1,442
23
61
–  Retail Banking
665
765
745
(100)
(13)
(41)
–  Wealth
6,845
5,618
4,661
1,227
22
(143)
–  Other5
83
(232)
(15)
315
>100
245
Revenue excluding notable items
14,593
13,791
12,679
802
6
(491)
Notable items
(73)
26
(294)
(99)
>(100)
(99)
Revenue
14,520
13,817
12,385
703
5
(590)
1    For details of our RoTE calculation by business segment, see page 108.
2    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 92.
3    For a description of how we derive banking NII, see page 65. Banking NII in IWPB is computed by deducting third-party NII in our insurance business from total
IWPB NII, which was $0.4bn in 2025 (2024: $0.4bn). Total Insurance NII is presented in ‘fee and other income‘ in Wealth.
4    For supplementary analysis of fee and other income, see page 91.
5    Includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes other non-product-specific income.
HSBC Holdings plc Annual Report on Form 20-F
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Business segments
Notable items
2025
2024
2023
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs
(73)
28
4
Disposal losses on Markets Treasury repositioning
—
—
(91)
Currency translation on revenue notable items
—
(2)
(207)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(83)
(3)
(53)
Restructuring and other related costs
(161)
(14)
11
Currency translation on operating expenses notable items
—
—
—
Financial performance
Profit before tax of $4.4bn was $0.4bn higher
than in 2024, on a constant currency basis.
Revenue of $14.5bn was $0.7bn or 5% higher
on a constant currency basis. This included an
adverse impact of $0.6bn from strategic
transactions.
Banking NII of $7.0bn decreased by $0.6bn or
8%, primarily driven by the impact of strategic
transactions of $0.6bn, and the effects of
lower interest rates on deposits. This
reduction was partly offset by growth in
deposits and lending balances, mainly in Asia.
Fee and other income of $7.6bn was up by
$1.4bn or 23%, driven by Wealth due to
broad-based growth across all products and in
multiple markets, including Hong Kong,
mainland China, Singapore, Taiwan and
Mexico.
In Wealth, fee and other income of $6.8bn
was up $1.2bn or 22%, including an adverse
impact of $0.1bn from strategic transactions.
–Insurance increased by $0.6bn or 35%,
reflecting a higher CSM release given
continued year-on-year growth in our CSM
balance and favourable net investment
return and experience variances. The
insurance manufacturing CSM balance at 31
December 2025 was $14.6bn, up $2.5bn or
21% compared with 31 December 2024.
The increase primarily reflected new
business CSM growth of $3.4bn or 35% and
favourable market movements, partly offset
by CSM release.
–Private Bank increased by $0.2bn or 16%,
as increased customer activity supported by
business initiatives led to strong
performances in brokerage and trading, and
from higher annuity fees, driven by growth
in invested asset balances.
–Investment Distribution increased by $0.2bn
or 24% driven by higher sales of mutual
funds and structured products, mainly in
Asia.
In Other, fees and other income increased by
$0.3bn largely due to the non-recurrence of
adverse hyperinflationary impacts in Argentina.
The net loss in notable items of $0.1bn in
2025 was primarily related to net losses on
the disposals of our French and UK life
insurance businesses, partly offset by gains on
the sales of our private banking business in
Germany and our retail operations in Bahrain.
ECL of $0.9bn were broadly stable on a
constant currency basis.
Operating expenses of $9.3bn were $0.4bn or
4% higher than in 2024 on a constant currency
basis, including a $0.3bn favourable impact
from strategic transactions. The growth
primarily reflected continued investments in
Wealth, planned higher spend and investment
in technology, and the impact of inflation.
There was also a $0.1bn increase in
restructuring and other related costs
associated with our organisational
simplification.
ÑFor business segment financial performance
commentary for the year ended 31 December
2024 compared with 31 December 2023, see
pages 104 to 105.
HSBC Holdings plc Annual Report on Form 20-F
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Corporate Centre
The results of Corporate Centre primarily comprise the financial impact of certain acquisitions and disposals
and the share of profit from our interests in our associates and joint ventures and related impairments. It also
includes Central Treasury, stewardship costs and consolidation adjustments.
Financial performance
Loss before tax of $2.1bn compared with a
profit before tax of $1.2bn in 2024, on a
constant currency basis, primarily due to the
impact from notable items. In 2025, these
included reserve recycling losses of $1.5bn
following the completion of the sale of our
French retained portfolio of home and certain
other loans, legal provisions of $1.1bn, a
$1.1bn loss from the dilution of our
shareholding and a $1.0bn impairment to the
carrying value of the Group’s interest in our
associate BoCom. In 2024, notable items
included a net loss of $1.4bn related to
business disposals in Canada and Argentina,
as well as a $0.2bn loss related to the early
redemption of legacy securities.
ÑFor further details of the dilution of our
shareholding in BoCom and our impairment
review process see Note 18: Interests in
associates and joint ventures on page 345.
Revenue was $0.7bn lower on a constant
currency basis. This primarily reflected the
impact of notable items, comprising the non-
recurrence of notable items in 2024 as
mentioned above, as well as the reserve
recycling losses recognised following the sale
of our French retained portfolio of home and
certain other loans and the dilution loss related
to BoCom, both in 2025.
Banking NII increased by $0.1bn on a constant
currency basis, primarily on the retained French
portfolio of home and certain other loans,
reflecting the effects of lower interest rates as
well as disposal of the portfolio. Banking NII in
2025 removes from NII the internal cost to fund
trading and fair value net assets, predominantly
in CIB, of $9.7bn (2024: $11.5bn).
Fee and other income of $0.6bn was $0.2bn
higher, primarily due to fair value movements
on financial instruments in Central Treasury
and structural foreign exchange hedges, and
the non-recurrence of an impairment in 2024
related to the sale of our operations in Armenia.
Operating expenses of $1.2bn increased by
$1.5bn on a constant currency basis, primarily
reflecting a legal provision of $1.1bn and a rise
in restructuring and other related costs
associated with our organisational simplification
of $0.4bn.
Share of profit from associates and joint
ventures less impairment of $1.9bn decreased
by $1.0bn on a constant currency basis,
primarily due to an impairment loss of $1.0bn
referred to above.
ÑFor business segment financial performance
commentary for the year ended 31 December
2024 compared with 31 December 2023, see
pages 104 to 105.
Results – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Revenue
(2,699)
(1,969)
(39)
(730)
(37)
(453)
ECL
(90)
(29)
(1)
(61)
>(100)
—
Operating expenses
(1,224)
311
(44)
(1,535)
>(100)
75
Share of profit in associates and joint ventures less impairment
1,886
2,867
(358)
(981)
(34)
—
Profit/(loss) before tax
(2,127)
1,180
(442)
(3,307)
>(100)
(378)
RoTE1 (%)
(5.6)
0.7
(1.0)
RoTE excluding notable items1 (%)
6.1
4.3
6.0
Management view of revenue – on a constant currency basis ø
2025
2024
2023
2025 vs 2024
of which strategic
transactions2
$m
$m
$m
$m
%
$m
Banking NII3
(626)
(726)
(183)
100
14
105
Fee and other income
591
351
394
240
68
(199)
Revenue excluding notable items
(35)
(375)
211
340
91
(94)
Notable items
(2,664)
(1,594)
(250)
(1,070)
(67)
(359)
Revenue4
(2,699)
(1,969)
(39)
(730)
(37)
(453)
1    For details of our RoTE calculation by business segment, see page 108.
2    Impact of strategic transactions classified as material notable items. For details, see ‘Impact of strategic transactions‘ on page 91.
3    For a description of how we derive banking NII, see page 65. Corporate Centre banking NII includes funding charges on property and technology assets, and the
banking NII of the French retained portfolio of home and other loans prior to disposal. Banking NII in 2024 excludes notable items of $0.2bn, which are separately
presented in ‘notable items’. There were no notable items in banking NII in 2025 or 2023.
4 Revenue from Markets Treasury, HSBC Holdings net interest expense and hyperinflation are allocated out to the business segments, to align them better with their
revenue and expense. The total Markets Treasury revenue component of this allocation for 2025 was $2.3bn (2024: $1.5bn; 2023: $0.4bn).
Notable items
2025
2024
2023
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs
(1,560)
(1,357)
(297)
Dilution loss of interest in BoCom associate
(1,104)
—
—
Fair value movements on financial instruments
—
—
14
Early redemption of legacy securities
—
(237)
Currency translation on revenue notable items
—
—
33
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(130)
(192)
(216)
Restructuring and other related costs
(435)
(25)
63
Legal provisions
(1,110)
—
—
Currency translation on operating expenses notable items
—
15
—
Impairment of interest in associate
(1,000)
—
(3,000)
Currency translation on associate notable items
—
—
(59)
HSBC Holdings plc Annual Report on Form 20-F
28
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Additional
information
ESG overview
Our approach to ESG is focused on creating long-term value for our customers
and wider stakeholders.
Our approach
Our approach to ESG focuses on three main
areas: the transition to net zero, building
inclusion and resilience, and acting
responsibly.
Transition to net zero
Our ambition is to become a net zero bank by
2050. Supporting our customers is core to our
strategy and financing their transition is both
critical to them and aligned to our net zero
ambition. We want to be our customers’ most
trusted international financial partner through
the transition, creating long-term value for
them and our shareholders.
Our updated Net Zero Transition Plan
Our updated Net Zero Transition Plan,
published in November 2025, sets out our
commercially-grounded approach to helping
our customers succeed as the world moves
towards net zero amid changing economic and
geopolitical conditions. It intensifies our efforts
to be customer-focused, commercial and agile.
Our refreshed strategy supports the transition of
our CIB customers, and Commercial Banking
customers in the UK and Hong Kong, by
directing our financing and capabilities to areas
where we believe we can have the greatest
impact on the real economy. Our aim is to
support our customers’ transition by providing
and facilitating between $750bn and $1tn of
sustainable finance and investment by 2030.
Targets and policies
In our Net Zero Transition Plan, we also set out
our updated interim financed emissions
targets, metrics and associated policies,
seeking to remain science-aligned and
compatible with our own net zero ambition.
Our ability to meet our ambitions, targets and
commitments largely depends on the pace of
our customers’ transition journeys in the real
economy.
In light of the latest credible industry-specific
net zero pathways and decarbonisation rates,
we have updated our interim sector-specific
financed emissions targets from fixed targets
to target ranges.
We have also published a new Sustainability
Risk Policies Framework, which details how
we identify, evaluate and manage risks related
to the delivery of our sustainability approach,
and which sets out our sector-specific
sustainability risk approach. It also includes our
Thermal Coal Phase-Out Policy.
ÑFor more details, see HSBC Net Zero Transition
Plan at https://www.hsbc.com/who-we-are/our-
climate-strategy/our-net-zero-transition-plan
Building inclusion and resilience
We seek to foster inclusion and build
resilience to help create long-term value for all
our stakeholders. For colleagues, we focus on
creating an inclusive environment and offer
resources that support well-being. In 2025, we
achieved an Inclusion Index score of 78%
against an ambition of 75%, as measured by
our employee engagement survey, Snapshot.
We work to improve accessibility through
products that support customers experiencing
challenges, such as disabilities, impairments,
or significant life events, while also fostering
financial education and well-being.
Acting responsibly
Our conduct approach guides us to do the
right thing and focus on the impact we have
on our customers and the financial markets in
which we operate.
Progress on our ESG metrics
We have established ambitions and targets that guide how we do business, including how we operate and how we serve our customers. We set out
below some of the key ESG metrics we use to measure progress against our ambitions. To help us achieve our ESG ambitions, a number of measures
are included in the incentive scorecards of the Group CEO, Group CFO and Group Operating Committee members that underpin some of the ESG
metrics in the table below. For a summary of how our non-financial metrics link to executive remuneration, see pages 253 - 256 of the Director’s
remuneration report.
Environment
Social
Governance
Transition to net zero
Building inclusion and resilience
Acting responsibly
Sustainable finance and
investment
Net zero in our own
operations1
Gender representation
Black heritage
Training
$495.6bn
84.9%
34.7%
3.0%
99%
Cumulative total provided and
facilitated since 1 January 2020
(2024: $393.6bn)
Reduction in absolute
operational greenhouse gas
emissions from 2019 baseline
(2024: 66.1%)
Senior leadership roles held
by women
(2024: 34.6%)
Senior leadership roles held
by Black heritage colleagues
in the UK and US combined
(2024: 3.0%)
Employees who completed
conduct training in 2025
(2024: 99%)
ÑRead more on page 35.
ÑRead more on page 47.
ÑRead more on page 51.
ÑRead more on page 51.
ÑRead more on page 61.
Financed emissions
7 sectors
Number of sectors where we have
set interim financed emissions targets
ÑRead more on page 39.
1This absolute greenhouse gas emission figure covers scope 1, scope 2 and scope 3 (business travel) emissions only.
HSBC Holdings plc Annual Report on Form 20-F
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ESG overview
Task Force on Climate-related Financial Disclosures (‘TCFD’)
TCFD
We have considered our ‘comply or explain’
obligation under both the UK Financial Conduct
Authority’s Listing Rules 6.6.6R(8) (‘UKLR’)
and Sections 414CA and 414CB of the UK
Companies Act 2006 (‘CA 2006’), collectively
referred to as the ‘TCFD requirements’ and
Hong Kong Listing Rules (‘HKLR’) Appendix C2
ESG Reporting Code Part D climate-related
disclosures (‘HKLR Part D’).
We perform an assessment to ascertain the
appropriate level of detail to be included in the
climate-related financial disclosures set out in
our Annual Report and Accounts 2025, as part
of considering what to measure and publicly
report.
Our assessment takes into account factors
such as the level of our exposure to climate-
related risks and opportunities, the scope and
objectives of our climate-related strategy,
transitional challenges, and the nature, size
and complexity of our business. See ‘How we
decide what to measure’ on page 385 for
further information.
Many of the climate-related requirements are
duplicated across both UKLR and HKLR Part
D, and as a result we have streamlined our
reporting approach where possible.
We confirm that we have made disclosures
consistent with the TCFD Recommendations
and Recommended Disclosures, including its
annexes and supplemental guidance, save for
one item: we do not plan to set short-term
targets for financed emissions, sustainable
finance or our own operations as our overall
climate strategy is focused on our ambition to
become a net zero bank by 2050. We have set
interim financed emissions 2030 targets and a
sustainable finance and investment ambition
by 2030. Further information can be found on
pages 35 and 41.
We disclose detailed explanatory statements
for TCFD requirements and HKLR Part D.
These statements include additional items that
we either do not currently disclose or partly
disclose within this report.
We further set out reasons for this, including
associated data and system limitations. Where
relevant, we also outline ongoing efforts to
enhance our reporting in these areas.
ÑFor a full summary of our TCFD disclosures,
including cross-references to detailed disclosure
locations, see page 386.
ÑOur detailed HKLR Index, including HKLR Part D,
can be found in our ESG Data Pack at
www.hsbc.com/esg.
ÑDetailed explanatory statements for TCFD
requirements and HKLR Part D can be found
from pages 386 to 388.
HSBC Holdings plc Annual Report on Form 20-F
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Risk overview
Managing risk
We maintain a proactive approach to managing
our exposure to economic, financial and
geopolitical risks, supported by continuous
monitoring and review. Developments in these
areas have historically affected, and may in the
future materially affect, HSBC’s customers,
operations and financial risk profile.
Geopolitical and macroeconomic risk
In 2025, the global economy showed resilience
to unpredictable US trade policies, heightened
geopolitical tensions and increased fiscal
concerns in our major markets. Global GDP
growth exceeded expectations, driven by export
growth related to the front-loading of trade
purchases to avoid US tariffs and a weaker US
dollar, as well as government spending.
Household consumption was more subdued
due to weak confidence, higher unemployment
and inflation concerns. In the US, GDP growth
outperformed initial forecasts, helped by the
surge of investment in the technology sector. In
mainland China and Hong Kong, exports to
markets in Asia and Latin America offset some
of the impact of US tariffs, while supportive
fiscal and monetary policies continued to
underpin growth.
Trade and tariff policies are expected to remain a
source of uncertainty for businesses and
consumers. Changes to tariff rates, including the
application of sector-specific levies, may deter
capital investment and consumer spending,
disrupt supply chains and reduce global trade
growth. Although the reconfiguration of supply
chains may offer new opportunities for
investment and growth, such developments
could also adversely affect the Group and our
customers who operate in some of the most
affected markets.
Financial markets have witnessed significant
valuation gains, including in the artificial
intelligence (‘AI’) and technology sectors. The
investment in these sectors may deliver gains
to productivity, but current high valuations also
raise the risk of a material fall in the markets if
the expected gains to productivity fail to
materialise. A disruptive market correction
could undermine economic growth, which
may in turn have an adverse effect on HSBC’s
risk profile and earnings by increasing the
financial vulnerability of customers and
decreasing the value of collateral and other
claims.
We also remain subject to interest rate risk,
which can affect net interest income, the fair
value of our assets and liabilities, and overall
financial performance.
Major central banks have adjusted their policy
approach in response to changing inflation and
employment risks. The US Federal Reserve
resumed its cycle of interest rate cuts in
September 2025, after it assessed tariff-related
inflation risks as transitory but labour market
risks as having increased. The target range for
the Federal Funds rate is now 3.5%–3.75%. In
the UK, the Bank of England judged that inflation
pressures had moderated sufficiently to cut
interest rates in December 2025.
Although financial markets have priced in further
interest rate cuts, there is uncertainty around
their future trajectory. Policy rates could be
raised if inflation were to accelerate significantly
beyond central bank target ranges. Higher
interest rates may reduce loan demand across
key consumer and business segments, which
could lead to a deterioration in credit quality and
weigh on real estate and other asset prices. By
contrast, lower interest rates could pressure net
interest margins and adversely affect
profitability.
Our risk profile may be influenced by fiscal
policies, public deficits and levels of
indebtedness. In many of our major markets,
government debt levels are rising due to higher
social welfare costs and increased expenditure
on defence and climate transition. A fragmented
political landscape in many markets has
diminished the political will for fiscal tightening.
Higher long-term interest rates across major
economies could adversely impact the fiscal
capacity and debt sustainability of highly-
indebted sovereigns. The rise in funding costs in
our major markets could reduce the potential for
GDP growth by raising the cost of borrowing
while also creating refinancing risks for our
customers and counterparties.
Exchange rate volatility may also affect our risk
exposure through mark-to-market changes in
trading positions and the translation effects of
currency movements.
The geopolitical environment remains complex,
and tensions could impact the Group’s
operations and risk profile. We continue to
monitor the Russia-Ukraine war, developments
in relation to conflict in the Middle East, and the
wider implications as a result of the US military
action in Venezuela, as well as any indication of
other potential military action or conflicts
elsewhere. These conflicts remain key sources
of uncertainty, and may impact HSBC and our
customers, including through increased market
volatility and supply chain disruptions.
Heightened strategic competition between the
US and China, including cross-border
investment restrictions, is also affecting the
configuration of global supply chains, which may
in turn affect the Group’s operations.
Sanctions and restrictions on trade and
investment are continually evolving in response
to geopolitical events and may adversely affect
the Group, its customers and the markets in
which the Group operates. These factors may
result in increased legal, regulatory, reputational
and market risks, and a more complex operating
environment.
Signs of a recovery have begun to emerge in
the residential segment of Hong Kong’s
commercial real estate market in the second
half of 2025. However, the office segment is still
facing pressure and market liquidity remains
tight, particularly for mid-sized and sub-
investment grade corporates. In mainland China,
the property market remains weak with
government stimulus yet to trigger a material
improvement in buyer sentiment.
At the end of 2025, management adjustments
to ECL were applied to reflect sector or portfolio
risks that are not fully captured by our models.
We continue to monitor, and seek to manage,
the potential implications of all the above
developments on our customers and our
business.
Our key risk appetite metrics
At 31 December 2025, our CET1 ratio and ECL
charges were within our defined risk appetite
thresholds. At 31 December 2025, our CET1
ratio was 14.9%, unchanged from 31
December 2024. Wholesale and Retail ECL
charges were within appetite at 0.4% and
0.34% of loans and advances, respectively.
Our operations
We remain committed to investing in the
reliability and resilience of our technology
systems and critical services, including our ability
to withstand and respond to cyber-attacks. We
assess our third parties to help ensure they
deliver the standard of services we require to
provide resilient services to our customers. We
do so to help protect our customers and
counterparties, and to help ensure that we
minimise any disruption to our services. In our
approach to defending against these threats, we
invest in business and technical controls to help
us detect, prevent, respond to, recover and learn
from issues in a timely manner within our risk
appetite.
HSBC is committed to using AI responsibly. We
are working to balance the opportunity AI
presents to accelerate delivery of our strategy
with the need for appropriate controls to help
mitigate the associated risks. To help meet the
Group’s needs and regulatory expectations for
AI, whether developed internally or facilitated
through third parties, we continue to enhance
our Group-wide AI oversight, governance,
lifecycle management and risk framework.
HSBC’s Principles for the Ethical Use of Data
and AI are available at www.hsbc.com/ai.
We continue to focus on improving the quality
and timeliness of the data used to support
informed management decisions, and we are
advancing our strategic and regulatory change
initiatives to help deliver the right outcomes for
our customers, people, investors and
communities.
ÑFor further details of our Central and other
economic scenarios, see page 149.
ÑFor further details on our CET1 ratio, see pages 5
and 192.
ÑFor further details of our risk management
framework and risk appetite, see page 119.
HSBC Holdings plc Annual Report on Form 20-F
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Risk overview
Top and emerging risks
Our top and emerging risks report identifies
forward-looking risks so that they can be
considered in determining whether any
incremental action is needed to either prevent
them from materialising or to limit their effect.
Top risks are those that have the potential to
have a material adverse impact on the financial
results, reputation or business model of the
Group. We actively manage and take actions
to mitigate our top risks. Emerging risks are
those that, while they could have a material
impact on our risk profile were they to occur,
are not considered immediate and are not
under active management. Our suite of top
and emerging risks is subject to regular review
by senior governance forums. We continue to
monitor closely the identified risks and agree
management actions to remediate and/or
reduce them to acceptable levels, as required.
ÑFor further detail on our top and emerging risks,
see page 121.
Risk
Trend
Description
Externally driven
Geopolitical and
macroeconomic risks
~
Our operations and portfolios are subject to risks arising from political instability, civil unrest and military conflict, which may
lead to disruption of our operations, physical risk to our staff and/or physical damage to our assets. We are also subject to
macroeconomic risks, which may drive changes to our income growth and asset quality. Heightened geopolitical and
macroeconomic risk globally, including uncertainty in international trade policy, is subject to close monitoring and review.
Technology and
cybersecurity risk
~
There is an increased risk of service disruption or loss of data resulting from technology failures or malicious activities from
internal or external threats. We continue to monitor changes to the technology and threat landscape, including those arising
from ongoing geopolitical and macroeconomic events alongside third-party incidents and the impact this may have on risk
management. We operate a continuous improvement programme to help support the resilience and stability of our technology
operations and counter a fast-evolving and heightened cyber threat environment.
Environmental, social
and governance
(‘ESG’) risks
~
We are subject to ESG risks, including in relation to climate change, nature and human rights. These risks have increased due
to diverging national and political agendas, a more complex and prescriptive regulatory environment across the jurisdictions
we operate in, as well as increasing frequency of severe weather events across the globe. Financial institutions’ actions and
investment decisions in respect of ESG matters continue to be subject to heightened scrutiny by stakeholders. Failure to meet
these evolving expectations may have financial and non-financial impacts, including reputational, legal and regulatory
compliance risks.
Financial crime risk
~
We are exposed to financial crime risk from our customers, staff and third parties engaging in criminal activity. The financial
crime risk environment is heightened due to increasingly complex geopolitical challenges, the macroeconomic outlook, the
complex and dynamic nature of sanctions and export control compliance, evolving financial crime regulations, rapid
technological developments, an increasing number of national data privacy requirements and the increasing sophistication of
fraud. As a result, we will continue to face the possibility of regulatory enforcement and reputational risk.
Digitalisation and
technological
advances risk
~
Developments in technology and changes in regulations continue to enable new entrants to the banking industry as well as
new products and services offered by competitors. This challenges us to continue to innovate with new digital capabilities and
evolve our products, to attract, retain and best serve our customers. Along with opportunities, new technology, including
GenAI, can introduce risks and disruption. We seek to manage technology developments with appropriate controls and
oversight.
Evolving regulatory
environment risk
~
The regulatory and compliance risks are set against continued geopolitical risk and regulatory focus on operational resilience,
resolvability, prudential requirements, financial reporting and data, ESG, conduct, as well as sound risk and financial crime risk
management practices. The approach to regulation is increasingly fragmented, including in relation to AI and digital assets,
and a trend towards deregulation has emerged in some jurisdictions, concurrently with regulatory actions to support business
growth.
Internally driven
Data risk
}
We use data to serve our customers and run our operations, often in real-time within digital experiences and processes. If our
data is not accurate and timely, our ability to serve customers, operate with resilience or meet regulatory requirements could
be impacted. We seek to ensure that non-public data is kept confidential, and that we comply with the growing number of
regulations that govern data privacy and cross-border movement of data.
Risks arising from the
receipt of services
from third parties
~
We procure goods and services from a range of third parties. In the current macroeconomic and geopolitical climate, the risk
of service disruption in supply chains is elevated, driven by an industry-wide increase in supply chain cyber threats. We
continue to strengthen our controls, oversight and risk management policies and processes to select and manage third parties,
including our third parties’ own supply chains, particularly for key activities that could affect our operational resilience.
Model risk
}
Model risk arises whenever business decision making includes reliance on models. We use models in both financial and non-
financial contexts, as well as in a range of business applications. Evolving regulatory requirements and enhanced expectations
continue to drive changes to the way model risk is managed across the banking industry, with a particular focus on capital and
credit loss models. New technologies, including AI, are driving a need for enhanced model risk controls.
Strategic execution
risk
~
Successful execution of our strategy enables us to help address the swiftly changing needs of our customers and
stakeholders. We are committed to enhancing the effectiveness of strategic execution risk controls and monitoring. This will
help us minimise disruptions during a period of heightened execution risk, driven by the complexity and scale of ongoing
strategic, regulatory and technological change.
Risks associated with
workforce capability,
capacity and
environmental factors
with potential impact
on growth
~
Our businesses, functions and geographies are exposed to risks associated with employee retention and talent availability, the
evolving skills requirements of our workforce, and compliance with employment laws and regulations. Voluntary attrition
across the Group remains stable, but failure to manage these risks may impact the delivery of our strategic objectives or lead
to regulatory sanctions or legal claims, and the risks are heightened during the implementation of organisational change.
~ Risk heightened during 2025      } Risk remained at the same level as 2024     
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Environmental,
social and
governance review
Our ESG review sets out our approach to our
environment, customers, employees and
governance. It explains how we aim to achieve
our purpose, deliver our strategy in a way that is
sustainable, and build strong relationships with all
of our stakeholders.
How we present our TCFD disclosures
Our overall approach to TCFD can be found on page 29 and
additional information is included on pages 385 to 388. Further
details have been embedded in this section and the Risk review
section on pages 203 to 212. Our TCFD disclosures are
highlighted with the following symbol:
TCFD
Environmental
33
Our approach to the transition
34
Understanding our ESG reporting
35
Supporting our customers
38
Partnering for an enabling environment
39
Embedding net zero into the way we operate
Social
51
Our commitment to inclusion
53
Building a healthy workplace
55
Developing skills, careers and opportunities
56
Building customer inclusion and resilience
56
Engaging with our communities
Governance
57
Setting high standards of governance
58
Human rights
59
Customer experience
61
Integrity, conduct and fairness
63
Safeguarding data
2
HSBC Holdings plc Annual Report on Form 20-F
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Environmental
TCFD
Transition to net zero
We aim to support the transition to net zero and a sustainable future
in partnership with our customers and other stakeholders
Our approach to the transition
Our Priorities
Be simple and agile
Drive customer-centricity
Deliver focused sustainable growth
Our Values
We value difference
We succeed together
We take responsibility
We get it done
Our Net Zero
Ambition
Ambition to become a net zero bank by 2050 supported by our Sustainability Strategy
Our Three Net               
Zero Pillars
Supporting           
our customers
Embedding net zero                 
into the way we operate
Partnering for an enabling
environment
We are seeking to align our capital
and capabilities with our
customers’ transition goals, by
tailoring our products and services
to the specific needs of different
customers around the world.
We are working to incorporate net
zero considerations into our
broader decision-making activities,
our climate risk management
framework, our metrics, and in our
own operations and supply chains.
Our ability to finance our customers’
transition is influenced by external
market and policy conditions,
therefore we seek to partner with
stakeholders and advocate for
progress across the financial system.
Our ambition is to become a net zero bank by
2050. Supporting our customers is core to our
strategy and financing our customers'
transition is both critical to them and aligned to
our net zero ambition.
Our updated Net Zero Transition Plan
When we published our first Net Zero
Transition Plan, we committed to evolving our
approach to keep pace with the dynamic world
in which we and our customers operate. Since
early 2024, the global landscape has shifted
markedly, making the pace of transition more
uneven. Against this broader landscape, we
updated our Net Zero Transition Plan in
November 2025, intensifying our efforts to be
customer focused, commercial and agile. It
sets out the actions we are continuing to take
to achieve our net zero ambition and to align
our financing with the Paris Agreement goals
of holding the increase in global average
temperature to well below 2°C above pre-
industrial levels, and pursuing efforts to limit
the temperature increase to 1.5°C.
Our Net Zero Transition Plan remains
structured around our three core
implementation pillars: supporting our
customers, embedding net zero into the way
we operate, and partnering for an enabling
environment.
Supporting our customers
As a global financial institution, we exist to
serve our customers. We believe supporting
our customers’ transition is one of the most
significant roles we can play in the global
transition to net zero. This will help to deliver
long-term value for customers and
shareholders. We have refined our approach
to continue to be responsive to the diverse
realities faced by our different customers
across the world, from individuals through to
multinational corporates and institutions.
Embedding net zero into the way we
operate
Our net zero ambition is an important part of our
corporate strategy. Our global businesses are
developing strategic plans that integrate climate
and sustainability considerations into their
operations. This approach reflects the diverse
transition maturities and local regulatory
expectations across our global footprint.
Our focus on the transition to net zero is well
established within our governance, culture,
and key performance indicators. A number of
measures supporting our progress towards
our net zero ambition are included in executive
performance scorecards and management
reporting, helping align accountability across
the organisation.
Partnering for an enabling environment
Recognising that our customers’ transition, and
our ability to finance it, relies in part on external
market and policy conditions, we also seek to
support enabling environments that can help
accelerate the flow of capital towards business
innovation and transformation.
Our approach seeks to build support across a
range of stakeholder groups and reflect the
varying pace and shape of the transition across
sectors and geographies, as well as the size
and scope of our presence in local markets.
Progress on our Net Zero Transition Plan
We continue to take actions across our
organisation to support the implementation of
our Net Zero Transition Plan. We continue to
focus on developing and maintaining the
capabilities of our people as the sustainability
landscape evolves. This report provides key
updates on our progress in 2025 and includes
our annual TCFD reporting.
ÑFor further details on our climate risk exposures,
see page 203.
ÑFor further details on building our net zero
capabilities and upskilling, and assumptions,
uncertainties and dependencies, see pages 9,
48, 49, and 57 of the HSBC Net Zero Transition
Plan.
ÑFor the HSBC Net Zero Transition Plan refer to
https://www.hsbc.com/who-we-are/our-climate-
strategy/our-net-zero-transition-plan
Key changes to our 2025 disclosures
In 2025, there was an impact on certain climate
disclosures, including:
–Financed emissions: We have updated our
interim 2030 financed emissions targets for
all of our in-scope carbon-intensive sectors,
apart from thermal coal mining. We have re-
baselined and restated prior year metrics
to account for the latest methodology and
scope changes, including the addition of
short-term lending. For further details, see
page 39.
–Thermal coal financing drawn balance
exposure: In 2025 we amended product
scope in line with changes made for
financed emissions as discussed above
and have developed a more detailed
framework for our approach to exclusions.
This resulted in a re-baseline of our 2020
thermal coal financing drawn balance
exposure. For further details, see page 50.
HSBC Holdings plc Annual Report on Form 20-F
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Understanding our ESG reporting
Engaging with our stakeholders and our
material ESG topics
We know that engaging with our stakeholders
is core to being a responsible business. To
determine material topics that our
stakeholders are interested in, we conduct a
number of activities throughout the year. The
TCFD requirements, HKLR Appendix C2 ESG
Reporting Code Parts C and D and other
applicable rules and regulations are considered
as part of the identification of material issues
and disclosures. Additional information can be
found in the 'How we decide what to
measure' section on page 385. Material ESG
topics are listed on page 32 and related
disclosures are covered in this ESG review.
Continuing to evolve our climate
disclosures
We engage with standard setters to support
the development of transparent and
consistent climate-related industry standards
in areas such as implementation of new
International Sustainability Standards across
jurisdictions, sustainable finance taxonomy
and emissions accounting. We have aligned
our definitions of risk and opportunities with
our strategic planning cycle. For climate
reporting, we define short-term as time
periods up to 2 years, medium-term is
between 3-5 years, and long-term is between
6-15 years.
We have reviewed our interim financed
emissions targets, metrics and associated
policies, seeking to remain science-aligned
and compatible with our own net zero
ambition, while remaining realistic and credible
given global developments.
We expect to periodically review and, if
required, update our targets. We seek to
monitor the latest developments in climate
science and associated scenarios to help
inform our approach to target setting and our
portfolio alignment to support the transition of
the real economy to net zero. In 2026, we will
continue to review and enhance our approach
to disclosures.
Internal and external data challenges
The effective measurement, governance and
reporting of progress against our climate
ambitions is reliant on the availability of high-
quality, accessible, comparable and reliable
internal and external data. We are also reliant
on our own ability to collect and process such
relevant data as required in a timely manner.
Reported client emission data may have up to
a two-year lag, making alignment to financial
reporting dates challenging and leading to
further reliance on proxies.
Newer data sources and topics may be
difficult to assure using traditional verification
techniques. This, coupled with diverse
external data sources and complex structures,
further complicates data consolidation. Our
internal data on customer groups that was
used to source financial exposure and
emissions data is based on credit and
relationship management factors and is not
always aligned with the need to analyse
emissions across sector value chains. This can
result in inconsistencies in our financed
emissions calculations.
We continue to strengthen our ESG data and
analytics capability, working to deliver trusted
data assets, dashboards, AI, and advanced
analytics solutions that help support initiatives
like financed emissions, climate scenario
analysis, stress testing, sustainable finance
and portfolio optimisation.
Given our dependency on collecting emissions
data from our clients and the manual nature of
the process, enhanced verification and
assurance procedures are performed on a
sample basis over this data, including by the
first and second lines of defence. Our climate
models undergo independent review by an
internal model review group, and we obtain
limited assurance on our financed emissions
and sustainable finance disclosures from
external parties, including our external
auditors.
Lack of consistency across sustainable
finance taxonomies
Sustainable finance metrics, taxonomies and
practices currently lack global consistency. As
standards develop and regulatory guidance
evolves across jurisdictions, our targets,
methodologies and disclosures may also need
to adapt. Recognising these challenges, we
annually refresh and disclose our Sustainable
Finance and Investment Data Dictionary to
accompany reporting against our sustainable
finance and investment ambition. For further
details, see page 35.
Our re-baseline and restatement policy defines
the circumstances for a restatement of
previously reported data. We continue to
engage with standard setters in different
regions to support the development of
transparent and consistent taxonomies to
encourage science-based decarbonisation,
particularly in high transition risk sectors.
Impact on our reporting and financial
statements
We have assessed the impact of climate risk
on our balance sheet and have concluded that
no incremental adjustments were needed to
capture climate impacts in our financial
statements for the year ended 31 December
2025. The effects of climate change are a
source of uncertainty. We capture known and
observable potential impacts of climate-related
risks in our asset valuations and balance sheet
calculations. These are considered in relevant
areas of our balance sheet, including expected
credit losses, classification and measurement
of financial instruments, goodwill and other
intangible assets; and in making the long-term
viability and going concern assessment. As
part of assessing the impact on our financial
statements we conducted scenario analysis to
understand the impact of climate risk on our
business (see pages 49 and 206), and we also
used available information to perform a
climate ECL sensitivity analysis for both our
retail and wholesale portfolios (see page 212).
ÑFor further details of how management
considered the impact of climate-related risks on
its financial position and performance, see
‘Critical estimates and judgements’ on page 301.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
Supporting our customers
Sustainable finance and investment
TCFD
We aim to help our customers’ transition to net
zero and a sustainable future by providing and
facilitating between $750bn and $1tn of
sustainable finance and investment by 2030.
Our sustainable finance and investment
ambition aims to help promote green,
sustainable and socially-focused business and
sustainable investment products and solutions.
Since 1 January 2020, we have provided and
facilitated a cumulative $437.9bn of sustainable
finance and $57.7bn of ESG and sustainable
investing, as defined in our Sustainable Finance
and Investment Data Dictionary 2025. This
included 39% where the use of proceeds was
dedicated to green financing, 11% to social
financing, and 14% to other sustainable
financing. It also included 24% of sustainability-
linked financing and 12% of net new
investment flows managed and distributed on
behalf of investors.
In 2025, our underwriting activity for green,
social, sustainability, and sustainability-linked
bonds declined, primarily due to challenging
market conditions, particularly in the latter half
of the year. The global social bond market
contracted during 2025, with HSBC’s volume
reducing by approximately $4bn compared
with the previous year. Despite these
headwinds, on-balance sheet sustainable
lending transactions increased by 12% versus
2024, supported by strong growth of 15% in
ESG and sustainable investing flows.
In 2025, as part of our continued monitoring
and controls processes, we identified $0.3bn of
transactions that no longer fulfil our eligibility
criteria. These were declassified and removed
from the 2025 total, taking the total amount
declassified since 1 January 2020 to $1.6bn.
Continued progress towards achieving our
sustainable finance and investment ambition is
dependent on market demand for the products
and services set out in our Sustainable Finance
and Investment Data Dictionary 2025.
Sustainable finance and investment
$495.6bn†
Cumulative total provided and facilitated since
1 January 2020 (2024: $393.6bn)
Sustainable finance and investment summary1
2025
($bn)
2024
($bn)
2023
($bn)
Cumulative
progress since
2020       
($bn)
Balance sheet-related transactions provided2
52.8
47.4
42.7
221.5
Capital markets/advisory (facilitated)
32.6
37.3
33.3
216.4
ESG and sustainable investing (net new flows)
16.6
14.5
7.7
57.7
Total contribution†
102.0
99.2
83.7
495.6
Sustainable finance and investment classification by theme1
Green use of proceeds5
41.7
42.2
37.1
196.0
Social use of proceeds
6.9
9.6
8.4
52.6
Other sustainable use of proceeds3
14.2
13.9
10.7
71.4
Sustainability-linked4
22.6
19.0
19.8
117.9
ESG and sustainable investing
16.6
14.5
7.7
57.7
Total contribution†
102.0
99.2
83.7
495.6
† The $495.6bn cumulative progress since 1 January 2020 is subject to independent third-party limited assurance in accordance with International Standard on
Assurance Engagements 3000 (Revised) ‘Assurance Engagements other than Audits or Reviews of Historical Financial Information’. Our Sustainable Finance and
Investment Data Dictionary 2025 and independent third-party limited assurance report is available at: www.hsbc.com/who-we-are/esg-and-responsible-business/
esg-reporting-centre.
1 The 2025 data in this table has been prepared in accordance with our Sustainable Finance and Investment Data Dictionary 2025, which includes green, social and
sustainability activities. The amounts provided and facilitated include: the limits agreed for balance sheet-related transactions provided (including drawn and
undrawn amounts), the proportional share of facilitated capital markets/advisory activities and ESG and sustainable investing net new flows of both HSBC Asset
Management sustainable investment funds and third-party solutions distributed through Private Bank and Retail Banking.
2    In 2024 only nine months of retail green/energy efficient mortgages were included for the first time within Other Qualified Green Lending. In 2025 reporting, 12
months of transactions were included, reported a quarter in arrear (1 October 2024 to 30 September 2025) due to the time lag in sourcing supporting third-party
data. For future years’ reporting we will continue to report green/energy efficient mortgages a quarter in arrear.
3Sustainable use of proceeds can be used for green, social or a combination of green and social purposes, assessed by HSBC against internal standards and
relevant industry guidelines.
4 Sustainability-linked products, where the coupon or interest rate is dependent on whether the borrower achieves certain pre-defined sustainability performance
target(s), are assessed by HSBC against internal standards and relevant industry guidelines and can be used for general purposes, which may be sustainable or
non-sustainable.
5 Included within the total cumulative contribution towards our ambition are transactions to customers within the six high transition risk sectors (i.e. automotive,
chemicals, construction and building materials, metal and mining, oil and gas, and power and utilities) as described on page 204, of which approximately $71bn is
defined as green use of proceeds in line with the Sustainable Finance and Investment Data Dictionary 2025.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
We believe supporting our customers’
transition is one of the most significant roles
we can play in the global transition to net zero.
Our Corporate and Institutional Banking (‘CIB’)
business, which incorporates HSBC
Infrastructure Finance, gives our customers
seamless access to global capital, markets
expertise and financing through a single
platform.
We have refreshed our strategy to support the
transitions of our CIB customers globally and
our Commercial Banking customers in the UK
and Hong Kong, and deliver on our growth
ambition. Our lending to corporate and
institutional customers makes up the majority
of our balance sheet and financed emissions,
so the role we play with these customers is
critical to achieving our net zero ambition.
We intend to become:
–The leading bank for fast-growing
transition ecosystems. Our customer
base spans ecosystems like clean power,
electrification of transport, and data centres
and AI. These ecosystems represent a
significant volume of the transition capex
needed by 2030 as they are key
decarbonisation and transformation vectors
for the economy. Expanding clean
electrification will be an important step to
minimise AI’s operational footprint while
maximising the technology’s potential1.
–The strategic transition partner for all
our customers. We aim to support all our
customers across segments and sectors to
meet their sustainability goals, leveraging
our debt financing and trade finance
capabilities across over 50 markets1.
–Bank of choice to catalyse emerging
climate tech. With our HSBC Innovation
Banking platform and substantial balance
sheet, we can bridge the gap between early-
stage development and large-scale
deployment of climate-critical technologies.
–We are also well-positioned to connect
these start-ups with our corporate and
institutional customers that are looking to
invest in climate tech ventures, and adopt
their solutions to accelerate their transition
journey1.
–
Understanding customer transition
priorities
We take a holistic approach to understanding
and supporting the transition journeys of our
customers and potential customers. We
regularly engage with our corporate customers
to help tailor our solutions to the diverse
realities they face around the globe, and the
different stages of their transition journey.
Supporting personal customers
We offer financing and investing options to
our individual banking customers in the key
areas where they may be able to influence
their carbon footprint.
1 For further details see HSBC Net Zero Transition
Plan at https://www.hsbc.com/who-we-are/our-
climate-strategy/our-net-zero-transition-plan
pages 26-28.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
ESG and sustainable investing
Our ambition is to be one of the leading global
asset and wealth managers and sustainability
is an important enabler to achieving this
ambition.
We offer a suite of ESG and sustainable
investing solutions to institutional and
individual investors who want to mitigate risk
or seek value creation through considering
climate, nature or other sustainability factors in
their investment horizon. Covering both
traditional and alternative investment areas,
our solutions aim to advance ESG and
sustainable goals. We take different
approaches to achieve this, such as investing
in issuers or securities that may either seek
stronger ESG performance, align to themes
such as climate or the net zero transition, or
seek to deliver environmental or social
outcomes.
As at 31 December 2025, HSBC Asset
Management managed $213bn in ESG and
sustainable investing solutions, marking an
increase of $33.3bn or 18.5% from 2024.
These assets include those that are distributed
by our Private Bank and Retail Banking, and
those that Asset Management manages on
behalf of HSBC Insurance. This increase
underscores our continued focus on providing
a range of solutions tailored to meet the
diverse investment objectives of our clients.
For our individual investors, our ESG and
sustainable investing solutions span multiple
asset classes, including mutual funds, ETFs,
equities, fixed income, alternatives, as well as
discretionary mandates. In 2025, we
expanded our investment offering with the
launch of four additional mutual funds and
ETFs. We regularly publish insights to help our
clients better understand the ESG implications
of their investments.
In our Insurance business, as an asset owner,
we seek to adopt a responsible investment
approach. We give customers access to
sustainability options through investment-
linked insurance products where we offer a
range of investment choices, including those
relating to ESG and sustainable investing.
Some may target specific net zero transition
and climate themes.
ÑFor further details of our Asset Management
policies, see page 50.
Our sustainable finance and investment data dictionary
We define sustainable finance and investment
as any form of financial service that integrates
ESG criteria into business or investment
decisions. This includes financing, investing
and related activities that support the
achievement of the UN Sustainable
Development Goals, including but not limited
to the aims of the Paris Agreement on climate
change.
Our Sustainable Finance and Investment Data
Dictionary sets out our approach for classifying
financing and investment as sustainable for
the purpose of tracking and disclosing our
performance against our sustainable finance
and investment ambition.
We update our data dictionary annually,
including reviewing our product definitions,
adding new qualifying products and removing
products that no longer qualify, making
enhancements to our internal standards, and
developing our reporting and governance.
We engage in industry initiatives to develop
our understanding and approach to ‘transition
finance’. We do not currently include transition
finance as a product label or stand-alone
category in our data dictionary and reporting,
and we will continue to monitor and consider
industry guidance for future updates to our
data dictionary.
We have established internal business
governance forums and processes to assess
and monitor the risks associated with
sustainable finance products, ranging from
product design, origination and approval, as
well as tracking and monitoring product
performance.
We recognise that there are products and
assets included in HSBC’s ESG and
sustainable investing approach which may be
counted towards our sustainable finance and
investment ambition that do not necessarily
qualify as ‘sustainable investments’ as defined
by Sustainable Finance Disclosure Regulation
(SFDR) and/or other relevant regulations, and
may not qualify as ‘sustainable’ products for
the purposes of the UK Sustainability
Disclosure Requirements (SDR) and European
Securities and Markets Authority (ESMA) fund
naming guidance and/or any other regulatory
standards.
ÑFor our 2025 ESG Data Pack and Sustainable
Finance and Investment Data Dictionary, see
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
HSBC Holdings plc Annual Report on Form 20-F
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Environment
Partnering for an enabling environment
Our ability to support our customers’ transition
is heavily influenced by external market and
policy conditions. We seek to partner for an
enabling environment that can help to
accelerate the flow of capital towards scaling
transition solutions and innovation.
We aim to use our global reach and convening
ability to engage and collaborate with a range
of partners – including industry peers,
customers, governments, academia, civil
society and entrepreneurs – on solutions that
can help support the transition.
Through our philanthropy, we also partner with
a range of NGOs to help develop thought
leadership, spur innovation, build capacity,
mobilise capital and test and scale climate
solutions.
Highlights from our sustainability-
aligned partnerships
In 2025, we donated approximately $12.6m in
grant funding to help establish a portfolio of
partnerships aligned to the strategic focus
areas set out in our Net Zero Transition Plan.
We also supported initiatives focused on
driving progress on cross-cutting issues, such
as nature and the just transition.
Our just transition approach
The speed and scale of the transition to net
zero will be influenced by how it impacts
communities, and how communities view
and support the transition.
Our approach to net zero considers how we
can support a just transition, including how
best to engage with and inform our
customers on the topic, as well as helping to
ensure the transition to net zero can
positively impact local communities.
Examples of our engagement include:
–In 2025, we supported the Just Transition
Finance Lab at the London School of
Economics, which produced thought
–
–leadership on topics including ‘promoting a
transition with inclusion in India’ and
‘mobilising bonds for a just transition’.
–HSBC Asset Management, in line with
relevant stewardship activities,
encourages companies to identify and
address the impacts of their climate
strategy on stakeholders, including
workers, suppliers and the communities in
which they operate. This may involve
setting specific metrics or objectives
concerning, but not limited to, employee
training and development, green job
creation, safeguarding workers’ rights and
support for affected communities.
Our approach to nature
Nature and its ecosystem services are
foundational to economic growth, resilience
and long-term value creation. Nature-related
opportunities and risks – which can stem
from the impacts and dependencies the
global economy and financial system have on
nature, as well as the complex interactions
and compounding effects of climate change –
are areas that require further consideration.
We have been developing our approach to
nature, aligning it with our net zero approach:
supporting our customers through financing
and investing in nature-related solutions;
starting to embed nature into the way we
operate, initially through understanding our
exposure to nature and managing nature-
related risk in our European business; and
partnering for a supportive enabling
environment, for example, through our
nature-focused philanthropic partnerships.
In 2025, we established a Group Nature
Programme, including senior governance,   
to oversee the development of our approach
to nature. We continued to advance our
approach to nature-related risk, initially
focused on key parts of our European
business, by starting to incorporate nature
into wholesale credit risk management
processes and completing a pilot nature
scenario analysis stress test. We continue to
enhance our capabilities, methodologies and
tools, in line with evolving regulatory and
reporting expectations.
HSBC Asset Management highlights good
practices relating to nature in its Stewardship
Plan, emphasising natural capital strategy,
risk and reporting, governance and
engagement. We encourage priority investee
companies (as defined in our Stewardship
Plan), where nature-related issues are
relevant, to work towards these practices.
In 2025, Climate Asset Management, a joint
venture between HSBC Asset Management
and climate investment and advisory firm
Pollination, was ranked as Fund Manager of
the year in both Global and European
Categories at the Agri Investor Awards.
ÑFor further details see HSBC Asset
Management Stewardship Plan at https://
www.assetmanagement.hsbc.co.uk/en/
institutional-investor/about-us/responsible-
investing/policies
HSBC Holdings plc Annual Report on Form 20-F
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Environment
Embedding net zero into the way we operate
Financed emissions
TCFD
Financed emissions is one of the key metrics
we use to measure progress on the transition
of our portfolio. As part of our ambition to
become a net zero bank by 2050, we have set
financed emissions targets for 2030.   
Our analysis of financed emissions comprises
‘on-balance sheet financed emissions’ and
‘facilitated emissions’, which we distinguish
where necessary in our reporting.
Financed emissions link the financing we
provide for our customers to their activities in
the real economy and provide an indication of
the associated GHG emissions. They form
part of our scope 3 emissions, which include
emissions associated with the use of a
company’s products and services.
Our on-balance sheet financed emissions
include emissions related to on-balance sheet
lending, such as project finance and direct
lending. Our facilitated emissions include
emissions related to financing we help clients
to raise through capital markets activities. Our
analysis covers financing from CIB, and
Commercial Banking in the UK and Hong
Kong.
Our combined on-balance sheet financed and
facilitated emissions targets are for two
emissions-intensive sectors: oil and gas; and
power and utilities. Our on-balance sheet
financed emissions targets cover the following
sectors: cement; iron and steel; aviation;
automotive; and thermal coal mining.
We have set absolute emissions reduction
targets for the oil and gas, and thermal coal
mining sectors. For the power and utilities;
cement; iron and steel; aviation; and
automotive sectors, we have set emissions
intensity targets that allow us to deploy capital
towards decarbonisation solutions.
As part of our financial reporting, we present the
progress for these sectors against our financed
emissions baselines and targets.
Our approach to financed emissions
In our approach to assessing our financed
emissions, our key methodological decisions
are shaped in line with industry practices and
standards. We recognise that these practices
and standards are still developing. We will also
continue to review our reporting approach as
regulatory standards evolve, such as the
impact of the International Sustainability
Standards Board (ISSB) Standards.
Coverage of our analysis
Our analysis focuses on the most carbon-
emissive sectors and the parts of the value
chain where we believe most of the
emissions are produced, to help reduce
double counting of emissions. Double
counting may occur when GHG emissions are
counted more than once in the financed
emissions calculation. For instance, to
minimise the overlap of emissions captured, 
we only include midstream activities of the
automotive sector, as upstream may be
included in other sectors that we finance, such
as iron and steel. This is different to the scope
of sectors within the wholesale corporate
lending portfolio that we use to manage
climate risk. These sectors are set out on page
204.
By estimating emissions and setting targets for
customers that directly account for, or indirectly
influence, the majority of emissions in each of
the most carbon-emissive sectors, we can
focus our engagement and resources where we
believe the potential for change is highest. For
each sector, our reported emissions now
typically include all the major GHGs, including
carbon dioxide, methane and nitrous oxide,
among others. These are reported as tonnes of
CO2 equivalent (‘tCO2e’).
To calculate annual on-balance sheet financed
emissions, we have taken into consideration
guidance from the Partnership for Carbon
Accounting Financials (‘PCAF’) standard. We
use drawn balances as at 31 December in the
year of analysis related to wholesale credit and
lending, including business loans and project
finance, as the value of finance provided to
customers.
For facilitated emissions we considered all
capital market transactions in scope for the year
of analysis. These included debt and equity
capital markets, and syndicated loans.
ÑFor further details see our Financed Emissions
and Thermal Coal Exposures Methodology at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
Our financed emissions target refresh and associated changes
As stated in our 2025 Net Zero Transition
Plan, we have undertaken a detailed review of
each of our interim 2030 financed emissions
targets this year to seek to ensure our
approach continues to reflect the evolving
external context, including developments in
policy, technology, climate science, customer
actions, available data and methodologies.
We have updated our targets for all our in-
scope carbon-intensive sectors, apart from
thermal coal mining. Our thermal coal mining
target remains unchanged, in alignment with
our thermal coal phase-out policy and thermal
coal financing drawn balance exposure
reporting.
The key change is the adoption of a target
range for our interim 2030 financed emissions
targets, informed by IEA’s 2024 Net Zero
Emissions (‘NZE’) Scenario and Announced
Pledges Scenario (‘APS’).
For our emissions intensity-based targets, we
have moved the baseline year from 2019 to
2023 to reflect improvements in available data
and methodology. Targets for these sectors
are point-in-time targets and independent
from the baseline. We continue to use 2019
as the baseline year for our oil and gas
combined financed and facilitated emissions
target, and 2020 for our thermal coal mining
financed emissions target, as our absolute
emissions reduction targets are set based on
a percentage reduction from the baseline
year.
Lending products that are short term in nature
are now included in our financed emissions
reporting. We have included short-term
lending with the aim to cover in-scope lending
activity and align with industry guidance. In
addition, we have descoped aluminium from
the previously reported iron, steel and
aluminium sector and changed the reporting
unit for aviation from revenue passenger
kilometre (‘rpk’) to revenue tonne kilometre
(‘rtk’).
See page 45 for details on the scope and
methodology changes driving our re-baselines
and restatements.
ÑFor further details see our Financed Emissions
and Thermal Coal Exposures Methodology at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
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The chart below shows the scope of our
financed emissions analysis of seven sectors,
including upstream, midstream and
downstream activities within each sector. The
allocation of companies to different parts of
the value chain is highly dependent on expert
judgement and data available on company
revenue streams. As data quality improves,
this will be further refined.
Financed emissions analysis
Sector
Scope of
emissions
Value chain in scope
Coverage of GHGs
Oil and gas
1, 2 and 3
Upstream
(e.g. extraction)
Midstream
(e.g. transport)
Downstream
(e.g. fuel use)
Integrated/
diversified
All GHGs
Power and utilities
1 and 2
Upstream (e.g.
generation)
Midstream
(e.g. transmission and distribution)
Downstream
(e.g. retail)
Diversified utilities -
Power generation
All GHGs
Cement
1 and 2
Upstream (e.g. raw
materials, extraction)
Midstream
(e.g. clinker and cement manufacturing)
Downstream
(e.g. construction)
All GHGs
Iron and steel
1 and 2
Upstream (e.g. raw
materials, extraction)
Midstream
(e.g. ore to steel)
Downstream
(e.g. construction)
All GHGs
Aviation
1 for airlines,
3 for aircraft
lessors
Upstream (e.g. parts
manufacturers)
Midstream
(e.g. aircraft manufacturing)
Downstream
(e.g. airlines and air lessors)
All GHGs
Automotive
1, 2 and 3
Upstream
(e.g. suppliers)
Midstream
(e.g. motor vehicle manufacture)
Downstream
(e.g. retail)
All GHGs
Thermal coal mining
1, 2 and 3
Upstream
(e.g. extraction)
Midstream
(e.g. processing)
Downstream
(e.g. retail)
All GHGs
Key:
Included in analysis
Setting our targets
Our initial approach to target setting used a
single reference scenario – the 2021
International Energy Agency (‘IEA’) Net Zero
Emissions by 2050 Scenario (‘NZE 2021’). We
have now introduced a target range for all our
in-scope carbon-intensive sectors (except for
thermal coal mining) informed by the IEA’s
2024 NZE and APS Scenarios. 
Our approach is aligned with the goals of the
Paris Agreement to hold the global
temperature increase to well below 2°C above
pre-industrial levels and pursuing efforts to
limit the temperature increase to 1.5°C above
pre-industrial levels. Adopting a target range
helps us to better navigate the inherent
uncertainty in the pace of transition in the real
economy.
Facilitated emissions included in our combined
metrics are weighted at 33%, in accordance
with the PCAF standard. To further reduce the
inherent volatility in facilitated emissions, we
apply a moving average up to three years
building up from the baseline year (e.g.
average of 2022, 2023 and 2024 for the 2024
oil and gas progress numbers) to track
progress towards our combined target. This
means that transactions facilitated in 2028 and
2029 will still have an impact on the 2030
progress number and will need to be taken
into consideration as we manage progress
towards our target.
We perform feasibility analysis of our financed
emissions targets, considering multiple
climate-related scenarios. 
We do not plan to rely on purchasing credits
to achieve any interim 2030 financed
emissions targets we set.
An evolving approach
We continue to engage with regulators,
standard setters, investors and industry bodies
to help shape our approach to target setting and
managing portfolio alignment to support the
transition to net zero in the global economy.
For the agricultural, corporate and retail real
estate sectors, we continue to expect to
measure and report our financed emissions in
future disclosures and we are working on
improving the quality and granularity of internal
data and sourcing suitable external data for
reliable measurement.
ÑFor further details see our Financed Emissions
and Thermal Coal Exposures Methodology at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
Data and methodology limitations
Our financed emissions estimates and methodological choices are shaped by data availability for our sectors. We are members of the PCAF,
which defines and develops GHG accounting standards for financial institutions. Its Global GHG Accounting and Reporting Standards for
Financed Emissions and for Facilitated Emissions provide detailed methodological guidance.
–We have found that data quality scores vary
across the different sectors and years of our
analysis. While we expect our data quality
scores to improve over time, as companies
continue to expand their disclosures to meet
growing regulatory and stakeholder
expectations, there may be fluctuations
within sectors year-on-year, and/or
differences in the data quality scores due to
changes in data availability.
–Most of our clients do not yet report the full
scope of GHG emissions included in our
analysis, in particular scope 3 at a subsidiary
level. In the absence of client-reported
emissions, we estimated emissions using
proxies based on company production and
revenue figures. We applied industry
averages in our analysis where company-
specific data was unavailable, using third-
party datasets. As data improves for client-
reported emissions, our reliance on
estimates will continue to reduce.
–Reported client emissions data may have up
to a two-year lag, which may result in
alignment challenges to financial reporting
dates and lead to further reliance on proxies.
–Mapping external datasets to our internal
client entities can be challenging due to
complex company ownership structures.
–The methodology and data used to assess
financed emissions and set targets continue
to evolve and we expect industry guidance,
market practice, and regulations to continue
to change.
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Data and methodology limitations continued
–We remain conscious that the financed
emissions calculation is sensitive to volatility
in drawn amounts or market value
fluctuations, and we plan to be transparent
around drivers for change to portfolio
financed emissions where possible.
–We calculate sector-level emissions
intensity metrics using a portfolio-weighted
approach.
–Due to data limitations, we are unable to
obtain production data for all clients and so
we calculate an emissions intensity figure
using the 75th percentile of available data
points to meet this data gap, which we
consider as a conservative approach.
–Classification of our clients into sectors is
performed at a counterparty group level with
inputs from SMEs, and will continue to
evolve with improvements to data and our
sector classification approach. Our internal
data on customer groups used to source
financial exposure and emissions data is
based on credit and relationship
management attributes and may not always
be aligned to the data required to analyse
emissions across sector value chains.
–As the sub-sector, and therefore the value
chain classification of a client, is based on
expert judgement, and as clients continue to
transition, classification changes can result
in sectoral movement year-on-year.
–Emissions are calculated at a counterparty
group level, rather than at subsidiary level,
mainly due to the availability of emissions
data, and this may lead to over- or under-
estimation of emissions compared with
calculation at the subsidiary level.
–Companies with multiple activities, such as
conglomerates with near to equal business
activity split across multiple sectors, are
excluded from our reporting as these can
have different activities and cannot be
allocated to one sector target.
–For scope 2 emissions, companies may
often choose between reporting location or
market-based emissions. For our analysis,
where available, market-based emissions
data is prioritised for sourcing compared
with location-based emissions.
–We use structured entities to securitise
customer loans and advances we originate
and to diversify sources of funding for asset
origination and capital efficiency. These are
currently excluded and we will continue to
review our reporting approach as industry
guidance and methodology evolves.
–Where we have sponsored or invested in
our clients’ securitisation vehicles, these
have been included in our analysis where
possible, recognising current data
limitations, applying the PCAF business
loans approach.
–The operating environment for climate
analysis and portfolio alignment is maturing.
We continue to work to improve our data
management processes.
ÑFor further details see our Financed Emissions
and Thermal Coal Exposures Methodology at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
Targets and progress
We have set out in the table below our
combined on-balance sheet financed and
facilitated emissions targets for the oil and
gas, and power and utilities sectors. We also
set out our updated targets for the on-balance
sheet financed emissions for cement, iron and
steel, aviation and automotive, and our
existing thermal coal mining target.
For our combined on-balance sheet financed
and facilitated emissions targets in 2024, the
moving average for facilitated emissions with
a 33% weighting for the oil and gas sector
totals 5.0 Mt CO2e and for the power and
utilities sector, it totals 279 tCO2e/GWh.
These values are then combined with the on-
balance sheet numbers for the relevant year to
track progress to target. We set out the annual
figures before the application of the three-year
average built up from the baseline in the
facilitated emissions table on page 46.
This year we have a three-year moving
average for oil and gas in 2023 and 2024, and
a two-year moving average for power and
utilities in 2024. Averages will be built up to
three years over time.
We disclose emissions in 2023 and 2024 and
progress achieved in 2024 versus baseline for
each sector.
The table incorporates re-baselines and
restatements, where relevant, and in this
section we set out the approach we take to
target setting.
When assessing the changes from 2019 to
2024, it is important to emphasise how
changes to exposure and market fluctuations
impact yearly updates as we make progress
towards our interim targets. Movement from
one year to the next may not reflect future
trends for the financed emissions of our
portfolio.
See specific sector sections for further
information on key movements.
Sector1
Baseline
2023
2024
2024 % change
vs. baseline
2030 target
Unit2
Target
type
Target scenario
Combined on-balance sheet financed and facilitated emissions at 33%, with up to 3 years moving average
Oil and gas
46.2 in 2019
28.9
28.5
(38)%
(14-30)%
Mt CO2e
Absolute
IEA APS and NZE 2024
Power and utilities
295 in 2023
295
242
(18)%
195-270
tCO2e/GWh
Intensity
IEA NZE and APS 2024
On-balance sheet financed emissions
Cement
0.59 in 2023
0.59
0.61
3%
0.47-0.56
tCO2e/t cement
Intensity
IEA NZE and APS 2024
Iron and steel
1.73 in 2023
1.73
1.81
5%
1.29-1.52
tCO2e/t steel
Intensity
IEA NZE and APS 2024
Aviation
747 in 2023
747
737
(1)%
709-776
tCO2e/million rtk3
Intensity
IEA NZE and APS 2024
Automotive
152.8 in 2023
152.8
146.8
(4)%
65.5-95.3
tCO2e/million vkm
Intensity
IEA NZE and APS 2024
Thermal coal mining4
3.4 in 2020
1.03
0.22
(94)%
(70)%4
Mt CO2e
Absolute
IEA NZE 2021
1  Our absolute and intensity emissions metrics and targets are measured based on the drawn exposures of the counterparties in scope for each sector. Emissions
intensity is a weighted average according to the portfolio weight of each investment, as a proportion of the total portfolio value.
2  For the oil and gas sector, absolute emissions are measured in million tonnes of carbon dioxide equivalent (‘Mt CO2e’); for the power and utilities sector, intensity
is measured in tonnes of carbon dioxide equivalent per gigawatt hour (‘tCO2e/GWh’); for the cement sector, intensity is measured in tonnes of carbon dioxide
equivalent per tonne of cement (‘tCO2e/t cement’); for the iron and steel sector, intensity is measured in tonnes of carbon dioxide equivalent per tonne of steel
(‘tCO2e/t steel’); for the aviation sector, intensity is measured in tonnes of carbon dioxide equivalent per million revenue tonne kilometres (‘tCO2e/million rtk’); for
the automotive sector, intensity is measured in tonnes of carbon dioxide equivalent per million vehicle kilometres (‘tCO2e/million vkm’); and for the thermal coal
mining sector, absolute emissions are measured in million tonnes of carbon dioxide equivalent (‘Mt CO2e’).
3  We have changed our reporting unit for aviation from revenue passenger kilometre (‘rpk’) to revenue tonne kilometre (‘rtk’) to better align to counterparties in scope
which often include all airline activities (passengers, belly cargo, dedicated cargo). Additionally, this metric enables direct comparison to climate scenarios that are based
on traffic demand forecasts and aligns to industry practice.
4  The thermal coal mining scope differs from the other target sectors. We include solely emissions from thermal coal production and coal power generation, rather than
the total emissions of a counterparty within a sector, to reflect the thermal coal mining absolute financed emissions reduction target.
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We plan to report financed emissions and
progress against our targets annually, and to
be transparent in our disclosures about the
methodologies applied and any challenges or
dependencies. However, financed emissions
figures may not be reconcilable or comparable
year-on-year in future, and baselines and
targets may require updates or revisions as
data, methodologies and reference scenarios
develop.
Consistent with the PCAF guidance on
financed emissions accounting, we only
consider the outstanding drawn financing
amount, given this has a direct link to real
economy emissions.
A number of clients have material undrawn
balances that, if drawn, could significantly
increase the financed emissions related to
those clients. We expect to assess how to
manage these exposures on a forward-looking
basis as we progress towards our 2030
targets. In addition, for the sectors with
intensity-based targets, the emissions
intensity is sensitive to material clients, and
changes to drawn balances year-on-year can
therefore influence the trend.
We continue to engage with and support our
clients in their decarbonisation journey by
providing financing and advisory services.
The charts below display our progress to date
in relation to the updated 2030 target,
including historical progress metrics based on
our previous methodology.
ÑFor further details see our Financed Emissions
and Thermal Coal Exposures Methodology at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre
Oil and gas
For the oil and gas sector, our analysis
included scope 1, 2 and 3 emissions, including
carbon dioxide and methane, for upstream and
integrated companies. Our baseline and
progress figures reflect combined on-balance
sheet financed and facilitated emissions.
We have set a target to reduce absolute
combined on-balance sheet financed and
facilitated emissions for our oil and gas
portfolio by 14-30% by 2030 relative to our
2019 baseline. The percentage reduction
range is equivalent to the percentage decrease
that the IEA indicates in its APS and NZE 2024
scenarios for global sector emissions to 2030,
from a 2019 baseline.
We show in the chart our progress to date
against our 2030 target. For 2024, the oil and
gas sector represents 48% of the financed
emission footprint of our target sectors. In
2024, absolute combined on-balance sheet
financed and facilitated emissions in our
portfolio decreased by 38% to 28.5 million
tonnes of carbon dioxide equivalent (‘Mt
CO2e’) relative to the 2019 baseline and
decreased by 1% from 2023 to 2024.
The reduction was due to strategic portfolio
management actions, complemented by
temporary factors, such as low loan drawdown
levels. These factors offset increases in 2024
for both short-term lending and capital markets
transaction volumes, where capital markets
activity remains subdued compared with the
baseline year. Facilitated emissions are
incorporated on a three-year rolling average
basis, and lower volumes from 2022 and 2023
continue to be included in the 2024 reported
number.
We are currently reporting below the 2030
target range. Achieving the target range is
sensitive to market activities, such as clients
increasing capital markets transactions, and
volatility in short-term lending or external
factors leading clients to draw down on
existing facilities, all of which could lead to
increased financed emissions in our portfolio.
We continue to engage and support our clients
in their transition journey while managing
towards our risk appetite. 
Oil and gas
Mt CO2e
2024 progress
from baseline
(38)%
154481383906945
(14-30)%
Power and utilities
For the power and utilities sector, our analysis
included scope 1 and 2 emissions for
upstream power generation, and diversified
utilities power generation companies. Our
baseline and progress figures reflect combined
on-balance sheet financed and facilitated
emissions.
We target a combined on-balance sheet
financed and facilitated emissions intensity of
195-270 tonnes of carbon dioxide equivalent
per gigawatt hour (‘tCO2e/GWh’) by 2030. This
reduction range is equivalent to the global
sector average emissions intensity for 2030
that the IEA indicates in its NZE and APS 2024
scenarios. 
We have chosen an intensity-based target to
enable increased financing of clients engaging
in low-emissions solutions and transition
initiatives, such as renewable and clean energy
deployment, grid modernisation, energy
storage and efficiency improvements. With
electricity demand expected to more than
double by 2050 due to population growth,
electrification of industry, transport and
buildings, and demand from air conditioners
and data centres, a shift to low carbon-
intensive power generation will be critical.
We show in the chart our progress to date
against our 2030 target. For 2024, the power
and utilities sector represents 14% of the
financed emission footprint of our target
sectors. In 2024, the combined on-balance
sheet financed and facilitated emissions
intensity in our portfolio decreased by 18% to
242 tCO2e/GWh relative to the 2023 baseline
and is currently within the 2030 target range.
This reduction was primarily driven by
increased financing to lower emission-
intensive clients and a greater shift towards
financing renewable energy projects and pure-
play companies. 
Power and utilities
tCO2e/GWh
2024 progress
from baseline
(18)%
69269232619179
195-270
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Cement
For the cement sector, our analysis included
scope 1 and 2 emissions for midstream
companies with clinker and cement
manufacturing facilities.
We target an on-balance sheet financed
emissions intensity of 0.47-0.56 tonnes of
carbon dioxide equivalent per tonne of cement
(‘tCO2e/t cement’) by 2030, using 2023 as our
baseline. This reduction is equivalent to the
global sector average emissions intensity for
2030 that the IEA indicates in its NZE and APS
2024 scenarios.
In the short term, the global cement industry
has demonstrated emissions reductions
through energy efficiency, alternative fuels,
kiln optimisation, lowering the clinker-to-
cement ratio and incorporating supplementary
cementitious materials. Achieving further
emissions reductions and enabling near-zero
emissions cement production in the medium
to long term will require significant investment
in emerging technologies, including alternative
cementitious materials, renewable industrial
heat, and large-scale carbon capture and
storage.
Globally, over 50 million tonnes per annum of
near-zero emissions cement and concrete
production capacity has been announced or is
under development.
We show in the chart our progress to date
against our 2030 target. For 2024, the cement
sector represents 11% of the financed
emission footprint of our target sectors.
The 2024 emissions intensity of our portfolio,
at 0.61 tCO2e/t cement, was 3% higher than
the 2023 baseline. The increase in 2024 was
mainly driven by sector mix. Our portfolio in
this sector is heavily concentrated and
emissions intensity trends are highly sensitive
to material client exposures and changes to
drawn balances year-on-year.
Cement
tCO2e/t cement
2024 progress
from baseline
3%
69269232619184
0.47-0.56
Iron and steel
For the iron and steel sector, our analysis
included scope 1 and 2 for midstream iron and
steel production. We have now descoped
aluminium as our exposure to this sector is
very limited and the combination of two
metals with different emissions intensity
ranges and decarbonisation trajectories
created volatility in reporting.
We have currently not set a separate
aluminium target due to our low exposure to
the sector, both in terms of client numbers
and financed emissions. We will continue to
monitor our aluminium exposure and in the
event that it becomes a more material part of
our portfolio in future, we may consider
creating a separate target.
We target an on-balance sheet financed
emissions intensity of 1.29-1.52 tonnes of
carbon dioxide equivalent per tonne of steel
(‘tCO2e/t steel’) by 2030, using 2023 as our
baseline. This reduction is equivalent to the
global sector average emissions intensity for
2030 that the IEA indicates in its NZE and APS
2024 scenarios.
To achieve near-term emissions reductions,
we note that steel producers are focusing on
enhanced energy efficiency, increased scrap
utilisation, procuring green electricity and
testing alternatives to coke. A smaller group of
clients are looking at more transformative
investments, such as closing old coal-reliant
capacity and replacing it with direct reduction
and electric arc furnaces, and investing in
upstream enablers, like high quality iron ore,
and green iron supply chains.
Further innovation and investments this
decade will be crucial to scale and
commercialise low-emissions iron and steel
production processes, which will be an
important factor in achieving our 2030 target.
We show in the chart our progress to date
against our 2030 target. For 2024, the iron and
steel sector represents 8% of the financed
emissions footprint of our target sectors.
The emissions intensity of our portfolio in 2024
rose by 5% to 1.81 tCO2e/t steel against our
2023 baseline, driven by a shift in our sector
mix across our low to high emissions-intensive
clients. The emissions intensity trends in this
sector are highly sensitive to volatility in client
exposures and changes to drawn balances
year-on-year.
Iron and steel
tCO2e/t steel1
2024 progress
from baseline
5%
69269232623083
1.29-1.52
1Previously reported progress figures include
aluminium.
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Aviation
For the aviation sector, our analysis included
passenger airlines’ scope 1 and aircraft
lessors‘ scope 3 emissions, focusing on
downstream. We have changed our reporting
unit for aviation from revenue passenger
kilometre (‘rpk’) to revenue tonne kilometre
(‘rtk’) to better align counterparties in scope,
which often include all airline activities
(passengers, belly cargo, dedicated cargo).
Additionally, this metric enables a direct
comparison with climate scenarios that are
based on traffic demand forecasts, and aligns
to industry practice.
We target an on-balance sheet financed
emissions intensity of 709-776 tonnes of
carbon dioxide equivalent per million revenue
tonne kilometres (‘tCO2e/million rtk’) by 2030,
using 2023 as our baseline. This reduction is
equivalent to the global sector average
emissions intensity for 2030 that the IEA
indicates in its NZE and APS 2024 scenarios.
We believe the sector needs significant policy
support, investments in alternative fuels, such
as sustainable aviation fuel (‘SAF’), and new
efficient aircraft to reduce emissions.
The adoption of SAF is in its infancy, currently
accounting for an estimated 0.1% of all
aviation fuels consumed.
SAF use needs to increase to over 10% by
2030 to be in line with the IEA NZE 2024
scenario. This requires a significant ramp-up of
investment in production capacity and
supportive policies, such as fuel taxes and low
carbon fuel standards, as existing and planned
SAF projects are expected to meet just 2–4%
of jet fuel demand by 2030.
We show in the chart our progress to date
against our 2030 target. Historical progress
metrics are based on our previous
methodology, with tCO2e/rpk converted to
tCO2e/rtk using a multiplier of 10. For 2024,
the aviation sector represents 7% of the
financed emission footprint of our target
sectors.
In 2024, the emissions intensity of our
portfolio fell by 1% to 737 tCO2e/million rtk
relative to the 2023 baseline and is currently
within the 2030 target range. This decline was
primarily driven by higher exposure to airlines
that are transitioning to lower emissions.
Improved availability of client reported data has
also improved the quality of our reported
numbers. This sector is heavily concentrated,
and emissions-intensity trends are highly
sensitive to material client exposures and
changes to drawn balances year-on-year.
Aviation
tCO2e/million rtk1
2024 progress
from baseline
(1)%
69269232623086
709-776
1Previously reported progress figures in tCO2e/
million rpk are converted to tCO2e/million rtk
using a multiplier of 10.
Automotive
For the automotive sector, our analysis
included scope 1 and 2 for midstream
manufacturing of vehicles, and scope 3 for
tank-to-wheel exhaust pipe emissions for light-
duty vehicles. We excluded heavy-duty
vehicles from our analysis as the target
pathway derived from the IEA excludes them
as they have a different decarbonisation
pathway relative to light-duty vehicles. This
approach is also consistent with industry
practice. We will consider including heavy-duty
vehicles at a later stage of our analysis, as data
and methodologies develop.
We target an on-balance sheet financed
emissions intensity of 65.5-95.3 tonnes of
carbon dioxide equivalent per million vehicle
kilometres (‘tCO2e/million vkm’) by 2030 using
2023 as our baseline. This reduction is
equivalent to the global sector average
emissions intensity for 2030 that the IEA
indicates in its NZE and APS 2024 scenarios.
The IEA NZE 2024 scenario implies that by
2030, electric vehicle (‘EV’) share of sales
would be 30%, based on HSBC analysis.
During 2025, BloombergNEF estimates that
EV sales were 24%.
Achieving our 2030 financed emissions target
will be challenging unless there is a strong
acceleration in the share of EV sales in certain
markets. This will require large-scale
investments in new EVs and battery
manufacturing plants, alongside widespread
charging infrastructure and government
policies to support EVs.
We show in the chart our progress to date
against our 2030 target. For 2024, the
automotive sector represents 12% of the
financed emissions footprint of our target
sectors.
The 2024 emissions intensity of our portfolio
dropped by 4% to 146.8 tCO2e/million vkm
against our 2023 baseline of 152.8 tCO2e/
million vkm. The decline against our baseline
was driven by a sector mix towards lower
emissions-intensity clients.
Automotive
tCO2e/million vkm
2024 progress
from baseline
(4)%
1722
65.5-95.3
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Thermal coal mining
For the thermal coal mining sector, our
analysis focused on scope 1, 2 and 3
emissions in upstream companies, including
those involved in extraction. When calculating
our financed emissions from thermal coal
mining, we focused on thermal coal extraction
and processing companies, and diversified
mining companies. The majority of our
reported financed emissions relate to scope 3
emissions associated with coal mining,
representing financing provided to large
conglomerates that own diversified business
interests including coal.
We have set a target to reduce our absolute
on-balance sheet financed emissions by 70%
by 2030, relative to the re-baselined 2020
figure of 3.4 million tonnes of carbon dioxide
equivalent (‘Mt CO2e’). We used 2020 as a
baseline to align with the baseline used for our
drawn balance exposure targets in our thermal
coal phase-out policy. Our target is consistent
with a global 1.5°C-aligned pathway, as
defined by the IEA NZE 2021 scenario.
We show in the chart our progress to date
against our 2030 target. For 2024, thermal coal
mining represents 0.5% of the financed
emissions footprint of our target sectors.
In 2024, absolute on-balance sheet financed
emissions decreased by 94% to 0.22 Mt CO2e
relative to the 2020 baseline and decreased by
79% from 2023 to 2024. The overall reduction
from the 2020 baseline figure for 2023 and
2024 was due to reduced project financing and
specific coal purpose loans, combined with
strategic decisions and low client drawdown
levels.
We are currently reporting below the 2030
target. Looking ahead, this number remains
sensitive to risk factors, such as increased
client drawdowns of existing facilities and
volatility in short-term lending products that
could result in an increase from the current
reported number. We continue to engage with
and support our clients in their transition
journey while managing these dynamics within
our risk appetite to remain on track to meet
the 2030 target.
Thermal coal mining
Mt CO2e
2024 progress
from baseline
(94)%
2657
Our approach to re-baselines and restatements
Our re-baseline and restatement policy
defines the circumstances for a restatement
of previously reported data and targets,
including a re-baseline.
Changes to methodology, errors, and scope
or boundary changes are our key drivers of
change.
Climate-related data and processes are
continually evolving. Therefore, we do not
consider data and process enhancements to
be a key driver of change. This may change
over time as data and processes mature.
When key drivers, in aggregate, breach our
defined significance thresholds, a
restatement of previously reported data and
targets, including where necessary a re-
baseline, is required.
We expect our policy to evolve with further
industry guidance.
Financed emissions re-baselines and restatements
In 2025, we have re-baselined and restated
previously reported metrics to account for the
latest methodology and scope changes.
Lending products that are short term in
nature are now included in our financed
emissions reporting. This represents a scope
change and was a key driver of change for all
sectors except thermal coal mining.
We have refined our scope to include project
finance for the relevant part of the value chain
for each sector. This is a key driver of change
for oil and gas.
Divestments as at the latest reporting year
have been removed from all years of
reporting. This scope change mainly impacts
the oil and gas sector. We have also
descoped aluminium from the previously
reported iron, steel and aluminium sector.
Methodology changes include consideration
of use of proceeds financing and financing for
pure-play green clients, driving change in the
power and utilities sector. We also changed
the reporting unit for aviation from revenue
passenger kilometre (‘rpk’) to revenue tonne
kilometre (‘rtk’). We have aligned thermal coal
mining financed emissions to the refined
thermal coal financing exposure basis of
preparation.
Additionally, enhancements to our internal and
external data have been reflected in our
restated metrics. This includes improvements
in our data sourcing of customer groups and
sector classifications, and other sector-specific
data enhancements aimed at reducing our
reliance on proxy emission calculations.
The aggregated change across all of these
items breaches the significance threshold for
absolute financed emissions or emissions
intensity for all sectors. We have set out in
the table below our re-baselined and restated
target metrics. 
ÑFor further details of our re-baselined and
restated metrics, see our ESG Data Pack at
www.hsbc.com/esg
Restated target metrics
Previously Reported
Restated Metrics1
Percentage Change
Sector
Unit
2019
2020
2023
2019
2020
2023
2019
2020
2023
Combined on-balance sheet financed and facilitated emissions at 33% weighting, with up to 3 years moving average
Oil and gas
Mt CO2e
42.6
—
23.2
46.2
—
28.9
8%
—
25%
Power and utilities
tCO2e/GWh
—
—
349.0
—
—
295
—
—
(15)%
On-balance sheet financed emissions
Cement
tCO2e/t cement
—
—
0.59
—
—
0.59
—
—
0%
Iron and steel2
tCO2e/t steel
—
—
2.1
—
—
1.73
—
—
(18)%
Aviation3
tCO2e/million rtk
—
—
796
—
—
747
—
—
(6)%
Automotive
tCO2e/million vkm
—
—
152.4
—
—
152.8
—
—
0.3%
Thermal coal mining
Mt CO2e
—
4.7
—
—
3.4
—
—
(28)%
—
1  All of the restated metrics set out below represent new baseline figures, apart from oil and gas 2023 which is a restated prior year comparative. Rounding in the
restated metrics has been adjusted to align with the updated target metrics where relevant.
2  Previously reported metrics for iron and steel include aluminium, which has now been descoped.
3  Previously reported progress numbers for aviation in tCO2e/million rpk are converted to tCO2e/million rtk using a multiplier of 10.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
On-balance sheet financed emissions
The table below summarises the results of our assessment of on-balance sheet financed emissions using 2023 and 2024 data.
On-balance sheet financed emissions – wholesale credit lending and project finance1
Sector
Year
Scope 1-2 (Mt
CO2e)†
Scope 3 (Mt
CO2e)†
Emissions
intensity
PCAF Data quality score2,†
Scope 1 and 2
Scope 3
Oil and gas
2023
2.6
19.7
N/A
2.2
2.7
2024
3.0
20.4
N/A
2.3
2.8
Power and utilities
2023
7.1
N/A
288
2.9
N/A
2024
6.6
N/A
232
3.0
N/A
Cement
2023
7.2
N/A
0.59
2.3
N/A
2024
5.1
N/A
0.61
2.2
N/A
Iron and steel
2023
3.2
N/A
1.73
2.9
N/A
2024
3.7
N/A
1.81
2.9
N/A
Aviation
2023
2.9
0.51
747
2.2
2.5
2024
2.8
0.60
737
2.2
2.7
Automotive
2023
0.16
9.3
152.8
2.2
3.2
2024
0.11
5.9
146.8
2.3
3.2
Thermal coal mining
2023
0.06
0.97
N/A
3.2
3.2
2024
0.01
0.21
N/A
3.0
3.0
Facilitated emissions
The table below summarises the results of our assessment of facilitated emissions for the oil and gas, and the power and utilities sectors.
As per the PCAF Standard for Facilitated Emissions, the facilitated emissions figures are weighted at 33%. We also disclose values at 100%
weighting. For all 100%-weighted facilitated values, please refer to the ESG Data Pack at www.hsbc.com/esg.
Facilitated emissions – ECM, DCM and syndicated loans3  (33% weighting)
Sector
Year
Scope 1-2 (Mt
CO2e)†
Scope 3 (Mt
CO2e)†
Emissions
intensity
PCAF Data quality score2,†
Scope 1 and 2
Scope 3
Oil and gas
2023
0.32
3.1
N/A
2.1
2.5
2024
0.50
6.7
N/A
2.2
2.4
Power and utilities
2023
1.2
N/A
320
2.4
N/A
2024
1.7
N/A
247
2.5
N/A
1  For all sectors in scope of financed emissions targets, the total lending exposures included were approximately 3.3% of total loans and advances to customers at 31
December 2023 and approximately 3.5% at 31 December 2024. The total loans and advances have not been adjusted for assets held for sale. The methodology for
quantifying our lending exposure to financed emissions sectors will evolve over time as data and processes continue to improve.
2  PCAF scores where 1 is high and 5 is low. This is a weighted average score based on financing for on-balance sheet financed emissions or facilitated volumes.
3  The total capital markets activity analysed applying a 100% weighting in 2024 was $17.1.bn, representing 4.3% of in-scope capital markets activity at 31 December
2024.
†  Data is subject to independent third-party limited assurance in accordance with ISAE 3000 / ISAE 3410. For further details, see our Financed Emissions and Thermal
Coal Exposures Methodology and the independent third-party limited assurance report, which are available at www.hsbc.com/who-we-are/esg-and-responsible-
business/esg-reporting-centre.
Reducing emissions in assets under management
HSBC Asset Management continues to work
towards its interim target1 of reducing scope 1
and 2 financed emissions intensity by 58%
between 2019 and 2030 for the in scope
assets under management (‘AUM‘), consisting
of listed equities and corporate fixed income
managed within our major investment hubs.
As of 31 December 2019, in scope assets
amounted to $193.9bn, equating to 38% of
global AUM. This financed emissions target
remains subject to developments in transition
pathways and consultation with stakeholders,
including investors, fund boards, industry
bodies and regulators.
As at 31 December 2024, the scope 1 and 2
financed emissions intensity of HSBC Asset
Management’s in scope assets stood at 60.7
tCO2e/M$ invested, representing a 51%
reduction compared with the 2019 baseline.
The PCAF2 Data Quality score for the 31
December 2024 financed emissions intensity
was 2.3.
Reported metrics3
2019
2023
2024
Unit
Scope 1 and 2 financed emissions intensity
124.0
69.8
60.7
  tCO2e/M$ invested
AUM in scope
193.9
223.0
250.2
Billions $
PCAF Data Quality Score4
2.6
2.6
2.3
1This target remains subject to consultation with stakeholders including investors and fund boards on whose behalf we manage the assets. The 58% reduction
target is based on assumptions for financial markets and other data, including the IEA’s 2021 Net Zero Emissions by 2050 scenario and its underlying activity
growth assumptions. Carbon emissions intensity is measured as tonnes of carbon dioxide equivalent per million USD invested (tCO2e/M$ invested), where
emissions are scaled by enterprise values including cash.
2    PCAF defines and develops greenhouse gas accounting standards for financial institutions. Its Global GHG Accounting and Reporting Standard for Financed
Emissions provides detailed methodological guidance to measure and disclose financed emissions. PCAF Standards are available at: https://
carbonaccountingfinancials.com/standard. HSBC Asset Management reports financed emissions based on Part A – Financed emissions 2nd edition (2022).
3The 2024 metrics were subject to independent third-party limited assurance in accordance with the International Standard on Assurance Engagements 3000
(Revised) ‘Assurance Engagements other than Audits or Reviews of Historical Financial Information’, and with respect to the GHG emissions, in accordance with
the International Standard on Assurance Engagements 3410 ‘Assurance Engagements on Greenhouse Gas Statements’, issued by the International Auditing and
Assurance Standards Board. For the independent third party’s limited assurance report, see http://www.assetmanagement.hsbc.com/about-us/net-zero. The
methodology used is available at: http://www.assetmanagement.hsbc.co.uk/-/media/files/attachments/common/creating-a-new-climate-for-change/financed-
emissions-disclosures-reporting-criteria.pdf.
4From 2024, PCAF Data Quality Score is weighted by market value. In prior years, PCAF Data Quality Score was weighted by financed emissions.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
Net zero in our own operations 
TCFD
In line with our ambition to become a net zero
bank, we aim to achieve net zero emissions in
our own operations and supply chain by 2050.
Reduce, replace and remove
We continue to address the emissions from
our own operations and supply chain by
focusing on reducing our consumption and
replacing consumption with low carbon
alternatives.
Based on our current pathway to net zero, in
the interim we expect to achieve a reduction of
around 40% in emissions across our
operations, business travel and supply chain by
2030, compared with our 2019 baseline year.
We will only use high-integrity carbon credits to
remove any residual emissions from our own
operations that cannot otherwise be reasonably
reduced. We continue to monitor external
guidance, including from the Science Based
Targets initiative, to seek to ensure our
approach remains credible.
Our energy consumption
In 2025 we achieved a 34.5% reduction in our
energy consumption compared with 2019. This
was driven by our strategic divestments and
adoption of energy conservation programmes,
supported by more detailed and automated
metering and monitoring of our consumption.
In 2025, we increased our purchase of
electricity from renewable sources to 94.2%, a
key milestone towards our ambition to
purchase 100% renewable electricity across
our own operations by 2030.
We continue to search for opportunities to
procure renewable electricity in each of our
markets. We follow RE100 principles to focus
on creating additional renewable capacity
through power purchase agreements (PPAs),
where possible. Where regulation or our
energy profile does not allow for PPAs, we
pursue the procurement of renewable
electricity through our utility partners, as is the
case in France and regions of India. We are
also investigating bespoke solutions such as
on-site generation, direct investment into
renewable assets and private wire
agreements. If none of these options are
available to us, we source remaining renewable
electricity through energy attribute certificates.
Business travel
Connecting with clients and colleagues
remains an important part of how we do
business. We have introduced internal carbon
budgets and enhanced our internal reporting to
allow businesses and markets to monitor their
travel emissions in greater detail. Through
guidance on more sustainable ways to travel,
we encourage ownership and conscious
decision making.
Recognising the importance of sustainable
aviation fuel (‘SAF’) to the decarbonisation of
the aviation sector and following our 2024
strategic investment made in SAF through a
partnership with EcoCeres and Cathay Pacific,
we continue to explore new opportunities to
invest in SAF. We do not currently account for
the emissions reduction of SAF purchases in
our emissions reporting.
Engaging with our supply chain
Our supply chain is the largest source of our
operational emissions and where we face the
most significant decarbonisation challenge,
reflecting the pace of the transition across the
real economy.
Our suppliers are at various stages in their
sustainability journey, and we aim to support
their transition while navigating external factors
and challenges. Given many of our suppliers are
also our customers, our customer engagement
model is also beneficial to reducing our supply
chain emissions. We consider sustainability and
supply chain decarbonisation in our sourcing and
supplier management process, where possible,
to support the reduction of our supply chain
emissions, being mindful of the business
importance of certain goods and services and
the varying regional approaches to the transition.
We support our sourcing teams to further
integrate sustainability into sourcing strategy
and decisions, including new supplier selection,
renewals and ongoing supplier management.
We continue to deepen collaboration with
suppliers and have increased our focus on
those without public disclosures or emissions
reduction plans, for example, by providing
them with additional guidance. We have
enhanced the questions we ask suppliers at
onboarding, to get a better view of their
transition journey, and are now including
suppliers’ carbon footprint as a consideration in
our selection process.
Through ongoing engagement and targeted
collaboration events, we are partnering with
some of our suppliers that are more advanced
in their sustainability journey, to jointly develop
innovative ideas on decarbonisation and nature-
related topics. We aim to support smaller
suppliers in their transitions by providing
educational materials.
Nature in our operations and supply chain
Alongside our net zero operations ambition, we
aim to be a responsible consumer of natural
resources across our operations and supply
chain. In our supply chain, we have begun
developing sustainable sourcing roadmaps
across key categories, following a materiality
assessment of biodiversity and nature risks.
Wherever possible, we aim to protect the
environment and mitigate our impact on natural
resources through our procurement choices,
design and construction, and our operations
(e.g. reduction in waste generation and paper
consumption).
Our presence in environmentally
sensitive areas
Our global portfolio of buildings support
customers and communities in some
areas of water stress, and/or protected
areas of biodiversity. About 53% of our
global offices, branches and data centres
are in urban or city centre locations with
large, concentrated populations. These
areas have been identified as being
subject to water stress, accounting for
almost half of our annual water
consumption, with about 0.9% in
protected areas of biodiversity.
Although our industry is a low user of
potable water, we continue to implement
measures to reduce water consumption
across our portfolio, including the
installation of water efficient taps and
flow restrictors.
1.5.14.5 RT_1.5.13.2.57 Pg49 case study.jpg
Environmental management of our portfolio
Our buildings policy recognises that regulatory and environmental requirements differ across
regions. Supported by our real estate services procedures for environmental and sustainability
management, our buildings policy seeks to ensure that HSBC properties minimise their overall direct
environmental impact. Our green leasing programme supports close collaboration with our landlords
to drive better energy efficiency and we aim to achieve Leadership in Energy and Environmental
Design (LEED) or equivalent certification for our construction projects in key premises.
We seek to identify new opportunities to further reduce emissions and one of our emerging
priorities is decarbonising our heating through electrification and heat networks by overcoming
technical and engineering challenges. Detailed design considerations documented in our global
engineering standards aim to reduce or avoid depletion of critical resources, such as energy, water,
land and raw materials. Our suppliers are requested to comply with our Supplier Code of Conduct,
including having in place environmental policies appropriate to the size and nature of their operations
to reduce environmental impacts.
HSBC Holdings plc Annual Report on Form 20-F
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Environment
Operational and supply chain greenhouse gas emissions in tonnes CO2e
2025
2024
2019 baseline
Scope 11†
~
16,698
15,025
22,066
Scope 2 (market-based)1†
Ä
19,919
83,760
392,270
Scope 3
Ä
1,040,300
1,127,909
1,356,631
  Category 1: Purchased goods and services2†
Ä
807,293
866,873
1,033,972
  Category 2: Capital goods2†
~
165,988
127,158
50,651
  Category 6: Business travel1†
Ä
67,019
133,878
272,008
Total
Ä
1,076,917
1,226,693
1,770,967
Included scope 1 and 2 of UK
~
6,357
5,887
10,432
†    Data in 2025 is subject to an independent third-party limited assurance in accordance with ISAE
3000 / ISAE 3410. For further details, see third-party limited assurance report at www.hsbc.com/
who-we-are/esg-and-responsible-business/esg-reporting-centre. In respect of data in 2019 and 2024,
see our relevant Annual Report and Accounts.
1    Our reporting period aligns with our financial year January – December. Due to a three-month time
lag in data availability, we use the data from Q4 of the previous year, as an estimate for the current
year’s Q4 data
2.  Supply chain emissions are calculated using a combination of supplier emissions data and industry
average emissions factors. A data quality score is applied to this calculation where 1 is high and 4 is
low, based on the quality of emissions data. This is a weighted average score based on HSBC
supplier spend. Data quality scores can be found in the ESG Data Pack.
ÑOur scope 2 location-based emissions in 2025 were 259,129† tonnes CO2e. For a detailed
breakdown, information about contractual instruments, and relevant environmental key facts, see
our ESG Data Pack at www.hsbc.com/esg.
2025 emissions performance
We continue to make progress towards our
2050 net zero ambition. In 2025 we achieved a
reduction in absolute operational greenhouse
gas emissions (scope 1, 2 and business travel)
of 84.9% from our 2019 baseline. Overall,
including supply chain emissions, we achieved
a 39.2% reduction against 2019 and 12.2%
compared with 2024.
Scope 1 and 2 emissions
We have already reduced our scope 1 and 2
emissions considerably and are on track to
achieve a reduction of at least 90% by 2030.
In 2025, we reduced these emissions (i.e.
energy and road fleet) to 36,617 tonnes CO2e,
representing a 91.2% reduction from our 2019
baseline, and a 62.9% reduction from 2024,
driven by a reduction in energy consumption
and significant investment in renewable
electricity, in conjunction with an overall
reduction of the emission factors. For scope 1,
we saw an increase due to an adjustment of
our uplift rate to include estimated emissions
from refrigerant leaks in our cooling systems.
Refrigerant leaks occur when cooling gases
escape from equipment, contributing to
greenhouse gas emissions. Currently 94.2% of
our electricity comes from renewable sources
and we are on track for 100% renewable
electricity by 2030.
In addition to the reduction in energy
consumption driven by our strategic
divestments, we are increasingly adopting
innovative metering technologies and
collaborating with strategic partners to seek to
target the more challenging elements, such as
our remaining data centres.
Specifically in the UK, the increase in energy
and scope 1 and 2 emissions is driven by an
increase in electricity consumption in data
centres and an increase in primary fuels in our
offices and branches.
In addition to our focus on energy
consumption, we continue to transition our
vehicles to electric, ordering fully electric or
hybrid options, wherever possible.
Emissions from travel
We reduced our emissions from scope 3
business travel by 75.4% compared with 2019
and 49.9% compared with 2024. The decrease
was driven by improved oversight,
strengthened internal reporting and an overall
reduction in the emissions factors provided by
the UK Department for Energy Security and
Net Zero.
Emissions from our supply chain
In 2025, we reduced our overall supply chain
emissions (scope 3: category 1 and 2) by
10.3% against the 2019 baseline, and 2.1%
compared with 2024. This was primarily due to
the reduced emissions intensity (i.e. ratio of
emissions vs revenue) of suppliers providing
professional services and marketing, and who
reported emissions to us. However, this has
been partly counteracted by an increase in
spend on servers and data centres, and an
increase in the emissions intensity of suppliers
providing real estate services, which also
caused the increase in emissions from capital
goods.
Greenhouse gas emissions in tonnes CO2e
per FTE
Energy consumption in kWh in 000s
2025
2024
2019
2025
2024
2019
Scope 1, 2 and
3 (Category 6)
Ä
0.5
1.1
2.9
Total
Ä
687,521
728,890
1,049,072
Scope 1, 2 and
3 (Category 1, 2
and 6)
Ä
5.1
5.7
7.8
UK only
~
211,033
206,028
281,271
We continue to expand and improve our
reporting as more suppliers make emissions
data available.
Emissions calculations approach
Our emissions report adheres to the GHG
Protocol, which incorporates the scope 2
market-based emissions methodology. We
report GHG emissions associated with the
energy used in our premises and employees’
business travel and our supply chain in tonnes
of CO2 equivalent.
Based on our operational control boundary, in
2025 we collected data on energy use and
business travel for our operations in 34
countries and territories out of the 56 markets
we operate in, which accounted for
approximately 98.2% of our full-time equivalent
staff (‘FTEs’). To estimate the emissions of our
operations in entities where we have
operational control and a small presence, we
scale up the emissions to 100%.
We have reviewed and updated the emission
uplift rate for scope 1 to reflect the actual data
and the uncertainty regarding the volume of
the estimated fugitive emissions. Following
improvements in our reporting process, we
have removed the uplift for scopes 2 and 3
(category 6: business travel). This approach is
consistent with both the Intergovernmental
Panel on Climate Change’s Good Practice
Guidance and Uncertainty Management in
National Greenhouse Gas Inventories and our
internal analysis.
Our calculation methodology for supply chain
emissions follows the spend-based method
under the GHG Protocol; a combination of
supplier emissions data and industry averages.
We source actual data via CDP, or direct
engagement with suppliers through a third
party. In the absence of this we use
estimations data provided by a third party and
industry average carbon intensities from CDP
to estimate supply chain emissions.
As more of our suppliers report their
emissions, we should be able to include more
accurate data and fewer industry averages in
the calculation. We have applied a data quality
score to the sources of data we used to
determine supplier emissions.
In 2025 we conducted a materiality
assessment on scope 3 categories, and we
have identified categories 1 (purchased goods
and services), 2 (capital goods), and 6 (business
travel) as material.
ÑFor further details of our methodologies,
assumptions, and sources of conversion factors
used for the reporting of emissions, see the GHG
Reporting Guidance 2025 at www.hsbc.com/
esg.
HSBC Holdings plc Annual Report on Form 20-F
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Managing climate risk
TCFD
Climate risk relates to the financial and non-
financial impacts that may arise as a result of
climate change and the move to a net zero
economy. We manage climate risk across all
our businesses and incorporate climate
considerations within our traditional risk types,
in line with our Group-wide risk management
framework.
Our material exposure to climate risk relates to
wholesale and retail client financing activity
within our banking portfolio. We are also
exposed to climate risk in relation to asset
ownership by our insurance business and
employee pension plans. Our clients are
exposed to climate-related investment risk in
our Asset Management business.
ÑFor further details of our approach to climate
risk, see ‘ESG risk’ on page 122 and ‘Climate
risk’ on page 203.
Banking
Our banking business is well positioned to
support our customers managing their own
climate risk through financing. For our most
material wholesale customers, we use our
transition engagement questionnaire to
understand clients’ climate strategies and
risks. We have set out a suite of policies to
guide our management of climate risk. We
continue to develop our climate risk appetite
and metrics to help manage climate exposures
in our wholesale and retail portfolios. We use
climate scenario analysis to gain insights into
the long-term effects of transition and physical
risks across our wholesale and retail portfolios
(for further details, see page 206).
Asset management
HSBC Asset Management recognises that
climate-related risks may impact the
operational and financial performance of
investee companies. The impact of these risks
will vary depending on characteristics such as
asset class, sector, business model and
geography. We continue to integrate climate
analysis into our actively managed product
offerings and seek to assess climate-related
risks that may impact investment
performance, where relevant.
As part of our stewardship activities, we
engage on climate change issues with
investee companies on a priority list, as
defined in our Stewardship Plan. HSBC Asset
Management acts independently in its
investment and voting decisions.
Employee pensions
The Trustee of the HSBC Bank (UK) Pension
Scheme (‘the Scheme’), our largest plan with
$38bn of assets under management, aims to
achieve net zero greenhouse gas emissions
across its defined benefit and defined
contribution assets by 2050. The amount
within the scheme includes defined benefit
assets of $25bn and defined contribution
assets amounting to $13bn. To help achieve
this, it is targeting an interim emissions
reduction of 50% by 2030 from 2019 levels for
its equity and corporate bond mandates. This
commitment was made in the context of
wider efforts to manage the impact of climate
change on the Scheme’s investments and the
consequent impact on the financial interests of
members.
The Scheme reports the carbon footprint for
its equity and corporate bond mandates in its
annual TCFD Report, and will seek to widen
the coverage of its assessment and reporting
over time. In line with the Trustee’s
commitment to good stewardship, the Trustee
engages its asset managers to seek to ensure
that financially material ESG risks are explicitly
considered in the investment process.
Insurance
We are improving our ability to perform
exploratory solvency assessment of our
biggest insurance businesses under climate
stress scenarios.
ÑFor further details of HSBC Asset Management’s
Stewardship Plan, see:
www.assetmanagement.hsbc.co.uk/en/
institutional-investor/about-us/responsible-
investing/-/media/files/attachments/uk/policies/
stewardship-plan-uk.pdf.
ÑFor further details of the HSBC Bank (UK)
Pension Scheme’s annual TCFD statements and
UK Stewardship Code submission, see https://
futurefocus.staff.hsbc.co.uk/active-dc/
information-centre/search-documents.
Sustainability risk policies
TCFD
Our sustainability risk policies form part of our
broader risk management framework and are
important mechanisms for managing risks,
including delivering our net zero ambition. 
These policies focus on mitigating reputational,
credit, legal and other risks related to our
customers’ environmental and social impacts. 
Our policies
HSBC has sector-specific sustainability risk
policies covering the energy sector, thermal
coal, agricultural commodities, forestry, and
mining and metals. These are summarised in
our Sustainability Risk Policies Framework
which also contains HSBC’s Thermal Coal
Phase-Out Policy. We also implement a cross-
sector policy for project-related financing,
informed by international standards.
The Framework provides an overview of how
HSBC identifies, evaluates and manages risks
related to the delivery of our sustainability
approach.
Implementation of the sector-specific policies
is achieved through internal policies and
procedures, supported by technical experts
and specialists and our relationship managers. 
We take a risk-based approach when
identifying transactions and clients to which
our sustainability risk policies apply and, where
relevant, when reporting on relevant
exposures, adopting approaches proportionate
to risk and materiality. This helps to focus our
efforts on areas that we consider to be most
critical, taking into account experience from
policy implementation over time.
We continue to review policy implementation
as we apply our policies in practice, engage
customers on their transition plans and
consider how we can support them. We
conduct periodic policy reviews, incorporating
feedback and where appropriate, updating
based on factors including risk materiality,
implementation experience, evolving scientific
guidance, regulatory requirements and
evolving industry practices.
For customers in scope of sector-specific
policies, we will look to take actions as
outlined in our policies, such as enhanced due
diligence. Such instances may require
additional review and approval by our
sustainability risk specialists and risk
committees.
Governance and implementation
Our Group Risk and Compliance function has
specialists who review and support
implementation of our sustainability risk
policies. Our relationship managers are
primarily responsible for assessing relevant
considerations under our risk management
framework, including whether our clients may
be in scope of applicable sustainability risk
policies. Where considered appropriate, policy
matters are escalated to relevant governance
committees.
Oversight of the development and
implementation of policies is the responsibility
of relevant governance committees
comprising senior members of the Group Risk
and Compliance function and global
businesses.
ÑFor further details of how we manage
sustainability risk and our Sustainability
Risk Policies Framework, see
https://www.hsbc.com/sustainability-risk.
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Environment
Nature-related policies
Our sustainability risk policies impose
restrictions on certain financing activities that
may have material negative impacts on nature.
Our forestry and agricultural commodities
policies focus specifically on the upstream
impacts of key agricultural commodities
including palm oil, timber, soy and cattle. We
also require palm oil customers to obtain
certification under the Roundtable on
Sustainable Palm Oil.
Our energy policy
Our energy policy applies to the broader
energy system, including upstream oil and gas,
fossil fuel power generation, hydrogen,
renewables and hydropower, nuclear, biomass
and energy from waste sectors.
The policy seeks to achieve two objectives: to
help drive global greenhouse gas emissions
reductions, both to achieve a net zero HSBC
portfolio and to support our customers in the
transition to a net zero global energy future;
and to identify and manage risks arising from
the provision of financing or advisory services
to customers with energy assets.
The energy policy was first published in
December 2022, and is reviewed periodically,
with the most recent update in November
2025.
Our thermal coal phase-out policy
Our thermal coal phase-out policy seeks to
achieve two objectives: to phase out the
financing of thermal coal-fired power and
thermal coal mining by 2030 in markets in the
European Union (‘EU’) and Organisation for
Economic Cooperation and Development
(‘OECD’), and by 2040 in other markets
(Phase-Out Commitment); and to identify and
manage risks arising from the provision of
financing or advisory services to customers
with thermal coal assets.
The policy was first published in December
2021 and is reviewed annually, with the most
recent update in November 2025.
ÑFor further details of our energy policy and our
thermal coal phase-out policy see our
Sustainability Risk Policies Framework, at 
https://www.hsbc.com/sustainability-risk
ÑFor further details of our oil and gas, and power
and utilities financed emissions targets, see page
42.
Thermal coal financing exposures
We aim to reduce thermal coal financing
drawn balance exposure from a 2020 baseline
by at least 25% by 2025, and aim to reduce it
by 50% by 2030.
Our basis of preparation for reporting on
thermal coal financing drawn balance
exposures is aligned with our thermal coal
phase-out policy and applies a risk-based
approach to reporting on relevant exposures.
This includes the use of globally recognised
third-party data sources to screen clients and
applies materiality considerations to product
type, customer type and exposure type, which
informs inclusion and exclusion requirements.
Specifically, for customer types, exclusions are
applied for certain customer types such as
sovereigns and individuals. For exposure
types, a threshold of $15m for drawn balances
is applied for thermal coal financing exposures
reporting.
We recognise that we provide financing to
groups of connected companies where the
wider group has thermal coal exposures, and
this introduces additional complexities when
estimating thermal coal exposure. In such
cases, we consider relevant factors, including
the nature and the extent of the connection to
thermal coal activity, any relevant structural
considerations in relation to the wider group
and any restrictions on use of financing
proceeds to fund thermal coal activities.
We continue to refine our basis of preparation
and have made further enhancements in 2025
to develop a more detailed framework for our
approach to exclusions from reporting.
In line with changes to financed emissions
product scope, short-term lending products are
now included in scope for thermal coal drawn
balance exposures.
Thermal coal financing drawn balance
exposure is sensitive to volatility from both
short-term lending products and additional
drawdowns under committed facilities.
Applying our refined basis of preparation
resulted in a net 10% increase in the thermal
coal financing drawn balance exposure
baseline (as of 31 December 2020) to $1.1bn†
from $1.0bn. This year we present figures for
2023 and 2024, therefore we are not restating
2021 and 2022 figures.
Our thermal coal financing drawn balance
exposures for 2023 and 2024 were $0.6bn†
and $0.5bn† respectively. We intend to
present our 2025 figures in our Annual Report
and Accounts 2026. The reductions from the
revised baseline were primarily driven by
natural amortisation and portfolio level
financing decisions.
Thermal coal financing drawn balance
exposure
$bn
162177965411467
† Data is subject to independent third-party limited
assurance, in accordance with ISAE 3000/ISAE
3410. For further details, see our Financed
Emissions and Thermal Coal Exposures
Methodology and independent third-party limited
assurance report, which are available at
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre.
ÑFor further details of our approach to financed
emissions, see page 39.
ÑFor further details of our financed emissions and
thermal coal exposures methodology, see
www.hsbc.com/who-we-are/esg-and-
responsible-business/esg-reporting-centre.
Asset Management’s Energy and Thermal Coal Policies
HSBC Asset Management’s Energy and
Thermal Coal policies have been developed in
support of HSBC Group’s net zero ambition.
Under the Energy Policy, HSBC Asset
Management aims to engage with and assess
transition plans of listed issuers responsible for
around 70% of relevant emissions covering
listed equity and corporate fixed income
issuers managed in its major investment
hubs. Engagement and assessment are
undertaken for the oil and gas, and power and
utilities issuers in this group.
The Thermal Coal Policy is developed in
support of the transition from thermal coal-
fired power and thermal coal mining (collectively
‘thermal coal’) within the 2030/40 timelines set
out in the HSBC Thermal Coal Phase-Out Policy.
ÑThe current policies including their application can
be found here: https://
www.assetmanagement.hsbc.co.uk/en/
institutional-investor/about-us/responsible-
investing/policies.
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Building inclusion and resilience
We play an active role in opening up a world of opportunity for our customers,
colleagues and communities by connecting across our international networks
to help build a more inclusive and resilient society.
Our commitment to inclusion
Our approach
For 160 years, our core strategy has been
connecting people and businesses across
geographies and cultures.
By embracing diversity and fostering inclusive
thinking, we better meet our customers’
needs and deliver improved outcomes.
We are committed to continuing to build an
inclusive organisation by focusing on four key
areas as detailed below.
The focus of our Global Inclusion strategy
Building an
inclusive culture
We recognise the importance
of fostering an inclusive
culture, benefiting both our
colleagues and customers.
Embracing differences
enhances diversity of thought
and experiences, leading to
better outcomes. Our Global
Inclusion strategy embraces
our unique international
footprint, while seeking to
ensure it remains locally
relevant and compliant with
local laws.
Fair and inclusive
recruiting
Having a diverse and
inclusive workforce that
better reflects the
communities we serve
remains one of our key
strategic pillars.
By ensuring a fair and
transparent recruitment
process, we aim to attract
and retain talent from all
backgrounds.
Fair progression of
talent
We understand the
importance of having
motivated and engaged
teams.
By offering growth
opportunities, such as
training and development
programmes, and internal
mobility opportunities, we
aim to foster a strong sense
of belonging and equip our
people with the skills needed
for the future.
Supporting an
inclusive society
We are dedicated to fostering
a culture where everyone
feels they belong, guided by
shared values and a
commitment to inclusion.
By listening to the voices of
both colleagues and
customers from all
backgrounds, we seek to
create a more inclusive and
accessible banking
experience, impacting
communities positively.
Our progress
Prior analysis of our workforce identified that
both women and Black heritage colleagues
were underrepresented across senior leadership
roles. We introduced a set of public aspirational
ambitions, which aimed to increase
representation of these two groups by 2025 and
improve our Inclusion Index score as measured
in our employee engagement survey, Snapshot.
By the end of 20251, we achieved:
–a 34.7% representation of women in senior
leadership roles against an ambition of 35%1;
–a 3.0% representation of Black heritage
colleagues in senior leadership roles (UK/US
combined) against an ambition of 3.4%1 ; and
–an Inclusion Index score of 78% against an
ambition of 75%.
We have made annual progress in increasing
the representation of women in senior
leadership roles, strengthened by our hiring,
promotion and retention strategies. Over this
period, representation of women in senior
leadership roles has increased by three
percentage points. We narrowly missed our
gender representation ambition of 35%,
primarily due to a reduction in the number of
promotions and new hires in 2025. This has
also impacted our progress against our
ambition to achieve 3.4% of Black heritage
colleagues in senior leadership roles in the UK/
US combined since 2021, which has remained
steady since 20231..
Previously in 2020, we set an initial ambition to
double the number of Black heritage
colleagues in senior leadership roles globally
by the end of 2025. Over the past five years,
changes in our global organisation, such as the
divestiture of the US Wealth and Personal
Banking business, and increased investment
across Asia, have made achieving this
ambition more challenging. By the end of
2025, we increased the number of Black
heritage colleagues in senior leadership roles
by 48%1.
While our publicly stated aspirational ambitions
concluded at the end of 2025, we remain
committed to building an inclusive culture for
all colleagues, measured using our Inclusion
Index. We continue to work towards better
reflecting the communities we serve, in order
to deliver better outcomes for our customers.
Data and transparency
Colleagues’ self-identification data enables us
to refine and evolve our Global Inclusion
strategy by ensuring we make informed
decisions and set priorities that will have the
greatest impact. It also helps us to identify and
address any inequalities or barriers.
We invite colleagues to voluntarily share their
demographic data with us including ethnicity,
sexual orientation and disability. In 2025,
69.1% of colleagues shared their ethnic
background. We collect data in markets and
territories where we are legally permitted to
do so.
We continue to disclose the shape of our
workforce publicly, as well as participating in
the government-led FTSE Women Leaders
Review and Parker Review benchmarks in the
UK, which track the gender and ethnicity
representation of our Operating Committee
and senior leadership population.
ÑFor further details of our representation data, pay
gap data, and actions, see www.hsbc.com/who-
we-are/our-people/inclusion-at-hsbc and the ESG
Data Pack at www.hsbc.com/esg
1These numerical ambitions do not form part of
any US-based senior leader performance or
other objectives, or in other jurisdictions where
application of such objectives would be contrary
to local law.
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Fostering an inclusive culture
Embedding inclusion
Our recruitment practices are designed to be
fair and transparent providing equal
opportunities for all colleagues to progress
their careers. We promote inclusive leadership
and recognise that diverse perspectives drive
innovation and stronger business outcomes.
In 2025, we partnered with KPMG to support
personal development opportunities for UK-
based Black heritage colleagues in our IWPB
and Global Functions teams. Fifteen individuals
were matched with sponsors aligned to their
career aspirations, who aim to broaden
participants’ network and advocate for their
talent and career progression. In 2025 we
continued Solaris, our UK development
programme for female Black heritage
colleagues, with 19 individuals completing the
course in 2025.
Removing barriers for colleagues with a
disability
In 2025, we led the way in benchmarking
disability confidence across Asia, aligning with
United Nations Guidelines for People with
Disabilities. HSBC is recognised for disability
inclusion as featured by the International
Labour Organisation (ILO) Global Business
Disability Network.
In 2025, our Digital Accessibility programme
garnered 15 awards, including recognition
from the Hong Kong Digital Accessibility
Recognition Scheme for the accessibility of
our digital channels. We were also honoured at
the Pay 360 Awards in the UK celebrating
outstanding achievements in the payments
industry.
We retained our Business Disability Forum
‘Smart Gold’ status in the UK in 2025. The
Disability Smart Framework helps businesses
enhance their performance for disabled
customers, service users, colleagues and
stakeholders.
We have developed a Disability Toolkit to
support colleagues with a disability and their
line managers, outlining the well-being
resources available and how each can help
colleagues manage their condition.
In the US, we have been recognised as a ‘Best
Place to Work for Disability Inclusion’ in the
Disability:IN, 2025 Disability Index.
We are enhancing our workplace adjustments
programme to better support colleagues with
their needs. In 2025, it was extended to
include colleagues in UAE, Egypt, Algeria,
Kuwait and Oman.
Supporting colleagues from a lower
socio-economic background
Research indicates that individuals from low
socio-economic backgrounds encounter
additional barriers when entering the financial
services industry, and are less likely to
advance to senior leadership.
To support early career colleagues from these
backgrounds, we launched a grant initiative in
2025, offering new joiners £1,000 to support
pre-joining expenses.
In 2025, we improved our position in the UK
Social Mobility Index to 18th, up from 37th in
2024 and 67th in 2023.
We have also partnered with Community
Business, which is a non-governmental
organisation that advances research on social
mobility across Asia, focusing on Hong Kong,
mainland China, India, Singapore, Japan,
Korea, the Philippines and Malaysia.
Inclusion for all
In 2025, the Hong Kong-based Equal
Opportunities Commission introduced the
Racial Diversity & Inclusion Employers Award
Scheme to honour organisations committed to
racial equality, diversity and inclusion in the
workplace, and we received three gold
awards.
We were also named the Best Bank for
Diversity and Inclusion in Hong Kong at the
Euromoney Awards 2025 for the second year
running. We climbed to 2nd in the 2025 Hong
Kong Community Business LGBTQ+ Index,
marking us as the top financial institution and
improving from 6th in 2023.
In the US, we partnered with organisations
Handshake and HelloHive to broaden our
reach to undergraduate students from all
backgrounds. Community engagement
opportunities to support career readiness have
in turn resulted in increased candidate
applications to the HSBC US Early Careers
programme.
Gender representation (%)
Holdings
Board
Group
Operating
Committee
('Group OpCo')
Combined
Group OpCo
and direct
reports1
Subsidiary
directors2
Senior
leadership3
Middle
management3
Junior
management3
All employees4
162177965285348
1 Combined Group OpCo and direct reports
includes Group OpCo members and their direct
reports (excluding administrative staff) as of 31
December 2025.
2 Directors (or equivalent) of subsidiary companies
that are included in the Group’s consolidated
financial statements, excluding corporate
directors.
3 In our leadership structure, we classify senior
leadership as those at global career band 3 and
above; middle management as those at global
career band 4; and junior management as those
at global career bands 5 and 6.
4  As at 31 December 2025, the Group’s headcount
consisted of 103,086 Males and 108,393
Females. Employees with undisclosed gender
have been included in the ‘Male’ category. Due
to local restrictions, Saudi Arabia headcount has
been excluded from gender reporting.
ÑFor further details of our employee profile data,
see the ESG Data Pack at www.hsbc.com/esg
Representation and pay gaps
Our reports on gender, ethnicity and disability
pay gaps show the difference in average pay
between these groups of people and the
wider workforce, regardless of their role or
seniority.
We have reported our UK gender
representation and pay gap data since 2017, in
line with reporting regulations. These UK
disclosures are available in our ESG Data Pack.
We have voluntarily extended this to include
the US, mainland China, Hong Kong, India,
Mexico, Singapore, Malaysia and the UAE,
alongside ethnicity data for the UK and US,
which are available on our website.
In 2025, our mean aggregate UK-wide gender
pay gap was 39.4% (2024: 40.6%), and the
ethnicity pay gap was 9.8% (2024: 7.7%).
These gaps are primarily driven by workforce
composition, with more men in senior, higher-
paid roles and more women in junior, lower-paid
roles. While we are confident in our approach to
pay equity, average pay gaps will persist until
there is proportional representation of women
and ethnic minority colleagues at all levels.
We are committed to paying colleagues fairly
regardless of their gender or ethnicity and
have processes to review that remuneration is
free from bias. We review our pay practices
regularly to ensure that our commitments to
equal pay are upheld.
ÑFor further details of our representation data, pay
gap data, and actions see www.hsbc.com/who-
we-are/our-people/inclusion-at-hsbc and the ESG
Data Pack at www.hsbc.com/esg
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Building a healthy workplace
Listening to our colleagues
We value difference at HSBC, and we do this
by seeking out different perspectives and
listening. Our colleagues succeed together by
being connected across the organisation, and
they take responsibility by speaking up. These
activities are core to our values and we
capture regular feedback from our colleagues
to help improve HSBC and the employee
experience.
How we listen
At the heart of our employee dialogue strategy
is listening to our people and responding to
their feedback, fostering open, two-way
communication between colleagues and the
organisation.
To support organisational change in 2025, we
enhanced our feedback process. In addition to
our annual Snapshot survey, we introduced a
monthly Pulse survey for quick leadership
insights. This complements our event-based
lifecycle surveys, capturing colleague
sentiment as they apply, join, transition and
leave HSBC.
We streamlined our 2025 Snapshot survey by
reducing the number of questions by 40%,
and aligning our reporting with overall strategic
priorities. A response rate of 87% was
achieved, with over 186,000 colleagues
sharing their insights.
Survey insights are shared with the Group
Operating Committee, the Board, and over
11,000 people leaders who receive 10 or more
team responses. We facilitate effective
feedback discussions by providing interactive
dashboards, action planning tools and
discussion guides.
Despite organisational change, our Snapshot
results remain robust, with only slight declines
in some areas. Our Employee Engagement
index, which reflects how our people feel
about HSBC, decreased by two percentage
points to 78%. This is four percentage points
above the global financial services benchmark.
Our Inclusion Index, an indicator of our
commitment to fostering an inclusive culture
at HSBC, remained at 78%. Our Well-being
Index increased by one percentage point,
positioning us five percentage points ahead of
our peers in the financial services sector.
While we were eight percentage points above
the financial services benchmark for our
Sustainable Growth Index, confidence in our
future direction decreased by three percentage
points to 76%. This decline was mainly due to
lower scores among groups more impacted by
ongoing organisational changes. We continue
to prioritise clear communication with our
colleagues about what these changes mean
for them.
Our new How We Lead Index, designed to
gauge the embedding of our new Group-wide
leadership framework, achieved 77%. This
surpassed the financial services benchmark by
five percentage points.
We launched four new values-aligned indices,
each scoring between 79% and 81%. Each
overall index score surpassed the financial
services benchmark.
Going forward we will continue to encourage
high levels of engagement and feedback.
ÑFor further details of our Snapshot data, see the
ESG Data Pack at www.hsbc.com/esg.
Employee relations
We engage, consult, and where appropriate,
negotiate with employee representative
bodies. Our policy is to maintain well-
developed communications and consultation
programmes with all employee representative
bodies.
We are committed to complying with the
applicable employment laws and regulations in
all the jurisdictions in which we operate.
HSBC’s employment practices and relations
policy provides the framework and controls
through which we seek to uphold that
commitment.
Employee conduct and harassment
We expect our employees to treat each other
with dignity and respect, and we do not
tolerate or condone discrimination,
harassment, bullying or retaliation in any form
as outlined in our Global Anti-Bullying and
Harassment Code. This is supported by our
Global Code of Conduct.
We encourage our colleagues to speak up
about poor behaviour. We measure confidence
of colleagues to speak up via our Snapshot
response, which stood at 81% in 2025.
We recognise the need for ongoing focus on
our speak-up culture to ensure we create the
right environment. We are committed to
raising awareness and providing education on
poor behaviours and strengthening our
response to these issues across the
organisation. Our colleagues receive training
on bullying, harassment, discrimination and
retaliation at least every other year through our
global mandatory training and as part of other
learning resources.
We monitor cases raised via our speak-up
channels, and data is reported to senior
leadership to ensure visibility. In 2025, we
received a total of 793 cases raised in relation
to bullying and harassment. Where the
concerns were substantiated following an
investigation, appropriate actions were taken,
including dismissal where warranted. In 2025,
30% of cases raised were either partly or fully
substantiated, and 38 colleagues were
dismissed in relation to bullying, harassment,
discrimination or retaliation.
We continue to act where we find that any
colleague has breached our values and high
standards of conduct.
How we listen
Snapshot survey response
87%
A response rate of 87% was achieved, with
over 186,000 colleagues sharing their insights.
Employee Engagement Index
78%
Our Employee Engagement Index decreased
by two percentage points to 78%. This is four
percentage points above the global financial
services benchmark.
How We Lead Index
77%
Our new How We Lead Index achieved 77%.
This surpasses the financial services
benchmark by five percentage points.
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Being a great place to work
Reward and recognition
Our aim is to create an environment that
energises colleagues to perform at their best.
This is critical for attracting, retaining and
motivating our colleagues, supported by our
core reward principles: rewarding colleagues
responsibly, recognising colleagues’ success
and supporting our colleagues to grow.
Rewarding colleagues responsibly
Pay is a key element of our overall proposition.
We aim to enhance transparency and clarity,
helping our colleagues to better understand
how we make our pay decisions. We remain
committed to providing a competitive total
compensation package that balances an
appropriate mix of fixed and variable pay.
HSBC achieved accreditation on 31 December
2024 from the Fair Wage Network, which
provides an independent source of wage
levels, as a global living wage employer for
two years. Following our accreditation, we
have collaborated with the Fair Wage Network
to ensure we continue to meet or surpass
local living wage benchmarks. A living wage
should be sufficient to cover an adequate
standard of living, given the cost of goods and
services in each country and territory where
we operate.
We also seek to implement contractual
clauses that encourage our suppliers to pay at
least a living wage in the UK, including our
most material consultancy and workforce
contracts.
Recognising colleagues’ success
We have performance routines to foster a
high-performance culture, and in 2025 these
routines encouraged colleagues to set
challenging goals aligned with our strategic
priorities. Regular feedback exchanges helped
colleagues understand their progress and
areas for improvement. Ongoing performance
check-ins result in a clear and focused year-
end performance assessment that wraps up
these discussions.
In 2025, our Snapshot results showed that
86% of colleagues clearly understood what is
expected of them, aligned to the 2024 result
of 87%. Also, 81% of colleagues received
performance-improving feedback, consistent
with the results from 2024.
Our variable pay plans recognise the
performance and behaviours of our colleagues.
We operate Target Variable Pay for over
127,000 colleagues across 48 markets,
promoting clarity and transparency in pay
decisions. This helps colleagues understand
how they contribute to the organisation’s
performance.
Our ‘At Our Best’ recognition platform
empowers our colleagues to recognise each
other for role model behaviours aligned with
our values. In 2025, we celebrated each other
1.4 million times. We also launched short-
term recognition campaigns engaging over
30,000 colleagues, encouraging nominations
for outstanding ‘How We Succeed’
behaviours.
Share plans also empower colleagues to
engage in HSBC’s success. In 2025, we
invited around 199,000 colleagues to join our
share plans, and 95% of colleagues globally
have eligibility. Currently, around 63,000
colleagues participate in one of the plans.
Supporting our colleagues to grow
We recognise the importance of personal and
professional growth for our colleagues, and
seek to support their mental, physical and
financial well-being.
We have refined our Well-being index in the
Snapshot survey to focus on where we can
make the most positive impact and updated
our questions to focus on happiness at work,
stress levels, job satisfaction, and sense of
purpose, aligning our methodology to the
Organisation for Economic Co-operation and
Development (‘OECD’) measures of well-
being.
In 2025 our Well-being index increased to
66%, with improvements of one percentage
point across happiness at work, stress levels
and job satisfaction.
Mental health
We were ranked 1st globally for the fourth
consecutive year in the CCLA Corporate
Mental Health Benchmark Global 100+. We
are the only organisation to achieve Tier 1
status since the benchmark’s inception. In
2025, we scored 83%, significantly higher
than the financial services industry average of
34%.
In 2025, we hosted two global masterclass
series, one focused on mental health and
performance, and the other on sleep and well-
being. These events brought together senior
leaders and industry experts to share
evidence-based strategies for enhancing well-
being and performance, while addressing
workplace myths and stigma.
In 2025, we updated the well-being content in
our global mandatory training and launched a
new voluntary mental health module. The new
module has been completed over 1,300 times
since launch in November, with 27% of those
completions being done by people leaders.
Our network of over 250 mindfulness
champions delivered sessions to over 27,000
colleagues, up 43% on 2024, and enrolment to
the meditation app, Headspace, increased by
8%.
Physical health
We provided private medical insurance to 99%
of our permanent employees, and offered
telemedicine services in most countries and
territories. In some markets, we also have on-
site medical centres. In 2025, 80% of
colleagues can access free health
assessments. We also expanded medical
outpatient reimbursement to over 35,000
colleagues in India. In Singapore and the UK,
we introduced fertility medical support,
increasing the number of countries offering
this benefit to 10.
In 2025, we continued to offer the Personify
Health app to colleagues, helping boost their
physical activity. Over 33,000 colleagues have
downloaded the app, an increase of 57% on
2024. Additionally, over 11,400 colleagues
participated in the HSBC Global Activity
Challenge in September, an increase of over
149% in participation from 2024. We set a
new Guinness World Record for the most
participants in a 10,000 step challenge in 24
hours.
Financial health
We introduced a four-part financial well-being
series providing ‘Money Skills That Make Life
Easier’, which gained an overall satisfaction
score of 97%. According to our Performance
and Reward survey, 37% of colleagues
expressed a desire for more financial well-
being support. In response, we trialled an
independent financial well-being platform for
colleagues in Mexico, UAE, the UK and India
to enhance financial literacy. Over 1,600
colleagues are participating in the trial, which
concludes in March 2026.
Flexible working
We support hybrid working, with 85% of our
colleagues embracing this approach.
We value flexibility but also emphasise the
importance of in-person interactions to foster
collaboration, build trust, and demonstrate care
and empathy. Strong relationships among
colleagues lead to better outcomes for our
customers.
In 2025, we reset our expectations that
Managing Directors are present in the office a
minimum of four days a week, emphasising
the importance of relationships, as we evolve
our culture.
We enhanced our family leave policies to
promote flexibility and work-life balance. Over
99% of colleagues now have access to at
least 18 weeks of fully-paid parental leave for
primary caregivers, along with five paid
compassionate leave days. Additionally,
around 72% of colleagues can also use up to
five paid days as carer leave days, when
regular arrangements unexpectedly fall
through.
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Social
Developing skills, careers and opportunities
Learning and skills development
Employee development energises our
colleagues for growth and helps equip them
with the skills they need today while also
preparing them to meet future challenges.
Establishing our leadership framework
To support our refreshed strategy and
ambition, a cross-section of business leaders
developed and launched a set of leadership
principles and a new Group-wide leadership
framework called How We Lead. This is
characterised by simple, practical and universal
tools and consistent leadership language for all
people leaders across HSBC.
Supporting future skills
We have evolved our platforms to offer skills,
opportunities and development pathways,
supporting our colleagues to grow, perform
and adapt in a changing environment. In 2025,
we:
–increased the number of active users and
participation in learning programmes. To
bridge skill gaps we offered access to
learning content, fostering knowledge-
sharing, collaboration and structured learning
pathways; and
–increased efforts in our digital badging to
recognise skill-building achievements, with
46 new badges launched and more than
42,000 credentials issued in areas across
data, digital, banking and finance, and
wealth.
Maintaining our risk management
culture
We continue to improve our risk management
learning programmes to seek to ensure that
they maintain relevance and reinforce our risk
management culture.
In 2025, we introduced a multi-year Financial
Crime learning programme aimed at enhancing
our ability to manage financial crime risks. This
programme seeks to equip our colleagues in
high-risk roles with essential skills and
knowledge to effectively mitigate these risks.
Learning is delivered through role-specific
scenarios that assess capability by applying
knowledge and addressing skill gaps with
tailored content.
We have evolved our global mandatory
training, a key component of our risk and
compliance framework. Moving away from
traditional compliance methods, we have
adopted thematic structures in risk
management, financial crime, and conduct,
focusing on skills and behaviours. This
approach emphasises practical application and
tailors content to individual capabilities. By
2026, the training will develop into a dynamic,
personalised experience, emphasising
foundational knowledge for new joiners and
ongoing improvement for colleagues.
Fostering AI adoption
Our AI Academy continues to drive innovation
and improvement, equipping colleagues with
the skills to use AI technologies effectively
and ethically. Since its launch in 2024, the
Academy has evolved to focus on specialised
technical pathways tailored to employee roles
and their level of AI involvement. It provides
comprehensive training on AI literacy,
responsible AI, and AI ethics, with
participants earning badges to recognise their
achievements. In 2025, we piloted the AI
Ambassador mentorship programme to
empower a future-ready workforce. This
initiative accelerates skills development and
expands professional networks through
dynamic peer-to-peer mentorship and
meaningful connections.
Engagement with the AI Academy remained
strong throughout 2025, with 26,000
colleagues completing over 122,000 hours of
learning.
Hong Kong has progressed AI capability-
building with its ‘Skills Galaxy’ and ‘Skills
Master’ initiatives. These programmes focus
on AI, data and leadership. The Skills Galaxy
carnival attracted over 1,400 colleagues,
offering interactive booths, workshops and
information sessions. The Skills Master
initiative was launched as a self-paced online
learning journey, engaging over 3,300
colleagues in themed semesters to promote
continuous learning in AI and data.
Advancing wealth management
expertise
In 2025 we introduced the Wealth Academy to
cultivate top-tier wealth managers. The
Academy offers a wealth knowledge hub with
198 topics across five core skills, offering 26
hours of learning content in four languages.
Our colleagues can earn digital badges at three
competency levels through passing online
assessments. By September 2025, over 1,000
team members interacted with the Hub, and
720 qualified for competency badges.
We have teamed up with the London
Business School for a nine-month programme
for our 70 top-performing wealth managers.
This programme combines academic rigour
with practical wealth management strategies,
virtual learning and customer-focused
challenges. Wealth managers will earn a
certificate from the London Business School
upon completion.
Supporting in-person development
In June, we opened our fourth HSBC
University campus in Nansha, Guangzhou with
an event that brought together senior leaders
from across the Group. Our flagship residential
learning campus is dedicated to uniting our
colleagues globally in a space designed for
learning and engagement. It features 170
guest rooms, a large auditorium, a multi-
purpose hall, modern flexible classrooms and
well-being areas. To date, over 4,500 senior
leaders globally have attended leadership
events held at the China campus.
1.5.14.6 RT_1.5.13.2.58 PG57 ENERGISING COLLEAGUES.jpg
Energising our
colleagues for growth
This year, we made significant upskilling
efforts to fast track our digital,
sustainability and growth ambitions:
–Since its inception in 2024, our Digital
Acceleration Programme has delivered
over 25,000 hours of targeted training
for key roles, including product owners
and scrum masters. This strategic
investment in professional
development empowers our teams to
build superior products and deliver
services more efficiently, driving better
outcomes for our customers.
–We launched a programme to
strengthen our Sustainable Supply
Chain Finance CIB capabilities. This
initiative increased ESG-related activity
including client calls, deal pipeline and
mandates awarded.
–Expanding on our ‘Doing Business In’
series, we focused on new growth
markets, such as India. In collaboration
with the Indian School of Business, we
conducted a four-day on-campus
programme that provided bankers with
a comprehensive understanding of the
Indian economy, business
environment, regulatory framework and
clients’ banking priorities.
Training at HSBC
5.6 million
Training hours by our colleagues in 2025.
(2024: 6.2 million)
26.8 hours
Training hours per FTE in 2025.
(2024: 29.6 hours)
HSBC Holdings plc Annual Report on Form 20-F
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Social
Building customer inclusion and resilience
Our approach to customer inclusion and resilience
We support our customers, colleagues and
communities through offering solutions that
aim to remove barriers to accessing financial
services. This section highlights some of the
solutions that we offer.
Access to HSBC products and services
In the UK and Hong Kong, we offer no-cost
accounts for customers who do not qualify for
standard accounts or who might need additional
support due to social or financial vulnerability.
This aims to enable them access to essential
banking services. In the UK, through our
partnership with Shelter, we extend this service
to include customers with no fixed address, so
that people experiencing homelessness may be
able to access HSBC services.
The reduction in no-cost accounts between 2024
and 2025 is in part due to bulk closure of inactive
accounts in the UK.
Making banking accessible
The table shows the number of no-cost
accounts held by customers in the UK and
Hong Kong
2025
2024
2023
154481384179117
Supporting financial knowledge and
education
We continue to invest in financial education
content and tools across different channels to
help customers, colleagues and communities
be confident users of financial services.
Supporting customer financial well-being
We seek to support the financial well-being of
our customers and employees so that they
can make the most of their money both day-
to-day and in the long term. We offer a
combination of personalised services and
digital tools, including a financial fitness test,
future planner, webinars and financial health
checks.
Creating an inclusive banking
experience
We seek to ensure that our banking products
and services are designed to be accessible for
customers experiencing either temporary or
permanent challenges, such as disability,
impairment or a major life event. We regularly
assess our web and mobile banking platforms
against Web Content Accessibility Guidelines
(‘WCAG’) 2.2 AA standards. Our digital
accessibility programme has received industry
awards including accolades from the Hong
Kong Digital Accessibility Recognition Scheme,
and recognition at the UK Pay 360 Awards. To
foster inclusive digital environments, we are
providing public training resources through our
Accessibility Hub and Train 1000 programme,
which offer resources for digital professionals,
including developers, designers and content
authors. Over 100,000 individuals engaged
with these resources in 2025.
Engaging with our communities
Helping people and communities
We seek to support the communities in which
we operate, and work with charity partners to
initiate a range of programmes that help
people and communities respond to
opportunities and challenges.
We continued our partnership with the British
Council in Brazil, Mexico, India, Indonesia and
Vietnam, and with The King’s Trust Group in
Australia, India and Malaysia to empower
young, marginalised people through training
and skills development on topics including
employability and climate, and to help equip
them for the new economy.
In the UK, Egypt and Mexico, we supported
financial and social empowerment: over
286,000 young people in the UK were
provided with financial skills in partnership
with Young Enterprise; 1,150 widows in Egypt
were supported to improve their self-reliance
through micro-banking with Global Fund For
Widows; and 800 incarcerated women in
Mexico with our charity partner La Cana were
supported in gaining employability and
emotional skills.
In China and India, HSBC initiatives aimed to
support financial literacy and entrepreneurship:
46,003 children and 26,291 families in China
benefited from financial education, while over
15,000 entrepreneurs in India, primarily
women, saw on average a 20% income
increase and improved access to credit,
markets and social security.
HSBC grants in the US trained 639 individuals
from low-income communities about clean
energy, benefiting 6,484 people.
In Hong Kong, Food Angel launched a new
production line to scale up cook-chill meal
operations, supporting 27,000 marginalised
elderly people with HSBC’s support.
Philanthropy can also play an important role in
addressing the barriers to action, helping to
build capacity, and testing and scaling the
innovation required to achieve a resilient and
sustainable net zero future.
ÑFor more information about our environment-
related philanthropy, refer to ‘Partnering for an
enabling environment’ on page 38.
Community engagement and
volunteering
We offer paid volunteering days, and
encourage our people to offer their time, skills
and knowledge to causes within their
communities. In 2025, our colleagues gave
over 248,639 hours to community activities
during work hours and 272,088 hours during
their own time.
Charitable contributions in 2025 (%)
154481383796753
Social, including Future Skills: 36%
Environment, including the Climate
Solutions Partnership: 38%
Local Priorities: 7%
Disaster relief and other giving: 19%
Cash charitable contributions
$103.7m
Total value of our contribution to
communities
$137.8m
HSBC Holdings plc Annual Report on Form 20-F
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Governance
Acting responsibly
Setting high standards of governance
TCFD
How ESG is governed
The Board takes overall responsibility for ESG
strategy, overseeing executive management in
developing the approach, execution and
associated reporting. Progress against our ESG
ambitions is reviewed through Board discussion
and review of key topics, such as updates on
the sustainability strategy and reviewing the
ESG strategy dashboard. The Board is regularly
provided with specific updates on ESG matters,
including the Net Zero Transition Plan,
philanthropy strategy, human rights and
workforce engagement. Board members
receive ESG-related training as part of their
induction and ongoing development, and seek
out further opportunities to build their skills and
experience in this area. For further details of
Board members’ ESG skills and experience,
see page 220. For further details of their
induction and training in 2025, see page 231.
In March 2025, we streamlined our ESG
governance with the demise of the ESG
Committee, which was part of the Group
Operating Committee, with the business of the
meeting being embedded across the formal
Operating Committee level governance
meetings or managed via individual
accountability. We expect that our approach to
ESG governance is likely to continue to develop,
in line with our evolving approach to ESG
matters and stakeholder expectations.
The diagram on the right provides an illustration
of our ESG governance process, including how
the Board’s strategy on climate is cascaded and
implemented throughout the organisation. It
identifies examples of forums that manage both
climate-related opportunities and risks, as well
as considering the associated trade-offs. Details
are also provided on their responsibilities and
the responsible chair. The structure of the
process remains consistent with a defined
escalation pathway for issues and emerging
challenges, with issues either resolved in a
given forum or raised to the appropriate level of
governance with appropriate scope and
authority.
Given the wide-ranging remit of ESG matters,
the governance activities are managed through
a combination of specialist governance
infrastructure and regular meetings and
committees, where appropriate. These include
the Group Risk Committee and Group Audit
Committee, which provide oversight for the
scope and content of ESG disclosures.
For some areas, such as climate where our
approach is more advanced, dedicated
governance activities exist to support the wide
range of activities.
The Group Chief Risk and Compliance Officer
and the chief risk officers of our PRA-regulated
businesses are the senior managers
responsible for climate financial risks under the
UK Senior Managers Regime. Climate risks are
considered in the Group Risk Management
Meeting and the Group Risk Committee, with
scheduled updates provided, as well as detailed
reviews of material matters, such as climate-
related stress-testing exercises.
How HSBC’s climate strategy is cascaded
Opportunities
Risks
Board level governance
Group Board
Group Audit         
Committee
Group Risk       
Committee
Takes overall responsibility
for climate strategy,
overseeing executive
management in
developing the approach
and execution.
Monitors and assesses the
integrity of the Group’s
financial disclosures,
including those relating to
ESG.
Oversees and advises the
Board on risk-related
matters including those
related to ESG risks
(incorporating climate
risk).
Chair: Brendan Nelson
Chair: Brendan Nelson
Chair: James Forese
Specialist Board governance
Sustainability Working Group
Meets on an ad hoc basis to provide guidance on the Group-wide medium and longer-term
sustainability strategy, including our progress towards our net zero ambition, taking into account
key factors such as risk appetite, commerciality, capability and data.
Chair: Geraldine Buckingham
Management level governance
Group Operating Committee
Receives regular ESG updates and
shapes and influences our strategy.
Chair: Group Chief Executive Officer
Group Risk Management Meeting
Oversees the enterprise-wide
management of all risks, including
updates relating to the Group’s climate
risk profile and risk appetite, top and
emerging climate risks.
Chair: Group Chief Risk and
Compliance Officer
Regional, global business and group infrastructure
Examples of ESG-related management governance
The following governance bodies support management in its delivery of ESG activities.
Group Reputational Risk Committee
Provides recommendations and advice on
significant reputational risk matters with
impact across the Group.
Chair: Group Chief Risk and Compliance
Officer
Sustainability Leadership Meeting
Monitors execution of the Group’s
sustainability strategy and requirements.
Chair: Group Chief Sustainability Officer
HSBC Holdings plc Annual Report on Form 20-F
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Governance
Human rights
Our respect for human rights
As set out in our Human Rights Statement, we
recognise the role of business in respecting
human rights. Our approach is guided by the
UN Guiding Principles on Business and Human
Rights (‘UNGPs’) and the OECD Guidelines for
Multinational Enterprises on Responsible
Business Conduct.
Our salient human rights issues
Our salient human rights issues
Illustration of HSBC Group’s inherent human rights risks mapped to our business activities.
Inherent human rights risks
Employer
Buyer
Provider of products
and services
Investor
Personal
customers
Business
customers
Right to
decent
work
Freedom from forced labour
u
u
u
Just and favourable conditions of work
u
u
u
u
Right to health and safety at work
u
u
u
u
Right to equality and freedom from discrimination
u
u
u
u
u
Right to privacy
u
u
u
Cultural and land rights
u
u
u
Right to dignity and justice
u
u
u
u
u
We continue to develop our understanding of
our salient human rights issues. These are the
human rights at risk of the most severe
negative impact through our business activities
and relationships.
An extensive review of our salient human
rights issues conducted in 2022 identified five
human rights risks inherent to HSBC’s
business globally, and five types of activity
through which such risks might arise. These
are represented in the adjacent table. We
reviewed those earlier findings in 2025,
drawing on consultations with stakeholders
including employees, customers, investors,
public authorities and civil society groups
representing potentially affected people. This
review validated our existing assessment, and
no substantive changes have been made to the
table as a result. Respondents highlighted
several developing issues, including the
potential social impacts of AI on communities.
In 2025, we continued to focus on our
approach to human rights risk management
relating to the goods and services we buy
from third parties and in respect of our
business customers.
Managing risks to human rights
We continued the process of adapting our risk
management procedures, reflecting what we
learned from the recent work on salient
human rights issues and continued to embed
the guidance documents issued in 2024 for
those who manage our relationships with
suppliers and with business customers.
Our Global Procurement function continued to
implement its human rights due diligence
operating procedure. This procedure sets out
how HSBC aims to identify suppliers where
the risk of human rights impact is considered
to be higher, and the process to be followed to
review and mitigate the associated risks. We
continued the human rights audits of suppliers
and closed out findings from the 2024 audits.
We use independent negative news data to
help identify controversies related to our
corporate customers, including on human
rights, which may lead to further review and
escalation.
ÑFor further details of the actions taken to respect
the right to decent work, see our 2024 Annual
Statement under the UK Modern Slavery Act at
www.hsbc.com/modern-slavery-act.
ÑSee ’Our approach to inclusion’ on page 51 for
details relating to freedom from discrimination.
Sustainability risk policies
Some of our business customers operate in
sectors in which the risk of adverse human
rights impact is considered greater. Our
sustainability risk policies consider human
rights issues such as forced labour, harmful or
exploitative child labour, workers’ rights, health
and safety of communities and land rights.
Through our membership of international
certification schemes, such as the Forestry
Stewardship Council, the Roundtable on
Sustainable Palm Oil and the Equator
Principles, we support standards aimed at
respecting human rights.
ÑFor further details on our sustainability risk policies
see page 49.
Financial crime controls
Our financial crime risk framework also seeks
to mitigate the risk of being associated with
adverse human rights impacts, by helping to
identify and assess the financial crime risk
associated with our customers, employees
and third parties.
ÑFor further details of how we fight financial crime
see www.hsbc.com/fighting-financial-crime.
Other principles
HSBC’s Principles for the Ethical Use of Data
and Artificial Intelligence include how we seek
to respect the right to privacy while making
use of these technologies.
ÑFor further details see www.hsbc.com/ai-principles.
Supporting change
We continued to participate in industry forums,
including the Thun Group of Banks, which is an
informal group that seeks to promote
understanding of the UNGPs within the sector,
and the UN Global Compact Human Rights
Working Group.
HSBC has been a member of the Mekong
Club since 2016. We are a participant in their
financial services working group, and we use
their informative typological toolkits,
infographics and other multimedia resources
covering current and emerging issues. Our
compliance teams regularly collaborate and
engage with the Mekong Club in designing
Group-wide knowledge sharing and training
sessions.
Investments
HSBC Asset Management acknowledges the
important role that business plays in
respecting human rights.
HSBC Asset Management engages with
companies prioritised for purposeful
engagement under its stewardship plan on
core relevant themes, including human rights.
Engagements may be on a one-on-one basis,
or collaboratively with other investors. Further
details can be found in its stewardship plan.
The Global Voting Guidelines provide an
overview of its approach to exercising its
shareholder rights in respect of ESG issues,
including human rights.
Supporting those impacted and those
potentially at risk
We continued to expand our Survivor Bank
programme, which has now supported over
4,100 (a more than 15% increase since last
year) survivors of modern slavery and human
trafficking in the UK.
Our personal customers (IWPB) team
continues to deliver training to raise
awareness of modern slavery, which seeks to
enable employees to spot signs of abuse and
escalate their concerns through established
channels. In addition, our customer-facing
employees globally are given training as part of
their induction which aims to help them
identify and support vulnerable customers.
ÑFor further details of our work to support
vulnerable communities, see page 56.
Effectiveness
We increased the proportion of our suppliers
who had either confirmed adherence to
HSBC’s code of conduct or their own
alternative, which was accepted by our Global
Procurement function, to 97.3%. We also
continued to train employees in relevant roles
on one or more aspects of a range of human
rights related topics, having now reached over
11,300 employees over the past 24 months.
HSBC Holdings plc Annual Report on Form 20-F
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Governance
Customer experience
We remain committed to improving customers’ experiences. In 2025, we gathered feedback from over one million customers across our four
business segments to help us understand our strengths and the areas we need to focus on.
Customer satisfaction
Listening to drive improvement
We continue to listen, learn and act on
customer feedback. We use the net promoter
score (‘NPS’) system to share feedback with
our front-line teams, allowing them to respond
directly to customers. We also run dedicated
global forums to provide oversight of our retail
and business customers’ experiences and
promote continuous improvement.
How we fared
In Hong Kong, we were ranked in first place
for both RBW and CMB. Notably, we reached
a record high NPS in RBW.
We also reached our highest NPS to date in
the UK among RBW customers and improved
our rank.
In CMB, we ranked second for mid-market
enterprises, and improved our SME Business
Banking ranking to fifth.
In IWPB, among the mass affluent we
improved our NPS or rank in seven of 10 key
markets. We ranked in the top 3 of the eight
competitively benchmarked markets. We rose
to first place in Singapore and China and
maintained second place in Malaysia.
India and Mexico both experienced a decline in
NPS during the period. Although NPS is
influenced by various factors, the increase in
customer complaints contributed to a shift in
overall customer sentiment. For further details
on IWPB customer complaints, please refer to
page 60.
In our private bank, our global NPS increased
to 54 points, compared with 48 points in 2024.
In CIB, among Corporates we were ranked
among the top 3 in seven of 10 key markets.
We led in three markets and held a stronger
position in Asia and the Middle East than in
Europe and the Americas.
How we listen
To improve how we serve our customers, we must be open to feedback and acknowledge when things go wrong. We continue to adapt at pace to
provide support for customers facing new challenges, new ways of working and those that require enhanced care needs. We aim to be open and
consistent in how we track, record and manage complaints, although as we serve a wide range of customers – from personal banking and wealth
customers to large corporates, institutions and governments – we tailor our approach in each of our global businesses.
How we handle complaints
Our principles
Our actions
Making it easy for
customers to complain
Customers can complain through the channel that best suits them. We provide a point of contact along with
clear information on next steps and timescales.
Acknowledging complaints
All colleagues welcome complaints as opportunities and exercise empathy to acknowledge our customers’
issues. Complaints are escalated if they cannot be resolved at first point of contact.
Keeping the customer up to
date
We set clear expectations and keep customers informed throughout the complaint resolution process
through their preferred channel.
Ensuring fair resolution
We thoroughly investigate all complaints to address concerns and ensure the right outcome for our
customers.
Providing available rights
We provide customers with information on their rights and the appeal process if they are not satisfied with
the outcome of the complaint.
Undertaking root cause
analysis
Complaint causes are analysed on a regular basis to identify and address any systemic issues and to inform
process improvements.
Hong Kong
As of 31 December 2025, Hong Kong CMB
received 7,324 customer complaints, down
3.5% from the year before. The primary
drivers of these complaints were related to
servicing, policy, and digital issues. Policy-
related complaints focused on Client Selection
and Exit Management (‘CSEM’) cases and
CSEM appeals, while digital complaints
involved business internet banking log-on
problems, webpage design and online
transactions issues.
In 2025, despite a growing customer base, the
Hong Kong RBW average complaints per
1,000 customers per month decreased from
0.71 to 0.68.
Acting on feedback
The bi-monthly CMB complaint review forum
brings together key decision makers,
customer relationship owners and product and
process owners to identify the latest complaint
trends and concern areas. It oversees root
cause analysis and implements improvement
actions with the aim of reducing complaints
and enhancing customer service. Awareness
sessions are provided to client-facing staff to
reinforce the CMB complaint handling
procedure and customer feedback tool
functionalities, to help equip staff with relevant
skills and knowledge to manage complaints
effectively.
The improvement for Hong Kong RBW was
achieved through enhanced banking
capabilities and a focus on customer
experience. The positive trend stemmed from
fostering a customer-centric culture,
emphasising service resolutions, and
proactively addressing feedback through root
cause analysis and insights from complaint
management information and NPS.
Strengthened cross-departmental collaboration
and advanced technological methods in
complaint management further enhanced our
efficiency and responsiveness.
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UK
For UK CMB, complaints reduced by 13.8% in
2025 compared with 2024, with the most
common complaint categories continuing to
relate to telephony, servicing and transactions.
A refined customer contact strategy has been
embedded to drive improved outcomes and
customer experience.
In 2025, average complaints per 1,000
customers per month for UK RBW were 0.84.
Overall, complaints fell by 18% in 2025 vs
2024.
During 2025, our two key priorities continued
to be complaints prevention and improving the
quality of resolution of the complaints we
received. We made good progress in both
areas, driven by targeted intervention in
priority areas and ongoing regular oversight.
Acting on feedback
A focus on root cause analysis identified
more than 240 opportunities to reduce
dissatisfaction in key customer journeys in
CMB.
In RBW, we focused on the top 35 complaint
themes – such as telephony customer
experience, transaction disputes and
international payment processing – and
allocating them to individual executives as
accountable ‘owners’ to remedy the root
cause.
Corporate and Institutional Banking
Within CIB, excluding Hong Kong CMB and UK
CMB, we achieved a 3.7% reduction in
complaints. Complaint volumes decreased in
2025, with 7,373 complaints received
compared with 7,655 in 2024, indicating an
overall downward trend.
In Markets and Securities Services (MSS)
complaints increased slightly by 4.6% to 320.
The majority of the complaints were
operational in nature and resolved in a timely
manner. Of the overall MSS complaints in
2025, 46% came from Asia-Pacific and 44%
came from Europe, our two largest markets.
Acting on feedback
These complaints were mainly related to
servicing and transactions across all regions,
with a notable concentration in Latin America,
the Middle East and North Africa, Asia-Pacific
and Europe.
To mitigate potential risks, comprehensive
mandated conduct and complaints training has
been provided to all CIB employees. This
training aims to strengthen a culture of
accountability, transparency and learning
aligned to our conduct principles.
In 2025, focus continued to be on increasing
the quality of the documentation of customer
feedback received within MSS. Continuous
training for front-line staff on recurring themes
that are identified when managing complaints
ensured that we continued to learn from
feedback, allowing us to further embed
changes into our processes, leading to a better
customer experience. Although complaint
volumes increased slightly, we identified
better quality of complaint documentation,
allowing us to address the issues more
effectively.
International Wealth and Premier Banking
In 2025, IWPB received approximately
717,000 complaints from customers in eight
priority markets. Average complaints per 1,000
customers (CPK) per month increased from
4.2 in 2024 to 4.7 in 2025. Our top three
markets – Mexico, Australia and India –
accounted for 88% of IWPB complaints
globally. The rise in complaints was primarily
driven by disputes in Mexico, largely
stemming from customer concerns about
unauthorised or fraudulent transactions.
Additionally, the introduction of credit card
annual fees, and more frequent risk reviews
contributed to higher complaint volumes in
Australia and India. We are closely monitoring
these trends and have initiated targeted
actions in each market to address the
underlying causes.
We continue our commitment to drive
accuracy over how we log and respond to
customer feedback.
In our Private Bank, we received 593
complaints, a decrease of 54 compared with
2024, helped by the sale of our private bank in
Germany. Banking products and service issues
accounted for the largest volume of
complaints overall, a high proportion of which
were attributable to issues with payment
processing and credit cards. Overall, our
Private Bank resolved 578 complaints in 2025.
Acting on feedback
In 2025, we further strengthened our
customer capabilities – the tools, skills, and
processes that empower our teams to better
understand, actively listen and improve the
customer experience globally.
We upgraded our listening platforms which
support our colleagues in meeting minimum
service standards and in prioritising customer
experience in their daily routines. A key
milestone was the launch of a new platform
designed to gather and analyse customer
feedback, generating actionable insights for
continuous improvement. These upgrades
help us to improve customer experience and
systematically track and measure our
progress.
ÑFor further details of complaints volumes by
business lines, see our ESG Data Pack at
www.hsbc.com/esg.
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Governance
Integrity, conduct and fairness
Safeguarding the financial system
We have continued our efforts to combat
financial crime and reduce its impact on our
organisation, customers and the communities
that we serve. Financial crime includes fraud,
bribery and corruption, tax evasion and the
facilitation of tax evasion, sanctions and
export control violations and evasion, money
laundering, terrorist financing and proliferation
financing.
We manage financial crime risk because it is
the right thing to do to protect our customers,
shareholders, staff, the communities in which
we operate, as well as the integrity of the
financial system on which we all rely. Our
financial crime risk management framework
is applicable across all global businesses and
functions, and in all countries and territories
in which we operate. The financial crime risk
framework is overseen by the Board,
supported by our financial crime policy, and is
designed to enable adherence to applicable
laws and regulations globally.
Annual global mandatory training is provided
to all colleagues, with additional targeted
training tailored to certain individuals. We
carry out regular risk assessments to identify
where we need to respond to evolving
financial crime threats, as well as to monitor
and test our financial crime risk management
programme.
Our anti-bribery and corruption policy
We are required to comply with all applicable
anti-bribery and corruption laws in every
market and jurisdiction in which we operate.
We seek to focus not only on the letter, but
also on the spirit of relevant laws and
regulations to demonstrate our commitment
to ethical behaviours and conduct, as part of
our environmental, social and corporate
governance.
Our global financial crime policy requires that
all activity must be: conducted without intent
to bribe or corrupt; reasonable and
transparent; considered to be neither lavish
nor disproportionate to the professional
relationship; appropriately documented with
business rationale; and authorised at an
appropriate level of seniority. Our global
financial crime policy requires that we identify
and mitigate the risk of our employees,
customers and third parties committing
bribery or corruption. Among other controls,
we use risk assessments, due diligence and
ongoing monitoring following a risk-based
approach, to identify and help mitigate the
risk that our customers are involved in, or use
HSBC’s products or services, to commit
bribery or corruption.
There were no concluded legal cases
regarding bribery or corruption brought
against HSBC or its employees in 2025.
1.5.14.7 RT_1.5.13.2.59 PG63 SCALE OF OUR WORK.jpg
The scale of our work
Each month in 2025 we monitored
approximately 980 million transactions for
signs of financial crime. We performed
daily screening of approximately 109
million customer records for sanctions
exposure. In 2025, we filed nearly 137,000
suspicious activity reports to law
enforcement and regulatory authorities
where we identified potential financial
crime.
99%
Total percentage of permanent and non-
permanent employees who received financial
crime training, including on anti-bribery and
corruption in 2025.
Whistleblowing
We want colleagues and stakeholders to
have confidence in speaking up when they
observe unlawful or unethical behaviour. We
offer a range of speak-up channels to listen to
the concerns of individuals and have a zero-
tolerance policy for acts of retaliation.
Listening through whistleblowing
channels
Our global whistleblowing channel, HSBC
Confidential, is one of our speak-up channels,
which allows colleagues past and present and
other stakeholders to raise concerns
confidentially and, if preferred, anonymously
(subject to local laws). In most of our
markets, HSBC Confidential concerns are
raised through an independent third party,
offering 24/7 hotlines and a web portal in
multiple languages. We also provide and
monitor an external email address for
concerns about accounting, internal financial
controls or auditing matters
(accountingdisclosures@hsbc.com).
Concerns are investigated proportionately and
independently, with action taken where
appropriate. This can include disciplinary
action, such as dismissal and adjustments to
variable pay and performance ratings, or
operational actions including changes to
policies and procedures.
We continue to actively promote our full range
of speak-up channels to colleagues to help
ensure their concerns are handled through the
most effective route. In 2025, 1,100 concerns
were investigated through HSBC Confidential
(2024: 925) with 34% found to have some
level of substantiation (2024: 35%) and a
further 19% identifying other issues (2024:
22%).
The Group Audit Committee has oversight of
the Group’s whistleblowing arrangements, and
the Chair of the Group Audit Committee acts
as HSBC’s Whistleblowers’ Champion with
responsibility for ensuring and overseeing the
integrity, independence and effectiveness of
the Group’s policies and procedures. 
Regulatory Compliance sets the
whistleblowing policy and procedures and
provides the Group Audit Committee with
periodic updates on their effectiveness.
Specialist teams and investigation functions
own whistleblowing controls, with monitoring
in place to determine control effectiveness.
ÑFor further details of the role of the Group Audit
Committee in relation to whistleblowing, see
page 238.
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Governance
A responsible approach to tax
We seek to pay our fair share of tax in all
jurisdictions in which we operate, applying
both the letter and spirit of the law, and to
minimise the risk of customers using our
products and services to evade or
inappropriately avoid tax. Our approach to tax
and governance processes is designed to
achieve these goals.
We maintain open and transparent
relationships with tax authorities. We
cooperate to resolve differing interpretations
or disputes in a timely manner.
Through adoption of the Group’s risk
management framework, we seek to ensure
that we do not adopt inappropriately tax-
motivated transactions or products, and that
tax planning is scrutinised and supported by
genuine commercial activity. HSBC has no
appetite for using aggressive tax structures.
With respect to our customers’ taxes, we
have made considerable investments to
support external tax transparency initiatives to
reduce the risk of banking services being used
to facilitate customer tax evasion and
implemented processes that aim to ensure
that inappropriately tax-motivated products and
services are not provided to our customers.
Our tax contributions
During 2025, we paid $7.7bn (2024: $9.2bn) in
respect of our own tax liabilities and collected
taxes of $10.0bn (2024: $10.1bn) on behalf of
governments around the world. Tax paid was
lower than in the previous year primarily due to
the 2025 corporate income tax assessments
for the Group’s entities in Hong Kong being
received and paid in January 2026, whereas
the 2024 assessments were received and
settled during 2024.
Taxes paid – by type of tax
162727720911341
Tax on profits $4,296m (2024: $6,080m)
Withholding taxes $685m (2024: $667m)
Employer taxes $1,102m (2024: $1,003m)
Bank levy $273m (2024: $135m)
Irrecoverable VAT $1,160m (2024: $1,098m)
Other duties and levies $221m1 (2024: $229m)
1Other duties and levies includes property taxes of
$83m (2024: $76m).
Our approach to customer and market conduct
Our Conduct Approach guides us to do the
right thing and to focus on the impact we have
for our customers and the financial markets in
which we operate. It is embedded throughout
our product and services lifecycle, with a focus
on five clear outcomes:
–We understand our customers’ needs.
–We provide products and services that offer
a fair exchange of value.
–We service customers’ ongoing needs and
put it right if we make a mistake.
–We act with integrity in the financial markets
we operate in.
–We operate resiliently and securely to avoid
harm to customers and markets.
Our principles, policies and procedures set
standards to help ensure that we consider and
meet customer needs and protect market
integrity. They help ensure our products and
services remain fit-for-purpose, offer fair value
exchange and mitigate the risk of customer or
market detriment.
We train all our colleagues on the importance
of customer and market conduct, helping to
ensure our conduct outcomes are part of
everything we do.
Our approach with suppliers
We maintain global policies and procedures for
the onboarding and use of third-party
suppliers. We expect suppliers to meet our
third-party risk compliance requirements and
assess them to identify any financial stability
concerns.
Sustainable procurement
Supporting and engaging with our supply chain
is vital to progressing our sustainable
procurement goals. In 2025:
–We continued gathering carbon emission
data from our suppliers through CDP
(formerly the Carbon Disclosure Project) and
an additional data collection source
introduced in 2024 to simplify and expand
our supplier outreach for scope 3 data
collection.
–We continued to deepen our collaboration
with suppliers and have increased our focus
on those without public disclosures or
emissions reduction plans, and supported
them by providing additional guidance where
appropriate.
–Through ongoing engagement and targeted
collaboration events, we are partnering with
–some of our suppliers who are more
advanced in their sustainability journey to
jointly develop innovative ideas on
decarbonisation and nature-related topics.
–We also supported our sourcing teams to
further integrate sustainability into sourcing
strategy and decision making, including new
supplier selection, renewals and ongoing
supplier management.
–As part of our nature approach, we have
begun developing sustainable sourcing
roadmaps across key sectors, such as
support services, technology services and
corporate real estate, following a materiality
assessment of biodiversity and nature risks.
The roadmaps will help us address high-risk
areas and include considerations for nature
and biodiversity within our procurement
activities.
–We continue to implement our human rights
due diligence process to help identify
supplier risks.
–We maintained an inclusive approach to
supplier engagement, supporting fair access
to procurement opportunities for all
suppliers.
Supplier Code of Conduct
Our Supplier Code of Conduct (‘the Code’)
sets out the minimum standards we expect of
our suppliers in respect of the environment,
inclusion and human rights. In 2025, we
refreshed the Code to include principles on
responsible use of AI. We continue to
formalise adherence to the Code by seeking to
add clauses to our supplier contracts which
support the right to audit and act if a breach is
discovered. At the end of 2025, 97.3% of
approximately 9,830 contracted suppliers had
either confirmed adherence to the Code, or
provided their own alternative that was
accepted by our Global Procurement function.
Our Supplier Code of Conduct is available at:
www.hsbc.com/who-we-are/esg-and-
responsible-business/working-with-suppliers
ÑFor further details of the number of suppliers in
each geographical region, see the ESG Data
Pack at www.hsbc.com/esg
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Governance
Safeguarding data
Data privacy
We are committed to protecting and managing
the data we process, in accordance with the
laws and regulations of the markets in which
we operate. Our strategy rests on having the
right talent, technology, and processes to
manage privacy risks effectively. Our Group-
wide data risk policy provides a consistent
approach to data and privacy risk
management, applicable across all global
businesses and infrastructure. This policy is
reviewed annually with the aim of ensuring
that we remain responsive to regulatory
changes. Our HSBC Privacy Principles can be
found at: www.hsbc.com/ who-we-are/esg-
and-responsible-business/ managing-risk/
operational-risk.
We regularly provide employees with training
and awareness sessions on data privacy and
security, offering both mandatory and
supplementary sessions as required. In
addition, we mark International Data Privacy
Day each year, with events that discuss
developments in the data privacy landscape
and reinforce privacy awareness across HSBC.
We provide transparency to our customers,
employees and other stakeholders regarding
processing of personal data and their rights.
Where relevant, we work with third parties to
help ensure adequate protections are
provided, in line with our data risk policy and
regulatory requirements. We offer a broad
range of channels for customers, employees
and other stakeholders to raise privacy
concerns and questions.
Data privacy is regularly monitored at multiple
governance forums, including at Board level,
providing senior executive oversight on privacy
risk and global programmes. Our Global Internal
Audit function independently assures whether
our data privacy risk management approach is
effectively designed and operational. In addition,
we have established data privacy governance
structures and continue to embed accountability
across all businesses and functions.
We continue to review and implement
industry best practices for data privacy and
security, working closely with our data
protection officers, industry bodies, and
research institutions. Regular reviews and
privacy risk assessments are conducted to
strengthen our data privacy controls.
Procedures are in place to address data privacy
considerations, including notifying regulators,
customers and data subjects as required by
law in the event of a data privacy breach.
Intellectual property rights practices
Our Group intellectual property risk policy,
supported by comprehensive controls and
guidance, is designed to manage risks
associated with intellectual property. This
policy seeks to ensure that our commercially
and strategically valuable intellectual property
is properly identified and safeguarded. This
includes applying to register trademarks and
patents and enforcing our rights against third
parties making unauthorised use of our
intellectual property. Additionally, our
intellectual property framework helps prevent
infringement of third-party rights, thereby
supporting the consistent and effective
management of intellectual property risk in
alignment with our risk appetite.
Cybersecurity
The threat of a significant cyber incident
remains a concern for the Group and the
broader financial sector. As cyber threats
continue to evolve, failure to protect our
operations may result in disruption to our
business services and negative impacts on our
customers, such as a financial loss, loss of
sensitive data or damage to our reputation,
among other risks.
Identify, protect, detect, respond and
recover
We invest in business and technical controls to
help prevent, detect and mitigate cyber threats.
Our controls follow a ’defence in depth’
approach, leveraging multiple security layers,
and recognising the complexity of our
environment. Our ability to detect and respond
to attacks through our round-the-clock security
operations is intended to help reduce the impact
of attacks. We routinely test our data backup
and disaster recovery processes with the aim of
limiting the impact on customers and restoring
services in the event of a cyber-attack.
Our cyber intelligence and threat analysis team
proactively collects and analyses internal and
external cyber information to evaluate threat
levels, including from ongoing geopolitical
events, potential outcomes, and what control
adjustments are needed to best defend
against them. We collaborate with the broader
cyber intelligence community, the financial
services industry and global government
agencies.
In 2025, we continued to enhance our
cybersecurity capabilities to help reduce the
likelihood and impact of unauthorised access,
security vulnerabilities being exploited, data
leakage, third-party security exposure and
advanced malware. We focused on
preparedness for emerging technology risks,
such as AI and quantum computing.
We work with third parties, suppliers and
financial infrastructure bodies to help reduce
the threat of cyber-attacks impacting our
business services. We have a third-party
security risk management process in place to
continually assess, identify and manage
cybersecurity risks with suppliers and other
third-party relationships. This includes
assessments of the third parties against our
own cybersecurity standards and
requirements.
Policy and governance
We have a suite of cybersecurity policies,
procedures and controls to help with the
effective oversight and management of the
organisation. This includes but is not limited to
defined information security responsibilities for
employees, contractors and third parties, as
well as standard procedures for cyber incident
identification, investigation, mitigation and
reporting. We operate a three lines of defence
model, aligned to the enterprise risk
management framework, to help the oversight
and challenge of our cybersecurity capabilities.
The assessment and management of our
cybersecurity risk is led and coordinated by our
Global Chief Information Security Officer
(‘CISO’), who has extensive experience in
financial services, security and resilience as
well as strategy, governance, risk
management and regulatory compliance. The
Global CISO is supported by business and
regional level CISOs. In the event of incidents,
both the Global and relevant supporting CISOs
are informed and are engaged in line with our
cybersecurity incident response protocols. Key
risk indicators, significant cyber incidents and
other matters related to cybersecurity are
presented on a regular basis to various risk and
control committees, including Board
committees, the Group Risk Management
Meeting and global businesses.
Our cybersecurity capabilities are periodically
assessed against standards issued by the
National Institute of Standards and Technology
and by independent third parties, and we
proactively collaborate with regulators to
participate in regular testing activities. In
addition, HSBC engages external, independent
third parties to support our penetration and
threat-led penetration testing.
Cyber training and awareness
Our people play an important role in protecting
against cybersecurity threats and we aim to
provide tools, and encourage behaviours, to
keep our organisation and customer data safe.
This includes cybersecurity training and
awareness for all our people and targeted
training for staff that are identified as having
elevated cyber risk exposure. We host an
annual Cyber Awareness Month, covering
topics such as online safety at home, social
media safety, safe hybrid working and cyber
incidents and response. We also provide a
wide range of education and guidance to our
customers about how to spot and prevent
online fraud.
ÑSee ‘Top and emerging risks’ on pages 121 and
122 for more information relevant to data privacy
and cybersecurity.
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Financial
review
The financial review gives detailed reporting of our
financial performance in 2025 at Group level, our
business segments and legal entities.
Financial summary
Business segments and legal entities
Alternative performance measures
Other information
3
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Financial summary
Basis of presentation
Constant currency performance
Constant currency performance is computed by adjusting reported
results for the effects of foreign currency translation differences, which
reflect the movements of the US dollar against most major currencies
during 2025. Excluding these differences allows us to assess balance
sheet and income statement performance on a like-for-like basis and to
better understand the underlying trends in the business. Foreign
currency translation differences for 2025 are computed by retranslating
into US dollars for non-US dollar branches, subsidiaries, joint ventures
and associates:
–the income statement for the year ended 31 December 2024 at the
average rate of exchange for the year ended 31 December 2025;
and
–the balance sheets at 31 December 2024 at the prevailing rates of
exchange on 31 December 2025.
No adjustment has been made to the exchange rates used to translate
foreign currency-denominated assets and liabilities into the functional
currencies of any HSBC branches, subsidiaries, joint ventures or
associates. The constant currency data of our operations in Türkiye has
not been adjusted further for the impacts of hyperinflation. When
reference is made to foreign currency translation differences in tables
or commentaries, comparative data reported in the functional
currencies of HSBC’s operations has been translated at the appropriate
exchange rates applied in the current period on the basis described
above.
Notable items and material notable items
We separately disclose ‘notable items’, which are components of our
income statement that management would consider as outside the
normal course of business and generally non-recurring in nature.
Certain notable items are classified as ‘material notable items’, which
are a subset of notable items. Categorisation as a material notable item
is dependent on the nature of each item in conjunction with the
financial impact on the Group’s income statement, and are excluded
from our target basis dividend payout ratio calculation and earnings per
share measure. Material notable items in 2025 or relevant comparative
periods relate to the operating expenses associated with actions to exit
or wind down non-strategic businesses. They also include a dilution
loss and the recognition of an impairment of our investment in BoCom,
and a legal provision relating to developments in a claim in Luxembourg
relating to the Bernard L. Madoff Investment Securities LLC fraud.
ÑThe tables on pages 88 to 90 and pages 97 to 102 detail the effects of notable
items on each of our business segments, legal entities and selected countries/
territories in 2025 and 2024.
Impact of strategic transactions
In addition to the items categorised as material notable items, the
impacts of strategic transactions include the distorting impact observed
between the periods of the operating income statement results related
to acquisitions, disposals and wind-downs that affect period-on-period
comparisons. Once a transaction has completed or a wind-down has
commenced, the impact will include the operating income statement
results of each business, which are not classified as notable items, in
any comparative period if there are no results in the current period as a
result of a transaction, or a reduction in revenue or costs has arisen
from the wind-down of a business. We consider the monthly impact of
distorting income statement results when calculating the impact of
strategic transactions. In the case of wind-downs, or transactions that
complete in phased tranches, there may be timing differences between
the recognition of operating cost impacts and operating revenue
impacts. These would arise in the event there is a timing lag between
the impact of cost actions and the resultant impact on operating
revenue.
Impact of hyperinflationary accounting
The sale of our business in Argentina, previously treated as a
hyperinflationary economy for accounting purposes, was completed in
2024. We continue to treat Türkiye as a hyperinflationary economy for
accounting purposes. The impact of applying International Accounting
Standard (‘IAS’) 29 ‘Financial Reporting in Hyperinflationary Economies’
and the hyperinflation provisions of IAS 21 ’The Effects of Changes in
Foreign Exchange Rates’ in the current period for our operations in
Türkiye was a decrease in the Group’s profit before tax of $150m (2024:
$157m), comprising a decrease in revenue, including a loss on net
monetary position of $145m (2024: $146m) and an increase in ECL and
operating expenses of $4m (2024: increase of $11m). The consumer
price index at 31 December 2025 for Türkiye was 3,513.87, with an
increase in the period of 829.32 (2024: 825.55 increase).
Use of alternative performance
measures
Our reported results are prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting
Standards Board (‘IFRS Accounting Standards’), as detailed in the
financial statements starting on page 288.
To measure our performance, we supplement our IFRS Accounting
Standards figures with non-IFRS Accounting Standards measures,
which constitute alternative performance measures under European
Securities and Markets Authority guidance and non-GAAP financial
measures defined in and presented in accordance with US Securities
and Exchange Commission rules and regulations. These measures
include those derived from our reported results that eliminate factors
distorting year-on-year comparisons. The ‘constant currency
performance’ measure used throughout this report is described above.
Definitions and calculations of other alternative performance measures
are included in our ‘Alternative performance measures’ on page 106.
Additionally, the insurance-specific non-GAAP measure ‘Insurance
equity plus CSM net of tax‘ is provided on page 93, along with its
definition and reconciliation to the GAAP measure. All alternative
performance measures are reconciled to the closest reported
performance measure.
Return on average tangible equity
excluding notable items
The calculation for RoTE excluding notable items adjusts the ‘profit
attributable to the ordinary shareholders, excluding goodwill and other
intangible assets impairment‘ for the post-tax impact of notable items. To
better align with market practice, from 2025 we no longer adjust the
‘average tangible equity‘ for the post-tax impact of notable items in each
period. Comparatives have been re-presented.
ÑSee page 106 for the definition of return on average tangible equity excluding
notable items and page 107 for the reconciliation to the GAAP measure.
Banking net interest income
Banking net interest income (‘banking NII’) adjusts our NII primarily for
the impact of funding trading and fair value activities reported in interest
expense. It represents the Group’s banking revenue that is directly
impacted by changes in interest rates. We use this measure to
determine the deployment of our surplus funding, and to help optimise
our structural hedging and risk management actions. For more
information on banking NII, see page 69.
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Financial summary
Constant currency revenue and profit
before tax excluding notable items and the
impact of strategic transactions
To aid the understanding of our results, we separately report ‘constant
currency revenue excluding notable items‘ and ‘constant currency profit
before tax excluding notable items‘, which exclude the impact of notable
items and the impact of foreign exchange translation. We also separately
disclose ‘constant currency revenue excluding notable items and the
impact of strategic transactions‘ and ‘constant currency profit before tax
excluding notable items and the impact of strategic transactions‘, which
also exclude the impact of strategic transactions classified as material
notable items as described above. We consider these measures to provide
useful information to investors as they remove items that distort period-on-
period comparisons.
The impact of strategic transactions also includes the distorting impact
between the periods of the operating income statement results related
to acquisitions and disposals and that affect period-on-period
comparisons. These impacts are not included in our notable or material
notable items. The impact of strategic transactions is computed by
including the operating income statement results of each business in any
period for which there are no results in the comparative period.
ÑSee page 107 for the reconciliation to the GAAP measure.
Target basis operating expenses
Target basis operating expenses is computed by excluding the direct cost
impact of the disposals of our banking business in Canada and our
business in Argentina from the 2024 baseline. It is measured on a
constant currency basis and excludes notable items and the impact of
retranslating the prior year results of hyperinflationary economies at
constant currency, which we consider to be outside of our control. We
consider target basis operating expenses to provide useful information to
investors by quantifying and excluding the notable items that
management considered when setting and assessing cost-related targets.
ÑSee page 109 for further details and the reconciliation to the GAAP measure.
Basic earnings per share excluding
material notable items and related impacts
We established a dividend payout ratio target basis of 50% for 2025.
For the purposes of computing our dividend payout ratio target basis,
we exclude from earnings per share material notable items and related
impacts. Material notable items for the ‘basic earnings per share
excluding material notable items and related impacts‘ measure in 2025
and comparative periods are described above.
Related impacts include those items that do not qualify for designation
as notable items but whose adjustment is considered by management
to be appropriate for the purposes of determining the basis for our
dividend payout ratio target basis calculation, for which we exclude
from earnings per share material notable items and related impacts.
ÑSee page 92 for the supplementary analysis of the impact of strategic
transactions.
ÑSee page 106 for the definition of basic earnings per share excluding material
notable items and related impacts and page 110 for the reconciliation to the
GAAP measure.
Critical estimates and judgements
The results of HSBC reflect the choice of accounting policies,
assumptions and estimates that underlie the preparation of HSBC’s
consolidated financial statements. The material accounting policies,
including the policies which include critical estimates and judgements,
are described in Note 1.2 on the financial statements. The accounting
policies listed below are highlighted as they involve a high degree of
uncertainty and have a material impact on the financial statements:
–Impairment of amortised cost financial assets and financial assets
measured at fair value through other comprehensive income
(‘FVOCI’): The most significant judgements relate to defining what is
considered to be a significant increase in credit risk, determining the
lifetime and point of initial recognition of revolving facilities,
selecting and calibrating the probability of default (‘PD’), the loss
given default (‘LGD’) and the exposure at default (‘EAD’) models, as
well as selecting model inputs and economic forecasts, making
assumptions and estimates to incorporate relevant information
about late-breaking and past events, current conditions and
forecasts of economic conditions, and selecting applicable recovery
strategies for certain wholesale credit-impaired loans. A high degree
of uncertainty is involved in making estimations using assumptions
that are highly subjective and very sensitive to the risk factors.
See Note 1.2(j) on page 306.
–Deferred tax assets: The most significant judgements relate to
those made in respect of recoverability, which are based on
expected future profitability. See Note 1.2(m) on page 310.
–Valuation of financial instruments: In determining the fair value of
financial instruments a variety of valuation techniques are used,
some of which feature significant unobservable inputs and are
subject to substantial uncertainty. See Note 1.2(d) on page 304.
–Impairment of investment in subsidiaries: Impairment testing,
including testing for reversal of impairment, involves significant
judgement in determining the value in use, and in particular
estimating the present values of cash flows expected to arise from
continuing to hold the investment, based on a number of
management assumptions. See Note 1.2(a) on page 301.
–Impairment of interests in associates: Impairment testing, including
testing for reversal of impairment, involves significant judgement in
determining the value in use, and in particular estimating the
present values of cash flows expected to arise from continuing to
hold the investment, based on a number of management
assumptions. The most significant judgements relate to the
impairment testing of our investment in Bank of Communications
Co., Limited (‘BoCom’). See Note 1.2(a) on page 301.
–Impairment of goodwill and non-financial assets: A high degree of
uncertainty is involved in estimating the future cash flows of the
cash-generating units (‘CGUs’) and the rates used to discount these
cash flows. See Note 1.2(b) on page 302.
–Provisions: Significant judgement may be required due to the high
degree of uncertainty associated with determining whether a
present obligation exists, and estimating the probability and amount
of any outflows that may arise. See Note 1.2(n) on page 311.
–Post-employment benefit plans: The calculation of the defined
benefit pension obligation involves the determination of key
assumptions including discount rate, inflation rate, pension
payments and deferred pensions, pay and mortality. See Note 1.2(l)
on page 310.
Given the inherent uncertainties and the high level of subjectivity
involved in the recognition or measurement of the items above, it is
possible that the outcomes in the next financial year could differ from
the expectations on which management’s estimates are based,
resulting in the recognition and measurement of materially different
amounts from those estimated by management in these financial
statements.
HSBC Holdings plc Annual Report on Form 20-F
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Financial summary
Consolidated income statement
Summary consolidated income statement
2025
2024
20231
2022
2021
$m
$m
$m
$m
$m
Net interest income
34,794
32,733
35,796
30,377
26,489
Net fee income
13,343
12,301
11,845
11,770
13,097
Net income from financial instruments held for trading or managed on a fair value basis2
19,682
21,116
16,661
10,278
7,744
Net income/(expense) from assets and liabilities of insurance businesses, including related
derivatives, measured at fair value through profit or loss
11,175
5,901
7,887
(13,831)
4,053
Net insurance premium income
—
—
—
—
10,870
Insurance finance (expense)/income
(11,197)
(5,978)
(7,809)
13,799
—
Insurance service result
1,825
1,310
1,078
809
—
Gain on acquisition3
—
—
1,591
—
—
Losses recognised on sale of business operations4
(47)
(1,752)
(61)
(2,678)
—
Other operating income/(expense)5,6
(1,301)
223
(930)
96
1,687
Total operating income
68,274
65,854
66,058
50,620
63,940
Net insurance claims and benefits paid and movement in liabilities to policyholders
—
—
—
—
(14,388)
Net operating income before change in expected credit losses and other
credit impairment charges7
68,274
65,854
66,058
50,620
49,552
Change in expected credit losses and other credit impairment charges
(3,850)
(3,414)
(3,447)
(3,584)
928
Net operating income
64,424
62,440
62,611
47,036
50,480
Total operating expenses excluding impairment of goodwill and other intangible assets
(36,023)
(32,966)
(32,355)
(32,554)
(33,887)
(Impairment)/reversal of impairment of goodwill and other intangible assets
(405)
(77)
285
(147)
(733)
Operating profit
27,996
29,397
30,541
14,335
15,860
Share of profit in associates and joint ventures
2,911
2,912
2,807
2,723
3,046
Impairment of interest in associate6
(1,000)
—
(3,000)
—
—
Profit before tax
29,907
32,309
30,348
17,058
18,906
Tax expense
(6,776)
(7,310)
(5,789)
(809)
(4,213)
Profit for the year
23,131
24,999
24,559
16,249
14,693
Attributable to:
–  ordinary shareholders of the parent company
21,102
22,917
22,432
14,346
12,607
–  preference shareholders of the parent company
—
—
—
—
7
–  other equity holders
1,183
1,062
1,101
1,213
1,303
–  non-controlling interests
846
1,020
1,026
690
776
Profit for the year
23,131
24,999
24,559
16,249
14,693
Five-year financial information
2025
2024
20231
2022
2021
$
$
$
$
$
Basic earnings per share
1.21
1.25
1.15
0.72
0.62
Diluted earnings per share
1.20
1.24
1.14
0.72
0.62
Dividends per ordinary share (paid in the period)8
0.66
0.82
0.53
0.27
0.22
%
%
%
%
%
Dividend payout ratio9
50
50
50
44
40
Post-tax return on average total assets
0.7
0.8
0.8
0.5
0.5
Return on average ordinary shareholders’ equity
12.3
13.6
13.6
9.0
7.1
Return on average tangible equity
13.3
14.6
14.6
10.0
8.3
Effective tax rate
22.7
22.6
19.1
4.7
22.3
1    From 1 January 2023, we adopted IFRS 17 ‘Insurance Contracts’, which replaced IFRS 4 ‘Insurance Contracts’. Comparative data for the financial year ended
31 December 2022 have been restated accordingly. Comparative data for the year ended 31 December 2021 is prepared on an IFRS 4 basis.
2    In 2025, the amounts include a $0.1bn (2024: $0.1bn gain) mark-to-market gain on interest rate hedging of the portfolio of retained loans post sale of our retail
banking operations in France and a $0.1bn fair value loss on Grupo Financiero Galicia‘s (‘Galicia‘) American Depositary Receipts (‘ADRs‘) received as purchase
consideration from the sale of our business in Argentina. In 2024, the amounts include a $0.3bn gain (2023: $0.3bn loss) on the foreign exchange hedging of the
proceeds from the sale of our banking business in Canada.
3    Gain recognised in respect of the acquisition of SVB UK.
4    In 2024, the amount includes a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves
arising on sale of our business in Argentina. This was partly offset by a gain of $4.6bn, inclusive of the recycling of $0.6bn in foreign currency translation reserve
losses and $0.4bn of other reserves losses but excluding the $0.3bn gain on the foreign exchange hedging (see footnote 2 above) on the sale of our banking
business in Canada. The amount in 2023 primarily reflected losses due to restrictions impacting the recoverability of assets in Russia, partly offset by a gain on
sale of our retail banking operations in France. The amount in 2022 included losses from classifying businesses as held for sale as part of a broader restructuring
of our European business.
5Includes a loss on net monetary positions of $0.2bn (2024: $1.2bn; 2023: $1.7bn) as a result of applying IAS 29 ‘Financial Reporting in Hyperinflationary
Economies’.
6  In 2025, the amounts include recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans
following the completion of its sale to a consortium comprising Rothesay Life plc and CCF and a loss of $1.1bn inclusive of reserves recycling as a result of the
dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment loss following an impairment test on the carrying value of the Group’s
investment in BoCom in ‘Impairment of interest in associate’. See Note 18 on pages 345 to 348.
7Net operating income before change in expected credit losses and other credit impairment charges also referred to as revenue.
8Includes dividend paid during the period, which consisted of a fourth interim dividend of $0.36 per ordinary share in respect of the financial year ended
31 December 2024 paid in April 2025 and the first, second and third interim dividends of $0.30 per ordinary share in respect of the financial year ending
31 December 2025. In 2024, a special dividend of $0.21 per ordinary share from the Canada sale proceeds was paid in June.
9In 2025, 2024 and 2023, our dividend payout ratio was adjusted for material notable items and related impacts. In 2022, our dividend payout ratio was adjusted
for the loss on classification to held for sale of our retail banking business in France, items relating to the sale of our banking business in Canada, and the
recognition of certain deferred tax assets. No items were adjusted for in 2021.
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Income statement commentary
The following commentary compares Group financial performance for the year ended 2025 with 2024, unless otherwise stated.
Net interest income
Year ended
Quarter ended
31 Dec 2025
31 Dec 2024
31 Dec 2023
31 Dec 2025
30 Sep 2025
31 Dec 2024
$m
$m
$m
$m
$m
$m
Interest income
97,872
108,631
100,868
24,503
24,361
26,004
Interest expense
(63,078)
(75,898)
(65,072)
(15,307)
(15,584)
(17,819)
Net interest income
34,794
32,733
35,796
9,196
8,777
8,185
Average interest-earning assets
2,190,078
2,099,285
2,161,746
2,221,054
2,218,472
2,113,276
%
%
%
%
%
%
Gross interest yield1
4.47
5.17
4.67
4.38
4.36
4.90
Less: gross interest payable1
(3.11)
(3.95)
(3.47)
(2.93)
(3.01)
(3.60)
Net interest spread2
1.36
1.22
1.20
1.45
1.35
1.30
Net interest margin3
1.59
1.56
1.66
1.64
1.57
1.54
1Gross interest yield is the average annualised interest rate earned on average interest-earning assets (‘AIEA’), net of amortised premiums and loan fees. Gross
interest payable is the average annualised interest cost as a percentage of average interest-bearing liabilities.
2Net interest spread is the difference between the average annualised interest rate earned on AIEA, net of amortised premiums and loan fees, and the average
annualised interest rate payable on average interest-bearing funds.
3Net interest margin is net interest income expressed as an annualised percentage of AIEA.
Summary of interest income by type of asset
2025
2024
2023
Average
balance
Interest
income
Yield
Average
balance
Interest
income
Yield
Average
balance
Interest
income
Yield
$m
$m
%
$m
$m
%
$m
$m
%
Short-term funds and loans and advances to banks
325,790
11,460
3.52
349,517
14,727
4.21
403,674
14,770
3.66
Loans and advances to customers
971,804
46,036
4.74
949,825
49,879
5.25
957,717
47,673
4.98
Reverse repurchase agreements – non-trading1
273,941
16,616
6.07
238,694
17,721
7.42
240,263
14,391
5.99
Financial investments
539,107
20,830
3.86
470,182
20,587
4.38
407,363
16,858
4.14
Other interest-earning assets
79,436
2,930
3.69
91,067
5,717
6.28
152,729
7,176
4.70
Total interest-earning assets
2,190,078
97,872
4.47
2,099,285
108,631
5.17
2,161,746
100,868
4.67
Summary of interest expense by type of liability
2025
2024
2023
Average
balance
Interest
expense
Cost
Average
balance
Interest
expense
Cost
Average
balance
Interest
expense
Cost
$m
$m
%
$m
$m
%
$m
$m
%
Deposits by banks2
76,081
2,613
3.43
66,405
2,930
4.41
60,392
2,401
3.98
Customer accounts3
1,487,032
33,289
2.24
1,385,840
40,173
2.90
1,334,803
34,162
2.56
Repurchase agreements – non-trading1
188,748
13,629
7.22
187,337
15,617
8.34
146,605
10,858
7.41
Debt securities in issue – non-trading
198,317
10,847
5.47
196,440
12,806
6.52
184,867
11,223
6.07
Other interest-bearing liabilities
77,793
2,700
3.47
84,773
4,372
5.16
146,216
6,428
4.40
Total interest-bearing liabilities
2,027,971
63,078
3.11
1,920,795
75,898
3.95
1,872,883
65,072
3.47
1The average balances for repurchase and reverse repurchase agreements include net amounts where the criteria for offsetting are met, resulting in a lower net
balance reported for repurchase agreements and thus higher cost.
2Including interest-bearing bank deposits only.
3Including interest-bearing customer accounts only.
Net interest income (‘NII’) for 2025 was $34.8bn, an increase of
$2.1bn or 6% compared with 2024. The increase reflected the benefit
of the reinvestment of our structural hedge at higher yields, deposit
balance growth and higher NII in Markets Treasury. In addition, the
increase included the non-recurrence of a $0.2bn loss in 2024 on the
early redemption of legacy securities. This was partly offset by the
adverse impact of $1.6bn from business disposals in Argentina and
Canada, and margin compression on our deposits from lower interest
rates. The growth in NII also reflected a benefit from lower funding
costs associated with the trading book of $1.7bn.
Excluding the unfavourable impact of foreign currency translation
differences of $0.2bn, net interest income increased by $2.3bn or 7%.
NII for 4Q25 was $9.2bn, up 5% compared with 3Q25, and up 12%
compared with 4Q24. The increase in NII compared with 3Q25 was
predominantly driven by the increase in short-term interest rates in
Hong Kong and deposit balance growth.
Net interest margin (‘NIM’) for 2025 of 1.59% was 3bps higher
compared with 2024, reflecting the reinvestment of our structural
hedge at higher yields and lower funding costs associated with the
trading book The increase in NIM included the adverse impact of
foreign currency translation differences. Excluding this, NIM increased
by 6bps.
4Q25 NIM was 1.64%, up 7bps compared with 3Q25, and up 10bps
compared with 4Q24. The increase against the previous quarter was
primarily driven by higher short-term interest rates in Hong Kong.
Interest income for 2025 of $97.9bn decreased by $10.8bn compared
with 2024, primarily due to lower market interest rates.
Interest income of $25bn in 4Q25 was $0.1bn higher compared with
3Q25, due to the increase of short-term interest rates in Hong Kong,
partly offset by lower interest rates in currencies including pounds
sterling and US dollar. Interest income in 4Q25 was down $1.5bn
compared with 4Q24.
The change in interest income in 2025 compared with 2024 included a
favourable impact of foreign currency translation differences of $0.2bn.
After excluding foreign currency translation differences, interest income
decreased by $11.0bn.
Interest expense for 2025 of $63.1bn decreased by $12.8bn compared
with 2024, primarily due to lower market interest rates. The fall in
interest expense included the adverse effects of foreign currency
translation differences of $0.5bn. Excluding this, interest expense
decreased by $13.3bn. Interest expense of $15.3bn in 4Q25 was
$0.3bn lower than 3Q25, and $2.5bn lower compared with 4Q24. The
decrease against the previous quarter was due lower market interest
rates, particularly in US dollars and pounds sterling.
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Banking net interest income
Year ended
Quarter ended
31 Dec 2025
31 Dec 2024
31 Dec 2025
30 Sep 2025
31 Dec 2024
$m
$m
$m
$m
$m
Net interest income
34,794
32,733
9,196
8,777
8,185
Banking book funding costs used to generate ‘net income from financial
instruments held for trading or managed on a fair value basis’
9,686
11,434
2,592
2,384
2,874
Third-party net interest income from insurance
(396)
(429)
(66)
(112)
(109)
Banking net interest income
44,084
43,738
11,722
11,049
10,950
Currency translation
(188)
(34)
136
Banking net interest income – on a constant currency basis
44,084
43,550
11,722
11,015
11,086
Banking net interest income – on a reported basis
44,084
43,738
11,722
11,049
10,950
–  of which:
The Hongkong and Shanghai Banking Corporation Limited
21,676
21,691
5,710
5,351
5,464
HSBC UK Bank plc
11,523
10,368
3,046
2,969
2,663
HSBC Bank plc
5,257
4,630
1,477
1,351
1,182
Banking net interest income adjusts our NII, primarily for the impact
of funding trading and fair value activities reported in interest expense.
It represents the Group’s banking revenue that is directly impacted by
changes in interest rates. It is defined as Group net interest income
after deducting:
–the internal cost to fund trading and fair value net assets for which
associated revenue is reported in ‘Net income from financial
instruments held for trading or managed on a fair value basis’, also
referred to as ‘trading and fair value income’. These funding costs
reflect proxy overnight or term interest rates as applied by internal
funds transfer pricing;
–the funding costs of foreign exchange swaps in Markets Treasury,
where an offsetting income or loss is recorded in trading and fair
value income. These instruments are used to manage foreign
currency deployment and funding in our entities; and
–third-party net interest income in our insurance business.
In our segmental disclosures, the funding costs of trading and fair value
net assets are predominantly recorded in CIB in ‘net income from
financial instruments held for trading or managed on a fair value basis’.
On consolidation, this funding is eliminated in Corporate Centre,
resulting in an increase in the funding cost reported in NII with an
equivalent offsetting increase in ‘net income from financial instruments
held for trading or managed on a fair value basis’ in this segment. In the
consolidated Group results, the cost to fund these trading and fair value
net assets is reported in NII.
Banking NII was $44.1bn in 2025, an increase of $0.3bn or 1%
compared with 2024. The growth reflected the benefits of the
reinvestment of our structural hedge at higher yields, deposit balance
growth and higher NII in Markets Treasury. In addition, the increase
included the non-recurrence of a loss of $0.2bn in 2024 on the early
redemption of legacy securities. This was partly offset by the adverse
impact of $1.6bn from the disposals of our business in Argentina and
our banking business in Canada, and the impact of margin compression
on our deposits from lower interest rates.
Banking NII also deducts third-party NII related to our Insurance
business, which was $0.4bn, broadly stable compared with 2024. The
funding costs associated with generating trading and fair value income
were $9.7bn, a decrease of $1.7bn compared with 2024, reflecting the
reduction in interest rates that more than offset a rise in trading book
balances.
The internally allocated funding to generate trading and fair value
income was approximately $225bn at 31 December 2025, a rise of
approximately $25bn since 31 December 2024, and $11bn lower
compared with 30 September 2025. This relates to trading, fair value
and associated net asset balances predominantly in CIB.
Net fee income of $13.3bn was $1.0bn or 8% higher than in 2024, and
included an adverse impact of $0.3bn due to the disposal of our
banking business in Canada and business in Argentina. On a constant
currency basis, net fee income was $1.0bn higher. This primarily
reflected increased broking fee income in our Hong Kong business and
higher fee income from unit trusts and funds under management in
IWPB, primarily in Hong Kong and mainland China.
Net income from financial instruments held for trading or
managed on a fair value basis of $19.7bn was $1.4bn lower
compared with 2024. This primarily reflected a decrease in the trading
book funding costs of $1.7bn associated with generating this income,
due to lower interest rates which more than offset the impact of a rise
in trading book balances, resulting in a corresponding increase in NII.
Inclusive of the reduction in funding costs, net trading income in CIB
was higher, notably as elevated market volatility and higher trading
volumes benefited Global Foreign Exchange and Debt and Equity
Markets.
The reduction of trading income in Corporate Centre also included an
adverse movement of $0.1bn in 2025 on American Depositary Receipts
received as purchase consideration from the sale of our business in
Argentina, which we disposed of in 2025. It also included the non-
recurrence of favourable fair value movements of $0.3bn in 2024 on
the foreign exchange hedging of the proceeds of the sale of our
banking business in Canada until the completion of the sale.
Net income from assets and liabilities of insurance businesses,
including related derivatives, measured at fair value through profit
or loss of $11.2bn increased by $5.3bn compared with 2024 reflecting
strong equity markets and the favourable impact of the downward
movement in interest rates on our fixed income investments in our
IWPB business in Hong Kong, partly offset by rising interest rates in
mainland China.
This favourable movement resulted in a corresponding movement in
insurance finance expense, which has an offsetting impact for the
related liabilities to policyholders.
Insurance finance expense of $11.2bn was $5.2bn higher than in
2024, reflecting the impact of investment returns on underlying assets
on the value of liabilities to policyholders, which moves inversely with
‘net income from assets and liabilities of insurance businesses,
including related derivatives, measured at fair value through profit or
loss’.
Insurance service result of $1.8bn increased by $0.5bn compared
with 2024, reflecting higher contractual service margin (‘CSM’) release
as a result of strong new business growth, and favourable experience
variances from positive investment management fee, maintenance
expense and claims experience.
Losses recognised on the sale of business operations fell by $1.7bn
in 2025. In 2025, the net loss included a loss on the sale of our France life
insurance business, including the recycling of related reserves, and a loss
related to the sale of our UK life insurance entity. These were partly
offset by gains on the disposals of our private banking business in
Germany and our retail operations in Bahrain. In 2024, losses arose from
the completion of the disposal of our business in Argentina, comprising
the recycling of $5.2bn of foreign currency translation reserve losses and
other reserves to the income statement and a $1.0bn loss on disposal.
These were partly offset by a gain of $4.6bn in 2024 on the sale of our
banking business in Canada, inclusive of recycling of foreign currency
translation reserve and other reserve losses to the income statement.
Other operating income/(expense) was $1.5bn lower than in 2024.
The 2025 period included reserve recycling losses of $1.5bn following
the completion of the sale of our French retained portfolio of home and
certain other loans, and a dilution loss of $1.1bn on BoCom following the
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completion of its capital issuance. This was partly offset by a lower loss
on net monetary positions in hyperinflationary economies following the
disposal of our business in Argentina.
Change in expected credit losses and other credit impairment
charges (‘ECL’) of $3.9bn was $0.4bn higher than in 2024, including
charges in both periods related to the CRE sectors in Hong Kong and
mainland China. In 2025, the charge in this sector in Hong Kong of
$0.7bn (2024: $0.1bn) reflected higher allowances for new defaulted
exposures, the impact of an over-supply of non-residential properties
that has put continued downward pressure on rental and capital values,
and updates to our models used for ECL calculations. The 2025 charge
in the mainland China CRE sector was $0.2bn (2024: $0.4bn).
ÑFor further details on the calculation of ECL, including the measurement
uncertainties and significant judgements applied to such calculations, the
impact of the economic scenarios and management judgemental
adjustments, see pages 148 to 157.
Operating expenses
Year ended
2025
2024
2023
$m
$m
$m
Gross employee compensation and benefits
21,512
20,153
19,623
Capitalised wages and salaries
(1,959)
(1,688)
(1,403)
Property and equipment
5,066
4,786
4,285
Amortisation and impairment of intangibles
2,945
2,235
1,827
UK bank levy
290
249
339
Legal proceedings and regulatory matters
1,542
145
188
Other operating expenses1
7,032
7,163
7,211
Reported operating expenses
36,428
33,043
32,070
Currency translation
—
103
(379)
Constant currency operating expenses
36,428
33,146
31,691
1Other operating expenses includes professional fees, contractor costs, transaction taxes, marketing and travel.
Staff numbers (full-time equivalents)1
2025
2024
2023
Business segments
Hong Kong
29,633
34,578
34,886
UK
29,922
30,783
30,638
Corporate and Institutional Banking
78,981
71,935
72,713
International Wealth and Premier Banking
69,854
73,668
82,287
Corporate Centre
330
340
337
At 31 Dec
208,720
211,304
220,861
–  of which (by country/territory):
India
47,423
44,262
42,287
UK
32,294
33,970
34,125
Hong Kong
25,639
26,599
26,472
1Represents the number of full-time equivalent staff (‘FTE’) with contracts of service with the Group who are being paid at the reporting date. Comprises FTE in
front-line roles and those providing dedicated support services managed by the business segments (‘direct FTE’) (at 31 December 2025: Hong Kong: 20,290; UK:
20,969; CIB: 45,970; IWPB: 53,136) and an allocation of Corporate Centre FTE in proportion to business usage of shared support services and global
infrastructure. During 2025, certain Operations FTE were transferred from Corporate Centre to the business segments for which they provide dedicated support
services (if these FTE had been transferred at 31 December 2024, the direct FTE of the segments would have been as follows: Hong Kong: 20,471; UK: 20,794;
CIB: 46,914; IWPB: 55,482).
Reported operating expenses of $36.4bn were $3.4bn or 10% higher
than in 2024. The increase primarily reflected notable items in 2025,
including legal provisions of $1.4bn, restructuring and other related
costs in 2025 of $1.0bn related to our organisational simplification,
mainly severance costs, and $0.5bn related to strategic transactions.
In addition, growth in reported operating expenses included higher
planned spend and investment in technology, and the impacts of
inflation. These increases were partly offset by reductions following the
completion of business disposals in Canada and Argentina, and benefits
delivered by our organisational simplification of $0.6bn.
Target basis operating expenses were $33.5bn or 3% higher than in
2024 due to higher planned spend and investment in technology,
higher performance-related pay and the impact of inflation.
ÑFor a reconciliation of target basis operating expenses to reported operating
expenses see page 109.
The number of employees expressed in full-time equivalent (‘FTE’) staff
at 31 December 2025 was 208,720, a reduction of 2,584 compared
with 31 December 2024. The number of contractors at 31 December
2025 was 3,974, a reduction of 252 from 31 December 2024.
Share of profit in associates and joint ventures of $2.9bn was stable
compared with 2024.
Impairment of interest in associate of $1.0bn related to BoCom.
ÑFor further details of our impairment review process, see Note 18: Interests
in associates and joint ventures on page 345.
Tax expense
Tax expense in 2025 was a charge of $6.8bn, representing an effective
tax rate of 22.7% (2024: 22.6%). The effective tax rate for 2025 was
increased by the non-deductible impairment and dilution loss in BoCom
and legal provisions on which no tax benefit is recorded. Excluding these
items, the effective rate for 2025 was 20.6% (2024: 21.5%, excluding
the impact of the non-taxable gains and losses on the sale of our
banking business in Canada and our business in Argentina). The
decrease in the effective tax rate excluding these items was primarily
the result of a reduction in the unfavourable impact of hyperinflation
following the sale of our business in Argentina in 2024.
Tax expense
2025
2024
$m
$m
Tax (charge)/credit
Reported
(6,776)
(7,310)
Currency translation
—
(39)
Constant currency tax (charge)/credit
(6,776)
(7,349)
Notable items
2025
2024
$m
$m
Tax
Tax (charge)/credit on notable items
440
108
Return on average tangible equity
In 2025, RoTE was 13.3%, compared with 14.6% in 2024. RoTE excluding
notable items was 17.2% in 2025, compared with 15.6% in 2024.
HSBC Holdings plc Annual Report on Form 20-F
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Income statement commentary: 2024 compared with 2023
The following commentary compares Group financial performance for
the year ended 2024 with 2023.
Net interest income (‘NII’) for 2024 was $32.7bn, a decrease of
$3.1bn or 9% compared with 2023. The decrease included a $2.7bn
reduction mainly due to the redeployment of our commercial surplus to
net trading and fair value assets, for which the associated revenue is
reported in ‘net income on financial instruments held for trading or
managed on a fair value basis‘. The fall also reflected a $1.0bn loss due
to the disposal of our business in Canada and a $0.2bn loss in 2024
related to the early redemption of legacy securities. NII in HSBC UK
grew by $0.6bn, including the benefit of our structural hedge and
balance sheet growth, partly offset by mortgage pricing pressures.
There was also higher NII in Markets Treasury due to reinvestments in
our portfolio at higher yields. Excluding the unfavourable impact of
foreign currency translation differences, net interest income decreased
by $1.4bn or 4%. NII for the fourth quarter of 2024 was $8.2bn, up 7%
compared with the previous quarter, and down 1% compared with the
fourth quarter of 2023. The increase compared with 3Q24 was
predominantly driven by the non-recurrence of the adverse impact in
3Q24 from the early redemption of legacy securities. The decline in NII
compared with 4Q23 was predominantly driven by the impact of lower
AIEA.
Net interest margin (‘NIM’) for 2024 of 1.56% was 10bps lower
compared with 2023, reflecting redeployment of our commercial
surplus to net trading and fair value assets, and higher interest expense
due to higher market rates and an adverse impact of $0.2bn from the
early redemption of legacy securities. The decrease in NIM in 2024
included the unfavourable impact of foreign currency translation
differences. Excluding this, NIM decreased by 6bps. NIM for the fourth
quarter of 2024 was 1.54%, up 8bps compared with the previous
quarter, and up 2bps compared with the fourth quarter of 2023. The
increase against the previous quarter was primarily due to the non-
recurrence of the adverse impact from the early redemption of legacy
securities. The year-on-year increase was predominantly driven by
HSBC UK.
Interest income for 2024 of $108.6bn increased by $7.8bn compared
with 2023, primarily due to an increase in market interest rates.
Interest income of $26bn in the fourth quarter of 2024 was down
$1.3bn compared with the previous quarter, and down $0.7bn
compared with the fourth quarter of 2023. Both the declines were
primarily due to lower market interest rates.
The change in interest income in 2024 compared with 2023 included an
adverse impact of foreign currency translation differences of $2.7bn.
After excluding foreign currency translation differences, interest income
increased by $10.5bn.
Interest expense for 2024 of $75.9bn increased by $10.8bn compared
with 2023, primarily due to an increase in market interest rates, growth
in customer accounts with higher proportion for term deposits and the
impact of the early redemption of legacy securities.
The rise in interest expense included the favourable effects of foreign
currency translation differences of $1.1bn. Excluding this, interest
expense increased by $11.9bn.
Interest expense of $17.8bn in the fourth quarter of 2024 was $1.8bn
and $0.6bn lower compared with the third quarter of 2024 and the
fourth quarter of 2023 respectively. The decrease against the previous
quarter was due to the non-recurrence of an adverse impact from the
early redemption of legacy securities. The year-on-year decline was
primarily due to lower market interest rates.
Banking NII was $43.7bn in 2024. The funding costs associated with
generating trading and fair value income were $11.4bn, an increase of
$2.7bn compared with 2023, primarily reflecting redeployment of our
commercial surplus to net trading and fair value assets. Banking NII
also deducts third-party NII related to our insurance business, which
was $0.4bn, stable compared with 2023. The movement in banking NII
also included a reduction from the disposal of our business in Canada of
$1.0bn, a $0.2bn loss in 2024 related to the early redemption of legacy
securities and from higher interest expense on deposits in part due to
balance growth. Banking NII in HSBC UK grew by $0.7bn, including the
benefit of our structural hedge and balance sheet growth, partly offset
by mortgage pricing pressures. There was higher NII in Markets
Treasury due to reinvestments in our portfolio at higher yields.
The internally allocated funding to generate trading and fair value
income was approximately $200bn at 31 December 2024, a rise of
approximately $37bn since 31 December 2023, although it decreased
by approximately $9bn during 4Q24. This relates to trading, fair value
and associated net asset balances predominantly in CIB. The increase
reflected management decisions on the deployment of our commercial
surplus.
Net fee income of $12.3bn was $0.5bn or 4% higher than in 2023, and
included an adverse impact from foreign currency translation
differences of $0.2bn, as well as a reduction of $0.4bn due to the
impact of the disposal of our banking business in Canada.
The increase in net fee income was mainly in Wealth products in our
Hong Kong business and in IWPB in Hong Kong, reflecting stronger
equity markets and improved customer sentiment. It also included an
increase in cards income, mainly in Mexico and Asia in IWPB, as
customer spending increased, and in our Hong Kong business.
In CIB, net fee income was down by $0.1 bn. This included lower fees
from credit facilities, notably due to the disposal of our banking
operations in Canada. In addition, there was higher fee expense relating
to custody. This was partly offset by higher broking and underwriting
income in our main entity in Europe, although the associated fee
expense also increased.
Net income from financial instruments held for trading or
managed on a fair value basis of $21.1bn was $4.5bn higher
compared with 2023. This included favourable fair value movements of
$0.6bn on the foreign exchange hedging of the proceeds of the sale of
our banking business in Canada until completion of the sale. The
increase also reflected higher client activity and elevated volatility in
Debt and Equity Markets in CIB. A component of funding costs
incurred to generate this income are reported in NII, and these
increased by $2.7bn, compared with 2023.
In IWPB, income rose by $0.2bn due to a favourable movement related
to derivatives in our insurance business and from higher customer
trading activity in Wealth, including in our main legal entity in Asia.
Net expense from assets and liabilities of insurance businesses,
including related derivatives, measured at fair value through profit
or loss of $5.9bn fell by $2.0bn compared with 2023. This decrease
reflected adverse fair value movements on debt securities, due to
movements in interest rates, including in our portfolios in Hong Kong
and France, partly offset by improved equity returns.
This unfavourable movement resulted in a corresponding movement in
insurance finance expense, which has an offsetting impact for the
related liabilities to policyholders.
Insurance finance expense of $6.0bn was $1.8bn lower than in 2023,
reflecting the impact of investment returns on underlying assets on the
value of liabilities to policyholders, which moves inversely with ‘net
income from assets and liabilities of insurance businesses, including
related derivatives, measured at fair value through profit or loss’.
Insurance service result of $1.3bn increased by $0.2bn compared
with 2023, primarily due to an increase in the release of the contractual
service margin (‘CSM’).
Gain on acquisition fell by $1.6bn, reflecting the non-recurrence of a
gain recognised in respect of the acquisition of SVB UK in 1Q23.
Losses recognised on sale of business operations were $1.8bn in
2024. This compared with a gain of $61m in 2023. In 2024, there were
losses from completion of the disposal of our business in Argentina,
comprising the recycling of $5.2bn of foreign currency translation
reserve losses and other reserves to the income statement and a
$1.0bn loss on disposal. This was partly offset by a gain of $4.6bn on
the sale of our banking business in Canada, inclusive of recycling of
foreign currency translation reserve and other reserve losses to the
income statement.
HSBC Holdings plc Annual Report on Form 20-F
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Other operating income of $0.2bn was $1.3bn higher than in 2023.
The increase primarily related to the non-recurrence of losses in 2023
of $1.0bn relating to Treasury repositioning and risk management.
The increase also included the non-recurrence of a loss of $0.3bn in
2023 relating to corrections to historical valuation estimates in our life
insurance business, and losses related to the disposal of our New
Zealand retail mortgage loan portfolio and the merger of HSBC Bank
Oman in 2023 with Sohar International.
Changes in expected credit losses and other credit impairment
charges (‘ECL’) were a charge of $3.4bn, stable compared with 2023.
ECL in 2024 included charges of $0.4bn in respect of commercial real
estate in mainland China and of $0.1bn in the Hong Kong real estate
sector. This compared with charges of $1.0bn and $0.1bn respectively
in these sectors in 2023. In addition, ECL in CIB in 2024 included a
charge related to a single exposure in the UK, partly offset by a release
of stage 3 allowances in HSBC Bank plc related to a single exposure.
Charges in our UK business were $0.1bn lower compared with 2023.
In WPB, ECL charges were $1.1bn. up $0.2bn compared with 2023.
These primarily related to our legal entity in Mexico, reflecting growth
in our unsecured lending portfolio and unemployment trends.
ÑFor further details on the calculation of ECL, including the measurement
uncertainties and significant judgements applied to such calculations, the
impact of the economic scenarios and management judgemental
adjustments, see pages 153 to 157.
Operating expenses of $33.0bn were $1.0bn or 3% higher than in
2023, including a favourable impact of $0.6bn from foreign currency
translation differences. The increase reflected higher spend and
investment in technology and inflationary impacts, while performance-
related pay remained stable. Operating expenses were adversely
impacted by the non-recurrence of a $0.2bn reversal of historical asset
impairments in 2023.
These increases were partly offset by the favourable impacts from the
completion of business disposals in Canada and France, and a lower UK
bank levy of $0.1bn, as 2023 included adjustments relating to prior
years. Operating expenses in 2024 benefited from the non-recurrence
of a $0.2bn charge in 2023 incurred in the US relating to the FDIC
special assessment.
Target basis operating expense growth was 5% compared with 2023,
in line with our cost growth target. This primarily reflected higher
investment spend, including in technology and from inflationary
pressures, while our performance-related pay accrual was broadly in
line with 2023. Our target basis operating expenses are measured on a
constant currency basis, excluding notable items, the impact of
retranslating the prior year results of hyperinflationary economies at
constant currency, and the direct costs from the sales of our French
retail banking operations and our banking business in Canada.
The number of employees expressed in full-time equivalent staff (‘FTE’)
at 31 December 2024 was 211,304, a decrease of 9,557 compared
with 31 December 2023, primarily reflecting the completion of the
sales of our banking business in Canada, our retail banking operations in
France and our business in Argentina. The number of contractors at 31
December 2024 was 4,226, a decrease of 450.
Share of profit in associates and joint ventures of $2.9bn was
$3.1bn higher than in 2023, including an increase in the share of profit
from SAB.
Impairment of interest in associate In relation to our investment in
BoCom, at 31 December 2024 we concluded that there was no
indication of further significant impairment (or indication that an
impairment may no longer exist or may have decreased significantly)
since 31 December 2023.
At 31 December 2023, the Group performed an impairment test on the
carrying value of our investment in BoCom which resulted in an
impairment of $3.0bn.
ÑFor further details, see Note 18: Interests in associates and joint ventures
on page 345.
Tax expense The effective tax rate for 2024 of 22.6% was higher than
the 19.1% in 2023. The effective tax rate for 2024 was increased by 4.8
percentage points by the non-deductible loss on disposal of our
business in Argentina and by 0.7 percentage points by the tax charge
arising under the Global Minimum Tax rules, and reduced by 3.6
percentage points by the non-taxable gain on disposal of our banking
business in Canada. The effective tax rate for 2023 was increased by
2.3 percentage points by the non-deductible impairment of investments
in associates, and reduced by 1.6 percentage points by the release of
provisions for uncertain tax positions and by 1.5 percentage points by
the non-taxable accounting gain arising on the acquisition of SVB UK.
ÑFurther details are provided in Note 7 on the financial statements of the
HSBC Holdings plc Form 20-F for the year ended 31 December 2024.
HSBC Holdings plc Annual Report on Form 20-F
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Consolidated balance sheet
Five-year summary consolidated balance sheet
2025
2024
2023
20221
2021
$m
$m
$m
$m
$m
Assets
Cash and balances at central banks
242,859
267,674
285,868
327,002
403,018
Trading assets
366,153
314,842
289,159
218,093
248,842
Financial assets designated and otherwise mandatorily measured at fair value
through profit or loss
133,063
115,769
110,643
100,101
49,804
Derivatives
237,740
268,637
229,714
284,159
196,882
Loans and advances to banks
108,462
102,039
112,902
104,475
83,136
Loans and advances to customers
988,399
930,658
938,535
923,561
1,045,814
Reverse repurchase agreements – non-trading
298,392
252,549
252,217
253,754
241,648
Financial investments
567,211
493,166
442,763
364,726
446,274
Assets held for sale
11,115
27,234
114,134
115,919
3,411
Other assets
279,640
244,480
262,742
257,496
239,110
Total assets at 31 Dec
3,233,034
3,017,048
3,038,677
2,949,286
2,957,939
Liabilities
Deposits by banks
97,952
73,997
73,163
66,722
101,152
Customer accounts
1,786,828
1,654,955
1,611,647
1,570,303
1,710,574
Repurchase agreements – non-trading
204,974
180,880
172,100
127,747
126,670
Trading liabilities
72,122
65,982
73,150
72,353
84,904
Financial liabilities designated at fair value
158,456
138,727
141,426
127,321
145,502
Derivatives
237,854
264,448
234,772
285,762
191,064
Debt securities in issue
99,675
105,785
93,917
78,149
78,557
Insurance contract liabilities
122,955
107,629
120,851
108,816
112,745
Liabilities of disposal groups held for sale
23,382
29,011
108,406
114,597
9,005
Other liabilities
223,170
203,361
216,635
212,319
190,989
Total liabilities at 31 Dec
3,027,368
2,824,775
2,846,067
2,764,089
2,751,162
Equity
Total shareholders’ equity
198,225
184,973
185,329
177,833
198,250
Non-controlling interests
7,441
7,300
7,281
7,364
8,527
Total equity at 31 Dec
205,666
192,273
192,610
185,197
206,777
Total liabilities and equity at 31 Dec
3,233,034
3,017,048
3,038,677
2,949,286
2,957,939
1From 1 January 2023, we adopted IFRS 17 ‘Insurance Contracts’, which replaced IFRS 4 ‘Insurance Contracts’. Comparative data for the financial year ended
31 December 2022 have been restated accordingly. Comparative data for the years ended 31 December 2021 has been prepared on an IFRS 4 basis.
ÑA more detailed consolidated balance sheet is contained in the financial statements on page 290.
Five-year selected financial information
2025
2024
2023
20221
2021
$m
$m
$m
$m
$m
Called up share capital
8,588
8,973
9,631
10,147
10,316
Capital resources2
182,371
172,386
171,204
162,423
177,786
Undated subordinated loan capital
—
17
18
1,967
1,968
Preferred securities and dated subordinated loan capital3
37,581
35,258
36,413
29,921
28,568
Risk-weighted assets
888,647
838,254
854,114
839,720
838,263
Total shareholders’ equity
198,225
184,973
185,329
177,833
198,250
Less: preference shares and other equity instruments
(20,716)
(19,070)
(17,719)
(19,746)
(22,414)
Total ordinary shareholders’ equity
177,509
165,903
167,610
158,087
175,836
Less: goodwill and intangible assets (net of deferred tax)
(12,356)
(11,608)
(11,900)
(11,160)
(17,643)
Tangible ordinary shareholders’ equity
165,153
154,295
155,710
146,927
158,193
Financial statistics
Loans and advances to customers as a percentage of customer accounts (%)
55.3
56.2
58.2
58.8
61.1
Average total shareholders’ equity to average total assets (%)
5.99
6.12
6.01
5.97
6.62
Net asset value per ordinary share at year-end ($)4
10.36
9.26
8.82
8.01
8.76
Tangible net asset value per ordinary share at year-end ($)4
9.64
8.61
8.19
7.44
7.88
Tangible net asset value per fully diluted share at year-end ($)
9.56
8.54
8.14
7.39
7.84
Number of $0.50 ordinary shares in issue (millions)
17,175
17,947
19,263
20,294
20,632
Basic number of $0.50 ordinary shares outstanding, after deducting own shares
held (millions)
17,140
17,918
19,006
19,739
20,073
Basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary
shares, after deducting own shares held (millions)
17,276
18,062
19,135
19,876
20,189
Closing foreign exchange translation rates to $:
$1: £
0.746
0.797
0.784
0.830
0.739
$1: €
0.853
0.964
0.903
0.937
0.880
1 From 1 January 2023, we adopted IFRS 17 ‘Insurance Contracts’, which replaced IFRS 4 ‘Insurance Contracts’. Comparative data for the financial year ended
31 December 2022 have been restated accordingly. Comparative data for the years ended 31 December 2021 has been prepared on an IFRS 4 basis.
2Capital resources are regulatory total capital, the calculation of which is set out on page 192.
3 Including perpetual preferred securities, details of which can be found in Note 29: Subordinated liabilities on page 359.
4 For the definition, see page 106.
HSBC Holdings plc Annual Report on Form 20-F
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Combined view of customer lending and customer deposits1
2025
2024
$m
$m
Loans and advances to customers
988,399
930,658
Loans and advances to customers of disposal groups reported in ‘Assets held for sale’
2,190
965
–  private banking business in Germany
—
309
–  Germany custody business
323
—
–  business in South Africa
431
656
–  retail banking business in Sri Lanka
101
—
–  business in Uruguay
1,314
—
–  other
21
—
Non-current assets held for sale
1,303
12
Combined customer lending
991,892
931,635
Currency translation
—
40,108
Combined customer lending at constant currency
991,892
971,743
Customer accounts
1,786,828
1,654,955
Customer accounts reported in ‘Liabilities of disposal groups held for sale’
16,173
5,399
–  private banking business in Germany
—
2,085
–  Germany custody business
12,316
—
–  business in South Africa
2,056
3,294
–  retail banking business in Sri Lanka
430
—
–  business in Uruguay
1,369
—
–  other
2
20
Combined customer deposits
1,803,001
1,660,354
Currency translation
—
64,285
Combined customer deposits at constant currency
1,803,001
1,724,639
1On 9 April 2024, HSBC Latin America B.V. entered into a binding agreement to sell its business in Argentina to Galicia. The sale was completed on 6 December
2024, so is not included in the table above.
Balance sheet commentary compared with 31 December 2024
At 31 December 2025, total assets of $3.2tn were $216bn or 7%
higher on a reported basis and increased by $93bn or 3% on a constant
currency basis.
Reported loans and advances to customers as a percentage of
customer accounts was 55.3% compared with 56.2% at 31 December
2024 (excluding balances classified as held for sale). The movement in
this ratio reflected a higher growth in customer accounts than in
lending.
Assets
Cash and balances at central banks decreased by $25bn or 9%,
which included a $22bn favourable impact of foreign currency
translation differences. The reduction was primarily due to lower
allocated balances from Markets Treasury within HSBC Bank plc,
leading to decreases across CIB and IWPB. Cash also declined in our
UK business, driven by increased customer lending and redeployment
into other asset classes.
Trading assets rose by $51bn or 16%, which included a favourable
impact of foreign currency translation differences of $13bn. The growth
was mainly in our CIB business reflecting increased client demand and
an increase in valuations.
Derivative assets decreased by $31bn or 12%, which included a
favourable impact of foreign currency translation differences of $17bn.
The reduction was primarily in our CIB business and reflected fair value
movements on foreign exchange contracts, driven by foreign exchange
rate volatility, and reductions in the fair value of interest rate contracts
resulting from curve movements. The decrease in derivative assets
was consistent with the decrease in derivative liabilities, as the
underlying risk is broadly matched.
Loans and advances to customers of $988bn were $58bn or 6%
higher on a reported basis. This included a favourable impact of foreign
currency translation differences of $40bn.
On a constant currency basis, loans and advances to customers
increased by $18bn, reflecting the following movements:
–In our UK business, customer lending rose by $18bn, primarily
driven by continued growth in mortgage balances as well as
increased commercial lending.
–In CIB, customer lending increased by $7bn. This was driven by
term lending growth in our main legal entities in Asia, including,
Australia, India and Hong Kong, and from an increase in the Middle
East, partly offset by the reclassification of our business in Uruguay
to held for sale.
–In IWPB, customer lending increased by $6bn, primarily driven by
wealth lending growth in the Private Bank, notably in our main legal
entity in Hong Kong.
–In our Hong Kong business, customer lending decreased by $6bn,
primarily in wholesale lending, reflecting low demand driven by
macroeconomic conditions.
–In Corporate Centre, customer lending decreased by $8bn following
the reclassification and subsequent sale of a portfolio of home and
certain other loans retained in France following the disposal of our
French retail operations.
Reverse repurchase agreements – non-trading rose by $46bn or
18%, primarily reflecting client demand.
Financial investments increased by $74bn or 15% The increase was
across both debt instruments held at fair value through other
comprehensive income and instruments held at amortised cost, as we
redeployed our commercial surplus to benefit from higher yield curves
and enhanced our structural hedge.
Assets held for sale decreased by $16bn or 59%, primarily due to the
reductions in IWPB following the completion of the sales of our French
life insurance business and our German private banking business, partly
offset by reclassification of assets from our UK life insurance business.
There were also increases in CIB and IWPB following the
announcement of the planned sale of our Uruguay business.
Other assets grew by $35bn or 14% reflecting higher settlement
accounts balances, notably in CIB, from higher client-driven trading
activity with a corresponding increase in settlement liabilities. In
addition, the growth reflected higher valuations on bullion.
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Liabilities
Deposits by banks increased by $24bn or 32%, reflecting an increase
in client inflows, notably in our CIB business.
Customer accounts of $1.8tn increased by $132bn or 8% on a
reported basis. This included a favourable impact of foreign currency
translation differences of $64bn, mainly in our UK entities.
On a constant currency basis, customer accounts increased by $68bn,
reflecting the following movements:
–In our Hong Kong business, customer accounts increased by $37bn,
primarily in retail deposits, reflecting broader market growth.
–In our UK business, customer accounts increased by $11bn
primarily due to market growth in retail and corporate savings.
–In CIB, customer accounts increased by $10bn mainly driven by
strong deposit momentum in Asia, including in mainland China and
India, partly offset by the reclassification of our Germany custody
business to held for sale. 
–In IWPB, customer accounts rose by $9bn, notably in the Private
Bank in Hong Kong, Singapore and the UK, reflecting strong wealth
deposit inflows amidst market volatility.
Repurchase agreements – non-trading increased by $24bn or 13%,
with increases in our CIB and UK businesses.
Financial liabilities designated at fair value increased by $20bn or
14%, notably in Corporate Centre, reflecting an increase in debt
securities in issue of $10bn in 2025, and in our CIB business from
increased medium-term note issuances by our Debt and Equity
Markets business.
Liabilities of disposal groups held for sale decreased by $6bn or
19%, primarily due to reductions in IWPB following the completion of
the sales of our French life insurance business and our German private
banking business, partly offset by reclassification of liabilities from our
UK life insurance business. There were also additions in CIB and IWPB
following the announcement of the planned sale of our Uruguay
business.
Other liabilities increased by $20bn or 10%. This included a rise of
$7bn in settlement accounts in our main legal entity in the US from an
increase in trading activity.
Equity
Total shareholders’ equity, including non-controlling interests, of
$206bn increased by $13bn or 7% compared with 31 December 2024.
Profits generated of $22bn and net gains through other comprehensive
income (‘OCI’) of $10bn were partly offset by the impact of dividends
paid of $13bn, and the impact of our $8bn share buy-back activities in
2025, which included the $2bn buy-back announced with our 2024
annual results in February 2025.
The net gains through OCI of $10bn included $7bn of exchange
differences and a $2bn increase in the cash flow hedging reserve.
Financial investments
As part of our interest rate hedging strategy, we hold a portfolio of debt
instruments, reported within financial investments, which are classified
as hold-to-collect-and-sell. As a result, the change in value of these
instruments is recognised through ‘debt instruments at fair value
through other comprehensive income’ in equity. At 31 December 2025,
we had recognised a pre-tax cumulative unrealised loss reserve
through other comprehensive income of $1.1bn related to these hold-
to-collect-and-sell positions, excluding investments held in our
insurance business. This compared with an unrealised loss of $3.8bn at
31 December 2024, and reflected a $2.7bn pre-tax gain in 2025,
inclusive of movements on related fair value hedges.
We also hold a portfolio of financial investments measured at amortised
cost, which are classified as hold-to-collect and are primarily held to
manage our interest rate exposure. At 31 December 2025, the debt
instruments within this portfolio had a cumulative unrecognised loss of
$0.4 bn, representing a $2.5bn improvement during 2025.
Customer accounts by country/territory
2025
2024
$m
$m
Hong Kong
619,029
575,141
UK
568,712
524,251
US
99,458
99,278
Singapore
81,740
76,737
Mainland China
69,473
63,169
France
50,880
40,384
Australia
34,171
31,951
Germany1
15,588
23,564
Mexico
29,493
27,525
UAE
30,861
28,008
India
28,725
27,199
Taiwan
18,771
17,067
Malaysia
20,252
17,038
Egypt
5,610
4,137
Indonesia
5,777
5,558
Türkiye
3,624
3,489
Other1
104,664
90,459
At 31 Dec
1,786,828
1,654,955
1At 31 December 2025, customer accounts of $16.2bn met the criteria to be classified as held for sale and are reported within ‘Liabilities of disposal groups held
for sale’ on the balance sheet, of which $12.3bn, $2.1bn, $1.4bn and $0.4bn belongs to the planned sale of our German custody business, South Africa business,
HSBC Bank (Uruguay) S.A., and Sri Lanka retail banking business, respectively. Refer to Note 23 on page 355 for further details.
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Loans and advances, deposits by currency
At 31 Dec 2025
$m
USD
GBP
HKD
EUR
CNY
Others1
Total
Loans and advances to banks
38,546
17,085
3,716
4,810
9,146
35,159
108,462
Loans and advances to customers
171,177
323,026
201,691
71,148
54,015
167,342
988,399
Total loans and advances
209,723
340,111
205,407
75,958
63,161
202,501
1,096,861
Deposits by banks
43,915
14,910
4,427
11,995
5,308
17,397
97,952
Customer accounts
529,437
465,673
320,778
134,689
72,626
263,625
1,786,828
Total deposits
573,352
480,583
325,205
146,684
77,934
281,022
1,884,780
At 31 Dec 2024
Loans and advances to banks
33,727
15,267
5,340
4,137
8,129
35,439
102,039
Loans and advances to customers
171,530
286,797
203,586
68,437
51,966
148,342
930,658
Total loans and advances
205,257
302,064
208,926
72,574
60,095
183,781
1,032,697
Deposits by banks
31,415
18,771
3,973
8,788
4,114
6,936
73,997
Customer accounts
476,210
426,747
316,997
124,452
67,405
243,144
1,654,955
Total deposits
507,625
445,518
320,970
133,240
71,519
250,080
1,728,952
1‘Others’ includes items with no currency information available of $0.5bn for loans and advances to banks (2024: $0.9bn), and $1.3bn for loans and advances to
customers (2024: $0.9bn), Nil for deposits by banks (2024: Nil) and $0.2bn for customer accounts (2024: $6m).
Risk-weighted assets
Risk-weighted assets (‘RWAs‘) increased by $50.3bn during the year,
including an increase of $27.4bn from foreign currency translation
differences. The remaining increase was largely driven by $39.9bn of
asset size movements; which included an $11.6bn rise in operational
risk, driven by higher average income. Further increases were due to
corporate lending growth, largely in our UK and CIB business segments
and in SAB within Corporate Centre.
These increases were partly offset by an $11.6bn decrease in RWAs
due to credit risk parameter refinements, including methodology
changes to our undrawn exposures within our UK and CIB businesses;
and a UK transaction where some credit risk was transferred to a third
party, and a $4.5bn decrease from strategic disposals.
RWAs by currency
At 31 Dec 2025
$m
USD
GBP
HKD
EUR
CNY
Others
Total
RWAs1
210,900
189,045
133,894
75,334
55,811
223,663
888,647
At 31 Dec 2024
RWAs1
205,645
165,684
136,001
67,440
56,561
206,923
838,254
1 RWAs include credit risk, counterparty credit risk, market risk and operational risk RWAs.
HSBC Holdings plc Annual Report on Form 20-F
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Average balance sheet
Average balance sheet and net interest income
Average balances and related interest are shown for the domestic
operations of our principal commercial banks by legal entity. ‘Other
trading entities’ comprise the operations of our principal commercial
banking and consumer finance entities outside their domestic markets
and all other banking operations, including investment banking balances
and transactions.
Average balances are based on daily averages for the principal areas of
our banking activities with monthly or less frequent averages used
elsewhere.
Balances and transactions with fellow subsidiaries are reported gross in
the principal commercial banking and consumer finance entities, and
the elimination entries are included within ‘Holding companies, shared
service centres and intra-group eliminations’.
Net interest margin numbers are calculated by dividing net interest
income as reported in the income statement by the average interest-
earning assets from which interest income is reported within the ‘Net
interest income’ line of the income statement. Total interest-earning
assets include credit-impaired loans where the carrying amount has
been adjusted as a result of impairment allowances. In accordance with
IFRSs, we recognise interest income on credit-impaired assets after the
carrying amount has been adjusted as a result of impairment. Fee
income that forms an integral part of the effective interest rate of a
financial instrument is recognised as an adjustment to the effective
interest rate and recorded in ‘Interest income’.
Assets
2025
2024
Average
balance
Interest
income
Yield
Average
balance
Interest
income
Yield
$m
$m
%
$m
$m
%
Summary
Interest-earning assets measured at amortised cost (itemised below)
2,190,078
97,872
4.47
2,099,285
108,631
5.17
Trading assets and financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
262,719
8,169
3.11
244,686
7,943
3.25
Expected credit losses provision
(10,151)
N/A
N/A
(10,633)
N/A
N/A
Non-interest-earning assets
755,734
N/A
N/A
729,136
N/A
N/A
Total assets and interest income
3,198,380
106,041
3.32
3,062,474
116,574
3.81
Average yield on all interest-earning assets
4.32
4.97
Short-term funds and loans and advances to banks
HSBC Bank plc
146,469
4,321
2.95
151,675
5,993
3.95
HSBC UK Bank plc
65,457
2,493
3.81
76,705
3,255
4.24
The Hongkong and Shanghai Banking Corporation Limited
82,451
2,561
3.11
86,976
3,250
3.74
HSBC Bank Middle East Limited
7,398
464
6.27
6,960
418
6.01
HSBC North America Holdings Inc.
28,832
1,136
3.94
29,434
1,275
4.33
HSBC Bank Canada
—
—
—
13
—
—
Grupo Financiero HSBC, S.A. de C.V.
2,759
208
7.54
3,037
298
9.81
Other trading entities
5,761
957
16.61
5,992
812
13.55
Holding companies, shared service centres and intra-group eliminations
(13,337)
(680)
5.10
(11,275)
(574)
5.09
At 31 Dec
325,790
11,460
3.52
349,517
14,727
4.21
Loans and advances to customers
HSBC Bank plc
107,315
4,850
4.52
110,123
5,740
5.21
HSBC UK Bank plc
295,491
14,060
4.76
275,614
13,176
4.78
The Hongkong and Shanghai Banking Corporation Limited
459,820
18,940
4.12
455,258
21,804
4.79
HSBC Bank Middle East Limited
21,910
1,220
5.57
20,558
1,313
6.39
HSBC North America Holdings Inc.
56,893
3,136
5.51
56,149
3,403
6.06
HSBC Bank Canada
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
25,872
3,299
12.75
26,704
3,631
13.60
Other trading entities
4,901
662
13.51
5,642
918
16.27
Holding companies, shared service centres and intra-group eliminations
(398)
(131)
32.91
(223)
(106)
47.53
At 31 Dec
971,804
46,036
4.74
949,825
49,879
5.25
Reverse repurchase agreements – banks1
HSBC Bank plc
41,903
2,695
6.43
38,819
3,293
8.48
HSBC UK Bank plc
5,424
220
4.06
2,401
109
4.54
The Hongkong and Shanghai Banking Corporation Limited
56,488
2,058
3.64
57,293
2,384
4.16
HSBC Bank Middle East Limited
5,723
267
4.67
4,195
243
5.79
HSBC North America Holdings Inc.
13,708
745
5.43
12,262
840
6.85
HSBC Bank Canada
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
2,217
188
8.48
2,599
281
10.81
Other trading entities
1,641
155
9.45
2,182
363
16.64
Holding companies, shared service centres and intra-group eliminations
(8,702)
(576)
6.62
(15,962)
(833)
5.22
At 31 Dec
118,402
5,752
4.86
103,789
6,680
6.44
HSBC Holdings plc Annual Report on Form 20-F
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Assets (continued)
2025
2024
Average
balance
Interest
income
Yield
Average
balance
Interest
income
Yield
$m
$m
%
$m
$m
%
Reverse repurchase agreements – customers1
HSBC Bank plc
53,110
4,083
7.69
46,092
4,178
9.06
HSBC UK Bank plc
12,062
629
5.21
7,832
478
6.10
The Hongkong and Shanghai Banking Corporation Limited
51,842
1,491
2.88
41,295
1,368
3.31
HSBC Bank Middle East Limited
3,155
146
4.63
2,644
135
5.11
HSBC North America Holdings Inc.
44,485
4,495
10.10
42,410
4,851
11.44
HSBC Bank Canada
—
—
—
2
—
—
Grupo Financiero HSBC, S.A. de C.V.
274
21
7.66
280
32
11.43
Other trading entities
—
—
—
—
—
—
Holding companies, shared service centres and intra-group eliminations
(9,389)
(1)
0.01
(5,650)
(1)
0.02
At 31 Dec
155,539
10,864
6.98
134,905
11,041
8.18
Financial investments
HSBC Bank plc
79,377
3,025
3.81
70,702
3,013
4.26
HSBC UK Bank plc
54,417
2,157
3.96
41,036
1,845
4.50
The Hongkong and Shanghai Banking Corporation Limited
313,880
10,934
3.48
274,924
11,023
4.01
HSBC Bank Middle East Limited
13,379
591
4.42
11,690
565
4.83
HSBC North America Holdings Inc.
48,984
2,085
4.26
44,044
1,945
4.42
HSBC Bank Canada
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
6,839
577
8.44
5,150
481
9.34
Other trading entities
4,226
759
17.96
3,375
802
23.76
Holding companies, shared service centres and intra-group eliminations
18,005
702
3.90
19,261
913
4.74
At 31 Dec
539,107
20,830
3.86
470,182
20,587
4.38
Other interest-earning assets
HSBC Bank plc
66,389
2,206
3.32
59,244
2,587
4.37
HSBC UK Bank plc
336
30
8.93
252
35
13.89
The Hongkong and Shanghai Banking Corporation Limited
14,897
599
4.02
10,747
653
6.08
HSBC Bank Middle East Limited
289
13
4.50
(178)
1
(0.56)
HSBC North America Holdings Inc.
5,710
229
4.01
3,726
195
5.23
HSBC Bank Canada
—
—
—
19,475
984
5.05
Grupo Financiero HSBC, S.A. de C.V.
279
9
3.23
315
15
4.76
Other trading entities
749
171
22.83
3,551
1,922
54.13
Holding companies, shared service centres and intra-group eliminations
(9,213)
(327)
3.55
(6,065)
(675)
11.13
At 31 Dec
79,436
2,930
3.69
91,067
5,717
6.28
Total interest-earning assets
HSBC Bank plc
494,563
21,180
4.28
476,655
24,804
5.20
HSBC UK Bank plc
433,187
19,589
4.52
403,840
18,898
4.68
The Hongkong and Shanghai Banking Corporation Limited
979,378
36,583
3.74
926,493
40,482
4.37
HSBC Bank Middle East Limited
51,854
2,701
5.21
45,869
2,675
5.83
HSBC North America Holdings Inc.
198,612
11,826
5.95
188,025
12,509
6.65
HSBC Bank Canada
—
—
—
19,490
984
5.05
Grupo Financiero HSBC, S.A. de C.V.
38,240
4,302
11.25
38,085
4,738
12.44
Other trading entities
17,278
2,704
15.65
20,742
4,817
23.22
Holding companies, shared service centres and intra-group eliminations
(23,034)
(1,013)
4.40
(19,914)
(1,276)
6.41
At 31 Dec
2,190,078
97,872
4.47
2,099,285
108,631
5.17
1The average balances for repurchase and reverse repurchase agreements include net amounts where the criteria for offsetting are met, resulting in a lower net
balance reported for repurchase agreements and thus higher cost.
HSBC Holdings plc Annual Report on Form 20-F
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Financial summary
Equity and liabilities
2025
2024
Average
balance
Interest
expense
Cost
Average
balance
Interest
expense
Cost
$m
$m
%
$m
$m
%
Summary
Interest-bearing liabilities measured at amortised cost (itemised below)
2,027,971
63,078
3.11
1,920,795
75,898
3.95
Trading liabilities and financial liabilities designated at fair value
(excluding own debt issued)
153,896
5,114
3.32
143,636
5,271
3.67
Non-interest bearing current accounts
214,507
N/A
N/A
220,291
N/A
N/A
Total equity and other non-interest bearing liabilities
802,006
N/A
N/A
777,753
N/A
N/A
Total equity and liabilities
3,198,380
68,192
2.13
3,062,475
81,169
2.65
Average cost on all interest-bearing liabilities
3.13
3.93
Deposits by banks1
HSBC Bank plc
39,910
1,236
3.10
33,041
1,376
4.16
HSBC UK Bank plc
12,550
602
4.80
13,265
743
5.60
The Hongkong and Shanghai Banking Corporation Limited
25,823
532
2.06
24,561
611
2.49
HSBC Bank Middle East Limited
7,693
355
4.61
5,870
303
5.16
HSBC North America Holdings Inc.
12,509
345
2.76
9,012
329
3.65
HSBC Bank Canada
—
—
—
27
—
—
Grupo Financiero HSBC, S.A. de C.V.
563
53
9.41
648
74
11.42
Other trading entities
1,468
161
10.97
890
46
5.17
Holding companies, shared service centres and intra-group eliminations
(24,435)
(671)
2.75
(20,909)
(552)
2.64
At 31 Dec
76,081
2,613
3.43
66,405
2,930
4.41
Debt Securities in issue – non trading
HSBC Bank plc
47,563
1,909
4.01
47,684
2,536
5.32
HSBC UK Bank plc
24,781
1,334
5.38
22,042
1,357
6.16
The Hongkong and Shanghai Banking Corporation Limited
42,396
2,305
5.44
45,303
2,772
6.12
HSBC Bank Middle East Limited
2,132
89
4.17
1,668
67
4.02
HSBC North America Holdings Inc.
25,048
1,408
5.62
26,551
1,694
6.38
HSBC Bank Canada
—
—
—
181
12
6.63
Grupo Financiero HSBC, S.A. de C.V.
3,712
334
9.00
3,429
353
10.29
Other trading entities
1,386
150
10.82
1,608
142
8.83
Holding companies, shared service centres and intra-group eliminations
51,299
3,318
6.47
47,974
3,873
8.07
At 31 Dec
198,317
10,847
5.47
196,440
12,806
6.52
Customer accounts2
HSBC Bank plc
275,748
8,778
3.18
258,026
10,753
4.17
HSBC UK Bank plc
304,835
5,863
1.92
279,227
6,156
2.20
The Hongkong and Shanghai Banking Corporation Limited
793,610
14,024
1.77
738,028
17,654
2.39
HSBC Bank Middle East Limited
18,669
520
2.78
14,725
520
3.53
HSBC North America Holdings Inc.
80,866
2,627
3.25
78,919
3,030
3.84
HSBC Bank Canada
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
21,679
1,135
5.24
22,573
1,555
6.89
Other trading entities
5,805
828
14.26
7,123
1,012
14.21
Holding companies, shared service centres and intra-group eliminations
(14,180)
(486)
3.43
(12,781)
(507)
3.97
At 31 Dec
1,487,032
33,289
2.24
1,385,840
40,173
2.90
Repurchase agreements – with banks3
HSBC Bank plc
15,015
1,615
10.76
17,981
2,212
12.30
HSBC UK Bank plc
1,856
123
6.63
317
23
7.26
The Hongkong and Shanghai Banking Corporation Limited
66,984
2,293
3.42
60,491
2,640
4.36
HSBC Bank Middle East Limited
4,516
198
4.38
3,276
178
5.43
HSBC North America Holdings Inc.
11,369
604
5.31
10,110
655
6.48
HSBC Bank Canada
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
1,684
156
9.26
181
25
13.81
Other trading entities
363
7
1.93
304
43
14.14
Holding companies, shared service centres and intra-group eliminations
(15,877)
(614)
3.87
(18,373)
(881)
4.80
At 31 Dec
85,910
4,382
5.10
74,287
4,895
6.59
Repurchase agreements – with customers3
HSBC Bank plc
40,513
3,721
9.18
44,267
4,090
9.24
HSBC UK Bank plc
2,597
251
9.66
3,147
273
8.67
The Hongkong and Shanghai Banking Corporation Limited
14,778
549
3.71
22,262
1,108
4.98
HSBC Bank Middle East Limited
11
0.4
3.64
19
1
5.26
HSBC North America Holdings Inc.
42,483
4,360
10.26
42,071
4,821
11.46
HSBC Bank Canada
—
—
—
230
13
5.65
Grupo Financiero HSBC, S.A. de C.V.
4,521
365
8.07
3,850
415
10.78
Other trading entities
—
—
—
10
1
10.00
Holding companies, shared service centres and intra-group eliminations
(2,065)
0.6
(0.03)
(2,806)
—
—
At 31 Dec
102,838
9,247
8.99
113,050
10,722
9.48
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Financial summary
Equity and liabilities (continued)
2025
2024
Average
balance
Interest
expense
Cost
Average
balance
Interest
expense
Cost
$m
$m
%
$m
$m
%
Other interest-bearing liabilities
HSBC Bank plc
66,070
2,236
3.38
54,689
2,582
4.72
HSBC UK Bank plc
309
11
3.56
426
16
3.76
The Hongkong and Shanghai Banking Corporation Limited
12,607
410
3.25
14,052
619
4.41
HSBC Bank Middle East Limited
823
18
2.19
274
14
5.11
HSBC North America Holdings Inc.
9,180
350
3.81
7,582
367
4.84
HSBC Bank Canada
—
—
—
16,483
659
4.00
Grupo Financiero HSBC, S.A. de C.V.
157
31
19.75
183
24
13.11
Other trading entities
757
138
18.23
2,882
798
27.69
Holding companies, shared service centres and intra-group eliminations
(12,110)
(494)
4.08
(11,798)
(707)
5.99
At 31 Dec
77,793
2,700
3.47
84,773
4,372
5.16
Total interest-bearing liabilities
HSBC Bank plc
484,819
19,495
4.02
455,688
23,549
5.17
HSBC UK Bank plc
346,928
8,184
2.36
318,424
8,568
2.69
The Hongkong and Shanghai Banking Corporation Limited
956,198
20,113
2.10
904,697
25,404
2.81
HSBC Bank Middle East Limited
33,844
1,179
3.48
25,832
1,083
4.19
HSBC North America Holdings Inc.
181,455
9,694
5.34
174,245
10,896
6.25
HSBC Bank Canada
—
—
—
16,921
684
4.04
Grupo Financiero HSBC, S.A. de C.V.
32,316
2,074
6.42
30,864
2,446
7.93
Other trading entities
9,779
1,284
13.13
12,817
2,042
15.93
Holding companies, shared service centres and intra-group eliminations
(17,368)
1,055
(6.07)
(18,693)
1,226
(6.56)
At 31 Dec
2,027,971
63,078
3.11
1,920,795
75,898
3.95
1This includes interest-bearing bank deposits only. See page 12 for an analysis of all bank deposits.
2This includes interest-bearing customer accounts only. See page 13 for an analysis of all customer accounts.
3The average balances for repurchase and reverse repurchase agreements include net amounts where the criteria for offsetting are met, resulting in a lower net
balance reported for repurchase agreements and thus higher cost.
Net interest margin1
2025
2024
2023
%
%
%
HSBC Bank plc
0.34
0.26
0.55
HSBC UK Bank plc
2.63
2.56
2.43
The Hongkong and Shanghai Banking Corporation Limited
1.68
1.63
1.81
HSBC Bank Middle East Limited
2.94
3.47
3.62
HSBC North America Holdings Inc.
1.07
0.86
0.98
HSBC Bank Canada
—
1.54
1.54
Grupo Financiero HSBC, S.A. de C.V.
5.83
6.02
6.17
Other trading entities
8.23
13.37
7.71
At 31 Dec
1.59
1.56
1.66
1Net interest margin is calculated as net interest income divided by average interest-earning assets.
Distribution of average total assets
2025
2024
2023
%
%
%
HSBC Bank plc
30.5
30.6
30.0
HSBC UK Bank plc
14.1
13.7
14.0
The Hongkong and Shanghai Banking Corporation Limited
45.9
45.4
44.0
HSBC Bank Middle East Limited
2.0
1.9
2.0
HSBC North America Holdings Inc.
8.4
8.4
8.0
HSBC Bank Canada
—
0.7
3.0
Grupo Financiero HSBC, S.A. de C.V.
1.5
1.6
2.0
Other trading entities
1.0
1.1
2.0
Holding companies, shared service centres and intra-group eliminations
(3.4)
(3.4)
(5.0)
At 31 Dec
100.0
100.0
100.0
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Financial summary
Analysis of changes in net interest income and net interest expense
The following tables allocate changes in interest income and interest expense between volume and rate for 2025 compared with 2024, and for
2024 compared with 2023. We isolate rate variances and allocate any change arising from both volume and rate/volume to volume.
Interest income
Increase/(decrease)
in 2025 compared
with 2024
Increase/(decrease)
in 2024 compared
with 2023
2025
Volume
Rate
2024
Volume
Rate
2023
$m
$m
$m
$m
$m
$m
$m
Short-term funds and loans and advances to banks
HSBC Bank plc
4,321
(155)
(1,517)
5,993
(887)
679
6,201
HSBC UK Bank plc
2,493
(432)
(330)
3,255
(1,017)
786
3,486
The Hongkong and Shanghai Banking Corporation Limited
2,561
(141)
(548)
3,250
(48)
220
3,078
HSBC Bank Middle East Limited
464
28
18
418
40
24
354
HSBC North America Holdings Inc.
1,136
(24)
(115)
1,275
(155)
294
1,136
HSBC Bank Canada
—
—
—
—
—
(2)
2
Grupo Financiero HSBC, S.A. de C.V.
208
(21)
(69)
298
42
(11)
267
Other trading entities
957
(38)
183
812
(916)
921
807
Holding companies, shared service centres and intra-group eliminations
(680)
(105)
(1)
(574)
138
(151)
(561)
At 31 Dec
11,460
(855)
(2,412)
14,727
(2,263)
2,220
14,770
Loans and advances to customers
HSBC Bank plc
4,850
(130)
(760)
5,740
28
723
4,989
HSBC UK Bank plc
14,060
939
(55)
13,176
676
1,281
11,219
The Hongkong and Shanghai Banking Corporation Limited
18,940
186
(3,050)
21,804
(578)
561
21,821
HSBC Bank Middle East Limited
1,220
76
(169)
1,313
50
34
1,229
HSBC North America Holdings Inc.
3,136
42
(309)
3,403
125
103
3,175
HSBC Bank Canada
—
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
3,299
(105)
(227)
3,631
252
(27)
3,406
Other trading entities
662
(100)
(156)
918
(2,512)
1,092
2,338
Holding companies, shared service centres and intra-group eliminations
(131)
(58)
33
(106)
74
324
(504)
At 31 Dec
46,036
1,001
(4,844)
49,879
(380)
2,586
47,673
Reverse repurchase agreements – with banks
HSBC Bank plc
2,695
198
(796)
3,293
(1,205)
1,321
3,177
HSBC UK Bank plc
220
123
(12)
109
32
8
69
The Hongkong and Shanghai Banking Corporation Limited
2,058
(28)
(298)
2,384
(334)
281
2,437
HSBC Bank Middle East Limited
267
71
(47)
243
63
9
171
HSBC North America Holdings Inc.
745
79
(174)
840
233
(38)
645
HSBC Bank Canada
—
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
188
(32)
(61)
281
20
7
254
Other trading entities
155
(51)
(157)
363
(274)
33
604
Holding companies, shared service centres and intra-group eliminations
(576)
480
(223)
(833)
481
(443)
(871)
At 31 Dec
5,752
712
(1,640)
6,680
(609)
803
6,486
Reverse repurchase agreements – with customers
HSBC Bank plc
4,083
536
(631)
4,178
877
594
2,707
HSBC UK Bank plc
629
221
(70)
478
122
29
327
The Hongkong and Shanghai Banking Corporation Limited
1,491
301
(178)
1,368
(254)
652
970
HSBC Bank Middle East Limited
146
24
(13)
135
11
11
113
HSBC North America Holdings Inc.
4,495
212
(568)
4,851
865
230
3,756
HSBC Bank Canada
—
—
—
—
—
(2)
2
Grupo Financiero HSBC, S.A. de C.V.
21
—
(11)
32
1
—
31
Other trading entities
—
—
—
—
—
—
—
Holding companies, shared service centres and intra-group eliminations
(1)
(1)
1
(1)
(1)
1
(1)
At 31 Dec
10,864
1,442
(1,619)
11,041
645
2,491
7,905
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Interest income (continued)
Increase/(decrease)
in 2025 compared
with 2024
Increase/(decrease)
in 2024 compared
with 2023
2025
Volume
Rate
2024
Volume
Rate
2023
$m
$m
$m
$m
$m
$m
$m
Financial investments
HSBC Bank plc
3,025
330
(318)
3,013
835
312
1,866
HSBC UK Bank plc
2,157
534
(222)
1,845
630
324
891
The Hongkong and Shanghai Banking Corporation Limited
10,934
1,368
(1,457)
11,023
1,345
1,014
8,664
HSBC Bank Middle East Limited
591
74
(48)
565
49
65
451
HSBC North America Holdings Inc.
2,085
210
(70)
1,945
179
132
1,634
HSBC Bank Canada
—
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
577
142
(46)
481
103
87
291
Other trading entities
759
153
(196)
802
(1,834)
728
1,908
Holding companies, shared service centres and intra-group eliminations
702
(49)
(162)
913
(126)
(114)
1,153
At 31 Dec
20,830
2,688
(2,445)
20,587
2,751
978
16,858
Interest expense
Increase/(decrease)
in 2025 compared
with 2024
Increase/(decrease)
in 2024 compared
with 2023
2025
Volume
Rate
2024
Volume
Rate
2023
$m
$m
$m
$m
$m
$m
$m
Deposits by banks
HSBC Bank plc
1,236
210
(350)
1,376
160
79
1,137
HSBC UK Bank plc
602
(35)
(106)
743
20
107
616
The Hongkong and Shanghai Banking Corporation Limited
532
27
(106)
611
52
52
507
HSBC Bank Middle East Limited
355
84
(32)
303
83
20
200
HSBC North America Holdings Inc.
345
96
(80)
329
32
(18)
315
HSBC Bank Canada
—
—
—
—
—
(6)
6
Grupo Financiero HSBC, S.A. de C.V.
53
(8)
(13)
74
12
(39)
101
Other trading entities
161
63
52
46
(122)
137
31
Holding companies, shared service centres and intra-group eliminations
(671)
(96)
(23)
(552)
(7)
(33)
(512)
At 31 Dec
2,613
334
(651)
2,930
269
260
2,401
Customer accounts
HSBC Bank plc
8,778
579
(2,554)
10,753
1,134
1,108
8,511
HSBC UK Bank plc
5,863
489
(782)
6,156
225
1,399
4,532
The Hongkong and Shanghai Banking Corporation Limited
14,024
946
(4,576)
17,654
882
2,249
14,523
HSBC Bank Middle East Limited
520
110
(110)
520
61
77
382
HSBC North America Holdings Inc.
2,627
63
(466)
3,030
51
248
2,731
HSBC Bank Canada
—
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
1,135
(48)
(372)
1,555
(2)
68
1,489
Other trading entities
828
(188)
4
1,012
(3,094)
1,710
2,396
Holding companies, shared service centres and intra-group eliminations
(486)
(48)
69
(507)
(115)
10
(402)
At 31 Dec
33,289
2,263
(9,147)
40,173
1,473
4,538
34,162
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Interest expense (continued)
Increase/(decrease)
in 2025 compared
with 2024
Increase/(decrease)
in 2024 compared
with 2023
2025
Volume
Rate
2024
Volume
Rate
2023
$m
$m
$m
$m
$m
$m
$m
Repurchase agreements – with banks
HSBC Bank plc
1,615
(320)
(277)
2,212
(511)
808
1,915
HSBC UK Bank plc
123
102
(2)
23
(25)
14
34
The Hongkong and Shanghai Banking Corporation Limited
2,293
222
(569)
2,640
758
514
1,368
HSBC Bank Middle East Limited
198
54
(34)
178
70
9
99
HSBC North America Holdings Inc.
604
67
(118)
655
296
(85)
444
HSBC Bank Canada
—
—
—
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
156
139
(8)
25
(16)
5
36
Other trading entities
7
1
(37)
43
(61)
(10)
114
Holding companies, shared service centres and intra-group eliminations
(614)
96
171
(881)
309
(181)
(1,009)
At 31 Dec
4,382
594
(1,107)
4,895
1,621
273
3,001
Repurchase agreements – with customers
HSBC Bank plc
3,721
(342)
(27)
4,090
929
647
2,514
HSBC UK Bank plc
251
(53)
31
273
(382)
227
428
The Hongkong and Shanghai Banking Corporation Limited
549
(276)
(283)
1,108
(12)
126
994
HSBC Bank Middle East Limited
0.4
(0.6)
—
1
1
—
—
HSBC North America Holdings Inc.
4,360
44
(505)
4,821
1,249
34
3,538
HSBC Bank Canada
—
(13)
—
13
(15)
3
25
Grupo Financiero HSBC, S.A. de C.V.
365
54
(104)
415
45
(12)
382
Other trading entities
—
(1)
—
1
—
—
1
Holding companies, shared service centres and intra-group eliminations
0.6
(0.2)
0.8
—
—
25
(25)
At 31 Dec
9,247
(921)
(554)
10,722
1,537
1,328
7,857
Debt securities in issue – non trading
HSBC Bank plc
1,909
(2)
(625)
2,536
512
137
1,887
HSBC UK Bank plc
1,334
149
(172)
1,357
230
368
759
The Hongkong and Shanghai Banking Corporation Limited
2,305
(159)
(308)
2,772
(210)
166
2,816
HSBC Bank Middle East Limited
89
19
3
67
(12)
6
73
HSBC North America Holdings Inc.
1,408
(84)
(202)
1,694
167
22
1,505
HSBC Bank Canada
—
(12)
—
12
(37)
(2)
51
Grupo Financiero HSBC, S.A. de C.V.
334
25
(44)
353
178
83
92
Other trading entities
150
(24)
32
142
(3)
(10)
155
Holding companies, shared service centres and intra-group eliminations
3,318
213
(768)
3,873
(147)
135
3,885
At 31 Dec
10,847
104
(2,063)
12,806
751
832
11,223
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Financial summary
Loan maturity and interest sensitivity analysis
The analysis of loan maturity and interest sensitivity is presented for
loans where repayment is expected to occur on a contractual
repayment basis (presented within Loans and advances to banks and
Loans and advances to customers on our balance sheet). Loans that
have been re-classified to Assets held for sale are excluded as recovery
is expected from sale proceeds within the next 12 months rather than
individual contractual repayment terms. The analysis of loan maturity
and interest sensitivity by loan type on a contractual repayment basis
was as follows.
Total
Total
2025
2024
$m
$m
Maturity of 1 year or less
Loans and advances to banks
101,823
97,156
Loans and advances to customers
361,354
341,022
463,177
438,178
Maturity after 1 year but within 5 years
Loans and advances to banks
5,968
4,513
Loans and advances to customers
285,116
268,427
291,084
272,940
Interest rate sensitivity of loans and advances to banks
Fixed interest rate
1,937
1,217
Variable interest rate
4,031
3,296
5,968
4,513
Interest rate sensitivity of loans and advances to customers
Fixed interest rate
66,999
60,088
Variable interest rate
218,117
208,339
285,116
268,427
Maturity after 5 years but within 15 years
Loans and advances to banks
678
383
Loans and advances to customers
177,571
164,603
178,249
164,986
Interest rate sensitivity of loans and advances to banks
Fixed interest rate
678
333
Variable interest rate
—
50
678
383
Interest rate sensitivity of loans and advances to customers
Fixed interest rate
77,525
69,464
Variable interest rate
100,045
95,139
177,570
164,603
Maturity after 15 years
Loans and advances to banks
—
—
Loans and advances to customers
175,050
166,321
175,050
166,321
Interest rate sensitivity of loans and advances to banks
Fixed interest rate
—
—
Variable interest rate
—
—
—
—
Interest rate sensitivity of loans and advances to customers
Fixed interest rate
83,388
76,945
Variable interest rate
91,662
89,376
175,050
166,321
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Financial summary
Deposits
The following tables summarise the average amount of bank deposits,
customer deposits and certificates of deposit (‘CDs’) and other money
market instruments (that are included within ‘Debt securities in issue’
in the balance sheet), together with the average interest rates paid
thereon for each of the past two years.
The analysis of average deposits by legal entity is based on the legal
entity in which the deposits are recorded and excludes balances with
HSBC companies.
Deposits by banks
2025
2024
Average
balance
Average
rate
Average
balance
Average
rate
$m
%
$m
%
HSBC UK Bank plc
12,498
—
13,243
–  demand and other – non-interest bearing
13
—
31
—
–  demand – interest bearing
30
4.5
11
2.7
–  time
12,455
4.8
13,201
5.5
–  other
—
—
—
—
HSBC Bank plc
40,789
—
33,104
–  demand and other – non-interest bearing
8,031
—
6,159
—
–  demand – interest bearing
23,186
3.4
18,384
4.9
–  time
8,145
3.5
8,197
3.9
–  other
1,427
—
364
—
The Hongkong and Shanghai Banking Corporation Limited
22,932
—
21,785
–  demand and other – non-interest bearing
3,480
—
3,412
—
–  demand – interest bearing
15,211
2.1
13,326
2.3
–  time
4,236
3.8
5,035
5.0
–  other
5
—
12
—
HSBC Bank Middle East Limited
3,333
—
2,566
–  demand and other – non-interest bearing
113
—
101
—
–  demand – interest bearing
744
0.9
721
0.6
–  time
2,401
5.2
1,665
5.9
–  other
75
—
79
—
HSBC North America Holdings Inc.
7,837
—
5,449
–  demand and other – non-interest bearing
706
—
942
—
–  demand – interest bearing
6,471
3.7
4,271
4.8
–  time
660
4.1
236
5.5
–  other
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V
575
—
662
–  demand and other – non-interest bearing
13
—
14
—
–  demand – interest bearing
45
8.4
34
11.8
–  time
517
9.0
614
10.7
–  other
—
—
—
—
Other trading entities
489
—
271
–  demand and other – non-interest bearing
16
—
16
—
–  demand – interest bearing
2
1.5
13
7.7
–  time
471
4.1
242
10.7
–  other
—
—
—
—
Total
88,453
3.0
77,080
3.8
–  demand and other – non-interest bearing
12,372
—
10,675
—
–  demand – interest bearing
45,689
3.0
36,760
3.9
–  time
28,885
4.4
29,190
5.1
–  other
1,507
—
455
—
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Customer accounts
2025
2024
Average
balance
Average
rate
Average
balance
Average
rate
$m
%
$m
%
HSBC UK Bank plc
356,138
—
336,151
–  demand and other – non-interest bearing
56,526
—
58,672
—
–  demand – interest bearing
255,665
1.6
224,061
1.9
–  savings
30,936
3.4
39,915
3.0
–  time
13,011
3.4
13,473
4.3
–  other
—
0.5
30
3.3
HSBC Bank plc
311,416
—
297,942
–  demand and other – non-interest bearing
43,164
—
49,569
—
–  demand – interest bearing
174,895
3.3
164,360
4.2
–  savings
58,187
2.7
49,037
3.3
–  time
35,061
4.0
34,976
5.1
–  other
109
3.1
—
—
The Hongkong and Shanghai Banking Corporation Limited
866,221
—
805,694
–  demand and other – non-interest bearing
73,600
—
68,539
—
–  demand – interest bearing
465,021
0.7
416,431
1.0
–  savings
318,953
3.3
311,870
4.1
–  time
8,643
3.6
8,704
4.9
–  other
4
3.3
150
—
HSBC Bank Middle East Limited
35,832
—
33,470
–  demand and other – non-interest bearing
17,184
—
18,761
—
–  demand – interest bearing
10,102
2.0
6,372
2.4
–  savings
7,451
3.7
7,186
4.2
–  time
1,095
4.6
1,151
5.6
–  other
—
—
—
—
HSBC North America Holdings Inc.
97,508
—
95,893
–  demand and other – non-interest bearing
17,066
—
17,409
—
–  demand – interest bearing
37,156
3.2
34,270
3.7
–  savings
43,286
3.3
44,214
4.0
–  time
—
—
—
—
–  other
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
28,009
4.1
29,311
5.3
–  demand and other – non-interest bearing
6,330
—
6,738
—
–  demand – interest bearing
13,432
4.2
13,881
5.6
–  savings
—
—
—
—
–  time
8,247
6.9
8,692
8.9
–  other
—
—
—
—
Other trading entities
10,442
8.0
11,504
12.8
–  demand and other – non-interest bearing
4,664
—
4,438
—
–  demand – interest bearing
1,374
1.2
2,252
8.0
–  savings
4,183
19.2
4,060
30.9
–  time
221
7.1
754
5.6
–  other
—
—
—
—
Total
1,705,566
2.0
1,609,965
2.6
–  demand and other – non-interest bearing
218,534
—
224,126
—
–  demand – interest bearing
957,645
1.6
861,627
2.1
–  savings
462,996
3.4
456,282
4.3
–  time
66,278
4.2
67,750
5.4
–  other
113
3.7
180
2.2
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Financial summary
Net charge-offs to average loans
The following table provides the net charge-offs to average loans for
loans and advances to banks and customers.
Net charge-offs to average loans
2025
2024
%
%
Loans and advances to banks
—
—
Loans and advances to customers
0.33
0.44
Allowances for credit losses to total loans are presented in Summary of
credit risk (excluding debt instruments measured at FVOCI) by stage
distribution and ECL coverage by industry sector at page 145.
Estimate of uninsured deposits and
uninsured time deposits
HSBC provides deposit services to customers across the many
countries in which we operate and are therefore subject to differing
national and state deposit insurance regimes. Uninsured deposits are
presented on an estimated basis using the same methodologies and
assumptions inherent in our liquidity reporting requirements to our
primary regulator, the Prudential Regulation Authority.
The insured status of a deposit is determined on the basis of individual
insurance limits enacted within local regulations.
At 31 December 2025, the amount of uninsured deposits was $1.4tn
(31 December 2024: $1.3tn).
Uninsured time deposits are uninsured deposits which are subject to
contractual maturity requirements prior to withdrawal. Amounts are
presented on a residual contractual maturity basis and exclude
overnight deposits where contractual requirements are imminently
satisfied.
Maturity analysis of uninsured time deposits
At 31 Dec 2025
3 months or
less
After 3 months
but within 6
months
After 6 months
but within 12
months
After
12 months
Total
$m
$m
$m
$m
$m
Uninsured time deposits
294,755
15,139
8,416
6,340
324,650
At 31 Dec 2024
Uninsured time deposits
262,268
20,540
9,433
4,783
297,024
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Business segments and legal entities
Basis of preparation
Business segments
Our business segments – Hong Kong, UK, Corporate and Institutional
Banking, and International Wealth and Premier Banking – along with
Corporate Centre, are our reportable segments under IFRS 8 ‘Operating
Segments’. Reconciliations of the total constant currency business
segment results to the Group’s reported results are presented on
page 330.
The Group Operating Committee is considered the Chief Operating
Decision Maker (‘CODM’) for the purposes of identifying the Group’s
reportable segments. Business segment results are assessed by the
CODM on the basis of constant currency performance. We separately
disclose ‘notable items’, as described on page 65.
Our operations are closely integrated and, accordingly, the presentation
of data includes internal allocations of certain items of income and
expense. These allocations include the costs of certain support services
and global infrastructures to the extent that they can be meaningfully
attributed to business segments. While such allocations have been
made on a systematic and consistent basis, they involve a certain
degree of subjectivity. Costs that are not allocated to business
segments are included in Corporate Centre.
Where relevant, income and expense amounts presented include the
results of inter-segment funding along with inter-company and inter-
business line transactions. All such transactions are undertaken on
arm’s length terms. The intra-Group elimination items for business
segments are presented in Corporate Centre.
Effective 1 January 2026, we have transitioned certain clients, primarily
from Hong Kong and the UK to the Corporate and Institutional Banking
segment to better serve their specific needs. Such transition did not
involve a change in our reportable segments.   
Legal entities
The results of main legal entities are presented on a reported and
constant currency basis, including HSBC UK Bank plc, HSBC Bank plc,
The Hongkong and Shanghai Banking Corporation Limited, HSBC Bank
Middle East Limited, HSBC North America Holdings Inc., and Grupo
Financiero HSBC, S.A. de C.V.
HSBC Holdings incurs the liability of the UK bank levy, with the cost
being recharged to its UK operating subsidiaries. The current year
expense will be reflected in the fourth quarter as it is assessed on our
balance sheet position as at 31 December.
The results of legal entities are presented on a reported basis on
page 95 and a constant currency basis on page 97.
Supplementary analysis of constant currency results and notable items by business
segment
Constant currency results
2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Revenue
15,878
12,938
27,637
14,520
(2,699)
68,274
ECL
(1,476)
(696)
(696)
(892)
(90)
(3,850)
Operating expenses
(4,826)
(5,537)
(15,556)
(9,285)
(1,224)
(36,428)
Share of profit in associates and joint ventures
—
—
1
24
1,886
1,911
Profit/(loss) before tax
9,576
6,705
11,386
4,367
(2,127)
29,907
Loans and advances to customers (net)
229,491
303,698
305,022
150,047
141
988,399
Customer accounts
543,381
364,323
597,719
281,058
347
1,786,828
Notable items
2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1
—
—
(9)
(73)
(1,560)
(1,642)
Dilution loss of interest in BoCom associate2
—
—
—
—
(1,104)
(1,104)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
—
1
(290)
(83)
(130)
(502)
Restructuring and other related costs3
(16)
(70)
(348)
(161)
(435)
(1,030)
Legal provisions4
—
—
(322)
—
(1,110)
(1,432)
Impairment loss of interest in BoCom associate2
—
—
—
—
(1,000)
(1,000)
1Amounts include recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans following the completion of
its sale to a consortium comprising Rothesay Life plc and CCF.
2    Amounts include a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. We have also recognised a $1.0bn
impairment loss following an impairment test on the carrying value of the Group’s investment in BoCom in ‘Impairment loss of interest in BoCom associate’. See
Note 18 on pages 345 to 348.
3Amounts include a $1.0bn organisational simplification provision recognised in 2025.
4    Amounts include a $1.1bn provision in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard L. Madoff
Investment Securities LLC fraud and a $0.3bn provision in connection with certain historical trading activities in HSBC Bank plc.
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Reconciliation of reported results to constant currency results – business segments (continued)
2024
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Revenue
–  Reported
15,034
11,954
26,819
13,976
(1,929)
65,854
–  Currency translation
13
388
(47)
(159)
(40)
155
–  Constant currency
15,047
12,342
26,772
13,817
(1,969)
66,009
ECL
–  Reported
(1,076)
(402)
(869)
(1,038)
(29)
(3,414)
–  Currency translation
(1)
(13)
(9)
45
—
22
–  Constant currency
(1,077)
(415)
(878)
(993)
(29)
(3,392)
Operating expenses
–  Reported
(4,837)
(4,947)
(14,544)
(9,013)
298
(33,043)
–  Currency translation
(4)
(157)
(68)
113
13
(103)
–  Constant currency
(4,841)
(5,104)
(14,612)
(8,900)
311
(33,146)
Share of profit/(loss) in associates and joint ventures
–  Reported
—
—
1
47
2,864
2,912
–  Currency translation
—
—
—
(2)
3
1
–  Constant currency
—
—
1
45
2,867
2,913
Profit/(loss) before tax
–  Reported
9,121
6,605
11,407
3,972
1,204
32,309
–  Currency translation
8
218
(124)
(3)
(24)
75
–  Constant currency
9,129
6,823
11,283
3,969
1,180
32,384
Loans and advances to customers (net)
–  Reported
235,208
267,293
284,701
136,325
7,131
930,658
–  Currency translation
(155)
18,485
13,176
7,702
912
40,120
–  Constant currency
235,053
285,778
297,877
144,027
8,043
970,778
Customer accounts
–  Reported
507,389
330,012
557,796
259,443
315
1,654,955
–  Currency translation
(832)
22,821
30,130
12,145
21
64,285
–  Constant currency
506,557
352,833
587,926
271,588
336
1,719,240
Notable items (continued)
2024
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1
—
—
(14)
28
(1,357)
(1,343)
Early redemption of legacy securities
—
—
—
—
(237)
(237)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
—
6
(10)
(3)
(192)
(199)
Restructuring and other related costs2
—
7
(2)
(14)
(25)
(34)
1Amounts include a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves arising on sale of
our business in Argentina, partly offset by a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange
hedging of the sale proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves losses.
2Amounts include organisational simplification provisions recognised in 2024 and reversals of restructuring provisions recognised during 2022.
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Reconciliation of reported results to constant currency results – business segments (continued)
2023
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Revenue
–  Reported
14,476
12,690
25,762
13,329
(199)
66,058
–  Currency translation
56
749
(1,039)
(944)
160
(1,018)
–  Constant currency
14,532
13,439
24,723
12,385
(39)
65,040
ECL
–  Reported
(1,488)
(516)
(601)
(841)
(1)
(3,447)
–  Currency translation
(6)
(29)
77
155
—
197
–  Constant currency
(1,494)
(545)
(524)
(686)
(1)
(3,250)
Operating expenses
–  Reported
(4,499)
(4,551)
(14,005)
(9,072)
57
(32,070)
–  Currency translation
(15)
(278)
250
523
(101)
379
–  Constant currency
(4,514)
(4,829)
(13,755)
(8,549)
(44)
(31,691)
Share of profit/(loss) in associates and joint ventures
–  Reported
—
—
(1)
65
(257)
(193)
–  Currency translation
—
—
—
(3)
(101)
(104)
–  Constant currency
—
—
(1)
62
(358)
(297)
Profit/(loss) before tax
–  Reported
8,489
7,623
11,155
3,481
(400)
30,348
–  Currency translation
35
442
(712)
(269)
(42)
(546)
–  Constant currency
8,524
8,065
10,443
3,212
(442)
29,802
Loans and advances to customers (net)
–  Reported
239,218
264,544
288,351
146,155
267
938,535
–  Currency translation
955
13,681
1,876
650
9
17,171
–  Constant currency
240,173
278,225
290,227
146,805
276
955,706
Customer accounts
–  Reported
485,039
330,480
539,139
256,393
596
1,611,647
–  Currency translation
1,834
17,090
9,136
1,271
22
29,353
–  Constant currency
486,873
347,570
548,275
257,664
618
1,641,000
Notable items (continued)
2023
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1,2,3
—
1,591
—
4
(297)
1,298
Fair value movements on financial instruments4
—
—
—
—
14
14
Disposal losses on Markets Treasury repositioning
(373)
(142)
(371)
(91)
—
(977)
Operating expenses
Disposals, wind-downs, acquisitions and related costs
—
(45)
(7)
(53)
(216)
(321)
Restructuring and other related costs5
—
17
45
11
63
136
Impairment loss of interest in BoCom associate6
—
—
—
—
(3,000)
(3,000)
1Amounts include impact of the sale of our retail banking operations in France.
2Amounts include the gain of $1.6bn recognised in respect of the acquisition of SVB UK.
3Amounts include fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
4Amounts relate to fair value movements on non-qualifying hedges in HSBC Holdings.
5Amounts relate to reversals of restructuring provisions recognised during 2022.
6Amounts relate to an impairment loss of $3.0bn recognised in respect of the Group’s investment in BoCom.
HSBC Holdings plc Annual Report on Form 20-F
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Fee and other income supplementary analysis
The following table presents an analysis of the components of fee and other income by business segment.
2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$bn
$bn
$bn
$bn
$bn
$bn
Net fee income
2,776
1,804
4,489
4,263
11
13,343
Net income from financial instruments held for trading or managed
on a fair value basis
622
(25)
7,660
678
10,747
19,682
Insurance revenue1
89
—
—
1,756
(42)
1,803
Gain less impairment relating to sale of business operations
—
—
(15)
(31)
(1)
(47)
Other operating (expense)/income
309
63
971
458
(3,102)
(1,301)
Total
3,796
1,842
13,105
7,124
7,613
33,480
Banking book funding costs used to generate ‘net income from
financial instruments held for trading or managed on a fair value
basis’
—
—
—
—
(9,686)
(9,686)
Third-party net interest income from insurance
—
—
—
396
—
396
Notable items
—
—
9
73
2,664
2,746
Fee and other income
3,796
1,842
13,114
7,593
591
26,936
Supplementary management view of fee and other income -
on a constant currency basis
Wholesale Transaction Banking
730
891
9,239
—
—
10,860
–Global Foreign Exchange
183
166
5,345
—
—
5,694
–Global Payments Solutions
343
534
1,417
—
—
2,294
–Global Trade Solutions
204
191
1,067
—
—
1,462
–Securities Services
—
—
1,410
—
—
1,410
Wealth
2,206
339
—
6,845
—
9,390
–Investment Distribution
2,124
335
—
1,165
—
3,624
–Insurance1
82
4
—
2,513
—
2,599
–Asset Management
—
—
—
1,500
—
1,500
–Private Bank
—
—
—
1,667
—
1,667
Investment Banking, Debt and Equity Markets
—
—
3,245
—
—
3,245
Retail Banking
326
255
—
665
—
1,246
Wholesale Credit and Lending
78
238
567
—
—
883
Other
456
119
63
83
591
1,312
2024
Net fee income
2,305
1,821
4,345
3,857
(27)
12,301
Net income from financial instruments held for trading or managed
on a fair value basis
390
13
7,304
517
12,892
21,116
Insurance revenue1
27
—
—
1,209
(3)
1,233
Gain less impairment relating to sale of business operations
—
—
(26)
(3)
(1,723)
(1,752)
Other operating (expense)/income
325
91
422
85
(700)
223
Total
3,047
1,925
12,045
5,665
10,439
33,121
Banking book funding costs used to generate ‘net income from
financial instruments held for trading or managed on a fair value
basis’
—
—
—
—
(11,434)
(11,434)
Third-party net interest income from insurance
—
—
—
429
—
429
Notable items
—
—
14
(28)
1,357
1,343
Currency translation
3
62
208
85
(11)
347
Fee and other income
3,050
1,987
12,267
6,151
351
23,806
Supplementary management view of fee and other income - on a
constant currency basis
Wholesale Transaction Banking
709
912
8,847
—
—
10,468
–Global Foreign Exchange
180
165
5,096
—
—
5,441
–Global Payments Solutions
326
552
1,383
—
—
2,261
–Global Trade Solutions
203
195
1,059
—
—
1,457
–Securities Services
—
—
1,309
—
—
1,309
Wealth
1,577
391
—
5,618
—
7,586
–Investment Distribution
1,535
384
—
938
—
2,857
–Insurance1
42
7
—
1,864
—
1,913
–Asset Management
—
—
—
1,373
—
1,373
–Private Bank
—
—
—
1,443
—
1,443
Investment Banking, Debt and Equity Markets
—
—
3,198
—
—
3,198
Retail Banking
312
273
—
765
—
1,350
Wholesale Credit and Lending
83
216
626
—
—
925
Other
369
195
(404)
(232)
351
279
1Includes Group ‘net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss’,
‘insurance finance expense’ and ‘insurance service result’.
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Strategic transactions supplementary analysis
The following table presents the selected impacts of strategic transactions on the Group and our business segments for transactions that are
classified as material notable items. See page 65 for further information on material notable items and the impact of strategic transactions.
Constant currency results
of which
2025
2024
Variance
2025 vs. 2024
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
(1,642)
39
(1,681)
—
—
(638)
(590)
(453)
–  distorting impact of operating
results
—
1,214
(1,214)
—
—
(629)
(491)
(94)
–  notable items
(1,642)
(1,175)
(467)
—
—
(9)
(99)
(359)
ECL
—
(72)
72
—
—
36
36
—
Operating expenses
(502)
(919)
417
—
(7)
96
253
75
–  distorting impact of operating
results
—
(729)
729
—
—
381
336
12
–  notable items
(502)
(190)
(312)
—
(7)
(285)
(83)
63
Share of profit in associates and
joint ventures
—
—
—
—
—
—
—
—
Profit before tax
(2,144)
(952)
(1,192)
—
(7)
(506)
(301)
(378)
–  distorting impact of operating
results
—
413
(413)
—
—
(212)
(119)
(82)
–  notable items
(2,144)
(1,365)
(779)
—
(7)
(294)
(182)
(296)
Profit before tax1
–  business in Argentina
(107)
(5,990)
5,883
—
—
(160)
(14)
6,057
–  banking business in Canada
(3)
4,980
(4,983)
—
—
(143)
(67)
(4,773)
–  wind-down of M&A and ECM
in the UK, Europe and US
(114)
(98)
(16)
—
—
(16)
—
—
–  France life insurance business
(231)
(6)
(225)
—
—
—
(214)
(11)
–  retained French portfolio of
home and certain other loans
(1,468)
91
(1,559)
—
—
—
—
(1,559)
–  Germany private banking   
business
142
13
129
—
—
—
134
(5)
–  other strategic transactions
(363)
58
(421)
—
(7)
(187)
(140)
(87)
1Represents the impact on profit before tax due to strategic transactions, inclusive of the notable items impacts and the distorting impact of operating results.
This does not represent the profit before tax of each disposed business. In the case of wind-downs, there may be timing differences between the recognition of
operating cost impacts and operating revenue impacts. These would arise in the event there is a timing lag between the impact of cost actions and the resultant
impact on operating revenue.
Reconciliation of reported and constant currency risk-weighted assets
At 31 Dec 2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
RWAs
$bn
$bn
$bn
$bn
$bn
$bn
Risk-weighted assets
Reported
139.6
152.9
408.7
89.9
97.5
888.6
Constant currency
139.6
152.9
408.7
89.9
97.5
888.6
At 31 Dec 2024
Risk-weighted assets
Reported
143.7
133.5
388.0
85.7
87.4
838.3
Currency translation
0.1
9.3
12.7
4.0
1.1
27.2
Constant currency
143.8
142.8
400.7
89.7
88.5
865.5
At 31 Dec 2023
Risk-weighted assets
Reported
145.2
124.9
398.2
97.6
88.2
854.1
Currency translation
0.7
6.5
(3.9)
(1.9)
(0.5)
0.9
Constant currency
145.9
131.4
394.3
95.7
87.7
855.0
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Supplementary tables for Wealth
Insurance business performance
The following table provides an analysis of the results of our insurance business for the year. It comprises income earned by IWPB insurance
manufacturing operations, income earned by wealth distribution channels within our IWPB, Hong Kong and UK business segments, and
consolidation adjustments.
Total insurance profit and loss (constant currency)
2025
2024
2023
$m
$m
$m
Net fee income
287
223
194
Insurance service result
1,825
1,317
1,078
–  release of contractual service margin
1,593
1,339
1,125
–  risk adjustment release
65
66
36
–  experience variance and other
254
35
26
–  loss from onerous contracts
(87)
(123)
(109)
Investment income
11,387
6,115
8,027
–  net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair
value through profit or loss
11,175
5,865
7,743
–  other investment income
212
250
284
Insurance finance expense
(11,197)
(5,949)
(7,781)
Other income
297
207
(54)
Revenue1
2,599
1,913
1,464
ECL
(1)
—
4
Net operating income
2,598
1,913
1,468
Operating expenses
(789)
(724)
(690)
Operating profit
1,809
1,189
778
Share of profit in associates and JVs
15
32
49
Profit before tax
1,824
1,221
827
1‘Revenue’ of $2.6bn (2024: $1.9bn; 2023: $1.5bn) includes $2.5bn earned within IWPB (2024: $1.8bn; 2023: $1.4bn) and $0.1bn earned within Hong Kong (2024:
$0.1bn; 2023: $0.1bn). This comprises revenue from insurance manufacturing operations of $2.3bn (2024: $1.7bn; 2023: $1.3bn), and revenue from wealth
distribution channels and consolidation impacts of $0.3bn (2024: $0.2bn; 2023: $0.2bn).
Total insurance revenue of $2.6bn was $0.7bn higher than in 2024
reflecting the following:
–Insurance service result of $1.8bn increased by $0.5bn compared
with 2024 reflecting higher CSM release as a result of strong new
business growth, and favourable experience variances from positive
investment management fee, maintenance expense and claims
experience.
–Net income from assets and liabilities of insurance businesses,
including related derivatives, measured at fair value through profit or
loss of $11.2bn increased by $5.3bn compared with 2024 reflecting
strong equity markets and the favourable impact of downward
movements in interest rates on our fixed income investments in
Hong Kong, partly offset by rising rates in mainland China.
–This was offset by Insurance finance expense of $11.2bn, which
moves inversely with investment income. The margin between
investment income and insurance finance expense benefited from
increases in interest rates in mainland China.
–Other income increased by $0.1bn compared with 2024 from gains
on reinsurance contracts in Hong Kong.
Insurance key performance metrics
2025
2024
2023
$m
$m
$m
Annualised new business premiums of insurance manufacturing operations
6,505
4,912
3,797
Insurance manufacturing new business contractual service margin
3,405
2,515
1,686
Consolidated Group new business contractual service margin
3,799
2,729
1,812
Net dividends of insurance manufacturing operations
962
1,522
813
Insurance equity plus CSM net of tax ø
18,800
17,025
16,583
Annualised new business premiums (‘ANP’) is used to assess new
insurance premiums generated by the business. It is calculated as
100% of annualised first year regular premiums and 10% of single
premiums, before reinsurance ceded. ANP increased by 32%
compared with 2024, primarily from strong new business sales in Hong
Kong.
Consolidated Group new business contractual service margin
represents insurance manufacturing new business CSM and the
consolidation impact of inclusion of our bank distribution channel.
Consolidated Group new business contractual service margin increased
by $1.1bn compared with 2024, reflecting strong sales in Hong Kong
and increased sales of higher margin products, contributing to the
overall Group CSM at 31 December 2025 of $15.7bn (2024: $12.8bn;
2023: $11.4bn).
Net dividends of insurance manufacturing operations represents
dividends paid to immediate parent companies net of CET1 qualifying
injections to fund business growth. Net dividends of insurance
manufacturing operations in 2025 included dividends paid to immediate
parent companies of $1.2bn (2024: $1.6bn; 2023: $1.0bn) net of CET1
qualifying injections to fund business growth of $0.2bn (2024: $0.1bn;
2023: $0.2bn). Net dividends decreased by $0.6bn due to the non-
recurrence of a 2024 release of surplus regulatory capital in Hong Kong.
Insurance equity plus CSM net of tax is a non-GAAP alternative
performance measure that provides information about our insurance
manufacturing operations’ net asset value plus the future earnings from
in-force business. At 31 December 2025, insurance equity plus CSM
net of tax was calculated as follows:
Insurance equity plus CSM net of tax
2025
2024
2023
$m
$m
$m
Insurance manufacturing operations
equity
6,715
7,015
7,731
Insurance manufacturing CSM
14,598
12,063
10,786
CSM deferred tax recognised
(2,513)
(2,053)
(1,934)
Insurance equity plus CSM net of tax ø
18,800
17,025
16,583
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Wealth balances
The following table shows our wealth balances, which include invested assets and wealth deposits. Invested assets comprise customer assets
either managed by our Asset Management business or by external third-party investment managers, as well as self-directed investments by our
customers. From 1 January 2026, we have updated the definition of our wealth balances to exclude Asset Management third-party distribution.
This will enhance comparability with industry peers.
Reported wealth balances1
2025
2024
$bn
$bn
Private Bank invested assets2
465
395
Retail invested assets
490
409
Asset Management third-party distribution3
580
489
Reported invested assets1
1,535
1,293
–  of which: The Hongkong and Shanghai Banking Corporation Limited
773
645
Wealth deposits (Premier and Private Bank)4
608
555
–  of which: The Hongkong and Shanghai Banking Corporation Limited
407
372
Total reported wealth balances
2,143
1,848
–  of which: The Hongkong and Shanghai Banking Corporation Limited
1,180
1,017
Total reported wealth balances excluding Asset Management third-party distribution
1,563
1,359
–  of which: The Hongkong and Shanghai Banking Corporation Limited
1,055
907
1Invested assets are not reported on the Group’s balance sheet, except where it is deemed that we are acting as principal rather than agent in our role as
investment manager.
2Private Bank client balances, which comprise invested assets and customer deposits, were $566bn (31 December 2024: $484bn).
3Total assets under management manufactured by Asset Management, which includes third-party distribution and other components that are reported in the
Private Bank and Retail invested assets in the table above, were $866bn (31 December 2024: $731bn). This includes balances related to The Hongkong and
Shanghai Banking Corporation Limited, of which $260bn (31 December 2024: $223bn).
4Premier and Private Bank deposits, which include Prestige deposits in Hang Seng Bank, form part of the total IWPB, Hong Kong and UK businesses’ customer
accounts balance on page 88.
Invested assets
‘Net new invested assets’ represents the net customer inflows from retail invested assets, Asset Management third-party distribution and Private
Bank invested assets. It excludes all customer deposits.
Invested assets
2025
2024
$bn
$bn
Opening balance
1,293
1,191
Net new invested assets
80
64
–  of which: The Hongkong and Shanghai Banking Corporation Limited
39
47
Net market movements
125
97
Foreign exchange and others
37
(59)
Closing balance
1,535
1,293
Net new money
Net new money ('NNM') represents our net customer inflows from
Private Bank and Retail invested assets and wealth deposits. It
excludes foreign exchange movements and market and other
movements not relating to client inflows/outflows which are reported
within ‘foreign exchange and others’ and ‘net market movements’,
respectively. This metric excludes net customer inflows from Asset
Management third-party distribution. From 1 January 2026
management will disclose NNM as the key wealth metric, offering
greater comparability to industry peers. From 1 January 2026, we no
longer intend to disclose invested assets as a key metric.
Net new money
2025
2024
$bn
$bn
Opening balance (total reported wealth balances excluding Asset Management third-party distribution)
1,359
1,282
Net new money3
86
80
–  of which: Net new invested assets excluding Asset Management third-party distribution
46
51
–  of which: Change in deposits
40
29
Net market movements excluding Asset Management third-party distribution
91
60
Foreign exchange and others excluding Asset Management third-party distribution, including wealth deposits1
27
(63)
Closing balance2
1,563
1,359
Net new money – The Hongkong and Shanghai and Banking Corporation Limited
72
71
–  of which: net new invested assets excluding Asset Management third-party distribution
41
43
–  of which: change in deposits on a constant currency basis
31
28
1Includes foreign exchange on wealth deposits.
2Closing balance includes invested assets of $1,535bn (2024: $1,293bn), excluding Asset Management third-party distribution invested assets of $580bn (2024:
$489bn) and includes wealth deposit balances of $608bn (2024: $555bn).
3    Clients’ assets are translated at the average quarterly rates of foreign exchange applicable to the respective quarters, with the effects of currency translation
reported separately.
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CIB: Securities Services and Issuer Services
Assets held in custody
Custody is the safekeeping and servicing of securities and other
financial assets on behalf of clients. Assets held in custody are not
reported on the Group’s balance sheet, except where it is deemed that
we are acting as principal rather than agent in our role as investment
manager. At 31 December 2025, we held $12.9tn of assets as
custodian, an increase of 21% compared with 31 December 2024. The
balance comprised $11.9tn of assets in Securities Services, which
were recorded at market value, and $1.0tn of assets in Issuer Services,
recorded at book value.
Assets under administration
Our assets under administration business includes the provision of
bond and loan administration services, transfer agency services and the
valuation of portfolios of securities and other financial assets on behalf
of clients and complements the custody business. At 31 December
2025, the value of assets held under administration by the Group
amounted to $6.0tn, which was 16% higher than at 31 December
2024. The balance comprised $3.6tn of assets in Securities Services,
which were recorded at market value, and $2.4tn of assets in Issuer
Services, recorded at book value.
Analysis of reported results by legal entities
HSBC reported profit/(loss) before tax and balance sheet data
2025
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC,
S.A. de
C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Net interest income
11,406
1,684
16,471
1,524
2,130
—
2,229
1,422
(2,072)
34,794
Net fee income
1,696
1,618
6,483
555
1,513
—
635
996
(153)
13,343
Net income from financial
instruments held for trading or
managed on a fair value basis
568
6,490
10,910
339
548
—
440
112
275
19,682
Net income from assets and
liabilities of insurance businesses,
including related derivatives,
measured at fair value through
profit and loss
—
1,364
9,741
—
—
—
49
15
6
11,175
Insurance finance income/(expense)
—
(1,462)
(9,695)
—
—
—
(43)
—
3
(11,197)
Insurance service result
—
218
1,538
—
—
—
69
—
—
1,825
Other income/(expense)1
132
(874)
(194)
192
539
—
94
150
(1,387)
(1,348)
Net operating income before
change in expected credit losses
and other credit impairment
charges
13,802
9,038
35,254
2,610
4,730
—
3,473
2,695
(3,328)
68,274
Change in expected credit losses
and other credit impairment
charges
(710)
(203)
(1,635)
(186)
(201)
—
(786)
(25)
(104)
(3,850)
Net operating income
13,092
8,835
33,619
2,424
4,529
—
2,687
2,670
(3,432)
64,424
Total operating expenses excluding
impairment of goodwill and other
intangible assets
(5,663)
(8,818)
(15,132)
(1,332)
(3,326)
—
(2,045)
(1,544)
1,837
(36,023)
Impairment of goodwill and other
intangible assets
(21)
(323)
(49)
(2)
(5)
—
(3)
—
(2)
(405)
Operating profit/(loss)
7,408
(306)
18,438
1,090
1,198
—
639
1,126
(1,597)
27,996
Share of profit in associates and
joint ventures less impairment2
1
82
1,150
—
—
—
10
672
(4)
1,911
Profit/(loss) before tax
7,409
(224)
19,588
1,090
1,198
—
649
1,798
(1,601)
29,907
%
%
%
%
%
%
%
%
%
%
Share of HSBC’s profit before tax
24.8
(0.7)
65.5
3.6
4.0
—
2.2
6.0
(5.4)
100.0
Cost efficiency ratio
41.2
101.1
43.1
51.1
70.4
—
59.0
57.3
55.1
53.4
Balance sheet data
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Loans and advances to customers
(net)
310,116
106,409
467,842
22,618
52,178
—
25,252
3,971
13
988,399
Total assets
475,752
950,562
1,492,150
64,295
261,401
—
50,197
32,339
(93,662)
3,233,034
Customer accounts
376,903
321,451
911,725
37,010
99,458
—
29,493
10,781
7
1,786,828
Risk-weighted assets3,4
157,963
146,010
411,824
27,180
73,961
—
32,509
57,014
2,106
888,647
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HSBC reported profit/(loss) before tax and balance sheet data (continued)
2024
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Net interest income
10,331
1,254
15,077
1,590
1,613
300
2,292
2,774
(2,498)
32,733
Net fee income
1,672
1,629
5,449
508
1,372
129
630
1,076
(164)
12,301
Net income from financial
instruments held for trading or
managed on a fair value basis
580
6,042
11,781
331
914
33
504
411
520
21,116
Net income from assets and
liabilities of insurance businesses,
including related derivatives,
measured at fair value through
profit and loss
—
1,100
4,608
—
—
—
22
183
(12)
5,901
Insurance finance income/(expense)
—
(1,261)
(4,562)
—
—
—
(26)
(150)
21
(5,978)
Insurance service result
—
217
1,042
—
—
—
76
(7)
(18)
1,310
Other income/(expense)
169
576
658
75
365
—
75
(984)
(2,463)
(1,529)
Net operating income before
change in expected credit losses
and other credit impairment
charges
12,752
9,557
34,053
2,504
4,264
462
3,573
3,303
(4,614)
65,854
Change in expected credit losses
and other credit impairment
charges
(405)
(211)
(1,532)
(198)
(81)
(40)
(864)
(93)
10
(3,414)
Net operating income
12,347
9,346
32,521
2,306
4,183
422
2,709
3,210
(4,604)
62,440
Total operating expenses excluding
impairment of goodwill and other
intangible assets
(5,124)
(6,718)
(14,296)
(1,191)
(3,349)
(236)
(1,992)
(1,959)
1,899
(32,966)
Impairment of goodwill and other
intangible assets
(11)
(5)
(33)
(1)
(2)
—
(2)
(22)
(1)
(77)
Operating profit/(loss)
7,212
2,623
18,192
1,114
832
186
715
1,229
(2,706)
29,397
Share of profit in associates and
joint ventures less impairment
1
22
2,278
—
—
—
15
600
(4)
2,912
Profit/(loss) before tax
7,213
2,645
20,470
1,114
832
186
730
1,829
(2,710)
32,309
%
%
%
%
%
%
%
%
%
%
Share of HSBC’s profit before tax
22.2
8.2
63.4
3.4
2.6
0.6
2.3
5.7
(8.4)
100.0
Cost efficiency ratio
40.3
70.3
42.1
47.6
78.6
51.1
55.8
60.0
41.1
50.2
Balance sheet data
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Loans and advances to customers
(net)
272,973
103,464
449,940
20,440
55,786
—
23,439
4,617
(1)
930,658
Total assets
426,165
914,506
1,400,456
57,215
253,251
—
46,007
26,623
(107,175)
3,017,048
Customer accounts
340,233
297,785
845,284
34,808
99,278
—
27,525
9,999
43
1,654,955
Risk-weighted assets3,4
138,332
137,609
402,847
26,624
74,416
—
29,671
50,731
(648)
838,254
2023
Net interest income
9,684
2,674
16,705
1,551
1,712
1,275
2,148
3,765
(3,718)
35,796
Net fee income
1,597
1,527
4,859
475
1,237
559
581
1,225
(215)
11,845
Net income from financial
instruments held for trading or
managed on a fair value basis
516
4,220
9,507
397
729
110
437
1,054
(309)
16,661
Net income/(expense) from assets
and liabilities of insurance
businesses, including related
derivatives, measured at fair value
through profit and loss
—
1,438
6,258
—
—
—
39
323
(171)
7,887
Insurance finance income/(expense)
—
(1,460)
(6,237)
—
—
—
(44)
(166)
98
(7,809)
Insurance service result
—
154
838
—
—
—
87
9
(10)
1,078
Other income/(expense)
1,608
736
(31)
2
185
22
65
(1,481)
(506)
600
Net operating income before
change in expected credit losses
and other credit impairment
charges
13,405
9,289
31,899
2,425
3,863
1,966
3,313
4,729
(4,831)
66,058
Change in expected credit losses
and other credit impairment
(charges)/recoveries
(523)
(212)
(1,641)
(90)
(94)
(46)
(696)
(279)
134
(3,447)
Net operating income
12,882
9,077
30,258
2,335
3,769
1,920
2,617
4,450
(4,697)
62,611
Total operating expenses excluding
impairment of goodwill and other
intangible assets
(4,602)
(6,483)
(13,379)
(1,095)
(3,473)
(1,049)
(1,823)
(2,631)
2,180
(32,355)
Impairment of goodwill and other
intangible assets
(10)
97
(16)
(1)
222
—
(3)
(4)
—
285
Operating profit/(loss)
8,270
2,691
16,863
1,239
518
871
791
1,815
(2,517)
30,541
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Business segments and legal entities
HSBC reported profit/(loss) before tax and balance sheet data (continued)
2023
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Share of profit in associates and
joint ventures less impairment2
—
(52)
(696)
—
—
—
14
544
(3)
(193)
Profit/(loss) before tax
8,270
2,639
16,167
1,239
518
871
805
2,359
(2,520)
30,348
%
%
%
%
%
%
%
%
%
%
Share of HSBC’s profit before tax
27.2
8.7
53.3
4.1
1.7
2.9
2.6
7.8
(8.3)
100.0
Cost efficiency ratio
34.4
68.7
42.0
45.2
84.2
53.4
55.1
55.7
45.1
48.5
Balance sheet data
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Loans and advances to customers
(net)
270,208
95,750
455,315
20,072
54,829
—
26,410
15,951
—
938,535
Total assets
423,029
896,682
1,333,911
50,612
252,339
90,731
47,309
59,051
(114,987)
3,038,677
Customer accounts
339,611
274,733
801,430
31,341
99,607
—
29,423
35,326
176
1,611,647
Risk-weighted assets3,4
129,211
131,468
396,677
24,294
72,248
31,890
32,639
59,574
6,704
854,114
1  In 2025, the amounts include recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans
following the completion of its sale to a consortium comprising Rothesay Life plc and CCF and a loss of $1.1bn inclusive of reserves recycling as a result of the
dilution of our shareholding in BoCom.
2Includes impairment losses of $1.0bn (2025) and $3.0bn (2023) recognised in respect of the Group’s investment in BoCom. See Note 18 on pages 345 to 348.
3Risk-weighted assets are non-additive across the legal entities due to market risk diversification effects within the Group.
4Balances are on a third-party Group consolidated basis.
Summary information – legal entities and selected countries/territories
Legal entity reported and constant currency results
2025
HSBC
UK Bank
plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corpo-
ration
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities1
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
13,802
9,038
35,254
2,610
4,730
—
3,473
2,695
(3,328)
68,274
ECL
(710)
(203)
(1,635)
(186)
(201)
—
(786)
(25)
(104)
(3,850)
Operating expenses
(5,684)
(9,141)
(15,181)
(1,334)
(3,331)
—
(2,048)
(1,544)
1,835
(36,428)
Share of profit in associates and joint
ventures less impairment
1
82
1,150
—
—
—
10
672
(4)
1,911
Profit/(loss) before tax
7,409
(224)
19,588
1,090
1,198
—
649
1,798
(1,601)
29,907
Loans and advances to customers (net)
310,116
106,409
467,842
22,618
52,178
—
25,252
3,971
13
  988,399
Customer accounts
376,903
321,451
911,725
37,010
99,458
—
29,493
10,781
7
1,786,828
1Includes the results of entities located in Türkiye, Egypt and Saudi Arabia (including our share of the results of Saudi Awwal Bank) which do not consolidate into
HSBC Bank Middle East Limited. These entities had an aggregated impact on the Group’s reported profit before tax of $1.5bn.
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information
Business segments and legal entities
Legal entity results: notable items
2025
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corpo-
ration
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions
and related costs1
—
(1,546)
—
71
—
—
—
—
(167)
(1,642)
Dilution loss of interest in BoCom2
—
—
(1,138)
—
—
—
—
—
34
(1,104)
Operating expenses
Disposals, wind-downs, acquisitions
and related costs
(1)
(388)
(46)
(16)
(18)
—
—
(2)
(31)
(502)
Restructuring and other related costs3
(161)
(350)
(300)
(27)
(66)
—
(65)
(31)
(30)
(1,030)
Legal provisions4
—
(1,197)
—
—
—
—
—
—
(235)
(1,432)
Impairment loss of interest in BoCom
associate2
—
—
(1,000)
—
—
—
—
—
—
(1,000)
1Includes recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans following the completion of its sale
to a consortium comprising Rothesay Life plc and CCF.
2    Includes a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment
loss following an impairment test on the carrying value of the Group’s investment in BoCom in ‘Impairment loss of interest in BoCom associate’. See Note 18 on
pages 345 to 348.
3Amounts include organisational simplification provision recognised in 2025.
4 Includes a $1.1bn provision in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard L. Madoff
Investment Securities LLC fraud in HSBC Bank plc and Holding companies and a $0.3bn provision in connection with certain historical trading activities in HSBC
Bank plc.
Selected countries/territories results
2025
UK1
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
22,346
23,935
3,314
4,644
3,473
ECL
(839)
(1,478)
(68)
(200)
(785)
Operating expenses
(16,064)
(9,429)
(3,236)
(3,332)
(2,048)
Share of profit/(loss) in associates and joint ventures less impairment
81
(2)
1,077
—
10
Profit before tax
5,524
13,026
1,087
1,112
650
Loans and advances to customers (net)
357,246
273,396
45,585
52,178
25,252
Customer accounts
568,712
619,029
69,473
99,458
29,493
1UK includes HSBC UK Bank plc (ring-fenced bank), HSBC Bank plc (non-ring-fenced bank), the ultimate holding company, HSBC Holdings plc, and the separately
incorporated group of service companies (‘ServCo Group’).
Selected countries/territories results: notable items
2025
UK
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
Disposals, wind-downs, acquisitions and related costs
(211)
—
—
—
—
Restructuring and other related costs
188
18
12
6
—
Dilution loss of interest in BoCom associate
—
—
(1,104)
—
—
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(41)
(16)
(5)
(18)
—
Restructuring and other related costs
(481)
(179)
(60)
(72)
(65)
Legal provisions1
(566)
—
—
—
—
Impairment loss of interest in BoCom associate
—
—
(1,000)
—
—
1 Includes $0.2bn in relation to internal reinsurance arrangements relating to the Bernard L. Madoff Investment Securities LLC fraud provision and a $0.3bn
provision in connection with certain historical trading activities in HSBC Bank plc.
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Business segments and legal entities
Legal entity reported and constant currency results (continued)
2024
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC,
S.A.
de C.V.
Other
trading
entities1
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
–  Reported
12,752
9,557
34,053
2,504
4,264
462
3,573
3,303
(4,614)
65,854
–  Currency translation
405
296
13
1
—
(27)
(163)
(380)
10
155
–  Constant currency
13,157
9,853
34,066
2,505
4,264
435
3,410
2,923
(4,604)
66,009
ECL
–  Reported
(405)
(211)
(1,532)
(198)
(81)
(40)
(864)
(93)
10
(3,414)
–  Currency translation
(14)
(6)
(1)
—
1
2
24
15
1
22
–  Constant currency
(419)
(217)
(1,533)
(198)
(80)
(38)
(840)
(78)
11
(3,392)
Operating expenses
–  Reported
(5,135)
(6,723)
(14,329)
(1,192)
(3,351)
(236)
(1,994)
(1,981)
1,898
(33,043)
–  Currency translation
(162)
(258)
(14)
—
—
14
84
240
(7)
(103)
–  Constant currency
(5,297)
(6,981)
(14,343)
(1,192)
(3,351)
(222)
(1,910)
(1,741)
1,891
(33,146)
Share of profit/(loss) in
associates and joint ventures
–  Reported
1
22
2,278
—
—
—
15
600
(4)
2,912
–  Currency translation
—
1
—
—
—
—
(1)
1
—
1
–  Constant currency
1
23
2,278
—
—
—
14
601
(4)
2,913
Profit before tax
–  Reported
7,213
2,645
20,470
1,114
832
186
730
1,829
(2,710)
32,309
–  Currency translation
229
33
(2)
1
1
(11)
(56)
(124)
4
75
–  Constant currency
7,442
2,678
20,468
1,115
833
175
674
1,705
(2,706)
32,384
Loans and advances to
customers (net)
–  Reported
272,973
103,464
449,940
20,440
55,786
—
23,439
4,617
(1)
930,658
–  Currency translation
18,878
10,852
6,722
9
—
—
3,607
51
1
40,120
–  Constant currency
291,851
114,316
456,662
20,449
55,786
—
27,046
4,668
—
970,778
Customer accounts
–  Reported
340,233
297,785
845,284
34,808
99,278
—
27,525
9,999
43
1,654,955
–  Currency translation
23,529
26,782
9,773
28
—
—
4,236
(62)
(1)
64,285
–  Constant currency
363,762
324,567
855,057
34,836
99,278
—
31,761
9,937
42
1,719,240
1Other trading entities includes the results of entities located in Türkiye, Egypt and Saudi Arabia (including our share of the results of Saudi Awwal Bank) which do
not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on the Group’s reported profit before tax of $1.4bn, and constant
currency profit before tax of $1.4bn.
Legal entity results: notable items (continued)
2024
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
Disposals, acquisitions and
related costs1
—
(148)
—
—
—
—
—
(23)
(1,172)
(1,343)
Early redemption of legacy
securities
—
—
—
—
—
—
—
—
(237)
(237)
Operating expenses
Disposals, acquisitions and
related costs
8
(9)
—
—
(29)
(36)
—
(61)
(72)
(199)
Restructuring and other
related costs2
3
15
(5)
(2)
(4)
—
—
(9)
(32)
(34)
1Includes a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves arising on sale of our
business in Argentina. This was partly offset by a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange
hedging of the sales proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves losses.
2Amounts relate to organisational simplification provision recognised in 2024 and reversals of restructuring provisions recognised during 2022.
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Selected countries/territories results (continued)
2024
UK1
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
–  Reported
21,017
22,038
4,078
4,216
3,573
–  Currency translation
704
18
3
—
(163)
–  Constant currency
21,721
22,056
4,081
4,216
3,410
ECL
–  Reported
(526)
(1,273)
(121)
(81)
(864)
–  Currency translation
(13)
(1)
—
—
24
–  Constant currency
(539)
(1,274)
(121)
(81)
(840)
Operating expenses
–  Reported
(13,725)
(8,886)
(2,971)
(3,350)
(1,994)
–  Currency translation
(420)
(6)
(6)
—
84
–  Constant currency
(14,145)
(8,892)
(2,977)
(3,350)
(1,910)
Share of profit/(loss) in associates and joint ventures
–  Reported
24
8
2,241
—
15
–  Currency translation
—
1
2
—
(1)
–  Constant currency
24
9
2,243
—
14
Profit before tax
–  Reported
6,790
11,887
3,227
785
730
–  Currency translation
271
12
(1)
—
(56)
–  Constant currency
7,061
11,899
3,226
785
674
Loans and advances to customers (net)
–  Reported
313,925
272,152
44,551
55,786
23,439
–  Currency translation
21,709
(629)
1,956
—
3,607
–  Constant currency
335,634
271,523
46,507
55,786
27,046
Customer accounts
–  Reported
524,251
575,141
63,169
99,278
27,525
–  Currency translation
36,254
(1,330)
2,773
—
4,236
–  Constant currency
560,505
573,811
65,942
99,278
31,761
1UK includes HSBC UK Bank plc (ring-fenced bank), HSBC Bank plc (non-ring-fenced bank), the ultimate holding company, HSBC Holdings plc, and the ServCo
Group.
Selected countries/territories results: notable items (continued)
2024
UK
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
Disposals, acquisitions and related costs1
285
—
—
—
—
Early redemption of legacy securities
(237)
—
—
—
—
Operating expenses
Disposals, acquisitions and related costs
(50)
(2)
(7)
(28)
—
Restructuring and other related costs
(42)
(4)
—
(4)
—
1Includes fair value movements on the foreign exchange hedging of the sale of our banking business in Canada, which is booked in HSBC Overseas Holdings (UK)
Limited.
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Additional
information
Business segments and legal entities
Legal entity reported and constant currency results (continued)
2023
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC,
S.A.
de C.V.
Other
trading
entities1
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
–  Reported
13,405
9,289
31,899
2,425
3,863
1,966
3,313
4,729
(4,831)
66,058
–  Currency translation
775
287
(86)
2
—
(67)
(250)
(1,800)
121
(1,018)
–  Constant currency
14,180
9,576
31,813
2,427
3,863
1,899
3,063
2,929
(4,710)
65,040
ECL
–  Reported
(523)
(212)
(1,641)
(90)
(94)
(46)
(696)
(279)
134
(3,447)
–  Currency translation
(30)
(15)
(2)
(1)
—
1
48
193
3
197
–  Constant currency
(553)
(227)
(1,643)
(91)
(94)
(45)
(648)
(86)
137
(3,250)
Operating expenses
–  Reported
(4,612)
(6,386)
(13,395)
(1,096)
(3,251)
(1,049)
(1,826)
(2,635)
2,180
(32,070)
–  Currency translation
(283)
(330)
16
—
—
36
139
910
(109)
379
–  Constant currency
(4,895)
(6,716)
(13,379)
(1,096)
(3,251)
(1,013)
(1,687)
(1,725)
2,071
(31,691)
Share of profit/(loss) in
associates and joint ventures
–  Reported
—
(52)
(696)
—
—
—
14
544
(3)
(193)
–  Currency translation
—
—
(102)
—
—
—
(1)
—
(1)
(104)
–  Constant currency
—
(52)
(798)
—
—
—
13
544
(4)
(297)
Profit before tax
–  Reported
8,270
2,639
16,167
1,239
518
871
805
2,359
(2,520)
30,348
–  Currency translation
462
(58)
(174)
1
—
(30)
(64)
(697)
14
(546)
–  Constant currency
8,732
2,581
15,993
1,240
518
841
741
1,662
(2,506)
29,802
Loans and advances to
customers (net)
–  Reported
270,208
95,750
455,315
20,072
54,829
—
26,410
15,951
—
938,535
–  Currency translation
13,974
5,357
186
7
—
—
(1,595)
(758)
—
17,171
–  Constant currency
284,182
101,107
455,501
20,079
54,829
—
24,815
15,193
—
955,706
Customer accounts
–  Reported
339,611
274,733
801,430
31,341
99,607
—
29,423
35,326
176
1,611,647
–  Currency translation
17,563
14,913
1,855
17
—
—
(1,777)
(3,218)
—
29,353
–  Constant currency
357,174
289,646
803,285
31,358
99,607
—
27,646
32,108
176
1,641,000
1Other trading entities includes the results of entities located in Oman, Türkiye, Egypt and Saudi Arabia (including our share of the results of Saudi Awwal Bank)
which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on the Group’s reported profit before tax of $1.3bn and
constant currency profit before tax of $1.1bn.
Legal entity results: notable items (continued)
2023
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong
and
Shanghai
Banking
Corporation
Limited
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc.
HSBC
Bank
Canada
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue
Disposals, acquisitions and
related costs1,2,3
1,591
(14)
—
—
—
—
—
—
(279)
1,298
Fair value movements on
financial instruments4
—
—
—
—
—
—
—
—
14
14
Restructuring and other
related costs
—
361
—
—
—
—
—
—
(361)
—
Disposal losses on Markets
Treasury repositioning
(145)
(94)
(473)
(20)
(246)
—
—
—
1
(977)
Operating expenses
Disposals, acquisitions and
related costs
(45)
(111)
—
—
(11)
(115)
—
—
(39)
(321)
Restructuring and other
related costs5
20
30
10
2
10
—
6
2
56
136
Impairment loss of interest
in BoCom associate6
—
—
(3,000)
—
—
—
—
—
—
(3,000)
1  Includes the impact of the sale of our retail banking operations in France.
2  Includes the gain of $1.6bn recognised in respect of the acquisition of SVB UK.
3  Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
4  Fair value movements on non-qualifying hedges in HSBC Holdings.
5  Balances relate to reversals of restructuring provisions recognised during 2022.
6  Includes an impairment loss of $3.0bn recognised in respect of the Group’s investment in BoCom.
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Business segments and legal entities
Selected countries/territories results (continued)
2023
UK1
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
–  Reported
19,092
20,611
3,923
3,796
3,313
–  Currency translation
1,310
86
(59)
—
(250)
–  Constant currency
20,402
20,697
3,864
3,796
3,063
ECL
–  Reported
(594)
(1,529)
(93)
(94)
(696)
–  Currency translation
(35)
(5)
(2)
—
48
–  Constant currency
(629)
(1,534)
(95)
(94)
(648)
Operating expenses
–  Reported
(12,485)
(8,244)
(2,713)
(3,251)
(1,826)
–  Currency translation
(726)
(33)
37
—
139
–  Constant currency
(13,211)
(8,277)
(2,676)
(3,251)
(1,687)
Share of profit/(loss) in associates and joint ventures
–  Reported
(53)
30
(746)
—
14
–  Currency translation
1
1
(102)
—
(1)
–  Constant currency
(52)
31
(848)
—
13
Profit before tax
–  Reported
5,960
10,868
371
451
805
–  Currency translation
550
49
(126)
—
(64)
–  Constant currency
6,510
10,917
245
451
741
Loans and advances to customers (net)
–  Reported
309,262
279,551
44,275
54,829
26,410
–  Currency translation
15,994
1,013
685
—
(1,595)
–  Constant currency
325,256
280,564
44,960
54,829
24,815
Customer accounts
–  Reported
508,181
543,504
56,006
99,607
29,423
–  Currency translation
26,280
1,969
868
—
(1,777)
–  Constant currency
534,461
545,473
56,874
99,607
27,646
1UK includes HSBC UK Bank plc (ring-fenced bank), HSBC Bank plc (non-ring-fenced bank), the ultimate holding company, HSBC Holdings plc, and the ServCo
Group.
Selected countries/territories results: notable items (continued)
2023
UK
Hong
Kong
Mainland
China
US
Mexico
$m
$m
$m
$m
$m
Revenue
Disposals, acquisitions and related costs1
1,272
—
—
—
—
Fair value movements on financial instruments
14
—
—
—
—
Disposal losses on Markets Treasury repositioning
(239)
(473)
—
(246)
—
Operating expenses
Disposals, acquisitions and related costs
(71)
(1)
(5)
(11)
—
Restructuring and other related costs
75
9
4
10
6
Impairment loss of interest in BoCom associate
—
—
(3,000)
—
—
1Includes the impairment gain relating to the sale of our retail banking operations in France.
Analysis by country/territory
Profit/(loss) before tax by country/territory within business segments
2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
UK1
(346)
6,687
(487)
75
(405)
5,524
–  of which: HSBC UK Bank plc (ring-fenced bank)
—
7,044
161
135
68
7,408
–  of which: HSBC Bank plc (non-ring-fenced bank)
—
—
758
375
(145)
988
–  of which: Holdings and other
(346)
(357)
(1,406)
(435)
(328)
(2,872)
France
—
—
116
(71)
(1,566)
(1,521)
Germany
—
—
46
147
(57)
136
Hong Kong
9,891
—
1,770
1,948
(583)
13,026
Australia
—
—
519
159
(14)
664
India
—
12
1,500
88
266
1,866
Indonesia
—
—
172
3
(1)
174
Mainland China2
5
—
888
98
96
1,087
Malaysia
1
—
367
168
(6)
530
Singapore
2
—
967
598
(29)
1,538
HSBC Holdings plc Annual Report on Form 20-F
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Profit/(loss) before tax by country/territory within business segments (continued)
2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Taiwan
—
—
277
144
(10)
411
Egypt
—
1
453
100
(5)
549
UAE
—
—
547
283
(51)
779
Saudi Arabia3
—
—
97
—
665
762
US
—
—
1,165
152
(205)
1,112
Canada
—
—
—
—
6
6
Mexico
—
—
497
195
(42)
650
Other
23
5
2,492
280
(186)
2,614
Year ended 31 Dec 2025
9,576
6,705
11,386
4,367
(2,127)
29,907
2024
$m
$m
$m
$m
$m
$m
UK1
(288)
6,605
(457)
85
845
6,790
–  of which: HSBC UK Bank plc (ring-fenced bank)
—
6,889
146
106
72
7,213
–  of which: HSBC Bank plc (non-ring-fenced bank)
—
—
754
534
(359)
929
–  of which: Holdings and other
(288)
(284)
(1,357)
(555)
1,132
(1,352)
France
—
—
322
61
(153)
230
Germany
—
—
182
27
5
214
Hong Kong
9,377
—
1,373
1,619
(482)
11,887
Australia
—
—
477
141
(9)
609
India
—
—
1,323
96
269
1,688
Indonesia
—
—
219
7
(5)
221
Mainland China2
9
—
891
(154)
2,481
3,227
Malaysia
—
—
374
143
(3)
514
Singapore
1
—
823
572
(21)
1,375
Taiwan
—
—
293
113
(8)
398
Egypt
—
—
501
122
(16)
607
UAE
—
—
583
371
(83)
871
Saudi Arabia3
—
—
112
—
596
708
US
—
—
909
74
(198)
785
Canada4
—
—
153
70
4,503
4,726
Mexico
—
—
542
185
3
730
Other5
22
—
2,787
440
(6,520)
(3,271)
Year ended 31 Dec 2024
9,121
6,605
11,407
3,972
1,204
32,309
2023
$m
$m
$m
$m
$m
$m
UK1
(346)
7,623
(1,011)
(106)
(200)
5,960
–  of which: HSBC UK Bank plc (ring-fenced bank)
—
7,922
144
114
90
8,270
–  of which: HSBC Bank plc (non-ring fenced bank)
—
—
416
396
177
989
–  of which: Holdings and other
(346)
(299)
(1,571)
(616)
(467)
(3,299)
France
—
—
364
(36)
10
338
Germany
—
—
273
43
4
320
Hong Kong
8,760
—
1,150
1,262
(304)
10,868
Australia
—
—
403
178
(15)
566
India
—
—
1,171
57
289
1,517
Indonesia
—
—
191
24
(7)
208
Mainland China2
31
—
976
(96)
(540)
371
Malaysia
—
—
377
111
(21)
467
Singapore
—
—
879
234
(31)
1,082
Taiwan
—
—
270
99
(7)
362
Egypt
—
—
401
141
(11)
531
UAE
—
—
589
387
(83)
893
Saudi Arabia3
—
—
118
—
539
657
US
—
—
624
225
(398)
451
Canada
—
—
681
293
(96)
878
Mexico
—
—
520
316
(31)
805
Other
44
—
3,179
349
502
4,074
Year ended 31 Dec 2023
8,489
7,623
11,155
3,481
(400)
30,348
1 UK includes results from the ultimate holding company, HSBC Holdings plc, and the ServCo Group.
2Includes our share of the profits of our associate, BoCom. Amounts in 2025 include a $1.1bn loss on dilution of our shareholding in BoCom and a $1.0bn
impairment loss on Group’s investment in BoCom. See Note 18 on pages 345 to 348. Amounts in 2023 include an impairment loss of $3.0bn recognised in
respect of the Group’s investment in BoCom.
3Includes the results of HSBC Saudi Arabia and our share of the profits of our associate, Saudi Awwal Bank.
4Corporate Centre in 2024 includes a gain on the sale of our banking business in Canada excluding the fair value movements on the foreign exchange hedging of
the sale which is booked in HSBC Overseas Holdings (UK) Limited.
5Corporate Centre in 2024 includes a loss of $6.2bn relating to the sale of our business in Argentina and inter-company debt eliminations of $0.3bn.
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Business segments and legal entities
The following commentary compares business segment financial
performance on a constant currency basis for the year ended 31
December 2024 with 31 December 2023, represented based on our
reportable segments under IFRS 8 'Operating Segments' effective
from 1 January 2025.
ÑFor business segment performance commentary for the year ended 31
December 2025 compared with 31 December 2024, see pages 19 to 27.
Hong Kong Business
2024 compared with 2023
Financial performance (on a constant
currency basis)
Profit before tax of $9.1bn was $0.6bn or 7% higher than in 2023 on a
constant currency basis.
Revenue of $15.0bn was $0.5bn or 4% higher on a constant currency
basis.
Banking NII of $12.0bn fell $0.1bn or 1%. This was due to the impact
of lower margins in 2024 relative to 2023 but partly offset by deposit
balance growth.
Fee and other income of $3.1bn was up $0.3bn or 9%.
–In Wealth, investment distribution revenue grew by $0.4bn or 31%
driven by higher sales of mutual funds, structured products and
bonds due to our focus on investment in Wealth and improved
market sentiment.
–In Other, revenue decreased by $0.1bn due to lower revenue
allocated from Markets Treasury.
Notable items in 2023 include $0.4bn from the non-recurrence of
disposal losses relating to Markets Treasury repositioning and risk
management.
ECL were $1.1bn, a decrease of $0.4bn compared with 2023 on a
constant currency basis, reflecting a reduction in ECL in the commercial
real estate sector in 2024.
Operating expenses of $4.8bn were $0.3bn higher on a constant
currency basis, reflecting continued investments in Wealth, higher
spend and investment in technology, higher performance-related pay
and inflationary impacts. These were partly offset by continued cost
discipline.
UK Business
2024 compared with 2023
Financial performance (on a constant
currency basis)
Profit before tax of $6.8bn was $1.2bn or (15)% lower than in 2023 on
a constant currency basis.
Revenue of $12.3bn was $1.1bn or (8)% lower on a constant currency
basis.
Banking NII of $10.4bn increased by $0.5bn or 4.6% despite two base
rate cut in 2024. The increase reflected balance sheet growth, the full
year impact of our acquisition of SVB UK, and benefit from our
structural hedges. These increases were partly offset by mortgage
pricing pressures, as well as a change in deposit mix towards interest-
bearing deposit accounts. 
Fee and other income of $2.0bn was broadly stable.
Notable items in 2023 include the non-recurrence of a $1.7bn gain
recognised on the acquisition of SVB UK which was partly offset by the
non-recurrence of $0.1bn disposal losses relating to Markets Treasury
repositioning and risk management.
ECL were $0.4bn, a decrease of $0.1bn compared with 2023 on a
constant currency basis, reflecting lower stage 3 charges combined
with improved forward economic outlook in 2024.
Operating expenses of $5.1bn were $0.3bn higher on a constant
currency basis. This includes the Bank of England levy introduced in
2024. The increase also reflects incremental costs in IVB following the
acquisition of SVB, higher spend and investment in technology, higher
performance-related pay and inflationary impacts. These were partly
offset by continued cost discipline.
Corporate and Institutional Banking
2024 compared with 2023
Financial performance (on a constant
currency basis)
Profit before tax of $11.3bn was $0.8bn or 8% higher than in 2023 on a
constant currency basis.
Revenue of $26.8bn was $2.0bn or 8% higher on a constant currency
basis.
Banking NII of $14.5bn was up $1.1bn or 8%. This was largely driven
by the hyperinflationary impacts in Argentina along with higher
allocated revenue from Markets Treasury.
Fee and other income of $12.3bn was up $0.6bn or 5%.
–In Debt and Equity Markets, fee and other income rose by $0.6bn or
38.3%. In Equities, fee and other income increased amid improved
market sentiment, which drove higher client demand for wealth
products, as well as higher levels of volatility in 2H24. In Debt
Markets the growth reflected client demand for financing products
and increased volumes, primarily from emerging markets credit,
–In Investment Banking, fee and other income increased by $0.1bn
or 11%, due to higher advisory and financing activity, supported by
the recovery in global capital markets.
–In Wholesale Transaction Banking, fee and other income fell by
$0.1bn or 1% driven by a decrease in Foreign Exchange as client
activity remained resilient given the market environment, and the
impact of the disposal of our banking business in Canada. This was
partly offset by an increase fee and other income in GPS reflecting
business initiatives, repricing and transaction volume growth, and in
GTS reflecting growth from guarantees.
Notable items in 2023 included $0.4bn from the non-recurrence of
disposal losses relating to Markets Treasury repositioning and risk
management.
ECL charges of $0.9bn were $0.4bn higher on a constant currency
basis. ECLs in 2024 reflected higher CRE charges in Asia, and in the
Middle East reflecting higher oil and gas and construction sector
charges.
Operating expenses of $14.6bn were $0.9bn or 6% higher on a
constant currency basis. The increase reflected hyperinflationary
impacts in Argentina, incremental costs following the acquisition of
SVB UK, higher spend and investment in technology, and inflationary
impacts. These increases were in part mitigated by continued cost
discipline and lower costs following the disposal of our banking
business in Canada.
International Wealth and Premier
Banking
2024 compared with 2023
Financial performance (on a constant
currency basis)
Profit before tax of $4.0bn was $0.8bn or 24% higher than in 2023 on a
constant currency basis.
HSBC Holdings plc Annual Report on Form 20-F
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Revenue of $13.8bn was $$1.4bn or 12% higher on a constant
currency basis.
Banking NII of $7.6bn was $0.4bn higher or 5%. This was driven by
increase in revenue allocated from Markets Treasury and continued
balance sheet growth, partly offset by narrower margins and our
business disposals in Canada and France.
Fee and other income of $6.2bn was up $0.8bn or 14% driven by
strong growth across all products in Wealth.
In Wealth, fee and other income of $5.6bn was up $1.0bn or 21%.
–Insurance increased by $0.5bn, reflecting a higher contractual
service margin (‘CSM’) release, largely due to continued growth in
the CSM balance, as well as due to the impact of corrections to
historical valuation estimates recognised in 2023.
–Private Bank increased by $0.3bn, primarily driven by a strong
performance in brokerage and trading in our entities in Asia.
–Asset Management increased by $0.1bn, driven by an increase in
assets under management due to inflows and positive market
movements partly offset by the impact of our business disposal in
Canada and France.
Notable items in 2023 included $0.2bn impact of the sale of our retail
banking operations in France, and $0.1bn from the non-recurrence of
disposal losses relating to Markets Treasury repositioning and risk
management.
ECL were $1.0bn, an increase of $0.3bn compared with 2023 on a
constant currency basis, primarily reflecting higher charges in our legal
entity in Mexico, mainly in our unsecured portfolio, due to portfolio
growth and unemployment trends.
Operating expenses of $8.9bn were $0.4bn higher on a constant
currency basis, reflecting continued investments in Wealth in Asia,
higher spend and investment in technology, higher performance-related
pay and from the impact of higher inflation. These were partly offset by
continued cost discipline and the impact of the business disposals in
France and Canada.
Corporate Centre
2024 compared with 2023
Financial performance (on a constant
currency basis)
Profit before tax of $1.2bn was $1.6bn higher than in 2023 on a
constant currency basis.
Revenue of $2.0bn was $1.9bn lower on a constant currency basis,
primarily due to the impact of notable items.
In 2024, these included a loss on disposal of $1.0bn, as well as foreign
currency and other reserve losses of $5.2bn, following the  disposal of
our business in Argentina. They also included a loss of $0.1bn related to
the recycling of reserves following the completion of the sale of our
business in Russia, and a $0.2bn loss on the early redemption of legacy
securities. These were partly offset by a $4.8bn gain on the sale of our
banking business in Canada, inclusive of fair value gains on related
hedging and recycling of related reserves.
In 2023, notable items included fair value losses of $0.3bn relating to
the hedging of the proceeds of the sale of our business in Canada.
Banking NII in 2024 removes from NII the internal costs to funding
trading and fair value net assets, predominately in CIB, of $11.4bn
(2023: $8.7bn). Banking NII was a net expense of $0.7bn. This was
$0.5bn higher than in 2023. The movement in Banking NII reflected the
impact of the transfer of the retained French retail lending portfolio
from IWPB.
Fee and other income of $0.4bn was broadly stable.
Operating expenses decreased by $0.4bn on a constant currency basis.
This included a lower impact from levies, including in relation to the
FDIC special assessment and the UK bank levy.
Share of profit from associates and joint ventures of $2.9bn increased
by $3.2bn on a constant currency basis, primarily reflecting the non-
recurrence of an impairment charge of $3.0bn in 2023 relating to our
investment in BoCom and an increase in share of profit from SAB.
HSBC Holdings plc Annual Report on Form 20-F
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Alternative performance measures
The following tables provide the calculation, definition and reconciliation of alternative performance measures to the closest reported performance
measure. For further details and an explanation of their basis of preparation, including constant currency, notable items and material notable items,
and the impact of strategic transactions and hyperinflationary accounting, see page 65.
Alternative performance measure
Definition
Reported revenue excluding notable items
Reported revenue after excluding notable items reported under revenue
Reported profit before tax excluding notable items
Reported profit before tax after excluding notable items reported under revenue less notable
items reported under operating expenses
Constant currency revenue excluding notable items
Reported revenue excluding notable items and the impact of foreign exchange translation
Constant currency profit before tax excluding notable items
Reported profit before tax excluding notable items and the impact of foreign exchange
translation
Constant currency revenue excluding notable items and
strategic transactions
Reported revenue excluding notable items, strategic transactions and the impact of foreign
exchange translation
Constant currency profit before tax excluding notable items
and strategic transactions
Reported profit before tax excluding notable items, strategic transactions and the impact of
foreign exchange translation
Return on average ordinary shareholders’ equity (‘RoE’)
Profit attributable to the ordinary shareholders
Average ordinary shareholders’ equity
Return on average tangible equity (‘RoTE‘)
Profit attributable to the ordinary shareholders, excluding impairment of goodwill and other
intangible assets
Average ordinary shareholders’ equity adjusted for goodwill and intangibles
Return on average tangible equity (‘RoTE‘) excluding
notable items
Profit attributable to the ordinary shareholders, excluding impairment of goodwill and other
intangible assets and notable items
Average ordinary shareholders’ equity adjusted for goodwill and intangibles
Net asset value per ordinary share
Total ordinary shareholders’ equity1
Basic number of ordinary shares in issue after deducting own shares held
Tangible net asset value per ordinary share
Tangible ordinary shareholders’ equity2
Basic number of ordinary shares in issue after deducting own shares held
Post-tax return on average total assets
Profit after tax
  Average total assets
Average total shareholders’ equity on average total assets
Average total shareholders’ equity
Average total assets
Banking net interest income
Banking net interest income adjusts our reported NII, primarily for the impact of funding
trading and fair value activities reported in interest expense and to exclude third-party
insurance NII3
Expected credit losses and other credit impairment
charges (‘ECL’) as % of average gross loans and advances
to customers
Annualised constant currency ECL
Constant currency average gross loans and advances to customers
Expected credit losses and other credit impairment
charges (‘ECL’) as % of average gross loans and advances
to customers, including held for sale
Annualised constant currency ECL
Constant currency average gross loans and advances to customers, including held for sale
Target basis operating expenses
Reported operating expenses excluding notable items, foreign exchange translation and
other excluded items
Basic earnings per share excluding material notable items
and related impacts
Profit attributable to ordinary shareholders excluding material notable items and related
impacts
Weighted average number of ordinary shares outstanding after deducting own shares held
Multi-jurisdictional client revenue
Total client revenue we generate from clients that hold a relationship with us that
generates revenue in more than one market
1Total ordinary shareholders’ equity is total shareholders‘ equity less non-cumulative preference shares and capital securities.
2Tangible ordinary shareholders’ equity is total ordinary shareholders’ equity excluding goodwill and other intangible assets (net of deferred tax).
3For details on the calculation of banking NII, see page 69.
HSBC Holdings plc Annual Report on Form 20-F
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Alternative performance measures
Constant currency revenue and profit before tax excluding notable items and strategic transactions
Year ended
2025
2024
2023
$m
$m
$m
Revenue
Reported
68,274
65,854
66,058
Notable items
2,746
1,580
(335)
Reported revenue excluding notable items
71,020
67,434
65,723
Currency translation1
157
(888)
Constant currency revenue excluding notable items
71,020
67,591
64,835
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2
—
(1,214)
N/A
Constant currency revenue excluding notable items and strategic transactions
71,020
66,377
N/A
Profit before tax
Reported
29,907
32,309
30,348
Notable items
6,710
1,813
2,850
Reported profit before tax excluding notable items
36,617
34,122
33,198
Currency translation1
—
59
(357)
Constant currency profit before tax excluding notable items
36,617
34,181
32,841
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2
—
(413)
N/A
Constant currency profit before tax excluding notable items and strategic transactions
36,617
33,768
N/A
1Currency translation on the reported balance excluding currency translation on notable items.
2For more details of strategic transactions, please refer to page 92.
Return on average ordinary shareholders’ equity, return on average tangible equity and return on average tangible equity excluding notable
items
2025
2024
2023
$m
$m
$m
Profit after tax
Profit attributable to the ordinary shareholders of the parent company
21,102
22,917
22,432
Impairment of goodwill and other intangible assets (net of tax)
144
118
43
Profit attributable to the ordinary shareholders, excluding goodwill and other
intangible assets impairment
21,246
23,035
22,475
Impact of notable items1
6,126
1,588
2,173
Profit attributable to the ordinary shareholders, excluding goodwill, other intangible assets impairment
and notable items
27,372
24,623
24,648
Equity
Average total shareholders’ equity
191,598
187,507
184,029
Effect of average preference shares and other equity instruments
(19,987)
(18,480)
(18,794)
Average ordinary shareholders’ equity
171,611
169,027
165,235
Effect of goodwill and other intangibles (net of deferred tax)
(12,040)
(11,626)
(11,480)
Average tangible equity
159,571
157,401
153,755
%
%
%
Ratio
Return on average ordinary shareholders’ equity
12.3
13.6
13.6
Return on average tangible equity
13.3
14.6
14.6
Return on average tangible equity excluding notable items
17.2
15.6
16.0
1For details of notable items please refer to Supplementary financial information on page 88.
To better align our return on average tangible equity (‘RoTE’) excluding notable items measure with market practice, from our 2025 full-year results
we no longer adjust the ‘average tangible equity‘ for the post-tax impact of notable items in each period. Comparatives have been re-presented.
HSBC Holdings plc Annual Report on Form 20-F
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The following table details the adjustments made to reported results by business segment:
Return on average tangible equity by business segment
Year ended 31 Dec 2025
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Profit before tax
            9,576
6,705
11,386
4,367
(2,127)
29,907
Tax expense
(1,604)
(1,953)
(2,414)
(987)
182
(6,776)
Profit after tax
7,972
4,752
8,972
3,380
(1,945)
23,131
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
(898)
(221)
(504)
(193)
(213)
(2,029)
Profit attributable to ordinary shareholders of the parent
company
7,074
4,531
8,468
3,187
(2,158)
21,102
Other adjustments
339
210
(168)
64
(301)
144
Profit attributable to ordinary shareholders
7,413
4,741
8,300
3,251
(2,459)
21,246
Impact of notable items
9
45
717
226
5,129
6,126
Profit attributable to ordinary shareholders, excluding notable
items
7,422
4,786
9,017
3,477
2,670
27,372
Average tangible shareholders’ equity
20,889
20,936
55,828
18,313
43,605
159,571
RoTE (%) (annualised)
35.5
22.6
14.9
17.8
(5.6)
13.3
RoTE (%), excluding notable items (annualised)
35.5
22.9
16.2
19.0
6.1
17.2
Year ended 31 Dec 2024
Profit before tax
9,121
6,605
11,407
3,972
1,204
32,309
Tax expense
(1,219)
(1,844)
(2,734)
(781)
(732)
(7,310)
Profit after tax
7,902
4,761
8,673
3,191
472
24,999
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
(944)
(225)
(487)
(158)
(268)
(2,082)
Profit attributable to ordinary shareholders of the parent company
6,958
4,536
8,186
3,033
204
22,917
Other adjustments
239
222
(427)
(46)
130
118
Profit attributable to ordinary shareholders
7,197
4,758
7,759
2,987
334
23,035
Impact of notable items
—
(9)
18
(34)
1,613
1,588
Profit attributable to ordinary shareholders, excluding notable
items
7,197
4,749
7,778
2,953
1,946
24,623
Average tangible shareholders’ equity
19,199
19,010
54,819
19,019
45,354
157,401
RoTE (%) (annualised)
37.5
25.0
14.2
15.7
0.7
14.6
RoTE (%), excluding notable items (annualised)
37.5
25.0
14.2
15.5
4.3
15.6
Net asset value and tangible net asset value per ordinary share
2025
2024
2023
$m
$m
$m
Total shareholders’ equity
198,225
184,973
185,329
Preference shares and other equity instruments
(20,716)
(19,070)
(17,719)
Total ordinary shareholders’ equity
177,509
165,903
167,610
Goodwill and intangible assets (net of deferred tax)
(12,356)
(11,608)
(11,900)
Tangible ordinary shareholders’ equity
165,153
154,295
155,710
Basic number of $0.50 ordinary shares outstanding, after deducting own shares held
17,140
17,918
19,006
Value per share
$
$
$
Net asset value per ordinary share
10.36
9.26
8.82
Tangible net asset value per ordinary share
9.64
8.61
8.19
Post-tax return and average total shareholders’ equity on average total assets
2025
2024
          2023
$m
$m
$m
Profit after tax
23,131
24,999
24,559
Average total shareholders’ equity
191,598
187,507
184,029
Average total assets
3,198,379
3,062,474
3,059,887
Ratio
%
%
%
Post-tax return on average total assets
0.7
0.8
0.8
Average total shareholders’ equity to average total assets
5.99
6.12
6.01
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Expected credit losses and other credit impairment charges as % of average gross loans and advances to customers and expected credit
losses and other credit impairment charges as % of average gross loans and advances to customers, including held for sale
2025
2024
2023
$m
$m
$m
Expected credit losses and other credit impairment charges (‘ECL’)
(3,850)
(3,414)
(3,447)
Currency translation
—
22
197
Constant currency
(3,850)
(3,392)
(3,250)
Average gross loans and advances to customers
975,905
952,484
955,585
Currency translation
12,891
23,848
30,056
Constant currency
988,796
976,332
985,641
Average gross loans and advances to customers, including held for sale
977,814
968,785
1,020,992
Currency translation
12,959
23,308
29,489
Constant currency
990,773
992,093
1,050,481
Ratio
%
%
%
Expected credit losses and other credit impairment charges (annualised) as a % of
average gross loans and advances to customers (%)
0.39
0.35
0.33
Expected credit losses and other credit impairment charges (annualised) as a % of
average gross loans and advances to customers, including held for sale (%)
0.39
0.34
0.31
Target basis operating expenses
Target basis operating expenses
2025
2024
$m
$m
Reported operating expenses
36,428
33,043
Notable items
(2,964)
(233)
–  disposals, wind-downs, acquisitions and related costs
(502)
(199)
–  restructuring and other related costs
(1,030)
(34)
–  legal provisions1,2
(1,432)
—
Currency translation3
—
121
Excluding the constant currency impact of the sale of our business in Argentina and banking business in Canada4
—
(509)
Excluding the impact of retranslating prior year costs of hyperinflationary economies at a constant currency foreign exchange rate
—
56
Target basis operating expenses
33,464
32,478
1During 2025, a $0.3bn provision was recognised in connection with certain historical trading activities in HSBC Bank plc.
2During 2025, a $1.1bn provision was recognised in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard
L. Madoff Investment Securities LLC fraud.
3Currency translation on reported operating expenses, excluding currency translation on notable items.
4This represents the business as usual costs which are not classified as notable items relating to our business in Argentina and banking business in Canada, on a
constant currency basis. This does not include the disposal costs which relate to these transactions.
HSBC Holdings plc Annual Report on Form 20-F
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Basic earnings per share excluding material notable items and related impacts
Basic earnings per share excluding material notable items and related impacts
2025
2024
$m
$m
Profit attributable to shareholders of company
22,285
23,979
Coupon payable on capital securities classified as equity
(1,183)
(1,062)
Profit attributable to ordinary shareholders of company
21,102
22,917
Dilution and impairment losses of interest in associate
1,956
—
Legal provisions2
1,110
—
Impact of disposals, wind-downs, acquisitions and related costs
2,077
1,137
–  of which: impact of the sale of our banking business in Canada1
1
(4,963)
–  of which: impact of the sale of our business in Argentina
98
6,161
–  of which: other strategic transactions3
1,978
(61)
Profit attributable to ordinary shareholders of company excluding material notable items and related impacts
26,245
24,054
Number of shares
Weighted average basic number of ordinary shares (millions) after deducting own shares held
17,427
18,357
Basic earnings per share ($)
1.21
1.25
Basic earnings per share excluding material notable items and related impacts ($)
1.51
1.31
Dividend per ordinary share (in respect of the period) ($)4
0.75
0.87
Dividend payout ratio (%) (dividend per ordinary share divided by basic earnings per share excluding material notable items and
related impacts)
50%
50%
1Represents gain on sale of our banking business in Canada recognised on completion, inclusive of the earnings recognised by the banking business from 30 June
2022, the recycling of losses in foreign currency translation reserves and other reserves, and gain on the foreign exchange hedging of the sale proceeds.
2During 2025, a $1.1bn provision was recognised in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard
L. Madoff Investment Securities LLC fraud.
3For the year ended 31 December 2025, this includes a loss of $1.5bn from the recycling of other reserves associated with the sale of retained home loan
portfolio, after the sale of our retail banking operations in France. Additionally, it also includes the loss of $0.3bn recognised from the sale of our French and UK
life insurance businesses.
4In 2024, dividend per share includes the special dividend of $0.21 per ordinary share arising from the proceeds of the sale of our banking business in Canada to
Royal Bank of Canada.
Multi-jurisdictional client revenue
Multi-jurisdictional client revenue is a financial metric we use to assess
our ability to drive value from our international network.
In our wholesale businesses, we identify a client as multi-jurisdictional if
they hold a relationship with us that generates revenue in any market
outside of where the primary relationship is managed. A client is
defined as a master group (HSBC’s own client groupings) that includes
both the parent and, where relevant, any subsidiaries.
Multi-jurisdictional client revenue is a component of wholesale client
revenue and represents the total client revenue we generate from
multi-jurisdictional clients. Wholesale client revenue is derived by
excluding from wholesale revenue the revenue we generate from Fixed
Income, Equities, Commodities, and non-cash foreign exchange, as
well as other non-client revenue.
Wholesale multi-jurisdictional client revenue
2025
2024
$bn
$bn
Wholesale revenue
40.3
39.1
Allocated revenue and other1
(2.2)
(1.3)
Fixed Income, Equities, Commodities, and non-Cash FX
(6.4)
(5.6)
Wholesale client revenue
31.7
32.3
–  clients banked in multiple jurisdictions (‘multi-jurisdictional’)
20.0
20.0
–  domestic only clients2
11.7
12.3
1Including allocations of Market Treasury revenue, HSBC Holdings interest expense and hyperinflationary accounting adjustments, and interest earned on capital
held in the business segment.
2The fall in wholesale client revenue from domestic only clients primarily reflected the sale of our businesses in Canada and Argentina in 2024, as well as the
impact of lower interest rates.
HSBC Holdings plc Annual Report on Form 20-F
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Disclosure controls
Management’s assessment of internal controls over financial
reporting
Regulation and supervision
Disclosures pursuant to Section 13(r) of the Securities Exchange
Act
Disclosure controls
The Group CEO and Group CFO, with the assistance of other members
of management, carried out an evaluation of the effectiveness of the
design and operation of HSBC Holdings’ disclosure controls
and procedures as at 31 December 2025. Based upon that evaluation,
the Group CEO and Group CFO concluded that the disclosure controls
and procedures at 31 December 2025 were effective to provide
reasonable assurance that information required to be disclosed in the
reports that the company files and submits under the US Securities
Exchange Act of 1934, as amended, is recorded, processed,
summarised and reported as and when required. There are inherent
limitations to the effectiveness of any system of disclosure controls
and procedures, including the possibility of human error and the
circumvention or overriding of the controls and procedures.
Accordingly, even effective disclosure controls and procedures can only
provide reasonable assurance of achieving their control objectives.
Management’s assessment of internal
controls over financial reporting
Management is responsible for establishing and maintaining an
adequate internal control structure and procedures for financial
reporting, and has completed an assessment of the effectiveness of
the Group’s internal controls over financial reporting for the year ended
31 December 2025. In making the assessment, management used the
framework for internal control evaluation contained in the Financial
Reporting Council’s Guidance on Risk Management, Internal Control
and Related Financial and Business Reporting (September 2014), as
well as the criteria established by the Committee of Sponsoring
Organizations of the Treadway Commission (‘COSO’) in ‘Internal
Control-Integrated Framework (2013)’.
There have been no changes in HSBC Holdings’ internal control over
financial reporting during the year ended 31 December 2025 that have
materially affected, or are reasonably likely to materially affect, HSBC
Holdings’ internal control over financial reporting.
Based on the assessment performed, management concluded that for
the year ended 31 December 2025, the Group’s internal controls over
financial reporting were effective.
PricewaterhouseCoopers LLP, which has audited the consolidated
financial statements of the Group for the year ended 31 December
2025, has also audited the effectiveness of the Group’s internal control
over financial reporting as stated in their report on page 286.
Regulation and supervision
The ordinary shares of HSBC Holdings are listed in London, Hong Kong,
New York and Bermuda. As a result of the listing in London, HSBC
Holdings is subject to the UK Listing Rules of the FCA. As a result of
the listing in Hong Kong, HSBC Holdings is subject to The Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited (‘HKEX’). In the US, where the listing is through an
American Depositary Receipt Programme, shares are traded in the
form of American Depositary Shares (‘ADS’), which are registered with
the US Securities and Exchange Commission (‘SEC’). As a
consequence of its US listing, HSBC Holdings is also subject to the
reporting and other requirements of: the US Securities Act of 1933, as
amended; the Securities Exchange Act of 1934, as amended; and the
New York Stock Exchange’s (‘NYSE’) Listed Company Manual, in each
case as applied to foreign private issuers. In Bermuda, HSBC Holdings
is subject to the listing rules of the Bermuda Stock Exchange applicable
to companies with secondary listings.
A statement of our compliance with the provisions of the UK Corporate
Governance Code issued by the Financial Reporting Council and with
the Hong Kong Corporate Governance Code set out in Appendix 14 to
the Rules Governing the Listing of Securities on HKEX can be found in
the ‘Corporate Governance Report: Statement of Compliance’ on page
284.
Our operations throughout the world are regulated and supervised
globally by a large number of different regulatory authorities, central
banks and other bodies in those jurisdictions in which we have offices,
branches or subsidiaries. These authorities impose a variety of
requirements and controls designed to provide financial stability,
transparency in financial markets and a contribution to economic
growth. The requirements to which our operations must adhere include
those relating to capital and liquidity, disclosure standards and
restrictions on certain types of products or transaction structures,
recovery and resolution, governance standards, conduct of business
and financial crime.
The UK's Prudential Regulation Authority (‘PRA’) is the HSBC Group’s
consolidated lead regulator. HSBC Holdings is approved by, and directly
responsible to the PRA for ensuring the HSBC Group meets
consolidated prudential requirements. The Group‘s other lead UK
regulator, the FCA, supervises 11 of HSBC’s entities in the UK,
including six where the PRA is responsible for those entities‘ prudential
supervision. The FCA maintains global oversight of the Group’s
management of financial crime risk in the exercise of its wider powers
under the Financial Services and Markets Act 2000, and through the
exercise of direct supervisory powers over HSBC Holdings. In addition,
and as required under relevant local laws, each operating bank, finance
company and insurance operation within HSBC is regulated by relevant
local regulatory authorities.
UK regulation and supervision
The UK‘s financial services regulatory structure is chiefly comprised of
three regulatory bodies: the Bank of England ('BoE'); the PRA; and the
FCA.
The BoE is responsible for macro-prudential supervision, focusing on
systemic risks that may affect the UK’s financial stability. This is largely
affected through the Financial Policy Committee, a statutory body.
The BoE conducts micro-prudential regulation and supervision of
financial services firms through the PRA (also a statutory body), and in
addition to its wider role as the UK’s central bank, the BoE is the UK
resolution authority responsible for taking action to manage the failure
of certain types of financial institutions in the UK, if necessary. The
latter involves a set of responsibilities and powers that apply outside of
an actual bank failure and relate to general resolution planning, including
an assessment of any barriers to the resolution of banks, the exercise
of powers to require the removal of impediments to resolvability and
the setting of minimum requirements for own funds and eligible
liabilities (‘MREL‘), through the Banking Act and the Bank Recovery and
Resolution (Amendment) Regulations 2025.
These include own funds and liabilities that can be written down or
converted into equity capital to absorb losses or recapitalise a bank in
the event of its failure. These requirements are based on the resolution
strategy for the Group, as agreed by the BoE in consultation with our
local regulators.
The PRA and the FCA are micro-prudential supervisors. The Group’s
banking subsidiaries in the UK, such as HSBC Bank plc and HSBC UK,
are ‘dual-regulated’ firms, subject to prudential regulation by the PRA
and to conduct regulation by the FCA. Other (generally smaller, non-
bank) UK-based subsidiaries are ‘solo regulated’ by the FCA (i.e. the
FCA is responsible for both prudential and conduct regulation of those
subsidiaries). HSBC Group is subject to consolidated supervision by the
PRA.
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UK banking and financial services institutions are subject to numerous
laws and regulations, plus related regulatory rules, guidance and
expectations. The primary UK statute in this context is the Financial
Services and Markets Act 2000, as amended and supplemented by
subsequent legislation and statutory instruments, in addition to EU
financial services legislation that has been assimilated into UK law
pursuant to the European Union (Withdrawal) Act 2018, as amended
(‘EUWA’). In 2023, the Financial Services and Markets Act 2023
(‘FSMA 2023’) was passed creating a new set of regulatory
frameworks, providing powers to HM Treasury and the UK’s financial
services regulators to revoke and replace EU ’assimilated’ law and to
establish new objectives, and accountability frameworks.
The PRA and FCA are together responsible for authorising and
supervising all our operating businesses in the UK that require
authorisation under the Financial Services and Markets Act 2000.
These include deposit-taking, retail banking, consumer credit, life and
general insurance, pensions, investments, mortgages, custody and
share-dealing businesses, and treasury and capital markets activity.
The FCA is also responsible for promoting effective competition in the
interests of consumers, and an independent subsidiary of the FCA, the
Payment Systems Regulator, is the economic regulator of payment
systems in the UK. Additionally, the Competition and Markets Authority
(CMA) is responsible for promoting competitive markets in the UK. It
can investigate aspects of the financial services sector where HSBC
operates, and take action against firms where it sees fit. The CMA and
FCA have established a Memorandum of Understanding for regulatory
coordination between the authorities.
The PRA and FCA set the minimum standards for authorising banks
and financial institutions engaged in regulated activities. In the UK, both
regulators may object—on prudential grounds—to any individual or
entity seeking to acquire, or holding, 10% or more of the voting rights
or shares in a regulated institution or its parent. The PRA supervises
HSBC on a consolidated basis, receiving capital adequacy information
and establishing group-wide requirements. It also conducts stress tests
across HSBC’s UK entities and the broader Group. Meanwhile, each
banking subsidiary within the Group is overseen by its respective local
regulator, which sets and monitors its capital adequacy standards.
The Group complies with capital requirements under the UK Capital
Requirements Legislative Package, which includes on-shored EU
Regulation No. 575/2013 (as amended), the PRA Rulebook, and UK law
implementing the Capital Requirements Directive.
The UK introduced the initial set of Basel 3.1 reforms in January 2022,
targeting risk-weighted assets (‘RWAs’) for counterparty risk, equity
investments in funds and market risk, and the leverage ratio. The PRA
subsequently released two near-final rule packages for the second
tranche: the first in December 2023, covering market risk, credit
valuation adjustment, and operational risk; and the second in
September 2024, addressing credit risk, the output floor and
requirements for reporting and disclosures. Additionally, the PRA also
published the first of two proposals to modify the Pillar 2A capital
framework and capital communications.
The PRA initially planned to implement the second tranche of Basel 3.1
on 1 January 2026, with a four-year phase-in for the output floor. In
January 2025, this was deferred to 1 January 2027 to align with US
timelines, and the output floor phase-in was reduced to three years.
Following the UK Government’s announcement of its 10-year Financial
Services Growth and Competitiveness Strategy in July 2025, the 1
January 2027 implementation date was confirmed for credit risk,
operational risk, credit valuation adjustment, and non-modelled market
risk. A further one-year extension was proposed for the internal model
approach to market risk, moving its implementation to 1 January 2028.
The Group is also subject to liquidity requirements, namely the Liquidity
Coverage Ratio (‘LCR’) and the Net Stable Funding Ratio (‘NSFR’) as set
out in the Liquidity Coverage Ratio (CRR) and Liquidity (CRR) Parts of
the PRA Rulebook respectively.
The PRA and FCA monitor authorised institutions through ongoing
supervision and the review of routine and ad hoc reports relating to
financial, prudential, conduct of business and financial crime matters.
They may also obtain independent reports from a Skilled Person on the
adequacy of procedures and systems covering internal controls and
governing records and accounting. The PRA meets the Group’s senior
executives regularly to discuss our adherence to its prudential
requirements. In addition, both the PRA and FCA regularly discuss with
relevant management fundamental matters relating to our business in
the UK and internationally, including areas such as strategic and
operating plans, risk control, loan portfolio composition, organisational
changes, succession planning and recovery and resolution
arrangements.
Hong Kong regulation and supervision
The Banking Ordinance provides the legal framework for banking
supervision in Hong Kong. Section 7(1) of the Ordinance provides that
the principal function of the Hong Kong Monetary Authority (‘HKMA’) is
to ‘promote the general stability and effective working of the banking
system’. The HKMA seeks to establish a regulatory framework in line
with international standards, in particular those issued by the Basel
Committee on Banking Supervision (‘Basel‘) and the Financial Stability
Board (‘FSB’). The objective is to maintain a prudential supervisory
system that underpins the general stability and effective working of the
banking system, while at the same time providing sufficient flexibility
for authorised institutions to take commercial decisions. Under the
Banking Ordinance, the HKMA is the licensing authority responsible for
the authorisation, suspension, and revocation of authorised institutions.
To provide checks and balances, the HKMA is required under the
Ordinance to consult with the Financial Secretary on important
authorisation decisions, such as suspension and involuntary revocation.
The Hongkong and Shanghai Banking Corporation Limited and its
overseas branches and subsidiaries are licensed under the Banking
Ordinance and hence subject to the supervision, regulation, and
examination of the HKMA.
The HKMA follows international practices as recommended by Basel to
supervise authorised institutions. Under the Banking Ordinance, the
HKMA imposes capital requirements on authorised institutions through
the Banking (Capital) Rules, liquidity requirements through the Banking
(Liquidity) Rules and large exposure limits through the Banking
(Exposure Limits) Rules. These rules take into account the latest
standards set by Basel. In December 2023, the HKMA published final
rules for the implementation of the Basel 3.1 standards, which became
effective on 1 January 2025.
The Banking Ordinance empowers the HKMA to collect prudential data
from authorised institutions on a routine or ad hoc basis and to require
any holding company or subsidiary or sister company of an authorised
institution to submit such information as may be required for the
exercise of the HKMA’s functions under the Ordinance. The HKMA has
the power to serve a notice of objection on persons if they are no
longer deemed to be fit and proper to be controllers of the authorised
institution, if they may otherwise threaten the interests of depositors or
potential depositors, or if they have contravened any conditions
specified by the HKMA. The HKMA may revoke authorisation in the
event of an institution’s non-compliance with the provisions of the
Banking Ordinance. These provisions require, among other things, the
furnishing of accurate reports.
To enhance the exchange of supervisory information and cooperation,
the HKMA has entered into Memoranda of Understanding (’MoU’) or
other formal arrangements with a number of banking supervisory
authorities within and outside Hong Kong, including Singapore. The
marketing of, dealing in, and provision of advice and asset management
services in relation to securities and futures in Hong Kong are subject
to the provisions of the Securities and Futures Ordinance of Hong
Kong. Entities engaging in activities regulated by the Ordinance
(including HSBC) are required to be licensed or registered with the
Securities and Futures Commission (‘SFC’). The HKMA is the front-line
regulator for banks involved in the securities and futures business.
The HKMA and the SFC work very closely to ensure that there is an
open market with a level playing field for all intermediaries in the
securities industry of Hong Kong.
Among other functions, the Securities and Futures Ordinance vests the
SFC with powers to set and enforce market regulations, including
investigating breaches of rules and market misconduct and taking
appropriate enforcement action.
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The SFC is responsible for licensing and supervising intermediaries
conducting SFC-regulated activities, such as investment advisers, fund
managers, brokers, trustees and custodians. Additionally, the SFC sets
standards for the authorisation and regulation of investment products,
and it reviews and authorises offering documents of retail investment
products to be marketed to the public.
To promote proper conduct and increase awareness of individual
responsibility and accountability, the SFC introduced and implemented
the Manager-In-Charge (‘MIC’) regime in Hong Kong. The MIC regime
applies to senior individuals of licensed corporations responsible for
managing core functions within financial services businesses
supervised by the SFC. The regime required SFC-licensed corporations
to review their organisational structure and the roles of senior
management and their responsible officers in light of the SFC’s
classification of core functions within licensed corporations and its
guidelines on identifying MIC of core functions. The regime also
imposes reporting requirements on SFC-licensed corporations.
Similar to the SFC, the HKMA launched its Management Accountability
Initiative, which is aimed at increasing the accountability of the senior
management of Hong Kong registered institutions (‘RIs’) i.e. Hong
Kong banks registered to carry on one or more regulated activities
under the SFO. The Management Accountability Initiative clarified the
HKMA’s expectations on the responsibility and accountability of RIs’
senior management, and enhanced its information-gathering on RIs’
regulated activities, while requiring RIs to better identify lines of
responsibility and accountability for their regulated activities.
To support capacity building and talent development, the HKMA has
been working with the banking industry and relevant professional
bodies to implement an industry-wide enhanced competency
framework for banking practitioners. Currently, the enhanced
competency framework for banking practitioners covers ten
professional work streams: anti-money laundering and counter-
financing of terrorism; cybersecurity; treasury management; retail
wealth management; credit risk management; operational risk
management; fintech; private wealth management; green and
sustainable finance; and compliance.
Relevant to the Group‘s insurance business in Hong Kong, the HKMA
and the Hong Kong Insurance Authority (‘IA’) have signed an ‘MoU’ to
enhance the cooperation, exchange of information and mutual
assistance between the two authorities. This MoU sets out the
framework between the HKMA and the IA for strengthening co-
operation in respect of regulation and supervision of entities or financial
groups in which the two authorities have a common regulatory interest.
Pursuant to the statutory regulatory regime for insurance intermediaries
under the Insurance Ordinance, the IA has delegated its inspection and
investigation powers to the HKMA in relation to the insurance-related
businesses of authorised institutions in Hong Kong, which aims to
minimise possible regulatory overlap.
Under the statutory regime for the regulation of Mandatory Provident
Fund (‘MPF’) intermediaries, the Mandatory Provident Fund Schemes
Authority is the lead regulator in respect of regulation of MPF
intermediaries whereas the HKMA, the IA and the SFC are the front-
line regulators of the MPF intermediaries.
The Financial Institutions (Resolution) Ordinance (‘FIRO‘) established
the legal basis for a cross-sector resolution regime in Hong Kong under
which the HKMA is the resolution authority for banking sector entities,
including all authorised institutions. The HKMA is also designated as
the lead resolution authority for the cross-sectoral groups in Hong Kong
that include banking sector entities within the scope of the FIRO. The
HKMA’s function as a resolution authority is undertaken by the
Resolution Office within the HKMA. The Resolution Office is
operationally independent and has a direct reporting line to the chief
executive of the HKMA.
For resolution to be both feasible and credible, the HKMA requires
authorised institutions to be organised and managed at all times in a
way that facilitates the effective use of its resolution powers in the
event of their failure or likely failure. Institutions must comply with
HKMA resolution standards, which support resolution planning and
address barriers to resolvability. Key requirements include regular
submission of core data to the Resolution Office, maintaining adequate
loss-absorbing capacity, ensuring liquidity and funding during resolution,
operational continuity, contractual recognition of suspension of
termination rights, and continuity of access to financial market
infrastructure services.
US regulation and supervision
The Group is subject to federal and state supervision and regulation in
the US. Banking laws and regulations of the Federal Reserve Board (the
‘FRB’), the Office of the Comptroller of the Currency (the ‘OCC’) and
the Federal Deposit Insurance Corporation (the ‘FDIC’) (collectively, the
‘US banking regulators’) govern various aspects of our US business.
HSBC Bank USA, N.A. (‘HSBC Bank USA’) is subject to direct
supervision and regulation by the Consumer Financial Protection
Bureau (‘CFPB’), which has the authority to examine and take
enforcement action related to compliance with US federal consumer
financial laws and regulations. HSBC Bank USA’s derivative activities
are subject to supervision and regulation by the Securities and
Exchange Commission (‘SEC’) and Commodity Futures Trading
Commission (‘CFTC’). The Group’s US securities broker/dealer and
investment banking operations are also subject to ongoing supervision
and regulation by SEC, the Financial Industry Regulatory Authority and
other government agencies and self-regulatory organisations under US
federal and state securities laws. Similarly, the Group’s US commodity
futures, commodity options and swaps-related and client clearing
operations are subject to ongoing supervision and regulation by the
CFTC, the National Futures Association and other self-regulatory
organisations under US federal commodities laws. Furthermore, since
we have substantial operations outside the US that conduct many of
their day-to-day transactions with the US, HSBC entities’ operations
outside the US are also subject to the extraterritorial effects of US
regulation in many respects.
HSBC Holdings and its US operations are subject to supervision,
regulation and examination by the FRB because HSBC Holdings is a
‘bank holding company’ (‘BHC‘) under the US Bank Holding Company
Act of 1956, as a result of its control of HSBC Bank USA and HSBC
Trust Company (Delaware), N.A., Wilmington, Delaware (‘HTCD’).
HSBC North America Holdings (‘HNAH‘) and HSBC USA Inc., are each
a ‘bank holding company’ and HNAH is also an intermediate holding
company (‘IHC’) regulated by the FRB. HSBC Holdings, HNAH and
HSBC USA Inc. have elected to be financial holding companies
pursuant to the provisions of the Gramm-Leach-Bliley Act and,
accordingly, may affiliate with securities firms and insurance
companies, and engage in other activities that are financial in nature or
incidental or complementary to activities that are financial in nature.
Under regulations implemented by the FRB, if any financial holding
company, or any depository institution controlled by a financial holding
company, ceases to meet certain capital or management standards, the
FRB may impose corrective capital and/or managerial requirements on
the financial holding company and place limitations on its ability to
conduct the broader financial activities permissible for financial holding
companies. In addition, the FRB may require divestiture of the holding
company’s depository institutions, or its affiliates engaged in broader
financial activities in reliance on the Gramm-Leach-Bliley Act if the
deficiencies persist.
The regulations also provide that if any depository institution controlled
by a financial holding company fails to maintain a satisfactory rating
under the Community Reinvestment Act of 1977, the FRB must
prohibit the financial holding company and its subsidiaries from
engaging in any additional activities other than those permissible for
bank holding companies that are not financial holding companies.
The two US banks, HSBC Bank USA and HTCD, are subject to
regulation and examination primarily by the OCC. HSBC Bank USA and
HTCD are subject to additional regulation and supervision by the FDIC,
the CFPB and the FRB. Banking laws and regulations restrict many
aspects of their operations and administration, including the
establishment and maintenance of branch offices, capital and reserve
requirements, deposits and borrowings, investment and lending
activities, payment of dividends and numerous other matters.
In 2019, the FRB and other US banking regulators introduced the
Tailoring Rules, which refine the application of enhanced prudential
standards for large US banking organisations and the US operations of
certain foreign banks. Under these rules, institutions with $50 billion or
more in total US assets are categorised into five groups (Categories I–
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IV and ‘Other Firms’) according to factors such as asset size, cross-
jurisdictional activity, short-term wholesale funding reliance, non-bank
asset size, and off-balance sheet exposures.
As of 1 January 2026, HNAH remains classified as a Category IV firm,
subject to the specific enhanced prudential standards for this category.
HSBC Bank USA is also required to comply with the regulatory capital
and liquidity requirements applicable to Category IV firms.
HNAH, HSBC USA Inc. (‘HUSI’) and HSBC Bank USA (‘HBUS’) are
required to maintain minimum capital ratios (exclusive of any capital
buffers), including a minimum Tier 1 leverage ratio of 4%, and a
minimum total risk-based capital ratio of at least 8%. HNAH, HUSI and
HBUS each calculate their risk-based capital requirements as Non-
Advanced Approaches banks in accordance with the Basel III rules as
adopted by US banking regulators. Over and above the minimum risk-
based requirements, HNAH is subject to a Stress Capital Buffer (‘SCB’),
which is floored at 2.5% and is recalibrated every other year unless
HNAH opts to be subject to supervisory stress testing by the FRB
during an ‘off year’. HUSI and HBUS continue to be subject to the static
2.5% capital conservation buffer (‘CCB‘). Compliance with the SCB/
CCB does not represent minimum requirements, but rather a
necessary condition to allow capital distributions and discretionary
bonus payments.
In 2023, US banking regulators proposed changes to the regulatory
capital rules applicable to US banks, BHCs and IHCs, including HNAH,
HSBC USA Inc. and HSBC Bank USA. The 2023 proposal has not yet
been finalised, and as of December 2025, a re-proposal of the rule
changes, rather than a finalised version of the 2023 proposal, is
expected to be issued, likely sometime in early 2026.
Under FRB regulations, HNAH is subject to supervisory stress testing
requirements (on an every other year basis, with the next FRB
supervisory stress test expected to take place in 2026) that are
designed to evaluate whether a BHC has sufficient capital on a total
consolidated basis to absorb losses and support operations under
severely adverse economic conditions. As part of the Comprehensive
Capital Analysis and Review (‘CCAR‘), the FRB uses pro-forma capital
positions and ratios under such stress scenarios to determine the size
of the SCB for each CCAR participating firm.
As part of CCAR, HNAH is required to submit an annual capital plan to
the FRB on or before 5 April of each year. Category IV firms may opt
into CCAR supervisory stress testing in an ‘off year’ in order to
recalibrate their SCB, based on their most recent supervisory stress
test. The SCB equals (i) a firm‘s projected decline in common equity tier
1 under the supervisory severely adverse stress testing scenario plus
(ii) one year of planned common stock dividends. HNAH’s SCB
requirement effective from 1 October 2025 is 5.1%, unchanged from
2024.
HNAH already utilises an internal capital assessment approach that is
analogous to the SCB and continues to review the composition of its
capital structures and capital buffers in light of these developments.
Under the Tailoring Rules, certain US banking organisations are subject
to heightened liquidity and risk management requirements, including
the US LCR and NSFR. Category IV firms whose weighted short term
wholesale funding equals or exceeds $50bn, including HNAH, are
subject to a less stringent US LCR and NSFR modified regulatory
requirement. As a result, under the modified US LCR requirement, a
LCR of 100% or higher reflects an unencumbered HQLA balance that is
equal to or exceeds 70% of the firm’s liquidity needs (net cash
outflows) for a 30-calendar day liquidity stress scenario.
Under the modified US NSFR requirement as applied to HNAH, a NSFR
of 100% or more reflects an available stable funding balance from
liabilities and capital over the next 12 months that is equal to or
exceeds 70% of the firm’s required stable funding amount for assets
and off-balance sheet exposures. As a Category IV firm, HNAH is also
subject to tailored liquidity risk management and liquidity buffer
requirements, as well as liquidity stress testing on a quarterly basis.
Section 165(d) of the Dodd-Frank Act requires designated financial
institutions, including foreign bank holding companies such as HSBC
Holdings plc (HSBC Group), to periodically submit a resolution plan to
the FDIC and Federal Reserve. This plan outlines the strategy for the
rapid and orderly resolution of their U.S. operations under the U.S.
Bankruptcy Code in the event of material financial distress or failure.
Following the transition of HSBC Group’s US Operations from Category
III to Category IV, HSBC Holdings now qualifies for triennial reduced
filings. The last reduced resolution plan was submitted in July 2025,
with the next submission due 1 July, 2028. In July 2024, the FDIC
finalised a rule requiring insured depository institutions (IDIs) with total
assets of $100 billion or more to submit resolution plans (the ‘IDI plan’).
The rule revises existing requirements concerning the content and
timing of full resolution submissions and interim supplements, in the
off years and enhancing the FDIC’s preparedness for potential distress
or failure of large IDIs. It also strengthens the assessment of
submission credibility, broadens expectations for engagement and
capabilities testing, and clarifies the FDIC’s approach to review,
feedback, and enforcement of compliance. HSBC Bank USA continues
to be required to submit an IDI Plan every three years and would
become subject to increased content requirements and an emphasis
on capabilities testing and engagement with the FDIC. In April 2025,
the FDIC waived several of the substantive requirements associated
with all IDI Plan submissions due in July 2025, and, in December 2025,
extended that waiver for certain IDI Plan submissions due in 2026,
including HSBC Bank USA's full IDI Plan. In December 2025, the FDIC
indicated that it intends to consider further changes to its resolution
plan requirements in 2026. As a result, the future of these
requirements is uncertain. HSBC Bank USA submitted an interim
supplement on 1 July 2025, while its next full IDI Plan submission is
due by 1 July 2026.
In Q4 2024, the Office of the Comptroller of the Currency (OCC) issued
guidelines establishing recovery planning standards for certain financial
institutions, effective 1 January 2025. These requirements apply to
insured national banks, Federal savings associations, and Federal
branches with average total consolidated assets of $100 billion or more.
HSBC Bank USA became subject to these standards, with compliance
deadlines set for 1 January 2026 (overall recovery plan) and 1 January
2027 (scenario testing). HSBC Bank USA submitted its recovery plan in
December 2025, in line with the Guideline. In October 2025, the OCC
proposed rescinding the recovery planning guidelines; however, as no
final rule has been issued, the requirement for the 1 January 2027
submission remains uncertain.
The FRB has separately established a framework for recovery plans,
although HSBC is not currently required to submit a recovery plan to US
regulators unless specifically requested to do so. The FRB limits credit
exposures to single counterparties for large BHCs and IHCs. HNAH is
not directly subject to these single counterparty credit limits.
Independent of HNAH‘s classification as a Category IV firm, HNAH,
together with its subsidiaries, could become subject to limits on its
exposures to unaffiliated counterparties if its parent, HSBC, cannot
certify its compliance with a large exposure regime in the UK that is
consistent with the Basel large exposure framework.
Pursuant to Title VII of the Dodd-Frank (‘Title VII’), the SEC and CFTC
have adopted extensive requirements to regulate over-the-counter
(‘OTC’) derivatives, including, among other requirements, registration
for swap dealers, major swap participants, security-based swap (‘SBS’)
dealer and major SBS participants, mandatory clearing and trade
execution of certain OTC derivatives, position limits for certain physical
positions and economically equivalent swaps, real-time public and
regulatory trade reporting, business conduct, enhanced documentation,
supervision, recordkeeping, and financial reporting requirements.
HSBC Bank USA and HSBC Bank plc are registered as swap dealers
with the CFTC and registered as SBS dealers with the SEC. Because it
is a non-US dealer, HSBC Bank plc is only subject to certain of the
CFTC’s requirements in respect of swap transactions with US persons
and certain persons guaranteed by or affiliated with US persons, and
only subject to certain of the SEC’s requirements in respect of SBS
transactions with US persons or which are arranged, negotiated, or
executed by US personnel. HSBC Bank plc is also permitted to satisfy
certain CFTC requirements and SEC requirements through ‘substituted
compliance’ pursuant to relevant determinations and related relief
issued by the SEC and the CFTC.
Pursuant to Title VII, the US prudential regulators adopted margin
requirements for non-cleared swaps and SBS for prudentially regulated
swap dealers and SBS dealers, such as HSBC Bank USA and HSBC
Bank plc. Subject to certain exceptions, the margin rules require HSBC
Bank USA and HSBC Bank plc to collect and post initial and variation
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margin for non-cleared swaps and SBS entered into with other swap
dealers and certain financial end-users. The prudential regulators’
margin requirements, the parallel margin rules adopted by the CFTC
and the SEC and certain non-US regulators, as well as other regulations
of OTC derivatives under Title VII, have increased the costs associated
with trading OTC derivatives and may adversely affect our business in
such products.
Dodd-Frank also expanded the extra-territorial jurisdiction of US courts
over actions brought by the SEC or the US with respect to violations of
the anti-fraud provisions in the Securities Act, the Securities Exchange
Act of 1934 and the Investment Advisers Act of 1940.
In addition, regulations could affect the nature of the activities that our
FDIC-insured depository institution subsidiaries may conduct, and may
impose restrictions and limitations on the conduct of such activities.
The implementation of the remaining Dodd-Frank provisions could
result in additional costs, or limit or restrict the way we conduct our
business in the US.
EU Regulation and supervision
HSBC Continental Europe (‘HBCE’), headquartered in France, is the
parent company of all HSBC European subsidiaries. In accordance with
provisions of the Capital Requirements Directive (‘CRD’), HBCE is an
Intermediate Parent Undertaking (‘IPU’) for HSBC's European
subgroup, centralising all coordination and requests to the unique Joint
Supervisory Team (‘JST‘) and the unique Internal Resolution Team
(‘IRT‘), made up respectively of the European Central Bank (‘ECB‘) and
the national supervisory authorities on the one hand, and the Single
Resolution Board (‘SRB‘) and the national resolution authorities on the
other. In particular, HBCE will have to submit consolidated reports
directly onto the portal of the French resolution authority (ACPR), as the
host authority of HBCE.
At the end of 2025, HBCE operated ten branches in the following
jurisdictions: Belgium, Czech Republic, Germany, Ireland, Italy,
Luxembourg, Netherlands, Poland, Spain and Sweden with two
principal subsidiaries, HSBC Bank Malta plc (‘HBMT’) and HSBC Private
Bank (Luxembourg) SA (‘PBLU’) following further transformation in
2022 and 2023 to support HBCE’s role as the Group’s EU IPU.
The revised Capital Requirements Regulation (‘CRR3’) implementing
EU’s Basel 3.1 package entered into force on 1 January 2025; however,
the market risk framework was delayed. In June 2025, the European
Commission (‘EC’) announced a further one-year delay to market risk
implementation to 1 January 2027. The one-year delay aims to ensure
that implementation in Europe is aligned to other major jurisdictions.
Furthermore, the European Banking Authority (‘EBA’) continues to
publish technical standards in line with its mandate to develop 140
technical standards.
In June 2024, the EU adopted amendments to the Capital
Requirements Directive (‘CRD6’) which EU member states are in the
process of transposing. While CRR3 and most CRD6 provisions apply
solely to HSBC’s European subsidiaries, CRD6 Article 21c introduces
restrictions on cross-border services offered by non-EU banking entities
to EU clients, with certain exemptions. Such cross-border restrictions
will generally come into effect in January 2027, although precise
effective dates will vary across EU member states.
Global and regional prudential and other
regulatory developments
The Group operates under the oversight of numerous regulatory
authorities and agencies. Regulatory changes are introduced both at the
national level and by global organisations such as Basel, FSB and the
G20. These global standards are subsequently adopted by individual
countries.
We are subject to regulatory stress testing across multiple jurisdictions,
with increasing frequency and more detailed data requirements from
supervisors. These include programmes from the BoE, FRB (see ‘US
regulation and supervision’), OCC, EBA, ECB, HKMA, and other
authorities. For further information, refer to ‘Stress testing’ on page
120. Details on prudential changes are available in the ‘Regulatory
developments’ section on page 7 of the Pillar 3 Disclosures as at 31
December 2025.
Recovery and resolution
The HSBC Group is subject to recovery and resolution requirements in
many of the jurisdictions in which it operates. In Europe, the Bank
Recovery and Resolution Directive (BRRD) establishes a framework for
the recovery and resolution of EU credit institutions and investment
firms. This framework applies to HSBC’s operating banks in the
European region. In Hong Kong, the Banking Ordinance and Financial
Institutions (Resolution) Ordinance sets out requirements for recovery
and resolution planning. In general, each respective part of the HSBC
Group is responsible for ensuring that it meets local recovery and
resolution requirements where they exist, which are mainly applicable
only to those regulated entities in a particular jurisdiction. The PRA and
BoE, however, are the lead regulators from a recovery and resolution
perspective respectively for the consolidated HSBC Group.
HSBC maintains recovery plans designed to outline credible
management actions that the HSBC Group could implement in the
event of severe stress in order to restore its business to a stable and
sustainable condition. The HSBC Group submits a Group recovery plan
to the PRA, the latest plan being submitted to the PRA in June 2024. In
addition, certain HSBC entities also submit local recovery plans to host
regulators, where local recovery planning requirements are in place.
HSBC’s recovery plans are frequently re-appraised to reflect HSBC’s
Group structure as well as meet regulatory and internal feedback,
including through regular stress testing and ‘fire drill’ simulations.
In general terms, resolution refers to the exercise of statutory powers
where a financial institution and/or its parent or other group company is
deemed by its regulators to be failing, or likely to fail and it is not
reasonably likely that any action taken would result in the institution
recovering.
In view of the HSBC Group’s corporate structure, which comprises a
group of locally regulated operating banks, the preferred resolution
strategy for the HSBC Group, as confirmed by its regulators, is a
multiple point of entry (‘MPE’) bail-in strategy. This provides flexibility
for HSBC to be resolved either (i) through a bail-in at the HSBC
Holdings level, which enables the recapitalisation of operating bank
subsidiaries in the HSBC Group (as required) while restructuring actions
are undertaken, with the HSBC Group remaining together; or (ii) at a
local subsidiary level pursuant to the application of statutory resolution
powers by local resolution authorities.
In the event of a resolution of the HSBC Group, it is anticipated that the
MREL eligible debt issued externally by HSBC Holdings plc would be
written down or converted to equity by the BoE using its statutory
powers. This would enable subsidiaries of the HSBC Group to be
recapitalised, as needed, to support the resolution objectives and
maintain the provision of critical functions locally. Recapitalisation of
operating bank subsidiaries could be achieved through the write-down,
or conversion to equity, of internally issued MREL, Total Loss
Absorbing Capacity (‘TLAC‘) or Loss Absorbing Capacity (‘LAC‘). It is
anticipated that this approach to recapitalising the HSBC Group’s
operating bank subsidiaries would allow the Group to stay together in
order to ensure an effective stabilisation of the whole Group whilst also
facilitating an orderly restructuring process post resolution. Any
resolution of HSBC as a group would be coordinated by the BoE.
Given the geographical footprint of the HSBC Group, resolution
authorities have determined that HSBC has three resolution groups that
together account for over 92% ($817bn) of the Group’s consolidated
RWAs ($889bn): The Asia resolution group ('ARG'), the European
resolution group ('ERG') and the US resolution group ('USRG'). As a
result, HSBC is overseen by various regulators and resolution
authorities including its lead global regulators and resolution authority,
the BoE and the PRA and a number of host regulators and resolution
authorities. Examples include the European SRB, the HKMA, FRB,
FDIC and OCC. These host resolution authorities have statutory
resolution group powers which could be applied to subsidiaries of the
HSBC Group in their jurisdictions. The application of these local
statutory resolution powers may result in one or more individual
resolution authorities leading to a local resolution of the subsidiaries
within their jurisdiction.
This may or may not result in such subsidiaries ceasing to be part of the
HSBC Group, depending on the drivers of failure and the resolution
powers exercised by the relevant resolution authority.
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HSBC considers that a bail-in at the HSBC Holdings plc level that
enables subsidiaries in the HSBC Group to be recapitalised, (as
required), and the subsequent implementation of restructuring actions
while the HSBC Group remains together, is the strategy most likely to
deliver the optimal resolution outcome for all of HSBC’s stakeholders.
In July 2019, the BoE and PRA published final policies on the
Resolvability Assessment Framework (‘RAF‘), which places the onus
on firms to demonstrate their own resolvability and is designed to
increase transparency and accountability for resolution planning. In
order to be considered resolvable, HSBC must meet three outcomes:
(i) have adequate resources in resolution; (ii) be able to continue
business through resolution and restructuring; and (iii) be able to co-
ordinate its resolution and communicate effectively with stakeholders.
The RAF requires HSBC to prepare a report on the HSBC Group’s
assessment of its resolvability, which must be submitted to the BoE on
a periodic basis as requested by the BoE. HSBC Group submitted its
second report to the BoE in October 2023. In August 2024, HSBC
made its second public disclosure on its resolvability, which
summarised the key findings from the second RAF Self-assessment. In
line with the previous BoE RAF cycle, alongside HSBC's disclosure, the
BoE also disclosed its own assessment of UK banks’ resolvability,
including HSBC, against expectations set out in the RAF.
Regular engagement with the BoE and PRA is maintained on Recovery
and Resolution Planning topics. HSBC continues to engage with the
BoE, PRA and its global regulators in other jurisdictions to help ensure
that it meets current and future recovery and resolution requirements.
Financial crime regulation
HSBC is committed to preventing our products and services from being
exploited for criminal activity. We do this because it is the right thing to
do to protect our customers, shareholders, staff, the communities in
which we operate and the integrity of the financial system on which we
all rely. We recognise that financial institutions are inherently exposed
to financial crime risk, which cannot be mitigated in its entirety. We
employ a risk-based approach to managing our exposure by focusing
our resources in a manner that is proportionate to the level of financial
crime risk inherent in our business strategy and operating model. We
remain committed to conducting our activities in accordance with all
applicable financial crime laws and regulations in the markets in which
we operate, the expectations of our regulators, measures associated
with corporate criminal liability, and our own risk appetite.
HSBC has an established financial crime risk management programme
that is applicable across all global businesses and functions, and all
countries and territories in which we operate. This enables the bank
and its staff to detect, analyse, investigate, report and mitigate the risk
of HSBC facilitating or being used to facilitate financial crime, including
bribery and corruption, fraud, money laundering, terrorist financing and
proliferation financing, tax evasion, sanctions and export control
violations and evasion.
HSBC could be subject to heightened commercial, operational,
regulatory, reputational and market risks resulting from sanctions, trade
restrictions and other regulatory changes related to foreign policy or
national security concerns, as well as shifts in the geopolitical
landscape. These risks may increase or evolve due to changing
geopolitical dynamics, economic uncertainties, strategic competition in
technology, and political instability and conflicts. HSBC has developed a
comprehensive compliance framework to seek to manage sanctions
and other financial crime risks. It is designed to identify and respond to
changes in financial crime laws and regulations affecting the Group, to
identify and address exposure that may arise from the activities of the
Group, while fostering a strong compliance culture. This is supported
through an extensive training programme aimed at equipping HSBC
employees with the knowledge and skills necessary to maintain high
standards of compliance.
Technical and digital innovation in how we engage with customers and
the services we provide to them continue at pace. Considering the
dynamic and changing environment, including the increasing use of
alternative (including digitised) payment methods and technologies,
HSBC continues to shape its risk appetite and enhance its control
framework to detect, deter and disrupt financial crime more effectively,
increasing its use of intelligence-led technologies and artificial
intelligence to monitor customers for unusual or suspicious activity.
HSBC also maintains clear whistleblowing policies and processes, to
enable individuals to report concerns confidentially.
Disclosures pursuant to Section 13(r)
of the Securities Exchange Act
Section 13(r) of the Securities Exchange Act requires each issuer
registered with the SEC to disclose in its annual or quarterly reports
whether it or any of its affiliates have knowingly engaged in specified
activities or transactions with persons or entities targeted by U.S.
sanctions programmes relating to Iran, terrorism, or the proliferation of
weapons of mass destruction, even if those activities are not prohibited
by U.S. law, are conducted outside the U.S. by non-U.S. affiliates in
compliance with local laws and regulations, and are not material to the
business of the issuer or any of its affiliates.
To comply with this requirement, HSBC Holdings plc (together with its
affiliates, “HSBC”) has requested relevant information from its affiliates
globally. The following activities conducted by HSBC are disclosed in
response to Section 13(r) and are not material to the business of HSBC:
Legacy contractual obligations related to
guarantees
Between 1996 and 2007, we provided guarantees to a number of our
non-Iranian customers in Europe and the Middle East for various
business activities in Iran. In a number of cases, we issued counter
indemnities involving Iranian banks as the Iranian beneficiaries of the
guarantees required that they be backed directly by Iranian banks.  The
Iranian banks to which we provided counter indemnities included Bank
Tejarat, Bank Melli, and the Bank of Industry and Mine.
There was no measurable gross revenue in 2025 under those
guarantees and counter indemnities. We do not allocate direct costs to
fees and commissions and, therefore, have not disclosed a separate
net profit measure. We are seeking to cancel all relevant guarantees
and counter indemnities, and do not currently intend to provide any
new guarantees or counter indemnities involving Iran. No guarantees
were cancelled in 2025, and approximately 14 remain outstanding.
Other relationships with Iranian banks
Activity related to U.S.-sanctioned Iranian banks not covered elsewhere
in this disclosure includes the following:
We act as the trustee and administrator for a pension scheme involving
employees of a U.S.-sanctioned Iranian bank in Asia. Under the rules of
this scheme, we accept contributions from the Iranian bank each
month and allocate the funds into the pension accounts of the Iranian
bank’s employees. We run and operate this pension scheme in
accordance with applicable laws and regulations. Estimated gross
revenue, which includes fees and/or commissions, generated by this
pension scheme during 2025, was approximately $2,224.
For the Iranian bank-related activity discussed above, we do not allocate
direct costs to fees and commissions and, therefore, have not
disclosed a separate net profit measure.
We currently intend to continue to wind down the above activities, to
the extent legally permissible, and not enter into any new such activity.
Activity related to U.S. Executive Order
13224
We have a corporate customer in Asia that was designated under
Executive Order 13224 in 2025. Immediately following the designation,
and prior to the accounts being restricted, we processed two low-value
local currency domestic payments for the customer.
We had an individual customer in Europe that was designated under
Executive Order 13224 in 2021. The relationship was exited in 2025
and, as part of the exit process, we wrote off a de minimis local
currency balance owed by the customer.
We had an individual customer in Latin America that was designated
under Executive Order 13224 in 2025. Shortly following the designation
and before the account was restricted, we processed three small local
currency domestic payments for our customer.
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Other information
We had an individual customer in the Middle East that was designated
under Executive Order 13224 in 2021. The customer’s accounts were
restricted at the time of designation and the relationship was exited
during 2025. As part of the exit process, we returned the customer’s
funds to the customer.
During 2025, as part of the settlement of the estate of a deceased
customer in the Middle East, we processed a local currency domestic
payment from the deceased customer’s account to an individual
designated under Executive Order 13224 who acted as representative
for the deceased customer’s heirs.
We have individual and corporate customers in the Middle East that,
during 2025, made local currency cheque payments for the rental of
property to a corporate entity designated under Executive Order 13224.
We processed these cheques on behalf of our customers.
During 2025, pursuant to general licences issued by the U.S.
Department of the Treasury’s Office of Foreign Assets Control, we
processed a small number of low-value U.S. dollar payments to the
account of a non-designated non-governmental organisation held at a
financial institution designated under Executive Order 13224 and one
U.S. dollar payment from an entity designated pursuant to Executive
Order 13224 to a non-designated corporate customer of HSBC.
For these activities, there was no measurable gross revenue or net
profit to HSBC during 2025.
Activity related to U.S. Executive Order
13382
We had a corporate customer in Asia that was designated under
Executive Order 13382 in 2025. Immediately following the designation,
and prior to the accounts being restricted, we processed two payments
for the customer. The relationship was exited in 2025 and, as part of
the exit process, we returned the customer’s funds to the customer.
For this activity, there was no measurable gross revenue or net profit to
HSBC during 2025.
Other activity
We have a non-Iranian insurance company customer in the Middle East
that, during 2025, made local currency domestic payments for the
reimbursement of medical treatment to a hospital located outside Iran
that is owned by the Government of Iran. We processed these
payments from our customer to the hospital.
We have three customers in the Middle East that, during 2025, made
local currency domestic payments for medical treatment to a hospital
located outside Iran that is owned by the Government of Iran. We
processed these payments from our customers to the hospital.
We have three corporate customers in the Middle East that, during
2025, received local currency cheques from a hospital located outside
Iran that is owned by the Government of Iran. We processed the
cheques from the hospital to our customers.
We have individual and corporate customers in the Middle East that,
during 2025, received local currency cheques from an insurance
company located outside Iran that is owned by the Government of Iran.
We processed these cheques from the insurance company to our
customers.
We have individual and corporate customers in Europe that, during
2025, made local currency domestic payments to, or received such
payments from, an Iranian embassy. Generally, these customers
appear to receive consular or other services provided by the embassy
or provide goods and services that support the conduct of the official
business of the embassy. We processed these payments between our
customers and the Iranian embassy.
We have an individual customer in Europe that is employed by a bank
located outside Iran that is owned by the Government of Iran. During
2025, we processed local currency salary payments received via a bank
that is not owned by the Government of Iran to our customer. We are
in the process of exiting the customer.
During 2025, we processed two low value local currency payments to a
pension fund in Europe from an account held at a non-designated
financial institution by an insurance company located outside Iran that is
owned by the Government of Iran.
For these activities, there was no measurable gross revenue or net
profit to HSBC during 2025.
Frozen accounts and transactions
We maintain several accounts that are frozen as a result of relevant
sanctions programmes, and safekeeping boxes and other similar
custodial relationships, for which no activity, except as licensed,
authorised, or otherwise related to the maintenance of such accounts
as consistent with applicable law, took place during 2025. There was no
measurable gross revenue or net profit to HSBC during 2025 relating to
these frozen accounts.
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Risk
review
Our risk review outlines our approach to risk
management, how we identify and monitor top
and emerging risks, and the actions we take to
mitigate them. In addition, it explains our
material banking risks, including how we
manage capital.
Our approach to risk
Top and emerging risks
Risk factors
Our material banking risks
Credit risk
Treasury risk
Market risk
Climate risk
Resilience risk
Regulatory compliance risk
Financial crime risk
Model risk
Insurance manufacturing operations risk
4
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Our approach to risk
We recognise that the primary role of risk management is to help
protect our customers, business, colleagues, shareholders and the
communities that we serve, while ensuring we are able to support our
strategy and provide sustainable growth.
In addition, we recognise the importance of a strong culture, which
refers to our shared attitudes, beliefs, values and standards that shape
behaviours including those related to risk awareness, risk taking and
risk management. All our people are responsible for the management
of risk, with ultimate supervisory oversight residing with the Board.
The implementation of our business strategy remains a key focus. As
we deliver change initiatives, we seek to actively manage the execution
risks. We also perform periodic risk assessments, including against
strategies, to help ensure retention of key personnel for our continued
safe operation.
Our risk management framework
We aim to use a comprehensive risk management approach across the
organisation and across all risk types, underpinned by our culture and
values. This is outlined in our Risk Management Framework (‘RMF’),
including the key principles and practices that we employ in managing
material risks, both financial and non-financial.
The RMF sets out in a consistent way how we identify, assess and
manage the risks that matter the most with respect to our ability to
operate, grow, and meet external commitments. It translates our
strategy, values and commitments into practical actions and risk-based
decisions.
Our Group Risk and Compliance function is responsible for the Group’s
RMF. Independent from the business segments, including our sales
and trading functions, it provides challenge, oversight and appropriate
balance of risk and reward in decision-making. Its responsibility includes
establishing global policy, monitoring risk profiles, and identifying and
managing forward-looking risk.
Our people are responsible for managing both financial and non-
financial risk, including regulatory compliance and financial crime risks.
They are required to manage the risks of the business and operational
activities for which they are responsible. We maintain adequate
oversight of our risks through our various specialist risk stewards and
the collective accountability held by our chief risk officers (‘CROs’) and
chief risk and compliance officers (‘CRCOs’). We seek to maintain a
sound control environment and regularly test and monitor our
controls, which aim to prevent risks from materialising, detect when
they do, and recover and learn from issues in a timely manner within
our risk appetite.
Our risk appetite
Our risk appetite defines the level and types of risk that we are willing
to take to achieve our strategic objectives.
The Board approves the Group’s risk appetite and reviews it regularly to
help ensure it remains fit for purpose.
Our enterprise-wide risk appetite is expressed holistically through
various risk management mechanisms and activities, in both
quantitative and qualitative terms and is formally articulated through our
Risk Appetite Statement (‘RAS’).
The Group’s risk appetite is established considering:
–alignment with our strategy, purpose, values, external risk
environment, reputational and customer needs;
–compliance with applicable laws, regulations and regulatory
priorities;
–forward-looking insights into future risk exposure;
–sufficiency of available capital, liquidity and balance sheet leverage
to absorb the risks;
–capacity and capabilities of people to manage the risk landscape;
–functionality, capacity and resilience of available systems to manage
the risk landscape;
–effectiveness of the applicable control environment to mitigate risk;
and
–internally and externally disclosed commitments.
Performance against the Group’s RAS is reported to the Group Risk
Management Meeting to support targeted insight and discussion of
breaches of risk appetite and any associated mitigating actions. This
reporting helps risks to be promptly identified and mitigated and
informs risk-adjusted remuneration to drive a strong risk culture.
Each principal subsidiary and material operating entity is covered by a
RAS, and their alignment with the Group’s RAS is monitored.
Our risk governance
The Board has ultimate supervisory responsibility for the effective
management of risk.
The Group Chief Risk and Compliance Officer (‘GCRCO’), supported by
members of the Group Risk Management Meeting, holds executive
accountability for the ongoing monitoring, assessment and
management of the risk environment and the effectiveness of the risk
management framework.
The GCRCO is also responsible for the oversight of reputational risk,
with the support of the Group Reputational Risk Committee. Further
details can be found under the ‘Reputational risk’ section of
www.hsbc.com/who-we-are/esg-and-responsible-business/managing-
risk.
Day-to-day responsibility for risk management is delegated to senior
managers with individual accountability for decision making.
We use a defined executive risk governance structure to help enable
appropriate oversight and accountability of risk, which facilitates
reporting and escalation to the Group Risk Management Meeting. This
structure is summarised in the following table.
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Our approach to risk
Governance structure for the management of risk and compliance
Authority
Membership
Responsibilities include:
Group Risk Management
Meeting
GCRCO
Group Chief Legal Officer
Group CEO
Group CFO
All other Group Operating Committee
members
–Supporting the GCRCO in exercising Board-delegated risk management authority
–Overseeing the implementation of risk appetite and the risk management framework
–Forward-looking assessment of the risk environment, analysing possible risk impacts
and taking appropriate action
–Monitoring all categories of risk and determining appropriate mitigating action
–Promoting a supportive Group culture in relation to risk management and conduct
Group Risk and Compliance
Leadership Meeting
GCRCO
CRCOs of HSBC’s business segments
Regional CRCOs and CROs
Heads of Global Risk and Compliance
sub-functions
–Supporting the GCRCO in providing strategic direction for the Group Risk and
Compliance function, setting priorities and providing oversight
–Overseeing a consistent approach to accountability for, and mitigation of, risk and
compliance across the Group
Global business/regional risk
management meetings
Global business/regional CRCOs and
CROs
Global business/regional CEOs
Global business/regional CFOs
Global business/regional heads of global
functions
–Supporting the GCRCO in exercising Board-delegated risk management authority
–Forward-looking assessment of the risk environment
–Implementation of risk appetite and the risk management framework
–Monitoring all categories of risk and overseeing appropriate mitigating actions
–Embedding a supportive culture in relation to risk management and controls
ÑThe Board committees with responsibility for oversight of risk-related matters are set out on page 228.
ÑTreasury risks, excluding pension and insurance risks, are the responsibility of the Group Finance Management Meeting and the Group Risk Committee. Global
Treasury actively manages these risks, supported by the Holdings Asset and Liability Management Committee (‘ALCO’) and local ALCOs, overseen by Treasury
Risk Management and Risk Management Meetings. Further details on treasury risk management are set out on page 189.
Our responsibilities
All our people are responsible for identifying and managing risk within
the scope of their roles. Roles are defined using the three lines of
defence model, which takes into account our business and functional
structures as described below.
Three lines of defence
To create a robust control environment to manage risks, we use an
activity-based three lines of defence model. This model delineates
management accountabilities and responsibilities for risk management
and the control environment.
The model underpins our approach to risk management by clarifying
responsibility and encouraging collaboration, as well as enabling
effective coordination of risk and control activities. The three lines of
defence are summarised below:
–The first line of defence owns the risks and is responsible
for identifying, recording, reporting and managing these risks in line
with risk appetite, including that the right controls and assessments
are in place to mitigate them.
–The second line of defence challenges the first line of defence on
effective risk management, and provides advice, guidance and
assurance of the first line of defence to help ensure it is managing
risk effectively.
–The third line of defence is our Global Internal Audit function,
which provides independent assurance as to whether our risk
management approach and processes are designed and operating
effectively.
Stress testing
Our stress testing programme assesses potential financial risks to our
business model, and forms part of our risk management and capital and
liquidity planning. As well as undertaking regulatory-driven stress tests,
we conduct our own internally defined stress tests to understand the
nature of our potential vulnerabilities, quantify their impact, and develop
plausible mitigating actions. The outcome of a stress test provides
management with key insights into the impact of severely adverse
events on the Group and provides an indication to regulators of the
Group’s resilience to shocks and any consequences for financial
stability.
Our internal capital assessment uses a range of stress scenarios that
explore systemic risks, as well as other potential events that are
idiosyncratic to HSBC.
During 2025, we completed a Group-wide internal stress test of the
Group’s strategy and corporate plan. The stress scenario assessed the
impact of the ongoing trade policy uncertainty, including tariffs and
geopolitical conflicts which remain key risks for the global economy.
In addition to the Group-wide stress testing scenarios, each principal
subsidiary conducts regular macroeconomic and event-driven scenario
analysis specific to its region. They also participate, as required, in the
regulatory stress testing programmes of the jurisdictions in which they
operate, including stress tests required by the Bank of England (‘BoE’)
in the UK, the Federal Reserve Board (‘FRB’) in the US, and the Hong
Kong Monetary Authority (‘HKMA’) in Hong Kong.
We also conduct reverse stress tests each year at the Group level and,
where required, at a subsidiary entity level to understand potential
extreme conditions that would make our business model non-viable.
Reverse stress testing identifies potential stresses and vulnerabilities
we might face, and helps inform early warning triggers, management
actions and contingency plans designed to mitigate risks.
ÑFor further details of our stress testing and recovery and resolution planning,
see ‘Stress testing and recovery and resolution planning’ on page 190.
Key developments in 2025
In 2025, we continued to manage risks related to macroeconomic and
geopolitical uncertainties and develop risk management capabilities
through the continued enhancement of our risk management
framework. We work to maintain and build stronger relationships with
regulators and other external stakeholders to support our business and
customer objectives. We retained our focus on risk transformation and
financial crime and continued to assess the Group’s operational
resilience capability while prioritising the most significant enterprise
risks. More specifically, we sought to enhance our risk management in
the following areas:
–We have been advancing our programme aimed at strengthening
our global regulatory reporting processes and making them more
sustainable, including enhancing data, consistency and controls.
While this programme continues, there may be further impacts on
some of our regulatory ratios as we implement recommended
changes and continue to enhance our controls across the process. 
–We strengthened our control environment through the continued
embedding of our Group Chief Control Oversight Office which
established a centralised approach to controls oversight across the
first line of defence business and process owners, including a
consistent approach to control standards, aggregated reporting and
testing.
–We enhanced our technology and cybersecurity controls to help
improve the resilience and security of our technology services in
response to the heightened external threat environment.
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Our approach to risk
–We responded to new innovations in the financial system, including
growing adoption of digital assets and currencies, as well as the
evolving use of AI through reviewing and enhancing controls across
risk areas to help us and our customers safely benefit from
innovation.
–We continue to enhance our processes, framework and controls to
improve the oversight of our third parties. We have strengthened
our due diligence and monitoring capabilities, with respect to the
financial stability of our third parties to better manage our supply
chain and we continue to assess and seek to manage our
operational resilience. 
–We have further enhanced the way we identify and manage HSBC
Group climate-related risks, which have also been embedded 
across the wider organisation. This has been achieved through risk
policy and guideline updates, including updates to our HSBC Group
climate risk approach document, and further development of our
risk metrics and assessments to help monitor and manage
exposures across our organisation. We have also reviewed a
number of climate models and have sought to enhance our internal
climate scenario analysis capabilities.
–We deployed advanced technology and analytics capabilities into
new markets to improve our ability to identify suspicious activities
and prevent financial crime. We will continue to evaluate
technological solutions to improve our capabilities in the detection
and prevention of financial crime.
–We continued to promote our whistleblowing service, HSBC
Confidential, ensuring it is embedded in our speak-up culture.
Continual enhancement is being undertaken to help ensure optimal
effectiveness of the service, while maintaining adherence to
regulation and legislation.
–We have refreshed our conduct approach to ensure it remains clear,
accessible and aligned with how we work today, while maintaining
the same strong standards and enhancing our capability to drive
positive outcomes for our customers and protect the integrity of
financial markets.
Top and emerging risks
We use a top and emerging risks process to provide a forward-looking
view of issues with the potential to threaten our operations or the
execution of our strategy over the medium to long term.
We proactively assess the internal and external risk environment, and
review the themes identified across our regions and business
segments, for any risks that may require global escalation. We update
our top and emerging risks as necessary.
Our current top and emerging risks are as follows.
Externally driven
Geopolitical and macroeconomic risks
Key economic and financial risks are monitored closely. The Group
remains exposed to these risks through its operations, investments and
business activity.
The global economy proved resilient to trade policy changes and
geopolitical shocks through 2025 and growth was stronger than
expected. Economic activity was supported by a decline in policy
interest rates and deficit spending across major economies. At the
same time, oil prices remained broadly stable despite heightened
geopolitical tensions over Venezuela and the Middle East. Asset prices
also rose on account of strong corporate earnings and investor
enthusiasm for technology stocks and investment in AI.
A key source of ongoing uncertainty is the volatility of US trade and
tariff policies. Changes to tariff rates, including sector-specific levies,
may deter capital investment and consumer spending, disrupt supply
chains and reduce global trade growth. Policy uncertainty and trade
disruption may also deter businesses from hiring. During 2025,
unemployment rose across many of our major markets, and there
remains a risk of further increases if layoffs begin to increase more
significantly, employment growth continues to be constrained by
uncertainty, or if investment in AI starts to yield productivity gains that
reduce demand for labour.
A broader escalation of tariffs and a trade war remain a risk. Strategic
competition between countries is reshaping trading relationships and
increasing the focus on long-term economic and supply chain security,
which could adversely affect the Group and our customers.
Tariffs are a particular challenge to China and other export-led
economies. While China has responded by diversifying trade to other
markets, it faces cyclical and structural challenges in the short to
medium term, including reviving the property sector. In contrast, the
effect of tariffs on the UK has been smaller, given the less significant
role of trade with the US. The UK benefited from securing an early
trade agreement with the US on relatively preferential terms, however
it now faces the possibility that the deal is replaced by alternative US
tariffs on different terms.
The disruption of key supply routes caused by geopolitical conflicts has
continued to impact global supply chains. The Russia-Ukraine war and
further conflict or military action, in the Middle East, Venezuela or
elsewhere, could impact economic activity regionally or globally which,
if continued for a prolonged period, could have a material adverse effect
on the Group’s business, financial condition, results of operations,
prospects, liquidity, capital position and credit ratings. The financial
impact on the Group of geopolitical risks in Asia is heightened due to
the region’s relatively high contribution to the Group’s profitability.
The monetary policy outlook remains uncertain across major
economies. During 2025, major central banks cut policy interest rates,
but several, including the US Federal Reserve, have had to balance
inflation – that has persisted above target – against weaker
employment growth. The Group’s financial performance could be
affected by changes to interest rate expectations. Policy interest rates
could be reduced further if inflation continues to moderate. However,
that trajectory could be disrupted if wage growth, tariffs or key
commodity prices keep inflation higher for longer.
The US dollar depreciated in 2025 driven by changing interest rates and
tariff policy uncertainty. The decline marked the end of a long period of
sustained appreciation against major currencies. Although the US dollar
remains the primary trade invoicing and reserve asset currency,
elevated volatility is expected to persist, reflecting concern over fiscal
sustainability and an increasingly complex fiscal and monetary policy
environment.
Equity markets rose strongly during 2025, led by significant gains for
the technology sector and AI company valuations in particular. While
high asset prices may create a tailwind from positive wealth effects,
current high valuations also raise the risk of a material fall in the
markets if the expected gains to productivity fail to materialise. In
addition, the Group remains exposed to the market risk and any
potential impact on economic growth of an abrupt revaluation of asset
prices.
Fiscal policy and high levels of government debt are monitored closely.
Debt levels in many of our major markets have continued to rise due to
higher social welfare costs and increased expenditures on defence and
climate transition. Rising government debt and high interest payments
could adversely impact the fiscal capacity and debt sustainability of
highly-indebted sovereign issuers. Emerging markets with substantial
debt and weak fiscal positions may also face increased repayment
costs, heightened refinancing risks, a greater likelihood of sovereign
rating downgrades, and a higher tax burden. This could prove negative
for short and long-term growth prospects. Uncertainty about future
taxation could undermine confidence, business investment and
consumer spending, which would be negative for the Group’s retail and
corporate operations in various markets.
Demographic shifts, including population ageing and migration patterns,
may alter savings and investment behaviours and result in reduced
demand for bank borrowing.
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Top and emerging risks
We continue to closely monitor market conditions in the Hong Kong
and mainland China commercial real estate (‘CRE’) markets. In Hong
Kong, market sentiment and the economic outlook continue to show
signs of improvement, supported by interest rate cuts, the positive
wealth effect from a buoyant equities market and improving economic
conditions. Nevertheless, recovery is likely to take time, with liquidity
and valuation pressures expected to continue in the near term,
particularly for mid-sized and sub-investment grade corporates. In
mainland China, market fundamentals remain weak and refinancing
risks continue.
ÑFor further details of market conditions, see page 177.
Sanctions and restrictions on trade and investment are continually
evolving in response to geopolitical events, and may adversely affect
the Group, its customers and the markets in which the Group operates.
These factors may result in increased legal, regulatory, reputational and
market risks, and a more complex operating environment. HSBC
actively monitors and responds to financial sanctions and restrictions on
trade and investment.
Global tensions over trade and technology are resulting in divergent
regulatory standards and compliance regimes, presenting long-term
strategic challenges for multinational businesses such as HSBC. As the
geopolitical landscape evolves, compliance by multinational
corporations with their legal or regulatory obligations or other initiatives
in one jurisdiction may be seen as supporting the law or policy
objectives of that jurisdiction over another, creating additional legal,
regulatory, reputational and political risks for the Group. We maintain
dialogue with our regulators in various jurisdictions on the impact of
legal and regulatory obligations on our business and customers.
While it is the Group‘s policy to comply with all applicable laws and
regulations of all jurisdictions in which it operates, geopolitical tensions
and potential ambiguities in the Group’s compliance obligations
continue to present challenges and risks for the Group, and could have
a material adverse impact on the Group’s strategy, business,
customers, operations, financial results and reputation.
Expanding data privacy, national security and cybersecurity laws in a
number of markets could pose potential challenges to intra-group data
sharing. These developments may affect our ability to manage financial
crime risks across markets due to limitations on cross-border transfers
of personal information.
Provisioning against credit loss is conducted under the IFRS 9 ‘Financial
Instruments’ (’IFRS 9’) calculations of ECL, which use forward-looking
scenarios that incorporate the economic and financial risks detailed
above. There remains uncertainty regarding the adequacy of our
models in capturing credit losses under emerging risks which are not
captured by the historical loss experience of our models, or to
effectively distinguish risks for specific sectors and portfolios.
The above risks could also have an impact on our customers, and we
continue to closely monitor the potential impacts and offer support to
our customers in line with regulatory, government and wider
stakeholder expectations.
ÑFor further details of our Central and other scenarios, see ‘Measurement
uncertainty and sensitivity analysis of ECL estimates’ on page 148.
Mitigating actions
–We closely monitor geopolitical and economic developments in key
markets and sectors. We may undertake scenario analysis, including
stress testing portfolios of particular concern to identify sensitivity to
loss under a range of scenarios. This helps us to take actions to
manage our portfolios where necessary, including through
enhanced monitoring, amending our risk appetite and/or reducing
limits and exposures.
–We regularly review key portfolios, including our commercial real
estate portfolio, to help ensure that individual customer or portfolio
risks are understood and that our ability to manage the level of
facilities offered through any downturn is appropriate.
–We apply management judgemental adjustments where modelled
ECL does not fully reflect the identified risks and related uncertainty,
or to capture significant late-breaking events.
–We continue to seek to manage the impact of sanctions and
restrictions on trade and investment through the use of reasonably
designed policies, procedures and controls, which are subject to
ongoing testing and enhancements.
–We have taken steps, where necessary, to enhance physical
security in geographical areas deemed to be at high risk from
terrorism and military conflicts.
Technology and cybersecurity risk
We operate in an extensive and complex technology landscape. We
need to remain resilient to support customers, our colleagues and
financial markets globally. Risks arise where, for example, technology –
including rapidly advancing AI – is not understood, maintained or
developed appropriately. We also continue to operate in an increasingly
complex cyber threat environment globally. These threats include
potential unauthorised access to systems, whether ours or those of our
third-party suppliers, including access to and potential exfiltration of
customer data. These threats require ongoing investment in business
and technical controls to defend against them.
Mitigating actions
–We continue to upgrade many of our technology systems and are
transforming how software solutions are developed, delivered,
maintained and tested as part of our investment in the Group’s
operational resilience to seek to meet the expectations of our
customers and regulators, and to help prevent disruptions to our
services and recover when they occur.
–Our cyber intelligence and threat analysis team continually evaluate
threat levels for the most prevalent cyber-attack types and their
potential outcomes (see page 63), and we continue to seek to
strengthen our controls to help reduce the likelihood and impact of
attacks including advanced malware, data leakage, exposure
through third parties and security vulnerabilities.
–We continue to seek to enhance our cybersecurity capabilities,
including infrastructure and network security, cloud security, identity
and access management, metrics and data analytics, and third-party
security assurance, and to invest in mitigating the potential threats
of emerging technologies.
–We regularly report and review cyber risk and control effectiveness
at executive level across business segments, functions and regions,
as well as at non-executive Board level to help enable appropriate
visibility and governance of the risk and its mitigating actions.
–We participate globally in industry bodies and working groups,
working together to seek to protect against, detect, respond to and
recover from cyber-attacks on financial organisations globally.
–We respond to attempts to compromise our cybersecurity in
accordance with our cybersecurity framework. To date, none of
these attacks have had a material impact on our business or
operations.
Environmental, social and governance
(‘ESG’) risks
We are subject to financial and non-financial risks associated with ESG-
related matters, such as climate change, nature-related and human
rights issues. These matters can impact us both directly and indirectly
through our business activities and relationships. For details of how we
govern ESG, see page 57.
We may face credit and trading losses, liquidity impacts and/or impacts
to our real estate portfolios if climate-related regulatory, legislative or
technological developments impact customers’ business models or if
extreme weather events disrupt or interrupt customers’ operations,
resulting in financial difficulty for customers and/or stranded assets, and
impacting their ability to repay their debts or secure insurance. Our
customers may find that their business models fail to align to a net zero
economy or face disruption to their operations or deterioration to their
assets as a result of extreme weather. Operational risk may also
increase if extreme weather events impact critical operations and
premises.
We may face regulatory compliance, legal, conduct and reputational
risks resulting from the increasing pace, breadth and depth of climate-
related regulatory expectations, including on the management of
climate risk, and variations in external ESG-related reporting standards
and taxonomies, requiring implementation in short timeframes across
multiple jurisdictions. Such risks may also arise from how we decide to
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support our customers in high-emitting sectors in their transition to net
zero, the preferences of different stakeholders in relation to our
approach to the transition to net zero, and if we make insufficient
progress in achieving our ESG-related ambitions, targets and
commitments.
We may face additional risks if we knowingly or unknowingly make
inaccurate, unclear, misleading, or unsubstantiated claims regarding
sustainability to our stakeholders.
Requirements, policy objectives, expectations, views or market and
public perceptions and preferences in connection with the transition to
a net zero economy and ESG-related matters may vary by jurisdiction
and stakeholder, particularly in light of the differing perspectives and
responses to climate change of stakeholders in different markets, such
as the UK, the US, the EU, and others. We may be subject to
potentially conflicting approaches to ESG matters in certain
jurisdictions, which may impact our ability to conduct certain business
within those jurisdictions or result in additional regulatory compliance,
reputational, political or litigation risks.
For example, our reputation and client relationships may be damaged
as a result of our decision to participate, or not to participate, in certain
projects perceived to be associated with causing or exacerbating
climate change, as well as any decisions we make to continue to
conduct or change our activities in response to considerations relating
to climate change, including the transition to net zero. These risks may
also arise from divergence in the implementation of ESG, climate policy
and financial regulation in the many regions in which we operate,
including initiatives to apply and enforce policy and regulation with
extraterritorial effect.
Our strategy and business model, including our products, services, and
risk management processes, will need to continue to evolve to align
with evolving regulatory requirements, stakeholder expectations and to
manage ESG-related risks. This may involve adapting the way we
measure and manage both financial and non-financial risks associated
with ESG matters. Achieving our strategy with respect to ESG matters,
including any related ambitions, targets and commitments we may set,
depends on a number of factors beyond the Group’s control, such as
technological advancements and supportive public policies in our
operating markets. If these external factors do not materialise or are
delayed, we may not meet our ESG-related ambitions, targets and
commitments.
We may encounter financial reporting risks concerning our climate and
ESG disclosures due to model limitations and the limited quality and
consistency of available data. As methodologies, data, scenarios, and
industry standards evolve with market practices, regulations, or
scientific advancements, our ability to collect and process required data
may be challenged, exposing us to financial reporting risk in relation to
our climate and ESG disclosures. This could result in the Group having
to re-evaluate its progress towards its ESG-related ambitions, targets
and commitments in the future, resulting in reputational, regulatory
compliance and legal risks.
We recognise the importance of nature-related risks, as well as the
complex interactions and compounding effects of climate and nature-
related risk drivers. Nature-related risks may emerge when
dependencies on natural capital – such as plants, soils and minerals and
ecosystem services – such as water availability and air quality – are
affected by key drivers of nature loss, or when there is a lack of
alignment between an organisation’s impact on the natural
environment and actions to protect, restore or reduce negative impacts
on nature. Such risks can affect both HSBC and our customers through
various channels, including macroeconomic, market, credit,
reputational, regulatory compliance and legal risks.
Businesses are expected to be transparent about their efforts to
identify and respond to the risk of adverse human rights impacts arising
from their business activities and relationships. Failure to manage this
risk may negatively impact people and communities, which in turn may
result in reputational, regulatory compliance and legal risks for HSBC.
Mitigating actions
–We continue to develop our climate risk management capabilities
across four key pillars: governance and risk appetite, risk
management, stress testing and scenario analysis, and disclosures.
–We continue to enhance our approach to managing and mitigating
the risk of greenwashing.
–Our sustainability risk policies form part of our broader risk
management framework and are important mechanisms for
managing risks. Our sustainability risk policies focus on mitigating
reputational, credit, legal and other risks related to our customers’
environmental and social impacts. For further details of our
sustainability risk policies, see page 49.
–Sustainability execution risk has been defined as a new risk type to
help identify and manage the risks around the delivery and
execution of our sustainability strategy. For further details, see page
204.
–We continue to develop our understanding of nature-related risks in
line with European and other emerging regulatory expectations.
–In 2025, we continued to focus on our approach to human rights risk
management relating to the goods and services we buy from third
parties and in respect of our business customers. For further details
of our approach to human rights risk management, see page 58.
–The scope of our financial reporting risk framework includes
oversight of the accuracy and completeness of climate and ESG-
related disclosures. Our risk appetite statement references our
climate and ESG-related disclosures. Our internal controls
incorporate requirements for addressing the risk of misstatement in
climate and ESG-related disclosures. We developed a framework to
support the implementation of controls for climate and ESG-related
disclosures, which includes areas such as process and data
governance, and risk assessment.
–We continue to engage with our customers, investors and
regulators on the management of climate and ESG risks. We also
engage with initiatives, including the Climate Financial Risk Forum,
to help with informing developing practice for climate risk
management.
ÑFor further details of our approach to climate risk management, see ‘Climate
risk’ on page 203.
ÑOur ESG review can be found on page 32.
Financial crime risk
Financial institutions remain under considerable regulatory scrutiny
regarding their ability to detect and prevent financial crime. In 2025,
these risks continued to be exacerbated by rising geopolitical tensions
and ongoing macroeconomic factors. These challenges require not only
the management of conflicting laws and approaches to legal and
regulatory regimes, but also the implementation of more complex and
less predictable sanctions and restrictions on trade and investment.
Amid growing cost of living pressures, we continue to face increasing
regulatory expectations with respect to managing internal and external
fraud and protecting customers. The accessibility and increasing
sophistication of Generative AI (‘GenAI’) can create additional financial
crime risks. While there is potential for the technology to support
financial crime detection, there is also a risk that criminals use GenAI to
perpetrate fraud, particularly scams.
The digitisation of financial services continues to have an impact on the
payments ecosystem, with an increasing number of new market
entrants and payment mechanisms, not all of which are subject to the
same level of regulatory scrutiny or regulations as banks.
Developments in digital assets and currencies have continued at pace,
with an increasing regulatory and enforcement focus on the financial
crimes linked to these types of assets.
We also continue to face increasing challenges presented by national
data privacy requirements, which may affect our ability to manage
financial crime risks across markets.
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Top and emerging risks
Mitigating actions 
–We continue to seek to manage sanctions and restrictions on trade
and investment through the use of reasonably designed policies,
procedures and controls, which are subject to ongoing testing and
enhancements.
–We continue to develop our fraud controls and invest in capabilities
to fight financial crime through the application of advanced analytics
and AI, while monitoring technological developments and engaging
with third parties.
–We continue to assess the impact of a rapidly changing payments
ecosystem, as well as risks associated with direct and indirect
exposure to digital assets and currencies, in an effort to maintain
appropriate financial crime controls.
–We engage with regulators, policymakers and relevant international
bodies, to improve the effectiveness of managing financial crime
risk through changes to international standards, guidance and
legislation, including seeking to address data privacy challenges.
Digitalisation and technological
advances risk
Developments in technology and changes to regulations are enabling
new entrants to the industry, particularly with respect to payments.
This challenges us to continue innovating, enhancing efficiency, and 
adapting our products to attract and retain customers, which may
require increased investment to meet evolving customer needs. We
aim to ensure that new digital capabilities do not weaken our resilience
or wider risk management capabilities.
New technologies such as GenAI, large language models, blockchain,
and quantum computing not only offer business opportunities but also
pose potential risks for HSBC. As with the use of all technologies, we
aim to maximise their potential while seeking to ensure a robust control
environment is in place to help manage the inherent risks.
Mitigating actions
–We continue to monitor this emerging risk and advances in
technology, as well as changes in customer behaviours, to
understand how these may impact our business.
–We assess new technologies to help develop appropriate controls
and maintain resilience.
–We closely monitor and assess financial crime risk and the impact
on payment transparency and wider payment infrastructure.
–We conduct risk assessments and have governance in place (for
example on AI and digital assets and currencies) to help enable
Group-wide cross-risk focus on areas of emerging technology.
–We seek to be transparent as to how we are engaging with new
technology innovation, for example publishing HSBC’s Principles for
the Ethical Use of Data and AI.
–We continue to make improvements to our related policies and to
our control framework to enhance the end-to-end management of
risks from new technology innovations.
Evolving regulatory environment risk
We operate across a range of highly regulated markets, designed to
protect customers, ensure the stability of the financial system and
prevent financial crime. Regulatory approvals and permissions are
required to operate in these markets. The approach to regulation is
increasingly fragmented, including in relation to AI and digital assets,
and a trend towards deregulation has emerged in some jurisdictions,
concurrently with regulatory actions to support business growth.
Mitigating actions
–We proactively manage relationships with regulators globally
covering a range of topics which include but are not limited to:
prudential requirements; operational resilience; resolvability; financial
reporting and data; ESG; conduct; sound risk and financial crime risk
management practices. We also engage with financial services
regulators to inform them of changes to the business and to
address their concerns, including meetings with them to discuss
strategic contingency plans, including those arising from geopolitical
issues.
–We monitor and track regulatory developments to understand the
evolving regulatory landscape and implement necessary changes
required by legislation and regulations.
–We engage with governments and regulators directly, and by
responding to formal consultations, to help shape legislation and
regulations to support our customers and strategic objectives.
Internally driven
Data risk
We use multiple systems and an increasing volume of data to support
our customers. Risk arises if data is incorrect, unavailable, misused or
unprotected. Like other banks and financial institutions, we must
comply with external regulatory obligations and laws governing data,
such as the Basel Committee on Banking Supervision’s 239
(‘BCBS239’) principles and the UK/EU General Data Protection
Regulation.
Mitigating actions
–We actively monitor the quality, availability and security of data that
supports our customers and internal processes, seeking to address
any identified issues.
–We continue to make regular improvements to our data policies and
control framework, including trusted sources, data flows and data
quality, to enhance comprehensive management of data risk.
–We seek to protect customer data through our data privacy
processes and controls, which set practices, design principles and
guidelines to help ensure compliance with data privacy laws and
regulations.
–We have established a comprehensive Risk Data Aggregation and
Risk Reporting framework, seeking to ensure compliance with
BCBS239 principles.
–We continue to modernise our data and analytics infrastructure
through investments in cloud technology, data visualisation,
machine learning and AI.
–We provide regular mandatory training globally to educate our
employees on data risk management, seeking to ensure they know
how to process and protect data effectively.
Risks arising from the receipt of services
from third parties
We use third parties to provide a range of goods and services. It is
critical that we seek to have appropriate risk management policies,
processes and practices over the selection, governance and oversight
of third parties and their supply chain, particularly for key activities that
could affect our operational resilience. Any deficiency in the
management of risks associated with our third parties could affect our
ability to support our customers and meet regulatory expectations.
Mitigating actions
We continue to:
–monitor the effectiveness of the controls operated by our third-party
providers and request third-party control reports, where required;   
–develop the management of our intra-group arrangements using
equivalent control requirements as we apply to external third-party
arrangements;
–strengthen our due diligence and monitoring capabilities in respect
of the financial stability of our third parties;
–strengthen third-party risk oversight across all non-financial risks and
to enhance our processes and framework;
–enhance reporting capabilities to help improve the visibility of risk
and enable more robust management of our material third parties by
our business segments, functions and regions; and
–implement changes required by new regulations.
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Top and emerging risks
Model risk
Model risk remains a key area of focus given the regulatory scrutiny in
this area, with local regulatory exams taking place in many jurisdictions
and uplifted requirements from the PRA’s supervisory statement 1/23
(‘SS1/23’) being implemented.
We continued to prioritise the redevelopment of internal ratings-based
(‘IRB’) and internal model methods (‘IMM’) models, in relation to
counterparty credit, as part of the IRB repair and Basel 3.1 and
Fundamental Review of the Trading Book programmes. We have a key
focus on enhancing the quality of data used as model inputs and
ensuring that models adhere to both the letter and spirit of the
regulation. Some models have been approved, and a number are
pending approval decisions from the UK’s Prudential Regulation
Authority (‘PRA’) and other key regulators. We are a year into a major
project to redevelop our Wholesale IRB models which are expected to
be submitted for regulatory approval over the next two years. Should
the agreed timelines not be met, there is a potential risk of
requirements to hold additional capital or fines being applied by
regulators.
Focus remains on AI and machine learning models given the rapid pace
of technological advances, including the development of GenAI and
agentic AI (autonomous systems powered by AI agents). AI is driving
significant changes in modelling techniques, and regulators across the
globe are beginning to publish regulations and guidance.
Mitigating actions
–We are investing in the redevelopment of our IRB models used in
our wholesale businesses to enhance our modelling capability and
help ensure we meet regulatory expectations for the adoption of
Basel 3.1 requirements.
–We further enhanced our Model Risk Management (‘MRM’)
framework to meet the requirements of the PRA’s SS1/23 with a
programme of work in progress to implement these changes across
our model landscape.
–We completed the identification of tools that meet the definition of
Deterministic Quantitative Methods (‘DQMs’), which are complex
and material calculators, and although not technically models, they
present similar risks. We have now commenced a programme for
uplifting the controls for these DQMs.
–We made changes to our Model Risk Governance committees at
the Group, business and functional levels as part of our
organisational simplification, to help ensure they continue to provide
effective and efficient oversight of model risk.
–Model Risk Management works closely with businesses to support
the development of IRB/IMM/IMA/IFRS 9/stress testing models by
providing independent validation, review and challenge to help meet
risk management, pricing, capital management, and credit risk
measurement needs.
–Additional assurance work is performed by the model risk
governance teams, which act as second lines of defence. The
teams test whether controls implemented by model users comply
with model risk policy and if model risk procedures are adequate.
–Models using AI or GenAI techniques are reviewed by the relevant
risk teams and monitored by the business to help ensure that
identified risks have adequate oversight and review. A framework
has been developed to manage the range of risks that are generated
by these advanced techniques and to recognise the multidisciplinary
nature of these risks.
–We have enhanced our inventory control to apply heightened
scrutiny of agentic AI use cases before deployment.
Strategic execution risk
Effective management of strategic execution risk is essential to
delivering our strategy, fulfilling shareholder expectations, and
sustaining stakeholder confidence. To achieve the Group’s strategic
commitments, it is essential to engage in effective financial resource
planning that helps ensure safe and sustainable delivery of strategic
outcomes. Strategic execution risk remains elevated due to the
complexity and scale of ongoing strategic, regulatory and technological
change. It is critical to uphold and enhance strategic execution risk
controls and monitoring.
Mitigating actions
–We have refreshed our Strategic Risk Policy to strengthen control
requirements.
–We have clarified strategic execution risk management
requirements and oversight accountabilities.
–The Group Finance Management Meeting oversees the prioritisation
and funding, strategic alignment, and management of strategic
execution risk for transformative initiatives. Additionally, the HSBC
Holdings Board provides enhanced oversight over the simplification
programme, directly supervising its mobilisation and delivery.
–We have updated our strategic execution risk metrics and reporting
to help support improved monitoring and oversight of performance.
Risks associated with workforce
capability, capacity and environmental
factors with potential impact on growth
Our business segments and functions in all of our markets are exposed
to risks associated with workforce capacity challenges, including
challenges to retain, develop and attract high-performing employees in
key labour markets, the evolving skills requirements of our workforce
and compliance with employment laws and regulations. Failure to
manage these risks may have an impact on the delivery of our strategic
objectives. It could also result in poor customer outcomes or a breach
of employment laws and regulations, which may lead to regulatory
sanctions or legal claims.
Mitigating actions
–We seek to promote an inclusive workforce and provide health and
wellbeing support. We continue to build our speak-up culture
through active campaigns.
–We monitor hiring activities and levels of employee attrition, with
each business and function putting in place plans to help ensure
they have effective workforce forecasting to meet business
demands.
–We monitor people risks that could arise due to the implementation
of organisational restructuring, seeking to ensure that we manage
redundancies sensitively and support impacted employees. We
encourage our people leaders to focus on talent retention at all
levels, with an empathetic mindset and approach, while ensuring
the whole proposition of working at HSBC is well understood.
–Our Future Skills curriculum aims to provide skills that enable
employees and HSBC to be successful in the future.
–We develop succession plans for key management roles, with
oversight from the Group Operating Committee.
–We have introduced ‘How We Lead’, a new Group-wide leadership
framework designed to shape the way we operate. This initiative
brings with it a new set of Leadership Principles, and we expect it to
drive meaningful changes in our ways of working across the
organisation.
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Risk factors
We have identified a suite of risk factors that cover a broad range of
risks to which our businesses are exposed. These risks have the
potential to have a material adverse effect on our business, financial
condition, results of operations, prospects, capital position, strategy,
reputation and/or customers.
They may not necessarily be deemed as top or emerging risks;
however, they inform the ongoing assessment of our top and emerging
risks that may result in our risk appetite being revised. The risk factors
are set out below.
Macroeconomic and geopolitical risk
Economic and market conditions and
geopolitical developments may
adversely affect our financial condition
and results
Our earnings are affected by global and local economic, financial and
geopolitical changes. Uncertain economic conditions and volatile
markets can create a challenging operating environment for our
business operations.
HSBC has experience of financial and operational loss sustained as a
consequence of the economic cycle, financial crises and wars. Our
earnings, operations and operating model have been and could in future
be affected by the following factors:
–The economic cycle: Deteriorating business, consumer or investor
confidence and lower levels of investment and productivity growth,
may lead to economic recession and lower customer and client
activity. Rapid changes to the economic environment can also
create challenging operating conditions for financial institutions such
as HSBC and may affect our earnings and profits. The volatility of
US trade and tariff policies remains a key source of uncertainty.
Changes to tariff rates, including sector-specific levies, may deter
capital investment and consumer spending, disrupt supply chains
and reduce global trade growth. A broader escalation of tariffs, and a
potential trade war remain a risk. Policy uncertainty may also deter
businesses from hiring. During 2025, unemployment rose across
many of our major markets, and there remains a risk of further
increases if layoffs begin to increase more significantly, employment
growth continues to be constrained by uncertainty, or if investment
in artificial intelligence (’AI’) starts to yield productivity gains that
reduce demand for labour. Slowing growth in China over the second
half of 2025 also suggests that additional economic policy support
may be needed to stimulate domestic growth. Weak growth, higher
unemployment and rising costs could affect the earnings and
activity of our customers, which could, in turn, reduce demand for
our products and services.
–Inflation and monetary policy: The future path for interest rates
remains uncertain and changes to interest rate expectations could
affect net interest income, the fair value of our assets and liabilities
and overall financial performance. The combined pressure of tariffs,
persistent inflation and restrictive interest rates could have material
impacts on our customers as these factors could erode real
purchasing power, increase debt service costs and weigh on real
estate and other asset prices. High interest rates may affect the
credit rating of our customers and their ability to repay debt. This
could negatively impact the Group’s risk-weighted assets (’RWAs’)
and capital position, resulting in increases in expected credit losses
and other impairment charges (’ECL’) and potential liquidity stresses
due to, amongst other factors, increased customer drawdowns.
There could be further adverse impacts on the Group’s income if
high rates were to result in lower lending volumes and weaker
wealth and insurance revenue. Alternatively, lowering interest rates,
while stimulating demand for new lending, could reduce revenue
from net interest margins and profitability. Major central banks,
including the US Federal Reserve, the European Central Bank and
the Bank of England (‘BoE‘), eased monetary policy during 2025 as
higher inflation risks were seen to diminish as unemployment rose.
However, that trajectory could be disrupted if wage growth, tariffs
or key commodity prices keep inflation higher for longer.
–Financial stability: Changing economic conditions and shifting policy
create a more uncertain and volatile environment for asset markets.
Financial markets have seen significant gains over 2025, including in
the AI and the technology sectors, supported by the decline in short-
term interest rates. The investment in these sectors may lead to
future gains to productivity, while high equity market valuations may
create a tailwind from positive wealth effects. However, current
high valuations also raise the risk of a material fall in the markets, if
the expected gains to productivity fail to materialise. This could
adversely affect economic growth, which may, in turn, have an
adverse impact on HSBC’s risk profile and earnings by increasing
the financial vulnerability of customers and decreasing the value of
collateral and other claims. The depreciation of the US dollar through
2025 driven by changing interest rates and tariff policy uncertainty,
is also an area of focus due to the associated hedging and
revaluation risks. Elevated volatility is expected to persist,
reflecting concern over fiscal sustainability and an increasingly
complex fiscal and monetary policy environment. Exchange rate
volatility may affect our risk exposure through mark-to-market
changes in trading positions and the translation effects of currency
movements.
–Fiscal policy and high levels of government debt: Debt levels in
many of our major markets have continued to rise due to higher
social welfare costs and increased expenditures on defence and
climate transition. Rising government debt and high interest
payments could adversely affect the fiscal capacity and debt
sustainability of highly indebted sovereign issuers. Emerging
markets with substantial debt and weak fiscal positions may also
face increased repayment costs, heightened refinancing risks and
greater likelihood of sovereign rating downgrades. A fragmented
political landscape in many markets has diminished the political will
for fiscal tightening. These factors could drive higher refinancing
costs and could lead to tax increases that prove negative for growth.
Uncertainty about future taxation could undermine confidence,
business investment and consumer spending, which would be
negative for the Group’s retail and corporate operations in various
markets. Additionally, where HSBC has exposure to such
sovereigns or related parties, it could incur losses. At the same
time, sovereign rating downgrades and/or a disorderly increase in
long-term government funding costs, could increase the cost of
funding for HSBC and/or limit access to market funding, resulting in
an adverse impact on interest margins and liquidity.
–Longer term trends: Strategic competition between countries is
reshaping trading relationships and increasing the focus on long-
term economic and supply chain security, which could adversely
affect the Group and our customers. Diversification in trade
invoicing currencies, payment systems and reserve holdings is also
increasing as a consequence of these trends, raising liquidity and
volatility risks, as well as increasing operational complexity.
Evolving demographics, including population ageing and changing
migration patterns, may also result in changes to long-term savings
and investment behaviours, including reduced demand for bank
borrowing.
–Geopolitical risks: Geopolitical risks remain high. The disruption of
key supply routes caused by geopolitical conflicts has continued to
impact global supply chains. The Russia-Ukraine war and further
conflict or military action, in the Middle East, Venezuela or
elsewhere, could impact economic activity regionally or globally
which, if continued for a prolonged period, could have a material
adverse effect on the Group’s business, financial condition, results
of operations, prospects, liquidity, capital position and credit ratings.
(For further details see ’We are subject to political, social and other
risks in the countries in which we operate’).
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Risk factors
Adverse changes to the current economic, financial and geopolitical
situation including in relation to any of the factors listed above, could
result in:
–Idiosyncratic losses: Impairment estimates attempt to capture the
effects of economic, financial and geopolitical risks in the aggregate,
but credit losses on specific exposures, with idiosyncratic features
that make them particularly susceptible to the risks described
above, may not be fully captured in our impairment estimates;
–Sector-wide impairment: Changing economic conditions, policies
and funding costs may give rise to a deterioration in specific
industries and sectors that may reduce the creditworthiness of our
customers. For example, in mainland China, excess supply
conditions continued to weigh on the property market, despite
various central government policies introduced to support the
property market and wider economy. In contrast, the Hong Kong
real estate market showed some signs of recovery in the second
half of 2025, particularly in the residential segment, supported by
lower interest rates. Nevertheless, valuation pressures and liquidity
constraints are expected to continue in the near term, particularly for
mid-sized and sub-investment grade corporates. In addition, certain
products, sectors and countries may be targeted by material
increases in trade tariffs, potentially driving a slowdown in export
demand;
–Reduced credit demand: The demand for borrowing from
creditworthy customers may diminish during periods of recession or
where economic activity slows or remains subdued;
–A tightening of financial market conditions: Our ability to borrow
from other financial institutions or to engage in funding transactions
may be adversely affected by market disruption; and
–Goodwill and intangibles: A changing economic and geopolitical
outlook may change the recoverable value of assets and necessitate
a write down in the value of intangible balance sheet items such as
goodwill.
Provisioning against credit loss is conducted under the IFRS 9 ‘Financial
Instruments’ (IFRS 9) calculations of ECL, which use forward looking
scenarios that incorporate the economic and financial risks detailed
above. In the fourth quarter of 2025, HSBC’s Central scenario, which
has the highest probability weighting, assumes that GDP growth in
many of our major markets will remain stable, or slow down in 2026,
relative to 2025. Slower growth is assumed to result from the higher
global tariffs and weaker labour market conditions across major
economies. The scenario also assumes that central banks will cut
policy interest rates further over 2026, as inflation is expected to
converge towards official target rates. 
However, forecasts remain uncertain, and changing economic
conditions and the materialisation of key risks could reduce the
accuracy of our Central scenario. There remains uncertainty regarding
the adequacy of our models in capturing credit losses under emerging
risks which are not captured by the historical loss experience of our
models, or to effectively distinguish risks for specific sectors and
portfolios. Our financial model outputs (including retail and wholesale
credit models such as IFRS loss models) continue to be monitored and
management judgemental adjustments are used where modelled ECL
does not fully reflect the identified risks and related uncertainty, or to
capture significant late-breaking events. Nevertheless, our model
outputs may fail to accurately capture the effects of complex economic,
financial and geopolitical risks. See also ’We could incur losses or be
required to hold additional capital as a result of model limitations or
failure‘.
The occurrence of any of these events or circumstances could have a
material adverse effect on our business, financial condition, results of
operations, prospects and customers.
We are subject to political, social and
other risks in the countries in which we
operate
We operate through an international network of subsidiaries and
affiliates across countries and territories around the world. Our global
operations are subject to potentially unfavourable political, social,
environmental and economic developments in such jurisdictions, which
may include:
–coups, armed conflict or acts of terrorism;
–political and/or social instability;
–geopolitical tensions;
–epidemics and pandemics (such as the Covid-19 pandemic);
–climate change, acts of God and natural disasters (such as floods
and hurricanes); and
–infrastructure issues, such as transportation and power failures.
Each of the above could impact RWAs, and the financial losses caused
by any of these risk events or developments could impair asset values
and the creditworthiness of customers.
These risk events or developments may also give rise to disruption to
the Group’s services and some may result in physical damage to our
operations and/or risks to the safety of our personnel and customers.
Geopolitical tensions could have significant ramifications for the Group
and its customers. In particular:
–Throughout 2025, the US government announced far-reaching tariffs
against a broad spectrum of countries, including the UK, China, the
EU, Canada, India, and Mexico. Although subsequent bilateral and
multilateral negotiations have moderated certain tariff rates,
particularly in sectors deemed critical to domestic supply chains,
there is a possibility that these deals are replaced by alternative US
tariffs on different terms, and the overall trade policy environment
remains fluid and unpredictable;
–While globalisation appears to remain deeply embedded in the
international system, it is increasingly challenged by protectionism,
including trade tariffs. The broad geographic footprint and coverage
of HSBC may make us and our customers susceptible to
protectionist measures taken by national governments and
authorities, including imposition of trade tariffs, restrictions on
market access and investment, restrictions on the ability to transact
on a cross-border basis, expropriation, restrictions on international
ownership, interest rate caps, limits on dividend flows and increases
in taxation. There may be uncertainty as to the conflicting nature of
such measures, their duration, the potential for escalation, and their
potential impact on global economies;
–Following the US military operation in Venezuela, further action
elsewhere remains possible. Such developments, including the
actual or threatened use of force, could have regional or global
economic and political implications, leading to further trade
disruption. (For further details, see ’Economic and market conditions
and geopolitical developments may adversely affect our financial
conditions and results’);
–Sanctions and restrictions on trade and investment are continually
evolving in response to geopolitical events and may adversely affect
the Group, its customers and the markets in which the Group
operates. These factors may result in increased legal, regulatory,
reputational and market risks, and a more complex operating
environment;
–The Russia-Ukraine war along with related financial sanctions, trade
restrictions and Russian countermeasures, has had global economic
and political implications. The US, the UK, and the EU, as well as
other countries, have continued to impose sanctions against Russia.
The US retains broad discretion to impose sanctions on non-US
financial institutions that knowingly or unknowingly engage in
transactions or provide services to sanctioned parties or otherwise
involve Russia’s military-industrial base. The imposition of such
sanctions against any non-US HSBC entity could result in significant
adverse commercial, operational, and reputational consequences for
HSBC;
–Strategic competition between the US and China, including in the
form of escalation and de-escalation over tariffs, sanctions, export
controls, the trade of rare earth minerals and semiconductors, and
cross-border investment restrictions, have increased risk and
uncertainty. Diplomatic tensions between China and the US and
related actions, which may extend to and involve other countries,
and developments in Hong Kong and Taiwan and the surrounding
maritime region, may further adversely affect the Group. 
Developments in alternative payment systems, such as projects to
explore how tokenised commercial and central bank money could be
used for cross-border payments, continue with implications for the
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future architecture of global finance. Development of new payments
infrastructure and use of alternative currencies may present operational
and other challenges, if, for example, certain governments mandate the
use of payment channels that do not integrate with our payment
architecture and financial crime controls.
Global tensions over trade and technology are resulting in divergent
regulatory standards and compliance regimes, presenting long-term
strategic challenges for multinational businesses such as HSBC. As the
geopolitical landscape evolves, compliance by multinational
corporations with their legal or regulatory obligations or other initiatives
in one jurisdiction may be seen as supporting the law or policy
objectives of that jurisdiction over another, creating additional legal,
regulatory, reputational and political risks for the Group. The financial
impact on the Group of geopolitical risks in Asia is heightened due to
the region’s relatively high contribution to the Group’s profitability,
particularly in Hong Kong.
While it is the Group’s policy to comply with all applicable laws and
regulations of all jurisdictions in which it operates, geopolitical tensions,
and potential ambiguities in the Group’s compliance obligations,
continue to present challenges and risks for the Group and could have a
material adverse impact on the Group‘s strategy, business, customers,
operations, financial results and reputation.
We are subject to financial and non-
financial risks associated with
Environmental, Social and Governance
(‘ESG‘) related matters, such as climate
change, nature-related and human rights
issues
ESG-related matters such as climate change, society’s impact on
nature and human rights issues bring risks to our business, our
customers and wider society. If we fail to meet evolving regulatory
expectations or requirements relating to these matters, this could have
regulatory compliance and reputational impacts.
Climate change could have both financial and non-financial impacts on
HSBC either directly or indirectly through our business activities and
relationships. Our climate risk approach identifies physical risk and
transition risk as primary drivers of climate risk. We continue to identify
the risk of greenwashing as a thematic risk issue related to climate risk,
which may arise if we knowingly or unknowingly make inaccurate,
unclear, misleading or unsubstantiated claims regarding sustainability to
our stakeholders.
Physical risk may arise from the increased frequency and severity of
extreme weather events, such as hurricanes and floods or chronic
gradual shifts in weather patterns or rises in sea level.
Transition risk may arise from the process of moving to a net zero
economy including changes in government policy and legislation,
technology, market demand and reputational implications triggered by a
change in stakeholder expectations in relation to our action or inaction.
We currently expect the following to be the most likely ways in which
climate risk may materialise for the Group:
–credit risk may increase if climate-related regulatory, legislative or
technological changes impact customers' business models or if
extreme weather events disrupt or interrupt operations, resulting in
financial difficulty for customers and/or stranded assets, or
impacting their ability to repay their debts. Clients may find that their
business models fail to align to a net zero economy or face
disruption to their operations or deterioration to their assets as a
result of extreme weather;
–trading losses if climate change results in changes to
macroeconomic and financial variables which negatively impact our
trading book exposures;
–liquidity impacts in the form of deposit outflows due to changes in
customer behaviours driven by impacts to profitability and wealth, or
from reputational concerns relating to the progress we make
towards our ESG-related ambitions, targets and commitments;
–our real estate portfolios may be impacted due to changes to the
climate, an increase in the frequency and severity of extreme
weather events and chronic gradual shifts in weather patterns,
which could impact both property values and the ability of borrowers
to afford their mortgage payments. This may lead to the reduced
availability or increased cost of insurance, including insurance that
protects property pledged as collateral for HSBC mortgages;
–operational risk may increase if extreme weather events impact
critical operations and premises;
–regulatory compliance risk may result from the increasing pace,
breadth and depth of climate-related regulatory expectations,
including on the management of climate risk, and variations in
climate-related external reporting standards and taxonomies,
requiring implementation in short timeframes across multiple
jurisdictions;
–conduct risk may arise in association with the increasing demand for
’green‘ or ’sustainable‘ products where there are differing and
developing standards or taxonomies;
–reputational risks may arise from how we decide to support our
customers in high-emitting sectors in their transition to net zero, the
preferences of different stakeholders in relation to our approach to
the transition to net zero, and if we make insufficient progress in
achieving our ESG-related ambitions, targets and commitments; and
–model risk may arise from the uncertain and evolving impacts of
climate change, as well as data and methodology limitations, which
present challenges to creating reliable and accurate model outputs.
We may face heightened reputational, regulatory compliance, and legal
risks as we advance towards our ESG-related ambitions, targets and
commitments. Stakeholders are likely to scrutinise our actions,
including the formulation of our ESG and sustainability risk policies, our
disclosures, and our financing and investment decisions in relation to
these ambitions, targets and commitments. Additional risks may arise if
we fail to:
–make sufficient progress towards our ESG-related ambitions,
targets and commitments;
–set adequate plans and execute, or adapt those plans as necessary,
in response to changes in the external environment;
–manage the risks associated both with meeting and not meeting our
ESG-related ambitions, targets and commitments; and
–meet evolving regulatory expectations and requirements on the
management of ESG risks.
We may also face risks related to climate and ESG-related litigation and
regulatory enforcement. This could occur directly if stakeholders
believe we are not effectively managing these risks, or indirectly if our
customers are involved in litigation, which might lead to a revaluation of
their assets.
Requirements, policy objectives, expectations, views or market and
public perceptions and preferences in connection with the transition to
a net zero economy and ESG-related matters may vary by jurisdiction
and stakeholder, particularly in light of the differing perspectives and
responses to climate change of stakeholders in different markets, such
as the UK, the US, the EU and others. We may be subject to potentially
conflicting approaches to ESG matters in certain jurisdictions, which
may impact our ability to conduct certain business within those
jurisdictions or result in additional regulatory compliance, reputational,
political or litigation risks.
For example, our reputation and client relationships may be damaged
as a result of our decision to participate, or not to participate, in certain
projects perceived to be associated with causing or exacerbating
climate change, as well as any decisions we make to continue to
conduct or change our activities in response to considerations relating
to climate change, including the transition to net zero. These risks may
also arise from divergence in the implementation of ESG, climate policy
and financial regulation in the many regions in which we operate,
including initiatives to apply and enforce policy and regulation with
extraterritorial effect.
We recognise the importance of nature-related risks, as well as the
complex interactions and compounding effects of climate and nature-
related risk drivers. Nature related-risks may emerge when
dependencies on natural capital - such as plants, soils and minerals -
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and ecosystem services - such as water availability and air quality - are
affected by key drivers of nature loss, or when there is a lack of
alignment between an organisation’s impact on the natural
environment and actions to protect, restore or reduce negative impacts
on nature. Such risks can affect both HSBC and our customers through
various channels, including macroeconomic, market, credit,
reputational, regulatory compliance, and legal risks.
Businesses are expected to be transparent about their efforts to
identify and respond to the risk of adverse human rights impacts arising
from their business activities and relationships. Failure to manage this
risk may negatively impact people and communities, which in turn may
result in reputational, regulatory compliance and legal risks for HSBC.
Our strategy and business model, including our products, services, and
risk management processes, will need to continue to evolve to align
with evolving regulatory requirements, stakeholder expectations and to
manage ESG-related risks. This may involve adapting the way we
measure and manage both financial and non-financial risks associated
with ESG matters. Achieving our strategy with respect to ESG matters,
including any related ambitions, targets and commitments we may set,
depends on a number of factors beyond the Group’s control, such as
technological advancements and supportive public policies in our
operating markets. If these external factors do not materialise or are
delayed, we may not meet our ESG-related ambitions, targets and
commitments.
We may encounter financial reporting risks concerning our climate and
ESG disclosures due to the limited quality and consistency of available
data. Such uncertainty poses a risk of relying on incomplete or
inaccurate data and models, potentially leading to sub-optimal decision-
making. As methodologies, data, scenarios, and industry standards
evolve with market practices, regulations, or scientific advancements,
our ability to collect and process required data may be challenged,
exposing us to financial reporting risk in relation to our climate and ESG
disclosures. Such developments could also necessitate revisions to our
internal measurement frameworks and reported data, including on
financed emissions, making year-on-year comparisons difficult. This
could result in the Group having to re-evaluate its progress towards its
ESG-related ambitions, targets and commitments in the future,
resulting in reputational, regulatory compliance and legal risks.
If any of the above risks materialise, this could have financial and non-
financial impacts for HSBC which could, in turn, have a material adverse
effect on our business, financial condition, results of operations,
reputation, prospects and strategy.
The UK’s trading relationship with the
EU, following the UK’s withdrawal from
the EU, may adversely affect our
operating model and financial results
The uncertain outcome of potential developments relating to the
financial services trading relationship between the UK and EU, including
the rules under which financial services may be provided on a cross-
border basis into the EU and its member states, remains a source of
risk for the Group.
The EU Capital Requirements Directive (’CRDVI’), which EU member
states are in the process of transposing into national law, introduces  a
new requirement (‘the EU branch requirement’) under which non-EU
banks and significant investment firms would have to establish a
branch in each EU member state in which they carry out ‘core banking
activities’, defined as deposit taking, lending and guarantees, and
commitments. The EU branch requirement, which will be subject to
certain exclusions and exemptions will generally come into effect on 11
January 2027, although precise effective dates vary across EU member
states. Grandfathering of cross border core banking contracts entered
into before 11 July 2026 is provided for under CRDVI, although the
availability of such grandfathering may vary subject to transposition by
EU member states.
The Financial Services and Markets Act (‘FSMA’) 2023 became law in
June 2023 and provides for a number of changes to the regulatory
architecture in the UK. It contains provisions that would allow for
specified ‘onshored’ EU legislation, also known as ‘retained EU law’ or
‘REUL’ (and known as ‘assimilated law’ after 1 January 2024), to be
revoked and replaced by legislation or rules made by HM Treasury or
the regulators. FSMA 2023 allows for the eventual repeal of assimilated
law related to financial services and enables the government and
regulators to replace it in line with the FSMA model. Each piece of
assimilated law related to financial services is now within a ‘transitional
period’, lasting until its repeal is individually commenced by HM
Treasury in a phased and sequenced manner. Furthermore, as of 1
January 2024, certain legal effects previously associated with REUL
(now referred to as assimilated law) no longer apply, including the
supremacy of REUL over other types of conflicting domestic UK law,
general principles of EU law (which informed REUL’s interpretation and
application) and directly effective EU rights.
Uncertainty remains as to the extent to which EU and UK laws will
diverge in the future, as a result of the future repeal of assimilated law
under FSMA 2023 or further development of the EU‘s own regulatory
regime. In particular, the UK is in the process of revoking the remainder
of the assimilated version of the Capital Requirements Regulation and
replacing it with rules published and maintained by the Prudential
Regulation Authority (’PRA’), which will also reflect the UK’s
implementation of the Basel Committee on Banking Supervision‘s
(’BCBS’) final reforms to the prudential framework (’Basel 3.1’).
Any changes to the current EU and UK banking and financial services 
rules, including as a result of the EU branch requirement, the UK’s
revocation and replacement of EU-derived laws, the UK and EU
implementation of Basel 3.1 reforms and any further divergences
between the two legal regimes, could require modifications to our UK
and EU operating models, with resulting impacts to our customers and
employees. The precise impacts on our customers will depend on the
nature of any developments and their individual circumstances and
could include disruption to the provision of products and services, and
this could in turn increase operational complexity and/or costs for the
Group.
More generally, over the medium to long term, the UK’s withdrawal
from the EU and the operation of the Trade and Cooperation
Agreement agreed between the EU and the UK (and any complexities
that may result therefrom), may lead to increased market volatility and
economic risk, particularly in the UK, which could adversely impact our
profitability and prospects for growth in this market.
In addition, the UK’s future trading relationship with the EU and the rest
of the world will likely take a number of years to fully stabilise. This may
result in a prolonged period of uncertainty, unstable economic
conditions and market volatility. This could include reduced international
trade flows and loss of export market shares, as well as currency
fluctuations. If any of the above risks materialise, this could have a
material adverse effect on our business, financial condition, results of
operations, reputation, prospects and strategy.
We operate in markets that are highly
competitive
We compete with other financial institutions in a highly competitive
industry that continues to undergo significant change as a result of
financial regulatory reform, as well as increased public scrutiny and a
continued challenging macroeconomic environment.
We target internationally mobile customers who need sophisticated
global financial solutions. We generally compete on the basis of the
quality of our customer service, the variety of products and services
that we can offer our customers, the ability of our products and
services to satisfy our customers’ needs, the extensive distribution
channels available for our customers, our innovation, and our
reputation. Continued and/or increased competition in any one or all of
these areas may negatively affect our market share and/or require
increased capital investment in our businesses in order to remain
competitive.
In the highly competitive markets in which we operate, our ability to
reposition or reprice our products and services from time to time may
be limited, and could be influenced significantly by the actions of our
customers or competitors. Any changes in the types of products and
services that we offer our customers, and/or the pricing for those
products and services, could result in a loss of customers and market
share.
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Developments in technology and changes to regulations are enabling
new entrants to the industry. This challenges HSBC to continue
innovating and taking advantage of new digital capabilities so that we
improve how we serve our customers, drive efficiency and adapt our
products to attract and retain customers. As a result, we may need to
increase our investment in our business to adapt or develop products
and services to respond to evolving customer needs and regulatory
requirements. New digital capabilities have the potential to weaken our
resilience or wider risk management capabilities. If HSBC fails to
develop and adapt its products and services to take advantage of new
digital capabilities this could have an adverse impact on our business.
The digitisation of financial services continues to have an impact on the
payment services ecosystem, including new market entrants and
payment mechanisms, not all of which are subject to the same level of
regulatory scrutiny or regulations as financial institutions. This presents
ongoing challenges in terms of maintaining required levels of payment
transparency, notably where financial institutions serve as
intermediaries. Developments around digital assets and currencies
have continued at pace, with an increasing regulatory and enforcement
focus.
Any of these factors could have a material adverse effect on our
business, financial condition, results of operations, prospects and
reputation.
Changes in foreign currency exchange
rates may affect our results
We prepare our accounts in US dollars because the US dollar and
currencies linked to it form the major currency bloc in which we
transact and fund our business. However, a substantial portion of our
assets, liabilities, assets under management, revenues and expenses
are denominated in other currencies. Changes in foreign exchange
rates, including those that may result from a currency becoming de-
pegged from the US dollar, may have an effect on our accounting
standards, reported income, cash flows and shareholders’ equity.
Unfavourable changes in foreign exchange rates could have a material
adverse effect on our business, financial condition, results of
operations, capital position and prospects.
Market fluctuations may reduce our
income or the value of our portfolios
Our businesses are inherently subject to risks in financial markets and
in the wider economy, including changes in, and increased volatility of,
interest rates, inflation rates, credit spreads, foreign exchange rates,
commodity, equity, bond and property prices, and the risk that our
customers act in a manner inconsistent with our business, pricing and
hedging assumptions.
Market pricing can be volatile and ongoing market movements could
significantly affect us in a number of key areas. For example, banking
and trading activities are subject to interest rate risk, foreign exchange
risk, inflation risk and credit spread risk. Changes in interest rate levels,
interbank spreads over official rates and yield curves affect the interest
rate spread realised between lending and borrowing costs. The
potential for future volatility and margin changes remains. See
‘Economic and market conditions and geopolitical developments may
adversely affect our financial condition and results‘ above regarding the
impact of these on the interest rate environment. Competitive
pressures on fixed rates or product terms in existing loans and
deposits sometimes restrict our ability to change interest rates applying
to customers in response to changes in official and wholesale market
rates. Our pension scheme assets include equity and debt securities,
the cash flows of which change as equity prices and interest rates vary.
Our insurance businesses are exposed to the risk that market
fluctuations may cause mismatches to occur between product liabilities
and the investment assets that back them. Market risks can affect our
insurance products in a number of ways depending upon the product
and the associated contract. For example, mismatches between assets
and liability yields and maturities give rise to interest rate risk. Some of
these risks are borne directly by the customer and some are borne by
the insurance businesses, with their excess capital invested in the
markets. Some insurance contracts involve guarantees and options that
increase in value in adverse investment markets. There is a risk that the
insurance businesses could bear some of the cost of such guarantees
and options. The performance of the investment markets could thus
have a direct effect upon the value embedded in the insurance and
investment contracts and our operating results, financial condition and
prospects.
It is difficult to predict with any degree of accuracy changes in market
conditions, and such changes could have a material adverse effect on
our business, financial condition, results of operations, capital position
and prospects.
Liquidity, or ready access to funds, is
essential to our businesses
Our ability to borrow on a secured or unsecured basis, and the cost of
doing so, can be affected by increases in interest rates or credit
spreads, the availability of credit, regulatory requirements relating to
liquidity or the market perceptions of risk relating to the Group or the
banking sector, including our perceived or actual creditworthiness.
Current accounts and savings deposits payable on demand or at short
notice form a significant part of our funding, and we place considerable
importance on maintaining their stability. For deposits, stability depends
upon preserving investor confidence in our capital strength and liquidity,
and on comparable and transparent pricing.
We also access wholesale markets in order to provide funding for
entities that do not accept deposits, to align asset and liability
maturities and currencies, and to maintain a presence in local markets.
In 2025, we issued the equivalent of $28.1bn of senior debt securities
in the public capital markets in a range of currencies and maturities
from a number of Group entities, including $25.7bn of senior securities
issued by HSBC Holdings.
An inability to obtain financing in the unsecured long-term or short-term
debt capital markets, or to access the secured lending markets, could
have a material adverse effect on our liquidity.
Unfavourable macroeconomic developments, market disruptions or
regulatory developments may increase our funding costs or challenge
our ability to raise funds to support or expand our businesses.
If we are unable to raise funds through deposits and/or in the capital
markets, our liquidity position could be adversely affected, and we
might be unable to meet deposit withdrawals on demand or at their
contractual maturity, to repay borrowings as they mature, to meet our
obligations under committed financing facilities and insurance contracts
or to fund new loans, investments and businesses.
We may need to liquidate unencumbered assets to meet our liabilities.
In a time of reduced liquidity, we may be unable to sell some of our
assets, or we may need to sell assets at reduced prices, which in either
case could materially adversely affect our business, financial condition,
results of operations, capital position and prospects.
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Macro-prudential, regulatory and
legal risks to our business model
We are subject to numerous new and
existing legislative and regulatory
requirements, and to the risk of failure to
comply with applicable regulations
Our businesses are subject to ongoing regulation, policies, voluntary
codes of practice and interpretations in the various markets in which
we operate. A number of regulatory changes affecting our business
have effects beyond the country in which they are enacted. Increased
fragmentation in regulatory requirements may limit our ability to
implement globally consistent standards in response to regulatory
change.
The areas where regulatory changes and increased supervisory
expectations could have a material adverse effect on our business,
financial condition, results of operations, prospects, capital position,
reputation and strategy include, but are not limited to, those listed
below, grouped around prudential and non-prudential themes.
Prudential and related issues
In recent years, regulators and governments have focused on
reforming both the prudential regulation of the financial services
industry and the ways in which the business of financial services is
conducted. The measures taken include enhanced capital, liquidity and
funding requirements, the separation or prohibition of certain activities
by banks, changes in the operation of capital markets activities, the
introduction of tax levies and transaction taxes and changes in
compensation practices. Specific examples of such measures and
initiatives include:
–the implementation of Basel 3.1, which includes changes to the
RWA approaches to credit risk, market risk, operational risk,
counterparty risk and credit valuation adjustments, and the
application of an RWA output floor. The majority of the rules in the
new framework will take effect from 1 January 2027, while the
Internal Model Approach for market risk rules has been delayed until
1 January 2028;
–the UK government‘s Financial Services Growth and
Competitiveness Strategy, which was published in July 2025 and
which re-iterated proposals to reform the UK capital framework for
banks, including reforms to the UK’s bank ring fencing regime.
Finally, the BoE’s Financial Policy Committee (‘FPC’) was asked to
undertake a review of capital levels for banks in the UK. While the
FPC published the initial findings of its review in December 2025,
there remain a number of areas subject to further review, including
the capital buffers, the leverage ratio and the application of the RWA
output floor to the ring-fenced bank;
–enhanced supervisory expectations regarding regulatory reporting,
including increased focus on data integrity, governance, and
controls. To seek to address these expectations, we have been
advancing a programme aimed at strengthening our global
regulatory reporting processes and making them more sustainable,
including enhancing data, consistency and controls and, while this
programme continues, there may be further impacts on some of our
regulatory ratios, such as the common equity tier 1 (‘CET1’) ratio,
the liquidity coverage ratio (‘LCR’), and the net stable funding ratio
(‘NSFR’);
–the financial effects of climate risk and other ESG-related changes
being incorporated within the global prudential framework, including
physical risks from climate change and the transition risks resulting
from a shift to a low carbon economy;
–heightened supervisory concern regarding the growth of private
markets and their interconnection with banks, as demonstrated by
the BoE’s launch of a system-wide exploratory scenario in 2026 and
the PRA’s ‘Dear Chief Risk Officer’ letter on private equity related
financing activities from the PRA in 2024; and
–BCBS’s review of the cryptoassets RWA standard, following delays
in implementation reported by various jurisdictions, which attribute
the postponements to technological advancements in the
cryptoassets sector that have made parts of the Basel standards
outdated.
Non-prudential and related issues
With regard to the non-financial risk agenda, there is a focus on
business practices (including customers and markets), operational and
cyber resilience, AI, digital and technology changes, ESG, payments
and financial crime, including:
–continued focus by regulators, international bodies and policymakers
on banks’ business practices. This includes ensuring fair outcomes
for customers, fostering effective competition and maintaining the
orderly and transparent functioning of global financial markets. We
also continue to focus on employee culture and behaviour,
whistleblowing, and inclusion;
–the EU’s CRDVI Article 21c amendment requiring non-EU entities to
provide core banking services to EU clients through an EU branch or
subsidiary;
–the high regulatory expectations and requirements relating to
various aspects of operational and cyber resilience, and third-party
risks, including an ongoing focus on the response of institutions to
operational disruptions, including those arising out of the application
of the EU’s Digital Operational Resilience Act (‘DORA’), which came
into effect in January 2025;
–regulatory expectations and requirements around the use of AI,
including in connection with, the implementation of the EU’s AI Act
and the US’s AI Action Plan;
–the supervisory and regulatory focus on technology adoption and
digital delivery, underpinned by consumer protection, including in
respect of the use of digital assets and currencies and wider
financial technology risks. For example, the UK FCA and PRA
launched consultations in 2025 relating to stablecoin issuance,
custody of cryptoassets, associated requirements and the regulation
of systemic stablecoins. In the US, the Stablecoin (GENIUS) Act
was signed into law in July 2025. In Hong Kong, the HKMA
Stablecoin Ordinance came into effect in August 2025;
–the ongoing transition of a small number of legacy contracts tied to
benchmark rates that have been demised, which continues to
expose HSBC to regulatory compliance, legal and conduct risks. In
particular, if HSBC does not successfully transition its remaining
legacy contracts to the appropriate replacement benchmarks, this
could lead to reliance on fallback provisions which do not
contemplate the permanent cessation of the relevant demised
benchmark rate or on recently implemented legislative solutions the
operation and enforceability of which may, in certain circumstances,
remain uncertain, and this could result in unfavourable outcomes for
clients and investors;
–compliance with existing and future ESG-related risk management
and disclosure requirements applicable to banks and businesses
more generally, particularly those relating to climate change,
transition plans, greenwashing and supply chain due diligence (such
as requirements under the UK’s Sustainability Disclosure
Requirements, proposed amendments to the EU’s Sustainable
Finance Disclosure Regulation (‘SFDR’) and proposed changes to
the Corporate Sustainability Reporting Directive (‘CSRD’) and the
Corporate Sustainability Due Diligence Directive (‘CSDDD’) in the
EU). The US Agencies (the Federal Reserve Board, the Federal
Deposit Insurance Corporation, the Office of the Comptroller of the
Currency) have rescinded the interagency Principles for Climate-
Related Financial Risk Management for Large Financial Institutions
published in 2023, although various individual US states have issued
their own requirements, such as California's climate disclosure
rules;
–continuing supervisory and regulatory change globally on payment
services and related infrastructure, including future changes in the
EU as a result of the EU’s Third Payment Services Directive (‘PSD3’)
and an accompanying Payment Services Regulation, which are
expected to come into force in 2026; and
–the ongoing expectations with respect to managing emerging
financial crime risks and their impact on customers, managing
conflicting laws and approaches to legal and regulatory regimes, and
implementing complex sanctions and restrictions on trade and
investment.
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We are subject to the risk of current and
future legal, regulatory or administrative
actions and investigations, the outcomes
of which are inherently difficult to
predict
We face significant risks in our business relating to legal, regulatory or
administrative actions and investigations. The amounts of damages
claimed in litigation, regulatory proceedings, investigations,
administrative actions and other adversarial proceedings against
financial institutions remain elevated for many reasons. These reasons
include a substantial increase in the number of regulatory changes
taking place globally, increasing focus from regulators, investors and
other stakeholders on ESG disclosures, including in relation to the
measurement and reporting of such matters as both local and
international standards in this area continue to significantly evolve and
develop, increased media attention, higher expectations from
regulators and the public, and the globalisation of class actions,
including in relation to competition matters and data breach litigation. In
addition, criminal prosecutions of, and civil proceedings involving,
financial institutions for, among other things, alleged conduct breaches,
breaches of anti-money laundering, anti-bribery and anti-corruption and
sanctions regulations, antitrust violations, market manipulation, aiding
and abetting tax evasion, and providing unlicensed cross-border banking
services, have become more commonplace and may increase in
frequency due to increased media attention and higher expectations
from regulators and the public.
Any such legal, regulatory or administrative action or investigation
against HSBC Holdings or one or more of our subsidiaries could result
in, among other things, substantial fines, civil penalties, criminal
penalties, cease and desist orders, forfeitures, the suspension or
revocation of key licences, requirements to exit certain businesses,
other disciplinary actions and/or withdrawal of funding from depositors
and other stakeholders. Any threatened or actual litigation, regulatory
proceeding, administrative action, investigation, or other adversarial
proceedings against HSBC Holdings or one or more of our subsidiaries
could have a material adverse effect on our business, financial
condition, results of operations, prospects and reputation. Additionally,
the Group’s financial statements reflect provisioning for legal
proceedings, regulatory and customer remediation matters. Provisions
for legal proceedings, regulatory and customer remediation matters,
typically require a higher degree of judgement than other types of
provisions, and the actual costs resulting from such proceedings and
matters may exceed existing provisioning.
Additionally, as described in Note 35 to the Financial Statements, we
continue to be subject to a number of material legal proceedings,
regulatory actions and investigations, the outcomes of which are
inherently difficult to predict, particularly those cases in which the
matters are brought on behalf of various classes of claimants, seek
damages of unspecified or indeterminate amounts or involve novel
legal claims. Moreover, we may face additional legal proceedings,
investigations, or regulatory actions in the future, including in other
jurisdictions and/or with respect to matters similar to, or broader than,
the existing legal proceedings, investigations or regulatory actions. An
unfavourable result in one or more of these proceedings could have a
material adverse effect on our business, financial condition, results of
operations, prospects and reputation.
We may fail to meet the requirements of
regulatory stress tests
We are subject to supervisory stress tests in many jurisdictions, which
are described on page 190. These exercises are designed to assess the
resilience of banks to potential adverse economic developments or
operational failure to inform mitigation actions and ensure that they
have robust, forward looking capital planning processes that account for
the risks associated with their business profile. Assessment by
supervisors is both on a quantitative and qualitative basis, the latter
focusing on our data provision, stress testing capability and internal
management processes and controls.
Failure to meet quantitative or qualitative requirements of regulatory
stress tests, or the failure by supervisors to approve our stress test
results and capital plans, could result in the Group being required to
enhance its capital position, and this could, in turn, have a material
adverse effect on our business, financial returns, capital position,
operational capabilities and reputation.
HSBC and its UK subsidiaries may
become subject to stabilisation
provisions under the UK Banking Act
2009, in certain significant stress
situations
Under the Special Resolution Regime set out in the UK Banking Act
2009 (the ‘SRR’), HM Treasury, the BoE, the PRA and the FCA
(together, the ‘Authorities’) are granted substantial powers to
implement the following stabilisation options: (i) transfer of all or part of
the business of a relevant entity or the shares of the relevant entity to a
private sector purchaser; (ii) transfer of all or part of the business of the
relevant entity to a ‘bridge bank’ wholly owned by the BoE temporarily,
to allow for preparation for an onward sale to a private sector purchaser
or an initial public offering; (iii) transfer of part of the assets, rights or
liabilities of the relevant entity to one or more asset management
vehicles for management of the transferor’s assets, rights or liabilities;
(iv) the write-down, conversion, transfer, modification, or suspension of
the relevant entity’s equity, capital instruments and liabilities (the so-
called ‘bail-in power’); and (v) temporary public ownership of the
relevant entity.
The SRR also provides for modified insolvency and administration
procedures for relevant entities, and confers ancillary powers on the
Authorities, including the power to modify or override certain
contractual arrangements in certain circumstances. The UK Banking Act
2009 gives power to HM Treasury to make further amendments to the
law for the purpose of enabling it to use the SRR powers effectively,
potentially with retrospective effect.
These stabilisation options and powers may also be applied to a UK
bank or investment firm or to certain of their affiliates (which, in respect
of HSBC, could include HSBC Holdings) where certain conditions are
met.
In view of the HSBC Group’s corporate structure, which comprises a
group of locally regulated operating banks, the preferred resolution
strategy for the HSBC Group, as confirmed by its lead home and host
regulators through the annual Crisis Management Group, is Multiple
Point of Entry bail-in strategy. This approach provides flexibility for
HSBC to be resolved either (i) through a bail-in at the HSBC Holdings
level (using the above-mentioned bail-in power), which enables the
recapitalisation of operating bank subsidiaries in the HSBC Group (as
required) while restructuring actions are undertaken, with the HSBC
Group remaining together; or (ii) at a local subsidiary level pursuant to
the application of statutory resolution powers by local resolution
authorities. Further details on HSBC’s resolution strategy can be found
in the section entitled ‘Recovery and resolution’ on page 20.
In addition to the stabilisation options, the relevant Authority may, in
certain circumstances, require the permanent write-down or conversion
into equity of any outstanding tier 1 capital instruments and tier 2
capital instruments prior to the exercise of any stabilisation option
(including the bail-in power), which may lead to the cancellation,
transfer or dilution of HSBC Holdings’ ordinary share capital.
In general, the UK Banking Act 2009 requires the Authorities to have
regard to specified objectives in exercising the powers provided for by
the Act. One of the objectives (which is required to be balanced as
appropriate with the other specified objectives) refers to the protection
and enhancement of the stability of the financial system of the UK. The
UK Banking Act 2009 includes, in certain circumstances, and with
respect to the exercise of certain powers provided for by the Act,
provisions related to compensation in respect of transfer instruments
and orders made under it. This includes a ‘no creditor worse off’
safeguard, which requires that no shareholder or creditor must be left
worse off from the use of resolution powers than they would have
been had the entity entered insolvency rather than resolution. 
However, if we are at or approaching the point where we may be
deemed by our regulators to be failing, or likely to fail, so as to require
regulatory intervention, any exercise of the above mentioned powers
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Risk factors
by the Authorities may result in holders of our ordinary shares, or other
instruments that may fall within the scope of the ‘bail in’ or other write-
down and conversion powers granted under the UK Banking Act 2009,
being materially adversely affected, including by the cancellation of
shares, the write-down or conversion into shares of other instruments,
the transfer of shares to a third party appointed by the BoE, the loss of
rights associated with shares or other instruments (including rights to
dividends or interest payments), the dilution of their percentage
ownership of our share capital, and any corresponding material adverse
effect on the market price of our ordinary shares and other instruments.
We are subject to tax-related risks in the
countries in which we operate
We are subject to the substance and interpretation of tax laws in all
countries in which we operate and are subject to routine review and
audit by tax authorities in relation thereto. Our interpretation or
application of these tax laws may differ from those of the relevant tax
authorities and we provide for potential tax liabilities that may arise on
the basis of the amounts expected to be paid to the tax authorities. The
amounts ultimately paid may differ materially from the amounts
provided depending on the ultimate resolution of such matters. 
In addition, potential changes to tax legislation, the approach taken by
tax authorities in audits, and tax rates in the countries and territories in
which we operate, in particular, those arising as a consequence of the
OECD‘s Base Erosion and Profit Shifting project, could increase our
effective tax rate in the future and have a material adverse effect on our
business, financial condition, results of operations, prospects and
capital position.
Risks related to our operations
Our operations are highly dependent on
our information technology systems
We operate in an extensive and complex technology landscape, which
must remain resilient to support customers, the Group and markets
globally. Risks can arise where technology is not understood,
maintained, or developed appropriately.
The reliability and security of the HSBC Group’s information technology
infrastructure is crucial to the HSBC Group’s provision of financial
services to our customers and protecting the HSBC brand.
The effective functioning of our payment systems, financial control, risk
management, credit analysis and reporting, accounting, customer
service and other information technology systems, as well as the
communication networks between our branches and main data
processing centres, are important to our operations.
Critical system failure, prolonged service unavailability or a material
breach of data security, particularly of customer data, could
compromise HSBC Group’s ability to serve its customers. Rapid
advances in AI may further facilitate cyber-attacks or data compromise.
Such scenarios could breach regulations and could cause long-term
damage to HSBC Group’s business and brand that could have a
material adverse effect on our financial condition, results of operations,
prospects and reputation.
We remain susceptible to a wide range
of cyber risks
The threat of cyber-attacks remains a concern for HSBC, as it does
across the global financial sector. As cyber-attacks continue to evolve,
failure to protect our operations may result in disruption for customers,
manipulation of data or financial loss. This could adversely impact our
customers and the Group.
Adversaries attempt to achieve their objectives by compromising HSBC
or our third-party suppliers. They use techniques that include malware
(such as ransomware), exploitation of both known and unpublished
(zero-day) software vulnerabilities, phishing emails, distributed denial of
service attacks, as well as physical compromise of premises, or
coercion of staff. Our customers may also be subject to these attack
techniques. The Group, like other financial institutions, has experienced
numerous common cyber-attacks, including for example, distributed
denial of service and phishing attacks. Some of our third-party service
providers have also experienced cyber-attacks. To date, we have not
been materially affected by cybersecurity threats. However, we expect
cyber-attacks to continue, and our business strategy, results of
operations and financial condition could be materially affected by
cybersecurity risks and any future material incidents.
Cybersecurity risks will continue to increase due to several factors,
including the growing delivery of services over the internet; increased
dependence on internet-based products, applications and data storage;
and the expanding use of AI, which could enable sophisticated cyber-
attacks. Additionally, the adoption of hybrid working models by HSBC’s
employees, contractors, and third-party service providers and their sub-
contractors contributes to this trend.
Failure to adhere to HSBC’s cybersecurity policies, procedures or
controls, employee or third-party wrongdoing, human error, or
governance or technological error could compromise HSBC’s ability to
defend against cyber-attacks. Should any of these cybersecurity risks
materialise, they could have a material adverse effect on our
customers, business, financial condition, results of operations,
prospects and reputation.
We could incur losses or be required to
hold additional capital as a result of
model limitations or failure
HSBC uses models for a range of purposes in managing its business,
including regulatory capital calculations, stress testing, credit approvals,
calculation of ECLs on an IFRS 9 basis, financial crime and fraud risk
management and financial reporting.
HSBC could face adverse consequences as a result of decisions that
may lead to actions by management based on models that are poorly
developed, implemented or used, or as a result of the modelled
outcome being misunderstood, or the use of modelled information for
purposes which it was not designed for, or by inherent limitations
arising from the uncertainty inherent in predicting or estimating future
outcomes. Regulatory scrutiny and supervisory concerns over banks’
use of models are considerable, particularly the internal models and
assumptions used by banks in the calculation of regulatory capital. If
regulatory approval for key capital models is not achieved in a timely
manner or if those models are subject to negative feedback from
regulators HSBC could face fines or be required to hold additional
capital. Evolving regulatory requirements have resulted in changes to
HSBC’s approach to model risk management, which poses execution
challenges. The adoption of more sophisticated modelling approaches
including AI and technology related developments by both HSBC and
the financial services industry could also lead to increased model risk.
HSBC’s commitment to changes to business activities due to climate
and sustainability challenges will also have an impact on model risk
going forward. Models will play an important role in risk management
and financial reporting of climate-related risks. Uncertainty around the
long-dated impacts of climate change and lack of robust and high-
quality climate related data present challenges to creating reliable and
accurate model outputs for these models.
Model risk remains a key area of focus given the regulatory scrutiny in
this area with local regulatory examinations taking place in many
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jurisdictions and revised principles on model risk published by the PRA
which came into force in 2024.
Risks arising from the use of models could have a material adverse
effect on our business, financial condition, results of operations,
prospects, capital position and reputation. See also ‘Economic and
market conditions and geopolitical developments may adversely affect
our financial condition and results’.
Our operations use third-party suppliers
and service providers
HSBC relies on third parties to provide goods and services. The use of
third-party providers by financial institutions is of particular focus to
global regulators. This includes how outsourcing decisions are made,
how key relationships are managed, our understanding of third-party
dependencies, and the potential impacts of third parties on our
operational resilience.
The inadequate management of third-party risk could impact our ability
to meet strategic, regulatory and customer expectations.
This may lead to a range of impacts, including regulatory censure,
penalties or damage both to shareholder value and to our reputation.
This could have a material adverse effect on our business, financial
condition, results of operations, prospects, capital position and
reputation.
Risks related to our governance and
internal controls
Our data management and data privacy
controls must be sufficiently robust to
support the increasing data volumes and
evolving regulations
As the HSBC Group becomes more data-driven and our business
processes move to digital channels, the volume of data that we rely on
has increased. As a result, management of data (including data storage
and deletion, data quality, data privacy and data architecture) from
creation to destruction must be robust and designed to identify quality
and availability issues. Inadequate data management could result in
negative impacts to customer service, business processes, or require
manual intervention to reduce the risk of errors in reporting to senior
management, executives or regulators.
Expanding data privacy, national security and cybersecurity laws in a
number of markets could pose potential challenges to intra-group data
sharing. These developments could increase financial institutions’
compliance obligations in respect of cross-border transfers of personal
information, which may affect our ability to manage financial crime risks
across markets.
In addition, failure to comply with data privacy laws and other legislation
in the jurisdictions in which we operate may result in regulatory
sanctions. Any of these failures could have a material adverse effect on
our business, financial condition, results of operations, prospects, and
reputation.
Third parties may use us as a conduit for
illegal activities without our knowledge
We are required to comply with applicable financial crime laws and
regulations, and have adopted various policies, procedures and controls
aimed at preventing the exploitation of HSBC‘s products and services
for criminal activity. Financial crime includes fraud, bribery and
corruption, tax evasion and the facilitation of tax evasion, sanctions and
export control violations and evasion, money laundering, terrorist
financing and proliferation financing (see ‘Regulation and supervision -
Financial crime regulation’). There are instances, as permitted by
regulation, where we may rely upon third parties to undertake certain
financial crime risk management activities on our behalf. Any controls
implemented and maintained by HSBC to manage the risk created by
such reliance may not prevent third parties from using us (and our
relevant counterparties) as a conduit for financial crime, without our
knowledge (and that of those counterparties).
Becoming a party to, associated with, or accused of being associated
with, financial crime could damage our reputation and could make us
subject to fines, sanctions and / or legal or regulatory enforcement. Any
one of these outcomes could have a material adverse effect on our
strategy, business, customers, financial condition, results of operations,
prospects and reputation.
We are subject to the risk of financial
crime
We are exposed to financial crime risk from our customers, staff and
third parties engaging in criminal activity (see also ‘Third parties may
use us as a conduit for illegal activities without our knowledge’) and, as
such, we continue facing increasing regulatory expectations. In 2025,
financial crime risk continued to be exacerbated by increasingly
complex geopolitical challenges, the macroeconomic outlook, the
complex and dynamic nature of sanctions and export control
compliance, evolving financial crime regulations, rapid technological
developments, an increasing number of national data privacy
requirements and the increasing sophistication of fraud and other
criminal activities. Our ability to manage financial crime risk is
dependent on the use and effectiveness of our financial crime risk
assessments, systems and controls. Weak or ineffective financial crime
processes and controls may risk HSBC inadvertently facilitating financial
crime, which may result in regulatory investigation, sanction, litigation,
fines and reputational damage.
In addition, HSBC Bank USA, as the primary US dollar correspondent
bank for the Group, is subject to heightened financial crime risk arising
from business conducted on behalf of its non-US HSBC affiliates.
HSBC Bank USA has implemented policies, procedures and controls
reasonably designed to comply with financial crime legal and regulatory
requirements and mitigate financial crime risk from its affiliates.
Nevertheless, in the event that these controls are ineffective, this could
lead to a breach of these requirements resulting in a potential
enforcement action by the US Department of the Treasury or other US
agencies that may include substantial fines or penalties. Any such
action against HSBC Bank USA could have a material adverse effect on
our strategy, business, customers, financial condition, results of
operations, prospects and reputation.
We may suffer losses due to employee
misconduct
Our businesses are exposed to risk from potential non-compliance with
Group policies, including the HSBC Values, and associated behaviours
and employee misconduct such as fraud, negligence or non-financial
misconduct. These issues could lead to regulatory penalties and
damage to our reputation or finances. In recent years, several global
financial institutions have incurred significant losses due to rogue
employee actions. While we strive to prevent and detect such
misconduct, our measures may not always be effective, or a regulator
could find HSBC‘s efforts to deter such activities inadequate.
The risk of misconduct may be heightened if our prevent-and-detect
measures are less effective, particularly in remote and home working
environments.
If any of these risks materialise, this could have a material adverse
effect on our business, financial condition, results of operations,
prospects and reputation.
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Risk factors
The delivery of our strategic actions is
subject to execution risk and we may not
achieve all of the expected benefits of
our strategic initiatives
Management of strategic execution risk is required for us to be able to
deliver our strategy, meet shareholder expectations and maintain
stakeholder confidence.
Executing our strategy and meeting our targets necessitates effective
prioritisation, planning, and management. This process may be
influenced by operational capacity, the efficacy of key controls, and
structural challenges arising from any mergers or acquisitions.
Additionally, there is a possibility of unforeseen changes in the market
or regulatory environment in which we operate, while complex
technological changes are underway. The global economic outlook
remains uncertain, particularly concerning legislative changes and
geopolitical tensions. The scale, complexity, and concurrent demands
of such transformation initiatives can result in heightened execution
risk.
Our strategic actions seek to align with investor expectations, yet they
carry increased execution risk due to the emphasis on cost
management and funding capacity. Consequently, there is a risk that
our cost and investment measures may not fully realise the anticipated
benefits of our strategic initiatives.
The development and implementation of our strategy requires difficult
and complex judgements, including forecasts of economic conditions in
various parts of the world. We may fail to correctly identify the relevant
factors in making decisions as to capital deployment and cost
reduction. We may also encounter unpredictable changes in the
external environment that are disadvantageous to our strategy.
There is a risk that the Group’s reorganisation announced in 2024 may
not achieve some or all of its goals and may fail to deliver or achieve
the expected benefits of the Group’s strategic initiatives.
If any of these risks materialise, this could have a material adverse
effect on our customers, business, financial condition, prospects,
operational resilience and reputation.
Our risk management measures may not
be successful
The management of risk is a fundamental component of all our
activities, as outlined in our Risk Management Framework (‘RMF’). Risk
represents our exposure to uncertainty and the potential variability in
outcomes. Specifically, risk encompasses the negative impact on
profitability or financial condition due to various sources of uncertainty,
including retail and wholesale credit risk, treasury risk, traded risk,
financial reporting and tax risk, resilience risk, strategic risk, legal risk,
regulatory compliance risk, financial crime risk, people risk and model
risk.
We employ a comprehensive and diversified set of risk monitoring and
mitigation techniques, supported by the Three Lines of Defence model,
which defines clear accountabilities across risk ownership, oversight,
and independent assurance. However, these methods and the
judgements involved cannot foresee every adverse event or the
specifics and timing of every outcome. Inadequate risk management
could have a material adverse effect on our business, financial
condition, results of operations, prospects, capital position, strategy and
reputation.
Risks related to our business
Our business has inherent reputational
risk
Reputational risk is the risk of failing to meet stakeholder expectations
as a result of any event, behaviour, action or inaction, either by HSBC,
our employees or those with whom we are associated. Any material
lapse in standards of integrity, compliance, customer service or
operating efficiency may represent a potential reputational risk.
Stakeholder expectations constantly evolve, and so reputational risk is
dynamic and varies between geographical regions, groups and
individuals. In addition, our business faces increasing scrutiny in respect
of ESG-related matters. If we fail to act responsibly, or to achieve our
announced targets, commitments, goals or ambitions, in a number of
areas, such as inclusion, climate, sustainability, workplace conduct,
human rights, and support for local communities, our reputation and the
value of our brand may be negatively affected.
Social media and other broadcasting channels that facilitate
communication with large audiences in short time frames and with
minimal costs, may significantly enhance and accelerate the distribution
and effect of damaging information and allegations. Reputational risk
could also arise from negative public opinion about the actual, or
perceived, manner in which we conduct our business activities, or our
financial performance, as well as actual or perceived practices in
banking and the financial services industry generally. Negative public
opinion may adversely affect our ability to retain and attract customers,
in particular, corporate and retail depositors, and to retain and motivate
staff, and could have a material adverse effect on our business,
financial condition, results of operations, prospects and reputation.
Non-Financial risks are inherent in our
business
We are exposed to many types of non-financial risks that are inherent in
our operations. Non-financial risk can be defined as the risk to HSBC of
not achieving its strategy or objectives because of inadequate or failed
internal processes, people and systems, or external events. It includes:
breakdowns in processes or procedures, breaches of regulations or
law, financial crime, financial reporting and tax errors, external events
and systems failure or non-availability. These risks are also present
when we rely on outside suppliers or vendors to provide services to us
and our customers.
These non-financial risks may result in financial losses to the Group and
our customers, an adverse customer experience, reputational damage
and potential litigation, regulatory proceedings, administrative action or
other adversarial proceedings in any jurisdiction in which we operate,
depending on the circumstances of the event.
These could have a material adverse effect on our business, financial
condition, results of operations, prospects, operational resilience,
strategy and reputation.
We rely on recruiting, retaining and
developing appropriate senior
management and skilled personnel
Our ongoing success and the successful execution of our strategy are
partly reliant on retaining key management team members and our
broader workforce, as well as ensuring the availability of skilled
management and personnel across our global businesses and
functions. The complexity of our talent supply challenge is heightened
by the shortage of talent and capabilities in our major markets,
especially where specialist skills require global mobility. This challenge
is further compounded by ongoing organisational changes, rapidly
evolving skill requirements, regulatory developments, and heightened
expectations for employing local nationals and fostering inclusion in
certain jurisdictions.
HSBC’s ability to continue to attract, train, motivate and retain highly
qualified professionals may also depend on factors beyond our control,
including economic, market and regulatory conditions.
When acquiring or disposing of a Group operation, it is essential to
comply with employment requirements, support affected employees
and integrate new employees into HSBC‘s values, culture and working
practices.
Should global businesses or functions fail to adequately staff their
operations, lose key senior executives without timely and satisfactory
replacements, or fail to implement necessary organisational changes to
support the Group’s strategy, this could have a material adverse effect
on our business performance, reputation, operational resilience and
overall control environment.
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We have significant exposure to
counterparty risk
We are exposed to counterparties that are involved in virtually all major
industries, and we routinely execute transactions with counterparties in
financial services, including brokers and dealers, central clearing
counterparties, commercial banks, investment banks, mutual and
hedge funds, and other institutional clients.
Many of these transactions expose us to credit risk in the event of
default by our counterparty or client.
Our ability to engage in routine transactions to fund our operations and
manage our risks could be materially adversely affected by the actions
and commercial soundness of other financial services institutions.
Financial institutions are necessarily interdependent because of trading,
clearing, counterparty or other relationships. As a consequence, a
default by, or decline in market confidence in, individual institutions, or
anxiety about the financial services industry generally, can lead to
further individual and/or systemic difficulties, defaults and losses.
Mandatory central clearing of OTC derivatives poses risks to the Group.
As a clearing member, we are required to underwrite losses incurred at
a central counterparty by the default of other clearing members and
their clients. An increased move towards central clearing brings with it
a further element of interconnectedness between clearing members
and clients that we believe may increase rather than reduce our
exposure to systemic risk. At the same time, our ability to manage
such risk ourselves will be reduced because control has been largely
outsourced to central counterparties, and it is unclear at present how,
at a time of stress, regulators and resolution authorities will intervene.
Where bilateral counterparty risk has been mitigated by taking
collateral, our credit risk may remain high if the collateral we hold
cannot be realised or has to be liquidated at prices that are insufficient
to recover the full amount of our loan or derivative exposure.
There is a risk that collateral cannot be realised, including situations
where this arises by change of law or the imposition of sanctions, that
may influence our ability to foreclose on collateral or otherwise enforce
contractual rights.
The Group also has credit exposure arising from mitigants, such as
credit default swaps, and other credit derivatives, each of which is
carried at fair value. The risk of default by counterparties to credit
default swaps and other credit derivatives used as mitigants affects the
fair value of these instruments depending on the valuation and the
perceived credit risk of the underlying instrument against which
protection has been purchased. Any such adjustments or fair value
changes could have a material adverse effect on our business, financial
condition, results of operations, prospects, capital position and
reputation.
Any reduction in the credit rating
assigned to HSBC Holdings, any
subsidiaries of HSBC Holdings or any of
their respective debt securities could
increase the cost or decrease the
availability of our funding and materially
adversely affect our liquidity position
and/or net interest margin
Credit ratings affect the cost and other terms upon which we are able
to obtain market funding. Rating agencies regularly evaluate HSBC
Holdings and certain of its subsidiaries, as well as their respective debt
securities. Their ratings are based on a number of factors, including
their assessment of the relative financial strength of the Group or of the
relevant subsidiary, as well as conditions affecting the financial services
industry generally. There can be no assurance that the rating agencies
will maintain HSBC Holdings’ or the relevant subsidiary’s current
ratings, or outlook based on bank rating methodologies applied by
ratings agencies.
Any reductions in these current ratings or the outlook could increase
the cost of our funding, limit access to capital markets and require
additional collateral to be placed and, consequently, materially adversely
affect our interest margins and our liquidity position.
Risks concerning borrower credit quality
are inherent in our businesses
Risks arising from changes in credit quality and the recoverability of
loans and amounts due from borrowers and counterparties (for
example, reinsurers and counterparties in derivative transactions) are
inherent in a wide range of our businesses. Adverse changes in the
credit quality of our borrowers and counterparties or reduced
recoverability of our assets arising from a general deterioration in
economic conditions or systemic risks in the financial systems, could
require an increase in our ECLs (see ’Economic and market conditions
and geopolitical developments may adversely affect our financial
condition and results’).
We estimate and recognise ECLs in our credit exposure. This process,
which is critical to our results and financial condition, requires difficult,
subjective and complex judgements, including forecasts of how the
macroeconomic and geopolitical conditions might impair the ability of
our borrowers to repay their loans and the ability of other
counterparties to meet their obligations. This assessment considers
multiple alternative forward-looking economic conditions (including GDP
estimates) and incorporates this into the ECL estimates to meet the
measurement objective of IFRS 9. As is the case with any such
assessments, we may fail to estimate accurately the effect of factors
that we identify or fail to identify relevant factors. Further, the
information we use to assess the creditworthiness of our
counterparties may be inaccurate or incorrect. Any failure by us to
accurately estimate the ability of our counterparties to meet their
obligations could have a material adverse effect on our business,
financial condition, results of operations and prospects.
Our insurance businesses are subject to
risks relating to insurance claim rates
and changes in insurance customer
behaviour
We provide various insurance products for customers, including several
types of life insurance products. The cost to support insurance claims
and benefits can be influenced by many factors, including mortality and
morbidity rates, lapse and surrender rates and the performance of
assets to support the liabilities. Adverse developments in any of these
factors could materially adversely affect our business, financial
condition, results of operations, capital position, prospects and
reputation.
HSBC Holdings is a holding company
and, as a result, is dependent on loan/
instrument payments and dividends
from its subsidiaries to meet its
obligations, including obligations with
respect to its debt securities, and to
provide profits for payment of future
dividends to shareholders
HSBC Holdings is a non-operating holding company and, as such, its
principal source of income is from operating subsidiaries that hold the
principal assets of the Group. As a separate legal entity, HSBC Holdings
relies on remittance of its subsidiaries’ loan/instrument interest
payments and dividends in order to be able to pay obligations to debt
holders as they fall due, and to pay dividends to its shareholders. The
ability of HSBC Holdings’ subsidiaries and affiliates to pay interest and
dividends to HSBC Holdings is subject to such subsidiaries’ and
affiliates’ financial performance and could also be restricted by
applicable laws, regulations, exchange controls and other requirements.
HSBC Holdings plc Annual Report on Form 20-F
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Risk factors
We may be required to make substantial
contributions to our pension plans
We operate a number of pension plans throughout the world for our
personnel, including defined benefit pension plans. Pension scheme
obligations fluctuate with changes in long-term interest rates, inflation,
salary levels and the longevity of scheme members. They can also be
affected by operational and legal risks. The level of contributions we
make to our pension plans has a direct effect on our cash flow. To the
extent plan assets are insufficient to cover existing liabilities, higher
levels of contributions may be required. As a result, deficits in those
pension plans could have a material adverse effect on our business,
financial condition, results of operations, prospects and reputation.
Risk related to our financial
statements and accounts
Our financial statements are based in
part on judgements, estimates and
assumptions that are subject to
uncertainty
The preparation of financial information requires management to make
judgements and use estimates and assumptions that affect the
reported amounts of assets, liabilities, income and expenses. Due to
the inherent uncertainty in making estimates, particularly those
involving the use of complex models, actual results reported in future
periods could differ from the expectations on which management’s
estimates are based. Judgements, estimates, assumptions and models
are continually evaluated, and are based on historical experience and
other factors, including expectations of future events that are believed
to be reasonable under the prevailing circumstances. The impacts of
revisions to accounting estimates are recognised in the period in which
the estimates are revised and in any future periods affected.
Accounting policies deemed critical to our results and financial position
are those that involve a high degree of uncertainty and have a material
impact on the financial statements. In 2025, these included impairment
of amortised cost financial assets and financial assets measured at
FVOCI, impairment of goodwill and non-financial assets, valuation of
financial instruments, deferred tax assets, provisions, impairment of
interests in associates, post-employment benefit plans, and impairment
of investments in subsidiaries, which are discussed in detail in ‘Critical
estimates and judgements’ on page 66.
The measurement of ECLs requires the selection and calibration of
complex models and the use of estimates and assumptions to
incorporate relevant information about past events, current conditions
and forecasts of economic conditions. Additionally, significant
judgement is involved in determining what is considered to be
significant increases in credit risk and what the point of initial
recognition is for revolving facilities.
The assessment of whether goodwill and non-financial assets are
impaired, and the measurement of any impairment, involve the
application of judgement in determining key assumptions, including
discount rates, estimated cash flows for the periods for which detailed
cash flows are available and projecting the long-term pattern of
sustainable cash flows thereafter. The recognition and measurement of
deferred tax assets involve significant judgement regarding the
probability and sufficiency of future taxable profits, taking into account
the future reversal of existing taxable temporary differences and tax
planning strategies, including corporate reorganisations.
The recognition and measurement of provisions involve significant
judgements due to the high degree of uncertainty in determining
whether a present obligation exists, and in estimating the probability
and amount of any outflows that may arise. The valuation of financial
instruments measured at fair value can be subjective, in particular
where models are used that include unobservable inputs.
The assessment of interests in associates for impairment involves
significant judgements in determining the value in use, in particular
estimating the present values of cash flows expected to arise from
continuing to hold the investment, based on a number of management
assumptions.
The Group’s impairment test on the carrying amount at 30 June 2025
resulted in an impairment of $1.0bn, as the recoverable amount as
determined by a value-in-use calculation was lower than the carrying
amount. No further impairment (or reversal) was required for the period
from 1 July 2025 to 31 December 2025. Impairment reviews are
complex and require significant judgments, such as the
appropriateness of projected future cash flows, discount rate, and
regulatory capital assumptions. There can be no assurance that no
additional impairment will be required in future financial periods. See
Note 18 to the Financial Statements for further details.
The calculation of the defined benefit pension obligation involves the
determination of key assumptions, including discount rate, inflation
rate, pay, pension payments and deferred pension, and mortality.
The assessment of interests in subsidiaries for impairment involves
significant judgements in determining the value in use, in particular
estimating the present values of cash flows expected to arise from
continuing to hold the investment, based on a number of management
assumptions.
Given the uncertainty and subjectivity associated with the above critical
accounting judgements and estimates, future outcomes may differ
materially from those assumed using information available at the
reporting date.
These judgements and estimates could have a material adverse effect
on the future financial position of the Group, results of operations,
capital position, prospects and reputation. For further details, see
‘Critical estimates and judgements’ on page 66.
Changes in accounting standards may
have a material impact on how we
report our financial results and financial
condition
We prepare our consolidated financial statements in conformity with
UK-adopted international accounting standards and with the
requirements of the UK Companies Act 2006, and have also applied
international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union. Our
consolidated financial statements are also prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board (‘IASB‘) (‘IFRS Accounting
Standards’), including interpretations issued by the IFRS Interpretations
Committee.
From time to time, the IASB or the IFRS Interpretations Committee
may issue new accounting standards or interpretations that could
materially impact how we calculate, report and disclose our financial
results and financial condition, and which may affect our capital ratios,
including the CET1 ratio. We could also be required to apply new or
revised standards retrospectively, resulting in our restating prior period
financial statements in material amounts. This could have a material
adverse effect on our business, financial condition, results of operations
and capital position.
HSBC Holdings plc Annual Report on Form 20-F
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Our material banking risks
The material risk types associated with our banking and insurance manufacturing operations are described in the following tables:
Description of risks – banking operations
Risks
Arising from
Measurement, monitoring and management of risk
Credit risk  u See page 140
Credit risk is the risk of financial loss
if a customer or counterparty fails to
meet an obligation under a contract.
Credit risk arises principally from direct
lending, trade finance and leasing
business, but also from other products
such as guarantees and derivatives.
Credit risk is:
–measured as the amount that could be lost if a customer or counterparty fails
to make repayments;
–monitored using various internal risk management measures and within limits
approved by individuals within a framework of delegated authorities; and
–managed through a risk control framework, which seeks to outline clear
and consistent policies, principles and guidance for risk managers; and by
setting limits and appetite across geographical markets, portfolios or sectors.
Treasury risk  u See page 189
Treasury risk is the risk of having
insufficient capital, liquidity or funding
resources to meet financial obligations
and satisfy regulatory requirements,
including the risk of an adverse impact
on earnings or capital due to structural
and transactional foreign exchange
exposures and changes in market
interest rates, together with pension
and insurance risk.
Treasury risk arises from changes to the
respective resources and risk profiles
driven by customer behaviour,
management decisions or the external
environment.
Treasury risk is:
–measured through risk appetite and more granular limits, set to provide an
early warning of increasing risk, minimum ratios of relevant regulatory
metrics, and metrics to monitor the key risk drivers impacting treasury
resources;
–monitored and projected against appetites and by using operating plans
based on strategic objectives together with stress and scenario testing; and
–managed through control of resources in conjunction with risk profiles,
strategic objectives and cash flows.
Market risk  u See page 200
Market risk is the risk of an adverse
financial impact on trading activities
arising from changes in market
parameters such as interest rates,
foreign exchange rates, asset prices,
volatilities, correlations and credit
spreads.
Market risk arises from both trading
portfolios and non-trading portfolios.
Market risk for trading portfolios is
discussed in the Market risk section on
page 201.
Market risk for non-trading portfolios is
discussed in the Treasury risk section on
page 198. Market risk exposures arising
from our insurance operations are
discussed on page 217.
Market risk is:
–measured using sensitivities, value at risk (‘VaR’) and stress testing, giving a
detailed picture of potential gains and losses for a range of market
movements and scenarios, as well as tail risks over specified time horizons;
–monitored using VaR, stress testing and other measures; and
–managed using risk limits approved by the Group Risk Management Meeting
and the risk management meetings in various business segments.
Climate risk  u See page 203
Climate risk relates to the financial
and non-financial impacts that may
arise as a result of climate change
and the move to a net zero economy.
Climate risk can materialise through:
–physical risk, which arises from the
increased frequency and severity of
extreme weather events, such as
hurricanes and floods, or chronic
gradual shifts in weather patterns or
rises in the sea level;
–transition risk, which arises from the
process of moving to a net zero
economy, including changes in
government policy and legislation,
technology, market demand, and
reputational implications triggered by
a change in stakeholder expectations,
action or inaction; and
–the risk of greenwashing, which
arises from the act of knowingly or
unknowingly making inaccurate,
unclear, misleading or
unsubstantiated claims regarding
sustainability to stakeholders.
Climate risk is:
–measured using risk metrics and stress testing;
–monitored against risk appetite statements;
–managed through adherence to risk appetite thresholds, through specific
policies, and through enhancements to processes and development of tools;
and
–this includes the development of product controls to manage the risk of
greenwashing and the development of portfolio steering capabilities to
manage our net zero ambitions.
Sustainability execution risk  u See page 206
Sustainability execution risk is the
risk of not meeting our sustainability
ambitions, targets and commitments
as set out in firm-level external
reporting, sustainability risk policies
and associated internal policies, and
other ESG commitments.
Sustainability execution risk can arise
from:
–financing or engaging in business
activities with clients and/or
transactions that are not aligned or
that are inconsistent with our
sustainability risk appetite and
policies;
–incorrectly including products or
transactions as counting towards our
sustainable finance ambition;
–engaging in activities that do not
support our ambition to become a net
zero bank by 2050.
Sustainability execution risk is:
–measured through progress against sustainability ambitions, targets and
commitments using risk metrics;
–monitored against targets to reduce emissions and risk appetite which
includes sectoral decarbonisation pathways; and
–managed through a risk control framework, appropriate policies and
continual monitoring.
HSBC Holdings plc Annual Report on Form 20-F
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Our material banking risks
Description of risks – banking operations (continued)
Risks
Arising from
Measurement, monitoring and management of risk
Resilience risk  u See page 213
Resilience risk is the risk of sustained
and significant business disruption
causing the inability to provide critical
services to our customers, affiliates,
and counterparties.
Resilience risk arises from failures or
inadequacies in processes, people,
systems or external events.
Resilience risk is:
–measured using a range of metrics and against our agreed risk appetite;
–monitored through oversight of enterprise processes, risks, controls and
strategic change programmes; and
–managed by continual monitoring and thematic reviews.
Regulatory compliance risk  u See page 213
Regulatory compliance risk is the risk
associated with breaching our duty to
clients and other counterparties,
inappropriate market conduct
(including unauthorised trading) and
breaching related financial services
regulatory standards.
Regulatory compliance risk arises from
the failure to observe relevant laws,
codes, rules and regulations, potentially
resulting in adverse market or conduct
outcomes, fines, penalties and
reputational harm.
Regulatory compliance risk is:
–assessed and measured with reference to risk appetite, identified metrics,
incident assessments, regulatory feedback and the judgement of our
regulatory compliance teams;
–monitored against the first line of defence risk and control assessments and
testing, alongside the outcome of the second line of defence monitoring and
control assurance activities, as well as internal and external audits and
regulatory inspections; and
–managed by establishing and communicating appropriate policies and
procedures, training employees accordingly, and monitoring activities to help
ensure compliance.
Financial crime risk  u See page 214
Financial crime risk is the risk that
HSBC’s products and services will be
exploited for criminal activity. This
includes fraud, bribery and
corruption, tax evasion and the
facilitation of tax evasion, sanctions
and export control violations and
evasion, money laundering, terrorist
financing and proliferation financing.
Financial crime risk arises from day-to-
day banking operations involving
customers, third parties and employees.
Financial crime risk is:
–measured by reference to risk appetite, identified metrics, incident
assessments, regulatory feedback and the judgement of, and assessment
by, our financial crime teams;
–monitored against the first line of defence risk and control assessments, and
the results of the monitoring and control assurance activities of the second
line of defence functions; and
–managed by establishing and communicating appropriate policies and
procedures, training employees and monitoring activity to help embed them.
Proactive risk control and/or remediation work is undertaken where required.
Model risk  u See page 214
Model risk is the risk of the potential
for adverse consequences from
model errors or the inappropriate use
of modelled outputs to inform
business decisions.
Model risk arises in both financial and
non-financial contexts whenever
business decision making includes
reliance on models.
Model risk is:
–measured by reference to model performance tracking and the output of
detailed technical reviews and regulatory feedback, with key metrics
including model validation outcomes and monitoring results; 
–monitored against model risk appetite statements, insight from the
independent validations completed by the model risk management team; and
–managed by creating and communicating appropriate policies, procedures
and guidance, training colleagues in their application, supervising their
adoption to help ensure operational effectiveness, and ensuring models are
approved for use.
Our insurance manufacturing subsidiaries are regulated separately from our banking operations. Risks in our insurance entities are managed using
methodologies and processes that are subject to Group oversight. Our insurance operations are also subject to many of the same risks as our
banking operations, and these are covered by the Group’s risk management processes. However, there are specific risks inherent to the insurance
operations as noted below.
Description of risks – insurance manufacturing operations
Risks
Arising from
Measurement, monitoring and management of risk
Financial risk  u See page 217
For insurance entities, financial risk
includes the risk of not being able to
effectively match liabilities arising
under insurance contracts with
appropriate investments and that the
expected sharing of financial
performance with policyholders
under certain contracts is not
possible.
Exposure to financial risk arises from:
–market risk affecting the fair values of
financial assets or their future cash
flows;
–credit risk; and
–liquidity risk of entities being unable to
make payments to policyholders as they
fall due.
Financial risk is:
–measured for market risk, in terms of fluctuation in key financial reporting
metrics; for credit risk, in terms of the market value that could be lost if a
counterparty fails to make repayments; and for liquidity risk, in terms of
internal metrics including stressed operational cash flow projections;
–monitored through a framework of approved limits and delegated
authorities; and
–managed through a risk control framework, which seeks to outline clear and
consistent policies, principles and guidance. This includes using product
design, asset liability matching and bonus rates.
Insurance risk  u See page 218
Insurance risk is the risk that, over
time, the cost of insurance policies
written, including claims and
benefits, may exceed the total
amount of premiums and investment
income received.
The cost of claims and benefits can be
influenced by many factors, including
mortality and morbidity experience, as well
as lapse and surrender rates.
Insurance risk is:
–measured in terms of the variance between actual experience and
expected assumptions and impact on key financial reporting metrics;
–monitored through a framework of approved limits and delegated
authorities; and
–managed through a risk control framework, which seeks to outline clear and
consistent policies, principles and guidance. This includes using product
design, underwriting, reinsurance and claims-handling procedures.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
ÑSee page 138 for our definition of Credit risk.
Credit risk management
Key developments in 2025
There were no material changes to the policies and practices for the
management of credit risk in 2025. We continued to apply the
requirements of IFRS 9 ‘Financial Instruments’ within the Credit Risk
sub-function.
We actively managed the risks related to macroeconomic uncertainties,
including interest rates, inflation, fiscal and monetary policy, broader
geopolitical uncertainties and conflicts.
ÑFor further details, see ‘Top and emerging risks’ on page 121.
Governance and structure
We have established Group-wide credit risk management and related
IFRS 9 processes. We continue to assess the impact of economic
developments in key markets on specific customers, customer
segments or portfolios. As credit conditions change, we take mitigating
actions, including the revision of risk appetites or limits and tenors, as
appropriate. In addition, we continue to evaluate the terms under which
we provide credit facilities within the context of individual customer
requirements, the quality of the relationship, local regulatory
requirements, market practices and our local market position.
Credit Risk sub-function
(Audited)
The Credit Risk sub-function in Group Risk and Compliance is
responsible for the key policies and processes for managing credit risk,
which include formulating Group credit policies and risk rating
frameworks, guiding the Group’s appetite for credit risk exposures,
undertaking independent reviews and objective assessment of credit
risk, and monitoring performance and management of portfolios while
fostering a culture of responsible lending.
Key risk management processes
IFRS 9 ‘Financial Instruments’ process
The IFRS 9 'Financial Instruments' process focuses on three main
areas: modelling, data and forward economic guidance;
implementation; and governance.
Modelling, data, and forward economic guidance
This involves establishing IFRS 9 modelling and data processes across
various geographies, including internal model risk governance and
independent reviews. A centralised process generates unbiased global
economic scenarios, which are reviewed quarterly for consistency with
current economic conditions and risks. These scenarios are subject to
final review and approval by senior management in a forward economic
guidance global business impairment committee.
Implementation
A centralised impairment engine calculates expected credit losses
using data from various systems, which is subject to validation checks
and enhancements from a variety of client, finance and risk systems.
Where possible, these checks and processes are performed in a
globally consistent and centralised manner.
Governance
Regional management review forums, including representatives from
Credit Risk and Finance, review and approve impairment results. These
approvals are reviewed by retail and wholesale impairment committees
for final approval. Required committee members include the relevant
Chief Risk Officers, Chief Financial Officers and the Global Financial
Controller.
Concentration of exposure
(Audited)
Concentration of credit risk occurs when multiple counterparties share
similar economic traits or operate in the same sectors or regions,
making them collectively vulnerable to changes in economic or political
conditions. To mitigate this risk, the Group uses various controls such
as portfolio and counterparty limits, approval and review processes, and
stress testing across industries, countries and businesses.
Credit quality of financial instruments
(Audited)
Our risk rating system facilitates the internal ratings-based approach
under the Basel framework to support the calculation of our minimum
capital requirement. The five credit quality classifications encompass a
range of granular internal credit rating grades assigned to wholesale
and retail customers, and the external ratings attributed by external
agencies to debt securities.
For debt securities and certain other financial instruments, external
ratings have been aligned to the five quality classifications based upon
the mapping of related customer risk rating (‘CRR’) to external credit
rating.
Wholesale lending
The CRR 10-grade scale summarises a more granular underlying
23-grade scale of obligor probability of default (‘PD’). All corporate
customers are rated using the 10- or 23-grade scale, depending on the
degree of sophistication of the Basel approach adopted for the
exposure.
Each CRR band is associated with an external rating grade by reference
to long-run default rates for that grade, represented by the average of
issuer-weighted historical default rates. This mapping between internal
and external ratings is indicative and may vary over time.
Retail lending
Retail lending credit quality is based on a 12-month point-in-time
probability-weighted PD.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Credit quality classification
Sovereign
debt securities
and bills
Other
debt securities
and bills
Wholesale lending
and derivatives
Retail
lending
External credit
rating
External credit
rating
Internal credit
rating1
12-month regulatory
probability of
default %
Internal credit
rating
12 month probability-
weighted
PD %2
Quality classification
Strong
BBB and above
A- and above
CRR 1 to CRR 2
0–0.169
Band 1 and 2
0 – <=0.5
Good
BBB- to BB
BBB+ to BBB-
CRR 3
0.170–0.740
Band 3
>0.5 – <=1.5
Satisfactory
BB- to B and unrated
BB+ to B and unrated
CRR 4 to CRR 5
0.741–4.914
Band 4 and 5
>1.5 – <=20
Sub-standard
B- to C
B- to C
CRR 6 to CRR 8
4.915–99.999
Band 6
>20 – <100
Credit impaired
Default
Default
CRR 9 to CRR 10
100
Band 7
100
1Customer risk rating (‘CRR’).
212-month point-in-time probability-weighted PD.
Quality classification definitions
–‘Strong’ exposures demonstrate a strong capacity to meet financial commitments, with negligible or low probability of default and/or low levels of
expected loss.
–‘Good’ exposures require closer monitoring and demonstrate a good capacity to meet financial commitments, with low default risk.
–‘Satisfactory’ exposures require closer monitoring and demonstrate an average-to-fair capacity to meet financial commitments, with moderate default risk.
–‘Sub-standard’ exposures require varying degrees of special attention and default risk is of greater concern.
–‘Credit-impaired’ exposures have been assessed as described in Note 1.2(j) to the financial statements.
Forborne loans and advances
(Audited)
Forbearance measures consist of concessions towards an obligor that
is experiencing, or about to experience, difficulties in meeting its
financial commitments.
We continue to class loans as forborne when we modify the
contractual payment terms due to having concerns about the
borrowers’ ability to meet contractual payments when they were due.
Our definition of forborne captures non-payment-related concessions,
such as covenant waivers.
ÑFor details of our policy on forbearance, see Note 1.2(j) in the financial
statements.
Credit quality of forborne loans
For wholesale lending, where payment-related forbearance measures
result in a diminished financial obligation, or if there are other indicators
of impairment, the loan will be classified as credit impaired if it is not
already so classified. All facilities with a customer, including loans that
have not been modified, are considered credit impaired following the
identification of a payment-related forborne loan. For retail lending,
where a material payment-related concession has been granted, the
loan will be classified as credit impaired. In isolation, non-payment
related forbearance measures may not result in the loan being
classified as credit impaired unless combined with other indicators of
credit impairment. These are classed as performing forborne loans for
both wholesale and retail lending.
Wholesale and retail lending forborne loans are classified as credit
impaired until there is sufficient evidence to demonstrate a significant
reduction in the risk of non-payment of future cash flows, observed
over a minimum one-year period, and there are no other indicators of
impairment. Any forborne loans not considered credit impaired will
remain forborne for a minimum of two years from the date that credit
impairment no longer applies. For wholesale and retail lending, any
forbearance measures granted on a loan already classed as forborne
results in the customer being classed as credit impaired.
Forborne loans and recognition of expected
credit losses
(Audited)
Forborne loans expected credit loss assessments reflect the higher
rates of losses typically experienced with these types of loans; as such
they are categorised as stage 2 and stage 3. The higher rates are more
pronounced in unsecured retail lending requiring further segmentation.
For wholesale lending, forborne loans are typically assessed
individually. Credit risk ratings are intrinsic to the impairment
assessments. The individual impairment assessment takes into
account the higher risk of the future non-payment inherent in forborne
loans.
Impairment assessment
(Audited)
For details of our impairment policies on loans and advances and
financial investments, see Note 1.2(j) on the financial statements.
Write-off of loans and advances
(Audited)
Under IFRS 9, write-off should occur when there is no reasonable
expectation of recovering further cash flows from the financial asset.
This principle does not prohibit early write-off, which is defined in local
policies to ensure effectiveness in the management of customers in
the collections process.
Unsecured personal facilities, including credit cards, are generally
written off at between 150 and 210 days past due. The standard period
runs until the end of the month in which the account becomes 180
days contractually delinquent. However, in exceptional circumstances,
to avoid unfair customer outcomes, deliver customer duty or meet
regulatory expectations, the period may be extended further.
For secured facilities, write-off should occur upon repossession of
collateral, receipt of proceeds via settlement, or determination that
recovery of the collateral will not be pursued. Where these assets are
maintained on the balance sheet beyond 60 months of consecutive
delinquency-driven default, the prospect of recovery is reassessed.
Recovery activity, on both secured and unsecured assets, may
continue after write-off.
Any unsecured exposures that are not written off at 180 days past due,
and any secured exposures that are in ‘default’ status for 60 months or
greater but are not written off, are subject to additional monitoring via
the appropriate governance forums.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Credit risk in 2025
At 31 December 2025, gross loans and advances to banks and
customers of $1,108bn increased by $65.1bn on a reported basis
compared with 31 December 2024. Gross loans and advances to
customers increased by $58.7bn and gross loans and advances to
banks increased by $6.4bn. This included total favourable foreign
exchange movements of $44.1bn.
On a constant currency basis, the increase of $21.0bn was driven by an
$11.4bn rise in wholesale loans and advances to customers and a
$6.8bn rise in personal loans and advances to customers. There was a
further increase of $2.8bn in loans and advances to banks.
The rise in wholesale loans and advances to customers was driven by
an increase in balances in HSBC UK (up $8.4bn) and in Asia (up $3.8bn),
across multiple industry sectors.
The rise in personal loans and advances to customers was driven by
mortgage growth of $8.8bn, mainly in HSBC UK (up $8.5bn), and higher
other personal lending in our entities in Asia (up $4.8bn). This was
partly offset by the disposal of our retained portfolio of home and
certain other loans in France ($7.2bn).
There was a decrease in stage 2 loans and advances to banks and
customers of $17.1bn on a constant currency basis. This was mainly
driven by model recalibration for retail portfolios where the probability
of default (‘PD’) was aligned to the most recent observed performance.
This resulted in a shift of balances from stage 2 to stage 1, mainly in
HSBC UK mortgages. The balances transferred consisted of up-to-date
loans mainly in the ‘Strong’ and ‘Good’ credit quality buckets.
At 31 December 2025, the allowance for ECL of $11.2bn increased by
$0.9bn compared with 31 December 2024, including adverse foreign
exchange movements of $0.4bn, and write-offs of $3.6bn. The $11.2bn
allowance comprised $10.8bn in respect of assets held at amortised
cost and $0.4bn in respect of loan commitments and financial
guarantees.
On a constant currency basis, the allowance for ECL in relation to loans
and advances to customers increased by $0.6bn from 31 December
2024. This was attributable to:
–a $0.5bn increase in wholesale loans and advances to customers,
which included a $0.8bn increase in stage 3 and a $0.3bn decrease
in stages 1 and 2; and
–a $0.1bn increase in personal loans and advances to customers
driven by stages 1 and 2.
The ECL charge for 2025 was $3.9bn (2024: $3.4bn), inclusive of
recoveries. The ECL charge comprised: $2.4bn in respect of wholesale
lending, of which the stage 3 charge was $2.1bn; and $1.5bn in respect
of personal lending, of which $0.9bn was in stage 3.
Wholesale lending charges were recognised mainly in our legal entities
in Hong Kong ($1.2bn). This included charges related to the Hong Kong
CRE sector of $0.7bn. This reflected updates to our models used for
ECL calculations, an increase in allowances for new defaulted
exposures, as well as continued negative migration in the portfolio as
market conditions remained challenging. ECL charges in the mainland
China CRE sector of $0.2bn were mainly driven by a new default.
ÑIncome statement movements are analysed further on page 68.
While credit risk arises across most of our balance sheet, ECL have
typically been recognised on loans and advances to customers and
banks, in addition to securitisation exposures and other structured
products. As a result, our disclosures focus primarily on these two
areas. For further details of:
–maximum exposure to credit risk, see page 148;
–measurement uncertainty and sensitivity analysis of ECL estimates,
see page 148;
–reconciliation of changes in gross carrying/nominal amount and
allowances for loans and advances to banks and customers
including loan commitments and financial guarantees, see page 158;
–credit quality, see page 161;
–total wholesale lending for loans and advances to banks and
customers by stage distribution, see page 169;
–wholesale and personal lending collateral, see page 167; and
–total personal lending for loans and advances to customers at
amortised cost by stage distribution, see page 179.
HSBC Holdings plc Annual Report on Form 20-F
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Summary of credit risk
The following disclosure presents the gross carrying/nominal amount of financial instruments to which the impairment requirements in IFRS 9 are applied and the associated allowance for ECL.
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied – by business segment
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/nominal amount
Allowance for ECL1
Gross carrying/nominal amount
Allowance for ECL1
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Loans and
advances to
customers at
amortised cost
233,389
305,700
308,169
151,657
176
999,091
(3,898)
(2,002)
(3,146)
(1,610)
(36)
(10,692)
238,416
269,141
287,842
137,789
7,185
940,373
(3,208)
(1,848)
(3,141)
(1,464)
(54)
(9,715)
Loans and
advances to
banks at
amortised cost
11,478
7,696
67,733
16,630
4,932
108,469
—
—
(4)
(2)
(1)
(7)
13,034
7,505
63,524
15,713
2,276
102,052
(1)
(2)
(7)
(1)
(2)
(13)
Other financial
assets
measured at
amortised cost
58,210
106,752
599,580
59,114
66,670
890,326
(28)
(10)
(65)
(25)
(1)
(129)
52,869
100,322
553,664
58,713
63,012
828,580
(25)
(9)
(39)
(19)
—
(92)
–  cash and
balances at
central banks
6,717
52,218
165,027
18,174
723
242,859
—
—
—
—
—
—
5,565
63,981
177,095
20,260
773
267,674
—
—
—
—
—
—
–  Hong Kong
Government
certificates of
indebtedness
—
—
—
—
44,063
44,063
—
—
—
—
—
—
—
—
—
—
42,293
42,293
—
—
—
—
—
—
–  reverse
repurchase
agreements –
non-trading
6,076
26,197
258,424
6,354
1,341
298,392
—
—
—
—
—
—
2,896
13,188
229,672
5,844
949
252,549
—
—
—
—
—
—
–  financial
investments
38,967
24,871
72,693
28,344
17,226
182,101
(2)
(1)
(4)
(5)
—
(12)
40,345
20,072
56,537
25,059
11,969
153,982
(1)
(1)
(4)
(3)
—
(9)
–  assets held
for sale2
—
14
3,229
864
8
4,115
—
—
(18)
(9)
—
(27)
—
5
670
2,595
3
3,273
—
—
(4)
—
—
(4)
–  prepayments,
accrued
income and
other assets3
6,450
3,452
100,207
5,378
3,309
118,796
(26)
(9)
(43)
(11)
(1)
(90)
4,063
3,076
89,690
4,955
7,025
108,809
(24)
(8)
(31)
(16)
—
(79)
Total on-
balance sheet
303,077
420,148
975,482
227,401
71,778
1,997,886
(3,926)
(2,012)
(3,215)
(1,637)
(38)
(10,828)
304,319
376,968
905,030
212,215
72,473
1,871,005
(3,234)
(1,859)
(3,187)
(1,484)
(56)
(9,820)
Loan and other
credit-related
commitments
108,011
103,230
353,721
125,138
692
690,792
(24)
(92)
(196)
(3)
—
(315)
109,369
90,848
307,197
111,762
191
619,367
(29)
(116)
(187)
(16)
—
(348)
Financial
guarantees
622
1,199
13,946
1,709
—
17,476
(1)
(16)
(33)
(1)
—
(51)
1,171
939
13,186
1,702
—
16,998
(2)
(3)
(24)
—
—
(29)
Total off-
balance sheet4
108,633
104,429
367,667
126,847
692
708,268
(25)
(108)
(229)
(4)
—
(366)
110,540
91,787
320,383
113,464
191
636,365
(31)
(119)
(211)
(16)
—
(377)
411,710
524,577
1,343,149
354,248
72,470
2,706,154
(3,951)
(2,120)
(3,444)
(1,641)
(38)
(11,194)
414,859
468,755
1,225,413
325,679
72,664
2,507,370
(3,265)
(1,978)
(3,398)
(1,500)
(56)
(10,197)
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Credit risk
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied – by business segment (continued)
At 31 Dec 2025
At 31 Dec 2024
Fair value
Memorandum allowance for ECL5
Fair value
Memorandum allowance for ECL5
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Debt
instruments
measured at
FVOCI
133,840
29,306
170,258
48,939
1,225
383,568
(1)
—
(20)
(9)
—
(30)
128,568
26,405
137,538
51,516
2,097
346,124
(1)
(1)
(18)
(14)
(20)
(54)
1The total ECL is recognised in the loss allowance for the financial asset unless the total ECL exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision.
2At 31 December 2025, the gross carrying amount comprised $3.6bn of loans and advances to customers and banks (31 December 2024: $1.1bn) and $0.5bn of other financial assets at amortised cost (31 December 2024: $2.1bn) including:
the planned sales of our business in Uruguay ($1.4bn), our private banking and custody businesses in Germany ($0.3bn, 31 December 2024: $2.2bn), our business in South Africa ($0.4bn, 31 December 2024: $0.4bn) and sale of individual
assets in the US ($1.3bn, 31 December 2024: $11m)). The corresponding allowance for ECL comprised $27m of loans and advances to customers and banks (31 December 2024: $4m) and nil of other financial assets at amortised cost
(31 December 2024: $0.3m).
3Includes only those financial instruments that are subject to the impairment requirements of IFRS 9. ‘Prepayments, accrued income and other assets’ as presented within the consolidated balance sheet on page 73 comprises both financial
and non-financial assets, including cash collateral, settlement accounts and items in the course of collection from other banks.
4Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
5Debt instruments measured at FVOCI continue to be measured at fair value with the allowance for ECL as a memorandum item. Change in ECL is recognised in ‘Change in expected credit losses and other credit impairment charges’ in the
income statement.
Change in expected credit losses and other credit impairment charges by business segment
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
Full-year to
$m
$m
$m
$m
$m
$m
31 Dec 2025
(1,476)
(696)
(696)
(892)
(90)
(3,850)
31 Dec 2024
(1,076)
(402)
(869)
(1,038)
(29)
(3,414)
The following table provides an overview of the Group’s credit risk by stage and industry, and the associated ECL coverage. The financial assets recorded in each stage have the following characteristics:
–Stage 1: These financial assets are unimpaired and without a significant increase in credit risk for which a 12-month allowance for ECL is recognised.
–Stage 2: A significant increase in credit risk has been experienced on these financial assets since initial recognition for which a lifetime ECL is recognised.
–Stage 3: There is objective evidence of impairment and the financial assets are therefore considered to be in default or otherwise credit impaired for which a lifetime ECL is recognised.
–Purchased or originated credit-impaired financial assets (‘POCI’): Financial assets that are purchased or originated at a deep discount are seen to reflect the incurred credit losses on which a lifetime ECL is
recognised.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector
(Audited)
Gross carrying/nominal amount1
Allowance for ECL
ECL coverage %
Stage 1
Stage 2
Stage 3
POCI2
Total
Stage 1
Stage 2
Stage 3
POCI2
Total
Stage 1
Stage 2
Stage 3
POCI2
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
%
%
%
%
%
Loans and advances to customers at
amortised cost
893,433
80,936
24,389
333
999,091
(1,201)
(2,318)
(7,097)
(76)
(10,692)
0.1
2.9
29.1
22.8
1.1
–  personal
446,696
23,887
3,945
—
474,528
(667)
(1,235)
(895)
—
(2,797)
0.1
5.2
22.7
—
0.6
–  corporate and commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
0.1
1.9
29.6
53.6
1.8
–  non-bank financial institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
0.1
0.8
61.3
0.5
0.4
Loans and advances to banks at
amortised cost
108,336
132
1
—
108,469
(4)
(2)
(1)
—
(7)
—
1.5
100.0
—
—
Other financial assets measured at
amortised cost
888,491
1,651
184
—
890,326
(76)
(11)
(42)
—
(129)
—
0.7
22.8
—
—
Loan and other credit-related
commitments
669,648
20,488
652
4
690,792
(149)
(97)
(69)
—
(315)
—
0.5
10.6
—
—
–  personal
270,494
1,945
92
—
272,531
(22)
(5)
—
—
(27)
—
0.3
—
—
—
–  corporate and commercial
255,740
14,649
560
4
270,953
(115)
(88)
(69)
—
(272)
—
0.6
12.3
—
0.1
–  financial
143,414
3,894
—
—
147,308
(12)
(4)
—
—
(16)
—
0.1
—
—
—
Financial guarantees
15,913
1,371
192
—
17,476
(8)
(17)
(26)
—
(51)
0.1
1.2
13.5
—
0.3
–  personal
1,446
—
—
—
1,446
(1)
—
—
—
(1)
0.1
—
—
—
0.1
–  corporate and commercial
10,071
1,287
190
—
11,548
(6)
(17)
(26)
—
(49)
0.1
1.3
13.7
—
0.4
–  financial
4,396
84
2
—
4,482
(1)
—
—
—
(1)
—
—
—
—
—
At 31 Dec 2025
2,575,821
104,578
25,418
337
2,706,154
(1,438)
(2,445)
(7,235)
(76)
(11,194)
0.1
2.3
28.5
22.6
0.4
Loans and advances to customers at
amortised cost
824,420
93,248
22,615
90
940,373
(1,078)
(2,546)
(6,040)
(51)
(9,715)
0.1
2.7
26.7
56.7
1.0
–  personal
403,746
39,919
3,560
—
447,225
(570)
(1,158)
(796)
—
(2,524)
0.1
2.9
22.4
—
0.6
–corporate and commercial
340,987
51,231
18,376
90
410,684
(463)
(1,358)
(4,883)
(51)
(6,755)
0.1
2.7
26.6
56.7
1.6
–  non-bank financial institutions
79,687
2,098
679
—
82,464
(45)
(30)
(361)
—
(436)
0.1
1.4
53.2
—
0.5
Loans and advances to banks at
amortised cost
101,852
198
2
—
102,052
(9)
(2)
(2)
—
(13)
—
1.0
100.0
—
—
Other financial assets measured at
amortised cost
826,621
1,806
153
—
828,580
(64)
(5)
(23)
—
(92)
—
0.3
15.0
—
—
Loan and other credit-related
commitments
597,231
21,175
958
3
619,367
(137)
(121)
(90)
—
(348)
—
0.6
9.4
—
0.1
–  personal
251,489
1,680
86
—
253,255
(17)
—
(5)
—
(22)
—
—
5.8
—
—
–  corporate and commercial
231,201
17,453
838
3
249,495
(111)
(116)
(83)
—
(310)
—
0.7
9.9
—
0.1
–  financial
114,541
2,042
34
—
116,617
(9)
(5)
(2)
—
(16)
—
0.2
5.9
—
—
Financial guarantees
15,353
1,397
248
—
16,998
(8)
(5)
(16)
—
(29)
0.1
0.4
6.5
—
0.2
–  personal
1,416
11
—
—
1,427
—
—
—
—
—
—
—
—
—
—
–  corporate and commercial
10,048
1,232
195
—
11,475
(7)
(5)
(15)
—
(27)
0.1
0.4
7.7
—
0.2
–  financial
3,889
154
53
—
4,096
(1)
—
(1)
—
(2)
—
—
1.9
—
—
At 31 Dec 2024
2,365,477
117,824
23,976
93
2,507,370
(1,296)
(2,679)
(6,171)
(51)
(10,197)
0.1
2.3
25.7
54.8
0.4
1Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2Purchased or originated credit-impaired (‘POCI’).
Unless identified at an earlier stage, all financial assets are deemed to have suffered a significant increase in credit risk when they are 30 days past due (‘DPD’) and are transferred from stage 1 to stage 2. The following
disclosure presents the ageing of stage 2 financial assets by those less than 30 DPD and greater than 30 DPD and therefore presents those financial assets classified as stage 2 due to ageing (30 DPD) and those
identified at an earlier stage (less than 30 DPD).
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Stage 2 days past due analysis
(Audited)
Gross carrying amount
Allowance for ECL
ECL coverage %
Stage 2
Up-to-
date
1 to 29
DPD1
30 and >
DPD1
Stage 2
Up-to-
date
1 to 29
DPD1
30 and >
DPD1
Stage 2
Up-to-
date
1 to 29
DPD1
30 and >
DPD1
At 31 Dec 2025
$m
$m
$m
$m
$m
$m
$m
$m
%
%
%
%
Loans and advances to
customers at amortised
cost
80,936
77,615
1,894
1,427
(2,318)
(1,837)
(211)
(270)
2.9
2.4
11.1
18.9
–  personal
23,887
21,481
1,483
923
(1,235)
(797)
(188)
(250)
5.2
3.7
12.7
27.1
–  corporate and
commercial
54,636
53,898
400
338
(1,064)
(1,024)
(23)
(17)
1.9
1.9
5.8
5.0
–  non-bank financial
institutions
2,413
2,236
11
166
(19)
(16)
—
(3)
0.8
0.7
—
1.8
Loans and advances to
banks at amortised cost
132
132
—
—
(2)
(2)
—
—
1.5
1.5
—
—
Other financial assets
measured at amortised
cost
1,651
1,611
21
19
(11)
(10)
—
(1)
0.7
0.6
—
5.3
At 31 Dec 2024
Loans and advances to
customers at amortised
cost
93,248
90,157
1,888
1,203
(2,546)
(2,147)
(192)
(207)
2.7
2.4
10.2
17.2
–  personal
39,919
37,676
1,361
882
(1,158)
(799)
(169)
(190)
2.9
2.1
12.4
21.5
–  corporate and
commercial
51,231
50,486
506
239
(1,358)
(1,326)
(21)
(11)
2.7
2.6
4.2
4.6
–  non-bank financial
institutions
2,098
1,995
21
82
(30)
(22)
(2)
(6)
1.4
1.1
9.5
7.3
Loans and advances to
banks at amortised cost
198
198
—
—
(2)
(2)
—
—
1.0
1.0
—
—
Other financial assets
measured at amortised
cost
1,806
1,794
3
9
(5)
(5)
—
—
0.3
0.3
—
—
1The days past due amounts presented above are on a contractual basis.
Stage 2 decomposition
The following table presents the stage 2 decomposition of gross
carrying amount and allowances for ECL for loans and advances to
customers and banks. It also sets out the reasons why an exposure is
classified as stage 2 and therefore presented as a significant increase
in credit risk at 31 December 2025.
The quantitative classification shows gross carrying amount and
allowances for ECL for which the applicable reporting date PD measure
exceeds defined quantitative thresholds for retail and wholesale
exposures, as set out in Note 1.2(j) ‘Summary of material accounting
policies’, on page 306.
The qualitative classification primarily accounts for CRR deterioration,
watch-and-worry and retail management judgemental adjustments.
ÑA summary of our current policies and practices for the significant increase
in credit risk is set out in ‘Summary of material accounting policies’ on
page 306.
Loans and advances to customers and banks1
At 31 Dec 2025
Loans and advances to customers
Loans and
advances to
banks at
amortised
cost
Total
stage 2
Personal
of which:
Corporate
and
commercial
Non-bank
financial
institutions
first lien
mortgages
credit
cards
other
personal
lending
$m
$m
$m
$m
$m
$m
$m
$m
Quantitative
21,339
16,111
3,031
2,197
40,294
1,153
102
62,888
Qualitative
2,442
1,958
226
258
14,160
1,249
30
17,881
– of which: forbearance
242
142
29
71
904
102
—
1,248
30 DPD backstop2
106
79
3
24
182
11
—
299
Total gross carrying amount
23,887
18,148
3,260
2,479
54,636
2,413
132
81,068
Quantitative
(1,128)
(81)
(690)
(357)
(830)
(10)
—
(1,968)
Qualitative
(101)
(27)
(40)
(34)
(230)
(9)
(2)
(342)
–  of which: forbearance
(34)
(16)
(5)
(13)
(17)
—
—
(51)
30 DPD backstop2
(6)
(1)
(1)
(4)
(4)
—
—
(10)
Total allowance for ECL
(1,235)
(109)
(731)
(395)
(1,064)
(19)
(2)
(2,320)
ECL coverage %
5.2
0.6
22.4
15.9
1.9
0.8
1.5
2.9
Residual average life3 (in years)
15.0
19.2
<1.0
2.9
2.9
1.8
<1.0
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Loans and advances to customers and banks1 (continued)
At 31 Dec 2024
Loans and advances to customers
Loans and
advances to
banks at
amortised cost
Total
stage 2
Personal
of which:
Corporate and
commercial
Non-bank
financial
institutions
first lien
mortgages
credit
cards
other
personal
lending
$m
$m
$m
$m
$m
$m
$m
$m
Quantitative
36,356
30,992
2,904
2,460
37,787
1,658
176
75,977
Qualitative
3,452
3,107
85
260
13,327
438
22
17,239
–  of which: forbearance
175
70
40
65
1,086
3
—
1,264
30 DPD backstop2
111
78
2
31
117
2
—
230
Total gross carrying amount
39,919
34,177
2,991
2,751
51,231
2,098
198
93,446
Quantitative
(1,118)
(121)
(651)
(346)
(1,124)
(28)
—
(2,270)
Qualitative
(35)
(8)
(9)
(18)
(229)
(2)
(2)
(268)
–  of which: forbearance
(5)
—
(1)
(4)
(12)
—
—
(17)
30 DPD backstop2
(5)
(1)
—
(4)
(5)
—
—
(10)
Total allowance for ECL
(1,158)
(130)
(660)
(368)
(1,358)
(30)
(2)
(2,548)
ECL coverage %
2.9
0.4
22.1
13.4
2.7
1.4
1.0
2.7
Residual average life3 (in years)
17.0
19.5
<1.0
3.6
2.7
1.9
<1.0
1Where balances satisfy more than one of the above three criteria for determining a significant increase in credit risk, the corresponding gross carrying amount
and allowance for ECL have been assigned in order of categories presented.
2Days past due (‘DPD’).
3Calculated as the difference between final contractual maturities and the reporting date, weighted based on the contribution of the instrument to the stage 2
total gross carrying amount of the corresponding product or sector. 
Credit exposure
Maximum exposure to credit risk
(Audited)
This section provides information on balance sheet items and their
offsets as well as loan and other credit-related commitments.
Commentary on consolidated balance sheet movements in 2025
is provided on page 74.
Other credit risk mitigants
While not disclosed as an offset in the following ‘Maximum exposure
to credit risk’ table, other arrangements are in place that reduce our
maximum exposure to credit risk. These include a charge over
collateral on borrowers’ specific assets, such as residential properties,
collateral held in the form of financial instruments that are not held on
the balance sheet and short positions in securities. In addition, for
financial assets held as part of linked insurance/investment contracts
the credit risk is predominantly borne by the policyholder. See page
305 and Note 31 on the financial statements for further details of
collateral in respect of certain loans and advances and derivatives.
Collateral available to mitigate credit risk is disclosed in the ‘Collateral’
section on page 165.
The following table presents our maximum exposure before taking
account of any collateral held or other credit enhancements (unless
such enhancements meet accounting offsetting requirements).
The table excludes trading assets, financial assets designated and
otherwise mandatorily measured at fair value through profit or loss, and
financial investments measured at fair value through other
comprehensive income as their carrying amount best represents the
net exposure to credit risk. Equity securities are also excluded as they
are not subject to credit risk.
For the financial assets recognised on the balance sheet, the maximum
exposure to credit risk equals their carrying amount and is net of the
allowance for ECL. For financial guarantees and other guarantees
granted, it is the maximum amount that we would have to pay if the
guarantees were called upon. For loan commitments and other credit-
related commitments, it is generally the full amount of the committed
facilities.
The offset in the table relates to amounts where there is a legally
enforceable right of offset in the event of counterparty default and
where, as a result, there is a net exposure for credit risk purposes.
However, as there is no intention to settle these balances on a net
basis under normal circumstances, they do not qualify for net
presentation for accounting purposes. No offset has been applied to
off-balance sheet collateral. In the case of derivatives, the offset
column also includes collateral received in cash and other financial
assets.
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Credit risk
Maximum exposure to credit risk
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Maximum exposure
Offset
Net
Maximum exposure
Offset
Net
$m
$m
$m
$m
$m
$m
Loans and advances to customers held at amortised cost
988,399
(25,671)
962,728
930,658
(22,822)
907,836
–  personal
471,731
(3,568)
468,163
444,701
(2,256)
442,445
–  corporate and commercial
416,979
(20,636)
396,343
403,929
(18,897)
385,032
–  non-bank financial institutions
99,689
(1,467)
98,222
82,028
(1,669)
80,359
Loans and advances to banks at amortised cost
108,462
—
108,462
102,039
—
102,039
Other financial assets held at amortised cost
888,882
(5,865)
883,017
827,193
(4,383)
822,810
–  cash and balances at central banks
242,859
—
242,859
267,674
—
267,674
–  Hong Kong Government certificates of indebtedness
44,063
—
44,063
42,293
—
42,293
–  reverse repurchase agreements – non-trading
298,392
(5,865)
292,527
252,549
(4,383)
248,166
–  financial investments
182,089
—
182,089
153,973
—
153,973
–  prepayments, accrued income and other assets
121,479
—
121,479
110,704
—
110,704
Assets held for sale
11,115
—
11,115
27,234
—
27,234
Derivatives
237,740
(229,223)
8,517
268,637
(254,257)
14,380
Total on-balance sheet exposure to credit risk
2,234,598
(260,759)
1,973,839
2,155,761
(281,462)
1,874,299
Total off-balance sheet
1,068,162
—
1,068,162
970,610
—
970,610
–  financial and other guarantees
119,840
—
119,840
109,380
—
109,380
–  loan and other credit-related commitments
948,322
—
948,322
861,230
—
861,230
Total
3,302,760
(260,759)
3,042,001
3,126,371
(281,462)
2,844,909
Concentration of exposure
Our business segments offer a broad range of products, with the
majority of our exposures in Asia and Europe.
For an analysis of:
–financial investments, see Note 16 on the financial statements;
–trading assets, see Note 11 on the financial statements;
–derivatives, see page 178 and Note 15 on the financial statements;
and
–loans and advances by industry sector and by the location of the
principal operations of the lending subsidiary (or, in the case of the
operations of The Hongkong and Shanghai Banking Corporation
Limited, HSBC Bank plc, HSBC Bank Middle East Limited and     
HSBC Bank USA, by the location of the lending branch), see page
169 for wholesale lending and page 179 for personal lending.
Credit deterioration of financial
instruments
(Audited)
ÑA summary of our current policies and practices regarding the identification,
treatment and measurement of stage 1, stage 2, stage 3 (credit impaired)
and POCI financial instruments can be found in Note 1.2(j) on the financial
statements.
Measurement uncertainty and sensitivity analysis of ECL estimates
(Audited)
The recognition and measurement of ECL involves the use of
significant judgement and estimation. We form multiple scenarios
based on economic forecasts and distributional estimates and apply
these to credit risk models to estimate future credit losses. The results
are then probability-weighted to determine an unbiased ECL estimate.
Management assessed the current economic environment, reviewed
the latest economic forecasts and discussed key risks before selecting
economic scenarios and their weightings.
Management judgemental adjustments are used where modelled
allowance for ECL does not fully reflect the identified risks and related
uncertainty, or to capture significant late-breaking events.
Methodology
At 31 December 2025, four economic scenarios were used to capture
the latest economic expectations and to articulate management’s view
of the range of risks and potential outcomes. Scenarios are created
using the latest economic forecasts and distributional estimates, each
quarter.
Three scenarios, the Upside, Central and Downside, are drawn from
external consensus forecasts, market data and distributional estimates
of the entire range of economic outcomes. These estimates are used
as conditioning assumptions in a modelled expansion of other
variables, to ensure scenarios that are economically coherent and
internally consistent. The fourth scenario, the Downside 2, represents
management’s view of severe downside risks.
The consensus Central scenario is deemed the ‘most likely’ scenario,
and will attract the largest probability weighting.
The consensus outer scenarios represent short-term cyclical deviations
from the Central scenario, where variable paths converge back to long-
term trend expectations. They are calibrated to a 10% probability.
HSBC’s Central scenario assumes that the effects of announced
climate measures, carbon pricing and green levies are incorporated into
economic forecasts where their short-term effects are known from
enacted legislation, or may be reasonably projected from current trends
and statutory targets. Variable paths and projections aligned to long-
term climate outcomes, but which are dependent on additional policy
adjustments, carry greater uncertainty. Further details about climate
scenarios may be found in the ‘Insights from climate scenario analysis’
section of our Risk review on page 206.
The Downside 2 explores a more extreme economic outcome than
those captured by the consensus scenarios. In this scenario, variables
do not, by design, revert to long-term trend expectations and may
instead explore alternative states of equilibrium, where economic
variables move permanently away from past trends. It is calibrated to a
5% probability.
In most circumstances, the alignment of weightings with the calibrated
probability of scenarios is deemed appropriate for the unbiased
estimation of ECL. However, management may depart from this
probability-based scenario weighting approach when the economic
outlook and forecasts are determined to be particularly uncertain and
risks are elevated.
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Description of economic scenarios
The economic assumptions presented in this section are formed by
HSBC with reference to external forecasts and estimates for the
purpose of calculating ECL.
Forecasts may change, and remain subject to uncertainty. Outer
scenarios are designed to capture the potential crystallisation of key
economic and financial risks and alternative paths for economic
variables. The scenarios used to calculate ECL are described below.
The consensus Central scenario
HSBC’s Central scenario incorporates higher growth forecasts for 2026
relative to the fourth quarter of 2024, in most of our major markets.
The change in forecasts for 2027 is more mixed, reflecting differing
regional dynamics. The scenario is modelled consistent with a US tariff
rate, measured as an effective trade-weighted average, of 15% at the
start of 2026. That rate has fallen in recent months to reflect the
lowering of US tariff rates on imports from mainland China, the
conclusion of a trade agreement with Switzerland and targeted tariff
exemptions on key products.
Forecasts for mainland China and Hong Kong have improved relative to
the fourth quarter of 2024, when projections were weighed down by
expectations that the imposition of US tariffs would result in much
slower growth. Growth expectations have since been revised upwards,
supported by China’s success in redirecting trade away from the US,
and further anticipated official policy support. In Hong Kong, further
increases in residential property sector transactions and domestic
consumption are expected to be driven by a lowering of interest rates.
Forecast US GDP growth has also improved relative to the fourth
quarter of 2024 despite trade policy uncertainty, the persistence of
higher inflation and a weaker labour market. The economy has proved
more resilient to tariffs than had been expected, and robust growth in
private sector investment, related to the technology sector, has further
supported growth. The key exception to the improved outlook is the
UK, where forecasts have deteriorated as unemployment has risen and
both household and business confidence has weakened.
Global GDP is expected to grow by 2.5% in 2026 in the Central
scenario, and the average rate of global GDP growth is forecast to be
2.6% over the five-year forecast period.
The key features of our Central scenario are:
–Forecast GDP growth has improved since the fourth quarter of
2024, although the outlook still envisages either a slowdown or
stabilisation in growth in 2026, relative to 2025, for most markets.
The exceptions are Mexico and the UAE, where growth is forecast
to improve in 2026.
–In most markets, unemployment is forecast to rise moderately in
2026 in line with slower economic activity and subdued hiring. It will
remain relatively low by historical standards. 
–The evolution of inflation is mixed. In the US and UK, inflation is
expected to fall gradually but remain above central bank target rates
through 2026, reflecting higher tariffs in the US and the effects of
services price inflation in the UK. In mainland China, inflation is
expected to remain subdued due to soft consumer demand and
continued manufacturing growth.
–House prices in mainland China are expected to continue to fall. In
Hong Kong, prices are forecast to see further moderate
improvements due to a revival in buyer interest, spurred by lower
interest rates. House price growth is projected to remain positive,
but subdued, in the UK and the US.
–Challenging conditions are also forecast to continue in certain
segments of the commercial property sector in a number of our
major markets, including Hong Kong. Structural changes to demand
in the office segment in particular have driven lower valuations.
–Policy interest rates in major markets are forecast to gradually
decline further in 2026. In the longer term, they are expected to
remain at a higher level than in recent years.
–The Brent crude oil price is forecast to average around $65 per
barrel over the projection period.
The Central scenario was created with forecasts available in late
November 2025, and subsequently kept under review until the end of
December 2025.
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The following tables describe key macroeconomic variables in the consensus Central scenario.
Consensus Central scenario
2026–2030 (as at 4Q25)
2025–2029 (as at 4Q24)
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
GDP (annual average growth rate, %)
2025
1.2
2.0
1.7
4.0
0.9
4.4
0.9
2026
1.1
1.9
2.3
4.4
0.9
4.7
1.3
1.3
1.6
1.8
3.7
0.9
4.2
1.2
2027
1.4
2.0
2.3
4.2
1.2
4.1
2.0
1.8
1.6
3.5
4.3
1.4
3.9
1.7
2028
1.5
2.1
2.3
4.0
1.3
3.8
2.2
1.6
1.8
3.1
3.9
1.5
3.6
1.9
2029
1.5
2.1
2.4
3.8
1.3
3.5
2.2
1.6
2.0
2.7
3.7
1.4
3.6
2.0
2030
1.5
2.0
2.4
3.8
1.3
3.5
2.2
5-year average1
1.4
2.0
2.3
4.0
1.2
3.9
2.0
1.5
1.8
2.6
3.9
1.2
3.9
1.5
Unemployment rate (%)
2025
4.9
4.4
3.3
5.2
7.5
2.7
3.5
2026
4.9
4.4
3.6
5.2
7.6
2.5
3.2
4.7
4.3
3.7
5.4
7.3
2.6
3.5
2027
4.7
4.3
3.4
5.2
7.6
2.4
3.2
4.5
4.3
3.3
5.2
7.2
2.6
3.5
2028
4.7
4.1
3.1
5.1
7.5
2.4
3.2
4.3
4.2
3.0
5.0
7.0
2.5
3.5
2029
4.7
4.1
3.0
5.0
7.4
2.4
3.1
4.3
4.1
2.9
5.0
7.0
2.5
3.5
2030
4.7
4.1
3.0
5.0
7.4
2.4
3.1
5-year average1
4.7
4.2
3.2
5.1
7.5
2.4
3.2
4.5
4.2
3.2
5.2
7.2
2.6
3.5
House prices (annual average growth rate, %)
2025
1.4
4.4
(0.5)
(5.9)
2.1
9.3
7.6
2026
1.2
1.1
0.5
(1.6)
4.3
5.8
4.8
3.8
3.2
2.4
(0.7)
4.4
5.1
4.5
2027
2.8
1.9
1.5
2.1
5.0
3.2
4.5
4.6
2.4
3.0
3.2
4.4
3.6
4.2
2028
3.3
2.7
2.5
3.5
4.1
2.3
4.4
3.5
2.5
2.7
4.1
3.8
1.8
4.0
2029
2.7
3.2
2.1
3.4
3.1
2.0
4.3
2.7
2.6
2.7
2.9
3.1
1.3
4.0
2030
2.4
3.2
2.1
2.3
2.2
2.1
4.2
5-year average1
2.5
2.4
1.8
1.9
3.7
3.1
4.4
3.2
3.0
2.1
0.7
3.6
4.2
4.9
Inflation (annual average growth rate, %)
2025
2.4
2.4
1.4
0.3
1.2
2.1
5.0
2026
2.5
2.9
1.8
0.7
1.4
2.0
3.7
2.1
2.8
1.9
1.0
1.6
1.9
3.9
2027
2.1
2.3
1.9
1.2
1.7
1.9
3.6
2.1
2.5
2.2
1.5
2.0
1.8
3.4
2028
2.1
2.2
2.0
1.4
2.1
1.9
3.5
2.0
2.2
2.2
1.7
2.3
1.9
3.4
2029
2.0
2.2
2.2
1.5
2.1
2.0
3.4
2.0
2.1
2.3
1.6
2.2
1.8
3.4
2030
2.0
2.2
2.2
1.5
1.9
2.0
3.4
5-year average
2.2
2.4
2.0
1.3
1.9
1.9
3.5
2.1
2.4
2.0
1.2
1.9
1.9
3.8
Central bank policy rate (annual average, %)
2025
4.2
4.1
4.5
2.9
2.1
4.1
9.4
2026
3.5
3.4
3.8
3.0
1.9
3.5
7.0
3.9
3.7
4.1
2.9
1.8
3.8
8.8
2027
3.4
3.1
3.5
3.0
2.0
3.1
7.2
3.8
3.7
4.0
3.0
2.0
3.7
8.8
2028
3.5
3.2
3.6
3.1
2.1
3.3
7.5
3.7
3.6
4.0
3.2
2.0
3.6
8.9
2029
3.7
3.4
3.8
3.1
2.3
3.4
7.7
3.7
3.6
4.0
3.3
2.1
3.6
8.9
2030
3.8
3.6
3.9
3.2
2.5
3.6
7.9
5-year average1
3.6
3.3
3.7
3.1
2.2
3.4
7.5
3.9
3.7
4.1
3.1
2.0
3.8
8.9
1The five-year average is calculated over a projected period of 20 quarters from 1Q26 to 4Q30 for the 4Q25 scenario and 1Q25 to 4Q29 for the 4Q24 scenario.
2For mainland China, the rate shown is the Loan Prime Rate.
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The consensus Upside scenario
Compared with the Central scenario, the consensus Upside scenario
features stronger economic activity in the near term, before converging
to long-run trend expectations. It also incorporates lower
unemployment and higher asset prices than incorporated in the Central
scenario. Inflation accelerates modestly, driven by increased
investment and higher consumption spending.
The scenario is consistent with a number of key upside risk themes.
These include a partial rollback of tariff measures, deregulation, an
improvement in the US-China relationship, and a de-escalation in
geopolitical tensions.
The following tables describe key macroeconomic variables in the
consensus Upside scenario.
Consensus Upside scenario 2026–2030 (as at 4Q25)
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
GDP level (%, start-to-peak)1
11.0
(4Q30)
15.2
(4Q30)
20.7
(4Q30)
28.6
(4Q30)
8.5
(4Q30)
29.0
(4Q30)
16.9
(4Q30)
Unemployment rate (%, min)2
3.2
(4Q27)
3.5
(4Q27)
2.8
(2Q28)
4.7
(4Q27)
6.6
(4Q27)
2.0
(4Q27)
2.8
(3Q26)
House price index (%, start-to-peak)1
20.0
(4Q30)
23.2
(4Q30)
19.4
(4Q30)
14.9
(4Q30)
22.6
(4Q30)
22.2
(4Q30)
29.5
(4Q30)
Inflation rate (YoY % change, max)3
3.5
(1Q26)
3.6
(3Q26)
2.9
(2Q26)
1.5
(4Q30)
2.4
(4Q27)
3.1
(2Q26)
4.2
(1Q26)
Central bank policy rate (%, max)3
3.9
(1Q26)
3.9
(1Q26)
4.2
(1Q26)
3.4
(1Q27)
2.5
(4Q30)
3.9
(1Q26)
8.1
(4Q30)
Consensus Upside scenario 2025–2029 (as at 4Q24)
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
GDP level (%, start-to-peak)1
11.3
(4Q29)
13.6
(4Q29)
21.4
(4Q29)
27.5
(4Q29)
8.9
(4Q29)
28.9
(4Q29)
13.6
(4Q29)
Unemployment rate (%, min)2
3.5
(3Q26)
3.6
(1Q26)
2.9
(4Q29)
4.9
(4Q26)
6.4
(4Q26)
2.2
(4Q26)
3.0
(1Q25)
House price index (%, start-to-peak)1
24.2
(4Q29)
23.6
(4Q29)
25.3
(4Q29)
9.8
(4Q29)
22.8
(4Q29)
26.1
(4Q29)
31.7
(4Q29)
Inflation rate (YoY % change, min)3
1.4
(1Q26)
1.6
(2Q26)
(0.1)
(4Q25)
(1.0)
(4Q25)
0.1
(4Q25)
0.6
(4Q25)
3.1
(2Q26)
Central bank policy rate (%, min)3
3.6
(4Q25)
3.6
(1Q29)
4.0
(1Q29)
2.7
(1Q26)
1.4
(3Q25)
3.6
(1Q29)
7.6
(1Q26)
1Cumulative change to the highest level of the series during the 20-quarter projection.
2Lowest projected unemployment rate in the scenario.
3Highest/lowest projected policy rate and year-on-year percentage change in inflation in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
Downside scenarios
Downside scenarios explore the intensification and crystallisation of
key risk themes and are modelled so that economic shocks drive
consumption and investment lower and commodity prices fall. For
most markets, inflation and interest rates are lower compared with the
Central scenario. That narrative is disrupted in the US and Mexico as
higher tariff rates and other countermeasures are assumed to drive a
broad increase in import prices.
Key downside risks include:
–an increase in protectionist policies. This lowers investment,
complicates international supply chains, and impedes trade flows;
–abrupt asset repricing given elevated valuations, particularly in the
tech sector, eroding wealth effects and ultimately increasing credit
risks;
–broader and more prolonged conflict in the Middle East and the
Russia-Ukraine war, which undermine confidence and investment;
and
–continued differences between the US and China, which affect
economic confidence and the global goods trade and supply chains
for critical technologies.
The consensus Downside scenario
In the consensus Downside scenario, the effects of tariffs on the
global economy are worse than expected, leading to weaker economic
activity compared with the Central scenario. The scenario is consistent
with the tariff rate, measured as an effective trade-weighted average,
rising to 19% in 2026, and remaining at that level in 2027. The key
driver of that increase is the application of sector-specific tariff rates.
In this scenario, GDP declines and unemployment rates rise, while
asset prices and commodity prices fall. The scenario features an
escalation in geopolitical tensions and an increase in tariffs over and
above those assumed in the Central scenario. Existing and recently
approved trade agreements are assumed to hold. In most markets,
inflation declines relative to the Central scenario, as tariffs are assumed
to drive a drop in export demand from the US. In the US and Mexico,
the scenario sees inflation rise as higher tariffs across a broad range of
imported goods pass through to consumer prices.
In the scenario, oil prices trough at $40 per barrel.
The following tables describe key macroeconomic variables in the
consensus Downside scenario.
Consensus Downside scenario 2026–2030 (as at 4Q25)
UK
US
Hong Kong
Mainland China
France
UAE
Mexico
GDP level (%, start-to-trough)1
(0.2)
(2Q27)
(0.8)
(3Q26)
(1.7)
(4Q27)
(1.7)
(3Q26)
(0.4)
(3Q26)
0.4
(1Q26)
(1.0)
(1Q27)
Unemployment rate (%, max)2
6.2
(4Q26)
5.3
(3Q26)
4.8
(4Q26)
6.8
(4Q27)
8.6
(3Q26)
3.2
(3Q27)
3.8
(3Q26)
House price index (%, start-to-trough)1
(4.1)
(1Q27)
(3.1)
(1Q27)
(3.8)
(1Q27)
(5.6)
(1Q27)
0.7
(1Q26)
(3.4)
(2Q26)
0.6
(1Q26)
Inflation rate (YoY % change)3
1.3
(3Q26)
3.4
(1Q26)
0.1
(4Q26)
(2.9)
(4Q26)
0.4
(4Q26)
0.5
(4Q26)
4.7
(1Q26)
Central bank policy rate (%)3
2.2
(3Q28)
4.6
(2Q26)
5.0
(2Q26)
1.5
(4Q26)
0.6
(1Q27)
4.6
(2Q26)
9.5
(2Q26)
Consensus Downside scenario 2025–2029 (as at 4Q24)
UK
US
Hong Kong
Mainland China
France
UAE
Mexico
GDP level (%, start-to-trough)1
(1.0)
(4Q26)
(0.6)
(3Q25)
(4.5)
(4Q25)
(2.5)
(3Q25)
(0.6)
(1Q26)
0.3
(1Q25)
(2.1)
(4Q26)
Unemployment rate (%, max)2
6.1
(4Q25)
5.3
(3Q25)
5.1
(2Q26)
6.9
(4Q26)
8.3
(3Q25)
3.4
(1Q26)
4.1
(4Q25)
House price index (%, start-to-trough)1
(4.5)
(1Q26)
(0.2)
(1Q25)
(1.9)
(2Q26)
(12.8)
(3Q26)
(0.3)
(1Q25)
(0.4)
(1Q25)
2.1
(1Q25)
Inflation rate (YoY % change, max)3
3.4
(4Q25)
4.5
(1Q26)
3.1
(1Q26)
2.0
(1Q26)
2.6
(3Q25)
2.8
(1Q26)
7.4
(4Q25)
Central bank policy rate (%, max)3
5.0
(1Q25)
4.8
(1Q25)
5.2
(1Q25)
3.0
(1Q25)
3.2
(1Q25)
4.8
(1Q25)
11.5
(3Q25)
1Cumulative change to the lowest level of the series during the 20-quarter projection.
2The highest projected unemployment rate in the scenario.
3The table for 4Q25 shows highest year-on-year percentage change in inflation and projected policy rates for the US and Mexico, and lowest for other countries
and territories. For the UAE and Hong Kong, the policy rate is shown as the maximum, consistent with the operation of US-dollar-linked exchange rates. For
mainland China, the rate shown is the Loan Prime Rate.
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Downside 2 scenario
The Downside 2 scenario reflects management’s view of the tail of the
economic distribution. It incorporates the simultaneous crystallisation
of a number of risks that lead to a deep global recession. The
subsequent drop in demand leads to a steep fall in commodity prices,
and a rapid increase in unemployment.
The narrative features an escalation in tariff actions, resulting in a global
trade war, and further intensification of geopolitical crises. Asset prices
fall steeply, with technology-related stocks expected to experience the
most significant price adjustments. The scenario is consistent with the
US tariff rate, measured as an effective trade-weighted average, rising
to 25% in 2026, and remaining at that level in 2027.
In the scenario, oil prices trough at $30 per barrel.
The following tables describe key macroeconomic variables in the
Downside 2 scenario.
Downside 2 scenario 2026–2030 (as at 4Q25)
UK
US
Hong Kong
Mainland China
France
UAE
Mexico
GDP level (%, start-to-trough)1
(5.3)
(2Q27)
(4.5)
(1Q27)
(9.3)
(3Q27)
(6.0)
(1Q27)
(6.2)
(2Q27)
(5.7)
(2Q27)
(10.0)
(1Q27)
Unemployment rate (%, max)2
8.9
(2Q27)
9.0
(1Q28)
7.0
(4Q26)
7.0
(4Q27)
10.7
(4Q27)
3.9
(3Q26)
5.2
(2Q27)
House price index (%, start-to-trough)1
(24.2)
(4Q27)
(17.1)
(4Q26)
(19.6)
(2Q29)
(23.1)
(4Q27)
(5.9)
(3Q27)
(30.5)
(1Q28)
0.6
(1Q26)
Inflation rate (YoY % change)3
(1.9)
(4Q26)
4.1
(2Q26)
(1.7)
(2Q27)
(6.5)
(4Q26)
(0.6)
(4Q26)
0.3
(4Q26)
4.8
(1Q26)
Central bank policy rate (%)3
1.4
(1Q27)
4.7
(2Q26)
5.0
(2Q26)
1.2
(2Q27)
0.1
(4Q26)
4.7
(2Q26)
9.9
(2Q26)
Downside 2 scenario 2025–2029 (as at 4Q24)
UK
US
Hong Kong
Mainland China
France
UAE
Mexico
GDP level (%, start-to-trough)1
(9.1)
(2Q26)
(4.1)
(2Q26)
(10.1)
(4Q25)
(8.7)
(4Q25)
(7.9)
(2Q26)
(6.8)
(2Q26)
(10.5)
(3Q26)
Unemployment rate (%, max)2
8.4
(2Q26)
9.3
(2Q26)
7.1
(1Q26)
7.1
(4Q26)
10.4
(1Q27)
5.0
(3Q25)
5.6
(1Q26)
House price index (%, start-to-trough)1
(27.2)
(4Q26)
(15.8)
(4Q25)
(34.4)
(3Q27)
(30.5)
(4Q26)
(14.0)
(2Q27)
(13.2)
(2Q27)
2.0
(1Q25)
Inflation rate (YoY % change, max)3
10.1
(2Q25)
4.9
(4Q25)
3.6
(1Q26)
3.8
(4Q25)
7.6
(2Q25)
3.7
(2Q25)
7.9
(4Q25)
Central bank policy rate (%, max)3
5.5
(1Q25)
5.5
(1Q25)
5.9
(1Q25)
3.5
(3Q25)
4.2
(1Q25)
5.6
(1Q25)
12.1
(3Q25)
1Cumulative change to the lowest level of the series during the 20-quarter projection.
2 The highest projected unemployment rate in the scenario. 
3 The table for 4Q25 shows highest year-on-year percentage change in inflation and projected policy rates for the US and Mexico, and lowest for other countries
and territories. For the UAE and Hong Kong, the policy rate is shown as the maximum, consistent with the operation of US-dollar-linked exchange rates. For
mainland China, the rate shown is the Loan Prime Rate.
The following graphs show the historical and forecasted GDP growth rate for the various economic scenarios in our four largest markets.
Hong Kong
119846767543989
Mainland China
119846767543996
UK
119846767544001
US
119846767544006
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Scenario weighting
Scenario weightings are calibrated to probabilities that are determined
with reference to consensus forecast probability distributions.
Management may then choose to vary weights if they assess that the
calibration lags more recent events, or does not reflect their view of
the distribution of economic and geopolitical risk. Management’s view
of the scenarios and the probability distribution takes into consideration
the relationship of the consensus scenario to both internal and external
assessments of risk.
For the fourth quarter of 2025, forecast and distributional estimates
were assessed to have incorporated available information around tariffs
and policy uncertainties and no major events had occurred since
scenario production that changed the outlook materially. Forecast
dispersion, financial market volatility and other measures of uncertainty
remained close to their long-term average.
Consequently, there was no variation in scenario weights and they
were aligned to the calibrated probabilities of the scenarios. The
consensus Central scenario was assigned a 75% probability weighting
in our major markets. The consensus Upside scenario was assigned a
10% weighting, and the consensus Downside scenario was given
10%. The Downside 2 was assigned a 5% weighting.
In light of the US intervention in the political leadership and energy
assets of Venezuela during early January 2026, management assessed
the potential implications, including to oil prices, and concluded that
expected spillovers remain within the scope of existing scenarios,
including potentially significantly lower oil prices. Subsequent tariff
developments in relation to Greenland were also assessed on the
same basis and no additional action was deemed necessary for
economic scenarios or weights.
The following tables describe the probabilities assigned in each
scenario.
Scenario weightings, %
4Q25
4Q24
Standard
weights
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
Standard
weights
UK
US
Hong
Kong
Mainland
China
France
UAE
Mexico
Upside scenario
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Central scenario
75
75
75
75
75
75
75
75
75
75
75
75
75
75
75
75
Downside scenario
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Downside 2 scenario
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
At 31 December 2025, the consensus Upside and Central scenarios for
all markets had a combined weighting of 85%, unchanged from the
weightings at 31 December 2024. Weightings assigned to downside
scenarios also remained unchanged.
Critical estimates and judgements
The IFRS 9 Expected Credit Losses (‘ECL’) calculation involved
significant judgements, assumptions and estimates. These included
selecting and configuring economic scenarios amid changing
economic conditions and risks and estimating their effects on ECL,
especially when historical conditions are not fully captured by credit
risk models.
How economic scenarios are reflected in
ECL calculations
Models are used to reflect economic scenarios for the ECL estimates.
We have developed globally consistent methodologies for the
application of forward economic guidance into the calculation of ECL
for wholesale and retail credit risk.
For wholesale portfolios, a global methodology is used for the
estimation of the term structure of probability of default (‘PD’) and loss
given default (‘LGD’). PDs use the correlation of forward economic
guidance with default rates for a particular industry within a country,
and LGDs use the correlation of forward economic guidance with
collateral values and realisation rates for a particular country and
industry. PDs and LGDs are estimated for the entire term structure of
each instrument.
For impaired loans, allowances for ECL estimates are based on
discounted cash flow (‘DCF’) calculations for internal forward-looking
scenarios specific to individual borrower circumstances. Probability-
weighted outcomes are applied and, depending on materiality and the
status of the borrower, the number of scenarios considered will
change. Where relevant for the case being assessed, forward
economic guidance is considered as part of these scenarios. LGD-
driven ECL estimates are used for certain less material cases.
For our retail portfolios, the models are predominantly based on
historical observations and correlations with default rates and collateral
values.
For PD, the impact of economic scenarios is modelled for each
portfolio, using historical relationships between default rates and
macroeconomic variables. These are included within IFRS 9 ECL
estimates using either economic response models or models that
contain internal, external and macroeconomic variables. The
macroeconomic impact on PD is modelled over the period equal to the
remaining maturity of the assets.
For LGD, the impact is modelled for mortgage portfolios by forecasting
future loan-to-value profiles for the remaining maturity of the asset,
using national level house price index forecasts and applying the
corresponding LGD expectation relative to the updated forecast
collateral values.
For unsecured retail portfolios, historically observed recovery rates are
leveraged to measure loss. For both mortgages and unsecured loans, a
limited number of portfolios utilise a stressed LGD applied to the
Downside 2 scenario.
Management judgemental adjustments
IFRS 9 management judgemental adjustments are typically short-term
increases or decreases to the modelled allowance for ECL at a
customer, segment or portfolio level where management believes
allowances do not sufficiently reflect the ECL at the reporting date.
These relate to risks or uncertainties that are not reflected in the
models or to any late-breaking events with significant uncertainty,
subject to management review and challenge.
Management judgemental adjustments impacts are considered for
both gross balances and allowances for ECL when determining
whether a significant increase in credit risk has occurred, and is
allocated to an appropriate stage in accordance with the internal
adjustments framework.
Management judgemental adjustments are reviewed under the IFRS 9
governance process see page 107. Management’s review and
challenge focuses on the rationale and adjustment amounts and,
where significant, is subject to a further review by the second line of
defence. Internal frameworks establish the conditions where some
management judgemental adjustments should no longer be required
and as such are considered as part of the governance process.
The internal governance process regularly reviews management
judgemental adjustments and, where possible, mitigates these through
a model recalibration or redevelopment.
Management judgemental adjustment drivers evolve as the economic
environment changes and new risks emerge. In addition to
management judgemental adjustments there are also ‘Other
adjustments’, which are made to address process limitations and data/
model deficiencies and can also include, where appropriate, the impact
of new models where governance has sufficiently progressed to allow
an accurate estimate of ECL allowance to be incorporated into the total
reported ECL. 
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For the wholesale portfolio, management judgemental adjustments
apply to the performing portfolio only as defaulted exposures are
individually assessed.
At 31 December 2025, there was a $0.1bn increase in management
judgemental adjustments compared with 31 December 2024.
Management judgemental adjustments made in estimating the
scenario-weighted reported allowance for ECL at 31 December 2025
are set out in the following table.
Management judgemental adjustments to ECL
At 31 December 20251
At 31 December 20241
Retail
Wholesale2
Total
Retail
Wholesale2
Total
$bn
$bn
$bn
$bn
$bn
$bn
Modelled ECL (A)3
2.8
1.8
4.6
2.6
2.0
4.6
Banks, sovereigns, government entities and low-risk
counterparties
0.0
0.0
Corporate lending adjustments
0.1
0.1
0.1
0.1
Other credit judgements
0.1
0.1
0.0
0.0
Total management judgemental adjustments (B)4
0.1
0.1
0.2
0.0
0.1
0.1
Other adjustments (C)5
(0.0)
0.1
0.1
(0.0)
0.1
0.1
Final ECL (A + B + C)6
2.9
2.0
4.9
2.6
2.2
4.8
1Management judgemental adjustments presented in the table reflect increases or (decreases) to allowance for ECL, respectively.
2The wholesale portfolio corresponds to adjustments to the performing portfolio (stage 1 and stage 2).
3(A) refers to probability-weighted allowance for ECL before any adjustments are applied.
4(B) refers to adjustments that are applied where management believes allowance for ECL does not sufficiently reflect the credit risk/ECL of any given portfolio at
the reporting date. These can relate to risks or uncertainties that are not reflected in the model and/or to any late-breaking events.
5(C) refers to adjustments to allowance for ECL made to address process limitations and data/model deficiencies and can also include where appropriate, the impact of
new models where governance has sufficiently progressed to allow an accurate estimate of ECL allowance to be incorporated into the total reported ECL.
6As presented within our internal credit risk governance (see page 140).
Management judgemental adjustments at 31 December 2025 were an
increase to allowance for ECL of $0.1bn for the wholesale portfolio,
and $0.1bn for the retail portfolio.
At 31 December 2025, wholesale management judgemental
adjustments to the allowance for ECL remained stable at $0.1bn,
consistent with the position at 31 December 2024. These were mainly
to corporate exposures to reflect heightened uncertainty in specific
sectors and geographies, including offsetting adjustments to the real
estate sector in mainland China, Hong Kong and the US, and
adjustments to exposures to the automotive and industrial sectors in
Germany.
At 31 December 2025, retail management judgemental adjustments
were an increase to allowance for ECL of $0.1bn (31 December 2024:
$0.0bn). The marginal increase in ‘Other credit judgements’ compared
with 31 December 2024 was in relation to a number of market-specific
adjustments that were not individually significant.
Economic scenarios sensitivity analysis
of ECL estimates
Management considered the sensitivity of the ECL outcome against
the economic forecasts as part of the ECL governance process by
recalculating the allowance for ECL under each scenario described
above for selected portfolios, applying a 100% weighting to each
scenario in turn. The weighting is reflected in both the determination of
a significant increase in credit risk and the measurement of the
resulting allowances.
The allowance for ECL calculated for the Upside and Downside
scenarios should not be taken to represent the upper and lower limits
of possible ECL outcomes. The impact of defaults that might occur in
the future under different economic scenarios is captured by
recalculating allowances for loans at the balance sheet date.
There is a particularly high degree of estimation uncertainty in numbers
representing tail risk scenarios when assigned a 100% weighting.
For wholesale credit risk exposures, the sensitivity analysis excludes
allowance for ECL and financial instruments related to defaulted (stage
3) obligors. The measurement of stage 3 ECL is relatively more
sensitive to credit factors specific to the obligor than future economic
scenarios, and therefore the effects of macroeconomic factors are not
necessarily the key consideration when performing individual
assessments of allowances for obligors in default. Loans to defaulted
obligors are a small portion of the overall wholesale lending exposure,
even if representing the majority of the allowance for ECL. Due to the
range and specificity of the credit factors to which the ECL is sensitive,
it is not possible to provide a meaningful alternative sensitivity analysis
for a consistent set of risks across all defaulted obligors.
For retail mortgage exposures the sensitivity analysis includes
allowance for ECL for defaulted obligors of loans and advances. This is
because the retail ECL for secured mortgage portfolios, including loans
in all stages, is sensitive to macroeconomic variables.
Wholesale and retail sensitivity
The wholesale and retail sensitivity tables present the 100% weighted
results for each of our scenarios. These exclude portfolios held by the
insurance business and small portfolios, and as such cannot be directly
compared with personal and wholesale lending presented in other
credit risk tables. In both the wholesale and retail analysis, the
comparative period results for Downside 2 scenarios are also not
directly comparable with the current period, because they reflect
different risks relative to the consensus scenarios for the period end.
The wholesale and retail sensitivity analysis is stated inclusive of
management judgemental adjustments, as appropriate to each
scenario.
For both retail and wholesale portfolios, the gross carrying amount of
financial instruments are the same under each scenario. For exposures
with similar risk profile and product characteristics, the sensitivity
impact is therefore largely the result of changes in macroeconomic
assumptions.
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Wholesale analysis
IFRS 9 ECL sensitivity to future economic conditions1,2,3
Reported Gross
carrying amount4
Reported
allowance
for ECL
Consensus
Central scenario
allowance
for ECL
Consensus
Upside scenario
allowance
for ECL
Consensus
Downside scenario
allowance
for ECL
Downside 2
scenario
allowance
for ECL
By geography at 31 Dec 2025
$m
$m
$m
$m
$m
$m
UK
465,228
598
571
513
680
1,119
US
208,425
210
194
166
264
563
Hong Kong
472,454
439
401
305
570
1,143
Mainland China
133,814
188
176
137
256
397
Mexico
38,076
62
58
47
76
202
UAE
62,827
52
51
47
56
82
France
196,137
121
117
103
139
188
Other geographies5
487,987
234
208
158
358
790
Total
2,064,949
1,905
1,778
1,477
2,399
4,485
of which:
Stage 1
1,940,746
690
638
522
830
971
Stage 2
124,203
1,214
1,139
955
1,569
3,514
By geography at 31 Dec 2024
UK
432,160
717
667
526
850
2,389
US
202,888
216
201
205
247
461
Hong Kong
450,966
659
616
465
906
1,496
Mainland China
137,960
178
141
84
329
886
Mexico
34,713
69
61
46
86
302
UAE
58,909
51
49
40
58
120
France
184,591
82
80
69
97
125
Other geographies5,6
455,823
234
216
176
304
774
Total
1,958,010
2,205
2,031
1,612
2,877
6,555
of which:
Stage 1
1,830,264
689
632
494
797
803
Stage 2
127,746
1,516
1,399
1,118
2,080
5,751
1Allowance for ECL sensitivity includes off-balance sheet financial instruments. These are subject to significant measurement uncertainty.
2Includes low credit-risk financial instruments such as debt instruments at FVOCI, which have high carrying amounts but low ECL under all the above scenarios.
3Excludes defaulted obligors. For a detailed breakdown of performing and non-performing wholesale portfolio exposures, see page 169.
4Staging refers only to probability-weighted/reported gross carrying amount. Stage allocation of gross exposures varies by scenario, with higher allocation to
stage 2 under the Downside 2 scenario.
5Includes small portfolios that use less complex modelling approaches and are not sensitive to macroeconomic changes.
6Includes the Argentina and Armenia businesses, which were sold in 2024.
At 31 December 2025, the highest level of 100% scenario-weighted
allowance for ECL was observed in the UK and Hong Kong under the
Downside 2 scenario, driven primarily by a larger exposure to those
geographies, namely in the real estate sector. In relation to the
underlying exposure, mainland China and Mexico have the higher
Downside 2 ECL coverage, mostly due to the relatively larger
proportion of higher risk exposures in those geographies.
Compared with 31 December 2024, the ECL impact on all consensus
scenarios has decreased due to the effects of enhanced credit risk
models and updates to our forward economic scenarios.
In the wholesale portfolio, off-balance sheet financial instruments have
a lower likelihood to be fully converted to a funded exposure at the
point of default, and consequently the sensitivity of the allowance for
ECL is lower in relation to its nominal amount, when compared with an
on-balance sheet exposure with a similar risk profile.
Retail analysis
At 31 December 2025, the most significant level of allowance for ECL
sensitivity was observed in the UK, Mexico and Hong Kong. Mortgages
reflected the lowest level of allowance for ECL sensitivity across most
markets given the significant levels of collateral relative to the exposure
values. Credit cards and other unsecured lending across stages 1 and 2
are more sensitive to economic forecasts and therefore reflected the
highest level of allowance for ECL sensitivity during 2025.
The ECL allowance in all consensus scenarios compared with
31 December 2024 was stable. There was a decrease in the 
Downside 2 scenario, which was primarily due to improvements in the
House Price Index forecasts in Hong Kong.
There was limited sensitivity in credit cards and other unsecured
lending in stage 3 as levels of loss on defaulted exposures remained
consistent through various economic conditions. The Downside 2
scenario reflects the tail of the economic distribution where allowance
for ECL is more sensitive based on historical experience and includes a 
stressed LGD for a limited number of portfolios.
The reported gross carrying amount by stage is representative of the
weighted scenario allowance for ECL. The allowance for ECL
sensitivity to the other scenarios includes changes in allowance for
ECL due to the levels of loss and the migration of additional lending
balances in, or out, of stage 2.
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IFRS 9 ECL sensitivity to future economic conditions1
At 31 Dec 2025
At 31 Dec 2024
Reported
gross
carrying
amount
Reported
allowance
for ECL
Consensus
Central
scenario
allowance
for ECL
Consensus
Upside
scenario
allowance
for ECL
Consensus
Downside
scenario
allowance
for ECL
Downside 2
scenario
allowance
for ECL
Reported
gross carrying
amount
Reported
allowance
for ECL
Consensus
Central
scenario
allowance
for ECL
Consensus
Upside
scenario
allowance
for ECL
Consensus
Downside
scenario
allowance
for ECL
Downside 2
scenario
allowance
for ECL
By geography
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
UK
Mortgages
183,128
132
124
117
138
274
163,541
126
117
107
132
288
Credit cards
8,317
356
354
338
355
419
7,415
280
275
265
276
447
Other
9,513
265
261
238
276
370
8,249
241
233
217
243
351
Mexico
Mortgages
8,430
190
188
180
193
237
7,482
165
162
155
168
215
Credit cards
2,322
407
403
398
409
514
2,227
337
333
330
338
423
Other
3,727
437
437
435
442
589
3,722
419
416
413
422
593
Hong Kong
Mortgages
106,736
5
4
3
6
13
106,866
5
5
4
5
10
Credit cards
9,739
313
306
300
324
496
9,419
293
275
268
300
770
Other
6,085
146
137
136
144
173
6,210
106
102
101
105
249
UAE
Mortgages
2,306
6
6
6
6
7
1,993
8
8
8
8
8
Credit cards
591
39
39
38
40
46
536
31
31
31
31
35
Other
620
12
11
11
12
13
688
17
17
17
17
19
US
Mortgages
17,797
4
4
4
5
8
16,965
6
6
6
6
8
Credit cards
187
14
14
14
14
16
193
15
14
14
15
17
Other geographies
Mortgages
56,067
109
106
102
114
175
51,064
131
127
124
136
180
Credit cards
3,834
175
174
173
179
202
3,500
162
159
156
164
223
Other
2,313
78
78
77
78
85
2,292
72
72
69
73
93
Total
421,712
2,688
2,646
2,570
2,735
3,637
392,361
2,413
2,351
2,285
2,440
3,928
of which: mortgages
374,464
446
432
412
462
714
347,910
440
425
405
456
708
Stage 1
353,960
54
53
50
61
161
311,875
51
47
43
58
129
Stage 2
18,056
106
97
88
108
216
33,761
126
117
107
129
275
Stage 3
2,448
286
282
274
293
337
2,274
263
261
255
269
304
of which: credit cards
24,990
1,304
1,290
1,261
1,321
1,693
23,290
1,116
1,086
1,064
1,124
1,915
Stage 1
21,258
353
347
335
366
553
19,915
276
267
258
284
701
Stage 2
3,450
731
723
706
735
913
3,107
655
634
621
656
1,027
Stage 3
282
220
220
220
220
227
267
185
185
185
185
188
of which: others
22,258
938
924
897
952
1,230
21,161
856
839
816
860
1,305
Stage 1
19,494
253
249
233
265
444
18,574
216
204
193
217
532
Stage 2
2,177
403
393
382
405
494
2,005
360
355
343
363
483
Stage 3
587
282
282
282
282
292
583
279
279
279
279
290
1Allowance for ECL sensitivities exclude portfolios utilising less complex modelling approaches.
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Group ECL sensitivity results
The allowance for ECL of the scenarios and management judgemental
adjustments is highly sensitive to movements in economic forecasts.
Based upon the sensitivity tables presented above, if the Group
allowance for ECL balance was estimated solely on the basis of the
Central scenario, Downside scenario or the Downside 2 scenario at
31 December 2025, it would increase/(decrease) as presented in the
below table.
Total Group ECL at 31 December 2025
At 31 December 2025
At 31 December 2024
Retail1
Wholesale1
Retail1
Wholesale1
$bn
$bn
$bn
$bn
Reported allowance for ECL
2.7
1.9
2.4
2.2
Scenarios
100% Consensus Central scenario
(0.0)
0.0
(0.1)
(0.2)
100% Consensus Upside scenario
(0.1)
(0.3)
(0.1)
(0.6)
100% Consensus Downside scenario
0.0
0.6
0.0
0.7
100% Downside 2 scenario
0.9
2.7
1.5
4.3
1On the same basis as retail and wholesale sensitivity analysis.
At 31 December 2025, the Group allowance for ECL increased in the retail portfolio by $0.3bn and decreased by $0.3bn in the wholesale portfolio,
compared with 31 December 2024.
Compared with 31 December 2024, both the retail and wholesale portfolio Group ECL sensitivity across all consensus scenarios decreased due
to an improving economic outlook. For the retail portfolios the ECL sensitivity decrease across the Downside 2 scenario was primarily due to
improvements in Hong Kong and UK unsecured portfolios. For the wholesale portfolios, the decrease was largely driven by crystallisation of
defaults in certain sectors and an improving economic outlook.
Reconciliation from reported exposure and ECL to sensitised exposure and weighted ECL
Wholesale
Retail
Total
Gross carrying/
nominal amount
Allowance
for ECL
Gross carrying/
nominal amount
Allowance
for ECL
Gross carrying/
nominal amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
Included in sensitivity analysis
2,064,949
(1,905)
421,712
(2,688)
2,486,661
(4,593)
–  Exclusions from sensitivity as described in the section above1
21,336
(6,394)
330,144
(147)
351,480
(6,541)
–  Debt instruments measured at fair value through other
comprehensive income2
(383,568)
30
—
—
(383,568)
30
–  Performance guarantees2
(102,684)
269
—
—
(102,684)
269
–  Other financial assets at amortised cost not presented as
wholesale or personal lending, including held for sale2
(539,467)
102
(616)
9
(540,083)
111
–  Other3
6,757
(342)
(2,735)
1
4,022
(341)
As reported in the Summary of credit risk (excluding debt
instruments measured at FVOCI) by stage distribution
and ECL coverage by industry sector at 31 Dec 2025
1,067,323
(8,240)
748,505
(2,825)
1,815,828
(11,065)
Other financial assets at amortised cost
890,326
(129)
Total reported in the Summary of credit risk (excluding debt
instruments measured at FVOCI) by stage distribution and
ECL coverage by industry sector at 31 Dec 2025
2,706,154
(11,194)
Included in sensitivity analysis
1,958,010
(2,205)
392,361
(2,413)
2,350,371
(4,618)
–  Exclusions from sensitivity as described in the section above1
20,409
(5,419)
309,178
(124)
329,587
(5,543)
–  Debt instruments measured at fair value through other
comprehensive income2
(346,124)
54
—
—
(346,124)
54
–  Performance guarantees2
(92,722)
311
—
—
(92,722)
311
–  Other financial assets at amortised cost not presented as
wholesale or personal lending, including held for sale2
(568,668)
141
(130)
—
(568,798)
141
–  Other3
5,978
(441)
498
(9)
6,476
(450)
As reported in the Summary of credit risk (excluding debt
instruments measured at FVOCI) by stage distribution and
ECL coverage by industry sector at 31 Dec 2024
976,883
(7,559)
701,907
(2,546)
1,678,790
(10,105)
Other financial assets at amortised cost
828,580
(92)
Total reported in the Summary of credit risk (excluding debt
instruments measured at FVOCI) by stage distribution and
ECL coverage by industry sector at 31 Dec 2024
2,507,370
(10,197)
1Comprises wholesale defaulted obligors, retail portfolios utilising less complex modelling approaches, private banking and insurance.
2The sensitivity analysis includes certain items reported in ‘Other assets at amortised cost’, which are not allocated to an industry in the credit tables. It also
includes debt instruments measured at FVOCI and performance guarantees, which are presented separately in the credit tables.
3Includes FX and other operational variances.
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Reconciliations of changes in gross carrying/nominal amount and allowances
The following disclosure provides a reconciliation by stage of the
Group’s gross carrying/nominal amount and allowances for loans and
advances to banks and customers, including loan commitments and
financial guarantees.
In addition, a reconciliation by stage of the Group’s gross carrying
amount and allowances for loans and advances to banks and
customers and a reconciliation by stage of the Group’s nominal amount
and allowances for loan commitments and financial guarantees, were
included in this section following adoption of the recommendations of
the third report from The Taskforce on Disclosures about Expected
Credit Losses (‘DECL’).
Movements are calculated on a quarterly basis and therefore fully
capture stage movements between quarters. If movements were
calculated on a year-to-date basis they would only reflect the opening
and closing position of the financial instrument.
The transfers of financial instruments represents the impact of stage
transfers upon the gross carrying/nominal amount and associated
allowance for ECL.
The net remeasurement of ECL arising from transfer of stage
represents the increase or decrease due to these transfers, for
example, moving from a 12-month (stage 1) to a lifetime (stage 2) ECL
measurement basis. Net remeasurement excludes the underlying
CRR/PD movements of the financial instruments transferring stage.
This is captured, along with other credit quality movements in the
‘changes to risk parameters – credit quality’ line item.
Changes in ‘Net new and further lending/repayments’ represents the
impact from volume movements within the Group’s lending portfolio
and includes new financial assets originated or purchased, further
lending and repayments (including final repayments).
Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees
(Audited)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
1,489,687
(1,232)
115,898
(2,674)
23,823
(6,148)
93
(51)
1,629,501
(10,105)
Transfers of financial
instruments:
(28,196)
(931)
18,327
2,101
9,869
(1,170)
—
—
—
—
–transfers from stage 1 to
stage 2
(134,309)
368
134,309
(368)
—
—
—
—
—
—
–transfers from stage 2 to
stage 1
107,223
(1,233)
(107,223)
1,233
—
—
—
—
—
—
–  transfers to stage 3
(1,873)
15
(10,260)
1,434
12,133
(1,449)
—
—
—
—
–  transfers from stage 3
763
(81)
1,501
(198)
(2,264)
279
—
—
—
—
Net remeasurement of ECL
arising from transfer of
stage
—
664
—
(604)
—
(58)
—
—
—
2
Changes due to
modifications not
derecognised
—
—
—
—
—
—
—
—
—
—
Net new and further
lending/repayments
107,733
(178)
(35,843)
614
(6,060)
768
238
2
66,068
1,206
Changes to risk parameters
– credit quality
—
390
—
(1,991)
—
(3,737)
—
(24)
—
(5,362)
Changes to models used
for ECL calculation
—
(59)
—
272
—
(16)
—
—
—
197
Assets written off
—
—
—
—
(3,569)
3,569
—
—
(3,569)
3,569
Credit-related modifications
that resulted in
derecognition
—
—
—
—
(88)
9
—
—
(88)
9
Foreign exchange and
others1,2
42,772
(16)
4,507
(152)
1,259
(410)
6
(3)
48,544
(581)
At 31 Dec 2025
1,611,996
(1,362)
102,889
(2,434)
25,234
(7,193)
337
(76)
1,740,456
(11,065)
ECL income statement
change for the period
817
(1,709)
(3,043)
(22)
(3,957)
Recoveries
320
Others
(248)
Total ECL income
statement change for the
period
(3,885)
1Total includes $6.0bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $27m, including business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page
355.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained 
home and other retail loans in France as disclosed in Note 23 on page 355.
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Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees (continued)
(Audited)
At 31 Dec 2025
12 months ended 31 Dec 2025
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
 
$m
$m
$m
As above
1,740,456
(11,065)
(3,885)
Other financial assets measured at amortised cost
890,326
(129)
(29)
Non-trading reverse purchase agreement commitments
75,372
—
—
Performance and other guarantees not considered for IFRS 9
—
—
46
Summary of financial instruments to which the impairment requirements
in IFRS 9 are applied/Summary consolidated income statement
2,706,154
(11,194)
(3,868)
Debt instruments measured at FVOCI
383,568
(30)
18
Total allowance for ECL/total income statement ECL change for the period
n/a
(11,224)
(3,850)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
1,496,805
(1,300)
153,084
(3,102)
20,799
(7,063)
85
(30)
1,670,773
(11,495)
Transfers of financial instruments:
(19,629)
(1,259)
6,652
2,302
12,977
(1,043)
—
—
—
—
–  transfers from stage 1 to
stage 2
(116,211)
419
116,211
(419)
—
—
—
—
—
—
–  transfers from stage 2 to
stage 1
98,731
(1,627)
(98,731)
1,627
—
—
—
—
—
—
–  transfers to stage 3
(2,799)
16
(12,230)
1,321
15,029
(1,337)
—
—
—
—
–  transfers from stage 3
650
(67)
1,402
(227)
(2,052)
294
—
—
—
—
Net remeasurement of ECL
arising from transfer of stage
—
959
—
(831)
—
(144)
—
—
—
(16)
Changes due to modifications not
derecognised
—
—
—
—
(25)
—
—
—
(25)
—
Net new and further lending/
repayments
87,833
(168)
(37,731)
589
(5,246)
1,689
7
(7)
44,863
2,103
Changes to risk parameters –
credit quality
—
363
—
(1,773)
—
(3,945)
—
(11)
—
(5,366)
Changes to models used for ECL
calculation
—
68
—
(4)
—
(20)
—
—
—
44
Assets written off
—
—
—
—
(4,459)
4,459
—
—
(4,459)
4,459
Credit-related modifications that
resulted in derecognition
—
—
—
—
—
—
—
—
—
—
Foreign exchange and others1,2,3
(75,322)
105
(6,107)
145
(223)
(81)
1
(3)
(81,651)
166
At 31 Dec 2024
1,489,687
(1,232)
115,898
(2,674)
23,823
(6,148)
93
(51)
1,629,501
(10,105)
ECL income statement change for
the period
1,222
(2,019)
(2,420)
(18)
(3,235)
Recoveries
260
Others
(158)
Total ECL income statement
change for the period
(3,133)
1Total includes $3.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $46m, reflecting business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page
355.
2Total includes $35.3bn of nominal amount and $21m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $2.7bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
At 31 Dec 2024
12 months ended 31 Dec 2024
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
 
$m
$m
$m
As above
1,629,501
(10,105)
(3,133)
Other financial assets measured at amortised cost
828,580
(92)
(114)
Non-trading reverse purchase agreement commitments
49,289
—
—
Performance and other guarantees not considered for IFRS 9
—
—
(173)
Summary of financial instruments to which the impairment requirements in IFRS 9 are
applied/Summary consolidated income statement
2,507,370
(10,197)
(3,420)
Debt instruments measured at FVOCI
346,124
(54)
6
Total allowance for ECL/total income statement ECL change for the period
n/a
(10,251)
(3,414)
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Reconciliation of changes in gross carrying amount and allowances for loans and advances to banks and customers
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
926,272
(1,087)
93,446
(2,548)
22,617
(6,042)
90
(51)
1,042,425
(9,728)
Transfers of financial instruments:
(19,240)
(873)
9,888
2,039
9,352
(1,166)
—
—
—
—
–  transfers from stage 1 to stage 2
(96,905)
350
96,905
(350)
—
—
—
—
—
—
–  transfers from stage 2 to stage 1
78,715
(1,158)
(78,715)
1,158
—
—
—
—
—
—
–  transfers to stage 3
(1,522)
15
(9,650)
1,428
11,172
(1,443)
—
—
—
—
–  transfers from stage 3
472
(80)
1,348
(197)
(1,820)
277
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
613
—
(570)
—
(58)
—
—
—
(15)
Changes due to modifications not
derecognised
—
—
—
—
—
—
—
—
—
—
Net new and further lending/
repayments
69,338
(169)
(26,413)
579
(5,119)
705
238
2
38,044
1,117
Changes to risk parameters – credit
quality
—
382
—
(1,945)
—
(3,693)
—
(24)
—
(5,280)
Changes to models used for ECL
calculation
—
(60)
—
269
—
(16)
—
—
—
193
Assets written off
—
—
—
—
(3,569)
3,569
—
—
(3,569)
3,569
Credit-related modifications that
resulted in derecognition
—
—
—
—
(88)
9
—
—
(88)
9
Foreign exchange and others1,2
25,399
(11)
4,147
(144)
1,197
(406)
5
(3)
30,748
(564)
At 31 Dec 2025
1,001,769
(1,205)
81,068
(2,320)
24,390
(7,098)
333
(76)
1,107,560
(10,699)
ECL income statement change for
the period
766
(1,667)
(3,062)
(22)
(3,985)
Recoveries
320
Others
(264)
Total ECL income statement
change for the period
(3,929)
1Total includes $6.0bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $27m, reflecting business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page
355.
2This includes $7.2bn of gross carrying loans and advances to customers and a corresponding allowance for ECL of $7m in relation to the disposal of our retained 
portfolio of home and other retail loans in France as disclosed in Note 23 on page 355.
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
Gross
carrying
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
920,863
(1,140)
122,307
(2,967)
19,275
(6,952)
81
(30)
1,062,526
(11,089)
Transfers of financial instruments:
(19,794)
(1,227)
7,344
2,259
12,450
(1,032)
—
—
—
—
–  transfers from stage 1 to stage 2
(90,611)
404
90,611
(404)
—
—
—
—
—
—
–  transfers from stage 2 to stage 1
72,935
(1,580)
(72,935)
1,580
—
—
—
—
—
—
–  transfers to stage 3
(2,559)
16
(11,512)
1,310
14,071
(1,326)
—
—
—
—
–  transfers from stage 3
441
(67)
1,180
(227)
(1,621)
294
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
932
—
(801)
—
(144)
—
—
—
(13)
Changes due to modifications not
derecognised
—
—
—
—
(25)
—
—
—
(25)
—
Net new and further lending/
repayments
52,439
(161)
(33,154)
570
(4,535)
1,606
7
(7)
14,757
2,008
Changes to risk parameters – credit
quality
—
361
—
(1,724)
—
(3,873)
—
(11)
—
(5,247)
Changes to models used for ECL
calculation
—
66
—
(18)
—
(20)
—
—
—
28
Assets written off
—
—
—
—
(4,459)
4,459
—
—
(4,459)
4,459
Credit-related modifications that
resulted in derecognition
—
—
—
—
—
—
—
—
—
—
Foreign exchange and others1
(27,236)
82
(3,051)
133
(89)
(86)
2
(3)
(30,374)
126
At 31 Dec 2024
926,272
(1,087)
93,446
(2,548)
22,617
(6,042)
90
(51)
1,042,425
(9,728)
ECL income statement change for
the period
1,198
(1,973)
(2,431)
(18)
(3,224)
Recoveries
260
Others
(161)
Total ECL income statement
change for the period
(3,125)
1Total includes $3.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $46m, reflecting business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page
355.
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Credit risk
Reconciliation of changes in nominal amount and allowances for loan commitments and financial guarantees
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Nominal
amount
Allowance
for ECL
Nominal
amount
Allowance
for ECL
Nominal
amount
Allowance
for ECL
Nominal
amount
Allowance
for ECL
Nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
563,415
(145)
22,452
(126)
1,206
(106)
3
—
587,076
(377)
Transfers of financial instruments:
(8,956)
(58)
8,439
62
517
(4)
—
—
—
—
–  transfers from stage 1 to stage 2
(37,404)
18
37,404
(18)
—
—
—
—
—
—
–  transfers from stage 2 to stage 1
28,508
(75)
(28,508)
75
—
—
—
—
—
—
–  transfers to stage 3
(351)
—
(610)
6
961
(6)
—
—
—
—
–  transfers from stage 3
291
(1)
153
(1)
(444)
2
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
51
—
(34)
—
—
—
—
—
17
Net new and further lending/
repayments
38,395
(9)
(9,430)
35
(941)
63
—
—
28,024
89
Changes to risk parameters – credit
quality
—
8
—
(46)
—
(44)
—
—
—
(82)
Changes to models used for ECL
calculation
—
1
—
3
—
—
—
—
—
4
Foreign exchange and others
17,373
(5)
360
(8)
62
(4)
1
—
17,796
(17)
At 31 Dec 2025
610,227
(157)
21,821
(114)
844
(95)
4
—
632,896
(366)
ECL income statement change for
the period
51
(42)
19
—
28
Others
16
Total ECL income statement
change for the period
44
At 1 Jan 2024
575,942
(160)
30,777
(135)
1,524
(111)
4
—
608,247
(406)
Transfers of financial instruments:
165
(32)
(692)
43
527
(11)
—
—
—
—
–  transfers from stage 1 to stage 2
(25,600)
15
25,600
(15)
—
—
—
—
—
—
–  transfers from stage 2 to stage 1
25,796
(47)
(25,796)
47
—
—
—
—
—
—
–  transfers to stage 3
(240)
—
(718)
11
958
(11)
—
—
—
—
–  transfers from stage 3
209
—
222
—
(431)
—
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
27
—
(30)
—
—
—
—
—
(3)
Net new and further lending/
repayments
35,394
(7)
(4,577)
19
(711)
83
—
—
30,106
95
Changes to risk parameters – credit
quality
—
2
—
(49)
—
(72)
—
—
—
(119)
Changes to models used for ECL
calculation
—
2
—
14
—
—
—
—
—
16
Foreign exchange and others1,2
(48,086)
23
(3,056)
12
(134)
5
(1)
—
(51,277)
40
At 31 Dec 2024
563,415
(145)
22,452
(126)
1,206
(106)
3
—
587,076
(377)
ECL income statement change for
the period
24
(46)
11
—
(11)
Others
3
Total ECL income statement change
for the period
(8)
1Total includes $35.3bn of nominal amount and $21m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
2Total includes $2.7bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
Credit quality
Credit quality of financial instruments
(Audited)
We assess the credit quality of all financial instruments that are subject to credit risk. The credit quality of financial instruments is a point-in-time
assessment of PD, whereas stages 1 and 2 are determined based on relative deterioration of credit quality since initial recognition for the majority
of portfolios. Accordingly, for non-credit-impaired financial instruments, there is no direct relationship between the credit quality assessment and
stages 1 and 2, although typically the lower credit quality bands exhibit a higher proportion in stage 2. The five credit quality classifications provided
below each encompass a range of granular internal credit rating grades assigned to wholesale and personal lending businesses and the external
ratings attributed by external agencies to debt securities, as shown in the table on page 172.
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Distribution of financial instruments by credit quality
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
Net
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
Net
Strong
Good
Satisfactory
Sub-
standard
Credit
impaired
Total
Strong
Good
Satisfactory
Sub-
standard
Credit
impaired
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
In-scope for IFRS 9 ECL
Loans and advances to customers held
at amortised cost
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
–  personal
380,030
57,064
30,688
2,801
3,945
474,528
(2,797)
471,731
360,317
53,595
27,774
1,979
3,560
447,225
(2,524)
444,701
–  corporate and commercial
113,787
132,972
139,599
18,041
20,106
424,505
(7,526)
416,979
114,504
118,785
138,705
20,224
18,466
410,684
(6,755)
403,929
–  non-bank financial institutions
51,670
25,745
21,552
613
478
100,058
(369)
99,689
40,445
20,700
19,937
703
679
82,464
(436)
82,028
Loans and advances to banks held at
amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
Cash and balances at central banks
242,187
590
82
—
—
242,859
—
242,859
266,713
949
12
—
—
267,674
—
267,674
Hong Kong Government certificates of
indebtedness
44,063
—
—
—
—
44,063
—
44,063
42,293
—
—
—
—
42,293
—
42,293
Reverse repurchase agreements – non-
trading
193,352
78,296
26,740
4
—
298,392
—
298,392
155,831
70,877
25,799
42
—
252,549
—
252,549
Financial investments
171,057
654
10,390
—
—
182,101
(12)
182,089
146,970
3,681
3,331
—
—
153,982
(9)
153,973
Assets held for sale
449
2,751
864
—
51
4,115
(27)
4,088
2,425
458
367
1
22
3,273
(4)
3,269
Other assets
95,589
11,950
10,789
335
133
118,796
(90)
118,706
88,338
9,735
10,151
454
131
108,809
(79)
108,730
–  endorsements and acceptances
1,504
3,331
3,624
236
11
8,706
(11)
8,695
2,101
2,663
3,090
243
10
8,107
(14)
8,093
–  accrued income and other
94,085
8,619
7,165
99
122
110,090
(79)
110,011
86,237
7,072
7,061
211
121
100,702
(65)
100,637
Debt instruments measured at FVOCI1
375,950
2,592
7,572
286
—
386,400
(30)
386,370
336,313
9,448
7,768
380
—
353,909
(54)
353,855
Out-of-scope for IFRS 9 ECL
Trading assets
143,943
22,187
22,943
603
165
189,841
—
189,841
119,546
21,951
15,804
2,300
47
159,648
—
159,648
Other financial assets designated and
otherwise mandatorily measured at fair
value through profit or loss
61,509
13,037
5,014
351
19
79,930
—
79,930
53,282
11,862
4,390
231
11
69,776
—
69,776
Derivatives
194,320
33,752
9,382
283
3
237,740
—
237,740
224,870
34,124
9,373
258
12
268,637
—
268,637
Assets held for sale
10
103
—
—
148
261
—
261
3,019
—
—
—
—
3,019
—
3,019
Total gross carrying amount on
balance sheet
2,165,440
387,915
290,228
23,426
25,049
2,892,058
(10,858)
2,881,200
2,047,487
360,420
268,451
26,706
22,930
2,725,994
(9,874)
2,716,120
Percentage of total credit quality (%)
74.9
13.4
10.0
0.8
0.9
100
75.1
13.2
9.9
1.0
0.8
100
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
In-scope for IFRS 9 ECL
449,176
151,068
96,544
10,632
848
708,268
(366)
707,902
407,485
135,659
81,619
10,393
1,209
636,365
(377)
635,988
Loan and other credit-related
commitments
105,985
81,431
67,475
2,702
252
257,845
—
257,845
96,952
76,340
65,619
2,847
453
242,211
—
242,211
Performance and other guarantees
47,441
33,190
19,857
1,351
845
102,684
(269)
102,415
39,940
32,956
17,339
1,671
817
92,723
(312)
92,411
Out-of-scope for IFRS 9 ECL
153,426
114,621
87,332
4,053
1,097
360,529
(269)
360,260
136,892
109,296
82,958
4,518
1,270
334,934
(312)
334,622
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL
Net
Gross carrying/notional amount
Allowance
for ECL
Net
Strong
Good
Satisfactory
Sub-
standard
Credit
impaired
Total
Strong
Good
Satisfactory
Sub-
standard
Credit
impaired
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Loans and advances to
customers at amortised cost
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
–  stage 1
540,253
194,680
152,578
5,922
—
893,433
(1,201)
892,232
498,415
170,420
150,818
4,767
—
824,420
(1,078)
823,342
–  stage 2
5,234
21,101
39,068
15,533
—
80,936
(2,318)
78,618
16,851
22,660
35,598
18,139
—
93,248
(2,546)
90,702
–  stage 3
—
—
—
—
24,389
24,389
(7,097)
17,292
—
—
—
—
22,615
22,615
(6,040)
16,575
–  POCI
—
—
193
—
140
333
(76)
257
—
—
—
—
90
90
(51)
39
Loans and advances to banks
at amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
–  stage 1
97,426
6,215
4,608
87
—
108,336
(4)
108,332
92,528
4,226
4,981
117
—
101,852
(9)
101,843
–  stage 2
98
7
5
22
—
132
(2)
130
93
29
59
17
—
198
(2)
196
–  stage 3
—
—
—
—
1
1
(1)
—
—
—
—
—
2
2
(2)
—
–  POCI
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other financial assets
measured at amortised cost
746,697
94,241
48,865
339
184
890,326
(129)
890,197
702,570
85,700
39,660
497
153
828,580
(92)
828,488
–  stage 1
746,536
93,759
48,121
75
—
888,491
(76)
888,415
702,373
85,032
38,977
239
—
826,621
(64)
826,557
–  stage 2
161
482
744
264
—
1,651
(11)
1,640
197
668
683
258
—
1,806
(5)
1,801
–  stage 3
—
—
—
—
184
184
(42)
142
—
—
—
—
153
153
(23)
130
–  POCI
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
–  stage 1
437,973
143,849
82,145
5,681
—
669,648
(149)
669,499
398,779
125,956
67,949
4,547
—
597,231
(137)
597,094
–  stage 2
3,767
3,074
9,255
4,392
—
20,488
(97)
20,391
1,341
5,440
9,271
5,123
—
21,175
(121)
21,054
–  stage 3
—
—
—
—
652
652
(69)
583
—
—
—
—
958
958
(90)
868
–  POCI
—
—
—
—
4
4
—
4
—
—
—
—
3
3
—
3
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
–  stage 1
7,430
4,040
4,351
92
—
15,913
(8)
15,905
7,352
4,192
3,625
184
—
15,353
(8)
15,345
–  stage 2
6
105
793
467
—
1,371
(17)
1,354
13
71
774
539
—
1,397
(5)
1,392
–  stage 3
—
—
—
—
192
192
(26)
166
—
—
—
—
248
248
(16)
232
–  POCI
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Total
1,838,884
467,312
341,861
32,535
25,562
2,706,154
(11,194)
2,694,960
1,717,942
418,694
312,735
33,930
24,069
2,507,370
(10,197)
2,497,173
Debt instruments at FVOCI1
–  stage 1
375,894
2,592
7,015
3
—
385,504
(28)
385,476
336,264
9,448
7,290
—
—
353,002
(31)
352,971
–  stage 2
56
—
557
283
—
896
(2)
894
49
—
478
380
—
907
(23)
884
–  stage 3
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
–  POCI
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Total
375,950
2,592
7,572
286
—
386,400
(30)
386,370
336,313
9,448
7,768
380
—
353,909
(54)
353,855
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
HSBC Holdings plc Annual Report on Form 20-F
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Credit-impaired loans
(Audited)
We determine that a financial instrument is credit impaired and in stage
3 by considering relevant objective evidence, primarily whether:
–contractual payments of either principal or interest are past due for
more than 90 days;
–there are other indications that the borrower is unlikely to pay, such
as when a concession has been granted to the borrower for
economic or legal reasons relating to the borrower’s financial
condition; and
–the loan is otherwise considered to be in default. If such unlikeliness
to pay is not identified at an earlier stage, it is deemed to occur
when an exposure is 90 days past due. Therefore, the definitions of
credit impaired and default are aligned as far as possible so that
stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Forbearance
The following table shows the gross carrying amount and allowance for
ECL of the Group’s holdings of forborne loans and advances to
customers by industry sector and by stages.
ÑA summary of our current policies and practices for forbearance is set out in
‘Credit risk management’ on page 140.
Forborne loans and advances to customers at amortised cost by stage allocation
Performing forborne
Non-performing forborne
Total forborne
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
Gross carrying amount
Personal
619
1,658
—
2,277
–  first lien residential mortgages
332
1,162
—
1,494
–  credit cards
81
110
—
191
–  other personal lending
206
386
—
592
–  other personal lending which is secured1
47
99
—
146
–  other personal lending which is unsecured
159
287
—
446
Wholesale
4,116
8,201
139
12,456
–  corporate and commercial
3,951
8,193
139
12,283
–  non-bank financial institutions
165
8
—
173
At 31 Dec 2025
4,735
9,859
139
14,733
Allowance for ECL
Personal
(65)
(328)
—
(393)
–  first lien residential mortgages
(21)
(147)
—
(168)
–  credit cards
(14)
(70)
—
(84)
–  other personal lending
(30)
(111)
—
(141)
–  other personal lending which is secured1
(1)
(8)
—
(9)
–  other personal lending which is unsecured
(29)
(103)
—
(132)
Wholesale
(307)
(2,298)
(75)
(2,680)
–  corporate and commercial
(303)
(2,295)
(75)
(2,673)
–  non-bank financial institutions
(4)
(3)
—
(7)
At 31 Dec 2025
(372)
(2,626)
(75)
(3,073)
Gross carrying amount
Personal
545
1,424
—
1,969
–  first lien residential mortgages
266
1,040
—
1,306
–  credit cards
86
87
—
173
–  other personal lending
193
297
—
490
      –  other personal lending which is secured1
46
17
—
63
      –  other personal lending which is unsecured
147
280
—
427
Wholesale
4,325
7,542
85
11,952
–  corporate and commercial
4,247
7,351
85
11,683
–  non-bank financial institutions
78
191
—
269
At 31 Dec 2024
4,870
8,966
85
13,921
Allowance for ECL
Personal
(73)
(305)
—
(378)
–  first lien residential mortgages
(12)
(148)
—
(160)
–  credit cards
(17)
(45)
—
(62)
–  other personal lending
(44)
(112)
—
(156)
      –  other personal lending which is secured1
(6)
(3)
—
(9)
      –  other personal lending which is unsecured
(38)
(109)
—
(147)
Wholesale
(461)
(2,008)
(51)
(2,520)
–  corporate and commercial
(460)
(1,972)
(51)
(2,483)
–  non-bank financial institutions
(1)
(36)
—
(37)
At 31 Dec 2024
(534)
(2,313)
(51)
(2,898)
1‘Other personal lending which is secured’ has been expanded to encompass second lien mortgages, motor vehicle finance, and guaranteed loans related to
residential property, which were previously reported as separate line items.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Forborne loans and advances to customers by legal entities
HSBC UK
Bank plc
HSBC Bank
plc
The Hongkong
and Shanghai
Banking
Corporation
Limited
HSBC Bank
Middle East
Limited
HSBC
North
America
Holdings
Inc.
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Total
$m
$m
$m
$m
$m
$m
$m
$m
Gross carrying amount
Performing forborne
1,298
1,172
1,079
78
804
276
28
4,735
Non-performing forborne
2,032
1,196
4,975
571
403
560
261
9,998
At 31 Dec 2025
3,330
2,368
6,054
649
1,207
836
289
14,733
Allowance for ECL
Performing forborne
(94)
(35)
(129)
(25)
(50)
(38)
(1)
(372)
Non-performing forborne
(379)
(358)
(1,285)
(246)
(84)
(173)
(176)
(2,701)
At 31 Dec 2025
(473)
(393)
(1,414)
(271)
(134)
(211)
(177)
(3,073)
Gross carrying amount
Performing forborne
1,251
1,506
1,073
10
787
201
42
4,870
Non-performing forborne
2,231
1,578
3,698
460
464
355
265
9,051
At 31 Dec 2024
3,482
3,084
4,771
470
1,251
556
307
13,921
Allowance for ECL
Performing forborne
(101)
(36)
(296)
(1)
(52)
(48)
—
(534)
Non-performing forborne
(393)
(464)
(943)
(196)
(71)
(127)
(170)
(2,364)
At 31 Dec 2024
(494)
(500)
(1,239)
(197)
(123)
(175)
(170)
(2,898)
Collateral and other credit enhancements
(Audited)
Although collateral can be an important mitigant of credit risk, it is the
Group’s practice to typically lend on the basis of the customer’s ability
to meet their obligations out of cash flow resources rather than placing
primary reliance on collateral and other credit risk enhancements.
Depending on the customer’s standing and the type of product,
facilities may be provided without any collateral or other credit
enhancements. For other lending, a charge over collateral is obtained
and considered in determining the credit decision and pricing. In the
event of default, the Group may utilise the collateral as a source of
repayment.
Depending on its form, collateral can have a significant financial effect
in mitigating our exposure to credit risk. Where there is sufficient
collateral, an expected credit loss is not recognised. This is the case for
reverse repurchase agreements and for certain loans and advances to
customers where the loan to value (‘LTV’) is very low.
Mitigants may include a charge on borrowers’ specific assets, such as
real estate or financial instruments. Other credit risk mitigants include
short positions in securities and financial assets held as part of linked
insurance/investment contracts where the risk is predominantly borne
by the policyholder. Additionally, risk may be managed by employing
other types of collateral and credit risk enhancements, such as second
charges, other liens and unsupported guarantees. Guarantees are
normally taken from corporates and export credit agencies. Corporates
would normally provide guarantees as part of a parent/subsidiary
relationship and span a number of credit grades. The export credit
agencies will normally be investment grade.
Certain credit mitigants are used strategically in portfolio management
activities. Across Corporate and Institutional Banking, risk limits and
utilisations, maturity profiles and risk quality are monitored and
managed proactively. This process is key to the setting of risk appetite
for these larger, more complex, geographically distributed customer
groups. While the principal form of risk management continues to be at
the point of exposure origination, through the lending decision-making
process, Corporate and Institutional Banking also utilises loan sales and
credit default swap (‘CDS’) hedges to manage concentrations and
reduce risk.
These transactions are the responsibility of a dedicated Corporate and
Institutional Banking portfolio management team. Hedging activity is
carried out within agreed credit parameters, and is subject to market
risk limits and a robust governance structure. Where applicable, CDSs
are entered into directly with a central clearing house counterparty.
Otherwise, the Group’s exposure to CDS protection providers is
diversified among mainly banking counterparties with strong credit
ratings.
CDS mitigants are held at portfolio level and are not included in the
expected credit loss calculations. CDS mitigants are not reported in the
following tables.
Collateral on loans and advances
Collateral held is analysed separately for CRE and for other corporate,
commercial and financial (non-bank) lending. The following tables
include off-balance sheet loan commitments, primarily undrawn credit
lines.
The collateral measured in the following tables consists of fixed first
charges on real estate, and charges over cash and marketable financial
instruments. The values in the tables represent the expected market
value on an open market basis, actual values realised are a function of
market conditions. No adjustment has been made to the collateral for
any expected costs of recovery. Marketable securities are measured at
their fair value.
Other types of collateral, such as unsupported guarantees and floating
charges over the assets of a customer’s business, are not measured in
the following tables. While such mitigants have value, often providing
rights in insolvency, their assignable value is not sufficiently certain and
they are therefore assigned no value for disclosure purposes.
The LTV ratios presented are calculated by directly associating loans
and advances with the collateral that individually and uniquely supports
each facility. When collateral assets are shared by multiple loans and
advances, whether specifically or, more generally, by way of an all
monies charge, the collateral value is pro-rated across the loans and
advances protected by the collateral.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
For credit-impaired loans, the collateral values cannot be directly
compared with impairment allowances recognised. The LTV figures use
open market values with no adjustments, actual values realised are a
function of market conditions. Impairment allowances are calculated on
a different basis, by considering other cash flows and adjusting
collateral values for costs of realising collateral as explained further on
page 305.
Mortgage loans
The following table provides a quantification of the value of fixed
charges we hold over specific assets where we have a history
of enforcing, and are able to enforce, collateral in satisfying a debt in
the event of the borrower failing to meet its contractual obligations, and
where the collateral is cash or can be realised by sale in an established
market. The collateral valuation excludes any adjustments for obtaining
and selling the collateral and, in particular, loans shown as not
collateralised or partially collateralised may also benefit from other
forms of credit mitigants.
The quality of both our Hong Kong and UK mortgage books remained
strong, with low levels of impairment allowances. The average LTV
ratio on new mortgage lending in Hong Kong was 70%, compared
with an estimated 60% for the overall mortgage portfolio. The
average LTV ratio on new lending in the UK was 69%, compared with
an estimated 55% for the overall mortgage portfolio.
Commercial real estate loans and advances
The value of CRE collateral is determined by using a combination of
external and internal valuations and physical inspections. For CRE,
where the facility exceeds regulatory threshold requirements, Group
policy requires an independent review of the valuation at least every
three years, or more frequently as the need arises.
In Hong Kong, unsecured lending is typically limited to major property
companies. In Europe, facilities of a working capital nature are generally
not secured by a first fixed charge, and are therefore disclosed as not
collateralised.
Other corporate, commercial and financial (non-bank) loans and
advances
Other corporate, commercial and financial (non-bank) loans are
analysed separately in the following table. For financing activities in
other corporate and commercial lending, collateral value is not strongly
correlated to principal repayment performance. Collateral values are
generally refreshed when an obligor’s general credit performance
deteriorates and we have to assess the likely performance of
secondary sources of repayment should it prove necessary to rely on
them.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2025
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
383,401
18,150
2,573
404,124
—
0.6
10.5
0.1
–  less than 50%
159,089
9,161
1,336
169,586
—
0.4
8.3
0.1
–  51% to 70%
125,204
5,484
751
131,439
—
0.6
11.2
0.1
–  71% to 80%
46,175
1,934
258
48,367
—
0.7
13.8
0.1
–  81% to 90%
37,415
971
167
38,553
—
0.9
15.9
0.1
–  91% to 100%
15,518
600
61
16,179
—
1.5
20.2
0.1
Partially collateralised (A): LTV > 100%
4,924
138
97
5,159
—
2.2
44.3
0.9
–  collateral value on A
4,707
129
66
4,902
of which: UK
Fully collateralised by LTV ratio
190,214
13,257
816
204,287
—
0.3
9.7
0.1
–  less than 50%
77,859
7,260
421
85,540
—
0.1
8.2
0.1
–  51% to 70%
61,605
4,183
254
66,042
—
0.3
8.7
0.1
–  71% to 80%
25,237
1,226
85
26,548
—
0.5
14.0
0.1
–  81% to 90%
22,218
548
46
22,812
—
0.7
16.1
0.1
–  91% to 100%
3,295
40
10
3,345
—
1.0
27.0
0.1
Partially collateralised (B): LTV > 100%
58
2
8
68
—
0.6
32.5
3.8
–  collateral value on B
29
1
7
37
of which: Hong Kong
Fully collateralised by LTV ratio
102,801
1,503
165
104,469
—
—
0.7
—
–  less than 50%
40,518
762
83
41,363
—
—
0.2
—
–  51% to 70%
31,015
345
41
31,401
—
—
0.5
—
–  71% to 80%
6,698
83
17
6,798
—
0.1
1.8
—
–  81% to 90%
12,906
132
12
13,050
—
0.2
0.8
—
–  91% to 100%
11,664
181
12
11,857
—
0.2
2.5
—
Partially collateralised (C): LTV > 100%
4,781
87
18
4,886
—
0.2
8.3
—
–  collateral value on C
4,593
85
16
4,694
Commercial real estate
Not collateralised
36,879
3,792
1,310
6
41,987
0.1
2.7
64.6
—
2.3
Fully collateralised by LTV ratio
26,814
16,633
6,942
13
50,402
0.1
1.7
13.3
—
2.4
–  less than 50%
13,415
10,682
2,563
13
26,673
0.1
1.4
11.0
—
1.7
–  51% to 75%
9,168
4,770
2,755
—
16,693
0.2
2.2
13.5
—
2.9
–  76% to 90%
2,232
915
1,055
—
4,202
0.1
1.9
13.6
—
3.9
–  91% to 100%
1,999
266
569
—
2,834
0.1
2.3
21.6
—
4.6
Partially collateralised (A): LTV > 100%
3,635
350
1,093
80
5,158
0.1
3.1
35.4
57.5
8.7
–  collateral value on A
2,317
240
780
33
3,370
of which: UK
Not collateralised
8,633
389
56
—
9,078
0.2
8.2
19.6
—
0.7
Fully collateralised by LTV ratio
12,426
1,661
354
—
14,441
0.2
2.6
21.8
—
1.0
–  less than 50%
4,606
430
36
—
5,072
0.2
1.4
38.9
—
0.6
–  51% to 75%
5,772
914
209
—
6,895
0.2
3.8
24.9
—
1.4
–  76% to 90%
1,511
308
107
—
1,926
0.1
1.0
9.3
—
0.7
–  91% to 100%
537
9
2
—
548
0.2
5.1
61.2
—
0.4
Partially collateralised (B): LTV > 100%
2,111
115
67
61
2,354
0.1
0.9
17.9
47.5
1.9
–  collateral value on B
1,381
109
42
30
1,562
of which: Hong Kong
Not collateralised
14,360
2,691
1,088
6
18,145
—
2.4
66.5
—
4.4
Fully collateralised by LTV ratio
5,588
12,969
5,467
—
24,024
0.1
0.8
10.6
—
2.9
–  less than 50%
4,008
9,705
2,284
—
15,997
0.1
0.9
8.2
—
1.8
–  51% to 75%
1,167
2,927
2,033
—
6,127
0.2
0.5
10.9
—
3.9
–  76% to 90%
59
294
705
—
1,058
—
1.7
8.4
—
6.0
–  91% to 100%
354
43
445
—
842
—
2.3
25.2
—
13.4
Partially collateralised (C): LTV > 100%
198
110
1,022
19
1,349
—
0.3
36.7
84.2
29.0
–  collateral value on C
149
11
734
3
897
Other corporate, commercial and financial
(non-bank)
Not collateralised
797,344
60,899
6,186
215
864,644
0.1
0.9
43.5
6.5
0.4
Fully collateralised by LTV ratio
88,647
13,101
3,611
29
105,388
0.1
1.6
14.5
55.2
0.8
–  less than 50%
37,949
5,009
1,446
—
44,404
0.1
1.2
12.3
—
0.6
–  51% to 75%
21,397
4,855
1,249
29
27,530
0.1
2.4
16.7
55.2
1.3
–  76% to 90%
8,253
1,318
677
—
10,248
0.1
1.5
14.0
—
1.2
–  91% to 100%
21,048
1,919
239
—
23,206
—
0.6
16.7
—
0.3
Partially collateralised (A): LTV > 100%
53,980
6,337
2,130
—
62,447
0.1
0.7
45.6
—
1.7
–  collateral value on A
24,763
2,942
1,199
—
28,904
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2024
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
332,641
34,203
2,371
369,215
—
0.4
10.0
0.1
–  less than 50%
141,331
18,076
1,238
160,645
—
0.2
7.6
0.1
–  51% to 70%
111,963
11,507
698
124,168
—
0.4
11.2
0.1
–  71% to 80%
39,374
3,040
242
42,656
—
0.7
13.1
0.1
–  81% to 90%
25,514
1,264
131
26,909
—
0.9
15.0
0.1
–  91% to 100%
14,459
316
62
14,837
—
1.8
22.4
0.1
Partially collateralised (A): LTV > 100%
12,031
139
103
12,273
—
3.2
46.2
0.4
–  collateral value on A
11,274
126
70
11,470
of which: UK
Fully collateralised by LTV ratio
151,264
30,574
747
182,585
—
0.2
8.5
0.1
–  less than 50%
62,753
16,689
445
79,887
—
0.1
6.9
0.1
–  51% to 70%
50,374
10,456
206
61,036
—
0.2
9.7
0.1
–  71% to 80%
20,552
2,423
64
23,039
—
0.4
12.1
0.1
–  81% to 90%
15,965
939
23
16,927
—
0.6
13.0
0.1
–  91% to 100%
1,620
67
9
1,696
—
0.7
16.7
0.1
Partially collateralised (B): LTV > 100%
146
15
5
166
—
1.0
27.7
0.9
–  collateral value on B
109
12
4
125
of which: Hong Kong
Fully collateralised by LTV ratio
95,751
756
138
96,645
—
—
1.3
—
–  less than 50%
38,894
372
79
39,345
—
—
0.4
—
–  51% to 70%
30,088
227
31
30,346
—
—
0.4
—
–  71% to 80%
6,783
47
11
6,841
—
—
5.1
—
–  81% to 90%
7,602
42
9
7,653
—
0.2
1.1
—
–  91% to 100%
12,384
68
8
12,460
—
0.1
8.8
—
Partially collateralised (C): LTV > 100%
11,744
103
14
11,861
—
0.2
19.1
—
–  collateral value on C
11,034
96
12
11,142
Commercial real estate
Not collateralised
36,168
4,709
1,704
—
42,581
0.1
9.0
47.5
—
3.0
Fully collateralised by LTV ratio
37,090
11,909
5,254
—
54,253
0.1
1.7
7.8
—
1.2
–  less than 50%
20,522
5,154
2,413
—
28,089
0.1
1.7
5.7
—
0.9
–  51% to 75%
11,392
3,840
1,691
—
16,923
0.1
2.2
7.6
—
1.3
–  76% to 90%
2,554
2,277
767
—
5,598
0.1
0.9
12.5
—
2.1
–  91% to 100%
2,622
638
383
—
3,643
0.2
2.3
12.3
—
1.8
Partially collateralised (A): LTV > 100%
2,119
698
815
64
3,696
0.2
2.8
19.7
45.8
5.8
–  collateral value on A
1,255
457
570
29
2,311
of which: UK
Not collateralised
4,487
1,890
127
—
6,504
0.4
3.8
27.8
—
1.9
Fully collateralised by LTV ratio
9,139
3,194
305
—
12,638
0.2
1.1
8.2
—
0.6
–  less than 50%
2,903
761
160
—
3,824
0.2
1.5
8.0
—
0.8
–  51% to 75%
4,202
1,693
69
—
5,964
0.2
1.2
12.0
—
0.6
–  76% to 90%
1,173
732
24
—
1,929
0.1
0.4
10.2
—
0.3
–  91% to 100%
861
8
52
—
921
0.1
7.7
2.7
—
0.3
Partially collateralised (B): LTV > 100%
503
565
119
46
1,233
0.2
2.9
21.1
48.6
5.3
–  collateral value on B
296
350
69
26
741
of which: Hong Kong
Not collateralised
16,380
2,312
1,404
—
20,096
—
14.3
47.9
—
5.0
Fully collateralised by LTV ratio
17,115
6,045
4,127
—
27,287
0.1
1.4
5.8
—
1.2
–  less than 50%
12,935
3,589
2,102
—
18,626
0.1
1.3
3.8
—
0.7
–  51% to 75%
3,534
1,059
1,243
—
5,836
0.1
2.2
6.2
—
1.8
–  76% to 90%
336
1,050
654
—
2,040
0.1
1.1
11.8
—
4.4
–  91% to 100%
310
347
128
—
785
—
0.5
2.4
—
0.6
Partially collateralised (C): LTV > 100%
185
62
562
18
827
—
1.9
17.6
38.1
12.9
–  collateral value on C
119
41
397
3
560
Other corporate, commercial and financial (non-
bank)
Not collateralised
713,028
62,844
6,870
5
782,747
0.1
0.9
41.5
14.2
0.5
Fully collateralised by LTV ratio
87,488
11,992
3,394
21
102,895
0.1
2.0
8.0
98.1
0.6
–  less than 50%
39,432
4,360
1,703
—
45,495
0.1
1.6
6.9
—
0.5
–  51% to 75%
20,169
4,643
778
21
25,611
0.1
2.8
12.0
98.1
1.0
–  76% to 90%
9,016
1,515
512
—
11,043
0.1
1.6
7.1
—
0.6
–  91% to 100%
18,871
1,474
401
—
20,746
—
0.8
6.3
—
0.2
Partially collateralised (A): LTV > 100%
51,536
5,772
2,411
3
59,722
0.1
0.8
34.3
7.0
1.5
–  collateral value on A
22,800
2,519
1,162
1
26,482
HSBC Holdings plc Annual Report on Form 20-F
169
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
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statements
Additional
information
Credit risk
Wholesale lending
The table below provides a breakdown by industry sector and stage of the Group’s gross carrying amount and allowances for ECL for wholesale
loans and advances to banks and customers. Counterparties or exposures are classified when presenting comparable economic characteristics, or
engaged in similar activities so that their collective ability to meet contractual obligations is uniformly affected by changes in economic, political or
other conditions. Therefore, the industry classification does not adhere to Nomenclature des Activités Économiques dans la Communauté
Européenne, which is applicable to other financial regulatory reporting.
Total wholesale lending for loans and advances to banks and customers by stage distribution
Gross carrying amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Corporate and commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
–  agriculture, forestry and fishing
6,179
1,058
355
—
7,592
(11)
(26)
(60)
—
(97)
–  mining and quarrying
6,109
747
126
—
6,982
(6)
(10)
(70)
—
(86)
–  manufacturing
74,321
9,785
2,229
37
86,372
(87)
(132)
(720)
(21)
(960)
–  electricity, gas, steam and air-
conditioning supply
18,020
1,096
206
—
19,322
(19)
(22)
(85)
—
(126)
–  water supply, sewerage, waste
management and remediation
2,319
132
112
—
2,563
(3)
(2)
(36)
—
(41)
–  real estate and construction
56,041
21,222
10,497
92
87,852
(84)
(449)
(2,679)
(51)
(3,263)
–  of which: commercial real estate
41,893
18,183
9,175
87
69,338
(65)
(384)
(2,116)
(45)
(2,610)
–  wholesale and retail trade, repair of
motor vehicles and motorcycles
74,621
7,387
2,538
11
84,557
(69)
(92)
(1,123)
(3)
(1,287)
–  transportation and storage
16,594
3,818
307
—
20,719
(17)
(82)
(75)
—
(174)
–  accommodation and food
10,881
2,072
1,436
—
14,389
(31)
(65)
(303)
—
(399)
–  publishing, audiovisual and
broadcasting
22,860
2,110
377
—
25,347
(52)
(38)
(108)
—
(198)
–  professional, scientific and technical
activities
22,580
1,923
520
—
25,023
(29)
(36)
(153)
—
(218)
–  administrative and support services
16,962
1,993
570
—
19,525
(21)
(53)
(321)
—
(395)
–  public administration and defence,
compulsory social security
64
—
—
—
64
—
—
—
—
—
–  education
1,975
244
40
—
2,259
(5)
(10)
(11)
—
(26)
–  health and care
3,982
323
98
—
4,403
(7)
(11)
(14)
—
(32)
–  arts, entertainment and recreation
2,074
116
123
—
2,313
(4)
(5)
(42)
—
(51)
–  other services
5,764
524
311
—
6,599
(31)
(31)
(106)
—
(168)
–  activities of households
835
6
—
—
841
—
—
—
—
—
–  extra-territorial organisations and
bodies activities
164
—
—
—
164
—
—
—
—
—
–  government
7,418
80
121
—
7,619
(2)
—
(3)
—
(5)
–  asset-backed securities
—
—
—
—
—
—
—
—
—
—
Non-bank financial institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
Loans and advances to banks
108,336
132
1
—
108,469
(4)
(2)
(1)
—
(7)
At 31 Dec 2025
555,073
57,181
20,445
333
633,032
(538)
(1,085)
(6,203)
(76)
(7,902)
By legal entity
HSBC UK Bank plc
98,719
10,488
3,430
—
112,637
(180)
(325)
(753)
—
(1,258)
HSBC Bank plc
98,175
5,582
1,756
58
105,571
(68)
(96)
(611)
(29)
(804)
The Hongkong and Shanghai Banking
Corporation Limited
283,206
33,990
12,837
77
330,110
(171)
(480)
(3,694)
(41)
(4,386)
HSBC Bank Middle East Limited
26,643
1,171
1,242
5
29,061
(19)
(31)
(630)
(5)
(685)
HSBC North America Holdings Inc.
28,456
3,518
517
193
32,684
(41)
(100)
(145)
(1)
(287)
Grupo Financiero HSBC, S.A. de C.V.
12,057
2,268
378
—
14,703
(47)
(49)
(190)
—
(286)
Other trading entities
7,727
164
285
—
8,176
(12)
(4)
(180)
—
(196)
Holding companies, shared service
centres and intra-Group eliminations
90
—
—
—
90
—
—
—
—
—
At 31 Dec 2025
555,073
57,181
20,445
333
633,032
(538)
(1,085)
(6,203)
(76)
(7,902)
HSBC Holdings plc Annual Report on Form 20-F
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statements
Additional
information
Credit risk
Total wholesale lending for loans and advances to banks and customers by stage distribution (continued)
Gross carrying amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Corporate and commercial
340,987
51,231
18,376
90
410,684
(463)
(1,358)
(4,883)
(51)
(6,755)
–  agriculture, forestry and fishing
5,437
1,314
282
—
7,033
(14)
(34)
(46)
—
(94)
–  mining and quarrying
6,811
463
318
—
7,592
(6)
(7)
(32)
—
(45)
–  manufacturing
70,987
10,250
1,466
21
82,724
(83)
(172)
(618)
(20)
(893)
–  electricity, gas, steam and air-
conditioning supply
15,277
971
209
—
16,457
(14)
(23)
(85)
—
(122)
–  water supply, sewerage, waste
management and remediation
2,530
388
43
—
2,961
(4)
(4)
(16)
—
(24)
–  real estate and construction
63,794
17,320
8,887
62
90,063
(90)
(666)
(1,811)
(31)
(2,598)
–  of which: commercial real estate
49,994
14,720
7,558
61
72,333
(67)
(604)
(1,355)
(29)
(2,055)
–  wholesale and retail trade, repair of
motor vehicles and motorcycles
66,977
8,125
2,725
3
77,830
(67)
(117)
(1,188)
—
(1,372)
–  transportation and storage
18,589
3,637
417
—
22,643
(15)
(74)
(232)
—
(321)
–  accommodation and food
11,406
1,718
1,610
—
14,734
(30)
(55)
(214)
—
(299)
–  publishing, audiovisual and
broadcasting
18,181
1,416
229
—
19,826
(42)
(55)
(61)
—
(158)
–  professional, scientific and technical
activities
23,044
2,436
644
4
26,128
(29)
(49)
(188)
—
(266)
–  administrative and support services
17,671
1,707
739
—
20,117
(26)
(40)
(254)
—
(320)
–  public administration and defence,
compulsory social security
64
—
—
—
64
—
—
—
—
—
–  education
1,361
192
43
—
1,596
(4)
(7)
(16)
—
(27)
–  health and care
3,357
489
184
—
4,030
(8)
(18)
(25)
—
(51)
–  arts, entertainment and recreation
1,817
171
78
—
2,066
(5)
(4)
(26)
—
(35)
–  other services
6,470
491
327
—
7,288
(24)
(20)
(66)
—
(110)
–  activities of households
582
7
—
—
589
—
—
—
—
—
–  extra-territorial organisations and
bodies activities
118
—
—
—
118
—
—
—
—
—
–  government
6,495
123
175
—
6,793
(2)
—
(5)
—
(7)
–  asset-backed securities
19
13
—
—
32
—
(13)
—
—
(13)
Non-bank financial institutions
79,687
2,098
679
—
82,464
(45)
(30)
(361)
—
(436)
Loans and advances to banks
101,852
198
2
—
102,052
(9)
(2)
(2)
—
(13)
At 31 Dec 2024
522,526
53,527
19,057
90
595,200
(517)
(1,390)
(5,246)
(51)
(7,204)
By legal entity
HSBC UK Bank plc
81,630
12,772
3,356
—
97,758
(197)
(403)
(603)
—
(1,203)
HSBC Bank plc
85,022
5,843
2,305
47
93,217
(54)
(111)
(752)
(22)
(939)
The Hongkong and Shanghai Banking
Corporation Limited
279,535
27,078
11,483
39
318,135
(170)
(677)
(2,999)
(28)
(3,874)
HSBC Bank Middle East Limited
26,359
951
848
4
28,162
(20)
(6)
(463)
(1)
(490)
HSBC North America Holdings Inc.
30,107
4,665
503
—
35,275
(31)
(141)
(121)
—
(293)
Grupo Financiero HSBC, S.A. de C.V.
11,957
1,703
230
—
13,890
(35)
(48)
(128)
—
(211)
Other trading entities
7,840
515
332
—
8,687
(10)
(4)
(180)
—
(194)
Holding companies, shared service
centres and intra-Group eliminations
76
—
—
—
76
—
—
—
—
—
At 31 Dec 2024
522,526
53,527
19,057
90
595,200
(517)
(1,390)
(5,246)
(51)
(7,204)
Total wholesale lending for loan and other credit-related commitments and financial guarantees to banks and customers by stage distribution1
Nominal amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Corporate and commercial
265,811
15,936
750
4
282,501
(121)
(105)
(95)
—
(321)
Financial
147,810
3,978
2
—
151,790
(13)
(4)
—
—
(17)
At 31 Dec 2025
413,621
19,914
752
4
434,291
(134)
(109)
(95)
—
(338)
By legal entity
HSBC UK Bank plc
49,287
2,566
278
—
52,131
(30)
(17)
(42)
—
(89)
HSBC Bank plc
183,897
5,118
188
4
189,207
(30)
(23)
(17)
—
(70)
The Hongkong and Shanghai Banking
Corporation Limited
70,937
4,425
41
—
75,403
(44)
(29)
(6)
—
(79)
HSBC Bank Middle East Limited
9,294
417
29
—
9,740
(3)
(2)
(11)
—
(16)
HSBC North America Holdings Inc.
95,560
7,259
179
—
102,998
(25)
(37)
(18)
—
(80)
Grupo Financiero HSBC, S.A. de C.V.
2,585
41
—
—
2,626
(2)
—
—
—
(2)
Other trading entities
2,061
88
37
—
2,186
—
(1)
(1)
—
(2)
At 31 Dec 2025
413,621
19,914
752
4
434,291
(134)
(109)
(95)
—
(338)
1Included in loan and other credit-related commitments and financial guarantees is $75.4bn relating to unsettled reverse repurchase agreements, which once
drawn are classified as ‘Reverse repurchase agreements – non-trading’.
HSBC Holdings plc Annual Report on Form 20-F
171
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Credit risk
Total wholesale lending for loan and other credit-related commitments and financial guarantees by stage distribution1 (continued)
Nominal amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Corporate and commercial
241,249
18,685
1,033
3
260,970
(118)
(121)
(98)
—
(337)
Financial
118,430
2,196
87
—
120,713
(10)
(5)
(3)
—
(18)
At 31 Dec 2024
359,679
20,881
1,120
3
381,683
(128)
(126)
(101)
—
(355)
By legal entity
HSBC UK Bank plc
37,848
4,540
445
—
42,833
(27)
(36)
(57)
—
(120)
HSBC Bank plc
144,941
6,118
256
3
151,318
(21)
(30)
(21)
—
(72)
The Hongkong and Shanghai Banking
Corporation Limited
72,860
3,973
99
—
76,932
(54)
(32)
(6)
—
(92)
HSBC Bank Middle East Limited
8,879
329
35
—
9,243
(5)
(1)
(10)
—
(16)
HSBC North America Holdings Inc.
91,314
5,723
226
—
97,263
(20)
(26)
(5)
—
(51)
Grupo Financiero HSBC, S.A. de C.V.
2,334
53
—
—
2,387
(1)
(1)
—
—
(2)
Other trading entities
1,503
145
59
—
1,707
—
—
(2)
—
(2)
At 31 Dec 2024
359,679
20,881
1,120
3
381,683
(128)
(126)
(101)
—
(355)
1Included in loan and other credit-related commitments and financial guarantees is $49bn relating to unsettled reverse repurchase agreements, which once drawn
are classified as ‘Reverse repurchase agreements – non-trading’.
Wholesale lending – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and
customers including loan commitments and financial guarantees
(Audited)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
Transfers of financial instruments:
(35,399)
(267)
27,793
859
7,606
(592)
—
—
—
—
–transfers from stage 1 to stage 2
(93,205)
143
93,205
(143)
—
—
—
—
—
—
–transfers from stage 2 to stage 1
58,517
(372)
(58,517)
372
—
—
—
—
—
—
–  transfers to stage 3
(1,210)
4
(7,605)
678
8,815
(682)
—
—
—
—
–  transfers from stage 3
499
(42)
710
(48)
(1,209)
90
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
253
—
(226)
—
(49)
—
—
—
(22)
Net new and further lending/
repayments
66,354
(171)
(27,221)
304
(5,593)
690
238
2
33,778
825
Change to risk parameters – credit
quality
—
181
—
(826)
—
(2,596)
—
(24)
—
(3,265)
Changes to models used for ECL
calculation
—
(30)
—
277
—
—
—
—
—
247
Assets written off
—
—
—
—
(1,928)
1,928
—
—
(1,928)
1,928
Credit-related modifications that
resulted in derecognition
—
—
—
—
(88)
9
—
—
(88)
9
Foreign exchange and others1
29,369
7
2,197
(66)
1,023
(341)
6
(3)
32,595
(403)
At 31 Dec 2025
893,360
(672)
77,057
(1,194)
21,197
(6,298)
337
(76)
991,951
(8,240)
ECL income statement change for
the period
233
(471)
(1,955)
(22)
(2,215)
Recoveries
77
Others
(267)
Total ECL income statement
change for the period
(2,405)
1Total includes $3.3bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $11m, reflecting business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for
sale’ on page 355.
During the year, there was a net transfer between stage 1 and stage 2 of $34,688m gross carrying/nominal amounts. It was primarily driven by our
entities in Asia ($31,809m) due to credit deterioration and updates to our models used for ECL calculations, in the US ($1,652m) and in Mexico
($1,069m).
ÑA summary of basis of preparation is available on page 158.
HSBC Holdings plc Annual Report on Form 20-F
172
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Credit risk
Wholesale lending – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and
customers including loan commitments and financial guarantees (continued)
(Audited)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
845,982
(698)
102,129
(1,668)
16,939
(6,207)
85
(30)
965,135
(8,603)
Transfers of financial instruments:
(17,606)
(214)
6,997
825
10,609
(611)
—
—
—
—
–  transfers from stage 1 to stage 2
(70,991)
173
70,991
(173)
—
—
—
—
—
—
–  transfers from stage 2 to stage 1
55,182
(380)
(55,182)
380
—
—
—
—
—
—
–  transfers to stage 3
(2,056)
7
(9,515)
636
11,571
(643)
—
—
—
—
–  transfers from stage 3
259
(14)
703
(18)
(962)
32
—
—
—
—
Net remeasurement of ECL arising
from transfer of stage
—
214
—
(226)
—
(12)
—
—
—
(24)
Net new and further lending/
repayments
58,044
(151)
(29,842)
311
(4,450)
1,219
7
(7)
23,759
1,372
Changes to risk parameters – credit
quality
—
112
—
(899)
—
(2,508)
—
(11)
—
(3,306)
Changes to models used for ECL
calculation
—
39
—
105
—
—
—
—
—
144
Assets written off
—
—
—
—
(2,925)
2,925
—
—
(2,925)
2,925
Credit-related modifications that
resulted in derecognition
—
—
—
—
—
—
—
—
—
—
Foreign exchange and others1,2,3
(53,384)
53
(4,996)
36
4
(153)
1
(3)
(58,375)
(67)
At 31 Dec 2024
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
ECL income statement change for
the period
214
(709)
(1,301)
(18)
(1,814)
Recoveries
40
Others
(126)
Total ECL income statement
change for the period
(1,900)
1Total includes $2.9bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $23m, reflecting business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for
sale’ on page 355.
2Total includes $28.9bn of nominal amount and $20m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $0.3bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
Wholesale lending – distribution of financial instruments to which the impairment requirements of IFRS 9 are applied by credit quality
Gross carrying amount
Allowance
for ECL
Net
Strong
Good
Satisfactory
Sub-
standard
Credit
impaired
Total
$m
$m
$m
$m
$m
$m
$m
$m
By legal entity
HSBC UK Bank plc
22,638
39,864
41,093
5,612
3,430
112,637
(1,258)
111,379
HSBC Bank plc
48,153
23,369
28,238
3,997
1,814
105,571
(804)
104,767
The Hongkong and Shanghai Banking
Corporation Limited
163,599
80,183
67,919
5,495
12,914
330,110
(4,386)
325,724
HSBC Bank Middle East Limited
17,724
3,587
6,195
308
1,247
29,061
(685)
28,376
HSBC North America Holdings Inc.
6,966
11,025
11,727
2,449
517
32,684
(287)
32,397
Grupo Financiero HSBC, S.A. de C.V.
1,764
5,833
6,090
638
378
14,703
(286)
14,417
Other trading entities
2,047
1,078
4,502
264
285
8,176
(196)
7,980
Holding companies, shared service centres
and intra-Group eliminations
        90
          —
            —
          —
            —
        90
—
        90
At 31 Dec 2025
    262,981
      164,939
          165,764
        18,763
        20,585
      633,032
(7,902)
        625,130
Percentage of total credit quality (%)
41.4
26.1
26.2
3.0
3.3
100.0
By legal entity
HSBC UK Bank plc
21,548
30,317
36,450
6,087
3,356
97,758
(1,203)
96,555
HSBC Bank plc
42,189
21,755
24,150
2,771
2,352
93,217
(939)
92,278
The Hongkong and Shanghai Banking
Corporation Limited
157,900
69,084
71,651
7,978
11,522
318,135
(3,874)
314,261
HSBC Bank Middle East Limited
15,854
4,263
6,927
266
852
28,162
(490)
27,672
HSBC North America Holdings Inc.
6,095
11,726
13,967
2,984
503
35,275
(293)
34,982
Grupo Financiero HSBC, S.A. de C.V.
1,476
5,523
5,974
687
230
13,890
(211)
13,679
Other trading entities
2,432
1,072
4,563
288
332
8,687
(194)
8,493
Holding companies, shared service centres
and intra-Group eliminations
76
—
—
—
—
76
—
76
At 31 Dec 2024
247,570
143,740
163,682
21,061
19,147
595,200
(7,204)
587,996
Percentage of total credit quality (%)
41.6
24.2
27.5
3.5
3.2
100.0
HSBC Holdings plc Annual Report on Form 20-F
173
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Credit risk
Our risk rating system facilitates the internal ratings-based approach under the Basel framework adopted by the Group to support calculation of our
minimum credit regulatory capital requirement. The credit quality classifications can be found on page 141.
Wholesale lending – credit risk profile by obligor grade for loans and advances at amortised cost
Basel one-year
PD range
Gross carrying amount
Allowance for ECL
ECL
coverage
Mapped
external rating
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
%
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
%
Corporate and
commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
1.8
–  CRR 1
0.000 to 0.053
32,672
824
—
—
33,496
(5)
(2)
—
—
(7)
—
AA- and above
–  CRR 2
0.054 to 0.169
79,233
1,058
—
—
80,291
(28)
(2)
—
—
(30)
—
A+ to A-
–  CRR 3
0.170 to 0.740
122,351
10,621
—
—
132,972
(113)
(57)
—
—
(170)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
71,923
14,821
—
—
86,744
(151)
(98)
—
—
(249)
0.3
BB+ to BB-
–  CRR 5
1.928 to 4.914
38,615
14,240
—
—
52,855
(144)
(158)
—
—
(302)
0.6
BB- to B
–  CRR 6
4.915 to 8.860
2,479
4,679
—
—
7,158
(17)
(111)
—
—
(128)
1.8
B-
–  CRR 7
8.861 to 15.000
1,733
4,712
—
—
6,445
(5)
(166)
—
—
(171)
2.7
CCC+
–  CRR 8
15.001 to 99.999
757
3,681
—
—
4,438
(15)
(470)
—
—
(485)
10.9
CCC to C
–  CRR 9/10
100.000
—
—
19,966
140
20,106
—
—
(5,909)
(75)
(5,984)
29.8
D
Non-bank
financial
institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
0.4
–  CRR 1
0.000 to 0.053
24,948
—
—
—
24,948
(2)
—
—
—
(2)
—
AA- and above
–  CRR 2
0.054 to 0.169
26,457
265
—
—
26,722
(8)
—
—
—
(8)
—
A+ to A-
–  CRR 3
0.170 to 0.740
25,468
277
—
—
25,745
(14)
(2)
—
—
(16)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
13,733
747
—
—
14,480
(20)
(2)
—
—
(22)
0.2
BB+ to BB-
–  CRR 5
1.928 to 4.914
6,099
780
—
193
7,072
(9)
(9)
—
(1)
(19)
0.3
BB- to B
–  CRR 6
4.915 to 8.860
97
194
—
—
291
(1)
(4)
—
—
(5)
1.7
B-
–  CRR 7
8.861 to 15.000
136
128
—
—
264
(1)
(2)
—
—
(3)
1.1
CCC+
–  CRR 8
15.001 to 99.999
36
22
—
—
58
(1)
—
—
—
(1)
1.7
CCC to C
–  CRR 9/10
100.000
—
—
478
—
478
—
—
(293)
—
(293)
61.3
D
Banks
108,336
132
1
—
108,469
(4)
(2)
(1)
—
(7)
—
–  CRR 1
0.000 to 0.053
86,254
34
—
—
86,288
(1)
—
—
—
(1)
—
AA- and above
–  CRR 2
0.054 to 0.169
11,172
64
—
—
11,236
(1)
—
—
—
(1)
—
A+ to A-
–  CRR 3
0.170 to 0.740
6,215
7
—
—
6,222
(1)
—
—
—
(1)
—
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
2,552
4
—
—
2,556
—
—
—
—
—
—
BB+ to BB-
–  CRR 5
1.928 to 4.914
2,056
1
—
—
2,057
(1)
—
—
—
(1)
—
BB- to B
–  CRR 6
4.915 to 8.860
86
20
—
—
106
—
—
—
—
—
—
B-
–  CRR 7
8.861 to 15.000
1
—
—
—
1
—
—
—
—
—
—
CCC+
–  CRR 8
15.001 to 99.999
—
2
—
—
2
—
(2)
—
—
(2)
100.0
CCC to C
–  CRR 9/10
100.000
—
—
1
—
1
—
—
(1)
—
(1)
100.0
D
At 31 Dec 2025
555,073
57,181
20,445
333
633,032
(538)
(1,085)
(6,203)
(76)
(7,902)
1.2
Corporate and
commercial
340,987
51,231
18,376
90
410,684
(463)
(1,358)
(4,883)
(51)
(6,755)
1.6
–  CRR 1
0.000 to 0.053
32,564
121
—
—
32,685
(3)
(5)
—
—
(8)
—
AA- and above
–  CRR 2
0.054 to 0.169
79,350
2,469
—
—
81,819
(25)
(15)
—
—
(40)
—
A+ to A-
–  CRR 3
0.170 to 0.740
111,229
7,556
—
—
118,785
(103)
(72)
—
—
(175)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
73,050
12,591
—
—
85,641
(144)
(99)
—
—
(243)
0.3
BB+ to BB-
–  CRR 5
1.928 to 4.914
40,391
12,673
—
—
53,064
(158)
(159)
—
—
(317)
0.6
BB- to B
–  CRR 6
4.915 to 8.860
2,491
7,436
—
—
9,927
(16)
(190)
—
—
(206)
2.1
B-
–  CRR 7
8.861 to 15.000
1,370
3,735
—
—
5,105
(7)
(172)
—
—
(179)
3.5
CCC+
–  CRR 8
15.001 to 99.999
542
4,650
—
—
5,192
(7)
(646)
—
—
(653)
12.6
CCC to C
–  CRR 9/10
100.000
—
—
18,376
90
18,466
—
—
(4,883)
(51)
(4,934)
26.7
D
Non-bank
financial
institutions
79,687
2,098
679
—
82,464
(45)
(30)
(361)
—
(436)
0.5
–  CRR 1
0.000 to 0.053
19,516
191
—
—
19,707
(1)
(1)
—
—
(2)
—
AA- and above
–  CRR 2
0.054 to 0.169
20,572
166
—
—
20,738
(5)
—
—
—
(5)
—
A+ to A-
–  CRR 3
0.170 to 0.740
20,370
330
—
—
20,700
(12)
(3)
—
—
(15)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
12,987
502
—
—
13,489
(16)
(2)
—
—
(18)
0.1
BB+ to BB-
–  CRR 5
1.928 to 4.914
6,058
390
—
—
6,448
(11)
(6)
—
—
(17)
0.3
BB- to B
–  CRR 6
4.915 to 8.860
48
319
—
—
367
—
(8)
—
—
(8)
2.2
B-
–  CRR 7
8.861 to 15.000
63
79
—
—
142
—
(1)
—
—
(1)
0.7
CCC+
–  CRR 8
15.001 to 99.999
73
121
—
—
194
—
(9)
—
—
(9)
4.6
CCC to C
–  CRR 9/10
100.000
—
—
679
—
679
—
—
(361)
—
(361)
53.2
D
Banks
101,852
198
2
—
102,052
(9)
(2)
(2)
—
(13)
—
–  CRR 1
0.000 to 0.053
79,213
53
—
—
79,266
(3)
—
—
—
(3)
—
AA- and above
–  CRR 2
0.054 to 0.169
13,315
40
—
—
13,355
(2)
—
—
—
(2)
—
A+ to A-
–  CRR 3
0.170 to 0.740
4,226
29
—
—
4,255
(2)
—
—
—
(2)
—
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
3,275
12
—
—
3,287
(1)
—
—
—
(1)
—
BB+ to BB-
–  CRR 5
1.928 to 4.914
1,706
47
—
—
1,753
(1)
(1)
—
—
(2)
0.1
BB- to B
–  CRR 6
4.915 to 8.860
10
1
—
—
11
—
—
—
—
—
—
B-
–  CRR 7
8.861 to 15.000
107
13
—
—
120
—
—
—
—
—
—
CCC+
–  CRR 8
15.001 to 99.999
—
3
—
—
3
—
(1)
—
—
(1)
33.3
CCC to C
–  CRR 9/10
100.000
—
—
2
—
2
—
—
(2)
—
(2)
100.0
D
At 31 Dec 2024
522,526
53,527
19,057
90
595,200
(517)
(1,390)
(5,246)
(51)
(7,204)
1.2
HSBC Holdings plc Annual Report on Form 20-F
174
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Credit risk
Wholesale lending – credit risk profile by obligor grade for loan and other credit-related commitments and financial guarantees
Nominal amount
Allowance for ECL
Basel one-year
PD range
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
ECL
coverage
Mapped
external rating
%
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
%
Loan and
other credit-
related
commitments
399,154
18,543
560
4
418,261
(127)
(92)
(69)
—
(288)
0.1
–  CRR 1
0.000 to 0.053
109,371
2,013
—
—
111,384
(4)
—
—
—
(4)
—
AA- and above
–  CRR 2
0.054 to 0.169
99,018
1,578
—
—
100,596
(12)
(3)
—
—
(15)
—
A+ to A-
–  CRR 3
0.170 to 0.740
110,555
2,651
—
—
113,206
(33)
(11)
—
—
(44)
—
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
47,586
4,197
—
—
51,783
(30)
(15)
—
—
(45)
0.1
BB+ to BB-
–  CRR 5
1.928 to 4.914
27,073
3,858
—
—
30,931
(25)
(12)
—
—
(37)
0.1
BB- to B
–  CRR 6
4.915 to 8.860
1,747
1,754
—
—
3,501
(4)
(13)
—
—
(17)
0.5
B-
–  CRR 7
8.861 to 15.000
2,757
847
—
—
3,604
(7)
(9)
—
—
(16)
0.4
CCC+
–  CRR 8
15.001 to 99.999
1,047
1,645
—
—
2,692
(12)
(29)
—
—
(41)
1.5
CCC to C
–  CRR 9/10
100.000
—
—
560
4
564
—
—
(69)
—
(69)
12.2
D
Financial
guarantees
14,467
1,371
192
—
16,030
(7)
(17)
(26)
—
(50)
0.3
–  CRR 1
0.000 to 0.053
2,151
—
—
—
2,151
—
—
—
—
—
—
AA- and above
–  CRR 2
0.054 to 0.169
3,897
6
—
—
3,903
(2)
—
—
—
(2)
0.1
A+ to A-
–  CRR 3
0.170 to 0.740
3,995
105
—
—
4,100
(3)
—
—
—
(3)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
2,888
139
—
—
3,027
(1)
(1)
—
—
(2)
0.1
BB+ to BB-
–  CRR 5
1.928 to 4.914
1,445
654
—
—
2,099
(1)
(4)
—
—
(5)
0.2
BB- to B
–  CRR 6
4.915 to 8.860
64
259
—
—
323
—
(3)
—
—
(3)
0.9
B-
–  CRR 7
8.861 to 15.000
17
73
—
—
90
—
(5)
—
—
(5)
5.6
CCC+
–  CRR 8
15.001 to 99.999
10
135
—
—
145
—
(4)
—
—
(4)
2.8
CCC to C
–  CRR 9/10
100.000
—
—
192
—
192
—
—
(26)
—
(26)
13.5
D
At 31 Dec 2025
413,621
19,914
752
4
434,291
(134)
(109)
(95)
—
(338)
0.1
Loan and other
credit-related
commitments
345,742
19,495
872
3
366,112
(120)
(121)
(85)
—
(326)
0.1
–  CRR 1
0.000 to 0.053
92,090
89
—
—
92,179
(3)
—
—
—
(3)
—
AA- and above
–  CRR 2
0.054 to 0.169
92,967
1,009
—
—
93,976
(12)
(2)
—
—
(14)
—
A+ to A-
–  CRR 3
0.170 to 0.740
97,876
5,051
—
—
102,927
(38)
(15)
—
—
(53)
0.1
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
40,135
4,349
—
—
44,484
(28)
(22)
—
—
(50)
0.1
BB+ to BB-
–  CRR 5
1.928 to 4.914
18,581
3,976
—
—
22,557
(26)
(22)
—
—
(48)
0.2
BB- to B
–  CRR 6
4.915 to 8.860
1,828
2,297
—
—
4,125
(4)
(22)
—
—
(26)
0.6
B-
–  CRR 7
8.861 to 15.000
1,378
678
—
—
2,056
(1)
(12)
—
—
(13)
0.6
CCC+
–  CRR 8
15.001 to 99.999
887
2,046
—
—
2,933
(8)
(26)
—
—
(34)
1.2
CCC to C
–  CRR 9/10
100.000
—
—
872
3
875
—
—
(85)
—
(85)
9.7
D
Financial
guarantees
13,937
1,386
248
—
15,571
(8)
(5)
(16)
—
(29)
0.2
–  CRR 1
0.000 to 0.053
1,895
1
—
—
1,896
—
—
—
—
—
—
AA- and above
–  CRR 2
0.054 to 0.169
4,326
12
—
—
4,338
(1)
—
—
—
(1)
—
A+ to A-
–  CRR 3
0.170 to 0.740
4,137
71
—
—
4,208
(2)
—
—
—
(2)
—
BBB+ to BBB-
–  CRR 4
0.741 to 1.927
2,106
286
—
—
2,392
(3)
—
—
—
(3)
0.1
BB+ to BB-
–  CRR 5
1.928 to 4.914
1,295
478
—
—
1,773
(2)
(1)
—
—
(3)
0.2
BB- to B
–  CRR 6
4.915 to 8.860
162
232
—
—
394
—
(1)
—
—
(1)
0.3
B-
–  CRR 7
8.861 to 15.000
5
128
—
—
133
—
(2)
—
—
(2)
1.5
CCC+
–  CRR 8
15.001 to 99.999
11
178
—
—
189
—
(1)
—
—
(1)
0.5
CCC to C
–  CRR 9/10
100.000
—
—
248
—
248
—
—
(16)
—
(16)
6.5
D
At 31 Dec 2024
359,679
20,881
1,120
3
381,683
(128)
(126)
(101)
—
(355)
0.1
Commercial real estate
CRE lending includes the financing of corporate, institutional and high
net worth customers who are investing primarily in income-producing
assets and, to a lesser extent, in their construction and development.
The portfolio has larger concentrations in Hong Kong, the UK and
mainland China.
Our global exposure is centred largely on cities with economic, political
or cultural significance. In more developed markets, our exposure
mainly comprises the financing of investment assets, the
redevelopment of existing stock and the augmentation of both
commercial and residential markets to support economic and
population growth. In less developed CRE markets, our exposures
comprise lending for development assets on relatively short tenors with
a particular focus on supporting larger, better-capitalised developers
involved in residential construction or assets supporting economic
expansion.
Excluding adverse foreign exchange movements of $2.0bn, CRE
lending decreased by $5.0bn, mainly from $5.3bn in our entities in Asia
due to loan repayments and write-offs.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Commercial real estate lending to customers
of which:
HSBC UK
Bank plc
HSBC
Bank plc
The Hongkong and
Shanghai Banking
Corporation
Limited
HSBC Bank
Middle East
Limited
HSBC North
America
Holdings Inc.
Grupo
Financiero
HSBC, S.A. de
C.V.
Other
trading
entities
Total
UK
Hong
Kong
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Gross loans
and advances
Stage 1
14,864
3,482
21,777
1,071
237
406
56
41,893
15,654
11,007
Stage 2
1,956
151
15,245
59
678
94
—
18,183
1,956
13,927
Stage 3
355
390
8,052
89
238
25
26
9,175
355
7,568
POCI
—
57
30
—
—
—
—
87
58
25
At 31 Dec 2025
17,175
4,080
45,104
1,219
1,153
525
82
69,338
18,023
32,527
–  of which: 
    forborne
loans
410
65
3,477
89
314
73
26
4,454
468
2,941
Allowance for
ECL
(199)
(124)
(2,150)
(26)
(77)
(10)
(24)
(2,610)
(230)
(1,876)
Gross loans and
advances
Stage 1
9,394
3,285
34,337
1,136
1,420
380
42
49,994
9,758
22,643
Stage 2
4,052
313
9,103
—
1,184
67
1
14,720
4,112
7,619
Stage 3
492
213
6,451
117
240
22
23
7,558
492
5,967
POCI
—
43
18
—
—
—
—
61
43
18
At 31 Dec 2024
13,938
3,854
49,909
1,253
2,844
469
66
72,333
14,405
36,247
–  of which:
    forborne
    loans
502
54
3,087
116
273
19
23
4,074
545
2,729
Allowance for
ECL
(203)
(72)
(1,627)
(23)
(103)
(8)
(19)
(2,055)
(227)
(1,418)
Commercial real estate gross loans and advances to customers by credit quality
of which:
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong and
Shanghai Banking
Corporation
Limited
HSBC Bank
Middle East
Limited
HSBC North
America
Holdings Inc.
Grupo
Financiero
HSBC, S.A. de
C.V.
Other
trading
entities
Total
UK
Hong
Kong
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Strong
4,102
1,055
7,818
327
—
8
56
13,366
4,342
3,501
Good
7,636
1,195
13,998
473
—
127
—
23,429
7,773
8,438
Satisfactory
4,482
1,289
12,330
307
559
326
—
19,293
4,895
10,481
Sub-standard
600
94
2,876
23
356
39
—
3,988
600
2,514
Credit impaired
355
447
8,082
89
238
25
26
9,262
413
7,593
At 31 Dec 2025
17,175
4,080
45,104
1,219
1,153
525
82
69,338
18,023
32,527
Strong
4,663
739
9,106
137
—
18
42
14,705
4,875
4,522
Good
2,098
1,430
16,113
407
566
111
—
20,725
2,107
10,421
Satisfactory
5,770
1,312
13,556
592
1,423
283
—
22,936
5,948
10,850
Sub-standard
915
117
4,665
—
615
35
1
6,348
940
4,469
Credit impaired
492
256
6,469
117
240
22
23
7,619
535
5,985
At 31 Dec 2024
13,938
3,854
49,909
1,253
2,844
469
66
72,333
14,405
36,247
Commercial real estate lending to customers - Hong Kong excluding exposure to mainland China borrowers
At 31 Dec 2025
At 31 Dec 2024
Total
of which: Hang Seng Bank
Total
of which: Hang Seng Bank
$m
$m
$m
$m
Gross loans and advances
By stage
Stage 1
10,666
5,079
22,132
10,465
Stage 2
13,652
6,416
6,515
3,791
Stage 3
6,306
3,467
4,554
2,550
POCI
—
—
—
—
By credit quality
Strong
3,314
1,662
4,484
2,596
Good
8,225
3,449
9,754
4,367
Satisfactory
10,352
4,637
10,716
5,135
Sub-standard
2,427
1,747
3,693
2,158
Credit impaired
6,306
3,467
4,554
2,550
Total
30,624
14,962
33,201
16,806
Allowance for ECL
(1,077)
(652)
(405)
(213)
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Credit risk
The Hong Kong CRE portfolio (excluding exposure to mainland China
borrowers) saw an increase in allowances for ECL in 2025, driven by a
combination of negative credit migration and pressure on collateral
values. Negative credit migration was mainly driven by the secured
portfolio, which accounts for 57% of the total portfolio (31 December
2024: 54%), although the pace of migration slowed in the fourth
quarter.
‘Sub-standard’ and ‘credit-impaired’ exposures increased to $8.7bn
(31 December 2024: $8.2bn), of which 95% was secured
(31 December 2024: 92%). As at 31 December 2025, the weighted
average loan to value (‘LTV’):
–of performing exposures rated ‘sub-standard’ was 42%
(31 December 2024: 46%). There was immaterial exposure with an
LTV of greater than 70% (31 December 2024: $0.1bn); and
–of ‘credit impaired’ exposures was 71% (31 December 2024: 58%).
Within this portfolio, $1.9bn had an LTV of greater than 70%
(31 December 2024: $1.2bn).
Within which, for Hang Seng Bank, the weighted average LTV:
–of performing exposures rated ‘sub-standard’ was 42%
(31 December 2024: 49%). There was nil exposure with an LTV of
greater than 70% (31 December 2024: $0.1bn); and
–of ‘credit-impaired’ exposures was 74% (31 December 2024: 60%).
Within this portfolio, $1.1bn had an LTV of greater than 70%
(31 December 2024: $0.7bn).
Collateral information and LTV calculations were based on total limits,
inclusive of off-balance sheet commitments of $42.8bn as of
31 December 2025 (31 December 2024: $49.2bn).
The unsecured portfolio remains largely stable, with some migration
between performing credit grades and 89% rated ‘strong’ or
‘good’ (31 December 2024: 91%). ‘Credit impaired’ levels are limited.
Unsecured exposures are typically granted to strong, listed Hong Kong
CRE developers, which are commonly members of conglomerate
groups with diverse cash flows.
Market conditions remain challenging, with valuation pressures and
liquidity constraints likely to continue in the near term, particularly for
mid-sized and sub-investment grade corporates. The recent
improvement in sentiment is nevertheless expected to gradually
translate into improved cash flows and liquidity, with signs of a
recovery beginning to emerge. In particular, the residential property
sector showed positive momentum in 2025 driven by government
support measures and lower interest rates. This, together with the
associated positive wealth effect from a buoyant equities market, has
supported a rebound in retail sales and improved leasing activity in the
second half of 2025. However, a full recovery in the retail property
sector will take time as landlords adapt to changing consumer
behaviours, while oversupply in the office property sector is expected
to keep pressure on rents and capital values in 2026. The broader Hong
Kong economy nevertheless remains resilient, providing a supportive
backdrop for stabilisation in the property market.
We continue to closely assess and manage the risk in the portfolio,
including through portfolio reviews and stress testing. Vulnerable
borrowers, including those with debt serviceability challenges and
higher LTV levels, are subject to heightened monitoring and
management.
Refinance risk in commercial real estate
CRE lending tends to require the repayment of a significant proportion
of the principal at maturity. Typically, a customer will arrange
repayment through the acquisition of a new loan to settle the existing
debt. Refinance risk is the risk that a customer, being unable to repay
the debt on maturity, fails to refinance it at commercial terms. We
monitor our CRE portfolio closely, assessing indicators for signs of
potential issues with refinancing.
Maturity analysis commercial real estate gross loans and advances to customers
of which:
HSBC UK
Bank plc
HSBC
Bank plc
The
Hongkong and
Shanghai
Banking
Corporation
Limited
HSBC Bank
Middle East
Limited
HSBC North
America
Holdings Inc.
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Total
UK
Hong
Kong
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
< 1 year
3,892
1,213
18,961
435
335
209
36
25,081
4,438
14,667
1–2 years
3,800
822
11,251
78
442
74
20
16,487
4,090
7,939
2–5 years
8,776
1,575
12,735
518
373
183
25
24,185
8,784
8,475
> 5 years
707
470
2,157
188
3
59
1
3,585
711
1,446
At 31 Dec 2025
17,175
4,080
45,104
1,219
1,153
525
82
69,338
18,023
32,527
< 1 year
3,488
846
22,244
455
1,084
111
20
28,248
3,826
18,204
1–2 years
3,303
876
11,213
162
603
142
6
16,305
3,373
7,196
2–5 years
6,634
1,600
14,079
447
1,145
143
40
24,088
6,685
9,254
> 5 years
513
532
2,373
189
12
73
—
3,692
521
1,593
At 31 Dec 2024
13,938
3,854
49,909
1,253
2,844
469
66
72,333
14,405
36,247
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
The following table presents the Group’s exposure to borrowers
classified in the CRE sector where the ultimate parent is based in
mainland China, as well as all CRE exposures booked on mainland
China balance sheets. In addition to CRE as defined in our primary CRE
disclosure above, this table includes financing provided to a corporate
or financial entity for the purchase or financing of a property which
supports the overall operations of the business. This provides a more
comprehensive view of our mainland China CRE exposures. The
exposures at 31 December 2025 are split by country/territory and credit
quality including allowances for ECL by stage.
Mainland China commercial real estate
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Hong Kong
Mainland
China
Rest of the
Group
Total
Hong Kong
Mainland
China
Rest of the
Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
Loans and advances to customers1
2,079
3,474
118
5,671
3,161
3,694
303
7,158
Guarantees issued and others2
105
14
12
131
80
16
5
101
Total mainland China commercial real
estate exposure
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Distribution of mainland China
commercial real estate exposure by
credit quality
Strong
293
1,818
64
2,175
118
1,817
109
2,044
Good
240
583
—
823
578
595
1
1,174
Satisfactory
154
511
8
673
196
899
49
1,144
Sub-standard
87
334
57
478
777
136
149
1,062
Credit impaired
1,410
242
1
1,653
1,572
263
—
1,835
Total
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Allowance for ECL by credit quality
Strong
—
(2)
—
(2)
—
(4)
—
(4)
Good
—
(4)
—
(4)
—
(3)
—
(3)
Satisfactory
—
(5)
—
(5)
—
(13)
—
(13)
Sub-standard
(9)
(99)
(1)
(109)
(261)
(30)
(17)
(308)
Credit impaired
(799)
(99)
—
(898)
(749)
(81)
—
(830)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
Allowance for ECL by stage distribution
Stage 1
—
(4)
—
(4)
—
(9)
—
(9)
Stage 2
(9)
(106)
(1)
(116)
(261)
(41)
(17)
(319)
Stage 3
(783)
(99)
—
(882)
(743)
(81)
—
(824)
POCI
(16)
—
—
(16)
(6)
—
—
(6)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
ECL coverage %
37.0
6.0
0.8
17.6
31.2
3.5
5.5
16.0
1Amounts represent gross carrying amount.
2Amounts represent nominal amount for guarantees and other contingent liabilities.
(Unaudited)
We continue to closely monitor the mainland China CRE market. The
portfolio of loans booked in Hong Kong continues to be impacted by
the challenges in this sector, with further migration seen in the fourth
quarter of 2025. This portfolio nevertheless continues to reduce due to
repayments and write-offs, driving an overall reduction in allowances
for ECL to $1.0bn as of 31 December 2025 (31 December 2024:
$1.2bn), mainly held against unsecured exposures.
Of the residual portfolio of mainland China CRE loans booked in Hong
Kong, the large majority of performing exposure is lending to state-
owned enterprises and relatively strong privately-owned enterprises.
This is reflected in the relatively low allowances for ECL in this part of
the portfolio.
The onshore portfolio booked in mainland China remains of higher
credit quality, with lower ECL allowances reflecting collateral held. The
portfolio continues to rebalance in favour of strong-rated borrowers.
Market fundamentals in the mainland China property sector remain
weak. Despite some stabilisation in certain cities, property values
continued to decline in 2025 and are expected to remain under
pressure in 2026 reflecting ongoing weakness in demand. Liquidity
constraints are therefore likely to continue, with ongoing polarisation in
the operating performance of corporates operating in this sector, as
state-owned enterprises continue to benefit from better access to
funding and liquidity. A full recovery remains dependent on further
government support as well as a sustained improvement in underlying
sentiment.
The Group has additional exposures to mainland China CRE as a result
of lending to multinational corporates booked outside of mainland
China, which is not incorporated in the table above.
Other credit risk exposures
In addition to collateralised lending, other credit enhancements are
employed and methods used to mitigate credit risk arising from
financial assets. These are summarised below:
–Some securities issued by governments, banks and other financial
institutions benefit from additional credit enhancements provided by
government guarantees that cover the assets.
–Debt securities issued by banks and financial institutions include
asset-backed securities (‘ABSs’) and similar instruments, which are
supported by underlying pools of financial assets. Credit risk
associated with ABSs is reduced through the purchase of credit
default swap (‘CDS’) protection.
–Trading loans and advances mainly consist of reverse repos and
stock borrowing, which are by their nature collateralised.
–Cash collateral is posted to satisfy margin requirements. There is
limited credit risk on cash collateral posted since in the event of
default of the counterparty this would be set off against the related
liability.
ÑCollateral accepted as security that the Group is permitted to sell or
repledge under these arrangements is described on page 344 of the
financial statements.
The Group’s maximum exposure to credit risk includes financial
guarantees and similar contracts granted, as well as loan and other
credit-related commitments. Depending on the terms of the
arrangement, we may use additional credit mitigation if a guarantee is
called upon or a loan commitment is drawn and subsequently defaults.
ÑFor further information on these arrangements, see Note 33 on the financial
statements.
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Credit risk
Derivatives
We participate in transactions exposing us to counterparty credit risk.
Counterparty credit risk is the risk of financial loss if the counterparty to
a transaction defaults before satisfactorily settling it. It arises principally
from over-the-counter (‘OTC’) derivatives and securities financing
transactions and is calculated in both the trading and non-trading books.
Transactions vary in value by reference to a market factor such as an
interest rate, exchange rate or asset price.
The counterparty risk from derivative transactions is taken into account
when reporting the fair value of derivative positions. The adjustment to
the fair value is known as the credit valuation adjustment (‘CVA’).
The following table reflects the fair values and gross notional contract
amounts of derivatives cleared through an exchange, central
counterparty or non-central counterparty.
Notional contract amounts and fair values of derivatives
2025
2024
Notional
amount
Fair value
Notional
amount
Fair value
Assets
Liabilities
Assets
Liabilities
$m
$m
$m
$m
$m
$m
Total OTC derivatives
31,083,167
324,708
325,401
29,273,397
368,938
367,759
–  total OTC derivatives cleared by central counterparties
13,448,210
98,779
99,109
13,484,581
111,974
113,091
–  total OTC derivatives not cleared by central counterparties
17,634,957
225,929
226,292
15,788,816
256,964
254,668
Total exchange traded derivatives
1,625,677
10,275
9,696
1,267,685
12,445
9,435
Gross
32,708,844
334,983
335,097
30,541,082
381,383
377,194
Offset
(97,243)
(97,243)
(112,746)
(112,746)
At 31 Dec
237,740
237,854
268,637
264,448
ÑThe purposes for which HSBC uses derivatives are described in Note 15 on the financial statements.
The International Swaps and Derivatives Association (‘ISDA’) master
agreement is our preferred agreement for documenting derivatives
activity. It is common, and our preferred practice, for the parties
involved in a derivative transaction to execute a credit support annex
(‘CSA’) in conjunction with the ISDA master agreement. Under a CSA,
collateral is passed between the parties to mitigate the counterparty
risk inherent in outstanding positions. The majority of our CSAs are with
financial institutional clients.
We manage the counterparty exposure on our OTC derivative contracts
by using collateral agreements with counterparties and netting
agreements. Currently, we do not actively manage our general OTC
derivative counterparty exposure in the credit markets, although we
may manage individual exposures in certain circumstances.
We place strict policy restrictions on collateral types and as a
consequence the types of collateral received and pledged are, by value,
highly liquid and of a strong quality, being predominantly cash.
Where a collateral type is required to be approved outside the collateral
policy, approval is required from a committee of senior representatives
from Markets, Legal and Risk.
ÑSee Note 31 on the financial statements for details regarding legally
enforceable right of offset in the event of counterparty default and collateral
received in respect of derivatives.
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Personal lending
Total personal lending for loans and advances to customers at amortised cost by stage distribution
At 31 Dec 2025
At 31 Dec 2024
Gross carrying amount
Allowance for ECL
Gross carrying amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
By portfolio
First lien residential mortgages
365,498
18,148
2,655
386,301
(58)
(109)
(313)
(480)
324,703
34,177
2,450
361,330
(59)
(130)
(284)
(473)
Credit cards
22,781
3,260
373
26,414
(339)
(731)
(231)
(1,301)
21,611
2,991
313
24,915
(268)
(660)
(199)
(1,127)
Other personal lending
58,417
2,479
917
61,813
(270)
(395)
(351)
(1,016)
57,432
2,751
797
60,980
(243)
(368)
(313)
(924)
–  other personal lending which is secured1
39,906
517
270
40,693
(24)
(19)
(65)
(108)
39,234
887
199
40,320
(29)
(23)
(34)
(86)
–  other personal lending which is unsecured
18,511
1,962
647
21,120
(246)
(376)
(286)
(908)
18,198
1,864
598
20,660
(214)
(345)
(279)
(838)
Total
446,696
23,887
3,945
474,528
(667)
(1,235)
(895)
(2,797)
403,746
39,919
3,560
447,225
(570)
(1,158)
(796)
(2,524)
By legal entity
HSBC UK Bank plc
191,726
14,515
1,200
207,441
(201)
(315)
(256)
(772)
152,338
31,325
1,075
184,738
(148)
(307)
(211)
(666)
HSBC Bank plc
17,416
1,076
365
18,857
(16)
(14)
(107)
(137)
23,501
1,198
324
25,023
(17)
(24)
(99)
(140)
The Hongkong and Shanghai Banking Corporation Limited
201,779
6,407
1,108
209,294
(199)
(432)
(170)
(801)
191,614
5,519
1,170
198,303
(174)
(385)
(164)
(723)
HSBC Bank Middle East Limited
4,061
134
47
4,242
(18)
(23)
(29)
(70)
3,678
158
40
3,876
(14)
(29)
(30)
(73)
HSBC North America Holdings Inc.
19,607
512
404
20,523
(4)
(12)
(14)
(30)
20,851
497
327
21,675
(4)
(12)
(11)
(27)
Grupo Financiero HSBC, S.A. de C.V.
11,705
1,212
817
13,734
(229)
(438)
(316)
(983)
11,016
1,172
620
12,808
(207)
(400)
(279)
(886)
Other trading entities
402
31
4
437
—
(1)
(3)
(4)
748
50
4
802
(6)
(1)
(2)
(9)
Total
446,696
23,887
3,945
474,528
(667)
(1,235)
(895)
(2,797)
403,746
39,919
3,560
447,225
(570)
(1,158)
(796)
(2,524)
1‘Other personal lending which is secured’ has been expanded to encompass second lien mortgages, motor vehicle finance, and guaranteed loans related to residential property, which were previously reported as separate line items.
Total personal lending for loan and other credit-related commitments and financial guarantees by stage distribution
At 31 Dec 2025
At 31 Dec 2024
Nominal amount
Allowance for ECL
Nominal amount
Allowance for ECL
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
HSBC UK Bank plc
55,615
803
43
56,461
(15)
(5)
—
(20)
51,078
442
47
51,567
(6)
—
(3)
(9)
HSBC Bank plc
1,819
28
—
1,847
(1)
—
—
(1)
1,605
7
2
1,614
—
—
—
—
The Hongkong and Shanghai Banking Corporation
Limited
204,293
1,025
47
205,365
(5)
—
—
(5)
189,737
1,165
35
190,937
(4)
—
(2)
(6)
HSBC Bank Middle East Limited
2,542
10
—
2,552
—
—
—
—
2,452
7
—
2,459
—
—
—
—
HSBC North America Holdings Inc.
2,172
75
1
2,248
—
—
—
—
3,707
68
2
3,777
—
—
—
—
Grupo Financiero HSBC, S.A. de C.V.
4,970
—
—
4,970
(2)
—
—
(2)
3,892
—
—
3,892
(7)
—
—
(7)
Other trading entities
529
4
1
534
—
—
—
—
434
2
—
436
—
—
—
—
Total
271,940
1,945
92
273,977
(23)
(5)
—
(28)
252,905
1,691
86
254,682
(17)
—
(5)
(22)
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The following disclosure provides a reconciliation by stage of the Group’s personal lending gross carrying/nominal amount and allowances for loans and advances to customers, including loan commitments and financial
guarantees.
In addition, three reconciliations by stage of the Group’s gross carrying/nominal amount and allowances for first lien mortgages, credit cards and other personal lending, including loan commitments and financial
guarantees, have been included following the adoption of the recommendations of the DECL Taskforce’s third report in 2023.
Personal lending – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
2025
2024
Non-credit impaired
Credit impaired
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
650,823
(602)
50,955
(1,434)
3,860
(856)
705,638
(2,892)
Transfers of financial instruments:
7,203
(664)
(9,466)
1,242
2,263
(578)
—
—
(2,023)
(1,045)
(345)
1,477
2,368
(432)
—
—
–  transfers from stage 1 to stage 2
(41,104)
225
41,104
(225)
—
—
—
—
(45,220)
246
45,220
(246)
—
—
—
—
–  transfers from stage 2 to stage 1
48,706
(861)
(48,706)
861
—
—
—
—
43,549
(1,247)
(43,549)
1,247
—
—
—
—
–  transfers to stage 3
(663)
11
(2,655)
756
3,318
(767)
—
—
(743)
9
(2,715)
685
3,458
(694)
—
—
–  transfers from stage 3
264
(39)
791
(150)
(1,055)
189
—
—
391
(53)
699
(209)
(1,090)
262
—
—
Net remeasurement of ECL arising from
transfer of stage
—
411
—
(378)
—
(9)
—
24
—
745
—
(605)
—
(132)
—
8
Changes due to modifications not
derecognised
—
—
—
—
—
—
—
—
—
—
—
—
(25)
—
(25)
—
Net new and further lending/repayments
41,379
(7)
(8,622)
310
(467)
78
32,290
381
29,789
(17)
(7,889)
278
(796)
470
21,104
731
Change to risk parameters – credit quality
—
209
—
(1,165)
—
(1,141)
—
(2,097)
—
251
—
(874)
—
(1,437)
—
(2,060)
Changes to models used for ECL calculation
—
(29)
—
(5)
—
(16)
—
(50)
—
29
—
(109)
—
(20)
—
(100)
Assets written off
—
—
—
—
(1,641)
1,641
(1,641)
1,641
—
—
—
—
(1,534)
1,534
(1,534)
1,534
Foreign exchange and others1,2,3,4
13,403
(23)
2,310
(86)
236
(69)
15,949
(178)
(21,938)
52
(1,111)
109
(227)
72
(23,276)
233
At 31 Dec
718,636
(690)
25,832
(1,240)
4,037
(895)
748,505
(2,825)
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
ECL income statement change for the
period
584
(1,238)
(1,088)
(1,742)
1,008
(1,310)
(1,119)
(1,421)
Recoveries
243
220
Others
19
(32)
Total ECL income statement change for
the period
(1,480)
(1,233)
1At 31 December 2025, total includes $2.7bn (31 December 2024: $0.8bn) of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $16m (31 December
2024: $23m), reflecting business disposals, as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page 355.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained portfolio of home and other retail loans in France as disclosed in Note 23 on page
355.
3At 31 December 2024, total includes $6.4bn of nominal amount and $1m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees following the sale of our banking business in Canada
during 2024.
4At December 2024, total includes $2.4bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina during 2024.
HSBC Holdings plc Annual Report on Form 20-F
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During the year, there was a net transfer from stage 2 to stage 1 of $7,602m gross carrying/nominal amounts. This was mainly driven by model
recalibration for retail portfolios in HSBC UK ($11,245m) where the PD was aligned to the most recent observed performance. This was partly
offset by a net transfer from stage 1 to stage 2 in Hong Kong ($1,152m) primarily due to a new mortgage model implementation and in Mexico
($1,042m) within the unsecured lending portfolios.
ÑA summary of basis of preparation is available on page 158.
First lien residential mortgages – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to
customers including loan commitments and financial guarantees
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
344,676
(58)
34,341
(130)
2,474
(285)
381,491
(473)
Transfers of financial instruments:
10,647
(89)
(11,388)
82
741
7
—
—
–  transfers from stage 1 to stage 2
(29,872)
9
29,872
(9)
—
—
—
—
–  transfers from stage 2 to stage 1
40,658
(84)
(40,658)
84
—
—
—
—
–  transfers to stage 3
(289)
—
(1,146)
50
1,435
(50)
—
—
–  transfers from stage 3
150
(14)
544
(43)
(694)
57
—
—
Net remeasurement of ECL arising from transfer of
stage
—
52
—
(31)
—
(1)
—
20
Net new and further lending/repayments
20,746
(4)
(6,856)
29
(657)
28
13,233
53
Change to risk parameters – credit quality
—
39
—
(43)
—
(104)
—
(108)
Changes to models used for ECL calculation
—
5
—
(4)
—
—
—
1
Assets written off
—
—
—
—
(63)
63
(63)
63
Foreign exchange and others1,2
12,254
(5)
2,190
(11)
176
(20)
14,620
(36)
At 31 Dec 2025
388,323
(60)
18,287
(108)
2,671
(312)
409,281
(480)
ECL income statement change for the period
92
(49)
(77)
(34)
Recoveries
6
Others
4
Total ECL income statement change for the
period
(24)
1Total includes $2.3bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $2m, including business disposals as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page 355.
2This includes $0.4bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $1m in relation to disposal of our retained
portfolio of home and other retail loans in France as disclosed in Note 23 on page 355.
First lien residential mortgages – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to
customers including loan commitments and financial guarantees (continued)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
340,764
(109)
38,513
(202)
2,258
(264)
381,535
(575)
Transfers of financial instruments:
(3,561)
(232)
2,694
232
867
—
—
—
–  transfers from stage 1 to stage 2
(33,524)
23
33,524
(23)
—
—
—
—
–  transfers from stage 2 to stage 1
30,113
(244)
(30,113)
244
—
—
—
—
–  transfers to stage 3
(290)
6
(1,127)
90
1,417
(96)
—
—
–  transfers from stage 3
140
(17)
410
(79)
(550)
96
—
—
Net remeasurement of ECL arising from transfer of
stage
—
163
—
(152)
—
(30)
—
(19)
Net new and further lending/repayments
14,008
20
(6,336)
26
(523)
33
7,149
79
Change to risk parameters – credit quality
—
115
—
(73)
—
(103)
—
(61)
Changes to models used for ECL calculation
—
(8)
—
29
—
1
—
22
Assets written off
—
—
—
—
(63)
63
(63)
63
Foreign exchange and others
(6,535)
(7)
(530)
10
(65)
15
(7,130)
18
At 31 Dec 2024
344,676
(58)
34,341
(130)
2,474
(285)
381,491
(473)
ECL income statement change for the period
290
(170)
(99)
21
Recoveries
7
Others
(1)
Total ECL income statement change for the period
27
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Credit cards – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan
commitments
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
156,312
(280)
3,760
(658)
343
(199)
160,415
(1,137)
Transfers of financial instruments:
(2,134)
(381)
1,322
742
812
(361)
—
—
–  transfers from stage 1 to stage 2
(7,206)
144
7,206
(144)
—
—
—
—
–  transfers from stage 2 to stage 1
5,138
(518)
(5,138)
518
—
—
—
—
–  transfers to stage 3
(122)
3
(828)
408
950
(411)
—
—
–  transfers from stage 3
56
(10)
82
(40)
(138)
50
—
—
Net remeasurement of ECL arising from transfer of
stage
—
255
—
(246)
—
(4)
—
5
Changes due to modifications not derecognised
—
—
—
—
—
—
—
—
Net new and further lending/repayments
5,503
61
(758)
108
103
34
4,848
203
Change to risk parameters – credit quality
—
39
—
(640)
—
(517)
—
(1,118)
Changes to models used for ECL calculation
—
(34)
—
—
—
(17)
—
(51)
Assets written off
—
—
—
—
(847)
847
(847)
847
Foreign exchange and others
4,118
(14)
147
(43)
23
(14)
4,288
(71)
At 31 Dec 2025
163,799
(354)
4,471
(737)
434
(231)
168,704
(1,322)
ECL income statement change for the period
321
(778)
(504)
(961)
Recoveries
123
Others
(5)
Total ECL income statement change for the
period
(843)
At 1 Jan 2024
153,292
(253)
6,547
(698)
450
(144)
160,289
(1,095)
Transfers of financial instruments:
796
(453)
(1,469)
717
673
(264)
—
—
–  transfers from stage 1 to stage 2
(6,427)
129
6,427
(129)
—
—
—
—
–  transfers from stage 2 to stage 1
7,255
(569)
(7,255)
569
—
—
—
—
–  transfers to stage 3
(179)
2
(765)
327
944
(329)
—
—
–  transfers from stage 3
147
(15)
124
(50)
(271)
65
—
—
Net remeasurement of ECL arising from transfer of
stage
—
280
—
(256)
—
(45)
—
(21)
Changes due to modifications not derecognised
—
—
—
—
(2)
—
(2)
—
Net new and further lending/repayments
9,604
18
(1,122)
127
(1)
194
8,481
339
Change to risk parameters – credit quality
—
79
—
(476)
—
(694)
—
(1,091)
Changes to models used for ECL calculation
—
22
—
(122)
—
1
—
(99)
Assets written off
—
—
—
—
(736)
736
(736)
736
Foreign exchange and others1
(7,380)
27
(196)
50
(41)
17
(7,617)
94
At 31 Dec 2024
156,312
(280)
3,760
(658)
343
(199)
160,415
(1,137)
ECL income statement change for the period
399
(727)
(544)
(872)
Recoveries
106
Others
(10)
Total ECL income statement change for the period
(776)
1Total includes $4.5bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our banking business in
Canada and our business in Argentina during 2024.
HSBC Holdings plc Annual Report on Form 20-F
183
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Additional
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Credit risk
Other personal lending – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers
including loan commitments and financial guarantees
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
155,663
(249)
3,509
(370)
829
(317)
160,001
(936)
Transfers of financial instruments:
(1,310)
(194)
600
418
710
(224)
—
—
–  transfers from stage 1 to stage 2
(4,026)
72
4,026
(72)
—
—
—
—
–  transfers from stage 2 to stage 1
2,910
(259)
(2,910)
259
—
—
—
—
–  transfers to stage 3
(252)
8
(681)
298
933
(306)
—
—
–  transfers from stage 3
58
(15)
165
(67)
(223)
82
—
—
Net remeasurement of ECL arising from transfer of
stage
—
104
—
(101)
—
(4)
—
(1)
Changes due to modifications not derecognised
—
—
—
—
—
—
—
—
Net new and further lending/repayments
15,130
(64)
(1,008)
173
87
16
14,209
125
Change to risk parameters – credit quality
—
131
—
(482)
—
(520)
—
(871)
Changes to models used for ECL calculation
—
—
—
(1)
—
1
—
—
Assets written off
—
—
—
—
(731)
731
(731)
731
Foreign exchange and others1,2
(2,969)
(4)
(27)
(32)
37
(35)
(2,959)
(71)
At 31 Dec 2025
166,514
(276)
3,074
(395)
932
(352)
170,520
(1,023)
ECL income statement change for the period
171
(411)
(507)
(747)
Recoveries
114
Others
20
Total ECL income statement change for the
period
(613)
1Total includes $0.4bn of gross carrying loans and advances, which were classified to assets held for sale, and a corresponding allowance for ECL of $11m,
reflecting business disposals, as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page 355.
2This includes $6.8bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $6m in relation to disposal of our retained
portfolio of home and other retail loans in France as disclosed in Note 23 on page 355.
Other personal lending – reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers
including loan commitments and financial guarantees (continued)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
Gross
carrying/
nominal
amount
Allowance
for ECL
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
156,767
(240)
5,895
(534)
1,152
(448)
163,814
(1,222)
Transfers of financial instruments:
742
(360)
(1,570)
528
828
(168)
—
—
–  transfers from stage 1 to stage 2
(5,269)
94
5,269
(94)
—
—
—
—
–  transfers from stage 2 to stage 1
6,181
(434)
(6,181)
434
—
—
—
—
–  transfers to stage 3
(274)
1
(823)
268
1,097
(269)
—
—
–  transfers from stage 3
104
(21)
165
(80)
(269)
101
—
—
Net remeasurement of ECL arising from transfer of
stage
—
302
—
(197)
—
(57)
—
48
Changes due to modifications not derecognised
—
—
—
—
(23)
—
(23)
—
Net new and further lending/repayments
6,177
(55)
(431)
125
(272)
243
5,474
313
Change to risk parameters – credit quality
—
57
—
(325)
—
(640)
—
(908)
Changes to models used for ECL calculation
—
15
—
(16)
—
(22)
—
(23)
Assets written off
—
—
—
—
(735)
735
(735)
735
Foreign exchange and others1,2
(8,023)
32
(385)
49
(121)
40
(8,529)
121
At 31 Dec 2024
155,663
(249)
3,509
(370)
829
(317)
160,001
(936)
ECL income statement change for the period
319
(413)
(476)
(570)
Recoveries
107
Others
(21)
Total ECL income statement change for the period
(484)
1Total includes $0.3bn of gross carrying loans and advances, which were classified to assets held for sale, and a corresponding allowance for ECL of $10m,
reflecting business disposals, as disclosed in Note 23 ‘Assets held for sale and liabilities of disposal groups held for sale’ on page 355.
2Total includes $4.4bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our banking business in
Canada during 2024.
HSBC Holdings plc Annual Report on Form 20-F
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Additional
information
Credit risk
Personal lending – credit risk profile by internal PD band for loans and advances to customers at amortised cost
Gross carrying amount
Allowance for ECL
PD range1,2
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
ECL
coverage
%
$m
$m
$m
$m
$m
$m
$m
$m
%
First lien residential
mortgages
365,498
18,148
2,655
386,301
(58)
(109)
(313)
(480)
0.1
–  Band 1
0.000 to 0.250
251,963
1,147
—
253,110
(14)
(4)
—
(18)
—
–  Band 2
0.251 to 0.500
81,972
1,911
—
83,883
(15)
(5)
—
(20)
—
–  Band 3
0.501 to 1.500
26,508
9,975
—
36,483
(11)
(21)
—
(32)
0.1
–  Band 4
1.501 to 5.000
4,458
3,160
—
7,618
(16)
(15)
—
(31)
0.4
–  Band 5
5.001 to 20.000
327
1,130
—
1,457
—
(11)
—
(11)
0.8
–  Band 6
20.001 to 99.999
270
825
—
1,095
(2)
(53)
—
(55)
5.0
–  Band 7
100.000
—
—
2,655
2,655
—
—
(313)
(313)
11.8
Credit cards
22,781
3,260
373
26,414
(339)
(731)
(231)
(1,301)
4.9
–  Band 1
0.000 to 0.250
10,033
1
—
10,034
(25)
—
—
(25)
0.2
–  Band 2
0.251 to 0.500
1,583
5
—
1,588
(11)
(1)
—
(12)
0.8
–  Band 3
0.501 to 1.500
6,389
86
—
6,475
(89)
(9)
—
(98)
1.5
–  Band 4
1.501 to 5.000
3,960
834
—
4,794
(125)
(75)
—
(200)
4.2
–  Band 5
5.001 to 20.000
799
1,736
—
2,535
(86)
(279)
—
(365)
14.4
–  Band 6
20.001 to 99.999
17
598
—
615
(3)
(367)
—
(370)
60.2
–  Band 7
100.000
—
—
373
373
—
—
(231)
(231)
61.9
Other personal lending
58,417
2,479
917
61,813
(270)
(395)
(351)
(1,016)
1.6
–  Band 1
0.000 to 0.250
25,714
3
—
25,717
(26)
—
—
(26)
0.1
–  Band 2
0.251 to 0.500
5,680
18
—
5,698
(5)
—
—
(5)
0.1
–  Band 3
0.501 to 1.500
13,964
142
—
14,106
(44)
(1)
—
(45)
0.3
–  Band 4
1.501 to 5.000
11,219
387
—
11,606
(114)
(13)
—
(127)
1.1
–  Band 5
5.001 to 20.000
1,443
1,235
—
2,678
(79)
(132)
—
(211)
7.9
–  Band 6
20.001 to 99.999
397
694
—
1,091
(2)
(249)
—
(251)
23.0
–  Band 7
100.000
—
—
917
917
—
—
(351)
(351)
38.3
At 31 Dec 2025
446,696
23,887
3,945
474,528
(667)
(1,235)
(895)
(2,797)
0.6
First lien residential
mortgages
324,703
34,177
2,450
361,330
(59)
(130)
(284)
(473)
0.1
–  Band 1
0.000 to 0.250
234,451
1,820
—
236,271
(15)
(4)
—
(19)
—
–  Band 2
0.251 to 0.500
64,340
11,816
—
76,156
(10)
(9)
—
(19)
—
–  Band 3
0.501 to 1.500
22,005
14,631
—
36,636
(16)
(25)
—
(41)
0.1
–  Band 4
1.501 to 5.000
3,668
3,990
—
7,658
(17)
(27)
—
(44)
0.6
–  Band 5
5.001 to 20.000
117
1,178
—
1,295
—
(13)
—
(13)
1.0
–  Band 6
20.001 to 99.999
122
742
—
864
(1)
(52)
—
(53)
6.1
–  Band 7
100.000
—
—
2,450
2,450
—
—
(284)
(284)
11.6
Credit cards
21,611
2,991
313
24,915
(268)
(660)
(199)
(1,127)
4.5
–  Band 1
0.000 to 0.250
10,051
1
—
10,052
(26)
—
—
(26)
0.3
–  Band 2
0.251 to 0.500
2,340
4
—
2,344
(15)
(1)
—
(16)
0.7
–  Band 3
0.501 to 1.500
5,113
23
—
5,136
(72)
(5)
—
(77)
1.5
–  Band 4
1.501 to 5.000
3,847
1,013
—
4,860
(123)
(103)
—
(226)
4.7
–  Band 5
5.001 to 20.000
260
1,526
—
1,786
(32)
(263)
—
(295)
16.5
–  Band 6
20.001 to 99.999
—
424
—
424
—
(288)
—
(288)
67.9
–  Band 7
100
—
—
313
313
—
—
(199)
(199)
63.6
Other personal lending
57,432
2,751
797
60,980
(243)
(368)
(313)
(924)
1.5
–  Band 1
0.000 to 0.250
29,124
19
—
29,143
(30)
—
—
(30)
0.1
–  Band 2
0.251 to 0.500
6,109
242
—
6,351
(9)
(1)
—
(10)
0.2
–  Band 3
0.501 to 1.500
11,702
121
—
11,823
(37)
(3)
—
(40)
0.3
–  Band 4
1.501 to 5.000
9,006
660
—
9,666
(95)
(25)
—
(120)
1.2
–  Band 5
5.001 to 20.000
1,433
1,076
—
2,509
(70)
(111)
—
(181)
7.2
–  Band 6
20.001 to 99.999
58
633
—
691
(2)
(228)
—
(230)
33.3
–  Band 7
100.000
—
—
797
797
—
—
(313)
(313)
39.3
At 31 Dec 2024
403,746
39,919
3,560
447,225
(570)
(1,158)
(796)
(2,524)
0.6
112-month point in time adjusted for multiple economic scenarios.
2PD bands do not consider the impact of any management judgemental adjustments on stage or allowances for ECL including the impact of new models not yet
formally implemented. For a list of management judgemental adjustments see page 153.
HSBC Holdings plc Annual Report on Form 20-F
185
Strategic report
ESG review
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Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Credit risk
Personal lending – credit risk profile by internal PD band for loan and other credit-related commitments and financial guarantees
Nominal amount
Allowance for ECL
PD range1
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
ECL
coverage
%
$m
$m
$m
$m
$m
$m
$m
$m
%
Loan and other credit-
related commitments
270,494
1,945
92
272,531
(22)
(5)
—
(27)
—
–  Band 1
0.000 to 0.250
218,170
98
—
218,268
(9)
—
—
(9)
—
–  Band 2
0.251 to 0.500
11,412
76
—
11,488
(2)
—
—
(2)
—
–  Band 3
0.501 to 1.500
33,294
423
—
33,717
(7)
—
—
(7)
—
–  Band 4
1.501 to 5.000
6,694
615
—
7,309
(3)
(3)
—
(6)
0.1
–  Band 5
5.001 to 20.000
793
586
—
1,379
(1)
—
—
(1)
0.1
–  Band 6
20.001 to 99.999
131
147
—
278
—
(2)
—
(2)
0.7
–  Band 7
100.000
—
—
92
92
—
—
—
—
—
Financial guarantees
1,446
—
—
1,446
(1)
—
—
(1)
0.1
–  Band 1
0.000 to 0.250
1,353
—
—
1,353
(1)
—
—
(1)
0.1
–  Band 2
0.251 to 0.500
30
—
—
30
—
—
—
—
—
–  Band 3
0.501 to 1.500
44
—
—
44
—
—
—
—
—
–  Band 4
1.501 to 5.000
19
—
—
19
—
—
—
—
—
–  Band 5
5.001 to 20.000
—
—
—
—
—
—
—
—
—
–  Band 6
20.001 to 99.999
—
—
—
—
—
—
—
—
—
–  Band 7
100.000
—
—
—
—
—
—
—
—
—
At 31 Dec 2025
271,940
1,945
92
273,977
(23)
(5)
—
(28)
—
Loan and other credit-
related commitments
251,489
1,680
86
253,255
(17)
—
(5)
(22)
—
–  Band 1
0.000 to 0.250
199,314
65
—
199,379
(9)
—
—
(9)
—
–  Band 2
0.251 to 0.500
14,409
178
—
14,587
(2)
—
—
(2)
—
–  Band 3
0.501 to 1.500
28,081
389
—
28,470
(1)
—
—
(1)
—
–  Band 4
1.501 to 5.000
8,431
463
—
8,894
(3)
—
—
(3)
—
–  Band 5
5.001 to 20.000
800
484
—
1,284
(2)
—
—
(2)
0.2
–  Band 6
20.001 to 99.999
454
101
—
555
—
—
—
—
—
–  Band 7
100.000
—
—
86
86
—
—
(5)
(5)
5.8
Financial guarantees
1,416
11
—
1,427
—
—
—
—
—
–  Band 1
0.000 to 0.250
743
—
—
743
—
—
—
—
—
–  Band 2
0.251 to 0.500
389
—
—
389
—
—
—
—
—
–  Band 3
0.501 to 1.500
55
—
—
55
—
—
—
—
—
–  Band 4
1.501 to 5.000
220
—
—
220
—
—
—
—
—
–  Band 5
5.001 to 20.000
3
11
—
14
—
—
—
—
—
–  Band 6
20.001 to 99.999
6
—
—
6
—
—
—
—
—
–  Band 7
100.000
—
—
—
—
—
—
—
—
—
At 31 Dec 2024
252,905
1,691
86
254,682
(17)
—
(5)
(22)
—
112-month point in time adjusted for multiple economic scenarios.
HSBC Holdings plc Annual Report on Form 20-F
186
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Credit risk
Supplementary information
Wholesale lending – loans and advances to customers at amortised cost by country/territory
Gross carrying amount
Allowance for ECL
Corporate
and
commercial
of which: real
estate and
construction1
Non-bank
financial
institutions
Total
Corporate
and
commercial
of which: real
estate and
construction1
Non-bank
financial
institutions
Total
$m
$m
$m
$m
$m
$m
$m
$m
UK
116,284
21,104
27,232
143,516
(1,270)
(286)
(127)
(1,397)
–of which: HSBC UK Bank
plc (ring-fenced bank)
93,186
20,112
11,518
104,704
(1,173)
(253)
(84)
(1,257)
–of which: HSBC Bank plc
(non-ring-fenced bank)
23,098
992
15,714
38,812
(97)
(33)
(43)
(140)
France
25,655
4,032
10,556
36,211
(379)
(90)
(28)
(407)
Germany
5,883
431
142
6,025
(175)
(10)
—
(175)
Hong Kong
114,792
37,890
18,591
133,383
(3,515)
(1,991)
(117)
(3,632)
Australia
14,472
4,725
4,627
19,099
(28)
(3)
(1)
(29)
India
13,789
2,131
6,687
20,476
(53)
(5)
(7)
(60)
Indonesia
3,063
172
573
3,636
(74)
—
(1)
(75)
Mainland China
27,663
5,254
12,272
39,935
(281)
(197)
(4)
(285)
Malaysia
5,560
1,059
486
6,046
(34)
(7)
—
(34)
Singapore
16,619
2,878
1,912
18,531
(126)
(54)
(1)
(127)
Taiwan
4,685
69
—
4,685
(1)
—
—
(1)
Egypt
806
34
41
847
(111)
(24)
—
(111)
UAE
14,082
1,792
2,714
16,796
(535)
(333)
(42)
(577)
US
22,054
2,355
9,916
31,970
(276)
(80)
(10)
(286)
Mexico
11,655
683
1,133
12,788
(263)
(35)
(23)
(286)
Other
27,443
3,243
3,176
30,619
(405)
(148)
(8)
(413)
At 31 Dec 2025
424,505
87,852
100,058
524,563
(7,526)
(3,263)
(369)
(7,895)
UK
102,245
17,540
21,771
124,016
(1,412)
(289)
(234)
(1,646)
–of which: HSBC UK Bank
plc (ring-fenced bank)
79,833
16,722
10,268
90,101
(1,146)
(260)
(54)
(1,200)
–of which: HSBC Bank plc
(non-ring-fenced bank)
22,412
818
11,503
33,915
(266)
(29)
(180)
(446)
France
25,950
3,986
7,222
33,172
(257)
(42)
(9)
(266)
Germany
6,256
264
421
6,677
(153)
—
—
(153)
Hong Kong
118,332
42,042
17,846
136,178
(2,922)
(1,494)
(112)
(3,034)
Australia
12,532
4,509
2,931
15,463
(30)
(3)
—
(30)
India
12,540
2,581
6,425
18,965
(45)
(5)
(6)
(51)
Indonesia
3,132
184
356
3,488
(109)
(44)
—
(109)
Mainland China
29,930
5,326
8,044
37,974
(222)
(117)
(6)
(228)
Malaysia
5,773
1,067
278
6,051
(40)
(10)
—
(40)
Singapore
17,267
3,266
1,830
19,097
(234)
(80)
(1)
(235)
Taiwan
3,848
60
—
3,848
—
—
—
—
Egypt
777
32
51
828
(115)
(20)
—
(115)
UAE
13,278
1,809
1,589
14,867
(408)
(258)
—
(408)
US
24,084
4,028
10,348
34,432
(246)
(106)
(47)
(293)
Mexico
10,318
525
1,407
11,725
(201)
(9)
(11)
(212)
Other
24,422
2,844
1,945
26,367
(361)
(121)
(10)
(371)
At 31 Dec 2024
410,684
90,063
82,464
493,148
(6,755)
(2,598)
(436)
(7,191)
1Real estate lending within this disclosure corresponds solely to the industry of the borrower. Commercial real estate on page 174 includes borrowers in multiple
industries investing in income-producing assets and, to a lesser extent, their construction and development.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
Personal lending – loans and advances to customers at amortised cost by country/territory
Gross carrying amount
Allowance for ECL
First lien
residential
mortgages
Credit
cards
Other
personal
lending
Total
First lien
residential
mortgages
Credit
cards
Other
personal
lending
Total
$m
$m
$m
$m
$m
$m
$m
$m
UK
191,180
9,083
15,671
215,934
(138)
(345)
(324)
(807)
–of which: HSBC UK Bank plc (ring-fenced bank)
186,776
8,992
11,673
207,441
(134)
(344)
(294)
(772)
–  of which: HSBC Bank plc (non-ring-fenced
    bank)
4,404
91
3,998
8,493
(4)
(1)
(30)
(35)
France
22
—
3
25
(12)
—
(2)
(14)
Hong Kong
108,200
10,379
25,551
144,130
(4)
(311)
(170)
(485)
Australia
25,619
288
19
25,926
(8)
(8)
—
(16)
India
2,344
323
667
3,334
(3)
(20)
(3)
(26)
Indonesia
36
152
58
246
(2)
(8)
(5)
(15)
Mainland China
5,417
164
402
5,983
(20)
(22)
(6)
(48)
Malaysia
3,494
1,070
267
4,831
(16)
(38)
(26)
(80)
Singapore
6,776
691
7,415
14,882
—
(38)
(36)
(74)
Taiwan
6,570
437
1,123
8,130
—
(5)
(14)
(19)
Egypt
—
119
278
397
—
(1)
(1)
(2)
UAE
2,456
587
970
4,013
(5)
(39)
(18)
(62)
US
19,773
183
567
20,523
(14)
(14)
(2)
(30)
Mexico
8,390
2,289
3,055
13,734
(192)
(415)
(376)
(983)
Other
6,024
649
5,767
12,440
(66)
(37)
(33)
(136)
At 31 Dec 2025
386,301
26,414
61,813
474,528
(480)
(1,301)
(1,016)
(2,797)
UK
170,809
8,016
13,410
192,235
(139)
(284)
(256)
(679)
–  of which: HSBC UK Bank plc (ring-fenced bank)
166,709
7,933
10,096
184,738
(132)
(283)
(251)
(666)
–  of which: HSBC Bank plc (non-ring-fenced
    bank)
4,100
83
3,314
7,497
(7)
(1)
(5)
(13)
France
377
1
6,600
6,978
(12)
—
(12)
(24)
Hong Kong
107,759
10,165
21,511
139,435
(5)
(291)
(130)
(426)
Australia
22,154
372
35
22,561
(7)
(8)
(1)
(16)
India
1,984
265
600
2,849
(3)
(14)
(4)
(21)
Indonesia
46
142
181
369
(3)
(6)
(5)
(14)
Mainland China
6,087
227
544
6,858
(12)
(33)
(9)
(54)
Malaysia
3,252
938
260
4,450
(23)
(36)
(26)
(85)
Singapore
5,802
571
6,082
12,455
—
(28)
(28)
(56)
Taiwan
5,788
340
1,084
7,212
—
(4)
(11)
(15)
Egypt
—
89
232
321
—
—
(1)
(1)
UAE
2,082
543
795
3,420
(3)
(31)
(24)
(58)
US
21,021
195
458
21,674
(12)
(14)
(2)
(28)
Mexico
7,488
2,242
3,078
12,808
(167)
(339)
(380)
(886)
Other
6,681
809
6,110
13,600
(87)
(39)
(35)
(161)
At 31 Dec 2024
361,330
24,915
60,980
447,225
(473)
(1,127)
(924)
(2,524)
HSBC Holdings plc Annual Report on Form 20-F
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Additional
information
Credit risk
Loans and advances to customers and banks – other supplementary information
At 31 Dec 2025
At 31 Dec 2024
Gross
carrying
amount
of which:
stage 3
and POCI
Allowance
for ECL
of which:
stage 3
and POCI
Change in
ECL
Write-offs
Recoveries
Gross
carrying
amount
of which:
stage 3
and POCI
Allowance
for ECL
of which:
stage 3
and POCI
Change in
ECL
Write-offs
Recoveries
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
First lien residential mortgages
386,301
2,655
(480)
(313)
(24)
(63)
6
361,330
2,450
(473)
(284)
33
(63)
7
Credit cards
26,414
373
(1,301)
(231)
(830)
(847)
123
24,915
313
(1,127)
(199)
(804)
(736)
106
Other personal lending
61,813
917
(1,016)
(351)
(621)
(731)
114
60,980
797
(924)
(313)
(508)
(735)
107
–  other personal lending which is secured1
40,693
270
(108)
(65)
(46)
(35)
5
40,320
199
(86)
(34)
(24)
(36)
4
–  other personal lending which is unsecured
21,120
647
(908)
(286)
(575)
(696)
109
20,660
598
(838)
(279)
(484)
(699)
103
Personal lending
474,528
3,945
(2,797)
(895)
(1,475)
(1,641)
243
447,225
3,560
(2,524)
(796)
(1,279)
(1,534)
220
–  agriculture, forestry and fishing
7,592
355
(97)
(60)
(11)
(10)
—
7,033
282
(94)
(46)
4
(10)
1
–  mining and quarrying
6,982
126
(86)
(70)
(58)
(19)
—
7,592
318
(45)
(32)
29
(26)
—
–  manufacturing
86,372
2,266
(960)
(741)
(271)
(307)
16
82,724
1,487
(893)
(638)
(170)
(403)
3
–  electricity, gas, steam and air-conditioning supply
19,322
206
(126)
(85)
(19)
(17)
—
16,457
209
(122)
(85)
—
—
—
–  water supply, sewerage, waste management and
remediation
2,563
112
(41)
(36)
(22)
(6)
—
2,961
43
(24)
(16)
2
(40)
—
–  real estate and construction
87,852
10,589
(3,263)
(2,730)
(1,296)
(574)
19
90,063
8,949
(2,598)
(1,842)
(812)
(1,554)
12
–  wholesale and retail trade, repair of motor vehicles and
motorcycles
84,557
2,549
(1,287)
(1,126)
(234)
(286)
28
77,830
2,728
(1,372)
(1,188)
(369)
(337)
8
–  transportation and storage
20,719
307
(174)
(75)
(40)
(205)
2
22,643
417
(321)
(232)
(104)
(20)
1
–  accommodation and food
14,389
1,436
(399)
(303)
(124)
(31)
2
14,734
1,610
(299)
(214)
(81)
(27)
—
–  publishing, audiovisual and broadcasting
25,347
377
(198)
(108)
(75)
(46)
—
19,826
229
(158)
(61)
(79)
(75)
2
–  professional, scientific and technical activities
25,023
520
(218)
(153)
(66)
(89)
1
26,128
648
(266)
(188)
(132)
(174)
1
–  administrative and support services
19,525
570
(395)
(321)
(151)
(59)
—
20,117
739
(320)
(254)
(39)
(88)
1
–  public administration and defence, compulsory social
security
64
—
—
—
—
—
—
64
—
—
—
—
—
—
–  education
2,259
40
(26)
(11)
(2)
(3)
—
1,596
43
(27)
(16)
(16)
(3)
—
–  health and care
4,403
98
(32)
(14)
3
(13)
—
4,030
184
(51)
(25)
(3)
(12)
1
–  arts, entertainment and recreation
2,313
123
(51)
(42)
(29)
(16)
—
2,066
78
(35)
(26)
(19)
(22)
—
–  other services
6,599
311
(168)
(106)
44
(51)
7
7,288
327
(110)
(66)
(82)
(115)
10
–  activities of households
841
—
—
—
—
—
—
589
—
—
—
—
—
—
–  extra-territorial organisations and bodies activities
164
—
—
—
—
—
—
118
—
—
—
—
—
—
–  government
7,619
121
(5)
(3)
(1)
—
—
6,793
175
(7)
(5)
6
—
—
–  asset-backed securities
—
—
—
—
(1)
(14)
—
32
—
(13)
—
1
—
—
Corporate and commercial
424,505
20,106
(7,526)
(5,984)
(2,353)
(1,746)
75
410,684
18,466
(6,755)
(4,934)
(1,864)
(2,906)
40
Non-bank financial institutions
100,058
671
(369)
(294)
(112)
(182)
2
82,464
679
(436)
(361)
(59)
(19)
—
Wholesale lending
524,563
20,777
(7,895)
(6,278)
(2,465)
(1,928)
77
493,148
19,145
(7,191)
(5,295)
(1,923)
(2,925)
40
Loans and advances to customers
999,091
24,722
(10,692)
(7,173)
(3,940)
(3,569)
320
940,373
22,705
(9,715)
(6,091)
(3,202)
(4,459)
260
Loans and advances to banks
108,469
1
(7)
(1)
9
—
—
102,052
2
(13)
(2)
(1)
—
—
At 31 Dec 2025
1,107,560
24,723
(10,699)
(7,174)
(3,931)
(3,569)
320
1,042,425
22,707
(9,728)
(6,093)
(3,203)
(4,459)
260
1‘Other personal lending which is secured’ has been expanded to encompass second lien mortgages, motor vehicle finance, and guaranteed loans related to residential property, which were previously reported as separate line items.
HSBC Holdings plc Annual Report on Form 20-F
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Credit risk
HSBC Holdings
(Audited)
Credit risk in HSBC Holdings primarily arises from transactions with
Group subsidiaries.
In HSBC Holdings, the maximum exposure to credit risk arises from
two components:
–financial assets on the balance sheet, where maximum exposure
equals the carrying amount (see page 297); and
–financial guarantees and other guarantees, where the maximum
exposure is the maximum that we would have to pay if the
guarantees were called upon (see Note 33).
In the case of our derivative asset balances (see page 297), there is a
legally enforceable right of offset in the event of counterparty default
and where, as a result, there is a net exposure for credit risk purposes.
However, as there is no intention to settle these balances on a net
basis under normal circumstances, they do not qualify for net
presentation for accounting purposes. These offsets also include
collateral received in cash and other financial assets.
The total offset relating to our derivative asset balances was $1.8bn at
31 December 2025 (2024: $3.0bn).
The credit quality of loans and advances and financial investments,
both of which consist of intra-Group lending and US Treasury bills and
bonds, is assessed as ‘strong’, with 100% of the exposure being
neither past due nor impaired (2024: 100%). For further details of credit
quality classification, see page 141.
Treasury risk
ÑSee page 138 for our definition of Treasury risk.
Approach and policy
(Audited)
We manage treasury risks in order to maintain appropriate levels of
capital, liquidity, funding, foreign exchange and non-traded market risk
to support our business strategy, and meet our regulatory and stress
testing-related requirements.
Our approach to treasury risk management is shaped by our
organisational needs and the regulatory, economic and commercial
environment. We aim to maintain a strong capital and liquidity base to
manage inherent business risks and invest in accordance with our
strategy, adhering to both consolidated and local regulatory
requirements at all times.
Our policy is supported by a risk management framework, with further
details provided on page 119.
ÑFor further details, refer to our Pillar 3 Disclosures at 31 December 2025.
Treasury risk management
Key developments in 2025
–The Group continues to maintain and benefit from a healthy capital,
liquidity and funding position, which has been resilient throughout
periods of volatility in the macroeconomic environment and global
markets during 2025. This was further demonstrated by our strong 
CET1 performance in the Bank Capital Stress Test published by the
Bank of England as part of the Financial Stability Report on 2
December 2025.
–See page 121 for a summary of key risks including geopolitical and
macroeconomic risks that we are managing.
–The CET1 capital impact of the privatisation of Hang Seng Bank was
a net 110bps in January 2026 (based on the CET1 capital ratio as at
31 December 2025). This included a day one impact on CET1 capital
of around 120bps, partly offset by the release of structural foreign
exchange RWAs, which related to hedging in the run up to the
transaction. These had an adverse impact on CET1 capital of around
10bps at 31 December 2025, which unwound upon the privatisation
taking effect. 
ÑFor quantitative disclosures on capital ratios, own funds and risk-weighted
assets (‘RWAs’), see pages 191 to 192. For quantitative disclosures on
liquidity and funding metrics, see pages 194 to 195. For quantitative
disclosures on interest rate risk in the banking book, see pages 197 to 199.
Governance and structure
The Group Treasurer owns all treasury risks, except for pension and
insurance risks. Pension risk is jointly owned with the Group Head of
Performance and Reward, while insurance risk is owned by the Chief
Executive Officer for Global Insurance. The Global Head of Traded and
Treasury Risk Management and Risk Analytics is the risk steward for all 
treasury risks.
Treasury risks excluding pension and insurance risks are the
responsibility of the Group Finance Management Meeting (‘GFMM’)
and the Group Risk Committee (‘GRC’). These risks are actively
managed by Global Treasury with support from the Holdings Asset and
Liability Management Committee (‘ALCO’) and local ALCOs, overseen
by Treasury Risk Management and Risk Management Meetings.
Pension risk is monitored through local and regional pension risk
management meetings, with global oversight provided by the Global
Pension Financial Risk Management Meeting, chaired by the
accountable risk steward. Insurance risk is overseen by the Global
Insurance Risk Management Meeting, chaired by the Chief Risk and
Compliance Officer for Global Insurance.
Capital, liquidity and funding risk
management processes
Assessment and risk appetite
Our capital management approach is underpinned by a global capital
risk policy, complemented by frameworks for recovery and resolution
planning and stress testing. The policy sets out our approach to
determining key capital risk appetites including for our CET1 ratio, total
capital, minimum requirements for own funds and eligible liabilities
(‘MREL’), leverage ratio and double leverage. Our internal capital
adequacy assessment process (‘ICAAP’) evaluates the Group’s capital
position, considering both regulatory and internal capital resources and
requirements. Subsidiaries align their ICAAPs with global guidance,
while considering local regulatory regimes to establish their own risk
appetite.
HSBC Holdings provides MREL to its subsidiaries, encompassing both
equity and non-equity capital. These investments are funded by HSBC
Holdings’ own equity capital and MREL-eligible debt. MREL includes
own funds and eligible liabilities that can be written down or converted
into capital resources in order to absorb losses or recapitalise a bank in
the event of its failure. HSBC has three resolution groups – the
European, the Asian and the US, with some smaller entities outside
these groups.
HSBC Holdings seeks to maintain a prudent balance between the
composition of its capital and its investments in subsidiaries.
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Treasury risk
As a matter of long-standing policy, HSBC Holdings retains a
substantial holdings capital buffer comprising cash and other high-
quality liquid assets, which we seek to manage within our target
operating range of $19bn - $24bn.
HSBC maintains an adequate and well-diversified liquidity buffer, as
well as a stable funding base, to meet its liquidity and funding
regulatory requirements. We seek to ensure contractual or contingent
obligations can be met by having the appropriate amount, tenor and
composition of funding and liquidity to support our assets.
We aim to ensure management oversight of liquidity and funding risks
at both Group and entity levels through governance arrangements
aligned with our risk management framework. Liquidity and funding
risks are managed at the operating entity level seeking to adhere to
globally consistent policies, procedures and reporting standards.
Operating entities are required to meet internal minimum requirements
and any applicable regulatory requirements at all times.
Our internal liquidity adequacy assessment process (‘ILAAP’) seeks to
ensure operating entities have strategies, policies, processes and
systems for the identification, measurement, management and
monitoring of liquidity risk across various time horizons, including intra-
day. The ILAAP informs risk appetite setting, and assesses the
capability to manage liquidity and funding effectively in major entities.
Metrics are locally set and managed but undergo global review and
challenge to ensure consistency with the Group’s policies and controls.
Planning and performance
Capital and RWA plans are integral to our annual financial resource
strategy approved by the Board. Monthly forecasts are submitted to
the Group Operating Committee, ensuring ongoing monitoring and
management. The responsibility for global capital allocation principles
rests with the Group Chief Financial Officer, supported by the Group
Capital Management Meeting. This is a specialist forum addressing
capital management, reporting into the Holdings ALCO.
Our internal governance processes aim to enhance discipline over our
investment and capital allocation decisions, helping to ensure that
returns align with management’s objectives. The Group strategically
allocates financial resources to support business execution and fulfil
regulatory and economic capital needs. We assess business returns by
using a return on average tangible equity measure and a related
economic profit measure.
Funding and liquidity are part of the Board-approved financial resource
plan. Key measures include the liquidity coverage ratio (‘LCR’) and net
stable funding ratio (‘NSFR’) and internal liquidity metrics, at the entity
level. We employ a set of measures to help maintain a suitable funding
and liquidity profile such as depositor concentration limits, intra-day
liquidity and forward-looking funding assessments.
ÑFor details on regulatory developments see our Pillar 3 Disclosures at
31 December 2025.
Stress testing and recovery and resolution
planning
HSBC employs stress testing to guide the management of capital and
liquidity required to withstand both internal and external shocks to the
organisation, such as systems failure or a global economic downturn.
In addition to our internal stress tests, HSBC undergoes supervisory
stress testing across various jurisdictions, and results from these tests
are critical for evaluating our internal capital and liquidity needs through
the ICAAP and ILAAP. The outcomes from these assessments
influence the setting of regulatory requirements and inform internally
set management buffers.
Stress tests input into business performance through tangible equity
allocation and prompt a reassessment of business plans when
capital, liquidity or returns fall short of targets. These tests also
inform risk mitigation strategies and aid in recovery and resolution
planning. We maintain recovery plans, including contingency funding
plans for the Group and material entities, outlining potential stress
events that could result in a breach of capital or liquidity buffers.
The Group recovery plan establishes a framework and governance
arrangements to support restoring HSBC to a stable and viable
position, reducing the probability of failure from either specific or
market-wide stresses. The recovery plans of our material entities
provide detailed actions that could be taken to stabilise their financial
position in stress environments.
HSBC is equipped with the necessary capabilities and resources to
help manage the unlikely event that the Group might not be
recoverable and would require resolution by regulators. We are
committed to continuing to improve our recovery and resolution
capabilities, aligning with the BoE’s expectations and Resolvability
Assessment Framework (‘RAF’) requirements.
Measurement of interest rate risk in the
banking book processes
Interest rate risk in the banking book (‘IRRBB’) refers to the potential
negative impact on earnings or capital due to fluctuations in market
interest rates or changes in the expected repricing of client products.
The risk arises from our non-traded assets and liabilities that are not
held for trading intent or in order to hedge positions held with trading
intent. Our global IRRBB risk management framework is designed to
identify, measure, manage and monitor all material sources of IRRBB.
We have established policies and frameworks to help ensure oversight.
To help manage IRRBB and provide more stable earnings, we use a
structural hedge, which is a portfolio of fixed rate assets such as
bonds, derivatives and customer loans. The size and duration of this
hedge may be limited in certain currencies and locations, depending
on available financial resources and market conditions. To reduce
accounting mismatches, we mostly hedge with amortised cost
financial instruments or hedge-accounted derivatives. However,
bonds measured at fair value through other comprehensive income
are also used. We utilise a combination of economic value and
earnings-based measures to help manage IRRBB effectively. These
measures are used to assess IRRBB across the banking book,
supporting the overall monitoring against risk appetite. They include:
–Banking net interest income (‘banking NII’) sensitivity; and
–Economic value of equity (‘EVE’) sensitivity.
ÑFurther details of HSBC’s risk management of interest rate risk in the
banking book can be found in the Group’s Pillar 3 Disclosures at
31 December 2025.
Other Group risks
Non-trading book foreign exchange
exposures
Structural foreign exchange exposures
Structural foreign exchange exposures occur when capital is invested
or net assets are held in a foreign operation, such as a subsidiary,
associate, joint venture or branch operating in a different currency than
the reporting entity. The functional currency of an entity typically aligns
with the primary economic environment in which the entity operates.
Exchange differences from these structural exposures are recognised
in other comprehensive income. We present our consolidated financial
statements in US dollars because the US dollar and linked currencies
form the primary currency bloc for our transaction and funding.
Consequently, our consolidated balance sheet is impacted by foreign
exchange differences between the US dollar and all the non-US dollar
functional currencies of our foreign operations. Our main goal in
managing these exposures is to protect our consolidated capital ratios
and those of our banking subsidiaries from exchange rate fluctuations.
We employ hedging strategies, such as net investment and economic
hedges, when it is capital efficient to do so and within approved limits.
The hedging positions are monitored and rebalanced to manage RWAs
or downside risks associated with HSBC’s foreign currency
investments.
ÑFor further details of our structural foreign exchange exposures, see page
196.
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Transactional foreign exchange exposures
Transactional foreign exchange risk stems from day-to-day transactions
in the banking book generating profit and loss or fair value through
other comprehensive income reserves in a currency different from the
entity’s reporting currency. Transactional foreign exchange exposure
generated through profit and loss is periodically transferred to Markets
and Securities Services and managed within limits, except for minor
residual foreign exchange exposure arising from timing differences or
for other reasons. Transactional foreign exchange exposure generated
through other comprehensive income reserves is managed by Global
Treasury within approved appetite.
HSBC Holdings risk management
As a financial services holding company, HSBC Holdings has limited
market risk activities. HSBC Holdings focuses on maintaining sufficient
capital resources to support its diverse activities, distributing these
resources across businesses, and generating dividend and interest
income from its investments. Additionally, it manages operating
expenses, provides dividends to shareholders, pays interest to debt
capital providers, and ensures a reserve of short-term liquid assets for
unexpected situations.
The primary market risks HSBC Holdings is exposed to are banking book
interest rate risk and foreign currency risk. These risks stem from short-
term cash balances, funding positions, loans to subsidiaries, investments
in long-term assets, financial liabilities and foreign exchange hedges. The
objective of HSBC Holdings’ market risk management strategy is to
manage volatility in capital resources, cash flows and distributable
reserves due to market changes.
To manage interest rate and foreign currency risk from long-term debt,
HSBC Holdings employs interest rate swaps and cross-currency
interest rate swaps. Additionally, forward foreign exchange contracts
are used to manage structural foreign exchange exposures. Holdings
ALCO oversees market risk in accordance with the company’s risk
appetite statement.
ÑFor quantitative disclosures on HSBC Holdings’ interest rate risk in the
banking book see page 200.
Pension risk management processes
Our global pensions strategy is to move from defined benefit to
defined contribution plans, where local law allows and it is considered
competitive to do so. Our most significant defined benefit plans have
been closed to new members for years, and many (including the
largest plan in the UK) are also closed to future accrual.
In defined contribution pension plans, the contributions that HSBC is
required to make are known, while the final pension benefits depend
on investment returns from employee selected options. While the
market risk of defined contribution plans is minimal for HSBC, 
operational and reputational risks remain.
In defined benefit pension plans, the level of pension benefit is known,
but HSBC’s contribution levels can fluctuate due to a number of risks,
including:
–investments delivering a return below the level required to provide
the projected plan benefits;
–economic environment downturns causing asset value reductions
(both equity and debt);
–changes in interest rates or inflation expectations, causing an
increase in the value of plan liabilities; and
–plan members living longer than expected (longevity risk).
Pension risk is assessed using an economic capital model that takes
into account potential variations in these factors. The impact of these
variations on both pension assets and pension liabilities is assessed
using a one-in-200-year stress test. Scenario analysis and other stress
tests are also used to support pension risk management, including the
review of de-risking opportunities.
To fund the benefits associated with defined benefit plans, sponsoring
Group companies, and in some instances employees, make regular
contributions based on actuarial advice and fiduciary consultations.
Contributions ensure that there are sufficient funds to meet the cost of
the accruing benefits for the future service of active members, with
higher contributions required when plan assets are considered
insufficient to cover the existing pension liabilities. Contribution rates
are revised annually or once every three years, depending on the plan.
The defined benefit plans invest in a range of investments designed to
limit the risk of assets failing to meet a plan’s liabilities. Any changes in
expected returns may change future contribution requirements. Asset
allocations are strategically set, with benchmarks reviewed every three
to five years.
In addition, some of the Group’s pension plans hold longevity swap
contracts, offering long-term protection against increased costs from
longer than expected lifespans. Notably, the HSBC Bank (UK) Pension
Scheme covers approximately 50% of the plan’s pensioner liabilities
with such swaps.
Capital risk in 2025
Capital overview
Capital and liquidity adequacy metrics
At
31 Dec 2025
31 Dec 2024
Risk-weighted assets (‘RWAs’) ($bn)
Credit risk
687.0
657.9
Counterparty credit risk
42.4
37.7
Market risk
38.5
36.2
Operational risk
120.7
106.5
Total RWAs
888.6
838.3
Capital on a transitional basis ($bn)
Common equity tier 1 capital
132.6
124.9
Tier 1 capital
153.4
144.1
Total capital
182.4
172.4
Capital ratios on a transitional basis (%)
Common equity tier 1 ratio
14.9
14.9
Tier 1 ratio
17.3
17.2
Total capital ratio
20.5
20.6
Capital on an end point basis ($bn)
Common equity tier 1 (‘CET1’) capital
132.6
124.9
Tier 1 capital
153.4
144.1
Total capital
182.4
168.5
Capital ratios on an end point basis (%)
Common equity tier 1 ratio
14.9
14.9
Tier 1 ratio
17.3
17.2
Total capital ratio
20.5
20.1
Liquidity coverage ratio (‘LCR’)
Total high-quality liquid assets ($bn)
702.1
649.2
Total net cash outflow ($bn)
512.1
470.7
LCR (%)
137
138
Net stable funding ratio (‘NSFR’)
Total available stable funding ($bn)
1,621.0
1,523.4
Total required stable funding ($bn)
1,133.3
1,064.5
NSFR (%)
143
143
References to EU regulations and directives (including technical
standards) should, as applicable, be read as references to the UK’s
version of such regulation or directive, as onshored into UK law under
the European Union (Withdrawal) Act 2018, and as may be
subsequently amended under UK law.
Capital figures and ratios in the previous table are calculated in
accordance with the regulatory requirements of the Capital
Requirements Regulation and Directive, the CRR II regulation and the
Prudential Regulation Authority (‘PRA’) Rulebook (‘CRR II’).
Effective 1 January 2025, the IFRS 9 transitional arrangements came
to an end, followed by the end of the CRR II grandfathering
provisions on 28 June 2025. Accordingly, our current period capital
figures are the same on both the transitional and end-point basis.
The liquidity coverage ratio is based on the average value of the
preceding 12 months. The net stable funding ratio is based on the
average value of the four preceding quarters.
Regulatory numbers and ratios are presented as at the date of
reporting. Small changes may exist between these numbers and ratios
and those submitted in regulatory filings. Where differences are
significant, we may restate in subsequent periods.
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Own funds disclosure
(Table audited)
At
31 Dec 2025
31 Dec 2024
Ref*
$m
$m
Common equity tier 1 capital: instruments and reserves
1
Capital instruments and the related share premium accounts
8,699
22,378
–  ordinary shares
8,699
22,378
2
Retained earnings
152,936
138,959
3
Accumulated other comprehensive income (and other reserves)
(27)
(8,410)
5
Minority interests (amount allowed in consolidated CET1)
3,303
3,960
5a
Independently reviewed net profits net of any foreseeable charge or dividend
8,076
7,184
6
Common equity tier 1 capital before regulatory adjustments
172,987
164,071
28
Total regulatory adjustments to common equity tier 1
(40,394)
(39,160)
29
Common equity tier 1 capital
132,593
124,911
36
Additional tier 1 capital before regulatory adjustments
20,874
19,286
43
Total regulatory adjustments to additional tier 1 capital
(70)
(70)
44
Additional tier 1 capital
20,804
19,216
45
Tier 1 capital
153,397
144,127
51
Tier 2 capital before regulatory adjustments
30,167
29,334
57
Total regulatory adjustments to tier 2 capital
(1,193)
(1,075)
58
Tier 2 capital
28,974
28,259
59
Total capital
182,371
172,386
*The references identify lines prescribed in the PRA template, which are applicable and where there is a value.
At 31 December 2025, our CET1 capital ratio remained at 14.9%,
unchanged from 31 December 2024. The increase in CET1 capital of
$7.7bn was offset by an increase in RWAs of $50.3bn. The key drivers
of the movements within the CET1 ratio during the year were:
–a 0.5 percentage point increase from capital generation, mainly
through regulatory profits net of dividends and share buy-backs.
Share buy-backs were paused following the announcement of the
privatisation of Hang Seng Bank;
–a 0.1 percentage point increase in the fair value of hold-to-collect-
and-sell debt instruments, following a decrease in yields, and the
net impact from foreign exchange fluctuations, partly offset by
regulatory deductions;
–a 0.2 percentage point decrease due to the loss on our portfolio of
home and certain other loans in France under hold-to-collect-and-
sell, measured at FVOCI in 1Q25, which was partly offset by PRA
waivers granted for the exclusion of operational risk RWAs in
2Q25; and
–a 0.4 percentage point decrease due to an increase in RWAs,
mainly driven by organic balance sheet growth.
Our Pillar 2A requirement at 31 December 2025, as per the PRA’s
Individual Capital Requirement based on a point-in-time assessment,
was equivalent to 2.5% of RWAs, of which 1.4% must be met by
CET1. Throughout 2025, we complied with the PRA’s regulatory capital
adequacy requirement.
Risk-weighted assets
RWAs by business segment
Hong
Kong
UK
CIB
IWPB
Corporate
Centre
Total
RWAs
$bn
$bn
$bn
$bn
$bn
$bn
Credit risk
114.5
130.3
282.3
71.5
88.4
687.0
Counterparty credit risk
0.1
0.1
40.2
0.8
1.2
42.4
Market risk
0.7
—
24.4
0.3
13.1
38.5
Operational risk
24.3
22.5
61.8
17.3
(5.2)
120.7
At 31 Dec 2025
139.6
152.9
408.7
89.9
97.5
888.6
At 31 Dec 2024
143.7
133.5
388.0
85.7
87.4
838.3
RWAs by legal entities1
HSBC UK
Bank plc
HSBC
Bank plc
The Hongkong
and Shanghai
Banking
Corporation
Limited
HSBC Bank
Middle East
Limited
HSBC North
America
Holdings Inc
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding companies,
shared service
centres and intra-
Group eliminations
Total
RWAs
$bn
$bn
$bn
$bn
$bn
$bn
$bn
$bn
$bn
Credit risk
133.5
73.8
319.1
18.8
58.6
25.1
46.9
11.2
687.0
Counterparty credit risk
0.3
23.9
10.3
0.9
4.3
0.7
2.0
—
42.4
Market risk2
0.1
24.9
18.9
2.4
2.8
0.6
2.1
6.7
38.5
Operational risk
24.1
23.4
63.5
5.1
8.3
6.1
6.0
(15.8)
120.7
At 31 Dec 2025
158.0
146.0
411.8
27.2
74.0
32.5
57.0
2.1
888.6
At 31 Dec 2024
138.3
137.6
402.8
26.6
74.4
29.7
50.7
(0.6)
838.3
1Balances are on a third-party Group consolidated basis.
2Market risk RWAs are non-additive across the legal entities due to diversification effects within the Group.
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RWA movement by legal entities by key driver1
Credit risk, counterparty credit risk and operational risk
HSBC UK
Bank plc
HSBC
Bank plc2
The
Hongkong
and
Shanghai
Banking
Corporation
Limited2
HSBC
Bank
Middle
East
Limited
HSBC
North
America
Holdings
Inc
Grupo
Financiero
HSBC, S.A.
de C.V.
Other
trading
entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Market
risk
Total
RWAs
$bn
$bn
$bn
$bn
$bn
$bn
$bn
$bn
$bn
$bn
RWAs at 1 Jan 2025
138.1
111.5
379.8
24.5
71.7
29.2
49.4
(2.1)
36.2
838.3
Asset size
15.9
2.1
13.3
1.1
2.5
(1.1)
6.7
(2.8)
2.2
39.9
Asset quality
1.1
0.9
1.8
(0.6)
(2.5)
(0.1)
(0.1)
—
—
0.5
Model updates
(0.5)
—
(0.5)
(0.1)
(0.3)
—
—
—
—
(1.4)
Methodology and policy
(6.1)
1.6
(8.2)
(0.1)
(0.3)
0.2
0.1
1.1
0.1
(11.6)
Acquisitions and disposals2
—
(3.4)
1.5
(0.1)
—
—
(1.5)
(1.0)
—
(4.5)
Foreign exchange movements3
9.4
8.4
5.2
0.1
0.1
3.7
0.3
0.2
—
27.4
Total RWA movement
19.8
9.6
13.1
0.3
(0.5)
2.7
5.5
(2.5)
2.3
50.3
RWAs at 31 Dec 2025
157.9
121.1
392.9
24.8
71.2
31.9
54.9
(4.6)
38.5
888.6
RWA movement by business segment by key driver
Credit risk, counterparty credit risk and operational risk
Hong
Kong
UK
CIB
IWPB2
Corporate
Centre2
Market
risk
Total
RWAs
$bn
$bn
$bn
$bn
$bn
$bn
$bn
RWAs at 1 Jan 2025
142.0
133.5
360.7
85.6
80.3
36.2
838.3
Asset size
0.2
16.0
13.9
2.5
5.1
2.2
39.9
Asset quality
(0.4)
0.8
(0.2)
(0.1)
0.4
—
0.5
Model updates
0.2
(0.5)
(1.1)
—
—
—
(1.4)
Methodology and policy
(3.7)
(6.1)
(0.6)
0.1
(1.4)
0.1
(11.6)
Acquisitions and disposals2
—
—
(1.0)
(2.4)
(1.1)
—
(4.5)
Foreign exchange movements3
0.6
9.2
12.6
3.9
1.1
—
27.4
Total RWA movement
(3.1)
19.4
23.6
4.0
4.1
2.3
50.3
RWAs at 31 Dec 2025
138.9
152.9
384.3
89.6
84.4
38.5
888.6
1Balances are on a third-party Group consolidated basis.
2Includes changes in the allocation of $1.5bn significant investment RWAs from HSBC Bank plc to The Hongkong and Shanghai Banking Corporation Limited,
following the disposal of the French life insurance business.
3Credit risk foreign exchange movements in this disclosure are computed by retranslating the RWAs into US dollars based on the underlying transactional
currencies, and other movements in the table are presented on a constant currency basis.
RWAs increased by $50.3bn during the year, mainly due to asset size
movements of $39.9bn and foreign currency translation differences of
$27.4bn, which were partly offset by methodology and policy changes
of $11.6bn and strategic disposals of $4.5bn.
Asset size
Asset size RWAs increased by $39.9bn, of which $26.1bn related to
credit risk asset size, largely driven by corporate lending in our UK and
CIB businesses, and in SAB within Corporate Centre.
Additionally, there was an $11.6bn rise in operational risk RWAs driven
by higher average income across our business segments.
Market risk RWAs increased by $2.2bn, mainly as a result of higher
structural foreign exchange exposures of $5.7bn, to hedge the
anticipated impact of the Hang Seng Bank privatisation, which was
partly offset by lower stressed value at risk (‘SVaR’) of $3bn due to an
improved risk profile in the rates portfolio.
Asset quality
The marginal $0.5bn increase in RWAs was mainly driven by
unfavourable credit risk migrations, which were largely offset by
increased credit risk mitigation in our Hong Kong and CIB businesses.
This included an increase due to portfolio mix changes in our UK
business.
Model updates
The decrease of $1.4bn in RWAs was primarily driven by the
recalibration of post-model adjustments to address wholesale internal-
ratings credit risk model limitations, mainly in CIB.
Methodology and policy
The $11.6bn decrease in RWAs was primarily due to credit risk
parameter refinements, including methodology changes to our
undrawn exposures within the UK and CIB businesses; and a UK
transaction where some credit risk was transferred to a third party.
Acquisitions and disposals
RWAs decreased by $4.5bn, due to the PRA waiver granted in 2025
for the exclusion of operational risk RWAs previously associated with
the sale of our retail banking operations in France and the disposal of
our business in Argentina. Additionally, we sold the ADRs in Grupo
Financiero Galicia that we received as purchase consideration from the
sale of our business in Argentina. A further decrease resulted from the
sale of our French retained portfolio of home and certain other loans.
Leverage ratio
At
31 Dec 2025
31 Dec 2024
$bn
$bn
Tier 1 capital (leverage)
153.4
144.1
Total leverage ratio exposure
2,877.1
2,571.1
%
%
Leverage ratio
5.3
5.6
Our leverage ratio was 5.3% at 31 December 2025, down from 5.6%
at 31 December 2024. The increase in the leverage exposures led to a
0.6 percentage points fall in the leverage ratio, which was partly offset
by higher tier 1 capital of 0.3 percentage points.The change in leverage
exposure was driven by 0.4 percentage points increase due to growth
in the balance sheet and by a 0.2 percentage points increase from
foreign currency translation differences.
At 31 December 2025, our UK minimum leverage ratio requirement
was 3.25%, with an additional buffer of 0.9% - comprising a 0.7%
additional leverage ratio buffer and a 0.2% countercyclical leverage
ratio buffer. These buffers translated into capital values of $20.1bn and
$5.8bn, respectively. We exceeded these leverage requirements
throughout 2025.
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Pillar 3 disclosure requirements
Pillar 3 of the Basel regulatory framework is related to market discipline
and aims to make financial services firms more transparent by requiring
publication of wide-ranging information on their risks, capital and
management.
ÑFor further details, see our Pillar 3 Disclosures at 31 December 2025, which
is published at www.hsbc.com/investors.
Liquidity and funding risk in 2025
Liquidity metrics
At 31 December 2025, all of the Group’s material operating entities
were above the required regulatory minimum liquidity and funding
levels. Each entity maintains sufficient unencumbered liquid assets to
comply with internal and local regulatory requirements. Each entity
maintains a sufficient stable funding profile and is assessed using the
NSFR or other appropriate metrics.
In addition to regulatory metrics, we use a wide set of measures to
manage our liquidity and funding profile.
The Group liquidity and funding position on an average basis is
analysed in the following sections.
Operating entities’ liquidity
At 31 Dec 2025
LCR1
HQLA
Net outflows
NSFR1
%
$bn
$bn
%
HSBC UK Bank plc (ring-fenced bank)2
175
124
71
146
HSBC Bank plc (non-ring-fenced bank)3
148
145
99
114
The Hongkong and Shanghai Banking Corporation – Hong Kong branch4, 6
189
170
90
125
HSBC Singapore5
228
37
16
168
Hang Seng Bank
322
64
20
184
HSBC Bank China
203
26
13
153
HSBC Bank USA
167
84
50
129
HSBC Continental Europe
147
100
68
148
HSBC Bank Middle East Ltd – UAE branch
232
16
7
152
HSBC Mexico
166
9
5
110
At 31 Dec 2024
HSBC UK Bank plc (ring-fenced bank)2
190
117
61
154
HSBC Bank plc (non-ring-fenced bank)3
148
138
93
115
The Hongkong and Shanghai Banking Corporation – Hong Kong branch4
191
145
76
124
HSBC Singapore5
287
32
11
184
Hang Seng Bank
299
57
19
174
HSBC Bank China
191
27
14
147
HSBC Bank USA
167
80
48
127
HSBC Continental Europe
149
82
55
139
HSBC Bank Middle East Ltd – UAE branch
251
14
6
151
HSBC Mexico
164
9
6
125
1The LCR and NSFR ratios presented in the above table are based on average values. The LCR is the average of the preceding 12 months. The NSFR is the average of the
preceding four quarters. LCR details are based on local regulations wherever applicable except the LCR for our UAE branch, which is reported on a PRA basis. NSFR
details are reported based on the PRA’s NSFR rules.
2HSBC UK Bank plc refers to the HSBC UK liquidity group, which comprises four legal entities: HSBC UK Bank plc, Marks and Spencer Financial Services plc, HSBC
Private Bank (UK) Ltd and HSBC Innovation Bank Limited, managed as a single operating entity, in line with the application of UK liquidity regulation as agreed with the
PRA.
3HSBC Bank plc includes overseas branches and special purpose entities consolidated by HSBC for financial statements purposes.
4The Hongkong and Shanghai Banking Corporation – Hong Kong branch represents the material activities of The Hongkong and Shanghai Banking Corporation Limited. It
is monitored and controlled for liquidity and funding risk purposes as a stand-alone operating entity.
5HSBC Singapore includes HSBC Bank Singapore Limited and The Hongkong and Shanghai Banking Corporation – Singapore branch. Liquidity and funding risk is
monitored and controlled at country level in line with the local regulator’s approval.
6In 4Q25, The Hongkong and Shanghai Banking Corporation – Hong Kong branch segregated $16.6bn of Level 1 high-quality liquid assets towards funding the
privatisation of Hang Seng Bank. These assets were excluded from the liquid asset buffer for the purpose of LCR reporting and reduced the entity’s local LCR
by c. 5.5% on an average basis.
Consolidated liquidity metrics
Net stable funding ratio
We manage funding risk based on the PRA’s NSFR rules. The Group’s
NSFR at 31 December 2025, calculated from the average of the four
preceding quarters, was 143%.
At
31 Dec 2025
30 Jun 2025
31 Dec 2024
$bn
$bn
$bn
Total available stable funding ($bn)
1,621
1,572
1,523
Total required stable funding ($bn)
1,133
1,083
1,064
NSFR ratio (%)
143
145
143
Liquidity coverage ratio
At 31 December 2025, the average high-quality liquid assets (‘HQLA‘)
held at entity level amounted to $862bn (31 December 2024: $790bn).
The Group consolidation methodology includes a deduction to
reflect the impact of limitations in the transferability of entity liquidity
around the Group. That resulted in an adjustment of $160bn to LCR
HQLA and $5bn to LCR inflows on an average basis.
At1
31 Dec 2025
30 Jun 2025
31 Dec 2024
$bn
$bn
$bn
High-quality liquid assets (in
entities)
862
833
790
Group LCR HQLA
702
678
649
Net outflows
512
486
471
Liquidity coverage ratio (%)
137
140
138
Adjustment for transfer
restrictions2
(165)
(161)
(147)
1Group LCR numbers above are based on average values. The LCR is the
average of the preceding 12 months.
2This includes adjustments made to high-quality liquid assets and inflows in
entities to reflect liquidity transfer restrictions.
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Liquid assets
After the $160bn deduction, the average Group LCR HQLA of $702bn (31 December 2024: $649bn) was held in a range of asset classes and
currencies. Of these, 97% were eligible as Level 1 (31 December 2024: 95%). The following tables reflect the composition of the average liquidity
pool by asset type and currency at 31 December 2025.
Liquidity pool by asset type1
Liquidity
pool
Level 12
Level 22
$bn
$bn
$bn
Cash and balance at central bank
248
248
—
Central and local government bonds
413
401
12
Regional government public sector
entities
2
2
—
International organisation and multilateral
developments banks
29
29
—
Covered bonds
7
2
5
Other
3
—
3
Total at 31 Dec 2025
702
682
20
Total at 31 Dec 2024
649
615
34
1Group liquid assets numbers are based on average values.
2As defined in the PRA Rulebook, Level 1 assets means ‘assets of extremely
high liquidity and credit quality’, and Level 2 assets means ‘assets of high
liquidity and credit quality’.
Liquidity pool by currency1
$
£
€
HK$
Other
Total
$bn
$bn
$bn
$bn
$bn
$bn
Liquidity pool at
31 Dec 2025
232
170
136
43
121
702
Liquidity pool at
31 Dec 2024
196
170
113
47
123
649
1Group liquid assets numbers are based on average month-end values over
the preceding 12 months.
Sources of funding
Our primary sources of funding are customer current accounts and
savings deposits payable on demand or at short notice. We issue
secured and unsecured wholesale securities to supplement customer
deposits, meet regulatory obligations and seek to ensure that we
maintain a diversified funding profile through a balanced mix of
currencies, maturities and locations of our liabilities. The following
‘Funding sources’ and ‘Funding uses’ tables provide a view of how our
consolidated balance sheet is funded. In practice, all the principal
operating entities are required to manage liquidity and funding risk on a
stand-alone basis.
The tables analyse our consolidated balance sheet according to the
assets that primarily arise from operating activities and the sources of
funding primarily supporting these activities. Assets and liabilities that
do not arise from operating activities are presented as a net balancing
source or deployment of funds.
The funding risk management framework seeks to ensure operating
entities maintain a diversified funding profile defined in their funding
plans which are taken through regular governance, in line with globally
consistent policies and standards. Diversification is achieved through a
balanced mix of funding sources, tenors, currencies and geographies,
seeking to mitigate concentration risks and to avoid extraordinary
reliance on central banks or intra-group funding support. The
framework requires entities to have policies, processes and controls
for monitoring and managing funding by tenors and sources, supported
by governance of limits. Entities also model cashflows from maturing
short-term debts within the internal liquidity monitoring to help ensure
sufficient liquidity is maintained to meet the maturing debt obligations.
Funding sources
(Audited)
2025
2024
$m
$m
Customer accounts
1,786,828
1,654,955
Deposits by banks
97,952
73,997
Repurchase agreements – non-trading
204,974
180,880
Debt securities in issue
99,675
105,785
Cash collateral, margin, settlement accounts and
items in course of transmission to other banks
91,087
82,732
Liabilities of disposal groups held for sale
23,382
29,011
Subordinated liabilities
28,406
25,958
Financial liabilities designated at fair value
158,456
138,727
Insurance contract liabilities
122,955
107,629
Trading liabilities
72,122
65,982
–  repos
13,113
14,806
–  stock lending
6,250
3,525
–  other trading liabilities
52,759
47,651
Total equity
205,666
192,273
Other balance sheet liabilities
341,531
359,119
At 31 Dec
3,233,034
3,017,048
Funding uses
(Audited)
2025
2024
$m
$m
Loans and advances to customers
988,399
930,658
Loans and advances to banks
108,462
102,039
Reverse repurchase agreements – non-trading
298,392
252,549
Cash collateral, margin, settlement accounts and
items in course of collection from other banks
87,667
78,538
Assets held for sale
11,115
27,234
Trading assets
366,153
314,842
–  reverse repos
18,449
16,823
–  stock borrowing
14,947
8,374
–  other trading assets
332,757
289,645
Financial investments
567,211
493,166
Cash and balances with central banks
242,859
267,674
Other balance sheet assets
562,776
550,348
At 31 Dec
3,233,034
3,017,048
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Wholesale term debt maturity profile
The maturity profile of our wholesale term debt obligations is set out in
the following table. The balances in the table are not directly
comparable with those in the consolidated balance sheet because the
table presents gross cash flows relating to principal payments and not
the balance sheet carrying value, which includes debt securities and
subordinated liabilities measured at fair value.
Wholesale funding cash flows payable by HSBC under financial liabilities by remaining contractual maturities1
Due not
more
than
1 month
Due over
1 month
but not
more than
3 months
Due over
3 months
but not
more than
6 months
Due over
6 months
but not
more than
9 months
Due over
9 months
but not
more than
1 year
Due over
1 year
but not
more than
2 years
Due over
2 years
but not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Debt securities issued
14,531
12,338
14,004
7,561
8,780
26,365
70,542
65,835
219,956
–  unsecured CDs and CP
5,729
4,484
6,781
4,211
5,198
1,855
999
570
29,827
–  unsecured senior MTNs
5,835
6,262
5,020
1,853
1,416
17,953
52,645
53,455
144,439
–  unsecured senior structured notes
2,459
1,060
2,037
1,150
1,739
5,572
11,145
9,164
34,326
–  secured covered bonds
—
—
—
—
—
671
1,550
—
2,221
–  secured asset-backed commercial paper
486
—
—
—
—
—
—
—
486
–  secured ABS
22
43
62
58
338
201
693
1,401
2,818
–  others
—
489
104
289
89
113
3,510
1,245
5,839
Subordinated liabilities
—
—
—
—
892
874
2,049
34,541
38,356
–  subordinated debt securities
—
—
—
—
892
874
2,049
33,602
37,417
–  preferred securities
—
—
—
—
—
—
—
939
939
At 31 Dec 2025
14,531
12,338
14,004
7,561
9,672
27,239
72,591
100,376
258,312
Debt securities issued
14,260
15,011
13,841
10,235
11,644
29,639
62,434
53,814
210,878
–  unsecured CDs and CP
5,346
7,803
10,495
6,623
6,829
662
1,787
1,598
41,143
–  unsecured senior MTNs
7,528
3,351
1,014
1,269
2,736
21,593
47,236
42,899
127,626
–  unsecured senior structured notes
874
1,826
2,258
1,457
1,526
6,055
9,160
6,520
29,676
–  secured covered bonds
—
—
—
—
—
—
1,254
—
1,254
–  secured asset-backed commercial paper
488
—
—
—
—
—
—
—
488
–  secured ABS
24
47
67
64
61
664
520
864
2,311
–  others
—
1,984
7
822
492
665
2,477
1,933
8,380
Subordinated liabilities
—
—
1,737
1,030
—
892
2,694
30,349
36,702
–  subordinated debt securities
—
—
1,737
1,030
—
892
2,694
29,471
35,824
–  preferred securities
—
—
—
—
—
—
—
878
878
At 31 Dec 2024
14,260
15,011
15,578
11,265
11,644
30,531
65,128
84,163
247,580
1Excludes financial liabilities of disposal groups.
Structural foreign exchange risk in 2025
Structural foreign exchange exposures represent net assets or capital investments in subsidiaries, branches, joint arrangements or associates,
together with any associated hedges, the functional currencies of which are currencies other than the US dollar. Exchange differences on
structural exposures are usually recognised in ‘other comprehensive income’.
Net structural foreign exchange exposures
2025
Currency of structural exposure
Net investment in
foreign operations
(excl non-controlling
interest)
Net
investment
hedges
Structural foreign
exchange
exposures (pre-
economic hedges)
Economic
hedges –
structural FX
hedges1
Economic
hedges – equity
securities (AT1)2
Net structural
foreign
exchange
exposures
$m
$m
$m
$m
$m
$m
Hong Kong dollars
45,486
(5,737)
39,749
(9,905)
—
29,844
Pounds sterling
51,315
(17,254)
34,061
—
(1,341)
32,720
Chinese renminbi
36,084
(7,622)
28,462
(1,078)
—
27,384
Euros
18,017
(4,162)
13,855
—
(1,466)
12,389
Indian rupees
7,747
(3,264)
4,483
—
—
4,483
Mexican pesos
4,873
—
4,873
—
—
4,873
Saudi riyals
5,132
—
5,132
—
—
5,132
UAE dirhams
5,436
(1,176)
4,260
(2,691)
—
1,569
Malaysian ringgit
3,473
(1,727)
1,746
—
—
1,746
Singapore dollars
2,711
(493)
2,218
1,728
(1,770)
2,176
Australian dollars
2,367
—
2,367
—
—
2,367
Taiwanese dollars
2,473
(1,387)
1,086
—
—
1,086
Indonesian rupiah
1,561
(501)
1,060
(98)
—
962
Swiss francs
1,549
(617)
932
(248)
—
684
Korean won
1,326
(856)
470
—
—
470
Thai baht
1,048
(757)
291
—
—
291
Egyptian pound
1,125
—
1,125
—
—
1,125
Qatari rial
736
(172)
564
(299)
—
265
Vietnamese dong
767
—
767
—
—
767
Others, each less than $700m
4,692
(658)
4,034
—
—
4,034
At 31 Dec
197,918
(46,383)
151,535
(12,591)
(4,577)
134,367
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Net structural foreign exchange exposures (continued)
2024
Currency of structural exposure
Net investment in
foreign operations
(excl non-controlling
interest)
Net
investment
hedges
Structural foreign
exchange
exposures (pre-
economic hedges)
Economic
hedges –
structural FX
hedges1
Economic
hedges – equity
securities (AT1)2
Net structural
foreign
exchange
exposures
$m
$m
$m
$m
$m
$m
Hong Kong dollars
40,106
(5,841)
34,265
(9,861)
—
24,404
Pounds sterling
46,462
(15,024)
31,438
—
(1,254)
30,184
Chinese renminbi
35,032
(4,725)
30,307
(1,080)
—
29,227
Euros
17,391
(2,013)
15,378
—
(1,297)
14,081
Indian rupees
7,056
(1,973)
5,083
—
—
5,083
Mexican pesos
3,991
—
3,991
—
—
3,991
Saudi riyals
4,675
—
4,675
—
—
4,675
UAE dirhams
5,264
(893)
4,371
(2,543)
—
1,828
Malaysian ringgit
3,036
—
3,036
—
—
3,036
Singapore dollars
2,405
—
2,405
1,092
(1,089)
2,408
Australian dollars
2,126
—
2,126
—
—
2,126
Taiwanese dollars
2,199
(1,015)
1,184
—
—
1,184
Indonesian rupiah
1,541
(533)
1,008
—
—
1,008
Swiss francs
1,096
(541)
555
—
—
555
Korean won
1,204
(756)
448
—
—
448
Thai baht
976
(460)
516
—
—
516
Egyptian pound
891
—
891
—
—
891
Qatari rial
728
(97)
631
(299)
—
332
Vietnamese dong
769
—
769
—
—
769
Others, each less than $700m
4,370
(463)
3,907
—
—
3,907
At 31 Dec
181,318
(34,334)
146,984
(12,691)
(3,640)
130,653
1Represents hedges that do not qualify as net investment hedges for accounting purposes. The SGD position represents the hedge against our SGD AT1
issuances.
2Represents foreign currency-denominated preference share and AT1 instruments. These are accounted for at historical cost under IFRS Accounting Standards
and do not qualify as net investment hedges for accounting purposes. The gain or loss arising from changes in the US dollar value of these instruments is
recognised on redemption in retained earnings.
ÑFor a definition of structural foreign exchange exposures, see page 190.
Interest rate risk in the banking book in 2025
Banking net interest income sensitivity
Banking NII sensitivity is the sensitivity of our banking net interest
income to interest rate shocks. This metric includes the sensitivity
arising from the use of banking book liabilities to fund trading assets, as
well as the impacts of vanilla foreign exchange swaps to optimise cash
management across the Group. It is aligned with the presentation in
the Group’s financial disclosures of banking NII as an alternative
performance measure intended to approximate the Group’s banking
revenue that is directly impacted by changes in interest rates.
The following tables set out the assessed impact to a hypothetical
base case projection of our banking NII under an immediate shock of
100bps to the current market-implied path of interest rates across all
currencies on 31 December 2025 (effects in the first, second and third
years). For example, Year 3 shows the impact of an immediate rate
shock on the banking NII projected for the third year.
The banking NII sensitivities shown represent a hypothetical simulation
of the base case banking NII, assuming a static balance sheet
(specifically no assumed migration from current account to term
deposits), and no management actions from Global Treasury. This also
incorporates the effect of interest rate behaviouralisation, prepayment
of mortgages and commercial margins. The sensitivity calculations
exclude pensions, insurance exposures, and our interests in
associates.
All forecasted market rates are based on implied forward rates from
the reporting date. Customer pricing includes flooring where there
are contractual obligations.
As the market and policy rates move, the degree to which these
changes are passed on to customers will vary based on several factors,
including the absolute level of market interest rates, regulatory and
contractual frameworks, and competitive dynamics. To aid
comparability between markets, we have simplified the basis of
preparation for our disclosure and have used a 50% pass-on
assumption for major entities on certain interest-bearing deposits. Our
asset pass-on assumptions are largely in line with our contractual
agreements or established market practice, which typically results in a
significant portion of interest rate changes being passed on.
An immediate interest rate rise of 100bps would increase projected
banking NII by $2.4bn. An immediate interest rate fall of 100bps would
decrease projected banking NII by $3.4bn.
The sensitivity of banking NII for the 12 months as at 31 December
2025 increased by $0.3bn in the plus 100bps parallel shock and by
$0.5bn in the minus 100bps parallel shock, when compared with
31 December 2024. The increase in sensitivities was primarily driven
by deposit growth and the impact of rate floors due to lower prevailing
market rates offset by stabilisation initiatives executed during the year.
ÑFor further details of measurement of interest rate risk in the banking book,
see page 190. 
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Banking NII sensitivity to an instantaneous change in yield curves (12 months) – Year 1 sensitivity by currency
Currency
$
HK$
£
€
Other
Total
$m
$m
$m
$m
$m
$m
Change in Jan 2026 to Dec 2026 (based on balance sheet at 31 Dec 2025)
+100bps parallel
798
310
351
91
871
2,421
-100bps parallel
(1,184)
(606)
(499)
(129)
(971)
(3,389)
Change in Jan 2025 to Dec 2025 (based on balance sheet at 31 Dec 2024)
+100bps parallel
572
220
219
301
821
2,133
-100bps parallel
(862)
(403)
(353)
(314)
(954)
(2,886)
Banking NII sensitivity to an instantaneous down 100bps parallel change in yield curves – Year 2 and Year 3 sensitivity by currency
Currency
$
HK$
£
€
Other
Total
$m
$m
$m
$m
$m
$m
Change in banking NII (based on balance sheet at 31 Dec 2025)
Year 2 (Jan 2027 to Dec 2027)
(1,327)
(745)
(849)
(223)
(1,331)
(4,475)
Year 3 (Jan 2028 to Dec 2028)
(1,559)
(906)
(1,275)
(274)
(1,499)
(5,513)
Change in banking NII (based on balance sheet at 31 Dec 2024)
Year 2 (Jan 2026 to Dec 2026)
(1,226)
(509)
(563)
(444)
(1,333)
(4,075)
Year 3 (Jan 2027 to Dec 2027)
(1,531)
(550)
(1,022)
(504)
(1,449)
(5,056)
Non-trading portfolios
Value at risk of non-trading portfolios
Non-trading portfolios comprise positions that primarily arise from the
interest rate management of our retail and wholesale banking assets
and liabilities and financial investments measured at fair value through
other comprehensive income (‘FVOCI’) or at amortised cost. The use
of value at risk (‘VaR’) is integrated into the market risk management of
non-trading portfolios to have a complete picture of risk,
complementing risk sensitivity analysis.
VaR of non-trading portfolios is a technique for estimating potential
losses on risk positions as a result of movements in market rates and
prices over a specified time horizon and to a given level of confidence.
Our models predominantly rely on historical simulations incorporating:
–historical market rates and prices, calculated with reference to
interest rates, credit spreads and associated volatilities;
–potential market movements derived from data covering the past
two years; and
–calculations to a 99% confidence level with a 10-day holding period.
Although a valuable guide to risk, VaR is used for non-trading portfolios
with awareness of its limitations. For example:
–Historical data is used to estimate future market movements, and
may not cover all potential events, particularly those that are
extreme in nature. As the model is calibrated on the last 500
business days, it does not adjust instantly to a change in market
regime.
–The 10-day holding period for risk management purposes of non-
trading books is an indication and does not reflect the actual time
period needed to hedge or liquidate positions.
–The use of a 99% confidence level does not consider losses that
might occur beyond this level of confidence.
Non-trading VaR includes non-trading financial instruments held in
portfolios managed by Global Treasury. The management of interest
rate risk in the banking book is described further in ‘Banking net
interest income sensitivity’ on page 197.
The interest rate risk on the fixed-rate securities issued by HSBC
Holdings is not included in the Group non-trading VaR. The
management of this risk is described on page 200. Insurance
operations were excluded from non-trading VaR as of 30 June 2025
which resulted in an immaterial impact. Details on insurance operations
can be found on page 215 and the market risk impact of insurance
operations on page 217. Non-trading VaR also excludes the equity risk
on securities held at fair value and non-trading book foreign exchange
risk. 
The weekly levels of total non-trading VaR in 2025 are set out in the
graph below.
Weekly VaR (non-trading portfolios), 99% 10 day ($m)
1562
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The Group non-trading VaR for 2025 is shown in the table below.
Non-trading VaR, 99% 10 day
(Audited)
Interest rate
Credit spread
Portfolio diversification1
Total2
$m
$m
$m
$m
Balance at 31 Dec 2025
499.6
149.6
(102.5)
546.6
Average
465.2
190.8
(115.8)
540.1
Maximum
575.3
254.6
617.5
Minimum
378.9
93.9
458.0
Balance at 31 Dec 2024
528.4
246.1
(220.7)
553.8
Average
603.7
315.1
(222.9)
695.8
Maximum
1,000.6
369.1
1,097.6
Minimum
292.1
242.4
408.7
1Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in unsystematic
market risk that occurs when combining a number of different risk types – such as interest rate and credit spreads – together in one portfolio. It is measured as
the difference between the sum of the VaR by individual risk type and the combined total VaR. A negative number represents the benefit of portfolio
diversification. As the maximum and minimum occurs on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit
for these measures.
2The total VaR is non-additive across risk types due to diversification effects.
The VaR for non-trading activity remained stable, decreasing by $7m
due to lower historical shocks in our two-year historical window, largely
offset by an increase in the duration risk of Global Treasury’s portfolios.
The average portfolio diversification effect between interest rate and
credit spread exposure decreased from $223m to $116m, mainly due
to higher correlations between the two asset classes. The reduction in
credit spread VaR at the end of September was the result of volatile
scenarios dropping out of the two-year historical window. Non-trading
VaR is managed and controlled through a limit approved by the Group
Chief Risk and Compliance Officer for HSBC Holdings.
Sensitivity of capital and reserves
The Group holds various portfolios of securities under a hold-to-collect-
and-sell business model, of which the most material is the portfolio of
high quality assets held by Global Treasury for contingent liquidity and
NII stabilisation purposes. These portfolios, together with any
associated derivatives in designated hedge accounting relationships,
are accounted for at fair value through comprehensive income, and
changes in mark-to-market value have an impact on CET1. We use a
variety of tools, including risk sensitivities and VaR measures, to
manage the risk of these portfolios.
The table below measures the sensitivity of our hold-to-collect-and-sell
portfolios to an instantaneous 100 basis point increase in interest rates,
based on the risk sensitivity of a shift in value for a 1 basis point (‘bps‘)
parallel movement in interest rates.
Sensitivity of hold-to-collect-and-sell reserves to interest rate
movements
$m
At 31 Dec 2025
+100 basis point parallel move in all yield curves
(4,424)
As a percentage of total shareholders’ equity
(2.23)%
At 31 Dec 2024
+100 basis point parallel move in all yield curves
(3,433)
As a percentage of total shareholders’ equity
(1.86)%
The increase in the sensitivity of the portfolio during 2025 was mainly
driven by an increase in NII stabilisation hedging in line with our
strategy. While this hedging has increased the capital sensitivity of the
portfolio it has the effect of further dampening the volatility of our
banking NII over time and through the cycle. The figures in the table
above do not take into account the effects of interest rate convexity.
The portfolio mostly comprises vanilla sovereign bonds in a variety of
currencies and the primary risk is interest rate duration risk, although
the portfolio also generates asset swap, credit spread and asset spread
risks that are managed within appetite as part of our risk management
framework. A minus 100bps shock would lead to an approximately
symmetrical gain.
Alongside our monitoring of the hold-to-collect-and-sell reserve
sensitivity, we also monitor the sensitivity of reported cash flow
hedging reserves to interest rate movements annually by
assessing the expected reduction in the valuation of cash flow hedges
due to an instantaneous 100bps increase in all yield curves.
The sensitivity is indicative and based on a simplified scenario.
The following table details the sensitivity of our cash flow hedging
reserve which remained stable compared with 31 December 2024 and
continued to be mainly driven by our NII stabilisation activity. Our
exposure to fixed rate pound sterling hedges continued to be the
largest in size followed by Hong Kong dollar and United States dollar
hedges. A minus 100bps shock would lead to a largely symmetrical
gain.
Sensitivity of cash flow hedging reported reserves to interest rate
movements
$m
At 31 Dec 2025
+100 basis point parallel move in all yield curves
(4,438)
As a percentage of total shareholders’ equity
(2.24)%
At 31 Dec 2024
+100 basis point parallel move in all yield curves
(4,496)
As a percentage of total shareholders’ equity
(2.43)%
Third-party assets in Markets Treasury
Third-party assets in Markets Treasury increased by 6% compared with
31 December 2024. The net increase of $55bn is partly reflective of
higher commercial surpluses during the year, with the increase of
$68bn in ‘Financial investments’ and the decrease of $25bn in ‘Cash
and balances at central banks’ largely driven by NII stabilisation activity.
HSBC Holdings plc Annual Report on Form 20-F
200
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Treasury risk
Third-party assets in Markets Treasury
2025
2024
$m
$m
Cash and balances at central banks
236,259
261,284
Trading assets
(8)
163
Loans and advances:
–  to banks
66,614
66,518
–  to customers
1,113
743
Reverse repurchase agreements
58,191
47,812
Financial investments
533,519
465,123
Other
12,774
12,232
At 31 Dec
908,462
853,875
Defined benefit pension plans
Market risk arises within our defined benefit pension plans to the
extent that the obligations of the plans are not fully matched by assets
with determinable cash flows.
ÑFor details of our defined benefit plans, including asset allocation, see Note
5 on the financial statements, and for pension risk management, see page
191.
Additional market risk measures
applicable only to the parent company
HSBC Holdings monitors and manages foreign exchange risk and
interest rate risk. In order to manage interest rate risk, HSBC Holdings
uses the projected sensitivity of its NII to future changes in yield
curves.
Foreign exchange risk
HSBC Holdings’ foreign exchange exposures derive almost entirely
from the execution of structural foreign exchange hedges on behalf of
the Group. At 31 December 2025, HSBC Holdings had forward foreign
exchange contracts of $34.4bn (2024: $33.9bn) to manage the Group’s
structural foreign exchange exposures.
ÑFor further details of our Group structural foreign exchange exposures, see
page 196.
Sensitivity of banking net interest income
Banking NII sensitivity is the assessed impact to a hypothetical base
case projection of our banking NII under an immediate shock of 100bps
to the current market-implied path of interest rates across all currencies
on 31 December 2025.
Banking NII sensitivity includes the impact of AT1 instruments as well
as vanilla foreign exchange swaps to optimise cash management, with
the assumption of a static balance sheet and no management actions
from Global Treasury. The sensitivity assumes that any issuance where
HSBC Holdings has an option to redeem at a future call date is called at
that date.
An immediate interest rate rise of 100bps would decrease projected
banking NII for the 12 months to 31 December 2026 by $163m.
Conversely, an immediate fall of 100bps would increase projected
banking NII for the 12 months to 31 December 2026 by $163m. This
compares with the prior year sensitivities for the 12 months to
31 December 2025 of a $156m decrease, and a $156m increase,
respectively.
Overall the banking NII sensitivity is mainly driven by interest rate
sensitive liabilities funding equity (non-interest bearing) investments in
subsidiaries.
Market risk
ÑSee page 138 for our definition of Market risk.
Market risk arises from both trading portfolios and non-trading
portfolios. Trading portfolios comprise positions held for client servicing
and market-making, with the intention of short-term resale and/or to
hedge risks resulting from such positions.
ÑFor further details of market risk in non-trading portfolios, see page 198.
Market risk management
Governance and structure
The following table summarises the main business areas where trading
market risks reside and the market risk measures used to monitor and
limit exposures.
Risk types
Trading risk
–Foreign exchange and commodities
–Interest rates
–Credit spreads
–Equities
Global business
CIB
Risk measure
Value at risk | Sensitivity | Stress testing
The objective of our risk management policies and measurement
techniques is to manage and control market risk exposures through
prudent oversight, to ensure that our market risk profile aligns with our
established risk appetite and strategic objectives.
Market risk is managed and controlled through limits approved by the
Group’s senior management. These limits are allocated across
business lines and to the Group’s legal entities. Each major operating
entity has an independent market risk management and control sub-
function, which is responsible for measuring, monitoring and reporting
market risk exposures against limits on a daily basis. Each operating
entity is required to assess the market risks arising in its business and
to transfer them either to its local Markets and Securities Services or
Markets Treasury unit for management, or to separate books managed
under the supervision of the local ALCO. The Traded Risk function
enforces the controls around trading in permissible instruments
approved for each site as well as changes that follow the approval of
new products. Traded Risk also restricts trading in the more complex
derivative products to only those offices with appropriate levels of
product expertise and control systems.
Key risk management processes
Monitoring and limiting market risk
exposures
Our objective is to manage and control market risk exposures while
maintaining a market profile consistent with our risk appetite.
We use a range of tools to monitor and limit market risk exposures
including sensitivity analysis, VaR and stress testing.
Sensitivity analysis
Sensitivity analysis measures the impact of movements in individual
market factors on specific instruments or portfolios, including interest
rates, foreign exchange rates and equity prices. We use sensitivity
measures to monitor the market risk positions within each risk type.
Granular sensitivity limits are set for trading desks with consideration of
market liquidity, customer demand and capital constraints, among
other factors.
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Market risk
Value at risk
(Audited)
VaR is a technique for estimating potential losses on risk positions as a
result of movements in market rates and prices over a specified time
horizon and to a given level of confidence. The use of VaR is integrated
into market risk management and calculated for all trading positions
regardless of how we capitalise them.
Our models are predominantly based on historical simulation that
incorporates the following features:
–historical market rates and prices, which are calculated with
reference to foreign exchange rates, commodity prices, interest
rates, equity prices and the associated volatilities;
–potential market movements that are calculated with reference to
data from the past two years; and
–calculations to a 99% confidence level and using a one-day holding
period.
The models also incorporate the effect of option features on the
underlying exposures. The nature of the VaR models means that an
increase in observed market volatility will lead to an increase in VaR
without any changes in the underlying positions.
VaR model limitations
Although a valuable guide to risk, VaR is used with awareness of its
limitations. For example:
–The use of historical data as a proxy for estimating future market
moves may not encompass all potential market events, particularly
those that are extreme in nature. As the model is calibrated on the
last 500 business days, it does not adjust instantaneously to a
change in the market regime.
–The use of a one-day holding period for risk management purposes
of trading books assumes that this short period is sufficient to
hedge or liquidate all positions.
–The use of a 99% confidence level by definition does not take into
account losses that might occur beyond this level of confidence.
–VaR is calculated on the basis of exposures outstanding at the close
of business and therefore does not reflect intra-day exposures.
Risk not in VaR framework
The risks not in VaR (‘RNIV’) framework captures and capitalises
material market risks that are not adequately covered in the VaR
model.
Risk factors are reviewed on a regular basis and are either incorporated
directly into the VaR models, where possible, or quantified through
either the VaR-based RNIV approach or a stress test approach within
the RNIV framework. While VaR-based RNIVs are calculated by using
historical scenarios, stress-type RNIVs are estimated on the basis of
stress scenarios whose severity is calibrated to be in line with the
capital adequacy requirements. The outcome of the VaR-based RNIV
approach is included in the overall VaR calculation but excluded from
the VaR measure used for regulatory back-testing.
Stress-type RNIVs include a deal contingent derivatives capital charge
to capture risk for these transactions and a de-peg risk measure to
capture risk to pegged and heavily-managed currencies.
Stress testing
Stress testing is an important procedure that is integrated into our
market risk management framework to evaluate the potential impact
on portfolio values of more extreme, although plausible, events or
movements in a set of financial variables. In such scenarios, losses can
be much greater than those predicted by VaR modelling. Stress testing
and reverse stress testing provide senior management with insights
regarding the ‘tail risk’ beyond VaR.
Stress testing is implemented at legal entity, regional and overall Group
levels. A set of scenarios is used consistently across all regions within
the Group. Market risk stress testing incorporates both historical and
hypothetical events. Market risk reverse stress tests are designed to
identify vulnerabilities in our portfolios by looking for scenarios that lead
to loss levels considered severe for the relevant portfolio. These
scenarios may be local or idiosyncratic in nature and complement the
systematic top-down stress testing.
The risk appetite around potential stress losses for the Group is set and
monitored against limits.
Back-testing
We routinely validate the accuracy of our VaR models by back-testing
the VaR metric against both actual and hypothetical profit and loss.
Hypothetical profit and loss excludes non-modelled items such as fees,
commissions and revenue related to intra-day transactions.
The hypothetical profit and loss reflects the profit and loss that would
be realised if positions were held constant from the end of one trading
day to the end of the next. This measure of profit and loss does not
align with how risk is dynamically hedged, and is therefore not
necessarily indicative of the actual performance of the business.
The number of hypothetical loss back-testing exceptions, together with
a number of other indicators, is used to assess model performance and
to consider whether enhanced internal monitoring of a VaR model is
required. We back-test our VaR at set levels of our Group entity
hierarchy.
During 2025, the Group experienced one back-testing exception
against hypothetical losses. This exception was mainly driven by
heightened market volatility observed after tariff policy
announcements, with equity volatilities and credit spreads as the main
contributing risk factors.
Key developments in 2025
There were no material changes to our policies and practices for the
management of market risk in 2025.
We continued to manage market risk prudently during 2025. Market
risk was managed using a complementary set of risk measures and
limits, including stress testing and scenario analysis. Main sensitivity
exposures and VaR remained within appetite as the business pursued
its core market-making activity in support of our customers. We
employed stress testing tools to assess a range of geopolitical and
technical scenarios that were relevant during the year.
Trading portfolios
Value at risk of the trading portfolios
Trading VaR is predominantly generated by Markets and Securities
Services. As of 31 December 2025, Trading VaR stood at $38.9m, a
small increase compared with $38.3m as of 31 December 2024. At the
end of December 2025, Trading VaR was mainly driven by exposures
to foreign exchange and interest rate risk factors from the Global
Foreign Exchange business line to facilitate client-driven activity.
Trading VaR peaked at $57.1m in January 2025, driven by exposures to
US dollar interest rates. Trading VaR reduced during the rest of 2025
mainly as a result of some volatile interest rate scenarios rolling off the
VaR scenario window.
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Market risk
The daily levels of total trading VaR during 2025 are set out in the graph below.
Daily VaR (trading portfolios), 99% 1 day ($m)
762
The Group trading VaR for the year is shown in the table below.
Trading VaR, 99% 1 day1
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Balance
13.9
18.9
17.1
8.5
(19.5)
38.9
14.6
34.9
16.3
8.2
(35.7)
38.3
Average
13.6
27.5
16.3
10.1
(29.1)
38.5
15.2
48.3
14.8
9.9
(35.1)
53.1
Maximum
26.9
54.9
24.6
17.9
57.1
29.8
78.1
20.5
13.1
83.3
Minimum
6.2
17.1
12.3
6.4
27.3
6.9
24.8
12.7
6.6
37.0
1See page 199 for our definition of ‘Portfolio diversification’.
2The total VaR is non-additive across risk types due to diversification effects.
The table below shows trading VaR at a 99% confidence level
compared with trading VaR at a 95% confidence level at
31 December 2025. This comparison facilitates the benchmarking of
the trading VaR, which can be stated at different confidence levels,
with financial institution peers. The 95% VaR is unaudited.
Comparison of trading VaR, 99% 1 day vs trading VaR, 95% 1 day
Trading VaR, 99% 1 day
Trading VaR, 95% 1 day
$m
$m
Balance at
31 Dec 2025
38.9
21.0
Average
38.5
23.3
Maximum
57.1
31.4
Minimum
27.3
18.1
Balance at
31 Dec 2024
38.3
23.4
Average
53.1
33.0
Maximum
83.3
48.9
Minimum
37.0
22.0
Market risk balance sheet linkages
The following balance sheet lines in the Group’s consolidated position
are subject to market risk:
Trading assets and liabilities
The Group’s trading assets and liabilities are in almost all cases
originated by CIB. Other than a limited number of exceptions, these
assets and liabilities are treated as traded risk for the purposes of
market risk management. The exceptions primarily arise in the Banking
business, where the short-term acquisition and disposal of assets is
linked to other non-trading-related activities, such as loan origination.
Derivative assets and liabilities
We undertake derivative activity for three primary purposes: to create
risk management solutions for clients, to manage the portfolio risks
arising from client business, and to manage and hedge our own risks.
Most of our derivative exposures arise from sales and trading activities
within CIB. The assets and liabilities included in trading VaR give rise to
a large proportion of the income included in net income from financial
instruments held for trading or managed on a fair value basis.
Adjustments to trading income such as valuation adjustments are not
measured by the trading VaR model.
ÑFor information on the accounting policies applied to financial instruments
at fair value, see Note 1.2 on the financial statements.
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Climate risk
TCFD
Our climate risk approach identifies two primary drivers of climate risk:
–physical risk, which arises from the increased frequency and
severity of extreme weather events, such as hurricanes and floods,
or chronic gradual shifts in weather patterns or rises in the sea level;
and
–transition risk, which arises from the process of moving to a net
zero economy, including changes in government policy and
legislation, technology, market demand, and reputational
implications triggered by a change in stakeholder expectations,
action or inaction.
We continue to identify a thematic issue related to climate risk that
could manifest as reputational, regulatory compliance, and litigation
risks: the risk of greenwashing. This risk arises from knowingly or
unknowingly making inaccurate, unclear, misleading or unsubstantiated
claims regarding sustainability to our stakeholders.
Net zero alignment risk had previously been identified as a thematic
issue and is now replaced and managed within the new risk type,
sustainability execution risk.
ÑSee page 138 for our definition of climate risk.
Approach
We acknowledge that the physical effects of climate change and the
shift towards a net zero economy may pose substantial financial risks
to companies, investors, and the financial system. HSBC may
encounter climate risks directly or indirectly through our customer
relationships, potentially leading to both financial and non-financial
consequences.
Our climate risk approach aims to effectively manage the material risks
that could impact our operations, financial performance and stability,
and reputation. It is informed by the evolving expectations of our
regulators and is aligned to our Group-wide risk management
framework, which sets out how we identify, assess and manage our
risks across our three lines of defence.
We continue to work to enhance our climate risk capabilities across our
businesses by prioritising sectors, portfolios and counterparties with
the highest impacts. Recognising this as a long-term iterative process,
we aim to expand our coverage and integrate more advanced data,
climate analytics, frameworks and tools, while adapting to emerging
industry best practices and climate-related regulations.
We regularly reflect on the evolving nature of financial and non-financial
climate risks in the real world to improve the integration of climate risk
factors into strategic planning, transactions, and decision-making
across our operations. Our current processes for managing climate and
sustainability-related targets, net zero transition plans, and climate
strategy include conducting impact assessments of HSBC's M&A
activities.
The tables below provide an overview of the risk drivers and thematic
issue considered within HSBC’s climate risk approach.
Climate risk – risk drivers
Details
Potential impacts
Time horizons
Physical
Acute
Increased frequency and severity of weather events causing
disruption to business operations.
–Decreased real estate
values or stranded assets.
–Decreased household
income and wealth.
–Increased costs of legal
and compliance.
–Increased public scrutiny.
–Decreased profitability.
–Lower asset performance.
Short-term
Medium-term
Long-term
Chronic
Longer-term shifts in climate patterns (e.g. sustained higher
temperatures, sea level rise, shifting monsoons or chronic heat
waves).
Transition
Policy and legal
Mandates for, and regulation of products, and services and/or
policy support for low-carbon alternatives. Litigation from parties
who have suffered loss and damage from climate impacts.
Technology
Replacement of existing products with lower emissions options.
End-demand (market)
Changing consumer demand from individuals and corporates.
Reputational
Increased scrutiny following a change in stakeholder perceptions
of climate-related action or inaction, and diverging national and
political agendas.
Climate risk – thematic issue
Risk of
greenwashing
Firm
Making inaccurate, unclear, misleading or unsubstantiated claims in relation to our sustainability ambitions, targets and
commitments, as well as the reporting of our performance towards them.
Product
Making inaccurate, unclear, misleading or unsubstantiated claims in relation to products or services offered to clients
that have stated sustainability objectives, characteristics, impacts or features.
Client
Making inaccurate, unclear, misleading or unsubstantiated claims as a consequence of our relationships with clients or
transactions we undertake with them, where their sustainability commitments or related performance are
misrepresented or are not aligned to our own commitments.
Our annual climate risk materiality assessment helps us to understand
how climate risk may impact across HSBC’s risk taxonomy. It
assesses the type of impact, likelihood and severity over a 12-month
period, and also considers forward-looking risk impacts.
It is used to support policy, control enhancements, and scenario
analysis. For further details of scenario analysis and the definition of the
time horizons used for assessing potential risks, see page 206.
Climate risk drivers
Credit risk
Traded risk
Reputational risk
Regulatory
compliance risk
Resilience risk
Other financial
and non-financial
risk types
Physical risk
u
u
u
u
Transition risk
u
u
u
u
u
u
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Climate risk
Climate risk management
Key developments in 2025
We continue to develop our climate risk management capabilities. The
following outlines key developments in 2025:
–We have enhanced our approach to managing our financed
emission targets in our wholesale portfolio, through developing
portfolio steering capabilities and revenue at risk assessments.
–We enhanced our approach to assessing the impact of climate
change on capital, focusing on credit, traded and operational risk.
–We enhanced our internal climate scenario analysis, including
through improvements to input data and models. For further details
of scenario analysis, see page 206.
–We enhanced our approach to managing and mitigating the risk of
greenwashing.
–We revised our climate risk guidelines for relationship managers to
further embed climate risk considerations into credit risk
assessments.
While we have made progress, further work remains, including the
need to develop additional metrics and tools to measure our exposure
to climate-related risks.
Governance and structure
The Board takes overall supervisory responsibility for our ESG strategy,
overseeing executive management in developing the approach,
execution and associated reporting.
The Group Chief Risk and Compliance Officer is the senior manager
responsible for the management of climate risk under the UK Senior
Managers Regime.
The Group Reputational Risk Committee provides recommendations
and advice on significant reputational risk matters with impacts across
the Group.
The Environmental Risk Steering Meeting provides oversight of
environmental risk and the risk of greenwashing. Equivalent forums
have been established at a regional level, and we will continue to
develop our approach to governance and oversight.
The Group Risk Management Meeting and the Group Risk Committee
receive updates on our climate risk profile.
ÑFor further details of the Group’s ESG governance structure, see page 57.
Risk appetite
Our climate risk appetite statement forms part of the Group’s risk
appetite statement and is approved and overseen by the Board. This
supports the business in delivering our net zero ambition effectively
and sustainably, and is reviewed annually, or sooner should a breach
occur.
Climate risk indicators are reported on a quarterly basis for oversight by
the Group Risk Management Meeting and the Group Risk Committee.
Policies, processes and controls
We continue to update and integrate climate risk into policies,
processes and controls across many areas of our organisation.
ÑFor further details of how we manage climate risk across our business
segments, see page 49.
Embedding our climate risk approach
The below details how we have embedded the management of
climate risk across key risk types. For further details of our internal
scenario analysis, see ‘Insights from climate scenario analysis’ on page
206.
Wholesale credit risk
We have metrics in place to monitor the exposure of our wholesale
corporate lending portfolio to six high transition risk sectors, as shown
in the below table. As at 31 December 2025, the overall exposure to
the six high transition risk sectors was 17.5% of the total gross
carrying amount of wholesale loans and advances. These disclosures
cover the whole of the value chain of the sector. The sector
classifications are based on internal HSBC definitions and are applied
on a group of counterparties, which can be judgemental in nature. We
use publicly available data, as well as internal data and input from
subject matter experts to determine the appropriate sector. The sector
classifications are subject to ongoing data quality improvements  and
continuous enhancement of our processes. The data will continue to
be refined in future years.
Our relationship managers engage with our material wholesale
customers, including those in higher transition risk sectors, through a
transition engagement questionnaire (‘TEQ’). The TEQ covers all
geographies, and it helps to gather information and assess our
wholesale customers’ business model alignment to a net zero
transition and their exposure to physical and transition risks. We use
the responses to the questionnaire to support risk assessments of our
material wholesale customers.
Our credit policies require that relationship managers comment on
climate risk factors in credit applications for new money requests and
annual credit reviews. Our credit policies also require manual credit risk
rating overrides if climate is deemed to have a material impact on
credit risk under 12 months if not already captured under the original
credit risk rating.
In 2025, we continued to develop our approach towards credit risk
management, and refine climate risk guidelines for relationship
managers to further embed climate risk considerations into credit risk
assessments.
Key challenges for further embedding climate risk into credit risk
management relate to the availability of adequate physical risk data to
assess impacts on our wholesale customers.
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Climate risk
Wholesale loan exposure to high transition risk sectors at 31 December 2025
Units
Automotive
Chemicals
Construction, Contracting
& Building Materials
Metals and
mining
Oil and
gas
Power and
utilities
Total
Wholesale loan exposure1,2,3,4
$bn
20
12
19
17
18
25
111
1    Amounts shown in the table also include green and other sustainable finance loans, which support the transition to the net zero economy. The methodology for
quantifying our exposure to high transition risk sectors and the transition risk metrics will evolve over time as more data becomes available and is incorporated
into our risk management systems and processes. We are aiming to develop the appropriate systems, data and processes to provide enhanced disclosures in
future years.
2    Counterparties are allocated to the high transition risk sectors via a two-step approach. Firstly, where the main business of a group of connected counterparties
is in a high transition risk sector, all lending to the group is included in one high transition risk sector irrespective of the sector of each individual obligor within
the group. Secondly, where the main business of a group of connected counterparties is not in a high transition risk sector, only lending to individual obligors in
the high transition risk sectors is included. The main business of a group of connected counterparties is identified by the industry that generates the majority of
revenue within a group. Customer revenue data utilised during this allocation process is the most recent and readily available and will not always align to our
own reporting period.
3    The six high transition risk sectors make up 17.5% of the total gross carrying amount of wholesale loans and advances to banks and customers of $635bn.
Amounts include assets held for sale.
4    The sectors used to monitor the wholesale corporate lending portfolio set out in the table are different to the scope of sectors we focus on for financed
emissions targets and reporting. The latter focus on the most carbon-emissive sectors, and the parts of the value chain where we believe the majority of
emissions are produced to help reduce double counting. These sectors are set out within the 'Financed emissions' section on page 41.
Retail credit risk
Climate risk may impact retail credit risk through an increase in credit
losses on our global retail mortgage portfolio, primarily due to the
impact of physical risk. Our climate scenario analysis conducted over
the last two years shows that climate-related risk is not expected to
become significant for credit default in the medium term to 2030, due
to a relatively low loan-to-value (‘LTV’) profile of properties, their
locations and availability of property insurance for our customers.
Property insurance remains a mitigant. However, as climate risk
increases, alongside uncertainties of how the insurance market will
evolve, impacts are expected to increase over the longer term beyond
2030. Results are considered directional and will evolve over time as
our approach continues to mature. Within our mortgage portfolios,
properties or areas with potential heightened physical risk are identified
and assessed locally with exposure monitored. A reduction in property
value, higher insurance costs and insurance availability are potential
future negative financial impacts for higher physical risk properties.
Retail mortgage book and relevant 2025
enhancements
The UK and Hong Kong are our most material mortgage markets by
exposure, which at December 2025, represented approximately 50%
and approximately 30% respectively of our global mortgage portfolio,
with other IWPB markets accounting for the remaining balance.
Analysis conducted over the last two years on the maturity profile of
the UK mortgage book shows that the average remaining contractual
term is 22.2 years. However, with some customers undertaking
refinancing options during this term, the average term of the mortgage
in practice is between five and eight years. This means our strategic
approach to climate risk needs to consider short-term risk through to
long-term forward-looking risk, given that customers may choose to
remain with us over the whole life of the loan. We have also performed
forward-looking climate scenario analysis on UK, Hong Kong and
additional markets, including US and Australia, collectively covering
over 90% of our retail portfolio. For further information, see page 209.
We continue to improve our climate risk management approach,
including enhancements to our internal climate risk policy in 2025 and
associated controls. This includes mandating key risk indicators for
physical risk and introducing a climate risk assessment in mortgage
decision making. The UK already considers physical risk in relation to
flooding and coastal erosion as part of an established mortgage
decisioning process, using data sourced from third-party providers.
Hong Kong introduced physical risk considerations into the mortgage
origination process during 2025, utilising third-party data.
Physical risk
UK flood data considers present day risk from tidal, river and surface
water flooding baselined to 2021. A flood risk rating score of 0-100 is
provided, with 100 being the highest risk. Flood risk bands are based
on the average annual loss generated using flood hazard frequency,
flood depths, and the probability of flooding events occurring. Based on
available data, 3.6% of the UK mortgage book by balances is at very
high/high risk of flooding. Geographically, our highest risk exposures
are Greater London and the South East.
ÑFor the Hong Kong physical risk information, please refer to the scenario
analysis section on page 209.
Transition risk
Transition risk for retail mortgages is the risk of potential loss of
property value and/or customer financial impairment resulting from the
adjustment towards a lower carbon economy. Examples of these
impacts include changes in energy prices and evolving government
regulation for energy efficiency standards.
For the UK, we monitor the energy performance certificate (‘EPC’)
ratings of individual properties from A (highest efficiency) through to G
(least efficient), as EPCs are commonly used as an indicator of
transition risk. All UK rental properties must have a minimum EPC
rating of E. We track EPC ratings for both owner occupier (‘OO’) and
buy to let (‘BTL’) properties. The ESG data file details the profile of
current EPCs. For completeness, where we do not hold a current EPC,
we have included expired EPCs. For OO, 85.3% of properties by
lending balances hold a valid EPC/expired certificate, of which 41% are
EPC A-C. For BTL, 83.1% of properties by lending balances hold a valid
EPC/expired certificate, of which 60.2% are EPC A-C. We continue to
monitor the profile of EPC ratings and closely track evolving
government legislation, which will be a key factor in the
decarbonisation of buildings.
ÑFor further details of flood risk, EPC breakdown and the average
tenor of our UK retail mortgage portfolio, see our ESG Data Pack at
www.hsbc.com/esg.
Treasury risk
Climate risk may impact Treasury risk through increased regulatory
requirements and from changes to customer behaviours, which may
result in increased deposit outflows. Climate risk may also impact
interest rates and consequently the repricing profile of the balance
sheet.
As part of our ICAAP, we assess the impact of climate change on
capital, focusing on credit risk, traded risk and operational risk, and
perform sensitivity analysis on our Internal Capital Planning Buffer.
As part of our ILAAP, we assess how climate risk could impact the
Group liquidity position.
Pension risk
Climate risk could result in additional costs within our defined benefit
pension plans, due to changes in the investment performance of
pension plans or through having to meet evolving regulatory
requirements.
Our global policies covering the oversight of pension investments
include climate considerations. We also conduct an annual exercise to
estimate the exposure of our largest pension plans to climate risk.
Insurance risk
We are improving our ability to perform exploratory assessments of the
solvency resilience of our biggest insurance businesses under climate
stress scenarios.
HSBC Holdings plc Annual Report on Form 20-F
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Climate risk
Traded risk
Climate risk may result in trading losses due to increases in market
volatility and widening spreads from the macro and microeconomic
impacts of transition and physical risk. We monitor climate sensitive
exposures against regional and global limits in our global and entity
mandates, including for vulnerable countries and high-transition risk
sectors.
Climate scenarios are included in our stress testing scenario library
and run every month to identify the vulnerabilities of the trading book
in a climate-stressed context. The scenarios are updated annually in
light of the most recent developments in terms of policy and climate
events, with exposures and stress testing results reported to global
and regional senior management.
Reputational risk
We manage the reputational impact of climate risk through our broader
reputational risk framework, which plays a role in managing the risk of
greenwashing, and is supported by our sustainability risk policies and
metrics.
Our global network of sustainability risk managers provides local policy
guidance to relationship managers for the oversight of policy
compliance, and in support of implementation across our wholesale
banking activities.
ÑFor further details of our sustainability risk policies, see page 49.
ÑFor further details of our approach to reputational risk, see https://
www.hsbc.com/who-we-are/esg-and-responsible-business/managing-risk/
reputational-risk.
Sustainability execution risk
Sustainability execution risk has been formally defined as a new risk
type and embedded in our Risk Taxonomy to help identify and
manage the risks around the delivery and execution of our
sustainability ambitions, targets and commitments. Sustainability
execution risk enables effective end-to-end risk management through
dedicated risk stewardship, monitoring and assessment of controls
and emerging risks.
Regulatory compliance risk
Regulatory compliance oversees and supports the business in the
management of climate-related risks that could cause breaches of our
regulatory duties to customers and inappropriate market conduct. Our
policies include sustainability considerations, particularly in relation to
new and ongoing product management, sales outcomes, conflicts of
interest and product marketing. We continue to enhance the
associated control frameworks, processes and customer outcomes.
Resilience risk
Climate risk may influence resilience risks through impacts on our
buildings or through physical and/or transition disruption to third-party
supplier relationships.
As part of our Internal Climate Scenarios Analysis (‘ICSA’), we have
developed different scenarios to understand the impact of physical
climate risk on our properties. For further details, please see page 210.
We continue to review and adapt our resilience risk policies as climate
risk requirements evolve.
Model risk
Model risk in a climate-related context refers to the uncertainties and
complexities inherent in the modelling of the financial impact
translation of climate-related changes and scenarios.
Climate risk models are used for climate scenario analysis, risk
management, and emissions reporting among other use cases. Key
challenges, shared across the industry, include the quality and
consistency of data, and assumptions required to mitigate these
inherent model limitations.
Model risk policy and procedures continue to evolve in line with
regulation, setting out the minimum control requirements for
identifying, measuring and managing model risk for climate-related
models.
Financial reporting risk
Climate risk impacts financial reporting risk through increased
disclosure requirements.
The scope of financial reporting risk includes oversight of the accuracy
and completeness of ESG and climate-related reporting. Our risk
appetite statement states that HSBC has no appetite for material errors
in ESG disclosures in our key markets, balanced with the evolving
requirements and data availability.
In addition, our internal controls incorporate requirements for
addressing the risk of misstatement in ESG and climate reporting. To
support this, a framework is used to provide guidance on control
implementation over ESG and climate reporting and disclosures, which
includes areas such as process and data governance, and risk
assessment.
Challenges
Key challenges include:
–an increasingly complex and divergent regulatory environment
across jurisdictions;
–the diverse range of internal and external data sources and data
structures needed for climate-related reporting, which introduces
data accuracy and reliability risks;
–industry-wide data gaps on customer emissions and transition plan
and methodology gaps, which limit our ability to assess transition
risks accurately; and
–data limitations on customer assets and supply chains, and
methodology gaps, which hinder our ability to assess physical risks
accurately.
.
Insights from climate scenario analysis
Climate scenario analysis supports our strategy by assessing our
potential exposures to risks and vulnerabilities under a range of climate
scenarios.
Our exercises focus on areas most vulnerable to climate risks across
various business sectors, portfolios, counterparties and our own
properties. They serve as forward-looking tools that assess the
potential impacts of climate-related risks on our operations, credit
portfolio and capital. By simulating the impacts on our customers’
financials and collateral, the analysis provides insights into the long-
term effects that climate risks may have on our balance sheet. While
credit risk is the primary focus, we also examine potential impacts
upon other principal risk types. For further details about these risks,
see ‘Climate risk’ on page 203.
Our Group-wide internal climate scenario analysis exercises are
sufficiently diverse to enable key physical and transition risk
vulnerabilities to be explored using a wide range of potential climate
outcomes. They provide insights that enhance how we understand the
various transition and global warming pathways that may unfold, which
help to inform how we manage the potential financial implications for
our customers and our shareholders.
We have conducted an internal climate scenario analysis exercise
annually since 2021. The 2025 exercise supplements bespoke analyses
prepared in response to regulatory requirements in various
jurisdictions. It focused on the following time horizons:
–Short-term: 2025-2027 (0-2 years)
–Medium-term: 2028-2030 (3-5 years)
–Long-term: 2031-2040 (6-15 years)
The short- and medium-term horizons align with our internal strategic
planning cycle, while the long-term highlights risks beyond that horizon.
The scenario analysis exercise supports our assessment that the Group
is well capitalised in relation to the potential risks and challenges posed
by climate change. The results are reviewed and endorsed by the
Group Risk Committee.
HSBC Holdings plc Annual Report on Form 20-F
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Climate risk
Climate scenario analysis is an evolving discipline. While we seek
continuous methodology enhancement to utilise the latest
developments and best-available data, it remains the case that there
are significant limitations and assumptions. As capabilities improve,
climate scenario analysis outcomes may change. For further details see
‘Assumptions and limitations’ on page 211.
Our climate scenario analysis approach
Our internal climate scenario analysis exercise used four scenarios designed to examine a range of climate pathways. These are shown in
‘Characteristics of our climate scenarios’ below:
Characteristics of our climate scenarios
                  +Physical Risk                                                                                        Transition Risk+
Scenarios
Downside Physical Risk
Severe Climate Stress2
Current Commitments
Below 2 Degrees
Scenario
outcomes
Scenario narrative
Climate action is limited
to currently implemented
governmental policies,
new decarbonisation
policies fail to get
introduced leading to
significant global warming
and physical risk events
An extreme scenario
assessing concurrent
impacts of accelerated
climate policies and severe
physical risk events. It
specifically explores
disorderly climate action that
has been triggered by
physical events leading to a
short sharp economic
recession.
Climate action includes
policies already in place
and governmental
commitments likely to be
implemented. This leads
to a slower-than-required
transition to a net zero
economy reflective of the
current pace of transition.
A Paris Agreement-aligned
scenario that assumes an
orderly and gradual rise in
the stringency of climate
policies over time. Net zero
is achieved but after 2050.
Rise in global temperatures
by 2100 (vs pre-industrial
levels)
4°C+
Thermometre-01.jpg
N/A
2.6˚C
Thermometre-02.jpg
1.7˚C
Thermometre-03.jpg
How scenario aligns to RCP3
RCP 8.5
N/A
RCP 4.5
RCP 2.6
Scenario end point
2050
2030
2050
2050
Underlying
assumptions
based on
global
averages
Global climate actions
Implemented policies only
Rapid & disorderly transition
Viable pledged policies
Gradually rising stringency
of policies
Assumed pace of technology
change and adoption
Slow change
Accelerated progress
Limited progress
Moderate change
Assumed socioeconomic
impact
High
Very high
Moderate
Moderate to high
2030
2040
2030
2030
2040
2030
2040
Assumed carbon price
($/tCO2)1
18
18
326
29
54
44
81
Assumed % increase in GDP
since 2020
29%
55%
24%
32%
65%
32%
69%
Assumed % increase in
energy usage since 2020
23%
38%
4%
15%
23%
9%
9%
% renewable energy mix
12%
16%
26%
16%
25%
19%
36%
Scenario risk
characteristics
Climate
risk
Physical
p
Higher
p
Higher
u
Moderate
q
Lower
Transition
q
Lower
p
Higher
u
Moderate
p
Higher
1Carbon price represents the cost effects of climate-related policies that aim to discourage carbon-emitting activities and encourage low-carbon solutions. The
expected result of higher carbon prices is a reduction in emissions as high emissions become uneconomical.
2The scenario characteristics shown for the Severe Climate Stress scenario only describe the scenario that was used to assess credit risk.
3Representative Concentration Pathways (RCPs) are a set of greenhouse gas concentration trajectories developed for climate modelling and research. They were
formally adopted by the IPCC and are used to assess the potential impacts of climate change based on different levels of greenhouse gas emissions.
Our climate scenarios
We have designed a suite of diverse climate scenarios that explore
plausible pathways which can support a holistic view that supplements
the Group’s current and future strategic thinking.
The climate scenarios are underpinned by well-established industry
bodies, such as the Network for Greening the Financial System
(‘NGFS’) Phase V, the Intergovernmental Panel on Climate Change
(‘IPCC’) and International Energy Agency (‘IEA’), which are further
enriched for additional granularity, to seek to ensure consistency with
industry-recognised approaches and to reflect the latest climate policy
and economic outlook and our portfolio vulnerabilities.
There are three long-term scenarios. The Below 2 Degrees scenario is
our Paris Agreement-aligned scenario. We use the Current
Commitments scenario to support the Group’s financial planning, as
this is deemed to be the most likely scenario to occur over the five-
year planning horizon. The Downside Physical Risk scenario is a less
probable scenario with higher global warming and more significant
physical risk impacts.
To support how we assess the climate-related impacts observed
within our climate scenarios, we have also artificially constructed a
counterfactual scenario (which is a climate agnostic scenario). This
entailed taking our Current Commitments scenario and removing the
climate impacts, using climate-related GDP deviations as a proxy.
The Severe Climate Stress scenario is a highly improbable short- and
medium-term stress scenario, aligned to NGFS’s Short-Term Scenario
Framework. The scenario envisages that extreme physical risk events
– which include 1-in-100 year flooding, heatwave and drought events –
pivot the public consensus on climate change, which accelerates the
transition to net zero. It has the effect of compressing both physical
risks and transition risks into a short timeframe. Although the scenario
is extreme and highly unlikely, it assists us in understanding our current
exposures.
HSBC Holdings plc Annual Report on Form 20-F
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Climate risk
We use the scenarios to assess our key risk types and businesses as follows:
Evaluating key risk types and businesses using climate scenario analysis
Resulting Climate Vulnerabilities and Opportunities
Climate scenarios1
Climate risk type assessed2
DP
SCS
CC
B2C
TR
PR
Theme: More frequent and disruptive weather events and rising temperature over long term
Retail and wholesale credit risk (real estate portfolios) – our clients may
experience property valuation impacts due to heightened physical risk or
revenue loss due to business disruption
u
u
u
u
Traded risk – a re-pricing of assets exposed to acute and chronic physical risks
u
u
u
Resilience risk – physical damage to our buildings, business interruption and
inability to process transactions can result in operational impacts
u
u
u
u
u
Liquidity risk – evaluating both physical risk and greenwashing risk stress tested
over a 90-day horizon to analyse the resulting liquidity impact
u
u
Theme: Our ambition to support customer decarbonisation creates risks & opportunities
Wholesale credit risk – corporates exposed to transition risk may experience
revenue loss or increased costs
u
u
u
u
Theme: Assessing how we meet our interim 2030 financed emissions targets and wider net-zero ambitions
Sustainability execution risk – assessing our revenue at risk as a result of HSBC
meeting or not meeting its ESG ambitions, targets and commitments
u
u
u
Wholesale credit risk – reshaping our portfolios away from high emitting clients
to low emitting clients
u
u
u
Theme: Unpacking ESG risks may uncover hidden risks for HSBC
Specific non-financial risks3 – ESG is a relatively new area with uncertainty over
future environmental and policy changes and potential greenwashing risks
u
u
u
u
Pension risk – pension funding levels may shrink if climate risk crystalises
u
u
u
1Climate scenarios are explained in the previous section. DP = Downside Physical Risk; SCS = Severe Climate Stress; CC = Current Commitments; and B2C = Below 2
Degrees. The Severe Climate Stress scenario used to assess credit risk employed a different narrative from the tailored scenarios used to assess the other risk types.
2TR = Transition risk; PR = Physical risk. A selected climate risk type does not imply that it was assessed against all selected climate scenarios on the same row.
3Specific non-financial risks refer to financial reporting risk and regulatory compliance risk.
Assessing our resilience to climate risk
Overall, climate-related risks are not currently projected to significantly
impact our strategic priorities or business models, however the
exercise did highlight the likely challenges of meeting any net-zero
objectives in a world that is not on a net-zero pathway.
Our climate strategy includes approaches to mitigate climate change
impacts, such as portfolio steering and credit decisioning. These
support efforts to manage climate-related risks over time. Our focus is
on supporting our customers to implement quality climate transition
plans; reducing our financed emissions; continued investment into
climate modelling capabilities; and the embedding of climate risk
assessment into business-as-usual risk management processes.
Conducting climate scenario analysis involves significant assumptions
and inherent limitations. For further details see ‘Assumptions and
limitations’ on page 211.
Within the scope and limitations of our exercise, our analysis
anticipates that climate risk will be heightened within our wholesale
lending portfolio. In line with expectations of increasing transition and
physical risks, we expect climate-related credit risk to grow over time,
with the speed dependent on the severity of the risks in the assessed
scenarios. However, our global portfolios remain resilient to risks
arising from the transition to a low carbon economy. While exposures
to other risk types may also contribute to climate-related losses, their
financial impacts are expected to remain minimal in the near term.
Wholesale credit risk is projected to be the primary contributor to our
climate-related financial impacts, driven by transition risk.
The chart on the right shows how, under the Current Commitments
and Below 2 Degrees scenarios, climate transition-related ECL will
change relative to a counterfactual scenario that incorporates no
climate change effects. It shows how transition risks in our wholesale
lending portfolio are expected to remain low in the near term but
become a bigger driver of ECL into the long term as global transition
policies are forecast to increase in stringency. As shown by the
difference in results between the two regional entities referred to in
the chart, the effects of transition risks can vary significantly due to
each entity-level portfolio exposure, and the differing climate policies in
different parts of the world. The future stringency of global climate
policies, a critical differentiator in our climate scenarios, will significantly
influence climate-related financial impacts.
Projected climate transition risk-related ECL impacts on the Group’s
wholesale lending portfolio1
25%
20%
15%
10%
5%
0%
235845244262307
1A 10% increase is equivalent to a 1.1x-fold increase in the table on page 209.
Near-term acute physical risk shocks due to perils, such as typhoons and
heatwaves, are becoming more common as surface temperatures rise
with a slow transition to a low carbon economy. These have the potential
to increase our climate-related losses each year. The size of these losses
is dependent on the availability of insurance and the resilience of buildings
to extreme weather. While our existing analysis indicates resiliency, this
will be an area of particular focus as we further develop our capabilities.
During the five-year period assessed under the Severe Climate Stress
scenario, the Group demonstrated robust resilience. Despite the
substantial projected increase in climate-related losses, compared with
the results observed under our other climate scenarios, the stress test
results indicate that we are well-positioned to withstand adverse
climate-related conditions and maintain operational stability. 
The Current Commitments scenario shows muted impacts over the
Group’s five-year planning horizon, with the projected climate-related
impacts on ECL remaining within the Group’s current risk appetite. A shift
towards the Below 2 Degrees pathway would be expected to crystallise
some incremental climate-related losses over the planning horizon but
these are expected to remain minimal at Group level. Beyond the long-
term horizon, unmitigated climate stress has the potential to be a
headwind to the Group’s financial performance and capital position as
transition and physical risks intensify.
HSBC Holdings plc Annual Report on Form 20-F
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Climate risk
How climate change is impacting our wholesale lending portfolio
The primary channel of climate risk exposure within our wholesale
portfolio is through lending activities. We have identified six key
sectors with elevated transition risk as detailed on page 204. These
sectors, together with an additional five sectors, were selected due to
the size of our climate risk exposures for in-depth assessments to be
evaluated as part of our climate scenario analysis.
Our assessment specifically examines the influence of transition risk
on the portfolio with an emphasis on the high transition risk sectors.
We quantify the modelled climate-related impact on our projected ECL
across the short-, medium- and long-term horizons under our transition
risk scenarios. This was compared with a counterfactual scenario that
excludes climate change impacts to isolate the climate-related changes
within our ECL.
Our results, as shown in the adjacent table, suggest that in the short
and medium term, we expect climate-related financial impacts to
remain relatively muted, but to increase in the long term particularly
under the Below 2 Degrees scenario, where transition risks grow at a
faster rate. A key risk driver comes from the phasing out of climate-
related government subsidies and ‘free carbon allowances’ within the
EU, introducing a potential situation where some of our customers may
lose their competitive advantages.
We project that we would see our most significant climate-related
financial impacts across a few key sectors, including: the
manufacturing sector, which includes the construction, contracting and
building materials sectors and the chemicals sector due to higher costs
following rising carbon prices; in the oil and gas sector, due to higher
production costs and lower demand; in the automotive sector due to
increased competition within the EV market; and in the metals and
mining sector due to high climate transition costs.
This year the exercise benefited from a significantly higher prevalence
of customer transition plans used in our modelling. We experienced a
46% increase compared with our 2024 exercise, allowing us to place
more emphasis on how our customers expect to transition to net zero
within our approach. 
The impact on our wholesale portfolios is demonstrated by the
adjacent table, which shows the size of exposures by sector in 2024
and the increase in ECL compared with the counterfactual scenario
(expressed as a multiple). The size of our exposure in each sector is
represented by our exposure at default (‘EAD’) relative to one another.
Overall, our analysis indicates that our wholesale lending portfolio is
expected to remain resilient to climate-related risks across our
assessed time horizon.
Impact on wholesale lending portfolios
Wholesale sectors
Exposure at
default
(EAD)3 
2024
Average ECL increase 1, 2
Climate Scenarios
Current
Commitments
Below 2
Degrees
ST
MT
LT
ST
MT
LT
Wholesale Lending
Portfolio - Overall4
100%
Other wholesale sectors
(low - medium risk)5
50%
Conglomerates and
industrials
n
Power and utilities
n
Automotive
n
Oil and gas
n
Construction, contracting
and building materials
n
Metals and mining
n
Land transport and
logistics
n
Chemicals
n
Agriculture & soft
commodities
n
Aviation
n
Marine
n
1    Increase in ECL compared with counterfactual over short-, medium- and
long-term time horizons, expressed as a multiple. It represents the average
increase across the stated time period.
2    Values in the key represent the fold-increase in ECL, i.e. <1.1 equates to
less than 10% increase over the counterfactual.
3    The size of the bubbles is a visual representation of the portfolios, in terms
of EAD, relative to one another.
4    “Wholesale lending portfolio - Overall" refers to the entire portfolio including
the CRE sector.
5    "Other wholesale sectors" include the remaining sectors not listed in the
table. The CRE sector, which is disclosed on page 210, is not included.
Lower
Impact
<1.1x
<1.25x
<1.5x
<2x
<2.5x
<3x
Higher
Impact
How climate change is impacting our retail mortgage portfolio
Since 2023, as part of our climate scenario analysis exercises, we have
executed a climate risk assessment, at least once, for the following
mortgage portfolios: UK, Hong Kong (including Hang Seng Bank), the
United States, Singapore, Malaysia, Australia, mainland China and the
UAE. These portfolios collectively account for over 90% of the
balances in our global retail mortgage portfolio.
Our physical risk assessment methodology evaluates the impacts of
physical risk perils on property valuations, as well as on affordability for
customers arising from increased insurance and repair costs.
Additionally, for our UK portfolio, we conducted a transition risk
assessment that includes an assessment of the impacts of rising
energy costs and government legislation, including requirements for
homeowner energy efficiency upgrades.
The results of the climate scenario analysis exercise conducted on the
retail mortgage portfolio indicated that, over the long term, we
anticipate minimal climate-related losses. Although the severity of
climate perils is projected to increase, our overall losses are anticipated
to remain low, even under a severe Downside Physical Risk scenario
through to the long term. This projection assumes the ongoing
availability of insurance and reflects the portfolio’s relatively low loan-
to-value ratio.
Given the limited availability of historical climate loss data and the
uncertainty surrounding future changes in insurance provision, our
assessment should be regarded as indicative. Our analysis will
continue to evolve as our lending profile, assessment methodologies,
data sources and modelling techniques mature.
Our ESG Data Pack offers detailed analysis of the flood risk exposure
within our retail mortgage portfolio across our key markets. The
accompanying table presents projected flood depths based on the
locations of our mortgaged properties under different climate
scenarios, enabling an assessment of the potential impacts. However,
it does not consider building archetypes.
ÑPlease refer to the ESG Data Pack at www.hsbc.com/esg
HSBC Holdings plc Annual Report on Form 20-F
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Climate risk
How climate change is impacting our
commercial real estate portfolios
The commercial real estate (‘CRE’) sector within our wholesale lending
portfolio is a globally-diversified portfolio with our largest concentrations
in Hong Kong and the UK. In 2025, we carried out a detailed
assessment of our portfolios in Hong Kong, the UAE and France.
Properties in a real estate-focused portfolio are exposed to physical
climate risk, which varies significantly by geographical location. They
may also face future transition risks should governments introduce
climate-related regulation for commercial properties, such as
requirements for climate-resilient retrofitting, which we have assessed
in previous years.
When assessing physical risk impacts across the portfolio, we analysed
how the specific perils such as coastal inundation, riverine flooding,
surface flooding, cyclones and wildfires may affect the financial
performance of our portfolio under various climate scenarios. Our
primary objective was to quantify the potential damage and assess how
these events could influence the repayment capacity of borrowers
taking into account both direct impacts, such as repair costs, and
indirect impacts, such as downtime resulting from business disruption.
However, our methodology is subject to several constraints, including
limited historical data, a dependence on precise building co-ordinates
and limited insight into the resilience of individual properties. The
results are also sensitive to key assumptions, particularly those relating
to insurance coverage and reinstatement values.
The table below shows the proportion of our CRE portfolio exposed to
specific physical perils in our key markets. This analysis only focuses on
the properties within the portfolio for which we have required data.
Exposure to peril (%)1
Market
Exposure
at default
(EAD)2
2024
Coastal
inundation
Cyclone
wind3
Surface
water
flooding
Riverine
flooding
Forest
Fires
Hong
Kong
n
17
100
20
15
2
UK
n
15
0
17
23
0
1    Proportion of our CRE portfolio exposed to specific physical perils in the
Downside Physical Risk scenario as at 2050.
2    The size of the bubbles is a visual representation of the portfolios, in terms
of EAD, relative to one another.
3    Although all properties in the UK could be impacted by some damage due to
extreme wind, the intensity of impact is projected to be very insignificant
and highly muted in some regions, represented by approximately 0%
exposure to this peril.
Over a long-term horizon, we assess chronic physical risks using the
Current Commitments and Downside Physical Risk scenarios to
capture the gradual evolution of physical climate impacts. The table
below shows the ECL impact on our CRE portfolio compared with a
counterfactual scenario (expressed as a multiple).
Impact on our commercial real estate portfolio
Climate Scenarios
ECL increase 1,2
Short-term
Medium-term
Long-term
Current Commitments
Downside Physical Risk (2024)3
Lower
Impact
<1.1x
<1.25x
<1.5x
<2x
<2.5x
<3x
Higher
Impact
1    Increase in ECL compared with counterfactual over short, medium and long-
term time horizons, expressed as a multiple.
2    Values in the key represent the fold-increase in ECL, i.e. <1.1 equates to
less than 10% increase over the counterfactual which excludes climate
change impacts.
3Results under the Downside Physical Risk scenario refers to 2024 exercise.
In the most likely Current Commitments scenario, chronic physical risks
are expected to increase slowly over time with ECL estimated to be
less than 5% higher relative to the counterfactual scenario by 2040. In
the more severe Downside Physical Risk scenario, greater global
warming leads to heightened physical risks over time and the ECL
impact is estimated to be less than 15% higher than relative to the
counterfactual scenario.
This year, we also conducted a sensitivity analysis to test the impact of
extreme tail-end physical risks materialising earlier than expected under
the Downside Physical Risk scenario. In this assessment, we shift the
physical risk effects that are expected to occur between 2055-2080
towards the period between 2025-2050. Under these stressed
conditions, projected ECL were higher but still manageable, and up to
40% higher than they would have been under the counterfactual
scenario by 2040. These results show our CRE portfolio is resilient to
climate risk.
Our portfolio in Hong Kong, which represents our largest CRE portfolio,
is primarily exposed to flooding risks, including coastal inundation and
tropical cyclones. The severity and frequency of these events have
increased in recent years. Through our climate scenarios, we assess
both long-term chronic physical risks and short-term acute weather
events, with the latter being significantly more severe than those
experienced to date.
Our analysis continues to indicate that strong building standards, local
flood-mitigation measures, such as drainage tunnels, and insurance
coverage are likely to limit the financial impact of climate change on the
Hong Kong portfolio. We have also conducted sensitivity analyses to
account for variations in insurance availability.
In France, the principal physical risks are coastal inundation from storm-
driven tidal surges and riverine flooding due to overflowing river banks.
Only a small proportion of the portfolio is exposed to these hazards,
resulting in minimal financial exposure. Our clients typically hold
diversified CRE portfolios, and property elevation serves as a key
mitigator, making the portfolio more resilient to both chronic and acute
physical risks.
This year, we also analysed our UAE portfolio as part of a regulatory
exercise by the Central Bank of the UAE, focusing on physical risks.
The exercise separately modelled two key perils – storm surge and
rainfall – using severity levels and valuation shocks provided directly by
the regulator. The capital impact was found to be minimal, as customer
assets tend to be located in less vulnerable zones. Strong loan-to-value
ratios further mitigated the effect of severe valuation shocks.
Overall, and consistent with our previous assessments, our analysis
shows that our CRE portfolio remains resilient to climate risk. We
continue to monitor emerging risks closely and adapt our strategies to
ensure the ongoing financial stability of the portfolio under evolving
climate scenarios.
How climate change may impact our
properties
We use stress testing to evaluate the potential impact on our owned or
leased premises. Our 2025 scenario stress test analysed how six
climate change-related hazards – comprising coastal inundation, surface
water flooding, riverine flooding, forest fires, extreme wind and tropical
cyclones – could impact 2,276 of our properties.
Key findings from the RCP8.5, Downside Physical Risk scenario
included that by 2050, 20 of our 2,276 properties will have a high
potential for impact due to climate change, with insurance-related
losses estimated to be in excess of 3% of the insured value of the
buildings.
A key finding from the RCP4.5, Current Commitments scenario
showed that the total number of buildings at risk reduces to 15. The
highlighted facilities are still at risk from the same perils of coastal
inundation and tropical cyclone by 2050.
The resilience of our properties
Climate change poses a physical risk to the buildings that we occupy,
potentially impacting our operational resilience. This includes our
offices, retail branches and data centres, both in terms of loss and
damage, and business interruption.
We measure the impacts of climate and weather events on our
buildings on an ongoing basis using historical, current and scenario-
modelled forecast data. In 2025, there were 33 major storms.
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No facilities were impacted but two branches were proactively closed
to mitigate any risk due to the extreme weather conditions.
Forward-looking analysis along with historical data helps inform real
estate planning. We will continue to enhance our understanding of how
extreme weather events impact our buildings portfolio as climate risk
assessment tools improve and evolve. We buy insurance for property
damage and business interruption and consider insurance as a loss-
mitigation strategy.
We regularly review and enhance our building selection process and
global engineering standards and will continue to assess historical
claims data to help ensure our building selection and design standards
address the potential impacts of climate change.
How we use the outputs of climate
scenario analysis
Scenario analysis is used to assess our ability to withstand, adapt to
and recover from climate-related risks. It supports the Group to assess
the impact of our net zero ambitions on our revenue and profitability
which helps to strengthen our understanding of business model risk,
and supports how we increase the awareness of our climate risk. It
informs strategic planning, including any strategic management actions
needed to mitigate the identified risks.
From a financial and capital planning perspective, climate scenario
analysis informs IFRS 9 ECL provisioning (see page 212), and the
assessment of capital adequacy as part of the Group’s Internal Capital
Adequacy Assessment Process (‘ICAAP’). This supports how we
assess the appropriate levels of capital needed to guard against
climate-related risks.
Climate scenario analysis also supports the management of financed
emissions at a portfolio level and enhances the forward-looking
elements of our climate risk appetite framework. In addition, it assists
in the assessment of climate-related opportunities, such as potential
increases in lending under accelerated transition scenarios. These
contribute to the development of a more climate-resilient balance
sheet.
We have completed our first quantitative analysis of the potential
forward-looking impact on our revenue due to the alignment or
misalignment with our net zero ambitions, as well as climate-related
risks and opportunities. There is a high degree of uncertainty and
subjective assumptions with these results.
We will continue to enhance the use of climate scenario analysis in our
business decision making and continue to develop our modelling
capabilities, including the assessment of nature-related risks, over time.
Our climate scenario analysis modelling
approach
The models that we use for climate scenario analysis incorporate a
range of climate-specific metrics that could potentially impact our
customers, including expected production volumes, revenue, costs and
capital expenditure.
For transition risk, we assess how these metrics interplay with
economic factors, such as carbon prices, which represent the cost
effects of climate-related policies that aim to discourage carbon-
emitting activities and encourage low-carbon solutions. The expected
result of higher carbon prices is a reduction in emissions as high-
emission activities become uneconomical.
For physical risks, our models assess the impacts of acute and chronic
climate hazards on our customers’ operations and asset bases. Key
loss drivers include damage to physical assets and property from
extreme weather events, as well as business disruption caused by
operational downtime. These factors can reduce revenues, increase
repair and operating costs, and place pressure on liquidity and capital
expenditure, leading to a deterioration in our customers’ credit profiles.
ÑFor a broad overview of the models that we use for our climate scenario
analysis, as well as graphs that show how global carbon prices and carbon
emissions will differ under our climate scenarios, see our ESG Data Pack at
www.hsbc.com/esg.
Assumptions and limitations
Our climate scenario analysis exercises rely on a significant set of
assumptions and limitations, which may constrain the reliability and
robustness of our resulting outputs. Outcomes may change in the
future, potentially materially, as capabilities improve.
The information provided within this section is supplemented by the
ESG cautionary statement on page 1.
Assumptions that we use within our wholesale lending modelling
approach include the following:
–Scenario analysis is conducted on counterparties with sufficient data
and extrapolated to the remaining portfolio. It assumes that there is
a broadly consistent climate risk profile across each portfolio.
–Transition risk impacts are assumed to be limited for sectors that
we have assessed as having a low transition risk exposure.
–Our customers will successfully execute their transition plans,
where those plans are assessed as credible.
–Customers in certain wholesale sectors are assumed to pass some
of their costs relating to higher carbon prices through to their own
customers. These pass-through rates are based on externally
calibrated pass-through rates and reviewed by internal sector
experts.
–State support will continue for government-owned or government-
backed customers, and for customers providing essential goods and
services critical to societal functioning.
Within our retail lending models, we assume that:
–When quantifying the impacts of climate events, insurance
availability is recognised as a key mitigant of loss. Our approach
incorporates benchmarking against insurance industry standards to
assess both the availability of cover and premium levels, using
calculations based on average annualised loss.
–Flood Re, the UK government-backed insurance scheme established
to ensure the availability of insurance for properties at higher risk of
flooding, is expected to operate effectively only until its current
anticipated expiry date in 2039. Beyond this point, affected
properties are likely to face increased insurance costs, with some
potentially becoming uninsurable.
Our models are designed to produce outputs that can support our
assessment of the level of our climate resilience. However, there are a
number of industry-wide limitations, including:
–Data availability – Climate scenario analysis is a data-intensive
exercise and the required information is only available for a subset
of the Group’s exposures. In particular, we see a number of climate-
related financial data gaps relating to reliable forward-looking
climate-aligned data.
–Scenario limitations – There are inherent uncertainties in the ways
our scenarios are designed, which are largely attributed to the
limited history of the interactions between climate risks and the
economy. Our climate scenarios consider a range of possible future
outcomes, however quantifying the full effects of all climate-related
outcomes, such as the effects of potential tipping points, remains
challenging.
–Modelling uncertainties – There are inherent limitations within
climate models due to the challenges of modelling (with any
precision) how climate-related interactions (both physical and
transition risks) will manifest. These include estimating how policy
changes, carbon pricing or new technologies will impact specific
customers, how these customers will adapt, and uncertainty in
estimating physical risk losses as historical data may not be
representative under evolving climate patterns. These limitations are
further compounded as the modelled time horizon lengthens and
the uncertainties behind higher-order impacts increase. However,
internal judgements are used to mitigate some of these effects.
Our wholesale methodology for our non-real estate portfolios did not
consider the potential impacts from climate-related physical risk,
second order supply chain impacts, the volatility of commodity prices,
and how climate risks are correlated between sectors.
Our wholesale physical risk methodology did not include the indirect
impact of factors such as supply chain disruption and the risk of
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stranded assets. However, we are building capabilities to capture these
effects.
How we are enhancing our climate scenario
analysis approach
We continue to enhance our climate scenario analysis methodology by
incorporating lessons learnt from previous exercises, feedback from
key stakeholders, which includes internal stakeholders as well as
external regulators, and by assessing the direction of general industry
practices.
We have made several key enhancements across climate scenario
development and climate risk modelling, which include improvements
to our cash flow models, and more granular assumptions with respect
to how we model carbon prices. We have also improved how we
embed the outputs from climate scenario analysis exercises into our
risk management frameworks. Our climate scenarios and modelling
capabilities are being integrated into the wider bank-wide stress testing
procedures.
In 2025, improvements within our wholesale lending climate modelling
process included targeted improvements to our oil and gas, automotive
and emission-based models, and the continued enhancement of our
customer transition plans. These support how we improve the quality
of our modelled outcomes.
Over the last 12 months, we have strengthened our commercial and
retail real estate climate assessment capability by bringing the
geocoding process in house, which will go live in 2026 and further
enhance our ability to identify and address data quality and accuracy.
We have also conducted independent model validation and
implemented continuous enhancements based on validation outcomes.
In 2026, we intend to increase our focus on how physical risk events
could impact our non-commercial real estate portfolio, including the
impact from asset damage and business model disruption channels.
We will also continue to explore the impacts on our portfolio from a
nature risk perspective and expect our modelling capabilities to evolve
over time.
Assessing the effect of climate credit
risk on IFRS 9 ECL
We continue to integrate climate considerations into our business and
risk management processes to ensure climate-related risks are
appropriately managed. As part of our ECL assessment for 31
December 2025, we conducted a climate-related ECL sensitivity
analysis. Additionally, where climate events have previously influenced
or recently affected our economies, these impacts were implicitly
reflected within our IFRS 9 scenarios.
We used available information including our ICSA results to determine
areas of potential risk in the credit portfolios to perform a climate ECL
sensitivity analysis for both our wholesale and retail portfolios. In our
wholesale portfolio, the exercise covers both physical and transition
risk. For retail, the exercise covers physical risk for our largest
mortgage portfolios (UK and Hong Kong). Properties with elevated
climate risk and insurance vulnerability are identified, and the
associated potential losses are estimated by assessing the impact on
customer affordability and collateral valuations under physical stress
conditions.
The overall estimated sensitivity of ECL under IFRS 9 as at
31 December 2025 was less than $50m.
This ECL sensitivity is influenced by several factors including the tenor
of the underlying portfolios and observable market prices of collateral. A
significant proportion of our wholesale portfolio is short dated.
Furthermore, our secured retail portfolio has low average loan-to-value
ratios, which helps to mitigate the effect of property damage on
customer default risk and loss given default.
Our wholesale ECL is likely to remain relatively muted in the short and
medium terms, as illustrated in the graph on page 208. While this
impact may increase over time, long dated cashflows are less likely to
impact current expectations of credit loss, as future cashflows are
discounted as part of the ECL modelling process.
The ECL sensitivity is dependent on the timing and severity of climate
change within the period over which HSBC measures ECL. As there is
limited historical climate loss data available and uncertainty on how
insurance will change over time, our assessment is considered
indicative and will evolve as our lending profile, assessment approach,
data, and modelling methodologies continue to mature. For more
information on the impact of climate on our reporting and financial
statements, see page 34.
How we assess the climate risk impacts
on other risk types
We use climate scenario analysis to assess the impacts on other risks,
including non-financial risks, traded risk and treasury risk.
Non-financial risk – financial reporting risk
and regulatory compliance risk
We analysed the potential impacts associated with greenwashing,
specifically focusing on inaccuracies in climate-related disclosures and
shortcomings in product governance and marketing of sustainable
finance offerings. Our findings indicate that under scenarios involving
accelerated net-zero transitions and heightened regulatory scrutiny, we
may face increased financial exposure to greenwashing incidents.
Traded risk
In 2025, we explored the potential fair value impacts of climate risks on
our trading and banking portfolio. Our analysis evaluated portfolio
performance under the long-term Downside Physical Risk scenario as
well as two shorter-term scenarios focused on dry perils and wet perils
aligned with NGFS’s short-term “Disasters and Policy Stagnation”
scenario focusing on physical risk impacts over a one-year horizon. The
assessment encompassed all major asset classes including interest
rates, foreign exchange, credit and equities.
The results supported our understanding of the climate resilience of the
trading portfolio. Under both short-term scenarios, the portfolio exhibited
gains driven by the long defensive profile in our Equity Derivatives
positions and from Rate Options. Offsetting these were losses
generated by distressed debt and secondary private credit loans and by
rate exposures to countries and territories more sensitive to physical risk.
Treasury risk – pensions
This year, we conducted balance sheet and income statement
projections for six of our largest pension plans and all regional plans,
utilising macroeconomic variables influenced by climate change, which
focused on the short- and medium-term horizons. Our exercise focused
on a shorter-term scenario assessing the concurrent impacts of severe
physical hazards with moderate transition risk. The scenario
concentrated on physical climate risks, carbon pricing, economic
growth trajectories, and evolving regulatory requirements.
Key findings indicated that, at the peak stress point in the climate
stress scenario (which was in the first projection year), the Group’s
pension scheme funding levels were projected to decline slightly. This
reduction was primarily attributable to a reduction in climate-sensitive
bond and equity values.
Treasury risk – liquidity
Under the climate scenario analysis exercise, other risk types – aside
from liquidity – are assessed over annual or multi-year horizons and are
primarily capital-related stress events with limited effects on the bank’s
liquidity. To specifically assess liquidity risk, a tailored 90-day climate
scenario was developed, building on previous exercises and reflecting
current industry perspectives on plausible climate outcomes.
The analysis considered the impact of climate risk on key liquidity risk
drivers including wholesale and retail deposit risk off-balance sheet
facilities risk, credit downgrade risk, and intraday liquidity risk. No
significant impact on our liquidity position was identified in the analysis.
Insurance risk
We are improving our ability to perform exploratory assessments of the
solvency resilience of our biggest insurance businesses under climate
stress scenarios.
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Resilience risk
ÑSee page 138 for our definition of Resilience risk
Resilience risk management
Key developments in 2025
During the year, we conducted several initiatives to keep pace with
geopolitical, regulatory and technology changes, and to help strengthen
the management of resilience risk.
–Where HSBC identified that enhancements were required to the
Group’s operational resilience capabilities, these were incorporated
into the Group’s business and investment planning, helping to
ensure we continue to meet the expectations of our customers and
our regulators.
–We recognise that our customers were impacted at times by
service disruptions. We responded to these in line with our Incident
Management plans and aimed to recover with minimal delay and
customer impact. Following any operational disruption, we
conducted post-incident reviews to identify lessons and strengthen
our operations.
–We monitored markets affected by geopolitical events for any
potential impact they may have on our colleagues and operations,
enhancing response playbooks as events evolved.
–We provided analysis and easy-to-access risk and control
information and metrics to enable management to focus on non-
financial risks in their decision making and appetite setting.
–We prioritised our efforts on material risks and areas undergoing
strategic growth, aligning our location strategy to this need. We also
remotely provide oversight and stewardship, including support of
chief risk officers, in territories where we have no physical
presence.
Governance and structure
The Group Resilience Risk target operating model provides a globally
consistent view across resilience risks, strengthening our risk
management oversight. We view resilience risk across seven sub-risk
types related to: technology and cybersecurity risk; third-party risk;
transaction and payment processing risk; business interruption and
incident risk; data risk; facilities availability, safety and security risk; and
operational and resilience regulatory reporting risk.
Risk appetite and key escalations for resilience risk are reported to the
Group Risk Management Meeting and Group Risk Committee.
Operational resilience
We operate processes to support our operational resilience according
to our Risk Management Framework. Operational resilience is our
ability to anticipate, prevent, adapt, respond to, recover, and learn from
internal or external disruption, and provide Important Business Services
(IBS) to customers and clients, while seeking to minimise impact on
the wider financial system when disruption occurs. We seek to achieve
this via day-to-day oversight and ongoing assurance. We have invested
to seek to improve response and recovery strategies for our IBS and
Important Group Business Services, to align to regulatory and
customer expectations and to help minimise any potential impacts
should disruption occur.
Business operations continuity
We continue to monitor potential disruptive events, such as geopolitical
volatility, adverse weather conditions and cyber attacks, and remain ready
to take measures to help ensure business continuity in affected markets
should the situation require. When disruptive events occur, businesses
and infrastructure functions continually review their continuity plans and
response to minimise any potential impacts.
Regulatory compliance risk
ÑSee page 138 for our definition of Regulatory compliance risk.
Regulatory compliance risk management
Key developments in 2025
Regulatory Compliance risk stewardship is provided across a wide
range of transformational change and control enhancement initiatives
supporting HSBC’s strategy and organisational structure; such as the
framework for digital assets, including Regulatory Compliance’s
stewardship of Markets and Securities Services (MSS)’ asset
tokenisation and issuance initiatives, as well as Regulatory Compliance
control frameworks, policies and governance processes.
Regulatory horizon scanning and mapping capabilities continue to
evolve with a focus on enhanced connectivity to risk management
systems to support better traceability of regulatory obligations. Work is
underway to transition from event-driven technology to incorporate
cloud and analytics capability to enhance our oversight abilities in areas
such as surveillance.
Governance and structure
The Group Head of Regulatory Compliance reports to the Group Chief
Risk and Compliance Officer. Regulatory Compliance and Financial
Crime teams work together and with relevant stakeholders to help
achieve good conduct outcomes and provide enterprise-wide support
on the Compliance risk agenda in close collaboration with colleagues
from the Group Risk and Compliance function.
Key risk management processes
The Global Regulatory Compliance function is responsible for
establishing global policies, standards, risk appetite, frameworks and
tools to guide the Group’s management of Regulatory Compliance risk.
The function provides oversight, review and challenge to the business,
aiding them in identifying, assessing and mitigating Regulatory
Compliance risks. 
Relevant events and issues are escalated in line with the Group’s Risk
Management Framework including reporting to executive and non-
executive risk governance committees for transparency, accountability
and informed decision making. The Group Head of Regulatory
Compliance attends the Risk and Compliance Leadership Meeting, the
Group Risk Management Meeting, and the Group Risk Committee. 
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Financial crime risk
ÑSee page 138 for our definition of Financial crime risk.
Financial crime risk management
Key developments in 2025
We regularly review the effectiveness of our financial crime risk
management framework, which includes continued consideration of
complex sanctions and export control risks. We continued to respond
to evolving financial sanctions and trade restrictions, including methods
used to evade sanctions and export controls.
We continued to make progress with several key financial crime risk
management initiatives, including:
–deployment of our intelligence-led, dynamic risk assessment
capability for customer account monitoring in additional entities and
business segments;
–deployment and optimisation of a capability to increase our
monitoring coverage of correspondent banking activity in additional
markets;
–enhancing our fraud controls and continuing to invest in, and
monitor, technological developments; and
–enhancements in response to the rapidly evolving and complex
global payments landscape and refinement of the control
framework required to support HSBC’s digital assets and currencies
strategy.
Governance and structure
The structure of the Financial Crime team in Risk and Compliance
remained substantively unchanged in 2025. The Group Head of
Financial Crime continues to report to the Group Chief Risk and
Compliance Officer, while the Group Risk Committee retains oversight
of matters relating to financial crime.
Key risk management processes
We will not tolerate knowingly conducting business with individuals or
entities believed to be engaged in criminal activity. We require
everybody in HSBC to play their role in maintaining effective systems
and controls to help prevent and detect financial crime. Where we
believe we have identified suspected criminal activity or vulnerabilities
in our control framework, we will take appropriate mitigating action.
We manage financial crime risk because it is the right thing to do to
protect our customers, shareholders, staff, the communities in which
we operate, as well as the integrity of the financial system on which
we all rely. We operate in a highly regulated industry in which these
same policy goals are codified in law and regulation.
We are committed to complying with the laws and regulations of all
the markets in which we operate and apply a consistently high financial
crime standard globally.
We continued to invest in enhancing our operational control capabilities
and technology solutions to deter and detect criminal activity. We
further strengthened our financial crime risk taxonomy and control
libraries and our monitoring capabilities through technology
deployments. We developed more targeted metrics, and continued to
seek to enhance our governance and reporting.
We are committed to working in partnership with the wider industry
and the public sector in managing financial crime risk. In 2025, our
focus remained on measures to improve the overall effectiveness of
the global financial crime risk management framework and promote a
risk-based approach.
Through our work with industry bodies, such as the Wolfsberg Group,
we provided input into legislative and regulatory reform activities and
supported the efforts of the global financial crime standard setter, the
Financial Action Task Force. We did this by participating in
consultations and other engagements focused on delivering more
effective outcomes in managing financial crime risk, which also
enhances financial inclusion. Key themes for external engagement
include risk-based supervision, the use of innovative technology,
payment transparency standards, fraud risk management, and tackling
sanctions and export controls evasion.
Model risk
ÑSee page 138 for our definition of Model risk.
Key developments in 2025
In 2025, we continued to make improvements in our Model Risk
Management (‘MRM’) processes amid regulatory changes in MRM
requirements.
Initiatives during the year included:
–further updates to our MRM Framework to meet the requirements
of the PRA’s SS1/23. Our multi-year programme of work is in
progress to implement these changes across the full model
landscape;
–completing the identification of Deterministic Quantitative Methods
(DQMs) across the organisation. These are complex and material
calculators that although not technically models, still present similar
risks;
–continued enhancements to the development and validation
processes for internal ratings-based (‘IRB’) models;
–continued enhancements to our framework for the independent
validation of models, including new GenAI techniques that are
becoming more widely used; and
–continued to work closely with businesses and infrastructure teams
in developing a governance framework to manage the range of risks
these AI techniques, including machine learning and agentic AI
(autonomous systems powered by AI agents), can introduce.
Governance and structure
We have completed a review of model risk governance committees
at the Group, business and functional levels to help ensure they
provide effective and efficient oversight of model risk. The
committees include senior leaders from the businesses,
infrastructure teams and the Group Risk and Compliance function.
They focus on model-related concerns and are supported by key
model risk metrics. We have aligned our Committees to our new
organisational structure with each of the four business segments
having a Model Risk Committee focused on local requirements. The
Group-level Model Risk Committee remains in place and is chaired by
the Group Chief Risk and Compliance Officer, and the heads of key
businesses participate in these meetings.
Key risk management processes
We use a variety of modelling approaches, including regression,
simulation, sampling, machine learning and judgemental scorecards for a
range of business applications. These activities include customer
selection, product pricing, financial crime transaction monitoring,
creditworthiness evaluation and financial reporting. Global responsibility
for managing model risk is delegated from the Board to the Group Chief
Risk and Compliance Officer, who authorises the Group Model Risk
Committee. This committee regularly reviews our model risk
management policies and procedures, and requires the first line of
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Model risk
defence to demonstrate comprehensive and effective controls based on
a library of model risk controls provided by Model Risk Management.
Model Risk Management also reports on model risk to senior
management and the Group Risk Committee on a regular basis through
the use of the risk map, risk appetite metrics and top and emerging risks.
We regularly review the effectiveness of these processes, including
the model risk committee structure, to help ensure the appropriate
understanding and ownership of model risk is embedded in the
businesses and functions.
Insurance manufacturing operations risk
ÑSee page 139 for our definition of Insurance manufacturing operations risk.
HSBC’s insurance business
We sell insurance products through a range of channels including our
branches, insurance sales forces, direct channels and third-party
distributors. The majority of sales are through an integrated
bancassurance model that provides insurance products principally for
customers with whom we have a banking relationship, meanwhile the
proportion of sales through other sources such as independent
financial advisers, tied agents and digital platforms is increasing.
For the insurance products we manufacture, the majority of sales are
savings, universal life and protection contracts.
We choose to manufacture these insurance products in HSBC
subsidiaries based on an assessment of operational scale and risk
appetite. Manufacturing insurance allows us to retain the risks and
rewards associated with writing insurance contracts by keeping part of
the underwriting profit and investment income within the Group.
Our life insurance manufacturing subsidiaries operate in seven
markets, which are Hong Kong, Macau, Singapore, mainland China,
UK, Malta and Mexico. This excludes France where the sale of the
insurance business was completed on 31 October 2025. In addition,
we have: an interest in a life insurance manufacturing associate in
India; captive insurance entities in Bermuda and Hong Kong; and a
reinsurance entity in Bermuda.
Where we do not have the risk appetite or operational scale to be an
effective insurance manufacturer, we engage with a select number of
leading external insurance companies in order to provide insurance
products to our customers. These arrangements are generally
structured with our exclusive strategic partners and earn the Group a
combination of commissions, fees and a share of profits. We distribute
insurance products in all of our geographical regions.
This section focuses only on the risks relating to the insurance
products we manufacture.
Insurance manufacturing operations
risk management
Key developments in 2025
The insurance manufacturing subsidiaries follow the Group’s risk
management framework. In 2025, we continued to strengthen the
insurance specific policies, frameworks and controls particularly across
the financial and capital reporting processes, stress testing, asset-
liability management, reinsurance and insurance underwriting risks.
During the year, there was continued market volatility observed across
interest rates, equity and credit markets and foreign exchange rates.
This was predominantly driven by geopolitical factors including the
introduction of trade tariffs by the US, and wider inflationary concerns.
The sale of the French insurance business HSBC Assurances Vie
(France) was completed on 31 October 2025. Following HSBC’s
announcement on 3 July 2025 of entering into a binding agreement to
sell its UK life insurance business HSBC Life (UK) Limited, the balance
sheet of the UK business has been reported as held for sale at 31
December 2025. Further details are provided on page 355.
Governance and structure
Insurance manufacturing risks are managed to a defined risk appetite,
which is aligned to the Group’s risk appetite and risk management
framework, including its three lines of defence model. For details of
the Group’s governance framework, see page 119. The Global
Insurance Risk Management Meeting oversees the control framework
globally and is accountable to the IWPB Risk Management Meeting on
risk matters relating to the insurance business.
The monitoring of the risks within our insurance operations is carried
out by Insurance Risk teams. The Group’s risk stewardship functions
support the Insurance Risk teams in their respective areas of expertise.
Stress and scenario testing
Stress testing forms a key part of the risk management framework for
the insurance business. We participate in local and Group-wide
regulatory stress tests, as well as internally developed stress and
scenario tests, including Group internal stress test exercises.
The results of these stress tests and the adequacy of management
action plans to mitigate these risks are considered in the Group’s
ICAAP and the entities’ regulatory Own Risk and Solvency
Assessments, which are produced by all material entities.
Key risk management processes
Market risk
(Audited)
All our insurance manufacturing subsidiaries have market risk
mandates and limits that specify the investment instruments in which
they are permitted to invest and the maximum quantum of market risk
that they may retain. They manage market risk by using some or all of
the techniques listed below, among others, depending on the nature of
the contracts written.
–We are able to adjust bonus rates and other discretionary benefits
to manage the liabilities to policyholders for products with
participating features. The effect is that a significant proportion of
the market risk is shared with the policyholders.
–We use asset and liability matching where asset portfolios are
structured to support projected liability cash flows.
–We use derivatives and other financial instruments, along with
reinsurance to protect against adverse market movements.
–We design new products to mitigate market risk, such as changing
the investment return sharing proportion between policyholders and
the shareholder.
Credit risk
(Audited)
Our insurance manufacturing subsidiaries also have credit risk
mandates and limits within which they are permitted to operate, which
consider the credit risk exposure, quality and performance of their
investment portfolios. Our assessment of the creditworthiness of
issuers and counterparties is based primarily upon internationally
recognised credit ratings and other publicly available information.
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Insurance manufacturing operations risk
Stress testing is performed on investment credit exposures using
credit spread sensitivities and default probabilities.
We use a number of tools to manage and monitor credit risk. These
include a credit report containing a watch-list of investments with
current credit concerns, primarily investments that may be at risk of
future impairment or where high concentrations to counterparties are
present in the investment portfolio. Sensitivities to credit spread risk
are assessed and monitored regularly.
Capital and liquidity risk
(Audited)
Capital risk for our insurance manufacturing subsidiaries is assessed in
the Group’s ICAAP, based on their financial capacity to support the
risks to which they are exposed. Capital adequacy is assessed on both
the relevant local insurance regulatory basis and an internal capital
basis.
Risk appetite buffers are set to ensure that the operations are able to
remain solvent, allowing for business-as-usual volatility and extreme
but plausible stress events.
Liquidity risk is less material for the insurance business. It is managed
by cash flow matching and maintaining sufficient cash resources,
investing in high credit-quality investments with deep and liquid
markets, monitoring investment concentrations and restricting them
where appropriate, and establishing committed contingency borrowing
facilities.
Insurance manufacturing subsidiaries complete quarterly liquidity risk
reports and an annual review of the liquidity risks to which they are
exposed.
Insurance underwriting risk
(Audited)
Our insurance manufacturing subsidiaries primarily use the following
frameworks and processes to manage and mitigate insurance
underwriting risks:
–a formal approval process for launching new products or making
changes to products to ensure insurance risks are identified and
mitigated;
–a product pricing and profitability framework, which requires initial
and ongoing assessment of the adequacy of premiums charged on
new insurance contracts to meet the risks associated with them;
–a framework for customer underwriting;
–reinsurance, which cedes risks to third-party reinsurers to keep risks
within risk appetite, reduce volatility and improve capital efficiency;
and
–oversight by actuarial review committees in each of our entities of
the methodology and assumptions that underpin IFRS 17 reporting
to ensure that appropriate reserves are established to cover
insurance underwriting risks.
Insurance manufacturing operations
risk in 2025
Measurement
The following tables show the composition of the fair value of
underlying items of the Group’s participating contracts at the reporting
date and by the following type of contract:
–‘Life direct participating and investment discretionary participation
feature (‘DPF’) contracts’ are life direct participating contracts and
investment contracts with DPF. These are substantially measured
under the variable fee approach measurement model.
–‘Life other contracts’ are measured under the general measurement
model and mainly include protection insurance contracts as well as
reinsurance contracts. The reinsurance contracts primarily provide
diversification benefits over the life direct participating and
investment DPF contracts.
–‘Other contracts’ includes investment contracts for which HSBC
does not bear significant insurance risk.
Balance sheet of insurance manufacturing subsidiaries by type of contract
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2025
$m
$m
$m
$m
$m
Financial assets
111,078
5,277
5,672
5,405
127,432
–financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
106,705
4,984
4,337
579
116,605
–  derivatives
136
8
—
—
144
–  financial investments – at amortised cost
609
115
1,010
3,654
5,388
–  financial assets at fair value through other comprehensive income
—
—
3
214
217
–  other financial assets
3,628
170
322
958
5,078
Insurance contract assets
12
98
—
—
110
Reinsurance contract assets
—
5,948
—
—
5,948
Assets held for sale1
4,748
258
1,347
271
6,624
Other assets and investment properties
1,785
118
45
2,696
4,644
Total assets
117,623
11,699
7,064
8,372
144,758
Liabilities under investment contracts designated at fair value
—
—
5,288
—
5,288
Insurance contract liabilities
117,107
4,761
—
—
121,868
Reinsurance contract liabilities
—
680
—
—
680
Liabilities of disposal groups held for sale1
4,734
234
—
1,418
6,386
Other liabilities
—
—
—
3,821
3,821
Total liabilities
121,841
5,675
5,288
5,239
138,043
Total equity
—
—
—
6,715
6,715
Total liabilities and equity
121,841
5,675
5,288
11,954
144,758
HSBC Holdings plc Annual Report on Form 20-F
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Insurance manufacturing operations risk
Balance sheet of insurance manufacturing subsidiaries by type of contract (continued)
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2024
$m
$m
$m
$m
$m
Financial assets
98,676
4,452
6,227
5,967
115,322
–  financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
94,327
4,233
4,839
690
104,089
–  derivatives
207
7
1
—
215
–  financial investments – at amortised cost
545
90
1,060
4,335
6,030
–  financial assets at fair value through other comprehensive income
—
—
6
73
79
–  other financial assets
3,597
122
321
869
4,909
Insurance contract assets
14
104
—
—
118
Reinsurance contract assets
—
5,013
—
—
5,013
Assets held for sale1
22,855
—
—
1,367
24,222
Other assets and investment properties
1,792
64
36
1,970
3,862
Total assets
123,337
9,633
6,263
9,304
148,537
Liabilities under investment contracts designated at fair value
—
—
5,931
—
5,931
Insurance contract liabilities
102,605
4,427
—
—
107,032
Reinsurance contract liabilities
—
701
—
—
701
Liabilities of disposal groups held for sale1
21,772
39
—
1,609
23,420
Other liabilities
—
—
—
4,438
4,438
Total liabilities
124,377
5,167
5,931
6,047
141,522
Total equity
—
—
—
7,015
7,015
Total liabilities and equity
124,377
5,167
5,931
13,062
148,537
1HSBC Life (UK) Limited is classified as held for sale at 31 December 2025. HSBC Assurances Vie (France) was classified as held for sale at 31 December 2024.
Further details are provided on page 355.
Key risk types
Market risk
(Audited)
Description and exposure
Market risk is the risk of changes in market factors affecting HSBC’s
capital or profit. Market factors include interest rates, equity and
growth assets, credit spreads and foreign exchange rates.
Our exposure varies depending on the type of contract issued. Our
most significant life insurance products are contracts with participating
features. These products typically include some form of capital
guarantee or guaranteed return on the sums invested by the
policyholders, to which bonuses are added if allowed by the overall
performance of the funds. For contracts without participating features,
some form of guarantee may still exist but HSBC’s ability to share risks
with policyholders will be reduced. Funds supporting these savings
products are invested in a mix of fixed income assets (to support
guarantees) and other asset classes (to provide customers with the
potential for enhanced returns).
These products expose HSBC to the risk of variation in asset returns,
which will impact our participation in the investment performance.
In certain circumstances, asset returns may be insufficient to meet the
policyholders’ guaranteed benefits. For non-participating contracts, any
resulting shortfall is borne by HSBC.
For unit-linked contracts, market risk is substantially borne by the
policyholder, but some market risk exposure typically remains, as fees
earned are typically related to the market value of the linked assets.
Sensitivities
The following table shows the sensitivity of the CSM, profit and total
equity of our insurance manufacturing subsidiaries to changes in
interest rates, credit spreads, growth assets and foreign exchange
rates. These sensitivities are prepared in accordance with current IFRS
Accounting Standards.
Due in part to the nature of the guarantees, and the reinsurance and
hedging strategies which may be in place, the relationship between the
CSM, profit and total equity is not linear. The sensitivities are before
management actions that may mitigate the effect of changes in the
market environment. The lower profit after tax sensitivity to yield curve
shifts is driven by improved asset and liability matching in mainland
China, partly offset by the impact of methodology updates in Hong
Kong.
The 2025 sensitivities below exclude HSBC Assurances Vie (France)
following completion of its sale on 31 October 2025. Further details are
provided on page 355.
Sensitivity of HSBC’s insurance manufacturing subsidiaries to market risk factors
(Audited)
2025
2024
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
$m
$m
$m
$m
$m
$m
+100 basis point parallel shift in yield curves
(370)
36
36
(155)
83
52
-100 basis point parallel shift in yield curves
(51)
(127)
(127)
(249)
(217)
(186)
+100 basis point shift in credit spreads
(918)
(15)
(15)
(907)
(84)
(115)
-100 basis point shift in credit spreads
897
74
74
876
60
91
10% increase in growth assets1
461
64
64
467
73
73
10% decrease in growth assets1
(533)
(75)
(75)
(514)
(79)
(79)
10% appreciation in US dollar exchange rate against local functional currency
102
20
20
71
17
17
10% depreciation in US dollar exchange rate against local functional currency
(75)
(15)
(15)
(26)
(3)
(3)
1‘Growth assets’ primarily comprise equity securities and investment properties. Variability in growth asset fair value constitutes a market risk to insurance
manufacturing subsidiaries.
HSBC Holdings plc Annual Report on Form 20-F
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Insurance manufacturing operations risk
Credit risk
(Audited)
Description and exposure
Credit risk is the risk of financial loss if a customer or counterparty fails
to meet their obligation under a contract. It arises in two main risks for
our insurance manufacturers:
–the risk associated with credit spread volatility and default by debt
security counterparties after investing premiums to generate a
return for policyholders and shareholders; and
–the risk of default by reinsurance counterparties and non-
reimbursement for claims made after ceding insurance risk.
The amounts outstanding at the balance sheet date in respect of these
items are shown in the table on page 216.
The credit quality of the reinsurers’ share of liabilities under insurance
contracts is assessed as ‘satisfactory’ or higher (as defined on
page 141), with none of the exposure being either past due or impaired
(2024: none).
Credit risk on assets supporting unit-linked liabilities is predominantly
borne by the policyholders. Therefore, our exposure is primarily related
to liabilities under non-linked insurance and investment contracts and
shareholders’ funds. The credit quality of insurance financial assets is
included in the table on page 161.
The risk associated with credit spread volatility is to a large extent
mitigated by holding debt securities to maturity, and sharing a degree
of credit spread experience with policyholders.
Liquidity risk
(Audited)
Description and exposure
Liquidity risk is the risk that an insurance operation, though solvent,
either does not have sufficient financial resources available to meet its
obligations when they fall due, or can secure them only at excessive
cost. Liquidity risk may be able to be shared with policyholders for
products with participating features.
The remaining maturity of insurance contract liabilities is included in
Note 4 on page 319.
The amounts of insurance contract liabilities that are payable on
demand are set out by the product grouping below and exclude
insurance businesses classified as held for sale (2025: HSBC Life (UK)
Limited; 2024: HSBC Assurances Vie (France). Further details are
provided on page 355.
Amounts payable on demand
(Audited)
2025
2024
Amounts
payable on
demand
Carrying
amount for
these
contracts
Amounts
payable on
demand
Carrying
amount for
these
contracts
$m
$m
$m
$m
Life direct participating
and investment DPF
contracts
108,416
117,107
98,275
102,605
Life other contracts
3,820
4,761
2,960
4,427
At 31 Dec
112,236
121,868
101,235
107,032
Insurance underwriting risk
(Audited)
Description and exposure
Insurance underwriting risk is the risk of loss through adverse
experience, in either timing or amount, of insurance underwriting
parameters (non-economic assumptions). These parameters include
mortality, morbidity, longevity, lapse and expense rates.
The principal risk we face is that, over time, the cost of the contract,
including claims and benefits, may exceed the total amount of
premiums and investment income received.
The tables on page 216 analyse our life insurance underwriting risk
exposures by type of contract.
The insurance underwriting risk profile and related exposures remain
largely consistent with those observed at 31 December 2024.
Sensitivities
(Audited)
The following table shows the sensitivity of the CSM, profit and total
equity of our insurance manufacturing subsidiaries to changes in non-
economic assumptions, after considering the impacts of reinsurance
contracts held as risk mitigation.
These sensitivities are prepared in accordance with current IFRS
Accounting Standards.
Sensitivity to lapse rates depends on the type of contracts
being written. An increase in lapse rates typically has a negative effect
on CSM (and therefore expected future profits) due to the loss
of future income on the lapsed policies. However, some contract
lapses have a positive effect on profit due to the existence of policy
surrender charges.
Mortality and morbidity risk is typically associated with life insurance
contracts. The effect on profit of an increase in mortality or morbidity
depends on the type of business being written.
Expense rate risk is the exposure to a change in the allocated cost
of administering insurance contracts. To the extent that increased
expenses cannot be passed on to policyholders, an increase in
expense rates will have a negative effect on CSM and profits.
The impact of changing insurance underwriting risk factors is primarily
absorbed within the CSM, unless contracts are onerous in which case
the impact is directly to profit. The impact of changes to the CSM is
released to profits over the expected coverage periods of the related
insurance contracts.
The 2025 sensitivities below exclude HSBC Assurances Vie (France)
following completion of its sale on 31 October 2025. Further details are
provided on page 355.
Sensitivity of HSBC’s insurance manufacturing subsidiaries to
insurance underwriting risk factors
(Audited)
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
At 31 Dec 2025
$m
$m
$m
10% increase in lapse rates
(310)
(6)
(6)
10% decrease in lapse rates
322
3
3
5% increase in mortality and/or
morbidity rates
(85)
(15)
(17)
5% decrease in mortality and/or
morbidity rates
87
12
14
10% increase in expense rates
(48)
(14)
(14)
10% decrease in expense rates
49
12
12
At 31 Dec 2024
10% increase in lapse rates
(282)
(21)
(30)
10% decrease in lapse rates
297
23
36
5% increase in mortality and/or
morbidity rates
(92)
(16)
(20)
5% decrease in mortality and/or
morbidity rates
102
14
23
10% increase in expense rates
(66)
(11)
(15)
10% decrease in expense rates
68
12
15
HSBC Holdings plc Annual Report on Form 20-F
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Corporate
governance
report
In this report, which constitutes our Directors'
Report, we provide insights into our Group
governance practices and the systems and
policies in place that help ensure the Group
is well managed, with effective oversight
and controls.
The Board
Senior management
How we are governed
Board committees
Directors’ remuneration report
Share capital and other governance
disclosures
Internal control
Employees
Statement of compliance
5
HSBC Holdings plc Annual Report on Form 20-F
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The Board
The Board, which seeks to promote the Group’s long-term success, deliver sustainable value to shareholders and promote a culture
of openness and debate, comprises diverse, high-calibre members who have experience in our global markets.
Group Chairman and executive Directors
Brendan Nelson (76) 
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Skills and experience: Brendan has
extensive experience in financial
services, gained through leadership
positions at global firms and senior
appointments on the Boards of global
organisations.
from KPMG in 2010. He served as
non-executive Director on the Boards
of bp plc, from 2010 to 2021, and
NatWest Group plc, from 2010 to
2019. He was Chairman of the Audit
Committee at both companies.
Brendan is a qualified Chartered
Accountant. He was President of the
Institute of Chartered Accountants of
Scotland from 2013 to 2014. He was a
member of the Financial Services
Practitioner Panel and the Financial
Reporting Review Panel of the UK
Financial Reporting Council. He
currently serves as a non-executive
Director of HSBC UK Bank plc.
External appointments:
–Chairman of BP Pension Trustees
Limited
–Director of the Institute of
International Finance
Career: Brendan spent over 25 years
at KPMG LLP, where he was
admitted as a Partner in 1984. During
his time at KPMG, he held various
positions, including Global Chairman
of Banking and Global Chairman of
Financial Services. He served on the
KPMG UK Board, starting in 2000. He
became a Vice Chairman in 2006 – a
position he held until his retirement
Group Chairman
Appointed to the Board: September 2023
Group Chairman since: October 2025
Georges Elhedery (51) 
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Skills and experience: Georges has
almost 30 years of experience in the
banking industry across Europe, the
Middle East and Asia, and has held a
number of executive roles at a
regional, global business and
functional level.
Head of Global Banking and Markets,
Middle East and North Africa; Chief
Executive Officer for HSBC, Middle
East, North Africa and Türkiye; Global
Head of Markets; and co-Chief
Executive Officer, Global Banking and
Markets based in London. 
–Member of the UK-India CEO
Forum
–Member of the Semafor World
Economy Global Advisory Board
–Member of the Board of Directors
of the Peterson Institute for
International Economics
–Member of the World Bank
Private Sector Investment Lab
–Member of Advisory Board of The
China Children Development Fund
–Principal Member of The Glasgow
Financial Alliance for Net Zero
–Member of Financial Services
Task Force of the SMI
Career: Georges was appointed
Group CEO from 2 September 2024.
He most recently served as Group
CFO between January 2023 and
September 2024. Georges joined
HSBC in 2005 with extensive trading
experience in London, Paris and
Tokyo. He has since held a number of
senior leadership roles, including
External appointments:
–Member of Monetary Authority of
Singapore, International Advisory
Panel
–Member of the Asia Business
Council
–Member of the International
Business Leaders Advisory
Council (Beijing IBLAC)
Group CEO
Appointed to the Board: January 2023
Manveen Kaur (known as Pam Kaur) (62)
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Skills and experience: Pam has
extensive global banking experience,
gained over an almost 40-year career
with a number of global financial
institutions. She has performed many
senior roles in audit, business,
compliance, finance and risk
management.
Career: Pam was appointed Group
CFO on 1 January 2025. Prior to this,
she served as Group Chief Risk
Officer from January 2020 and
assumed responsibility for
Compliance in June 2021. She served
as Group Chief Risk and Compliance
Officer until December 2024. Prior to
joining HSBC in April 2013 as Group
Head of Internal Audit, Pam held
several senior positions including
Global Head of Group Audit for
Deutsche Bank; Chief Financial
Officer and Chief Operating Officer of
the Restructuring and Risk Division
for Royal Bank of Scotland Group plc;
Group Head of Compliance and Anti-
Money Laundering for Lloyds TSB;
and Chief Compliance Officer for
Citigroup International. Pam
previously served as a non-executive
Director of Centrica plc and Aberdeen
Group plc. She currently serves as a
non-executive Director of The
Hongkong and Shanghai Banking
Corporation Limited.
External appointments:
–No external appointments
Group CFO
Appointed to the Board: January 2025
Board committee membership key
  Committee Chair
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  Group Audit Committee
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  Group Risk Committee
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  Group Remuneration Committee
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  Nomination & Corporate 
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      Governance Committee
  Group Technology and Operations
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      Committee
ÑFor full biographical details of our
Board members, see
www.hsbc.com/who-we-are/our-
people/board-of-directors.
HSBC Holdings plc Annual Report on Form 20-F
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The Board
Independent non-executive Directors
Geraldine Buckingham (48) 
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Skills and experience: Geraldine is
an experienced executive within the
global financial services industry, with
significant leadership experience in
Asia.
Career: Geraldine is the former Chair
and Head of Asia-Pacific at
BlackRock, where she was
responsible for all business activities
across Hong Kong, mainland China,
Japan, Australia, Singapore, India and
Korea. After stepping down from this
role, she acted as senior adviser to
the Chairman and Chief Executive
Officer of BlackRock. She earlier
served as BlackRock’s Global Head of
Corporate Strategy, and previously
was a partner within McKinsey &
Company’s financial services practice. 
External appointments:
–Independent non-executive
Director of Brunswick Group
Partnership Ltd
–Independent non-executive
Director of H.R.L. Morrison & Co
Limited
–Member of the Advisory Board of
the McKinsey Health Institute
Independent non-executive Director
Appointed to the Board: May 2022
Wei Sun Christianson (69)   
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Skills and experience: Wei brings
extensive banking and regulatory
experience gained over a 30-year
international career.
Career: Wei previously served as a
Senior Advisor at Morgan Stanley,
following her retirement in 2022 after
serving as Co-CEO, Asia Pacific since
2011. She was also CEO, Morgan
Stanley China from 2006 to 2022. Prior
to joining Morgan Stanley, Wei held
senior regulatory roles at the Hong Kong
Securities and Futures Commission,
where she was involved in drafting the
regulatory structure that enabled
companies from the People’s Republic
of China to be listed outside China.
External appointments:
–Independent non-executive
Director of LVMH Moët Hennessy
Louis Vuitton SE
Independent non-executive Director
Appointed to the Board: January 2026
Rachel Duan (55)   
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Skills and experience: Rachel is an
experienced business leader with
exceptional international experience
in the US, Japan, mainland China and
Hong Kong.
Career: Rachel spent 24 years at
General Electric (‘GE’), where she
held positions including Senior Vice
President of GE, and President and
Chief Executive Officer of GE’s Global
Markets where she was responsible
for driving GE’s growth in Asia-
Pacific, the Middle East, Africa, Latin
America, Russia and the
Commonwealth of Independent
States. She also previously served as
President and Chief Executive Officer
of GE Advanced Materials China and
then of Asia-Pacific; President and
CEO of GE Healthcare China; and
President and CEO of GE China. She
has previously served as a non-
executive Director of AXA S.A. 
External appointments:
–Independent non-executive
Director of Sanofi S.A.
–Independent non-executive
Director of the Adecco Group AG
–Independent non-executive
Director of Kering S.A.
Independent non-executive Director
Appointed to the Board: September 2021
Dame Carolyn Fairbairn (65) 
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Skills and experience: Carolyn has
significant experience across the
media, government and finance
sectors, and a deep understanding of
the macroeconomic, regulatory and
political environment.
Career: An economist by training,
Carolyn has served as a partner at
McKinsey & Company, a member of
the UK prime minister John Major’s
Number 10 Policy Unit, and as Director-
General of the Confederation of British
Industry, and held senior executive
positions at the BBC and ITV plc. She
has extensive board experience, having
previously served as non-executive
Director of Lloyds Banking Group plc,
The Vitec Group plc, Capita plc and BAE
Systems plc. She has also served as a
non-executive Director of the UK
Competition and Markets Authority and
the Financial Services Authority.
External appointments:
–Senior Independent Director of
Tesco plc
–Member of the Advisory Council of
Frontier Economics
Independent non-executive Director
Appointed to the Board: September 2021
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The Board
James Forese (63) 
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Skills and experience: Jamie has
over 30 years of international
business and management
experience in the finance industry
working in areas including global
markets, investment and private
banking.
Career: Jamie formerly served as
President of Citigroup. He began his
career in securities trading with Salomon
Brothers, one of Citigroup’s predecessor
companies, in 1985. In addition to his
most recent role as Citigroup’s
President, he was Chief Executive
Officer of Citigroup’s Institutional Clients
Group. He has held the positions of
Chief Executive of its Securities and
Banking division and Head of its Global
Markets business. He previously served
as non-executive Chairman of Global
Bamboo Technologies. Jamie currently
serves as non-executive Chair of HSBC
North America Holdings Inc.
External appointments:
–No external appointments
Independent non-executive Director
Appointed to the Board: May 2020
Ann Godbehere (70)   
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Skills and experience: Ann brings
deep financial acumen and extensive
financial services experience over a
30-year career spanning insurance,
retail and private banking, and wealth
management. She also provides
global perspectives, drawing upon
experiences and insights gained from
a long career in international
business.
Career: After joining Swiss Re in 1996,
Ann served as the company’s Chief
Financial Officer from 2003 to 2007.
She was also Interim Chief Financial
Officer of Northern Rock Bank from
2008 to 2009 in the period immediately
after its nationalisation. Ann also has
extensive board experience, including
with FTSE 100 companies, having
previously served as non-executive
Director of Prudential plc, British
American Tobacco plc, UBS AG, UBS
Group AG and as Senior Independent
Director of Rio Tinto plc and Rio Tinto
Limited. She currently serves as non-
executive Chair of HSBC Bank plc.
External appointments:
–Non-executive Director and Chair of
the Audit Committee of Stellantis
N.V.
–Non-executive Director and Chair of
the Audit and Risk Committee of
Shell plc
Independent non-executive Director
Appointed to the Board: September 2023
Senior Independent Director: May 2024
Steven Guggenheimer (60) 
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Skills and experience: Steven
brings extensive insight into
technologies ranging from artificial
intelligence to Cloud computing,
through his experience advising
businesses on digital transformation.
Career: Steven has more than 25 years
of experience at Microsoft, including
more than a decade as Corporate Vice
President, where he led teams focused
on original equipment manufacturers,
developers and independent software
vendors and artificial intelligence
solutions.
External appointments:
–Independent non-executive
Director of BT Group plc
–Independent non-executive
Director of Leupold & Stevens, Inc
–Independent non-executive
Director of Forrit Holdings Limited
–Member of Advisory Board of
Quantexa Limited
Independent non-executive Director
Appointed to the Board: May 2020
Dr José Antonio Meade Kuribreña (56) 
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Skills and experience: José has
extensive experience in public
administration, banking and financial
policy.
Career: José has held cabinet-level
positions in the federal government of
Mexico, including as Secretary of
Finance and Public Credit, Secretary of
Social Development, Secretary of
Foreign Affairs and Secretary of Energy.
Prior to his appointment to the cabinet,
he served as Undersecretary and as
Chief of Staff in the Ministry of Finance
and Public Credit. José is also a former
Director General of Banking and Savings
at the Ministry of Finance and Public
Credit, and served as Chief Executive
Officer of the National Bank for Rural
Credit. He currently serves as non-
executive Chair of Grupo Financiero
HSBC, S. A. de C. V, HSBC Latin
America Holdings (UK) Limited and of
HSBC Mexico, S.A., Institucion de
Banca Multiple, Grupo Financiero
HSBC.
External appointments:
–Independent non-executive
Director of Grupo Comercial
Chedraui, S.A.B. de C.V.
–Independent Member of the
Technical Committee of Fibra Uno
Administracion SA de CV
–Member of the Advisory Board of
the University of California, Centre
for US-Mexican Studies
–Member of the UNICEF Mexico
Advisory Board
–Independent non-executive
Director of Nemak, S.A.B de C.V
Independent non-executive Director
Appointed to the Board: March 2019
Workforce engagement non-executive Director since: June 2022
HSBC Holdings plc Annual Report on Form 20-F
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The Board
Kalpana Morparia (76) 
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Skills and experience: Kalpana is a
skilled business leader with
significant experience gained through
a 45-year career in banking across
Asia, primarily in India.
Career: Kalpana’s most recent
executive role was as Chair of J.P.
Morgan, South and Southeast Asia and
a member of J.P. Morgan’s Asia
executive committee, held until her
retirement in 2021. Before J.P. Morgan,
she was the Joint Managing Director of
ICICI Bank, India’s second-largest bank,
from 2001 to 2007. She has previously
served as a non-executive Director on
the boards of Hindustan Unilever
Limited, Dr.Reddy’s Laboratories Ltd
and Meesho Inc. Kalpana also serves as
a board and governing council member
of several non-profit organisations in the
education sector.
External appointments:
–Independent non-executive
Director of The Great Eastern
Shipping Company Limited
–Independent non-executive
Director of Philip Morris
International Inc
–Member of the Mentor Council of
the Institute for Sustainability,
Employment and Growth (ISEG
Foundation)
Independent non-executive Director
Appointed to the Board: March 2023
Eileen Murray (67) 
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Skills and experience: Eileen has
extensive knowledge in financial
services, technology and corporate
strategy from a career spanning more
than 40 years.
Career: Eileen previously served as co-
CEO of Bridgewater Associates, LP.
Before this, she was CEO for
Investment Risk Management LLC, and
President and co-CEO of Duff Capital
Advisors. She also served as Chair of
the Financial Industry Regulatory
Authority. Eileen started her career at
Morgan Stanley, where she held
positions including Controller, Treasurer,
and Global Head of Technology and
Operations, as well as Chief Operating
Officer for its Institutional Securities
Group. She was also Head of Global
Technology, Operations and Product
Control at Credit Suisse.
External appointments:
–Independent non-executive
Director of Guardian Life Insurance
Company of America
–Chair of Broadridge Financial
Solutions, Inc
–Chair of Invisible Urban Charging
–Operating partner of Liberty City
Ventures
Independent non-executive Director
Appointed to the Board: July 2020
Swee Lian Teo (66) 
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Skills and experience: Swee Lian
brings extensive experience within
the international financial services
industry, having previously spent over
27 years with the Monetary Authority
of Singapore (‘MAS‘).
Career: During Swee Lian’s time at the
MAS, she worked in foreign reserves
management, financial sector
development, strategic planning and
financial supervision, before she
became the Deputy Managing Director
for Financial Supervision. She retired
from the MAS in 2015 after serving as
Special Advisor, focused on MAS’s role
in the international regulatory
framework, in the Managing Director’s
office. Swee Lian previously served as a
non-executive Director on the boards of
AIA Group Limited, Singapore
Telecommunications Limited and the
Dubai Financial Services Authority.
External appointments:
–Chair of CapitaLand Integrated
Commercial Trust Management
Limited
–Director of Clifford Capital Pte Ltd
–Chair of Singapore Post Limited
Independent non-executive Director
Appointed to the Board: October 2023
Angela McEntee (49)   
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Skills and experience: Angela is a
qualified solicitor with extensive legal,
regulatory, risk, and corporate
governance experience. She has
significant expertise in the UK and
Hong Kong Corporate Governance
Codes and Listing Rules having
worked with the Holdings Board and
Management Committees since
joining HSBC.
Career: Prior to joining HSBC in 2020,
Angela held senior roles in the
Governance function at NatWest Group
plc including legal, governance,
regulatory affairs and compliance, latterly
providing support to the Board Risk and
Audit Committees, together with
oversight for regulatory engagement
and advice on individual accountabilities.
Group Company Secretary
Appointed: January 2026
Former Directors who served during the year
Sir Mark Tucker retired from the Board on 30 September 2025
ÑFor full biographical details of our Board members, see www.hsbc.com/who-we-are/our-people/board-of-directors.
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Senior management
Senior management, which includes the Group Operating Committee, supports the Group CEO in the day-to-day management of the business and
the implementation of strategy.
Richard Blackburn.jpg
Richard Blackburn (60)
Group Chief Risk and Compliance
Officer
Richard was appointed Group Chief Risk
and Compliance Officer in April 2025,
having held the role in an interim
capacity since January 2025. With 36
years in financial services and over 20
years at HSBC, he has held several
senior positions including Regional Chief
Risk Officer for Europe and MENAT,
Chief Risk & Compliance Officer for
Global Banking and Markets, and Chief
Risk & Compliance Officer for Global
Commercial Banking.
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Barry O’Byrne (50)
Chief Executive Officer, International
Wealth & Premier Banking
Barry was appointed CEO of
International Wealth and Premier
Banking in October 2024. He joined
HSBC in 2017 as Chief Operating
Officer for Global Commercial Banking
and became CEO of the business in
2019. Before HSBC, Barry spent 19
years at GE Capital where he held
various senior leadership roles,
including CEO and Chief Operating
Officer for GE Capital International.
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Bob Hoyt (61)
Group Chief Legal Officer
Bob joined HSBC as Group Chief Legal
Officer in January 2021. He leads
HSBC’s global legal function, advising
the Board, Chief Executive and senior
management on legal and regulatory
matters. Bob previously held positions
in the US government as General
Counsel of the US Department of the
Treasury, and Associate Counsel to the
President.
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Russell Jackson (42) 
Group Head of Internal Audit
Russell Jackson was appointed Group
Head of Internal Audit in June 2025. He
is a standing attendee of the Group
Operating Committee. He joined HSBC
in 2023 as Group Head of Enterprise
Risk. Prior to joining HSBC, he served
as CEO of Fnality Services. He has also
previously held a range of risk and
regulatory roles at the Bank of England
and Prudential Regulation Authority.
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David Liao (53)
Co-Chief Executive, Asia and
Middle East
David was appointed Co-Chief
Executive of the Asia-Pacific region in
2021, with his role expanding to cover
the Middle East in January 2025. Since
joining HSBC in 1997, he has held
many senior roles and now serves as
Chair of HSBC Bank (China) Company
Limited, and as a Director of Bank of
Communications Co., Limited and
Hang Seng Bank Limited.
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David Lindberg (50) 
Chief Executive Officer, HSBC UK
Bank plc 
David was appointed CEO of HSBC UK
Bank plc in December 2025. With 27
years’ international banking experience, he
has led businesses in the UK, America and
Australia, focusing on retail, commercial
banking, and digital transformation. He
previously served as CEO of Retail Banking
at NatWest, CEO of Commercial and
Business Banking for Westpac Group,
CEO of Consumer Banking for Westpac
Group and other senior roles at CBA, ANZ
and First Manhattan.
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Stuart Riley (51)
Group Chief Information Officer
Stuart was appointed Group Chief
Information Officer in February 2024.
He is responsible for leading the bank’s
technology strategy, enabling the
delivery of an efficient, resilient,
and innovative digital bank. Prior
to joining HSBC, he was Co-Chief
Information Officer of Citi and
previously held senior technology
roles at Deutsche Bank.
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Michael Roberts (65)
Chief Executive Officer, HSBC
Bank plc, and Corporate and
Institutional Banking 
Michael was appointed CEO of
Corporate and Institutional Banking and
Western Markets in January 2025, also
serving as CEO of HSBC Bank plc. He
previously led HSBC US and Americas
until December 2024. Before joining
HSBC in 2019, Michael spent over 30
years at Citigroup, holding senior roles
such as Global Head of Corporate
Banking and Capital Management.
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Surendra Rosha (57)
Co-Chief Executive, Asia and
Middle East
Surendra was appointed Co-Chief
Executive of the Asia-Pacific region in
2021, with his role expanding to the
Middle East in January 2025. He is a
Director of The Hongkong and
Shanghai Banking Corporation Limited
and Saudi Awwal Bank. Since joining
HSBC in 1991, he has held senior
positions including Head of Institutional
Sales, Asia-Pacific and Chief Executive
for HSBC India.
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Aileen Taylor (53)
Group Chief People & Governance
Officer
Aileen was appointed Group Chief
People & Governance Officer in
October 2024. Aileen joined HSBC in
2019 as Group Company Secretary and
Chief Governance Officer and became
Group Chief People & Governance
Officer in 2024. Prior to joining HSBC,
she spent 19 years at the Royal Bank
of Scotland Group, holding various
legal, risk and compliance roles.
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Suzy White (49)
Group Chief Operating Officer
Suzy was appointed Group COO in
October 2024. With over 25 years at
HSBC, she has held numerous senior
roles including COO for Global Banking
and Markets, Regional COO for Global
Markets (Americas) and Chief Risk
Officer for Global Banking and Markets
and Commercial Banking in the US.
She is a Director of HSBC Bank
(Singapore) Limited.
Other Senior Management
who served during
the year:
–Jonathan Calvert Davies,
former Group Head of Internal
Audit and standing attendee of
the Group Operating
Committee, stepped down on
2 June 2025.
–John David (Ian) Stuart, former
Chief Executive Officer, HSBC
UK Bank plc stepped down as a
Group Operating Committee
member on 7 December 2025.
He assumed the role of Group
Customer and Culture Director
on 8 December and is a standing
attendee of the Group Operating
Committee.
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Board and senior management diversity
We value difference
We believe that a diverse and inclusive Board, reflective of the communities we serve, is a
critical component of effective decision-making and of developing a sustainable and
successful business for HSBC.
Gender and ethnic representation
As at 31 December 2025, the Board met the targets set out within the
UK Listing Rule 6.6.6 (9) and FTSE Women Leaders Review. Female
representation on the Board was 62% and two women held senior
Board positions. The Board had six Directors who identified as being
from an ethnic minority background. Following Wei Sun Christianson’s
appointment on 1 January 2026, female representation increased to
64% and the number of Directors from ethnic minority backgrounds
increased to seven.
The tables below outline the current gender and ethnic representation
of the HSBC Holdings Board and executive management reflecting
data gathered through self-identification as at 31 December 2025 in
accordance with the requirements of UK Listing Rule 6.6.6 (10).
Gender identity
Board members
Executive
management2
Number
%
Number of
senior
positions1
Number
%
Men
5
38
2
10
77
Women
8
62
2
3
23
Other
—
—
—
—
—
Not specified/prefer
not to say
—
—
—
—
—
Ethnic background
Board members
Executive
management2
Number
%
Number of
senior
positions1
Number
%
White British or other
White (including
minority-White groups)
7
54
2
9
69
Mixed/multiple ethnic
groups
—
—
—
—
—
Asian/Asian British
4
31
1
3
23
Black/African/
Caribbean/Black British
—
—
—
—
—
Other ethnic groups
2
15
1
1
8
Not specified/prefer
not to say
—
—
—
—
—
1Senior positions on the Board comprise the Group Chairman, Group CEO,
Group CFO and Senior Independent Director.
2Executive management comprises the Group Operating Committee
members and the Group Head of Internal Audit.
Skills and experience
As it is essential to the effective governance of the Group, and the
Board’s oversight and challenge of management, the Board ensures
that collectively and individually, the Board possess the necessary
skills, knowledge, expertise and experience.
The summary provides an overview of the skills and experiences held
by the non-executive Directors on the Board. This is based on the
current skills matrix, which is reviewed annually by the Nomination &
Corporate Governance Committee to ensure that the Board has the
skills and experience required to effectively discharge its duties and to
support succession planning discussions. The skills and experiences of
the newly appointed non-executive Director are also included in the
summary.
11
8
9
7
4
5
6
3
9
72567767435969
Banking
Finance
Risk
Customer
Digital technology
Sustainability
Direct Asia market experience
Direct UK market experience
Global business experience
1.
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How we are governed
We are committed to high standards of corporate governance. The Group has in place a comprehensive range of policies and procedures to help
ensure that its end-to-end governance is well managed, with appropriate and effective oversight and controls.
Board of Directors
A schedule of matters
reserved for the Board is
set out within its terms of
reference, which are
available at
www.hsbc.com/who-we-
are/our-people/board-of-
directors/board-
responsibilities.
The Board has overall, collective responsibility for the long-term success of the Group and delivery of sustainable value to
shareholders. Led by the Group Chairman, the Board is responsible for, among other matters:
–approving the Group’s strategy and objectives, and monitoring the alignment of the Group’s purpose, strategy and values with the
desired culture and standards;
–setting the Group’s risk appetite and monitoring the Group’s risk profile;
–approving and monitoring capital and financial resource plans for achieving strategic objectives, including material transactions;
–considering and approving the Group’s technology and environmental, social and governance strategies;
–reviewing the effectiveness of stakeholder engagement mechanisms, including engagement with the workforce;
–approving appointments to the Board and Board roles, and the remuneration of independent non-executive Directors;
–reviewing and approving changes to the Group’s overall corporate governance arrangements; and
–providing entrepreneurial leadership of the Group within a framework of prudent and effective controls, which enable risks to be
assessed and managed.
The Board delegates oversight of certain matters to its committees, which are each chaired by a non-executive Director. Board committees provide
regular reports on their activities and make recommendations to the Board. Only the Group Chairman and non-executive Directors are members of
Board committees. Details of committee memberships are in the Directors' biographies in 'The Board' section on pages 220 to 223. Terms of
reference of the Board committees are available at www.hsbc.com/who-we-are/our-people/board-of-directors/board-committees.
Chairman’s Committee
An ad hoc committee which provides Board members with the opportunity to consider time-critical matters between scheduled Board
meetings.
Group Audit Committee
('GAC')
Oversees matters relating to the Group’s internal controls, financial resourcing and reporting, internal and external audit, and
whistleblowing arrangements. For more information, see the Committee’s report from page 236.
Nomination & Corporate
Governance Committee
Oversees Board and senior management succession planning and monitors the corporate governance framework of the Group. For
more information, see the Committee’s report from page 233.
Group Remuneration
Committee
Responsible for reviewing and making recommendations to the Board, for approval by shareholders, on the Group remuneration policy
and approving the remuneration of the executive Directors and other senior employees. For more information, see the committee’s
report from page 249.
Group Risk Committee
('GRC')
Oversees and advises the Board on all risk-related matters, including financial and non-financial risks. For more information, see the
Committee’s report from page 242. 
Group Technology &
Operations Committee
('GTO')
Oversees HSBC’s technology and operations strategies and monitors alignment with overall Group strategy. For more information, see
the Committee’s report from page 246. 
Other Governance
Forums
Board Oversight Sub-Group: an informal mechanism whereby a
smaller group of Board members and management may meet on
an ad hoc basis to discuss emerging issues and upcoming Board
matters. This Sub-Group is chaired by the Group Chairman.
Board Sustainability Working Group ('SWG'): supports the
delivery of the sustainability strategy and provides oversight and
guidance in relation to the Group’s sustainability activities. The
SWG is comprised of four non-executive Directors. Further
information about SWG activities is on page 57.
The Board delegates day-to-day management of the business and delivery of strategy to the Group CEO. During the year, the Group CEO was
supported in these responsibilities by the Group Operating Committee ('Group OpCo').
Group Operating
Committee (Group
OpCo)
Supports the Group CEO in the day-to-day management of the Group. Comprised of 12 members of senior management including
infrastructure heads and the CEOs of each of our four business areas. The Group OpCo members are set out on page 224. The Group
OpCo operates under written terms of reference and its members report to the Board on matters as appropriate.
A number of committees support the Group OpCo by providing specialist oversight and guidance of the matters delegated to them. Such
matters include restructuring and investment considerations, risk management and controls, financial reporting and disclosures.
Group Finance Management
Meeting
Group Risk Management     
Meeting
Group Disclosure Committee
Acquisitions and Disposals
Committee
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How we are governed
Board roles and responsibilities
The roles of Group Chairman and Group CEO are held by two different individuals. There is a clear division of responsibilities between the
leadership of the Board by the Group Chairman, and the executive responsibility for day-to-day business management undertaken by the Group
CEO. A summary of director roles and their responsibilities is set out below. Full details are available at https://www.hsbc.com/who-we-are/our-
people/board-of-directors/board-responsibilities.
Roles
Responsibilities
Group Chairman
–Provides effective leadership of the Board and promotes the highest standards of corporate governance practices.
–Leads the Board in providing strong strategic oversight and setting the Board’s agenda, culture and values.
–Leads the Board in challenging management’s thinking and proposals, and fosters open and constructive debate among Directors.
–Maintains internal and external relationships with key stakeholders, and communicates investors’ views to the Board.
–Organises periodic monitoring and evaluation, including externally facilitated evaluation, of the performance of the Board, its
committees and individual Directors.
–Leads on succession planning for the Board and its committees, ensuring appointments reflect diverse cultures, skills and
experiences.
Group CEO
–Leads and directs the fulfilment of the Group’s purpose and strategy, in alignment with the desired culture and values as set by
the Board.
–Leads the Group Operating Committee with responsibility for the day-to-day leadership and management of the Group, in
accordance with the authority delegated to him by the Board.
–Maintains effective relationships with key internal and external stakeholders including the Group Chairman, the Board, customers,
regulators, governments and investors.
–Maintains accountability for the Group’s compliance with applicable laws, codes, rules and regulations, good market practice and
HSBC’s own standards, value and policies.
Group CFO
–Supports the Group CEO in developing and implementing the Group strategy, and recommends the annual budget and long-term
strategic and financial resource plan.
–Leads the Finance function and is responsible for effective financial and regulatory reporting, including the effectiveness of the
processes and controls, to ensure the financial control framework is robust and fit for purpose.
–Maintains relationships with key stakeholders including shareholders.
Senior Independent
Director 
–Supports the Group Chairman, acting as intermediary for non-executive Directors when necessary.
–Leads the non-executive Directors in the oversight of the Group Chairman, supporting the clear division of responsibility between
the Group Chairman and the Group CEO.
–Listens to shareholders’ views if they have concerns that cannot be resolved through the normal channels.
Non-executive Directors
–Provide input on the development of Group strategy.
–Challenge and oversee the performance of management in achieving agreed corporate goals and objectives.
–Contribute to the assessment and monitoring of culture.
–Maintain internal and external relationships with the Group’s key stakeholders.
Group Company
Secretary
–Maintains strong and consistent governance practices at Board level and throughout the Group.
–Supports the Group Chairman in ensuring effective functioning of the Board and its committees and engagement between senior
management and non-executive Directors.
–Facilitates induction and professional development of non-executive Directors.
–Advises and supports the Board and management in ensuring effective end-to-end governance and decision making across the
Group.
Operation of the Board
The Board is ordinarily scheduled to meet at least seven times a year.
In 2025, the Board held eight scheduled meetings, supplemented by
two ad hoc meetings. The Board agendas are set by the Group
Chairman, supported by the Group CEO and the Group Company
Secretary.
The Board approved the appointment of Angela McEntee as Group
Company Secretary, with effect from 1 January 2026. Angela is a
qualified solicitor with significant legal, regulatory, risk and corporate
governance experience (for further details, read Angela's biography on
page 223). Aileen Taylor, formerly the duly appointed Group Company
Secretary, remains in her role as Group Chief People & Governance
Officer.
The Group Chief People & Governance Officer, Group Chief Risk and
Compliance Officer and the Group Chief Legal Officer were regular
attendees at Board meetings during the year. Other members of senior
management were invited to attend to present specific matters. The
CEOs of our four business areas attended Board strategy sessions.
External presenters, including representatives from regulators, were
invited to attend meetings to provide specialist input and context.
Governance practices are in place to enable Board and Board
committee meetings to operate effectively. Papers presented are
expected to follow a template to ensure that Directors have the
appropriate information to take informed decisions. Each template
requires authors to describe any steps taken to engage with relevant
stakeholders and explain the extent to which stakeholders are, or will
be, impacted by the matter under consideration, and how this has
influenced any recommendations to the Board or committee. The
Board receives regular reports from committee Chairs on key matters
and discussions from committee meetings. The Group Chairman
meets with the non-executive Directors without the executive
Directors in attendance after Board meetings and otherwise, as
necessary.
All Directors are encouraged to have contact with management at all
levels and have full access to management information as needed.
Visits to local businesses are arranged for the Directors when they
attend Board meetings in different locations, and when travelling for
other reasons. Members of senior management often attend Directors’
engagements.
HSBC Holdings plc Annual Report on Form 20-F
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How we are governed
Meeting attendance
Meeting attendance by Board and Board committee members in 2025 is shown below. Attendance is shown as the number of meetings attended
out of the total number of meetings each person was eligible to attend during the year.
Board of
Directors1
Group Audit
Committee
Nomination &
Corporate
Governance
Committee
Group
Remuneration
Committee
Group Risk
Committee
Group
Technology &
Operations
Committee
General
Meetings2
Group Chairman
Sir Mark Tucker3
7/7
6/6
1/1
Brendan Nelson3
10/10
9/9
8/8
8/8
6/6
1/1
Executive Directors
Georges Elhedery
10/10
1/1
Pam Kaur
10/10
1/1
Non-Executive Directors
Geraldine Buckingham4,5
9/10
8/9
8/8
1/1
1/1
Rachel Duan4
10/10
8/9
8/8
6/6
1/1
Dame Carolyn Fairbairn4
10/10
8/8
6/6
7/8
1/1
James Forese
10/10
9/9
8/8
8/8
1/1
Ann Godbehere
10/10
9/9
8/8
6/6
1/1
Steven Guggenheimer2,4
10/10
7/8
8/8
5/6
0/1
José Antonio Meade Kuribreña
10/10
9/9
8/8
6/6
1/1
Kalpana Morparia
10/10
8/8
6/6
6/6
1/1
Eileen Murray
10/10
8/8
6/6
8/8
6/6
1/1
Swee Lian Teo
10/10
8/8
8/8
6/6
1/1
1    The total number of Board of Directors meetings comprises eight scheduled meetings and two ad hoc meetings.
2    Comprised of the AGM held on 2 May 2025. Steven Guggenheimer was unable to attend the AGM due to personal circumstances.
3    Sir Mark Tucker retired from the Board with effect from 30 September 2025. Brendan Nelson was appointed Group Chairman on an interim basis with effect
from 1 October 2025 and assumed the role on a permanent basis on 3 December 2025. Brendan Nelson attended seven Board meetings as an independent non-
executive Director and three Board meetings as Group Chairman.
4    Due to prior commitments, Geraldine Buckingham was unable to attend the Board meeting in March and the Group Audit Committee meeting in October, Dame
Carolyn Fairbairn was unable to attend the Group Risk Committee meeting in June, Steven Guggenheimer was unable to attend the Nomination & Corporate
Governance Committee and Group Technology and Operations Committee meetings in July, and Rachel Duan was unable to attend the Group Audit Committee
Meeting in September.
5    Geraldine Buckingham stepped down from the Remuneration Committee with effect from 31 January 2025.
Matters considered by the Board in 2025
Activities and areas of focus
Group strategy and 
business performance
–Agreed and monitored performance towards delivery of Group strategic priorities and reviewed and approved home market and
global business strategies.
–Provided strategic input to the Group's refreshed ambition and oversaw operational and governance progress towards creating
a more simple, agile and customer-centric organisation, including implementation of the new organisational design, our new
Leadership Principles and Group-wide leadership framework, How We Lead.
–Reviewed strategic growth opportunities, including detailed consideration of the proposal to privatise Hang Seng Bank Limited.
–Oversaw strategic disposals and targeted business reviews to support long-term, sustainable growth by focusing on areas of
competitive strengths.
–Monitored the continued development of the Group's environmental, social and governance strategies, including oversight and
approval of the Net Zero Transition Plan 2025, with the support of the Board Sustainability Working Group. ESG matters formed
a regular part of Board discussions during the year with formal updates provided at six scheduled Board meetings.
Financials
–Reviewed and approved key disclosures, including the Annual Report and Accounts 2024, Interim Report 2025 and quarterly
earnings releases.
–Reviewed and approved distributions, including dividend payments and share buy-backs.
–Approved renewal of the various debt issuance programmes.
–Reviewed and approved the Financial Resource Plan; oversaw resource allocation and investment decisions.
–Provided oversight of key accounting judgements, monitored ECLs and the impact of strategic transactions and significant
litigation from an accounting perspective.
Risk, Regulatory and Legal
–  Reviewed and approved frameworks, control documents, core processes and legal and regulatory responsibilities including:
–the Group’s risk appetite statement;
–Individual Liquidity and Capital Adequacy Assessment Processes, Internal Climate Scenario Analysis, Group Internal Stress
Test, Bank Capital Stress Test and other stress testing;
–the Group’s Human Rights and Modern Slavery Statement;
–consideration of updates in relation to the Group’s recovery and resolution capabilities and related documentation,
including testing;
–the PRA Operational Resilience self-assessment;
–risk data aggregation and risk reporting framework aligned to the Basel Committee on Banking Supervision 239 Principles;
–the efficacy of Model Risk Management (’MRM’) activities within HSBC;
–supervisory requirements, which included preparations in anticipation of new reporting requirements in respect of material
controls, under the UK and Hong Kong Corporate Governance Codes that take effect for the company's financial year
starting on 1 January 2026, and listing authority renewals;
–reviewed the legal implications of strategic transactions, and the impact of significant litigation faced by the Group; and
–PRA attendance at meetings and other engagements, including continued regular engagement in relation to leadership and
organisational changes.
Technology
–Oversaw continued strategic alignment of the Group’s technology infrastructure, and the programme to simplify and enhance
system resilience, and accelerate digital transformation across the bank.
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Corporate 
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statements
Additional
information
How we are governed
Activities and areas of focus
People & Culture
–Oversaw the Group’s refreshed ambition to become the most trusted bank globally, putting customers at the heart of
everything we do, and the development of our six new Leadership Principles and the How We Lead framework.
–Received results of the employee Snapshot survey and employee Pulse surveys.
–Participated in deep-dive sessions on people matters including on the future state of the workforce.
–Participated in various workforce engagement activities and updates.
External
–External insights gained through presentations and talks by external parties, for example government officials and regulators.
Governance
–Oversaw development of our refreshed governance framework and operating rhythm.
–Approved the appointments of a new Group Chairman, independent non-executive Director and Group Company Secretary.
–Reviewed and approved Group policies, terms of reference and delegations of authority.
–Undertook an internal Board and committee performance effectiveness review.
–Participated in stakeholder engagement activities.
–Made recommendations to shareholders for approval at the 2025 AGM.
–Continued oversight of Director independence, external appointments and conflicts of interest.
Cultural oversight
The Board has responsibility for ensuring that HSBC’s culture is aligned
with the Group’s purpose, values and strategy, and for assessing and
monitoring how the desired culture has been embedded and is being
sustained. Our culture is an enabler of our ambition and strategy, and
we are committed to a high performance culture, where talented
people can thrive, raising the standards of what we do every day for the
benefit of our customers, colleagues, shareholders and communities.  
During 2025, the Board oversaw the development and implementation
of our new Leadership Principles and the launch of our new, Group-
wide leadership framework, How We Lead. The Leadership Principles
set out our expectations for leaders across HSBC, and How We Lead
provides the common leadership language, behaviours and tools to
enable us to deliver better outcomes for our customers, colleagues and
other stakeholders. A number of Board members supported the launch
of How We Lead at our senior leadership event in June 2025 and the
Board received regular updates on the roll out and further development
of the How We Lead framework.
A Board Culture Health Check has been developed and implemented to
support the Board in assessing how leaders across the Group are
embracing the Leadership Principles, and embedding the How We
Lead tools and language in authentic ways to improve outcomes. The
Board also received updates during the year from employee Pulse
surveys designed to gauge employee awareness, sentiment, and
understanding of organisational changes.
A management Advisory Group, led by the Group Chief People &
Governance Officer and the Group Customer and Culture Director, and
consisting of representatives from across our business areas and
functions, has been established to support and advise on the delivery
and implementation of How We Lead. Non-executive Directors attend
Advisory Group meetings on a rotating basis which provides them with
greater insight into the Group’s cultural transformation and ensures
there is alignment between the Board’s expectations on culture and
management’s delivery and implementation.
The Group Customer and Culture Director role, reporting directly to the
Group CEO, was newly created during the year and has responsibility
for ensuring that the customer’s voice is embedded at the heart of our
strategy. Working closely with the Group OpCo, the Group Customer
and Culture Director ensures that colleagues across the Group are
equipped with the right skills and tools to support our customers and
we can meet customers' needs through the development of market-
leading products and propositions.
The Group Chief People & Governance Officer provides a regular paper
to the Board covering key priorities, updates and emerging areas of
focus in people matters. Each scheduled Board meeting begins with a
’customer and culture moment’, at which examples of recent
customer, employee or other stakeholder activities and interactions
which demonstrate ways of working, perspectives and other insights
into culture across the Group are presented.
The Board receives further cultural insights from the results of our all-
employee Snapshot survey and broader management reporting, which
provides key data indicators, including on peoples' behaviours,
sentiment and business outcomes.
The governance structure supporting the Board further facilitates
effective oversight of key people and culture matters. Through the
work of the Group Audit Committee, the Board monitors the nature of
risk and control culture across the Group and sees the impact of its
policies and practices and how they are embedded, through reports on
matters such as whistleblowing, code of conduct breaches and
investigations (for further information see the Group Audit Committee
Report on page 236).
For information about the Board's engagement with our workforce and
other stakeholders see pages 29 and 229.
Governance framework
The governance framework and operating rhythm at HSBC has been
reviewed and reshaped during the year to support the creation of a
simpler, more dynamic organisation. By meaningfully simplifying
governance processes we aim to promote greater clarity and individual
accountability, and thereby enable more efficient decision-making. The
Group-level formal governance structure has been streamlined to
increase focus on individual accountability of decision-makers and their
delegates, and this approach has been cascaded throughout the
organisation.
In some instances, governance committees and forums have been
combined or demised to create more focused and strategic governance
pathways. The ESG Committee, Group People Committee and the
Change Prioritisation & Oversight Committee were demised. The
Holdings Asset & Liabilities Committee became a management
committee, reporting to the Group Finance Management Meeting. A
summary of the Group governance framework as at the date of this
report is set out on page 226.
The Board’s engagement with the
workforce
The Board acknowledges the importance of engaging with the Group's
workforce through various forums. Such interactions enable the Board
to gain insights that inform their discussions and decision making. They
also offer colleagues a platform to share ideas and feedback on matters
important to them. While all Directors are responsible for engaging with
the workforce, José Meade serves as the Board's dedicated non-
executive Director for workforce engagement. He provides oversight of
the Group's workforce engagement programme and acts as a central
point for workforce interactions. This role facilitates meaningful,
inclusive dialogues and ensures that employees' voices are considered
in Board decisions where appropriate.
97
20,300
Virtual/physical sessions
attended by non-executive
Directors
Number of employees engaged
physically/virtually
8
56
Countries where in-person
engagement took place and
many more virtually
Virtual/physical sessions
attended by workforce
engagement non-executive
Director
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How we are governed
Workforce engagement programme and activities during 2025
The Board agreed an annual workforce engagement programme to
support the Directors’ understanding of the views of the wider
workforce. This was developed with input from the dedicated non-
executive Director for workforce engagement and the Group Chief
People & Governance Officer, and was designed to provide Directors
with opportunities to engage with colleagues across the Group. In
keeping with previous years, two primary mechanisms were used for
this engagement: organising events for Board members during Board
travel or as individual Director location allowed; and offering Board
members opportunities to attend pre-existing Group employee events
scheduled during the year. Structuring the programme this way allowed
the Board to meet a diverse group of colleagues and participate in a
broad range of engagements globally. By utilising pre-existing
employee events, the Board was able to gain organic insights into
employee and management interactions. Employee engagements
were held in various formats: in-person meetings and larger-scale
events, including town halls and virtual formats.
Given the organisational changes during the year, the programme for
2025 was anchored to our Group purpose, strategy, values and
ambition which complemented the cultural transformation taking place
through the Group. Further details of the cultural transformation are set
out on page 229.
A key component of the 2024 workforce engagement programme was
visits to Global Service and Technology Centres, given the critical role
they play in supporting the wider HSBC business to deliver its strategy.
This remained a priority during 2025 and visits were scheduled to
Mexico City and Pune, and through discussions, floor walks, fireside
chats and town halls, the Board gained deeper insights into the work of
these centres.
José Meade provided regular reports to the Board on the outputs and
key themes arising from engagements, which aided Board discussions
and decision making. During the year, José Meade also attended the
Group OpCo and the Chairman’s Forum to share key insights and
issues raised during employee engagements. This enabled open
dialogue with senior executives and other Group subsidiary chairs and
ensured management considered and took timely action in response to
colleague feedback. In addition, this provided the opportunity for the
executives to provide input and share feedback with José Meade to
take forward when considering future engagements.
Key themes included the impact of organisational changes, talent
development and inclusion in the workplace. These themes shaped
conversations between colleagues and Board members and have
informed planning for the 2026 workforce engagement programme,
ensuring events are targeted to reflect these key topic areas.
Each of the Board members continued to sponsor at least one of our
Global Employee Resource Groups (’ERGs’). During 2025, the Directors
met with their respective ERGs to discuss the ERGs’ strategy for the
year and upcoming priorities. Directors were also invited to take part in
other ERG events where possible, and every effort was made to
facilitate local ERG members meeting their aligned Director during
planned Board travel.
Set out below is a selection of workforce engagement events that
were held in 2025, attended by José Meade and other Board members.
Strategy
–Directors met with colleagues in branch to experience how customers are
supported through the UK branch network.
–Attended a listening session with a small group of UK-based managers to
gain insights into experiences on performance and reward matters. 
–Directors completed a floor walk of the Hang Seng Bank flagship branch to
engage with colleagues.
–Met with wealth management Hong Kong colleagues to gain a deeper
understanding of wealth management and digital capabilities in Hong Kong.
–Visited the Pune HSBC Technology Centre.
–José Meade visited the HSBC Korea office and met with colleagues to gain
a better understanding of the region.
–Directors attended various exchange sessions in London to hear the
employee voice on the business reorganisation and cultural transformation.
Inclusion
–An engagement session was held with colleagues who were part of the
EmpowHER and Solaris networks to discuss inclusion and development.
–Directors attended an interactive session to trial the UK Wellbeing initiative,
Empathy Box, an immersive learning experience designed to help
colleagues better understand vulnerabilities through emotive experiences.
–An engagement session was held with a small group of Pride ERG
members during Pride Month.
–Attended a virtual event to celebrate 15 years of Balance ERG.
–José Meade engaged with US-based ERG leaders to discuss business
topics, employee sentiment and ERG contribution in the US. 
Talent development
–A number of Directors attended the Senior Leaders Event in Nansha which
launched the How We Lead framework.
–An engagement session was held with HSBC India leadership.
–Attended exchange sessions with UK-based graduates and degree
apprentices to hear about their experiences with HSBC.
–Attended an exchange session with Hong Kong-based graduates to hear about
their experiences with HSBC.
–Met with a small group of AI Ambassadors to discuss the education
opportunities in technology across the business.
–José Meade joined a How We Lead event held in Mexico City as part of the
roll out of the new How We Lead framework to senior leaders.
“Given the organisational changes during
the year, the programme for 2025 was
anchored to our Group purpose, strategy,
values and ambition, which
complemented the cultural transformation
taking place through the Group.“
José Meade, Dedicated Workforce Engagement NED
1.5.14.2 RT_1.5.13.2.34 Degree Apprentices.jpg
1.5.14.3 RT_1.5.13.2.37 EmpowHER event.jpg
José Meade, Geraldine Buckingham and Kalpana Morparia
at an exchange session with UK-based degree apprentices 
London, April 2025
Fireside chat with Kalpana Morparia and the EmpowHER
and Solaris networks
London, April 2025
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Additional
information
How we are governed
Board induction and training
The Board recognises the importance of induction and training for its
Directors. To ensure Directors’ contributions to the Board remain
informed and relevant, all Board members receive appropriate training,
both individually and collectively, throughout their tenure.
The Group Company Secretary works with the Group Chairman to
ensure that, on appointment, new Directors are provided with tailored
and comprehensive induction programmes appropriate to their
individual experiences and needs, including the process for managing
actual and potential conflicts of interest. Board induction programmes
are conducted through formal briefings and introductory sessions with
other Board members, senior management, legal counsel, auditors, tax
advisers and regulators, as appropriate. Topics covered in the induction
programme include but are not limited to: purpose and values; culture
and leadership; governance and stakeholder management; Directors’
legal and regulatory duties; recovery and resolution planning; anti-
money laundering and anti-bribery; technical and business briefings;
and strategy.
The induction process is often initiated before appointment to allow
each new Board member to contribute meaningfully from appointment.
The structure of the induction supports good information flows
between the Board and its committees, as well as between senior
management and non-executive Directors, providing a clear
understanding of our culture and way of operating.
As part of the transition to Group CFO, Pam Kaur completed an
induction and development plan which was overseen by the
Nomination & Corporate Governance Committee.
Prior to her appointment as a non-executive Director, Wei Sun
Christianson received relevant training and legal advice from a firm of
solicitors on 8 December 2025. Following this training, Wei Sun
Christianson confirmed her understanding of her obligations
as a director of a listed issuer pursuant to Rule 3.09D of the Hong Kong
Listing Rules. As part of her continued onboarding, Wei Sun
Christianson will be provided with a tailored induction, which takes into
account her listed directorship experience. 
The approach to Director training is agreed annually by the Nomination
& Corporate Governance Committee. Training sessions are facilitated
by both internal subject matter experts and by external presenters.
During the year Board training sessions included the following key
topics; financial crime, recovery and resolution, and internal controls.
Members of Board committees receive relevant training, as
appropriate. Further details on any specific training commissioned by
Board committees can be found in the respective committee reports
from page 233 onward. Directors may take independent professional
advice at HSBC’s expense.
Directors were issued with training modules, which mirrored the
mandatory training undertaken by employees. During 2025, this training
covered topics including risk management, operational resilience,
health and safety, well-being, cyber-security, financial crime, AI and
data protection.
During the year, non-executive Directors discussed individual
development areas with the Group Chairman as part of their
performance discussions. The Group Company Secretary makes
appropriate arrangements for any additional training needs identified
using internal resources, or otherwise, at HSBC’s expense.
Board Directors who serve on principal subsidiary boards receive
training that is pertinent to circumstances and context relevant to those
boards. For further information, see ’The role of principal subsidiaries’
on page 232.
Directors’ induction and ongoing development in 2025
Director
Strategy and
performance1
Risk management
and
controls2
Corporate
governance, ESG
and other reporting
matters3
Geraldine Buckingham
u
u
u
Rachel Duan
u
u
u
Georges Elhedery
u
u
u
Dame Carolyn Fairbairn
u
u
u
James Forese
u
u
u
Ann Godbehere
u
u
u
Steven Guggenheimer
u
u
u
Pam Kaur
u
u
u
José Antonio Meade Kuribreña
u
u
u
Kalpana Morparia
u
u
u
Eileen Murray
u
u
u
Brendan Nelson
u
u
u
Swee Lian Teo
u
u
u
u
Matter considered
u
Matter not considered
1Directors received weekly updates on key business updates, performance metrics, investor relations and regulatory matters. Directors also had the opportunity
to attend town halls and business function events regionally.
2    Directors received risk and control training and briefings. Examples of specific sessions held in 2025 included: ’Recovery and Resolution’, ‘Internal Controls’ and
‘Financial Crime’.
3    Directors received development updates at Board meetings on: ’Board stakeholder engagement’ and ESG matters including regulatory changes. Directors
received additional training through their attendance at forums such as the Chairman’s Forum, Remuneration Committee Chairs’ Forum and the Global Non-
Executive Director Update.
Board and committee performance review
Performance reviews are an important part of effective governance and
support the operation of the Board and its committees.
The 2025 Board and committee performance review was facilitated
internally by the Group Chief People & Governance Officer and Group
Governance. This followed two externally facilitated reviews in 2023
and 2024. 
The 2025 review, which consisted of a questionnaire, supplemented by
interviews with each Director and relevant senior management and
advisers, focused on three key themes:
–Progress against findings from the 2023 and 2024 reviews: all
actions arising from these reviews were considered to have been
effectively delivered.
–Oversight of the organisational changes: reporting to the Board was
considered to have been thorough and transparent, allowing
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How we are governed
Directors to effectively oversee and challenge management on
progress against commitments. 
–Oversight of the work to implement a high performance culture and
the How We Lead framework: the Board’s oversight of and
engagement with How We Lead was valued, and the introduction of
a Board culture health-check was agreed, which will support the
Board in discharging its oversight responsibilities.
The outputs from the review were presented to the Board and its
committees in December 2025. Overall, the review concluded that the
Board and its committees continued to operate effectively. The review
did not identify any material notable areas for improvement, however,
the Board have agreed to focus on three areas of potential
enhancement to help further improve effectiveness and performance:
–Board reporting: the Group Company Secretary has been tasked
with exploring the use of AI tools to help with report preparation, as
well as to enable Directors to review and analyse information within
meeting packs, to improve the consistency and impact of reports
across the Board and its committees.
–Stakeholder engagement: the Board agreed to review its approach
to stakeholder engagement, to ensure that this continues to be
valuable and to provide insights that inform oversight, challenge and
decision-making by the Board. Opportunities to further enhance the
Board’s alignment and connectivity with Principal Subsidiary boards
will also be considered.
–Board and Board committee composition: the Nomination &
Corporate Governance Committee will lead a refreshment of longer-
term succession planning for key Board roles, which will consider
the technical and experiential capabilities required to ensure that the
Board and its committees continue to function effectively in both 
the short and longer term.
The former Group Chairman and his interim successor met with each
Director individually during September 2025 in relation to their individual
performance and development. No performance review was conducted
for the Group Chairman owing to the retirement of Sir Mark Tucker,
and the process to identify a permanent successor for the Group
Chairman role, which was ongoing at the time of the review.
The Group Company Secretary will work with the Board and Board
committee Chairs to implement the agreed areas for enhancement
over the course of 2026.
Subsidiary governance
We are committed to maintaining high standards of corporate
governance throughout the Group. All subsidiary boards and their
respective businesses are required to have in place effective
governance arrangements which have regard to the businesses’
nature, size, location and the sectors in which they operate.
The subsidiary accountability framework
The subsidiary accountability framework aims to balance appropriate
governance oversight by the Group with each subsidiary’s local legal and
regulatory requirements. The framework supports the Group in promoting
effective governance arrangements across its subsidiaries by:
–setting out high-level principles and expectations which emphasise
best practice governance;
–ensuring a consistent and proportionate approach to corporate
governance arrangements; and
–ensuring a shared and consistent understanding of the Group’s
strategic objectives, culture and values.
Group subsidiary board composition is kept under review as part of
succession planning. See the Nomination & Corporate Governance
Committee report on page 233 for information regarding the
succession plans of principal subsidiaries.
The role of principal subsidiaries
Certain subsidiaries are designated formally by the Board as principal
subsidiaries. In addition to their obligations under their respective local
laws and regulations, principal subsidiaries, supported by regional
company secretaries, perform a critical role in ensuring effective and
high standards of governance across the Group and in overseeing the
implementation of the subsidiary accountability framework in the
regions for which they are responsible.
Representatives from principal subsidiaries attend the Board and its
committee meetings for relevant topics, including when the Board
holds meetings outside of the UK. The Chairs of principal subsidiary risk
and audit committees are invited to attend relevant Group committee
meetings. Attendance and participation at these meetings supports
subsidiary directors’ understanding of the challenges facing the Group
and helps to identify common challenges and facilitate the sharing of
lessons learned.
The Group Chairman interacts regularly with the chairs of the principal
subsidiaries, including through the Chairman’s Forum. The Chairman’s
Forum comprises the chairs of each of the principal subsidiaries, the
Group’s Senior Independent Director, the chairs of the Group’s audit,
risk and remuneration committees, and where relevant, the Group
CEO, other non-executive Directors and members of executive
management, advisers and/or external experts.
In 2025, the Chairman’s Forum covered topics such as strategic
planning and reporting, geopolitical issues and macroeconomic outlook,
shareholder engagements, Group-wide connectivity of non-executive
Directors, technology and innovation developments, How We Lead,
workforce engagement and financial performance. The principal
subsidiaries are:
Principal subsidiary
Oversight responsibility
The Hongkong and Shanghai Banking
Corporation Limited
Asia-Pacific
HSBC Bank plc
Europe and Bermuda (excluding
UK ring-fenced activities)
HSBC UK Bank plc
UK ring-fenced bank and its
subsidiaries
HSBC Middle East Holdings BV
Middle East, North Africa and
Türkiye
HSBC North America Holdings Inc.
US
HSBC Latin America Holdings (UK) Limited
Mexico and Latin America
Subsidiary director development
The Group is dedicated to supporting the continuing professional
development of its subsidiary directors.
The Bank Director Programme, launched in 2022, is designed to
prepare HSBC executives and senior managers to assume roles as
internal non-executive directors on our subsidiary boards. Over 40
delegates have completed the programme and many have now served
as internal non-executive directors on Group subsidiary boards.
Our Bank Chair Programme took place in late 2024 and early 2025 with
attendees comprising subsidiary board and committee chairs from
across the Group. The programme focused on developing our ‘chairs of
the future‘ and equipping them to lead ‘best-in-class’ subsidiary boards
and committees at HSBC. The programme covered a range of topics
with a future focus including regulation, subsidiary governance, culture,
customers, building a future-focused board, climate, transformation, AI
and geopolitics.
Our annual Global Non-executive Director Update is another way we
engage and connect with subsidiary directors to provide updates and
share knowledge. Over 160 attendees joined our 2025 session where
topics included strategy and performance, the external environment
and culture.
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Nomination & Corporate Governance
Committee
Brendan_Nelson_SQAURE.jpg
“Continuing to strengthen the
succession plans for key roles, in line
with the short- and long-term needs
of the Board and wider Group,
remains a key priority for me and the
Committee this year.“
Brendan Nelson
Chair
Nomination & Corporate Governance
Committee
For Board committee membership, see Board biographies on
pages 220 to 223 and for meeting attendance in 2025 see page
228.
Key responsibilities
The Committee’s key responsibilities include:
–overseeing succession planning and leading the process for
identifying and nominating candidates for appointment to the
Board and its committees;
–overseeing succession planning and development of senior
leadership;
–overseeing and monitoring the corporate governance
framework of the Company and its subsidiaries; and
–ensuring that the corporate governance framework is consistent
with relevant standards and best practices.
I am pleased to present the Nomination & Corporate Governance
Committee report, my first since succeeding Sir Mark Tucker as Group
Chairman.
The Committee’s immediate priority is to identify successors for Ann
Godbehere as Senior Independent Director, as well as my successor as
Chair of the Group Audit Committee.
As previously announced, following the successful completion of the
Group Chairman succession process, Ann Godbehere, who led the
process as Senior Independent Director, informed the Board of her
decision to step down from the Board at the conclusion of our 2026
AGM. Ann leaves with our very best wishes and thanks for the
considerable commitment she made over her time on the Board.
While we have made good progress over the past two months and
considered both internal and external candidates for the Group Audit
Committee Chair and Senior Independent Director roles, we are not yet
in a position to confirm the outcome of these processes. We continue
to work at pace and will provide an update in due course. We expect to
announce the appointments – and for them to take effect – following
the conclusion of our 2026 AGM on 8 May 2026, subject to completion
of the regulatory approval process.
This means that I will continue to hold the role of Chair of the Group
Audit Committee for a further period. While this has not been and is not
in accordance with Provision 24 of the UK Corporate Governance Code,
the Board has determined at all relevant times that it was in the best
interests of the Group and its stakeholders that I maintain my role as
Group Audit Committee Chair to allow for a permanent successor to be
appointed and to provide continuity of oversight.
During the year, we also welcomed Wei Sun Christianson to the Board
from 1 January 2026. Her appointment enhances the Board’s collective
experience of the business, cultural and regulatory context of key
markets, specifically Hong Kong and mainland China. We look forward
to benefiting from the insights and perspectives Wei will bring to the
Board’s deliberations.
I am pleased to confirm that the 2025 Performance Review concluded
that the Committee continued to discharge its duties effectively.
Additional details on the annual review of the Board and the
Committee’s effectiveness can be found from page 231.
Finally, there was significant change to senior leadership as part of the
reorganisation of the Group around its four core businesses in line with
our strategy. The focus throughout 2025 has been on overseeing the
rebuild of succession plans for key roles, which has been led by
Georges Elhedery and Aileen Taylor. 
My thanks to my fellow Directors for their commitment to our efforts to
develop talent and future leaders, as evidenced through their mentoring
relationships with senior talent. This has provided excellent exposure to
our senior talent, and has contributed to more informed discussions on
the strength of our succession bench.
Brendan Nelson
Chair of the Nomination & Corporate Governance Committee
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Additional
information
Nomination & Corporate Governance Committee
Committee governance
The Group Chief People & Governance Officer attended all Committee
meetings during the year. She supported the Group Chairman in
ensuring that the Committee fulfilled its responsibilities under its Terms
of Reference and in line with corporate governance best practice, and
also presented on succession and development activity for the Group
OpCo and other key senior management roles. The Group CEO also
regularly attended Committee meetings throughout the year.
The Committee retains the support of various executive search firms to
assist with its objectives in relation to Board succession planning and
appointments. Russell Reynolds Associates (‘RRA’), provided support
to management on senior management succession and recruitment. In
addition, RRA, Christoph Zeiss Partners (‘CZ Partners’) and MWM
Consulting (‘MWM’) provided support to the Committee on Board
succession and recruitment. RRA, CZ Partners and MWM have no
other connection to the Group or with members of the Board other
than to support on the Board and senior management succession and
recruitment.
Board composition and succession
Following the appointments during 2024 of Georges Elhedery as Group
CEO and Pam Kaur as Group CFO, the Committee’s primary focus
during the year was on succession planning for the Group Chairman
role.
Sir Mark Tucker joined the Board on 1 September 2017 and assumed
the role of Group Chairman on 1 October 2017. The Committee
commenced active succession planning for the Chairman role in Q4
2024 after Sir Mark had served for seven years. On 1 May 2025, the
Group provided an update on the succession process the Committee
was undertaking. On 6 June 2025, the Group announced that Brendan
Nelson would assume the role of Interim Group Chairman upon Sir
Mark’s retirement from the Board on 30 September 2025. Brendan
joined the Board in September 2023.
The PRA and FCA granted regulatory approval for Brendan Nelson as
Group Chairman in advance of his appointment as Group Chairman on
an interim basis effective 1 October 2025. A thorough handover
process, in accordance with regulatory expectations, was undertaken
with Sir Mark in advance of Brendan’s assumption of the role. He also
underwent a tailored induction plan to ensure he was equipped to fulfil
the role. This focused on refreshing and developing new relationships
with key external stakeholders, particularly investors in Asia.
On 3 December 2025, Brendan was appointed Group Chairman having
held the role on an interim basis since 1 October 2025. This decision
followed a robust process that considered both internal and external
candidates and regulatory approval.
Group Chairman succession
In preparation for Sir Mark Tucker’s retirement, the Committee, led by
the Senior Independent Director, proactively commenced the process
to identify his successor in Q4 2024. Key steps in the Group Chairman
succession process included:
Appointment of external
search adviser
Establishment of a sub-
group of the Committee
Candidate interviews
with Committee
members
Agreement of the role
profile and success
criteria
Presentations to
Committee and Q&A
Feedback collated and
discussed by the
Committee
Consideration of
implications on existing
HSBC responsibilities
Decision on preferred
candidate
Regulatory engagement
and application
Announcement of
appointment of Brendan
Nelson as Group
Chairman
The Committee (other than Brendan Nelson who was recused)
selected Brendan Nelson as the preferred candidate, subject to
regulatory confirmation. Following engagement with the PRA and FCA,
the Board approved Brendan Nelson’s appointment as permanent
Group Chairman effective immediately, as announced on 3 December
2025.
The Board determined at all relevant times that it was in the best
interests of the Group for Brendan to continue in role as Chair of the
Group Audit Committee and that for all applicable purposes he satisfied
the requisite tests of independence.
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Other key board succession decisions
The Committee continued to keep the composition of the Board and of
its committees under review, with assessments focused on the skills,
knowledge, and experience necessary to oversee, challenge and
support management, in the achievement of the Group’s strategic and
business objectives.
Following a recruitment process for a new Director, which prioritised
further strengthening the Board’s banking experience and deep
business and cultural expertise across Asia, Wei Sun Christianson was
appointed to the Board with effect from 1 January 2026. Wei met with
members of the Board, including the Group CEO and the feedback
from these meetings then informed the Committee’s recommendation
to the Board for her appointment. Wei brings extensive banking and
regulatory experience gained over a 30-year international career. Her
biography can be found on page 221.
The Committee remains focused on identifying successors for the
Senior Independent Director and Chair of the Group Audit Committee
roles. Good progress has been made in considering and assessing both
internal and external candidates. The Committee will continue to
engage with regulators in relation to the necessary regulatory approvals
and has full confidence that an announcement will be made in time to
allow for the appointments to take effect from the conclusion of the
2026 AGM.
As set out in last year’s report, the appointment term of José Meade,
Workforce Engagement non-executive Director, was extended to the
2026 AGM. During 2025, the Committee considered the future needs
of the Board, and the performance and contributions of José, and
agreed a further extension to the 2027 AGM, subject to his re-election
by shareholders. This reflects José’s contributions, and leadership in
enhancing the Board’s understanding of the views of the workforce. It
is the Board’s strong belief that this extension of José’s appointment,
given his performance and contributions to the Board, is in the best
interests of the Group and its stakeholders.
During 2026, the Committee will conduct a thorough review of the size
and composition of the Board committees. This review will look to
undertake the effective use of the skills and expertise of the Directors,
and to continue to enable effective support and challenge by the
respective committees.
Board diversity
The Board recognises the importance of gender, social and ethnic
diversity, and the benefits that diverse identities and backgrounds bring
to Board effectiveness. Representation is a consideration in succession
plans and appointments at both Board and senior management level, as
well as more broadly across the Group. The Committee also considers
representation on Board committees when reviewing their
composition.
The Board’s diversity and inclusion policy was updated in December
2025, and is available at https://www.hsbc.com/who-we-are/our-
people/board-of-directors/board-responsibilities. Further details on the
Board’s diversity data can be found on page 225.
Senior executive succession and
development
Following Georges Elhedery’s appointment as Group CEO and Pam
Kaur’s appointment as Group CFO the Committee monitored and
received updates on their induction and development plans.
Given the new, simpler organisational structure, the Committee
approved updated succession plans for the Group Operating
Committee members. These reflected continued efforts to support the
development and progression of diverse talent and promote the long-
term success of the Group. This included future internal and external
succession options for the Group CEO, to ensure that the Committee
has a robust and actionable succession plan when required.
When considering internal succession plans, the Committee received
updates on individual development plans that supported alignment to
key priorities and career trajectory, as well as exposure to Board and
Group Operating Committee members.
Since the last report, the Committee oversaw and approved several
changes to the senior leadership team. These included the
appointment of the permanent Group Chief Risk and Compliance
Officer, the Group Head of Internal Audit and the CEO of HSBC UK
Bank plc. These appointments completed the work on building a Group
senior leadership team that will drive the Group’s strategy into the
future. 
Subsidiary governance
In line with the subsidiary accountability framework, the Committee
continued to oversee the corporate governance and succession
arrangements across the principal subsidiary portfolio. Additional details
on the subsidiary accountability framework are set out on page 232.
The Committee continued to oversee principal subsidiary composition
and succession planning through the annual review of Board
succession plans.
In order to further strengthen connectivity between the Board and the
most significant subsidiary boards in the Group, the Committee
recommended that José Meade be appointed to the Grupo Financiero
HSBC, S. A. de C. V., HSBC Latin America Holdings Limited and HSBC
Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC.,
boards. The Committee is confident that these appointments will
further enhance governance arrangements and connectivity.
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Group Audit Committee
Brendan_Nelson_SQAURE.jpg
“As Chair, I’m pleased with the
Committee’s commitment to robust
oversight and transparent reporting.
Together, we’ve strengthened
internal controls and deepened
collaboration across the Group.“
Brendan Nelson
Chair
Group Audit Committee
For Committee membership, see Board biographies on pages 220
to 223 and for meeting attendance in 2025, see page 228.
Key responsibilities
The Group Audit Committee (’GAC’) has non-executive
responsibility for the oversight of matters relating to financial
reporting and internal controls. The GAC’s key responsibilities
include:
–monitoring the integrity of financial statements;
–reviewing the Group’s financial and accounting policies and
practices;
–monitoring the effectiveness of the internal control
environment;
–monitoring and reviewing the effectiveness of the Global
Internal Audit function; and
–oversight and remuneration of the external auditor and making
recommendations to the Board on the appointment of the
external auditor.
I am pleased to introduce the GAC report, my second as Chair, and
thank the Committee members for their contribution and support
during 2025. The key matters considered by the Committee are set out
below.
Financial and regulatory reporting
The GAC received regular updates from the Group CFO and Global
Financial Controller on key financial reporting issues and the related
management judgements. These included spending significant time on
the appropriateness and clarity of the Group’s market guidance,
including in relation to returns, costs and expected credit losses (‘ECL’).
Given the uncertain global macroeconomic environment, the GAC
carefully considered its disclosures on ECL, in particular those relating
to the Group’s exposure to the mainland China and Hong Kong
corporate real estate sectors. The GAC also provided close oversight of
the disclosure risks associated with sustainability and climate reporting,
and related controls. This included its review of the Net Zero Transition
Plan which was published in November 2025.
The GAC focused on monitoring the programme of work designed to
enhance the quality and reliability of regulatory reporting and align with
HSBC's internal standards and external regulatory expectations. This
included regular updates from management, focused review meetings
to guide short- and medium-term delivery plans, and meetings with
external parties.
The Financial Reporting Council ('FRC') undertook a Corporate
Reporting Review of HSBC’s Annual Report and Accounts 2024, and
we are pleased to report that no formal matters were raised.
Internal controls
The GAC has an important role in monitoring and overseeing the
control environment, taking into account the external operating
environment and following the Group's recent reorganisation.
Enhancing the control environment for the Group’s regulatory reporting
obligations remains a central focus and ongoing priority for both
management and our regulators globally.
Throughout the year the GAC oversaw ongoing enhancements in this
area, supported by the Group Chief Control Oversight Office. This
included work to support preparations for the Board's declaration on
the effectiveness of material controls, which HSBC will be required to
include in the Annual Report and Accounts 2026, under the UK and
Hong Kong Corporate Governance Codes.
Connectivity within the Group
Ensuring strong connectivity between the Group and its subsidiaries is
an important aspect of the GAC’s oversight model, and has been a key
feature over the past few years. I have spent time with several of the
subsidiary audit committee chairs, both individually and as part of
plenary sessions, encouraging their participation in Group-wide
discussions including in relation to regulatory reporting. Ongoing,
regular engagement with our subsidiary audit chairs will continue to be
an important part of the GAC’s governance practices.
Global Internal Audit
We welcomed Russell Jackson as the new Group Head of Internal
Audit, effective 3 June 2025. The handover was supported by myself
and the other GAC members, and we extend our gratitude to Jonathan
Calvert-Davies for his dedication to the role since 2019. 
Engagement with the Global Internal Audit function continued
throughout the year, with the GAC receiving regular updates. Following
the positive outcome of the External Quality Review of the Global
Internal Audit function conducted in 2024 by Deloitte, an internal
review under the Global Professional Practices Quality Assurance and
Improvement Programme in 2025 confirmed Global Internal Audit’s
ongoing general conformance with the Institute of Internal Auditors
Standards.
Committee performance
Finally, I was pleased that the annual review of the GAC’s performance
concluded that the Committee continued to operate effectively. Further
details of the review can be found in the 'Board and committee
performance review' section on page 231.
Brendan Nelson
Chair of the Group Audit Committee
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How the Committee discharged its responsibilities
Financial reporting
The GAC is responsible for reviewing the Group’s financial reporting
disclosures, including the Annual Report and Accounts, Interim Report,
quarterly earnings releases, analyst presentations and Pillar 3
disclosures.
Furthermore, as an area of expanded assurance, the GAC, supported by
the Group Disclosure Committee, provided close oversight of disclosure
risks in relation to sustainability and climate reporting, and related
controls.
As part of its review, the GAC:
–challenged and evaluated management’s application of accounting
policies subject to critical estimates and judgements and material
areas in which significant accounting judgements were applied;
–reviewed and challenged management’s judgements and
disclosures in relation to impairment reviews of HSBC’s investment
in Bank of Communications Co., Limited, performed using a value-in-
use methodology;
–gave particular regard to the analysis and measurement of IFRS 9
ECL, including the key judgements and management adjustments
made in relation to the forward economic guidance, underlying
economic scenarios and reasonableness of the weightings, as well
as modelling and adjustments;
–focused on preparation of disclosures to ensure these were
consistent, appropriate and could be validated under the relevant
financial and governance reporting requirements;
–reviewed analysis and assurance work by external financial advisers
in connection with (i) the Group’s reorganisation plans; and (ii) the
privatisation of HASE;
–tracked and monitored delivery against the external audit plan; and
–provided advice to the Board on the form and basis underlying the
long-term viability statement.
We also received limited assurance from an independent third-party on
certain elements of the Group’s climate reporting.
In conjunction with the Group Risk Committee, the GAC considered
the current position of the Group, along with the emerging and
principal risks, and carried out a robust assessment of the Group’s
prospects. This assessment informed the GAC’s recommendation to
the Board on the Group’s long-term viability. The GAC also undertook a
detailed review before recommending to the Board that the Group
should continue to prepare its annual and interim financial statements
on a going concern basis.
Financial planning
The GAC reviewed and debated the robustness of the financial plan for
the financial years 2026 to 2030. The GAC considered the risks and
challenges, and ensured that the process to develop the financial
resource plan was robust and that the assumptions driving the financial
performance of the Group were appropriate and subject to appropriate
challenge. Specifically, the Committee reviewed revenue assumptions
against economic and market growth rates in the countries and territories
in which HSBC operates, and considered various downside planning
scenarios against available resources and risk appetite capacity.
Fair, balanced and understandable
The Committee reviewed the draft Annual Report and Accounts 2025
and results announcements and provided feedback and challenge to
management. It was supported by the work of the Group Disclosure
Committee. Following review and challenge of the disclosures, the
Committee recommended to the Board that the Annual Report and
Accounts 2025, taken as a whole, were fair, balanced and
understandable. These provided shareholders with the necessary
information to assess the Company and the Group’s position and
performance, business model, strategy and risks facing the business.
Internal controls
The GAC is responsible for overseeing the effectiveness of all internal
controls. During the year, the GAC provided oversight of the ongoing
enhancement of the operation and monitoring of the Group’s internal
control environment, informed by reports from the Group Chief Control
Oversight Office.
This included an assessment of the Group's work on material controls
to support the Board’s forthcoming declaration of their effectiveness in
the Annual Report and Accounts 2026, under the requirements of the
UK and Hong Kong Corporate Governance Codes. This comprised
evaluating controls with the potential to materially impact the Group, our
customers or the stability of the market, in line with FRC and Hong
Kong Exchanges and Clearing guidance.
Regular updates and confirmations are provided to the GAC on the
actions management take to remediate any failings or weaknesses
identified through the operation of the Group’s framework of internal
controls. This is supplemented by reviews of these controls by the Group
Chief Control Oversight Office, the second line of defence, internal audit,
and the external auditors, who provided additional assurance to the
Committee on the effectiveness of these controls.
These updates included the Group’s work on compliance with section
404 of the US Sarbanes-Oxley Act, which requires publicly-traded
companies such as HSBC to establish, maintain and assess an
adequate internal controls structure and procedures for financial
reporting. Based on this work, the GAC recommended that the Board
support its assessment of the internal controls over financial reporting.
ÑFor further details of how the Board reviewed the effectiveness of key
aspects of internal control, see page 280. 
Regulatory reporting
Regulatory reporting continues to be a key priority. The Committee
oversaw initiatives to enhance the quality and reliability of regulatory
reporting, to align with both HSBC's internal standards and regulatory
reporting expectations.
During 2025, the GAC reviewed progress updates on HSBC-specific
external reviews, examined root causes and emerging themes
identified from assurance activities, and challenged management to
demonstrate sustainable improvements. The GAC also assessed the
management of dependencies with other key programmes, and
discussed programme resourcing.
ÑFurther details can be found in the ‘Principal activities and significant issues
considered during 2025’ table on page 244.
FRC's Corporate Reporting Review
The FRC conducts routine reviews of the annual reports and accounts
of FTSE 350 companies. The outcome of the FRC's review of HSBC's
Annual Report and Accounts 2024 raised no formal matters for our
attention. This review was based solely on HSBC's Annual Report and
Accounts 2024 and did not include detailed knowledge of HSBC's
business. The scope of such reviews by the FRC does not include
verification of the information set out in those documents or any
related assurance; it is limited to a consideration of compliance with
reporting requirements.
Adequacy of resources
The Committee is responsible, under the Hong Kong Listing Rules, to
annually assess the adequacy of resources of the accounting, internal
audit, financial reporting and ESG performance and reporting functions. It
also monitored the legal and regulatory environment relevant to its
responsibilities.
The Committee determined that each of the functions provided thorough
information with regards to people capacity and capability. This
determination was aided by specific reports from and engagement
meetings with the senior leaders of these functions.
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Connectivity with principal subsidiary audit
committees
The Committee recognises the importance of strong connectivity and
alignment with principal subsidiary audit committees. The mechanisms
to support this are well established and continued to operate
effectively during the year. This included information sharing and
targeted collaboration between audit committee chairs and
management to ensure there was appropriate focus on the local
implementation of programmes. During 2025, this included dedicated
sessions on regulatory reporting, with the principal subsidiary audit
committee chairs, chief executive officers and chief financial officers of
the Europe, Asia-Pacific, Middle East and Americas regions attending
committee meetings to provide updates on progress, discuss local
challenges, and highlight key areas of focus to the Committee.
In addition to the Chair‘s regular meetings with the audit chairs of the
Group’s principal subsidiaries, and their attendance at GAC meetings
for relevant items, they provided quarterly reports on their local audit
committee activities. This included updates on internal control, and
financial and regulatory reporting matters that are significant from a
local or enterprise-wide perspective. On a half-yearly basis, the audit
committees of the principal subsidiaries certify to the GAC that their
financial statements have been prepared appropriately, Group policies
have been followed, and any matters requiring the Committee's
attention have been escalated.
Interaction with regulators
The Committee Chair continued to engage with various key
stakeholders, including regulators to understand their views, key
themes and areas of focus within the broader financial services sector
on matters relevant to the work of the Committee. This included
periodic trilateral meetings involving the Group’s external auditor, PwC,
and the PRA.
External auditor
The GAC has primary responsibility for overseeing the relationship with
the Group’s external auditor, PwC. PwC completed this year’s audit, its
eleventh, providing robust challenge to management and sound
independent advice to the Committee on specific financial reporting
judgements, sustainability reporting and the overall control
environment. Key audit matters discussed with PwC are set out in its
report on page 286. The Committee reviewed, and concluded that, all
requirements of the FRC's Audit Committees and the External Audit:
Minimum Standard (’the Standard’), where relevant, were met during
2025. The GAC reviewed the PwC external audit approach, including
the materiality, risk assessment and scope of the audit.
The GAC assessed the effectiveness of PwC as the Group’s external
auditor, focusing on the overall audit process, its effectiveness and the
quality of output, informed in part by the FRC's audit quality indicators.
Key strengths highlighted in the review include strong independent
challenge, deep audit team experience, a thorough understanding of
the Group‘s businesses and associated risks, and strong technical
accounting and industry knowledge. The review also identified some
areas for improvement, focused on communication of testing status,
planning, timeliness of testing and coordination.
The GAC receives regular updates from PwC and management on
external auditor performance, providing wider visibility of ongoing and
emerging issues. There were no breaches of the policy on hiring
employees or former employees of the external auditor during the
year. The lead audit partner attends all Committee meetings and the
GAC Chair maintains regular contact with the senior audit partner and
his team throughout the year.
The Committee assessed any potential threats to independence that
were self-identified or reported by PwC. Based on the reporting
received, PwC are deemed to be independent. PwC, in accordance
with professional ethical standards and applicable rules and regulations,
provided the GAC with written confirmation of its independence for the
duration of 2025.
The Committee confirms it has complied with the provisions of The
Statutory Audit Services for Large Companies Market Investigation
(Mandatory Use of Competitive Tender Processes and Audit
Committee Responsibilities) Order 2014 for the financial statements.
Following the Committee‘s recommendation to reappoint PwC as the
auditor, shareholders passed the associated resolution at the 2025
AGM. At the same time, shareholders authorised the Committee to
determine PwC‘s audit fee for the financial year ended 31 December
2025, which was approved by the Committee at its June 2025
meeting.
The Committee is responsible for setting, reviewing and monitoring the
appropriateness of the provision of non-audit services by the external
auditor. It also applies the Group’s policy on the award of non-audit
services to the external auditor. The non-audit services are carried out
in accordance with the external auditor independence policy to ensure
that services do not create a conflict of interest. All non-audit services
are either approved by the GAC Chair, or by Group Finance when
acting within delegated limits and criteria set by the GAC. All non-audit
services where fees exceeded $1m were subject to approval by the
GAC Chair. For all non-audit services provided during 2025, it was
considered to be in the best interests of the Group to use PwC for
these services because they were:
–audit-related assurance services, with the work closely related to
work performed in the audit and in some instances required by local
regulators to be performed by the external auditor; or
–other assurance services that involve obtaining appropriate audit
evidence to express a conclusion designed to enhance the degree
of confidence of the intended users other than the responsible party
about the subject matter information, including attestation reports
on internal controls of a service organisation primarily prepared for
and used by third-party end users.
2025
2024
Auditors‘ remuneration
$m
$m
Total fees payable1
159.1
146.6
of which fees for non-audit services
50.2
43.8
Ratio of non-audit fees to audit fees2
46.1%
43.0%
1    In addition, $2.1m in expenses were reimbursed to PwC in 2025.
2    The calculation is on a simple ratio and is not based on FRC guidance on
non-audit fees ratio thresholds.
Following the conclusion of a formal competitive audit tender process,
in 2023 the Board approved the re-appointment of PwC as external
auditor for the next 10-year cycle beginning with the financial year
ending 31 December 2025. As a UK public interest entity, HSBC is
required to tender its audit every 10 years and rotate every 20 years.
PwC is a registered public interest entity auditor in Hong Kong.
Whistleblowing and speak-up culture
Speaking up when something does not feel right is integral to HSBC's
values. HSBC remains committed to empowering colleagues to raise
concerns confidently, and to taking appropriate action in response. A
range of channels are available for colleagues to raise concerns,
including the Group’s whistleblowing channel, HSBC Confidential (see
page 61 for further information).
The Board has delegated responsibility to the GAC to oversee the
effectiveness of HSBC’s whistleblowing arrangements. The Chair of
the GAC is a Group Senior Manager under the FCA's Senior Managers
and Certification Regime, and has a prescribed responsibility as the
Whistleblowers’ Champion to ensure the integrity of HSBC’s policy and
procedure on whistleblowing and protecting those who report
concerns. The GAC Chair reports to the Board on the GAC’s oversight
of whistleblowing as part of his regular reporting updates.
The Committee is also briefed on culture and conduct risks from
whistleblowing cases and actions taken. The Group Head of Regulatory
Compliance updates the GAC annually on whistleblowing
effectiveness, including controls assessments and internal audit
findings.
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Global Internal Audit
The primary role of the Global Internal Audit function is to help the
Board and management strengthen the Group’s ability to create,
protect and sustain value. Global Internal Audit does this by providing
independent, risk based and objective assurance and advisory services
on the design and operating effectiveness of the Group’s framework of
risk management, control, and governance processes, prioritising the
greatest areas of risk. The independence of Global Internal Audit from
day-to-day line management responsibility is fundamental to its ability
to deliver objective audit coverage of all parts of the Group. Global
Internal Audit is free from interference by any element in the
organisation, including on matters of audit selection, scope,
procedures, frequency, timing, or internal audit report content. The
Group Head of Internal Audit reports to, and meets frequently with, the
Chair of the GAC. Global Internal Audit adheres to The Institute of
Internal Auditors' mandatory guidance.
Global Internal Audit may also perform advisory work at the request of
the Board or management. The nature and scope of advisory services
are subject to agreement with the Group Head of Internal Audit. When
performing advisory services, Global Internal Audit maintains objectivity
and does not assume management responsibility.
Consistent with previous years, the 2026 audit planning process
included assessment of the inherent risks and strength of the control
environment across the audit entities representing the Group. Results
of this assessment were combined with a top-down analysis of risk
themes by risk category to ensure that themes identified were
addressed in the annual plan. Audit coverage is achieved using a
combination of business and functional audits of processes and
controls, risk management frameworks and major change initiatives, as
well as regulatory audits, investigations and special reviews. The
annual audit plan was approved by the GAC.
The results of audit work, together with an assessment of the Group’s
framework of risk management, control and governance processes are
reported to the GAC, GRC and local audit and risk committees, as
appropriate. This reporting includes business and regulatory
developments and an independent view of emerging and horizon risk,
together with details of audit coverage and any required changes to the
annual audit plan. Based on regular internal audit reporting to the GAC,
private sessions with the Group Head of Internal Audit, the Global
Professional Practices annual assessment and quarterly quality
assurance updates, the GAC is satisfied with the effectiveness of the
Global Internal Audit function and the appropriateness of its resources.
Management is accountable for addressing the matters raised by
Global Internal Audit, which must be addressed within an appropriate
and agreed timetable.
Global Internal Audit maintains a close working relationship with
HSBC’s external auditor, PwC. The external auditor is kept informed of
Global Internal Audit’s activities and results, and is afforded free access
to all internal audit reports and supporting records.
Committee member independence
The Nomination & Corporate Governance Committee has confirmed
that each member of the Committee is independent according to the
criteria of the US Securities and Exchange Commission, and the
Committee and individual members continue to possess competence
relevant to the banking and broader financial services sector in which
the Group operates. The Board has determined that Brendan Nelson
and Ann Godbehere are the Committee's ‘financial experts’ for the
purposes of section 407 of the Sarbanes-Oxley Act and have recent
and relevant financial experience for the purposes of the UK and Hong
Kong Corporate Governance Codes.
Principal activities and significant issues considered during 2025
Areas of focus
Key issues
Conclusions and actions
Accounting
policies subject
to critical
estimates and
judgements
Expected credit losses
The measurement of ECL involves significant
judgements, particularly under current economic
conditions. There remains uncertainty over ECL
estimation due to high inflation, interest rate volatility,
economic and tariff policy changes and weaker
economic growth in the Group’s key operating
markets.
–The Committee reviewed economic scenarios for the key countries and territories in
which the Group operates and challenged management’s judgements on the
weightings assigned to the scenarios. The Committee also challenged
management’s judgement-based adjustments for uncertainty across specific sectors
and geographies, including the controls underpinning the adjustments process and
conditions under which the adjustments would be reduced or removed.
–The Committee continued to monitor management’s updates on areas of particular
focus, including downside risk in mainland China and Hong Kong commercial real
estate sectors.
Valuation of financial instruments
Management continues to review its methodologies
and approaches to valuing the Group’s portfolio in
relation to investments, trading assets and liabilities
and derivatives.
–The Committee received periodic updates on the key valuation metrics and
judgements involved in the determination of the fair value of financial instruments.
–The Committee agreed with the judgements applied by management, which were
validated through appropriate governance and control forums.
Investment in subsidiaries
Management has reviewed investments in
subsidiaries for indicators of impairment and
reversals, and conducted impairment reviews where
relevant. These involve exercising significant
judgement to assess the recoverable amounts of
subsidiaries, by reference to projected future cash
flows, discount rates and regulatory capital
assumptions.
–The Committee reviewed the judgements applied in the impairment review of HSBC
Overseas Holdings (UK) Limited, including key inputs such as projected profits that
support the recoverable amounts of its subsidiaries.
Valuation of defined benefit pension obligations
The valuation of defined benefit pension obligations
involves highly judgemental inputs and actuarial
assumptions which include interest rate, inflation rate,
mortality rates and other demographic assumptions.
Management considered these assumptions in
consultation with actuarial experts to determine the
valuation of the defined benefit obligations.
–The Committee has considered the effect of changes in key assumptions on the
HSBC UK Bank plc section of the HSBC Bank (UK) Pensions Scheme, which is the
principal plan of HSBC Group. Details of key assumptions can be found on page 324 
of the ’Notes on the financial statements’.
HSBC Holdings plc Annual Report on Form 20-F
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Group Audit Committee
Principal activities and significant issues considered during 2025 (continued)
Areas of focus
Key issues
Conclusions and actions
Accounting
policies subject
to critical
estimates and
judgements
Investment in an associate – Bank of
Communications Co., Limited
During the year, management performed impairment
reviews of HSBC’s investment in Bank of
Communications Co., Ltd (‘BoCom’), and considered
the financial impact of BoCom’s capital issuance in
June 2025. The impairment assessments considered
whether there is indication of further impairment, or if
previously recognised impairment may no longer exist
or may have decreased. The impairment reviews are
complex and require significant judgements, such as
the appropriateness of projected future cash flows,
discount rate, and regulatory capital assumptions.
–The Committee reviewed and challenged management’s judgements and
disclosures in relation to impairment reviews of HSBC’s investment in BoCom,
performed using a value-in-use methodology.
–The Committee reviewed the appropriateness of key assumptions such as projected
future cash flows, and assessed management’s procedures to ensure that the latest
available information was reflected at the 31 December 2025 reporting.
–The Committee discussed the impact of BoCom’s capital issuance, and resulting
dilution of HSBC’s investment, on the Group’s accounts and challenged
management on the related accounting treatment analysis.
Impairment of goodwill and non-financial assets
During the year, management tested for impairment
of goodwill and non-financial assets, including
additional consideration for the future impacts
resulting from the announced organisational
restructure. Key judgements in this area relate to
long-term growth rates, discount rates and projected
future cash flows to include for each cash-generating
unit tested, both in terms of compliance with the
accounting standards and reasonableness of the
forecasts.
–The Committee reviewed and challenged management’s approach and methodology
used for the impairment testing of goodwill and non-financial assets, with a key
focus on the projected cash flows included in the forecasts and discount rates used.
–The Committee also challenged management’s key judgements and considered the
reasonableness of the outcomes against business forecasts and the strategic
objectives of the Group.
Legal proceedings and regulatory matters
Management has used judgement in relation to the
recognition and measurement of provisions, as well
as the existence of contingent liabilities for legal and
regulatory matters.
–The Committee reviewed reports from management on legal proceedings and
regulatory matters, and challenged related accounting judgements and disclosures.
Notably, this included the review of management's judgements in relation to a legal
provision following developments in a claim in Luxembourg relating to the Bernard
L. Madoff Investment Securities LLC fraud.
Deferred tax-related judgements
HSBC has recognised deferred tax assets to the
extent that they are recoverable through expected
future taxable profits. Significant judgement continues
to be exercised in assessing the probability and
sufficiency of future taxable profits, future reversals of
existing taxable temporary differences and expected
outcomes relating to uncertain tax treatments.
–The Committee considered the recoverability of deferred tax assets and
management’s judgements relating to uncertain tax treatments.
Financial and
regulatory
reporting
Environmental, social and governance (‘ESG’)
reporting
The Committee considered on a periodic basis
management’s efforts to enhance ESG disclosures
and associated verification and assurance activities,
with a specific focus on the Net Zero Transition Plan
(published in November 2025) and climate-related
disclosures made in the Annual Report and Accounts
2025.
–The Committee conducted a review of ESG disclosures to ensure they were fair,
balanced and transparent regarding the challenges faced while also reflecting the
Group’s ongoing embedding of sustainability risk policies across the business.
Regulatory reporting
The Committee monitored progress by management
in delivering a sustainable control environment for
regulatory reporting across the Group.
–The Committee reflected on the continued focus on the quality and reliability of
regulatory reporting by the PRA and other regulators globally.
–The Committee oversaw management’s execution against the agreed remediation
plans, and challenged management on the approach and timeframes to deliver
accurate reporting submissions to the Group’s global regulators. Discussions
included a focus on shared dependencies across various Group-wide programmes,
for example on data and subject matter expertise.
–Periodic reports were presented by certain of the Group’s principal subsidiaries, to
allow a holistic review of management’s remediation activities and to discuss
consistency of approach across the Group.
–The Committee actively participated in specific meetings on matters relating to
regulatory reporting, to allow greater challenge and depth of oversight of targeted
milestones and deliverables.
Impact of acquisitions and disposals
HSBC engaged in a number of corporate activities
throughout the year. Judgement was involved in
determining the timing of recognition of assets held-
for-sale, gains or losses, and the measurement of
assets and liabilities on acquisition or disposal.
–The Committee reviewed management’s judgements related to transactions during
the year, including the sale of French home and certain other loans and life
insurance assets, the planned sale of HSBC Malta, and the privatisation of HASE.
Considerations included the timing of classification as held-for-sale and the
accounting impacts of the transactions.
Capital
Distributable reserves
On 24 June 2025, the High Court of England and
Wales confirmed the cancellation of a combined
$16.6bn standing to the credit of HSBC Holdings plc
share premium account and capital redemption
reserve, which became effective upon registration by
the Registrar of Companies on 10 July 2025 ("Capital
Reduction"). The effect of this Capital Reduction was
to increase distributable reserves, giving the Company
further flexibility to deliver shareholder returns over
the coming years.
–The Committee received regular management updates on the progress of the Capital
Reduction and reviewed the Interim condensed financial statements of HSBC
Holdings plc for the period ended 31 July 2025, which reflected the reclassification of
cancelled reserves to retained earnings.
HSBC Holdings plc Annual Report on Form 20-F
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Group Audit Committee
Principal activities and significant issues considered during 2025 (continued)
Areas of focus
Key issues
Conclusions and actions
Going concern
Long-term viability and going concern statement
The Committee has considered a wide range of
information relating to present and future projections
of profitability, cash flows, capital requirements and
capital resources. These considerations include
stressed scenarios and the implications of:
–geopolitical tensions including the ongoing Russia-
Ukraine war and Middle East conflicts, US-China
tensions and the consequential impacts on supply
chains globally;
–macroeconomic risks including inflationary risks,
mainland China and Hong Kong real estate sector
risks and economic policy uncertainty; and
–climate risk, operational resilience, and other top
and emerging risks, and the related impact on
profitability, capital and liquidity.
–In accordance with the UK and Hong Kong Corporate Governance Codes, the
Directors carried out a robust assessment of the principal and emerging risks of the
Group and parent company. The Committee considered the statement to be made
by the Directors and concluded that the Group and parent company will be able to
continue in operation and meet liabilities as they fall due, and that it is appropriate
that the long-term viability statement covers a period of three years.
Control
environment
Sustainable control environment
The Committee oversaw the effectiveness of the
internal control environment of the Group, including
with regards to the requirements of the US Sarbanes-
Oxley Act.
–The Committee received regular updates on the control environment, and broader
change framework, to review the impact on financial reporting and tax risk within
the Group.
–In these updates the Committee monitored the assessment of the financial
reporting risk, tax risk and progress made on remediation of US Sarbanes-Oxley Act-
related deficiencies. This oversight enabled the Committee to assess
management's progress in implementing strategic actions to remediate identified
issues and strengthen the control environment, supporting a sustainable reduction
in risk.
–The Committee oversaw the work to support the Group’s oversight of all internal
controls, supported by the Group Controls Oversight Office.
Regulatory
change
Basel 3.1 Reform
The Committee considered the implementation of the
Basel 3.1 Reform and the impact on the capital
requirements and RWA assurance. This was
considered in the context of the strategy and
structure of the balance sheet.
–The Committee received updates on the progress and impact of the Basel 3.1
programme on the Group.
–Management discussed the delayed implementation dates, ongoing uncertainty
over the final definition of the rules by regulators, and the work undertaken to
mitigate delivery risks.
–The Committee reviewed the ongoing management of risks, issues and
dependencies and challenged management to prioritise deliverables in line with
regulatory timelines.
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Group Risk Committee
James Forese SQUARE.jpg
“In today’s rapidly shifting
environment, effective risk
management, strategic agility, and
disciplined capital deployment are
essential for navigating evolving
market dynamics and securing long-
term success.“
James Forese
Chair
For Committee membership, see Board biographies on pages 220
to 223 and for meeting attendance in 2025 see page 228.
Key responsibilities
The Group Risk Committee (’GRC’) has overall non-executive
responsibility for the oversight of risk-related matters and the risks
impacting the Group. The GRC’s key responsibilities include:
–overseeing and advising the Board on all risk-related matters,
including financial and non-financial risks;
–advising the Board on risk appetite-related matters, and key
regulatory submissions;
–reviewing the effectiveness of the Group’s risk management
framework and how effectively management is embedding and
maintaining an effective risk management control system;
–reviewing and challenging the Group’s stress testing exercises;
and
–overseeing the Group’s approach to conduct, fairness and the
prevention of financial crime.
I am pleased to present the GRC report, which reflects a year of
change, both internally and externally.
The GRC membership remained the same this year, providing the
Committee with a period of stability given the extensive organisational
change that took place in H1 2025. The mix of skills and experience of
the current membership remains appropriate to the needs of the
business and our strategy, and has been further enhanced by the
appointment of Wei Sun Christianson in January 2026. The Committee
was pleased to support the appointment of Richard Blackburn as
Group Chief Risk and Compliance Officer in April 2025. Richard has
worked closely with the Committee to ensure robust oversight of the
Group's risk management and compliance frameworks. I am grateful to
my fellow Committee members for their contributions last year, and
look forward to continuing to work together in 2026.
Macroeconomic environment
The macroeconomic environment in 2025 was characterised by
moderate growth amid persistent uncertainty. Inflationary pressures
have continued to ease across most major economies, allowing several
central banks to begin a gradual shift towards more neutral monetary
policy. However, regional divergences remain, with ongoing
geopolitical tensions influencing trade flows and investor sentiment.
The Committee has ensured consistent focus on the impact of trade
tariffs as announced in April, both from a financial and operational
perspective, as well as focusing on how we can support our customers
through this period. Financial markets have adjusted to a higher-for-
longer interest rate outlook, prompting recalibration of capital allocation
and risk appetite across sectors. The overall environment underscores
the importance of prudent risk management, strategic agility, and
disciplined capital deployment to navigate evolving market dynamics.
The Group’s wholesale credit risk and retail credit risk portfolios have
remained within risk appetite, and overall capital and liquidity positions
remained stable throughout 2025.
Financial risks
Financial risks remained well managed in 2025, with a continued focus on
treasury, capital and liquidity risk management activities. The Committee
readily responded to the PRA’s request to assess the potential business
model, credit and funding impacts from global economic uncertainty,
utilising our stress-testing capabilities to understand the potential
consequences to our strategy and financial resources. The Committee
held four additional sessions in 2025 to specifically consider our Treasury-
related responsibilities, which included dedicated time to the assessment
of the internal capital adequacy assessment process (‘ICAAP’) and
internal liquidity adequacy assessment process (‘ILAAP’), as well as our
Group Recovery Plan, Bank Capital Stress Test and a deep dive into our
Resolvability Assessment Framework.
Non-financial risks
Non-financial risk continues to attract considerable focus of the GRC, in
an environment of fast-developing regulatory expectations, an uncertain
political backdrop and ever-increasing sophistication of cyber criminals
and fraud. Third-party risk management has been a key discussion point,
along with our preparedness for all eventualities, and how resilient we
would be as an organisation to those potential scenarios. We have
considered business continuity planning, operational resilience and
payments controls during these discussions. A deep dive session was
held in October to specifically consider payments and enhance
Committee knowledge of this topic.
Empowered by the Committee, the Group Money Laundering Reporting
Officer directed improvements at the beginning of 2025 to three key
areas of control within HSBC’s financial crime framework - customer due
diligence, financial crime investigations and the customer selection and
exit management process. This work has ensured that the policies,
controls and procedures relating to anti-money laundering, sanctions,
terrorist financing and proliferation financing are robust, adequate and
effective. 
The Group has been through a year of transformation and change to its
organisational structure, and this has necessitated increased focus on our
culture and our people. The GRC is fully supportive of the Group's cultural
transformation with the introduction of the new Leadership Principles and
How We Lead, our new Group-wide leadership framework, and will
continue to monitor the impact of this on our people and our leaders.
Alongside the Group Technology and Operations Committee ('GTO'), we
have explored the exciting developments in our ventures into AI and have
expanded our risk appetite for digital assets and currencies to respond to
customer demand. We are committed to supporting our customers with
this new technology, while maintaining discipline and rigour with the
associated risks. Other areas of focus and challenge include the Group’s
data enhancement programme, global regulatory engagement,
technology risk, and together with the GAC, the adequacy of the wider
control environment.
Committee performance
Finally, I was pleased that the annual review of the GRC’s performance
concluded that the GRC continued to operate effectively. Further
details of the review can be found in the 'Board and committee
performance review' section on page 231.
Reflections
I am privileged to have led the Committee through a year of external
uncertainty and internal transformation, and have full confidence in the
GRC’s ability to support the Group’s strategic ambitions in 2026 and
beyond.
James Forese
Chair
Group Risk Committee
25 February 2026
HSBC Holdings plc Annual Report on Form 20-F
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Group Risk Committee
How the Committee discharged its
responsibilities
The GRC held a number of meetings outside its regular schedule to
facilitate deeper and more effective oversight of the risks impacting the
Group. Four sessions dedicated to Treasury topics took place throughout
the year to provide additional time for complex subjects such as Hold To
Collect Guardrails, Interest Rate Risk in the Banking Book (‘IRRBB’) and
Interest Rate Risk Assessment (‘IRRA’). The sessions were also utilised
for ICAAP and ILAAP preparations, and prior to the presentation of the
Bank Capital Stress Test. An additional session was also held to prepare
the Committee for its consideration of the Group Level Operational
Resilience Self Assessment, an educational session on payments risk,
and the HSBC UK Separation Playbook.
During 2025, the GRC continued to actively engage with principal
subsidiary risk committees through the scheduled participation of
principal subsidiary risk committee chairs at relevant GRC meetings,
and through regular connectivity meetings with the principal subsidiary
risk committee chairs. These meetings were also attended by the
Group Chief Risk and Compliance Officer. This participation and
connectivity promoted the sharing of information and best practices, as
well as encouraging director relationships.
The GRC also received certifications from the principal subsidiary risk
committees, confirming that management had been challenged on the
quality of the information provided, the committees had reviewed the
actions proposed by management to address any emerging issues and
that risk management and internal control systems had been operating
effectively.
These interactions furthered the GRC’s understanding of the risk
profile of the principal subsidiaries, leading to more comprehensive
review and challenge by the GRC.
Focus of future activities
The GRC’s focus for 2026 will include the following activities:
–to support the continued enhancement of the Group's risk appetite
and risk management frameworks, particularly in light of continued
geopolitical and macroeconomic headwinds;
–to challenge the Group's resilience and our capabilities to recover
from incidents that are both in and out of our control, to drive
improved standards from our third-party suppliers and to always
derive benefit from the lessons learned;
–to monitor the technology risk and control environment, with a
specific focus on cybersecurity given the heightened external threat
environment and the increased sophistication of attacks;
–to oversee the Group’s wholesale and retail credit risk portfolios,
particularly the implementation of the Single Name Concentration
Framework and seek to understand the first line ownership of the
framework;
–to continue to closely monitor the enhancement of our Model Risk
Management capabilities in line with regulatory requirements, as
well as track progress on strengthening our wholesale internal
ratings-based models;
–to continue to oversee financial crime risk and fraud, the
improvements being made to the financial crime control framework,
specifically customer due diligence, investigations and customer
exits;
–to continue to oversee treasury risk to strengthen our capital and
liquidity management capabilities;
–to continue the oversight of recovery and resolution planning
activities to assess our capabilities if such a situation arises, with
particular focus on the development of our Trading Activity Wind
Down capabilities.
HSBC Holdings plc Annual Report on Form 20-F
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statements
Additional
information
Group Risk Committee
Principal activities and significant issues considered during 2025
Risk areas
Key issues
Conclusions and actions
Holistic
enterprise risk
monitoring,
including the
Group's risk
profile
Macroeconomic, geopolitical and other emerging
risks have the potential to present significant
challenges to revenue growth, operational resilience
and our commitment to serve customers and local
markets.
–The GRC closely monitored geopolitical and macroeconomic risks that could impact
the Group’s strategy, performance and/or operations. Dedicated agenda time was
allocated to the discussion of trade tariffs, sanctions and ongoing global conflict to
ensure thorough consideration of the impact of these events on the Group risk
profile. In response to the increase in global conflict, the Committee was provided
with an overview of the HSBC Defence Equipment Policy, with a particular focus on
dual-use items, to confirm that it continued to be fit for purpose.
–The GRC continued to track top and emerging risks, our risk appetite and other
management information metrics, as well as other early warning measures to
understand sensitivities and the likelihood of the potential impact to our operations,
customers and stakeholders. The Committee’s consideration of the newly emerging
private credit market and review and challenge of Group activities in this market is an
example of active risk management. The Group’s exposure to private credit was
closely managed throughout the year and remains a relatively small portion of the
overall lending and investment portfolio.
–The GRC requested reports on the risk profile of key business areas in local
geographies and invited principal subsidiary chairs and relevant management to
attend and participate in discussions at meetings.
–The GRC has spent time on risk culture as part of the Group’s wider 'How We
Succeed' ambitions in promoting a high-performance culture. The Committee has
overseen the implementation of the Risk Culture Framework, a core component of
the overall organisational culture, and the introduction of risk culture self-
assessments.
–The GRC spent time discussing climate risk, as rapidly-evolving macroeconomic and
geopolitical forces continued to drive the climate risk context in 2025.
Risk framework
and policies
Effective risk management policies, frameworks,
appetites and thresholds, and oversight of these, are
essential for HSBC to safely, consistently and
sustainably support customers, manage risk and
deliver strategic aims.
–Amendments were made to the risk management framework to enable an improved
understanding of how the Group’s approach to risk management works in practice
and to support delivery of the Group strategy. The document has been restructured
and rewritten to facilitate a synergised and integrated approach to risk management,
as well as making it more accessible and relatable.
–After a significant review of the Group risk appetite framework (GRAF) in 2024, the
2025 risk appetite refresh proposed a small number of changes to the qualitative
statements and quantitative metrics. At the request of the Committee, Oliver
Wyman LLC performed an embeddedness review of the GRAF and concluded that
HSBC is now meeting, or exceeding, industry good practice in the majority of GRAF
dimensions. The output of the Group risk appetite refresh informs the Financial
Resource Plan constraints assessment and helps to identify where the risk appetite
statement is being partially or fully utilised to meet strategic objectives.
–The Group has a risk appetite statement to define risk appetite and tolerance
thresholds, which forms the basis of the risk management procedures for the first
and second lines of defence, the Group’s capacity and capabilities to support
customers, and the achievement of strategic goals. The GRC maintained oversight of
the Group’s risk appetite framework, reviewing enhancements to the Group’s risk
appetite statements and recommending these to the Board for approval.
–The Committee has monitored the Group’s control processes and escalation
protocols through various reports, and has considered risk acceptance, rapid
escalation processes, the adequacy of internal reporting tools and reporting on
various issues.
Treasury risk
It is essential that capital and liquidity risk is
monitored effectively, and the Group takes active
steps to maintain its capital and liquidity positions.
Regular stress testing is undertaken to ascertain the
Group’s operation when under stress. Developing
action plans and guardrails to cover scenarios of
recovery or resolution at subsidiary or Group level is
a vital part of HSBC’s prudential risk management.
–The Group proactively tracks and maintains safeguarding of its capital and liquidity
positions, utilising early warning indicators, sensitivity analysis, capital and liquidity
reporting and adequacy. It performs internal and regulatory stress tests to measure
resilience and performance against a range of stress scenarios, and to challenge the
strategic management actions that could be applied against anticipated stress events
and headwinds. This capability has been critical this year to allow us to consider
numerous scenarios relating to the uncertainty in the external environment and to
reposition portfolios accordingly.
–The GRC conducted its annual review and challenge of the Group’s ICAAP and ILAAP,
and provided its recommendations to the Board for approval. In relation to stress
testing exercises, the GRC reviewed the Group Recovery Plan stress scenarios and
results, and an internal climate scenario analysis was also undertaken. The Committee
reviewed and approved the Group-wide internal stress test, scenarios and outputs,
which contributes to the Group’s commitment to regularly test the resilience of the
balance sheet and profit and loss under multiple scenarios of varying severity. In
response to the Bank of England’s updated approach to stress testing the UK financial
system, the Bank Capital Stress Test (‘BCST’) scenario was considered, and results
approved.
–As part of its regulatory obligations, the Group is required to show how its recovery
and resolution strategies could be executed effectively and identify any risks to
successful implementation. The GRC continued its oversight of the Group’s progress in
maintaining and developing its capabilities under the Bank of England’s requirements
for resolvability. Further to the March 2025 deadline for meeting the PRA’s Trading
Activity Wind Down requirements, the Group confirmed that it is able to perform an
orderly 24-month wind down of trading activities. The GRC will continue to monitor the
development of our Trading Activity Wind Down capabilities in order to meet regulatory
policy expectations.
–To provide sufficient time and focus on Treasury-related topics, four separate briefings
were held throughout the year, which were well attended by members of the
Committee and the Board. Topics included: ICAAP, ILAAP, restructuring planning,
Interest Rate Risk Assessment, Group Recovery Plan, BCST, Interest Rate Risk in the
Banking Book (’IRRBB’), Hold To Collect Guardrails, and a deep dive into the
Resolvability Assessment Framework. The format was well received by Directors and
will continue in 2026.
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Group Risk Committee
Principal activities and significant issues considered during 2025 (continued)
Risk areas
Key issues
Conclusions and actions
Model risk
HSBC can face risks from inappropriate or incorrect
business decisions arising from the use of models
that have been inadequately designed, implemented
or used, or do not perform in line with expectations
and predictions.
–The GRC continued to receive regular updates on model risk management, focusing
on two key items: i) the implementation of Supervisory Statement (SS) 1/23 – ‘Model
risk management principles for banks’; and ii) progress in strengthening wholesale
internal ratings- based models. The GRC has overseen the regulatory engagement
with the PRA and their subsequent feedback on implementation, updated action
plans and resourcing required to address the increased validation requirements.
Resilience/
Operational risk
A failure in resilience could lead to a situation where
HSBC customers might suffer significant disruption
to services or loss of data.
Technology risks (including cybersecurity) could
cause unmanaged disruption to any technology
system within HSBC, as a result of malicious acts,
accidental actions, poor technology practice, or
technology system failure.
–The GRC continued its oversight of the Group’s implementation of operational
resilience capabilities in line with PRA and FCA policies. The Operational Resilience
Group Level Self Assessment was recommended by the Committee to the Holdings
Board for approval in March 2025, with the material completion of the
implementation of the Operational Resilience (SS1/21 and the PRA rulebook) for UK
Important Business Services (IBS) and Important Group Business Services (IGBS).
This has resulted in overall improvements to resilience, with fewer disruptions across
our UK entities in particular. An additional briefing session on operational resilience
was held in March to prepare the Committee for recommendation of the self-
assessment.
–The GRC regularly reviewed reports on the Group’s technology risk profile, as well as
receiving updates on cybersecurity risk. Reports have focused on the technology risk
and control environment, and the Committee has supported the drive for continuous
risk reduction, progress with our strategic future state through the Digital
Acceleration Programme, and the heightened external cyber threat environment. The
GRC continued with its strong focus on understanding the Group’s data risk
landscape and the mobilisation of the Group Data Execution Programme. This has
included the tracking of progress made and close monitoring of timelines. 
–The Committee has been specifically briefed on external events that have either
impacted peers in the market or third parties. Read across exercises were conducted
and lessons learned taken forward to enhance our own operations and resilience.
The Committee has also spent additional time on payments risk this year, which has
been elevated as a key risk within the risk taxonomy.
–The GRC will continue to work with the GTO to consider the risks and opportunities
in the use of AI (generative and advanced) and digital assets and currencies in 2026.
Wholesale/
retail credit risk
HSBC faces risk from the possibility of losses
resulting from the failure of a counterparty to meet
its agreed obligations to pay the Group.
–The GRC received regular updates on the macroeconomic and policy landscape
impacting credit risk, both retail and commercial, and reviewed updates on the
strategy and approach to managing credit risk and credit risk capabilities. The GRC
received regular updates on the Group’s ECLs and provisions, and the credit risk
arising from the wholesale and retail portfolios. The Committee tracked
enhancements made to the Country and Industry components of the Credit Risk
Appetite Framework, and the related data quality dependencies. The Committee was
updated on the implementation of the Single Name Concentration Framework and
actions being taken to enhance.
Financial
reporting risk
HSBC is exposed to risks where controls supporting
the reporting of its financial statements are not
effective, resulting in material error or misstatement.
–While the GAC has primary responsibility in relation to internal control systems
(including financial controls), with further detail on page 236, the GRC receives
reports on entity level control assessments to enable the oversight of the
effectiveness of such controls in support of the Group’s financial reporting.
Financial crime
risk
There is a risk that HSBC’s products and services
could be exploited for criminal activity, including
fraud, bribery and corruption, tax evasion, sanctions
and export control violations, money laundering,
terrorist financing and proliferation financing.
Insider threat also presents the risk that an individual
with access to bank data, systems, infrastructure or
finances could use that access to intentionally cause
harm to the bank and its customers.
–The GRC was updated regularly on the operation and effectiveness of the systems
and controls pertaining to financial crime risk across geographies and businesses. In
February, the Committee supported a direction from the Group Head of Financial
Crime and Group Money Laundering Reporting Officer for improvements to be made
to three key areas: i) customer due diligence; ii) financial crime investigations; and iii)
customer selection and exit management process. The Committee will continue to
monitor progress of these improvements in 2026.
–Sanctions was a key area of focus for the Committee in 2025, with reporting
providing detail on how changes to sanctions translated into our business and
activities. The Committee was fully informed of our potential exposure to primary
and secondary sanctions and how our capabilities are being utilised to detect
problematic activity.
–The risk of insider threat remained elevated in 2025 due to several factors, including
cost-of-living challenges, the potential impact of Group restructuring on staff morale,
the inherent risks associated with growth, and the potential for insiders to use new
tools, such as AI, to attack the bank.
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Group Technology and Operations
Committee
Eileen_Murray_SQUARE.jpg
“In 2025, the Committee provided
oversight of the Group’s technology
and operations strategies and
supported their sustainability and
safe growth-oriented execution,
amid rapid technological change and
rising external complexity.”
Eileen Murray
Chair
Group Technology and Operations Committee
For Committee membership, see Board biographies on pages 220
to 223 and for meeting attendance in 2025 see page 228.
Key responsibilities
The Committee’s key responsibilities include:
–  reviewing, challenging, and making recommendations to the 
Board on technology strategy and related matters;
–  overseeing HSBC’s data strategy and framework;
–  overseeing HSBC’s cybersecurity strategy and framework; and
–  overseeing HSBC’s global operations (including payments, third
party management, corporate real estate, and operational
resilience).
 
I am pleased to introduce the Group Technology and Operations
Committee (‘GTO’) report and to provide an overview of the key
matters considered in 2025. As highlighted in last year’s report, we
expanded the scope of the GTO to include oversight of the Group Chief
Operating Officer’s ('GCOO') remit. We have detailed the key areas of
Committee focus across both the GCOO and Group Chief Information
Officer ('GCIO') accountabilities below.
Areas of significant focus during 2025
During the second year of operation of the GTO, we continued to
provide close oversight of the GCIO priorities, including execution of
the technology strategy and enhancement of technology controls. We
challenged management on prioritisation of deliverables and the
feasibility of achieving these within the proposed timescales.
We dedicated significant time to understanding management’s
progress to evolve the holistic data strategy. This included the review
of detailed execution plans, proposed changes to the operating model
for data resources and discussion of how accountability for delivery of
the plan is being supported by regular metrics, allowing progress to be
measured. 
We considered the ambitions and strategic plans relating to AI and
digital assets and currencies, with particular focus on understanding
areas of opportunity, peer activity in these areas, the regulatory
landscape and the maturity of supporting risk frameworks and controls. 
From a cybersecurity perspective, we discussed the strategic priorities
including ongoing control enhancements to keep pace with the ever-
evolving threat landscape. The GTO received regular updates on the
cybersecurity exposure across all third parties, their adherence to
HSBC’s enhanced control standards and implementation progress. 
We provided feedback on the GCOO strategy, which will continue to
evolve into 2026. The Group’s third party strategy, including how we
oversee the risks posed by material suppliers, was regularly discussed.
Given the increasing volume of external incidents impacting the
financial services and other industries, with root causes related to third
and fourth parties, this is a significant concern and all aspects of third
party management will be a continued focus in 2026. 
The global operational resilience programme was discussed several
times, including updates on the status of control and process
improvements being implemented to make the programme more
sustainable, and the risks and challenges relating to regulatory
expectations regarding resilience in a number of jurisdictions. 
We also reviewed the ongoing development of a strategic framework
to support Group-wide location strategy decisions, incorporating key
factors such as future state workforce and skills, corporate real estate
portfolio, geopolitical considerations and the macroeconomic
environment.
Enhancing accountability
The GTO has continued to work closely with management, to oversee
actions being taken to reinforce and embed enhanced accountability for
the most critical transformation programmes. We received several
updates on how relevant lessons learned, in respect of complex
transformation programmes, were being considered and applied to
other transformation initiatives. We reviewed a number of strategic
programmes with significant technology components, including global
foreign exchange, wholesale credit and lending, foreign exchange, and
payments. 
The GTO also received regular updates on management’s programmes
to meet regulatory deliverables and address technology and operations-
related risk and control matters, commensurate with the Group’s risk
profile. We continued to challenge the approach to prioritisation and
delivery timelines, while remaining cognisant of the complexity of the
estate. Assurance from Risk and Global Internal Audit on the
robustness of their approaches was also obtained.
Connectivity within the Group
We continue to invite observers from the principal subsidiaries to our
meetings. We held three subsidiary-focused meetings during 2025,
with a focus on operational resilience, and other key risk and control
themes. We discussed regulatory regimes across the different
markets, progress against agreed timelines, challenges to meet
expectations, metrics reporting and dependencies on Group-level
programmes and deliverables.
Board education
The GTO hosted three training sessions in 2025 to which all Board
members were invited. These sessions provided an opportunity for
directors to engage with external subject matter experts and to discuss
external insights and regulatory developments relating to critical topics:
data and third-party risk management, and cybersecurity.
Additionally, in January 2025 there was a three-day visit to Mexico City
that included visits to a retail branch, call centre and the Global Service
Centre. This enabled in-person interactions with several teams across
technology and operations, and enhanced our understanding of key
areas of focus and progress in the region.
I would like to thank my fellow members for their contribution
throughout 2025.
Committee performance
Finally, I was pleased that the annual review of the GTO’s
performance concluded that the GTO continued to operate
effectively. Further details of the review can be found in the 'Board and
committee performance review' section on page 231.
Eileen Murray
Chair Group Technology and Operations Committee
25 February 2026
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Group Technology & Operations Committee
Committee governance
The GTO operates under delegated authority from the Board and
advises the Board on matters concerning the Group’s technology and
operations strategies and related matters. The Chair reports on the key
matters and discussions at the subsequent Board meeting, and the
Board also has access to the GTO papers and receives copies of
meeting agendas and minutes.
The GCIO, GCOO, Group CEO, Group Chief Risk and Compliance
Officer, Group Head of Resilience Risk, Group CFO, Group Head of
Internal Audit, and the external auditor are standing attendees at GTO
meetings.
The Chair and members of the GTO also hold private meetings with the
GCIO, GCOO, Group Chief Risk and Compliance Officer, and Group
Head of Internal Audit, as required.
The Chair meets regularly with the GCIO and GCOO and other
members of senior management, to discuss priorities and track
progress on key actions. The Chair also meets regularly with the GTO
secretary to ensure the GTO addresses its governance responsibilities.
How the Committee discharged its
responsibilities
Engagement outside formal meetings
The Chair engaged with a variety of stakeholders outside of regular
meetings to enable deeper and more effective oversight of all key
topics under the GTO’s remit.
Inter-committee communication
The GTO worked closely with the GRC and the GAC to address any
areas of significant overlap, and to oversee technology and operations
more comprehensively through inter-committee communications.
The committees worked closely to ensure appropriate alignment in the
review, discussion, challenge, and conclusions on topics including
technology, cybersecurity, data, operational resilience, third party
management and innovation. This ensured that the committees
benefited from each other’s expertise and challenge.
Coordination between the GTO, GRC and the GAC is supported by
cross-membership. The GTO Chair attends the GRC, the GRC Chair
attends the GAC, and the GAC Chair attends both the GTO and GRC,
strengthening connectivity and the flow of information between the
committees.
Connectivity with principal subsidiaries
Non-executive directors from the principal subsidiaries are invited to
attend all regular GTO meetings.
In addition, three additional ‘GTO – Principal Subsidiaries’ meetings
were held to discuss Operational Resilience and other key risk and
control themes. 
Specific areas of focus included discussion of market-specific
challenges, including differences in regulatory regimes, progress
against agreed timelines, challenges to meet expectations, and
dependencies on Group-level programmes and deliverables. There was
also sharing of learnings from the UK Operational Resilience
Programme and other relevant regulatory initiatives.
Education sessions facilitated by third parties
The Chair organised three education sessions presented by
independent third parties, to which all Board members were invited.
For each topic, the third parties also provided peer/industry insights,
and suggested key questions that the Board should ask management.
In March 2025, a detailed session was presented on data opportunities
and challenges. This covered the role of data in the wider digital
ecosystem, different value drivers, perspectives on a good data
strategy, industry view and key Board considerations.
In June 2025, the focus was on third-party risk management including
the global regulatory landscape, various thematic deep dives for
example, fourth parties and concentration risk and vision for the future.
In September 2025, cybersecurity was covered, including an overview
of the threat landscape, attacks and response, regulatory landscape and
the role of the Board in response to a cyber incident.
Principal activities and significant issues considered during 2025
Area of focus
Key issues
Conclusions and actions
Technology
strategy
Group-wide focus, including alignment
with each of the businesses, to
implement the technology strategy.
–The GTO regularly reviewed and challenged updates, including supporting metrics, in relation to the
technology strategy and the various programmes in place to deliver control improvements.
–The GTO challenged whether funding and resource was appropriate to support execution timelines.
–The GTO considered opinions provided by Risk and Global Internal Audit on the robustness of the
approach and progress being made.
–The GTO met with CIOs, COOs, and board members from the principal subsidiaries to discuss
progress, dependencies, and challenges regarding Group-wide implementation of technology
programmes and management of risk and control issues.
Investment and
transformation
A number of significant programmes
with material technology and
operations components have been
subject to replanning and/or did not
deliver the benefits expected.
–The GTO oversaw the ongoing implementation of improvements to drive individual accountability for
significant investment and transformation activities.
–The GTO discussed the root causes for the replanning of specific programmes and requested the
outputs of lessons learned activities and evidence of read across.
–Following the Group-wide reorganisation, a key focus was on change and execution risks and on
managing and simplifying the volume of change-related activity.
Investment and
transformation:
Global FX
Global FX is a significant proposition
for HSBC and is subject to an ongoing
investment programme.
–The GTO reviewed the Global FX strategy and investment case, including the business context,
competitive landscape, alignment to the desired future state architecture, required capabilities and
key opportunities and challenges.
Investment and
transformation:
Wholesale
Credit and
Lending 
Wholesale credit and lending is a
significant proposition for HSBC and is
subject to an ongoing investment
programme.
–The GTO reviewed the wholesale credit and lending strategy and investment case, including the
business context, competitive landscape priority, alignment to the desired future state architecture,
transformation initiatives, risks and dependencies.
Operational
resilience
Operational resilience remains a key
priority for HSBC.
–The GTO regularly discussed progress of work to improve resiliency of services to customers
including ongoing efforts to simplify the technology estate and to reduce service interruptions
impacting customers.
–The GTO reviewed plans to further embed the operational resilience framework, implementation of
strategic tooling, automation of manual controls and meeting regulatory requirements.
–The GTO discussed challenges being encountered by the principal subsidiaries to meet market-
specific regulatory requirements.
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Principal activities and significant issues considered during 2025 (continued)
Area of focus
Key issues
Conclusions and actions
Generative AI
strategy
While GenAI will provide operational
efficiency, none of the use cases in
production will deliver significant
financial impact. 
–The GTO reviewed and challenged strategies to leverage the opportunities presented by innovation and
new technologies, including in relation to GenAI. 
–The GTO discussed the recent streamlining of governance and approval processes, enhancement of
tooling and upskilling of talent, approach to risk management, the fast-evolving regulatory landscape, and
key next steps to be taken by management to further enable the opportunities presented by GenAI.
Digital assets
and currencies
strategy
Digital assets and currencies are a
fast-changing market with significant
regulatory developments and
geopolitical risks. HSBC must provide
clients with access to these products
in order to maintain market position.
–The GTO reviewed and challenged the Group's digital assets and currencies strategy.
–The GTO discussed the opportunities presented by digital assets, as well as the regulatory and
competitive environments, the risks, controls, technology architecture and the importance of innovation
to empower our customers.
Cybersecurity
Cybersecurity remains one of the
most significant risks faced by the
financial services industry.
–The GTO received updates from the GCIO and Global CISO on all key components of the cybersecurity
programme, including:
–ongoing work to enhance the risk and control framework and to improve resilience;
–the external threat environment including incidents;
–talent acquisition and competition;
–incident readiness and playbook testing; and
–cybersecurity exposure across third parties and actions being taken to resolve. 
–The GTO challenged management on capacity and capability to deliver its strategy and discussed 
continued focus on prioritisation.
Data
A holistic Group data strategy is
required to drive long term sustainable
benefits and enable AI at scale.
–The GTO requested specific updates on the holistic Group data strategy and operating model and
reviewed detailed business cases relating to data as well as key milestones and accountable executives.
–A newly-defined suite of metrics will be used to demonstrate progress and business outcomes.
–Activities to implement improvements to data risks and regulatory reporting continues in parallel to the
data strategy, the latter acting as a sustainable and critical complement to drive data quality at scale. The
Committee continued to have visibility of updates being presented to the GRC on this topic.
GCOO strategy
Development of a holistic strategy
across all components of the GCOO
portfolio.
–The GTO regularly reviewed and challenged the GCOO strategic priorities, including specific key
outcomes, proposed timelines, known dependencies and development of metrics to track and measure
success.
Location
strategy
Significant focus to develop a holistic
Group-wide location strategy to
progress from previously locally
driven, reactive and focused on cost.
–The GTO regularly discussed and oversaw the development of a holistic Group-wide location strategy
and operating model. Key components included business growth priorities, workforce needs, customer
proximity, risks, financials, regulatory compliance, and macroeconomic conditions.
–The GTO received and discussed an independent assessment from a third party on the strategy,
progress made and next steps.
–The GTO will continue to provide oversight in 2026 on implementation of the new framework and
governance model for all location and real estate related decisions.
Third party
management
Reliance on third parties is one of the
most significant risks faced by the
financial services industry given
potential impacts on resilience.
–The GTO regularly reviewed and challenged the strategy and updates in relation to third party
management, including progress on implementing control and risk assessment standards uplifts,
enhancements to continuous risk monitoring, review of risk acceptances and implementation of new
systems and technology to drive operational efficiency.
–The GTO also considered evolving regulatory expectations in relation to suppliers (including broader
consideration of fourth and fifth parties) and other relevant industry activity in relation to third parties.
–The GTO will maintain focus on all aspects of third-party management during 2026.
Resource and
capability
Having the right skills and resources is
critical to achieving our strategic
ambitions.
–The GTO reviewed the GCIO and GCOO people and capability plans.
–Key resources, dependencies on subject matter experts, and future skills needs were also considered in
respect of all programme updates and strategies and will continue to be considered during 2026.
Focus of future activities
The GTO’s focus for 2026 aligns broadly with our priorities in 2025,
with continued oversight of the following:
–execution of the technology and GCOO strategies and how they are
aligned with and enabling the business strategies;
–execution of the cybersecurity strategy and progression of the
actions being taken to manage the risks and implications of the
evolving geopolitical environment and to mitigate the increasing
sophistication of threats;
–priority innovation initiatives, including AI and digital assets, given
the rapidly evolving market;
–execution of the holistic data strategy with a focus on future
opportunities, including those enabled by AI;
–execution of the GCOO strategy and its key components, including
metrics to measure performance and alignment with the business
and technology strategies;
–the Group-wide location strategy and framework and the interplay
with real estate and workforce plans; 
–all aspects of third-party management, including strategy, risk
management and opportunities to leverage new technology and
tools to simplify processes; and
–embedding of operational resilience across the organisation,
including further automation of manual controls.
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Directors' remuneration report
Directors’ remuneration report
Carolyn_D_SQUARE.jpg
“Our remuneration approach is
driving a high-performance culture,
supporting HSBC’s growth as a
simpler, more agile, and customer-
focused bank.“
Dame Carolyn Fairbairn
Chair
Group Remuneration Committee
For committee membership see Board biographies on pages 220
to 223.
Key responsibilities
The Committee’s key responsibilities include:
–making recommendations to the Board, for approval by
shareholders, on the Directors' remuneration policy;
–setting the overarching principles, parameters and governance
framework of the Group’s remuneration policy;
–approving the scorecard measures, targets and remuneration of
executive Directors and other senior Group employees; and
–regularly reviewing the effectiveness of the remuneration policy
of the Group and its subsidiaries in the context of strategy,
culture, conduct and effective risk management.
All disclosures in the Directors’ remuneration report are unaudited
unless otherwise stated. Disclosures marked as audited should be
considered audited in the context of the financial statements taken
as a whole.
Dear shareholders,
I am pleased to present our 2025 Directors’ remuneration report on
behalf of members of the Group Remuneration Committee (the
’Committee’). This report includes details of our Directors'
remuneration arrangements in respect of the year to 31 December
2025 and a summary of how we intend to apply the Directors'
Remuneration Policy in the forthcoming year.
I would like to thank shareholders for their support of our new
Directors' Remuneration Policy with a 96.10% vote in favour at the
2025 Annual General Meeting.
I have set out below a summary of our 2025 performance, key
decisions made by the Committee and how the Committee has applied
the new policy.
Performance in 2025
Financial performance
Our financial performance in 2025 demonstrates the intent and
discipline with which we are executing our strategy.
We reported profit before tax of $29.9bn, down $2.4bn compared with
2024, primarily due to a $4.9bn year-on-year net impact from notable
items. In 2025, notable items included the recognition of dilution and
impairment losses of $2.1bn related to our associate BoCom, reserve
recycling losses of $1.5bn following the completion of the sale of our
French retained portfolio of home and certain other loans, legal
provisions of $1.4bn and restructuring and other related costs
associated with our organisational simplification of $1.0bn. Constant
currency profit before tax excluding notable items increased by $2.4bn
to $36.6bn.
Reported revenue of $68.3bn increased by $2.4bn compared with
2024, mainly due to fee and other income growth in Wealth and in
Wholesale Transaction Banking, particularly in Foreign Exchange in CIB.
In 2025, target basis operating expenses grew by 3%, in line with our
targeted growth commitment. This reflected higher planned spend and
investment in technology and included the impact of simplification-
related saves associated with our announced reorganisation.
Our RoTE for 2025 was 13.3%, compared with 14.6% in 2024.
Excluding notable items, RoTE was 17.2%, a 1.6 percentage point
increase on 2024.
The Board approved a fourth quarterly dividend of $0.45 per share,
bringing the total dividend announced for 2025 to $0.75 per share.
Furthermore, in respect of 2025 we announced two share buy-backs
worth a total of $6bn.
Strategic performance
We continued to make progress in reshaping the Group. In 2025 we
announced 11 transactions and have commenced strategic reviews of
our retail businesses in Australia, Indonesia and Egypt, and also of
HSBC Life Singapore. We completed the privatisation of Hang Seng
Bank on 26 January 2026, which will deepen our presence in one of our
home markets and position us to outpace market growth.
Our UK and Hong Kong businesses hold leading market positions and
have seen good financial performance in 2025. Our focus on customers
has seen improved net promoter scores ('NPS') in the UK across both
RBW and CMB. Hong Kong RBW recorded its highest ever NPS, up 9
points from 2024. We have also seen improvements in NPS in strategic
IWPB markets and in CIB versus 2024.
I am pleased that our employee engagement index remains strong
despite the significant changes to our businesses. Over 87% of
colleagues participated in our 2025 employee Snapshot survey. Though
falling by two percentage points compared with 2024, employee
engagement measured through the survey remains high at 78%, four
percentage points above the global financial services benchmark.
Key remuneration decisions for executive
Directors
Annual incentive for 2025 performance
Scorecards were set at the start of the year to align with our reported
financial performance, excluding the impact of strategic transactions
and one-offs on the Group's financial performance in 2025, consistent
with the approach taken in previous years.
Based on the strong underlying financial performance delivered during
2025 and good progress made on execution of our strategic objectives,
the 2025 scorecard outcome for Georges Elhedery of 80.13% results in
an annual incentive of £3,605,000. This compares with a 2024
scorecard outcome of 78.79% and annual incentive of £1,677,000
when Georges was assessed against both Group CFO and Group CEO
scorecards and pay outcomes were pro-rated accordingly.
Pam Kaur was appointed as an executive Director on 1 January 2025.
Pam's 2025 scorecard outcome of 80.03% results in an annual
incentive of £2,100,000.
2023–2025 long-term incentive ('LTI') vesting
Georges Elhedery and Pam Kaur participated in the 2023–2025 LTI that
will vest in March 2026.
The Group exceeded its maximum relative total shareholder return
('TSR') and carbon reduction targets, demonstrating the
outperformance of the Group versus our peers over the period and
progress on sustainability. Group RoTE was above threshold
performance and was assessed at 30.8% of maximum. Targets for
sustainable finance and investment and capital reallocation to Asia
measures were not met. Overall, 45.19% of the original award will vest
and be released on a pro-rata basis over the next five years.
The Committee is comfortable that the pay outcomes for both
executive Directors are appropriate in the context of company and
individual performance for 2025.
2026 fixed pay
The Committee considered making a salary increase for the Group CEO
and Group CFO, aligned with the overall increase being considered for
our Group colleagues, noting the strong 2025 performance delivered.
However, taking into account that 2025 has been a significant year of
transformation and to align with our more targeted approach to
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awarding fixed pay increases for the wider workforce, there will be no
salary increase for either the Group CEO or Group CFO in 2026.
Therefore, Georges Elhedery's base salary for 2026 will be £1,500,000
and Pam Kaur's base salary will be £875,000.
2026–2028 LTI awards
The Committee intends to grant both Georges Elhedery and Pam Kaur
the maximum 2026-2028 LTI award of 600% of base salary (Georges
Elhedery: £9,000,000, Pam Kaur: £5,250,000).
The value realised from the award is subject to performance over the
next three years. The award will vest in five equal annual instalments
after the end of the performance period and shares delivered are
subject to a one-year retention period on vesting.
Performance measures and targets
The Committee has reviewed the performance measures used for our
incentive arrangements to ensure that these are aligned to the Group's
priorities and balance delivery of financial and strategic performance.
For the 2026 annual incentive scorecard, we will retain the same
financial measures as 2025, aligned to the Group's priorities, including
our core measures of profit before tax ('PBT'), Group RoTE and costs,
plus a measure on fee income growth (all excluding notable items). We
will assign equal weighting of 15% to all four measures to better
incentivise growth and maintain discipline on costs, while retaining
focus on delivery of RoTE of 17% or better for our shareholders,
excluding notable items.
2026 non-financial measures will consist of our strategic objectives
(10% weighting), customer measures (15% weighting), people &
culture measures (5% weighting) and personal objectives (10%
weighting).
For the 2026-2028 LTI, we will retain Group RoTE and relative TSR and
increase the weighting for each to 42.5% from 40%.
Based on shareholder feedback, we have removed our own emissions
measure, reflecting that this activity is now largely considered business
as usual, and introduced a financed emissions metric, weighted at 5%.
This will assess whether financed emissions for our most carbon-
intensive sectors - Oil & Gas and Power & Utilities - remain within our
defined risk limits to enable the Group to progress towards its 2030
targets. In addition, the sustainable finance and investment measure,
which is a material metric in support of our ESG ambitions, will have a
10% weighting.
Though the overall weighting of the environment measure will reduce
to 15%, this continues to represent a significant proportion of the
increased total LTI opportunity. It also represents the potential for
higher absolute reward than in previous years because of the new
policy. We will keep the weighting under review as we broaden the
scope of the financed emissions to cover other sectors.
Performance targets and ranges continue to balance achievability with
stretch, ensuring they act as an effective incentive for management,
while reflecting the increased pay opportunities of our new policy.
We will continue to utilise a risk modifier and operate a judgement-
based approach to adjustments for all risk and compliance matters.
ÑFor further details, see ‘Implementation for 2026‘ on page 257.
Rewarding our colleagues
In 2025, we continued to embed our new performance and pay
approach to deliver high performance and increase transparency.
In our Snapshot survey, 86% of colleagues reported a clear
understanding of what is expected of them, and 81% of colleagues
agreed they received feedback that helps improve their performance.
Pay sentiment continues to increase year-on-year in most areas
because of actions taken through 2024.
ÑFor further details, see ‘Our approach to workforce reward‘ on page 259.
Fixed pay
Fixed pay remains the largest part of most colleagues' reward so we
are pleased to be accredited as a global living wage employer for the
third consecutive year. This means we meet or exceed living wage
benchmarks in all our markets. This gives confidence that we provide
core financial security to colleagues through fixed pay.
Fixed pay is primarily reviewed through our annual pay cycle. Effective
in 2026, we have awarded an overall fixed pay increase of 3.2%. The
level of increases vary by market, depending on the economic outlook
and individual roles. The highest increases were made to lower paid
colleagues relative to relevant market benchmarks.
Variable pay
The Committee determined total variable pay of $3,930m, up 10%
compared with the $3,570m awarded in 2024 after adjusting for
disposals and organisational changes. This was determined based on a
review of our performance against financial and non-financial metrics.
We considered the strength of our financial performance in 2025 and
the ratio between variable pay and pre-variable pay profit before tax, the
Group’s performance against key risk and compliance metrics, and our
total compensation market position and the broader economic outlook.
Total compensation across all our businesses increased relative to
2024, rewarding colleagues for their contribution to our performance.
We strongly differentiated to ensure our highest performers had the
strongest variable pay outcomes compared to prior year. The
Committee extends its appreciation to colleagues across HSBC who
have worked so hard and effectively to deliver our 2025 results.
Other remuneration matters
We welcome the October 2025 changes to the PRA remuneration
rules, which are now simpler and more proportionate compared with
other financial markets. Notably, the reduction in deferral length, the
removal of the post-vesting retention period for deferred awards, and
the removal of the variable-to-fixed pay ratio cap implemented in 2023
present an opportunity to simplify our remuneration structure. These
changes can help enhance our pay competitiveness and allow for a
greater proportion of total compensation to be delivered as variable pay.
During 2025, the Committee undertook a review of the pay structure
for senior employees in light of these changes. It was determined that
no amendments would be made to the deferral or post-vesting
retention periods for executive Directors. In accordance with the
current shareholder-approved policy, executive Directors will continue
to receive LTI awards with a seven-year deferral period, and any shares
awarded as part of variable pay will remain subject to a one-year post-
vesting retention period. The Committee will continue to keep this
matter under review and will engage with major shareholders on any
potential material changes to the deferral structure for our executive
Directors based on the revised PRA remuneration rules.
For Group colleagues subject to the PRA remuneration rules, the
deferral period for variable pay awards relating to the 2025 performance
year has been reduced to four years, the one-year post-vesting
retention period for deferred shares has been removed and the
threshold for the 60% deferral rate has increased from £500,000 to
£660,000. We are also recommencing the payment of dividend
equivalents on deferred share awards for all colleagues where
regulations permit. This includes executive Directors, in alignment with
our shareholder-approved remuneration policy.
Looking ahead to 2026, a key priority will be to review the pay structure
for our senior executives. This review will ensure that our remuneration
approach continues to support a high-performance culture, incentivises
the achievement of our financial and strategic objectives, and promotes
robust risk management and exemplary conduct standards.
Conclusion
On behalf of the Committee, I would like to thank our shareholders
once again for their support of our new policy and their valuable
feedback. We are committed to regular engagement and I look forward
to further dialogue in the year ahead.
As Chair of the Committee, I hope you will support the 2025 Directors’
remuneration report at the 2026 AGM.
Dame Carolyn Fairbairn
Chair
Group Remuneration Committee
25 February 2026
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Remuneration at a glance
Our Directors’ remuneration policy was approved at the AGM on 2 May 2025. The full policy can be found on pages 285 to 293 of our Annual
Report and Accounts 2024 and in the Directors’ Remuneration Policy Supplement, which is available under Group results and reporting in the
‘Investors‘ section of www.hsbc.com. 
Remuneration policy summary – executive Directors
Fixed pay
Base salary
–Base salary is paid in cash on a monthly basis.
–From 1 March 2026 (unchanged from prior year):
–Georges Elhedery: £1,500,000
–Pam Kaur: £875,000
Benefits
–Taxable benefits include the provision of medical insurance, accommodation, car, club membership,
independent legal advice in relation to matters arising out of the performance of employment duties for
HSBC, tax return assistance or preparation, and travel assistance.
–Non-taxable benefits include the provision of a health assessment, life assurance and other insurance
coverage.
Cash in lieu of pension
–10% of base salary is paid on a monthly basis.
–This allowance, as a percentage of salary, is aligned with the maximum contribution rate that HSBC could
make for the majority of employees who are defined contribution members of the HSBC Bank (UK)
Pension Scheme.
Variable pay
Annual incentive
Maximum
–300% of base salary.
Performance measures
–Performance is measured against an annual scorecard of financial and non-
financial measures.
–Performance measures for the 2026 Group CEO and Group CFO annual
scorecards are set out on page 257.
Operation
–Payout ranges between 25% and 100% for minimum to maximum
performance. Performance below minimum target will result in 0% payout.
–Awards can be delivered in any combination of cash and shares, with shares
normally representing no less than 50% of the award. Shares are normally
immediately vested.
Long-term incentive (‘LTI’)
Maximum
–600% of base salary.
Performance measures
–Prior year performance is taken into consideration when assessing the value
of the LTI grant.
–Award granted is subject to a forward-looking three-year performance period
from the start of the financial year in which the awards are granted. Financial
measures will generally have a weighting of 60% or more.
–Performance measures for the 2026-28 LTI award are set out on page 258.
Operation
–At the end of the performance period, the performance outcome will be used
to assess the percentage of the awards that will vest.
–Awards will vest in five equal instalments, with the first vesting on or around
the third anniversary of the grant date and the last instalment vesting on or
around the seventh anniversary of the grant date.
Other policies applicable to
variable pay
Retention
–On vesting, the net number of shares that have vested will normally be held
for a retention period of up to one year.
Malus
–Unvested awards are subject to malus (i.e. reduction and/or cancellation)
during any applicable deferral period.
Clawback
–Paid or vested awards are subject to clawback (i.e. repayment or recoupment)
for a period of seven years from the date of award, extending to 10 years in
the event of an ongoing internal/regulatory investigation at the end of the
seven-year period.
Shareholding guidelines
In-employment
–600% of base salary within five years of appointment.
Post-employment
–600% of base salary to be held for two years.
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2025 executive remuneration outcomes
Further details are set out in our annual report on Directors‘ remuneration on pages 253 to 256.
Georges Elhedery
Pam Kaur
Group CFO until 1 September 2024; Group CEO from 2 September 2024
Group CFO from 1 January 2025
Single total figure of remuneration (£000)
Single total figure of remuneration (£000)
229797930320300
2025
2025
2024
Not an executive Director in 2024
229797930320302
  Annual incentive outcome (£000)
Georges Elhedery
228698418697130
Maximum opportunity
Maximum opportunity
2025 annual incentive
2025 annual incentive
Pam Kaur
228698418697235
  2023-2025 long-term incentive (LTI) outcome (£000)
Georges Elhedery (received in prior role as Co-CEO, GBM)
228698418697370
Maximum opportunity
Maximum opportunity
2023-25 LTI
2023-25 LTI
Pam Kaur (received in prior role as Group Chief Risk & Compliance Officer)
268830593106687
  Executive Directors’ shareholding (% of salary)
Georges Elhedery
229797930320312
Pam Kaur
21440476857655
Requirement
Requirement
Actual
Actual
  2026 target opportunities versus peers (£000)
(Stock ticker and ranking by market capitalisation)
Group CEO   
Group CFO
Data source: Deloitte. 2025 total compensation
based on 2024 year-end disclosures. 'Target' value
of total compensation based on 50% of the
maximum value for the annual incentive, or target
value if disclosed; 50% of the maximum value for
performance-based LTI; the maximum value of
restricted shares; and one third of face value for
share options. Market capitalisation ranking shown
in brackets based on 3-month average as at
31 December 2025.
229797930324797
229797930324772
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Annual report on Directors’ remuneration
This section sets out how our approved Directors’ remuneration policy was implemented during 2025.
Single total figure of remuneration
(Audited)
The following table shows the single total figure of remuneration of each executive Director for 2025, together with comparative figures. Georges
Elhedery was appointed Group CFO effective from 1 January 2023 and succeeded Sir Noel Quinn as Group CEO on 2 September 2024. Pam Kaur
was appointed Group CFO and executive Director of the Board on 1 January 2025.
Single total figure of remuneration
(£000)
Base
salary
Fixed pay
allowance
('FPA')
Taxable
benefits
Non-
taxable
benefits
Cash in
lieu of
pension
Total
fixed
Annual
incentive
Notional
returns1
Long-term
incentive2,3
Total
variable4
Total
fixed and
variable
Georges Elhedery
2025
1,479
—
61
108
148
1,796
3,605
5
1,217
4,827
6,623
2024
989
1,288
39
58
99
2,473
1,677
8
1,418
3,103
5,576
Pam Kaur
2025
863
—
71
66
86
1,086
2,100
11
708
2,819
3,905
1Deferred cash awards granted in prior years include a right to receive notional returns for the period between the grant and vesting date. This is determined by
reference to a rate of return specified at the time of grant and paid annually, with the amount disclosed on a paid basis.
2LTI awards were made in February 2023 at a share price of £6.357 for which the performance period ended on 31 December 2025. The value of the awards has been
computed based on a share price of £10.708, the average share price during the three-month period to 31 December 2025. The LTI granted to Georges Elhedery was
in respect of 2022 performance in his role as Co-CEO, Global Banking and Markets ('GBM'), and for Pam Kaur in her role as Group Chief Risk and Compliance Officer.
See the following section for details of the performance assessment, which resulted in 45.19% vesting, and the award value attributable to share price appreciation.
3The value of the 2022-2024 LTI for Georges Elhedery has been restated based on a share price of £8.442 to reflect the value of the award on 11 March 2025,
when the first tranche of the award vested. In 2024, the value was based on the average share price during the three-month period to 31 December 2024 of
£7.184.
4No malus or clawback was applied to executive Directors' 2025 variable pay awards or outstanding deferred awards from prior years.
Fixed pay
(Audited)
Base pay
As set out in the 2024 report, Group CEO base salary was £1,500,000 and Group CFO base salary was £875,000, effective 1 March 2025.
Benefits
Taxable benefits include the provision of medical insurance, car benefit
and tax support. Non-taxable benefits include the provision of life
assurance and other insurance cover.
The values of the significant benefits in the single total figure table are
set out in the following table.
Significant benefits
Total
taxable
and non-
taxable
benefits
(£000)
Group
income
protection
(non-taxable)
Medical
insurance
(taxable)
Car and
driver
(taxable)
Other
benefits
Georges
Elhedery
2025
102
25
18
24
169
2024
49
20
6
22
97
Pam Kaur
2025
62
10
38
27
137
Pensions
As per the approved policy, each executive Director receives a payment of 10% of base salary in lieu of pension contributions.
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Annual incentive
(Audited)
Both executive Directors met the minimum standard of conduct and
behaviour for an annual incentive award to be made.
The annual incentive award is awarded 50% in cash and 50% in shares.
The shares portion of the award vests immediately at grant and is
subject to a retention period of one year and clawback provisions.
The award is determined by applying the outcome of their annual
scorecard to the maximum opportunity, set at 300% of base salary.
In assessing performance, the Committee considered, and made no
adjustment for, the impact of interest rates, re-confirming that
variations in the macroeconomic environment and their impact on
business outcomes remain for our executives to manage.
The Committee considered carefully the wider context in which
performance was delivered in 2025, including the strong total return
delivered to shareholders over the year. They judged that the overall
scorecard outcomes for both Georges Elhedery and Pam Kaur were
appropriate against the targets set at the start of the year for financial,
strategic and personal measures, and that the application of the risk
and compliance modifier was not required.
Executive Director 2025 annual incentive award value
(£000)
Base salary
£000
Maximum
opportunity
(% of salary)
Scorecard
outcome
Risk & compliance
modifier
Annual incentive
£000
Georges Elhedery
2025
1,500
300%
80.13%
Nil
3,605
Pam Kaur
2025
875
300%
80.03%
Nil
2,100
Annual incentive scorecard assessment
Weighting
(%)
Minimum
(25% payout)
Maximum
(100% payout)
Performance
Assessment
(%)
Outcome (%)
Financial (60%)1
Group RoTE2
25
13.0%
16.0%
17.2%
100.00
25.00
Target basis operating expenses2
15
3.5%
1.5%
3.0%
43.75
6.56
Profit before tax ($bn)2
10
$28.3
$34.6
$36.6
100.00
10.00
Fee income growth relative to
balance sheet growth3
10
2.0%
6.0%
8.1%
100.00
10.00
Strategic (30%)
Customer satisfaction
15
See strategic measures table for commentary
76.00
11.40
Deliver benefits of announced
organisational changes
8
87.50
7.00
People and culture
7
50.00
3.50
Personal (10%)
10
See personal measures table for commentary
Georges
Elhedery
Pam
Kaur
6.67
6.57
Formulaic scorecard outcome (%)
80.13
80.03
Risk adjustment (%)
—
—
Scorecard outcome after risk adjustment (%)
80.13
80.03
Maximum opportunity (£000)
4,500
2,625
Annual incentive awarded (£000)
3,605
2,100
1The CET1 capital ratio of 14.9% exceeded the tolerance level in the risk appetite statement as required by the underpin.
2Excluding notable items.
3FY24 excludes net fee income and net loans and advances to customers from our banking business in Canada and our business in Argentina prior to disposal.
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Strategic measures
Measures
Weighting
Performance achievement
Assessment
Outcome
Customer
satisfaction
Maintain and
improve NPS
scores/rank
15.0%
–Performance is assessed against NPS data from external providers, including
InMoment sNPS survey for RBW and IWPB, Coalition Greenwich LC and Mid-
market study and Savanta MarketVue Business Banking survey for CMB, and
Coalition Greenwich Global Corporates Study for CIB.
–We maintained market leadership in both RBW and CMB in Hong Kong,
reaching a record NPS in RBW.
–In the UK we ranked second for mid-market enterprises, improved our SME
Business Banking ranking to fifth, and improved RBW NPS by 5 points
compared to 2024.
–We rose to first place in IWPB in mainland China and Singapore, and our score
increased in the UAE. NPS declined slightly in India.
–Amongst Corporates, CIB continues to rank first in Hong Kong, and scores rose
in the UK, mainland China, Singapore and UAE.
76.00%
11.40%
Deliver benefits
of announced
organisational
changes
Benefits
realised and
reorganisation
programme
health
8.0%
–We identified and achieved $1.2bn annualised savings against a 2025 baseline of
$1.0bn. We are on track to have taken actions to deliver our $1.5bn annualised
cost reduction by the end of June 2026, which is six months earlier than
planned.
–Execution is on track with the majority of programme milestones tracking green
throughout 2025 with identified gaps quickly remediated.
87.50%
7.00%
People and
culture
Inclusion and
retention of
high
performers
7.0%
–Senior leadership representation for women increased by 0.1 percentage points
year-on-year to 34.7%, for Asian heritage colleagues it increased by 1.6
percentage points to 40.9%, and for Black heritage colleagues it remained flat at
3.0%. These are above the minimum performance thresholds set, partly
meeting the targets.
–High performer attrition increased by 0.4 percentage points to 4.1%, and was
assessed as partly met given the outcome fell within the performance range.
–The Inclusion index in our employee Snapshot survey improved by 0.1
percentage points to 78.3%, above the minimum target set and was assessed
as partly met.
50.00%
3.50%
Personal measures
Personal measures were set at the start of the year and measured by the Committee against agreed targets and key performance indicators.
Georges Elhedery
Weighting
Performance achievement
Assessment
Outcome
Regulatory
excellence,
wealth
acceleration
and strategic
investments,
Group
technology
strategy
10.0%
–Wealth fees and other operating income of $9.39bn exceeded our maximum target of $8.8bn,
driven by Hong Kong and IWPB segments. Net New Invested Assets at $80.0bn is below our
threshold performance level of $87.6bn. Overall, performance for this measure was assessed as
partly achieving our targets.
–Strong performance on Net App Demise with over 700 net reductions across the organisation,
surpassing the maximum target set.
–Good progress has been made on the most material issues on regulatory excellence. However,
more could have been done by the Group to improve the pace of progress on long-standing
regulatory deliverables and programmes for which Georges had an oversight role.
66.70%
6.67%
Pam Kaur
Weighting
Performance achievement
Assessment
Outcome
Regulatory
excellence,
Group
Sustainability
priorities,
robust liquidity
and capital
management
10.0%
–Reviewed and reset the Group’s Sustainability strategy, related policies and financed emissions
targets and published the revised Net Zero Transition Plan; continued enhancement on ESG
disclosures in areas such as financed emissions and climate risk.
–Delivered strong capital position throughout the year, with CET1 consistently above target
operating range.
–Delivered a robust liquidity position with no breaches throughout the year; enhancements were
implemented to further strengthen liquidity management.
–Good progress has been made on the most material issues on regulatory excellence. However,
more could have been done by the Group to improve the pace of progress on long-standing
regulatory deliverables and programmes for which Pam had an oversight role.
65.70%
6.57%
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Long-term incentive (’LTI’) awards
LTI awards over 2023 to 2025 performance period
(Audited)
Georges Elhedery and Pam Kaur were each granted a 2023–2025 LTI
award in February 2023 in their capacity as Co-CEO GBM and Group
Chief Risk and Compliance Officer respectively, prior to their
appointment as executive Directors. Sir Noel Quinn was also granted a
2023–2025 LTI award in February 2023 in his capacity as Group CEO.
At the time of grant, the Committee determined that there were no
windfall gains to consider for this award given the share price at grant
(£6.36) was above the share price at the previous LTI grant (£5.38).
The scorecard delivered an outcome of 45.19%, reflecting strong
shareholder returns across the performance period. The Committee
received input from the GRC who assessed that the performance
targets were delivered with appropriate risk management. On this
basis, the Committee considered that no adjustment for risk matters
should be made.
The value of the 2023–2025 LTI shown below is based on the average
share price during the three-month period to 31 December 2025 of
£10.708. The awards will vest in five equal annual instalments
commencing in March 2026. On vesting, shares equivalent to the net
number of shares that have vested (after those sold to cover any
income tax and social security payable) will be held for a retention
period of one year.
Executive Director 2025 LTI values
(£000)
Award
Ordinary
shares
granted
Prorated for
time in
employment
Performance
outcome
Risk &
compliance
modifier
Shares to
vest
Value of
shares to vest
£000
Of which:
face value
£000
Of which: share
appreciation
£000
Georges Elhedery
2025
2023-25 LTI
251,474
251,474
45.19%
—
113,641
1,217
722
495
Pam Kaur
2025
2023-25 LTI
146,393
146,393
45.19%
—
66,154
708
420
288
Former director
Sir Noel Quinn
2025
2023-25 LTI
861,422
669,995
45.19%
—
302,770
3,242
1,925
1,317
Assessment of the 2023–2025 LTI awards
Measures (weighting)1
Minimum   
(25% payout)
Target       
(50% payout)
Maximum     
(100% payout)
Actual
Assessment
Outcome
RoTE with CET1 capital ratio underpin2 (25%)
13.0%
14.3%
15.5%
13.3%
30.8%
7.69%
Capital reallocation to Asia with CET1 capital ratio
underpin3 (25%)
49.0%
50.5%
52.0%
44.8%
0.0%
0.00%
Transition to net
zero4 (25%)
Carbon reduction (own
emissions)
64.0%
68.0%
72.0%
84.9%
100.0%
12.50%
Sustainable finance and
investment
$588bn
$700bn
$756bn
$496bn
0.0%
0.00%
Relative TSR5 (25%)
At median of the
peer group
Straight-line vesting
between minimum
and maximum
At upper quartile of
the peer group
Above upper
quartile
100.0%
25.00%
Total
45.19%
1Awards vest on a straight-line basis for performance between the minimum, target and maximum levels of performance set out in this table.
2Assessed based on RoTE in the 2025 financial year. The CET1 capital ratio of 14.9% exceeded the level required by the underpin.
3Assessed based on share of Group tangible equity (on a constant currency basis and excluding associates) allocated to Asia by 31 December 2025.
4Carbon reduction assessed on percentage reduction in total energy and travel emissions achieved by 31 December 2025 using 2019 as the baseline. Sustainable
finance and investment assessed on cumulative financing provided over the performance period.
5The peer group was: Bank of China (Hong Kong), Barclays, BNP Paribas, China Merchants Bank, Citigroup, DBS Group Holdings, J.P. Morgan Chase & Co.,
Lloyds Banking Group, OCBC Bank, Standard Chartered and UBS Group. Credit Suisse Group was removed following its acquisition by UBS Group in June 2023.
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Implementation for 2026
Fixed pay for 2026
There are no changes to the salary with respect to 2026. Taxable
benefits for 2026 will be in line with 2025. Pensions will continue to
be a cash allowance of 10% of base pay.
(£000)
Annual base
salary at
1 January 2026
Increase
Annual base
salary at
1 March 2026
Georges Elhedery
1,500
—%
1,500
Pam Kaur
875
—%
875
Annual incentive measures for 2026
The 2026 annual incentive scorecard measures for our executive
Directors have been set to support the achievement of our strategic
objectives.
Financial measures comprise our core metrics of PBT, Group RoTE and
costs, alongside a measure on fee income growth. Each will be
assessed excluding notable items so that outcomes reflect
performance in the control of management. Each measure will be
equally weighted at 15% to better incentivise growth while retaining
focus on investor commitments. The overall weighting of 60% for
financial measures balances alignment with shareholder performance
and regulatory expectations.
Customer NPS has been retained to reflect our ambition to be the most
trusted bank globally, putting customers at the heart of everything we
do.
We have retained a measure focused on delivery of benefits from the
organisational change as we reshape the Group for growth. This will
include a measure focusing on synergies following the privatisation of
Hang Seng Bank.
Our people and culture measures support our strategy to enable a
culture of high performance. The Committee intends to assess this by
considering our 'How We Lead' index score from our all-employee
survey and the retention of high performers.
Personal measures have been set to ensure meaningful weighting for
the most critical goals for each executive Director.
The Committee will continue to retain discretion to adjust the formulaic
outcomes of scorecards, taking into account factors such as Group
profits, wider business performance and stakeholder experience, to
ensure executive reward is aligned with underlying Group performance
and the broader stakeholder experience.
Performance targets have been set to reflect the Group’s 2026 plan,
external commitments, scenario testing of upside and downside risks
in the plan while considering macroeconomic uncertainty, including the
interest rate environment and analyst consensus where available. The
Committee is mindful that targets are suitably stretching in this context.
The performance targets are commercially sensitive, and it would be
detrimental to the Group’s interests to disclose them at the start of the
financial year. Subject to commercial sensitivity, we will disclose the
targets in the 2026 Directors’ remuneration report.
2026 annual incentive performance measures1
Weighting
Financial
measures
(60%)
Group RoTE (excluding notable items)
15%
Profit before tax (excluding notable items)
15%
Fee income growth (excluding notable items)
15%
Target basis operating expenses (excluding
notable items)
15%
Strategic
measures
(30%)
Customer satisfaction:
Improvement in NPS scores/rank
15%
Deliver benefits of announced organisational
changes
10%
People and culture:
How We Lead index score and retention of
high performers
5%
Personal
measures
(10%)
–Group CEO: Deliver enterprise-wide
foundational priorities including regulatory
excellence and the Group’s technology
strategy.
–Group CFO: Deliver activities relating to
regulatory excellence priorities, Group
Sustainability priorities, and robust liquidity
and capital management.
10%
Subject to risk and compliance modifier
The Group Remuneration Committee retains the discretion to revise down
the formulaic outcome taking into account performance against risk and
compliance factors during the performance period.
1All measures subject to CET1 capital ratio underpin.
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LTI awards over 2026 to 2028 performance period
After taking into account performance for 2025, the Committee
decided to grant Georges Elhedery an LTI award of £9,000,000 and
Pam Kaur an LTI award of £5,250,000 (both 600% of base salary).
The awards will have a three-year performance period starting on
1 January 2026.
The Committee has reviewed the performance measures considering
feedback from shareholders and the Group's strategic priorities.
For the 2026-2028 LTI, we will retain Group RoTE and relative TSR
measures but increase their weighting to 42.5% to increase focus on
our financial and shareholder return measures.
Group RoTE will be assessed excluding notable items on an average
basis over the performance period and represents a change from our
previous approach of assessing performance only in the final year. Our
new approach better reflects consistent, sustainable performance over
the measurement period, minimises the impact of short-term
fluctuations in the last year of assessment and addresses investor
feedback received in prior years.
The RoTE measure is subject to a CET1 capital ratio underpin. If the
CET1 capital ratio at the end of the performance period is below the
CET1 risk tolerance level set in the risk appetite statement, then the
assessment for this measure will be reduced to nil.
No changes have been made to our relative TSR peer group, which
was revised in 2023 to include more Asian peers to better reflect our
growth and investment focus.
The Committee has also reviewed the environment measures following
shareholder feedback and has made the following changes for the
2026-2028 awards:
–Removed the measure on carbon reduction in our own emissions to
reflect the views of our shareholders that this is now largely
considered business as usual.
–Introduced a financed emissions measure, weighted at 5%. The
performance of this measure will be assessed on the basis of
financed emissions for our Oil & Gas and Power & Utilities sectors,
remaining within our internally defined risk limits, which have been
set to enable the Group to progress towards our 2030 targets.
These two sectors cover most of our reported emissions. We will
keep the weighting of this measure under review in future years as
we bring in other sectors within its scope.
–Retained the sustainable finance and investment measure, which is
a material metric in support of our ESG ambitions, but have reduced
the weighting from 15% to 10%.
The overall weighting for the environment measure will be 15%,
representing a significant proportion of the overall LTI opportunity.
Performance targets have been set to balance stretch and achievability
so that awards act as an effective incentive for management, and
incentivise outperformance. Target ranges continue to be calibrated to
deliver maximum payouts only for outperformance compared to
consensus and our plan.
For 2026-2028 awards:
–RoTE targets have been set taking into account our plan, with the
maximum target reflecting a stretch above plan.
–The minimum target for relative TSR is set ‘at the median of our
peer group’, which ensures no payout for below median
performance aligned to investor expectations. The maximum is set
‘at the upper quartile of our peer group’.
–For the sustainable finance and investment measure, we have set
performance targets to support our ambition announced in 2020 to
provide $750bn to $1tn of sustainable financing and investment by
2030. We reflected on sustainable financing forecasts, market
demand, and regulation in setting the target range.
–The financed emissions measure will track the reduction of on-
balance sheet financed emissions and be assessed on the extent
that target metrics remain within internally defined risk limits.
These limits have been informed by our risk appetite, have been
set in line with our Financed Emissions Metric Pathway and
converge to our 2030 target.
The LTI is subject to a risk and compliance modifier, which gives the
Committee the discretion to ensure performance targets are delivered
with appropriate risk management.
Following changes to the PRA remuneration rules, awards are entitled
to dividend equivalents, in line with our shareholder-approved policy.
To the extent performance conditions are satisfied at the end of the
three-year performance period, the awards will vest in five equal annual
instalments commencing from around the third anniversary of the grant
date. On vesting, shares equivalent to the net number of shares that
have vested (after those sold to cover any income tax and social
security payable) will be held for a retention period of one year.
Performance conditions for the 2026–2028 LTI awards
Measures (weighting)
Minimum
(25% payout)
Target
(50% payout)
Maximum
(100% payout)
Average RoTE (excluding notable items) with CET1 capital
ratio underpin1,2 (42.5%)
16.5%
17.5%
18.0%
Relative TSR1,3 (42.5%)
At the median of the
peer group
Straight-line vesting between
minimum and maximum
At the upper quartile of the
peer group
Environment (15%)
Sustainable finance and
investment1,4 (10%)
$733bn
$814bn
$896bn
Financed emissions5 (5%)
On-balance sheet financed
emissions within the Oil & Gas
and Power & Utilities sectors
remain within the established
risk tolerance for at least 80% of
the performance period
On-balance sheet financed
emissions within the Oil & Gas
and Power & Utilities sectors
remain within the established
risk tolerance for at least 90% of
the performance period
On-balance sheet financed
emissions within the Oil & Gas
and Power & Utilities sectors
remain within the established
risk tolerance for 100% of the
performance period
Subject to risk and compliance modifier
The Group Remuneration Committee retains the discretion to revise down the formulaic outcome taking into account performance against risk and compliance
factors during the performance period.
1Awards will vest on a straight-line basis for performance between the minimum, target and maximum levels of performance set in this table.
2To be assessed based on average RoTE excluding notable items over the performance period, subject to the CET1 capital ratio underpin.
3The peer group for the 2025 award is: Bank of China (Hong Kong), Barclays, BNP Paribas, China Merchants Bank, Citigroup, DBS Group Holdings, J.P. Morgan
Chase & Co., Lloyds Banking Group, OCBC Bank, Standard Chartered and UBS Group. 
4The sustainable finance and investment measure will assess the cumulative amount provided and facilitated over the performance period starting from 1 January
2020 and ending 31 December 2028.
5Performance against risk tolerance will be assessed on a rolling two consecutive calendar quarter basis due to volatility and measurement lags. In addition, given
inherent uncertainty with financed emissions measurement, mitigating factors for breaches will be considered by the Committee in assessing performance.
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Our approach to workforce reward
Our approach to workforce reward enables a high-performance culture
where colleagues are at their best and focused on excellent customer
outcomes.
Our workforce reward principles and commitments guide our approach,
strengthen our ability to attract, retain and motivate the people we
need and energise colleagues to perform at their best:
–We reward our colleagues responsibly through fixed pay security
and protection through core benefits, a competitive total
compensation opportunity, pay equity, and a more inclusive and
sustainable benefits proposition over time.
–We recognise colleagues' success through our performance
routines, including feedback and recognition, pay for performance,
and all employee share ownership opportunities.
–We support our colleagues to grow through our proposition beyond
pay, with a focus on future skills and development, support for well-
being, and flexibility.
In 2024, we made significant changes to our approach to improve
colleague experience and unlock our performance edge. We introduced
performance routines to support more frequent exchange of feedback
and implemented a ’Target Variable Pay’ plan to help improve
transparency on how we make pay decisions. The year-end
performance assessment was simplified to focus less on ratings and
more on dialogue between managers and colleagues.
In 2025, we continued to evolve our approach and made
enhancements based on the lessons learned from the first year of
implementation. We continued to improve our well-being and
recognition offering, which help motivate employees to perform at their
best.
The Committee tracks various metrics to assess how we are doing and
prioritise our action plans. Our approach overall is working. Employee
engagement measured through our employee Snapshot survey
remained high at 78%. While this fell by two percentage points
compared with 2024, it was four percentage points above the financial
services benchmark. This is a notable achievement in the context of
ongoing activities related to our organisational simplification. Further
highlights for our areas of focus in 2025 are outlined below.
Our approach to workforce reward forms part of our broader employee
value proposition and helps us retain and engage the leaders and
people we need to execute our strategy.
In 2026, a key priority will be to review the pay structure for our senior
executives following changes to the PRA remuneration rules
announced in October 2025. This review will ensure that our
remuneration approach continues to support a high-performance
culture, incentivises the achievement of our financial and strategic
objectives, and promotes robust risk management and exemplary
conduct standards.
We will reward
you responsibly
Living wage
Fixed pay
Benefits
Global living wage
employer
3.2% (2025: 3.6%)
5
percentage
points
p
Since 2024, we have continued to work
with the Fair Wage Network which
provides an independent source of wage
levels and HSBC has maintained its
accreditation as a global living wage
employer. We continue to review all
wages against local living wage
benchmarks.
increase to fixed pay for 2026, targeted
towards lower paid colleagues relative to
relevant market benchmarks.
increase in the number of colleagues who
say their benefits meet their and their
family's needs well.
We will recognise
your success
Feedback
Recognition
81% (2024: 78%)
78% (2024: 78%)
1.4m
of colleagues say their manager
proactively gave them timely and
effective feedback on their performance
and behaviours.
of colleagues say they are recognised
when they do a good job.
recognitions of colleagues by their peers
through our recognition platform 'At Our
Best' for demonstrating role model
behaviours that are linked to our values.
We will support
you to grow
Mental health
Physical well-being
Well-being
#1 (2024: #1)
#1
66% (2024: 65%)
in the Global CCLA Corporate Mental
Health Benchmark for the fourth year
running.
Over 11,400 colleagues participated in the
HSBC Global Activity Challenge in
September, an increase of 150% in
participation from 2024. We set a new
Guinness World Record for the most
participants in a 10,000 step challenge in
24 hours.
Our Well-being Index, which measures
satisfaction, purpose, happiness and
stress, increased compared with 2024
and is five percentage points higher than
the financial services benchmark.
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Remuneration structure for colleagues
We set out below the key features of our remuneration framework, which applies on a Group-wide basis (excluding executive Directors), subject to
compliance with local laws. Our remuneration framework for the wider workforce is similar to that of the executive Directors given the inclusion of
fixed and variable pay elements, and the application of deferral, retention, malus and clawback policies to variable pay. A summary of the
remuneration policy for executive Directors is provided on page 251.
Remuneration components
and objectives
Application for Group employees
Fixed pay
Salary and allowances
–We provide market competitive pay for the role, skills and experience required.
–In addition to base salary, fixed pay may also include fixed pay allowances, cash in lieu of pension and other cash
allowances in accordance with local market practice.
–Fixed pay may change to reflect an individual’s position, role or grade, cost of living in the country, individual skills,
capabilities and experience.
Benefits and pension
–Benefits may include, but are not limited to, the provision of a pension, medical insurance, life insurance and
health assessment in accordance with local market practice.
Variable pay
Annual incentive
–All colleagues are eligible to be considered for a discretionary variable pay award. Individual awards are
determined against performance goals set at the start of the year.   
–Variable pay represents a higher proportion of total compensation for more senior colleagues to strengthen
alignment between total compensation and business performance.
–Variable pay for employees is limited to 10 times fixed pay, except where local regulations require otherwise.
–Awards are generally paid in cash and shares. For material risk takers ('MRTs'), at least 50% of the awards are in
shares and/or where required by regulations, in units linked to asset management funds.
Long-term incentive
–Members of the Group Operating Committee and other senior Group employees are also eligible to be considered
for a long-term incentive award. This is subject to three-year forward-looking performance measures, similar to
the executive Directors.
Policies
applicable to
variable pay
Deferral
–A Group-wide deferral approach is applicable to all employees. A portion of annual incentive awards above a specified
threshold is deferred in shares vesting annually over a three-year period (33% vesting on the first and second
anniversaries of grant and 34% on the third).
–Awards for MRTs are paid in line with the PRA and FCA remuneration rules, and in compliance with local regulations.
Variable pay for MRTs under the PRA remuneration rules ('Group MRTs'), are subject to a four-year deferral period.
–For all Group MRTs and the majority of local MRTs, a minimum 50% of the deferred awards is in HSBC shares with the
remaining portion in deferred cash. Local regulatory requirements apply where necessary.
–For some employees in our asset management business, where required by the relevant regulations, at least 50% of
the deferred award is linked to fund units reflective of funds managed by those entities, with the remaining portion in
deferred cash awards.
–Variable pay awards made in HSBC shares or linked to relevant fund units granted to MRTs that are immediately vested
are generally subject to a one-year retention period post-vesting.
Anti-hedging
–All employees are subject to an anti-hedging policy, which prohibits employees from entering into any personal
hedging strategies in respect of HSBC securities.
Malus and clawback
–All deferred awards are subject to malus provisions, subject to compliance with local laws.
–All awards granted are subject to clawback.
Recruitment
remuneration
Buy-out awards
–Buy-out awards may be offered if an individual holds any outstanding unvested awards that are forfeited on
resignation from the previous employer.
–The terms of the buy-out awards will not be more generous than the terms attached to the awards forfeited on
cessation of employment with the previous employer.
New hire indicative
variable pay
–New hire indicative variable pay is awarded in exceptional circumstances, typically involving a critical senior new
hire, and is limited to an individual’s first year of employment only. The award is subject to a number of factors
(such as the respective performance of the Group, business / infrastructure area and individual), and the final value
paid remains at the full discretion of HSBC.
Policy for loss
of office
Severance payments
–Where an individual’s employment is terminated involuntarily for gross misconduct then, subject to compliance
with local laws, the Group’s policy is not to make any severance payment and all outstanding unvested awards
are forfeited.
–For other cases of involuntary termination of employment, the determination of any severance will take into
consideration the contractual notice period, applicable local laws and circumstances of the case.
–Severance amounts awarded to MRTs are not considered as variable pay for the purpose of application of the
deferral and variable pay cap rules under the PRA and FCA remuneration rules.
Unvested awards
–Generally, for good leavers, all outstanding unvested awards will normally continue to vest in line with
applicable vesting dates. Where relevant, any performance conditions attached to the awards, and malus and
clawback provisions, will remain applicable to those awards.
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Payments on loss of office
The table below sets out the basis on which payments on loss of office may be made. Other than as set out in the table, there are no further
obligations which could give rise to remuneration payments or payments for loss of office.
Payments on loss of office
Component of remuneration
Approach taken
Fixed pay and benefits
Executive Directors may be entitled to payments in lieu of:
–notice, which may consist of base salary, FPA, pension entitlements and other contractual benefits, or an amount in lieu
of; and/or
–accrued but untaken holiday entitlement.
Payments may be made in instalments or a lump sum, and may be subject to mitigation, and subject to applicable tax and
social security deductions.
Annual incentive and LTI
In exceptional circumstances, as determined by the Committee, an executive Director may be eligible for the grant of annual
and/or long-term incentives under the HSBC Share Plan based on the time worked in the performance year and on the
individual’s contribution.
Unvested awards
All unvested awards will be forfeited when an executive Director ceases employment voluntarily and is not deemed a good
leaver. An executive Director may be considered a good leaver, under the HSBC Share Plan, if their employment ceases in
specified circumstances which includes:
–ill health, injury or disability, as established to the satisfaction of the Committee;
–retirement with the agreement and approval of the Committee;
–the employee’s employer ceasing to be a member of the Group;
–redundancy with the agreement and approval of the Committee; or
–any other reason at the discretion of the Committee.
If an executive Director is considered a good leaver, unvested awards will normally continue to vest in line with the applicable
vesting dates, subject to performance conditions, the share plan rules, and malus and clawback provisions.
In the event of death, unvested awards will vest and will be released to the executive Director’s estate as soon as
practicable.
In respect of outstanding unvested awards, the Committee may determine that good leaver status is contingent upon the
Committee being satisfied that the executive has no current or future intention at the date of leaving HSBC of being
employed by any competitor financial services firm. The Committee determines the list of competitor firms from time to
time, and the length of time for which this restriction applies. If the Committee becomes aware of any evidence to the
contrary before vesting, the award will lapse.
Post-departure benefits
Executive Directors can be provided certain benefits for up to a maximum of seven years from date of departure for those
who depart under good leaver provisions under the HSBC Share Plan, in accordance with the terms of the policy. Benefits
may include, but are not limited to, medical coverage, tax return preparation assistance and legal expenses.
The Committee also has the discretion to extend the post-departure benefit of medical coverage to former executive
Directors, up to a maximum of seven years from their date of departure.
Other
Where an executive Director has been relocated as part of their employment, the Committee retains the discretion to pay the
repatriation costs. This may include, but is not restricted to, airfare, accommodation, shipment, storage, utilities, and any tax
and social security that may be due in respect of such benefits.
Except in the case of gross misconduct or resignation, an executive Director may also receive retirement gifts.
Legal claims
The Committee retains the discretion to make payments (including professional and outplacement fees) to mitigate against
legal claims, subject to any such payments being made in accordance with the terms of an appropriate settlement agreement
waiving all claims against the Group.
Change of control
In the event of a change of control, outstanding awards will be treated in line with the provisions set out in the respective
plan rules.
HSBC Holdings plc Annual Report on Form 20-F
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Committee governance
The Group Chairman, Chair of the Group Risk Committee, Group CEO,
Group Chief Risk and Compliance Officer, Group Chief People &
Governance Officer, Group Chief Legal Officer, and Group Head of
Performance and Reward, routinely and selectively attend Committee
meetings.
No Director is present at Committee meetings when their own
remuneration is discussed.
The Chair and members of the Committee hold private meetings with
the Committee's independent adviser, following scheduled Committee
meetings. Outside of formal meetings, the Chair meets regularly with
key stakeholders, including senior management, investors, proxy
advisers and regulators to help inform the broader decision making of
the Committee.
The Chair also meets regularly with the Committee Secretary to ensure
the Committee fulfils its governance responsibilities, to consider input
from stakeholders when finalising meeting agendas and track progress
on actions and priorities.
The Chair hosted the biannual Remuneration Committee Chairs Forum
in October and November 2025, bringing together Committee
members and Chairs of the principal subsidiary remuneration
committees. The forum provided the opportunity for members to
discuss key priorities and challenges in relation to people, performance
and pay matters across the Group.
The Committee received certifications from the principal subsidiary
remuneration committees, confirming that the relevant committee had
discharged its obligations overseeing the implementation and operation
of HSBC’s Group Remuneration Framework and escalated all relevant
concerns to the Committee. A regular report is presented to the
Committee highlighting significant remuneration matters from the
Group’s subsidiaries.
A copy of the Committee’s terms of reference can be found on our
website at www.hsbc.com/who-we-are/our-people/board-of-directors/
board-committees 
Advisers
The Committee received input and advice from different advisers on
specific topics during 2025. Deloitte was retained as independent
adviser to the Committee in 2025 having been reappointed in 2022
following a formal tender process. Deloitte also provided tax
compliance and other advisory services to the Group in 2025. Deloitte
is a founding member of the Remuneration Consultants Group and
voluntarily operates under the code of conduct in relation to executive
remuneration consulting in the UK.
The Committee also received advice from Willis Towers Watson and
AON on market data and remuneration trends. Willis Towers Watson
also provides actuarial support to Global Finance, benchmarking data for
the wider workforce and services related to benefits administration for
our Group employees.
The Committee was satisfied the advice provided by Deloitte, Willis
Towers Watson and AON was objective and independent in 2025.
For 2025, total fees of £161,500, £36,437 and £17,080 were incurred in
relation to remuneration advice provided by Deloitte, Willis Towers
Watson and AON, respectively. This was based on pre-agreed fees and
a time-and-materials basis.
Following a full tender process in 2025, Willis Towers Watson will
become the Committee's lead independent adviser from March 2026.
Committee performance review
In 2025, the annual review of the performance of the Committee
concluded that the Committee continued to operate effectively.
The outcomes of the performance review have been reported to the
Board, and the Committee will progress and track those areas identified
for enhancement through 2026.
ÑFurther details of the annual review of the Board and committee
performance can be found on page 231.
Share plan matters considered by the
Committee
The Committee and its delegates considered various matters relating to
the HSBC share plans during the financial year.
The HSBC International Employee Share Purchase Plan (‘ShareMatch’)
and The HSBC Holdings Savings-Related Share Option Plan (UK)
(‘Sharesave’) were offered in 2025. The HSBC variable pay deferral
approach for the 2025 performance year was approved, for which
certain updates were made following changes to legal and regulatory
requirements. Other awards with performance conditions were
approved for certain strategically important projects during 2025.
Immediate share awards were granted to executive Directors and
senior managers in compliance with our regulatory requirements to
deliver a portion of non-deferred variable pay in instruments. These
awards vest immediately, and are subject to a retention period and
clawback provisions.
HSBC Holdings plc Annual Report on Form 20-F
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Additional remuneration disclosures
This section provides further information in relation to executive Director and wider workforce remuneration as required by the UK, Hong Kong, and
Pillar 3 remuneration disclosure requirements. For the purpose of the Pillar 3 remuneration disclosures, executive Directors and non-executive
Directors are considered to be members of the management body. Members of the Group Operating Committee other than the executive
Directors are considered as senior management.
Link between risk, performance and reward
Our remuneration practices promote sound and effective risk management to support our business objectives and the delivery of our strategy. We
set out below the key features of our framework, which enable us to align between risk, performance and reward, subject to compliance with local
laws and regulations:
Framework
elements
Application
Variable pay
–Group variable pay is expected to reflect Group performance, based on a range of financial and non-financial factors. We use a countercyclical
funding methodology with a structured payout range for different levels of profitability and guided by a floor and a ceiling. The payout ratio
generally reduces as performance increases to avoid pro-cyclicality. The floor recognises that even in challenging times, remaining competitive
is important. The ceiling recognises that at higher levels of performance it is not always necessary to continue to increase variable pay, thereby
limiting the risk of inappropriate behaviour to drive financial performance.
–The main quantitative and qualitative performance and risk metrics used for assessment of performance include:
–Group and business unit financial performance, considering contextual factors driving performance, and capital requirements;
–current and future risks, taking into consideration performance against the risk appetite, financial resourcing plan and global conduct
outcomes; and
–fines, penalties and provisions for customer redress, which are automatically included in the Committee’s definition of profit for
determining the pool.
–In the event that the Group was unable to distribute dividends to shareholders for reasons such as capital adequacy, then the Group may
determine that as a year of weak performance. In such a year, the Group may withhold some, or all, variable pay for employees including
unvested share awards, using the metrics outlined above as a basis for that determination.
–The Committee also applies its discretion to adjust the pool either upwards or downwards based on a recommendation by the GRC which
takes into account a full assessment of risk performance.
Individual
performance
–Assessment of individual performance is made with reference to clear and relevant financial and non-financial goals. Group Operating
Committee members have a goal on effective management of enterprise risk, regulatory compliance and financial crime risk responsibilities as
well as financial risks. The goal is independently assessed by Risk and Compliance and a risk and compliance rating and assessment is shared
with the individual and the Group CEO to consider as part of the year-end review. Direct reports of Group Operating Committee members and
other senior executives are assessed on risk, regulatory and financial crime goals identified for their roles. All other employees have a
mandatory risk and compliance goal.
–Performance assessment for all employees includes a behaviour gateway (if permissible under local laws), and a full assessment of
achievement against goals and demonstration of HSBC values aligned behaviours. This ensures that performance is assessed not only on what
is achieved but also on how it is achieved.
Control
function staff
–Group policy is for control staff to report into their respective infrastructure area. Remuneration decisions for senior infrastructure roles are
made by the global infrastructure head.
–The performance and reward of individuals in control functions, including risk and compliance colleagues, are assessed according to a balanced
scorecard of goals specific to the functional role they undertake.
–Their remuneration is determined independent of the performance of the business areas they support.
–Remuneration is carefully benchmarked with the market and internally to ensure it is set at an appropriate level.
–The Committee is responsible for approving remuneration for the Group Chief Risk and Compliance Officer and Group Head of Internal Audit.
Variable pay
adjustments
and conduct
recognition
–Variable pay awards may be adjusted upwards or downwards to reflect positive or negative conduct in adherence with the Code of Conduct.
Downward adjustments can be made in circumstances including:
–detrimental conduct, including conduct that brings HSBC into disrepute;
–involvement in events resulting in significant operational losses, or events that have caused or have the potential to cause significant harm
to HSBC; and
–non-compliance with the values-aligned behaviours and other mandatory requirements or policies.
–Rewarding positive conduct can be through use of our global recognition platform, At Our Best, or positive adjustments to variable pay awards.
Malus
–Malus can be applied to unvested deferred awards (up to 100% of awards) granted in prior years in circumstances including:
–detrimental conduct, including conduct that brings the business into disrepute;
–past performance being materially worse than originally reported;
–restatement, correction or amendment of any financial statements; and
–improper or inadequate risk management.
Clawback
–Clawback can be applied to vested or paid awards granted to MRTs for a period of seven years, extended to 10 years for employees in PRA
and FCA designated senior management functions in the event of ongoing internal/regulatory investigation at the end of the seven-year period.
Clawback can also be applied to non-MRTs. Clawback may be applied in circumstances including:
–participation in, or responsibility for, conduct that results in significant losses;
–failing to meet appropriate standards and propriety;
–reasonable evidence of misconduct or material error that would justify, or would have justified, summary termination of a contract of
employment; and
–a material failure of risk management suffered by HSBC or a business unit in the context of Group risk-management standards, policies and
procedures.
–Clawback can also be applied to vested or paid awards granted to designated Executive Officers as defined by the US Securities and Exchange
Commission (’SEC’) for a period of three years in the event of an accounting restatement due to material non-compliance with any financial
reporting requirement under the US securities laws.
Sales
incentives
–We generally do not operate commission-based sales plans, unless aligned with local market practice and with appropriate safeguards to avoid
incentivising inappropriate sales behaviours.
Identification
of MRTs
–We identify individuals as MRTs based on qualitative and quantitative criteria set out in the PRA’s and FCA’s remuneration rules. Our
identification process is underpinned by the following key principles:
–MRTs are identified at Group, HSBC Bank plc (consolidated) and HSBC UK level.
–MRTs are also identified at other solo regulated entity level as required by the regulations.
–When identifying an MRT, HSBC considers a colleague’s role within its matrix management structure. The business and infrastructure area
that an individual works within takes precedence, followed by the geographical location in which they work.
–We also identify additional MRTs based on our own internal criteria, which include individuals in certain roles and grades who otherwise would
not be identified as MRTs under the remuneration rules.
HSBC Holdings plc Annual Report on Form 20-F
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Summary of shareholder return and Group CEO remuneration
The graph shows HSBC TSR performance (based on the daily spot
Return Index in sterling) against the FTSE 100 Total Return Index for
the 10-year period ended 31 December 2025.
The FTSE 100 Total Return Index has been chosen as a recognised
broad equity market index of which HSBC Holdings is a member.
The single total figure of remuneration for the Group CEO over the past
10 years, together with the outcomes of the respective
annual incentive and LTI awards, are presented in the following table.
HSBC TSR and FTSE 100 Total Return Index
568
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Group CEO
Stuart
Gulliver
Stuart
Gulliver
Stuart
Gulliver
John
Flint
John
Flint
Sir Noel
Quinn
Sir Noel
Quinn
Sir Noel
Quinn
Sir Noel
Quinn
Sir Noel
Quinn
Sir Noel
Quinn1,2
Georges
Elhedery2,3
Georges
Elhedery
Single total figure £000
5,675
6,086
2,387
4,582
2,922
1,977
4,154
4,895
5,562
10,396
10,091
1,867
6,623
Annual incentive (% of
maximum)
64%
80%
76%
76%
61%
66%
32%
57%
75%
70%
78%
78%
80%
Long-term incentive (%
of maximum)
—%
—%
100%
—%
—%
—%
—%
—%
—%
75%
75%
—%
45.19%
1Sir Noel Quinn’s 2024 single total figure reflects his total fixed pay, benefits and annual incentive up to and including 1 September 2024 when he stepped down
as Group CEO, plus his vesting 2022-2024 LTI. This single total figure has been restated to reflect the value of the 2022-2024 LTI on 11 March 2025, when the
first tranche of the award vested.
2The 2024 annual incentive figures for Sir Noel Quinn and Georges Elhedery reflect their assessment against the Group CEO scorecard for their periods as Group
CEO.
3Georges Elhedery’s 2024 single total figure reflects his total fixed pay, benefits and annual incentive in respect of his period as Group CEO (for the period 2
September 2024 to 31 December 2024). Georges Elhedery’s vesting 2022-2024 LTI was granted before his appointment as Group CEO and has been excluded.
Voting results from Annual General Meeting
2025 Annual General Meeting voting results
For
Against
Withheld
Directors' Remuneration Report (votes cast)
98.34%
1.66%
––
8,807,418,532
148,870,299
11,202,665
Directors' Remuneration Policy (votes cast)
96.10%
3.90%
––
8,609,641,462
349,032,069
8,780,440
Amend rules of the HSBC Share Plan 2011 (votes cast)
97.33%
2.67%
––
8,716,852,849
239,261,675
10,286,595
HSBC Holdings plc Annual Report on Form 20-F
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Pay ratio
The following table shows the ratio between the total pay of the Group
CEO and the lower quartile, median and upper quartile pay of our UK
employees.
The median ratio is lower year on year, reflecting the lower value of the
2023-25 LTI for Georges Elhedery, which was granted for his prior role
as Co-CEO, GBM, compared with the value of the 2022-24 LTI for Sir
Noel Quinn, which was received in his capacity as Group CEO.
Total pay ratio
Method
Lower quartile
Median
Upper quartile
2025
A
167:1
96:1
51:1
20241
A
307:1
179:1
94:1
2023
A
285:1
165:1
86:1
2022
A
167:1
95:1
49:1
2021
A
154:1
90:1
46:1
2020
A
139:1
85:1
43:1
2019
A
169:1
105:1
52:1
Total pay and benefits amounts used to calculate the ratio
(£)
Method
Lower quartile
Median
Upper quartile
Total pay
and
benefits
Total
salary
Total pay
and
benefits
Total
salary
Total pay
and
benefits
Total
salary
2025
A
39,601
30,750
69,207
57,500
130,262
95,078
2024
A
38,995
31,962
66,672
53,945
127,050
91,664
2023
A
36,528
27,680
63,000
45,536
121,223
89,506
2022
A
33,284
24,615
58,257
41,000
113,778
95,000
2021
A
31,727
27,666
54,678
41,500
106,951
84,000
2020
A
29,833
23,264
48,703
36,972
96,386
75,000
2019
A
28,920
24,235
46,593
41,905
93,365
72,840
1The 2024 pay ratios have been restated to reflect the revised 2024 LTI value
for Sir Noel Quinn.
The total pay and benefits for the median employee for 2025 was
69,207, a 3.8% increase compared with 2024.
Our UK workforce comprises a diverse mix of colleagues across
different businesses and levels of seniority, from junior cashiers in our
retail branches to senior executives managing our global business units.
We aim to deliver market-competitive pay for each role, taking into
consideration the skills and experience required for the business.
Pay structure varies across roles in order to deliver an appropriate mix
of fixed and variable pay. Junior colleagues have a greater portion of
their pay delivered in a fixed component, which does not vary with
performance and allows them to predictably meet their day-to-day
needs. Our senior management, including executive Directors,
generally have a higher portion of their total remuneration opportunity
structured as variable pay and linked to the performance of the Group,
given their role and ability to influence the strategy and performance of
the Group. Executive Directors also have a higher proportion of their
variable pay delivered in shares, which vest over a period of seven
years with a post-vesting retention period of one year. During this
deferral and retention period, the awards are linked to the share price
so the value of award realised by them after the vesting and retention
period will be aligned to the performance of the Group.
We are satisfied that the median pay ratio is consistent with the pay
and progression policies for our UK workforce, taking into account the
diverse mix of our UK employees, the pay mix applicable to each role
and our objective of delivering market competitive pay for each role
subject to Group, business and individual performance.
Our ratios have been calculated using the option ‘A’ methodology
prescribed under the UK Companies (Miscellaneous Reporting)
Regulations 2018. Under this option, the ratios are calculated using full-
time equivalent pay and benefits of all employees providing services in
the UK at 31 December 2025. We believe this approach provides
accurate information and representation of the ratios. The ratio has
been computed taking into account the pay and benefits of over 33,000
UK employees, other than the Group CEOs. We calculated our pay
quartiles and benefits information for our UK employees using:
–full-time equivalent annualised fixed pay, which includes base salary
and allowances, at 31 December 2025;
–variable pay awards for 2025;
–return on deferred cash awards granted in prior years. The deferred
cash portion of the annual incentive granted in prior years includes a
right to receive notional returns for the period between the grant
date and vesting date, which is determined by reference to a rate of
return specified at the time of grant. A payment of notional return is
made annually and the amount is disclosed on a paid basis in the
year in which the payment is made;
–gains realised from exercising awards from taxable employee share
plans; and
–full-time equivalent value of taxable benefits and pension
contributions.
Full-time equivalent fixed pay and benefits for each employee have
been calculated by using each employee’s data as at 31 December
2025. Where an employee works part-time, fixed pay and benefits are
grossed up, where appropriate, to full-time equivalent. One-off benefits
have not been included in calculating the ratios as these are not
permanent in nature and in some cases, depending on individual
circumstances, may not truly reflect a benefit to the employee.
The reported ratios may not be comparable to our international and
listed peers on the FTSE 100, given differences in business mix and
size, employment and compensation practices, methodologies for
computing pay ratios and assumptions used by companies.
Relative importance of spend on pay
The following chart shows the change in:
–total employee pay between 2024 and 2025; and
–dividends and share buy-backs in respect of 2024 and 2025.
In 2025, total spend on pay was up 6% compared with 2024. The
return to shareholders by way of dividends and share buy-backs fell by
22% compared with 2024. In 2024, dividends included the special
dividend of $0.21 per share that was paid following the completion of
the sale of our banking business in Canada. In 2025, we provided $8bn
of capital return to shareholders through share buy-backs, which
included the up to $2bn buy-back announced at our 2024 annual results
in February 2025. Following our announcement to privatise Hang Seng
Bank in October 2025, we announced our intention not to initiate share
buy-backs temporarily. A decision to recommence buy-backs will be
subject to our normal buy-back considerations and process on a
quarterly basis. Dividends include an approximation of the amount
payable in April 2026 in relation to the fourth interim dividend of $0.45
per ordinary share.
Relative importance of spend on pay
21440476754464
$12.9bn
$8.0bn
Distributions
to ordinary
shareholders
2025
q 22%
2024
Employee
pay
2025
▲ 6%
2024
$11.0bn
$15.9bn
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Comparison of Directors’ and employees’ pay
The following table compares the changes in each Director’s base salary, taxable benefits and annual incentive between 2021 and 2025 with those
for UK-based employees of HSBC Group Management Services Limited, the employing entity of the executive Directors. The underlying single
figures of remuneration used to calculate these figures are on page 253 for executive Directors, and page 270 for non-executive Directors.
Annual percentage change in remuneration
Base salary/fees
Benefits
Annual incentive
Director/employees
2025
2024
2023
2022
2021
2025
2024
2023
2022
2021
2025
2024
2023
2022
2021
Executive Directors
Georges Elhedery
49.5
26.7
—
—
—
56.4
866.0
—
—
—
115.0
30.3
—
—
—
Pam Kaur
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Non-executive
Directors
Geraldine Buckingham
4.8
10.7
57.4
—
—
366.7
(40.0)
—
—
—
—
—
—
—
—
Rachel Duan
5.1
4.5
8.4
235.8
—
333.3
—
(100.0)
—
—
—
—
—
—
—
Dame Carolyn Fairbairn
15.4
4.7
5.3
231.1
—
200.0
—
(100.0)
—
—
—
—
—
—
—
James Forese
2.0
5.5
10.2
20.5
257.5
750.0
300.0
—
—
—
—
—
—
—
—
Ann Godbehere
89.5
472.1
—
—
—
—
—
—
—
—
—
—
—
—
—
Steven Guggenheimer
3.5
(1.9)
0.8
4.8
86.6
450.0
300.0
(90.0)
—
—
—
—
—
—
—
José Antonio Meade
Kuribreña
5.9
3.7
0.8
8.5
10.4
628.6
75.0
(71.4)
—
(100.0)
—
—
—
—
—
Kalpana Morparia
8.1
45.9
—
—
—
2,000.0
—
—
—
—
—
—
—
—
—
Eileen Murray
16.6
14.1
10.7
(1.5)
121.7
—
(100.0)
—
—
—
—
—
—
—
—
Brendan Nelson
138.0
306.2
—
—
—
110.5
216.7
—
—
—
—
—
—
—
—
Swee Lian Teo
16.4
402.0
—
—
—
—
—
—
—
—
—
—
—
—
—
Sir Mark Tucker
(25.0)
—
—
—
—
(57.2)
184.3
(54.9)
242.4
(36.5)
—
—
—
—
—
Employee group1
3.2
3.3
5.0
3.1
1.0
5.0
4.1
5.7
7.0
1.3
7.2
2.4
11.7
3.7
25.2
1Employee group consists of individuals employed by HSBC Group Management Services Ltd, the employing entity of the executive Directors. No individuals are
employed directly by HSBC Holdings.
Scheme interests awarded during 2025
(Audited)
The table below sets out scheme interests granted to executive Directors during 2025 in respect of the 2024 performance year, as disclosed in
the 2024 Directors’ remuneration report. No non-executive Directors received scheme interests during the financial year. Details of immediate
shares are disclosed in compliance with Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited.
Scheme awards in 2025
(Audited)
Type of interest
awarded
Basis on which
award made
Date of award
Face value
awarded
£000
Percentage
receivable for
minimum
performance
Number of
shares
awarded
End of
performance
period
Georges Elhedery
LTI deferred shares1
% of base salary
7 May 2025
12,407
25
1,367,880
31 December 2027
Immediate shares2
% of base salary
4 March 2025
838
N/A
92,447
31 December 2024
Pam Kaur
LTI deferred shares1
% of base salary
7 May 2025
7,237
25
797,930
31 December 2027
Immediate shares2
% of base salary
4 March 2025
1,687
N/A
186,052
31 December 2024
1In accordance with the remuneration policy approved at the 2025 AGM, the LTI award was determined at 600% of base salary for Pam Kaur and 600% of base
salary for Georges Elhedery. The number of shares was determined by taking the average closing price of the week commencing 24 February 2025 (£9.070),
being the same price used for other awards granted in respect of the 2024 performance year, and discounting based on HSBC’s expected dividend yield of 6.5%
per annum for the vesting period (£6.580). The fair value of the awards was £3.185 based on IFRS 2 accounting standards. LTI awards are conditional share
awards subject to a three-year forward-looking performance period and vest in five equal annual instalments, between the third and seventh anniversary of the
award date, subject to performance achieved. Awards are subject to clawback for up to 10 years from award date and are not eligible for dividend equivalents.
2Immediate share awards are granted based on previous years’ performance as part of the annual incentive and are not subject to forward-looking performance
conditions. On vesting, a one-year retention period applies. The face values of the awards was computed using the average closing price of the week
commencing 24 February 2025, £9.070. The fair value of the awards was £9.163 based on IFRS 2 accounting standards. Awards are subject to clawback for up
to 10 years from the award.
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Performance conditions for the 2025–2027 LTI awards
(Audited)
Measures (weighting)1
Minimum
(25% payout)
Target
(50% payout)
Maximum
(100% payout)
RoTE (excluding notable items) with CET1 capital ratio
underpin2 (40%)
14.0%
16.0%
18.0%
Environment and
sustainability3 (20%)
Carbon reduction
(own emissions) (5%)
71.0%
73.0%
78.0%
Sustainable finance and
investment (15%)
$648.0bn
$720.0bn
$792.0bn
Relative TSR4 (40%)
At median of the
peer group
Straight-line vesting between
minimum and maximum
At upper quartile of
peer group
Subject to risk and compliance modifier
The Group Remuneration Committee retains the discretion to revise down the formulaic outcome taking into account performance against risk and compliance
factors during the performance period.
1Awards will vest on a straight-line basis for performance between the minimum, target and maximum levels of performance set in this table.
2To be assessed based on RoTE at the end of the performance period, subject to the CET1 capital ratio underpin.
3Carbon reduction will be measured based on percentage reduction in total energy and travel emissions achieved by 31 December 2027 using 2019 as the
baseline. The sustainable finance and investment measure will assess the cumulative amount provided and facilitated over the period ending 31 December 2027.
4The peer group for the 2025–2027 award is: Bank of China (Hong Kong), Barclays, BNP Paribas, China Merchants Bank, Citigroup, DBS Group Holdings,
J.P. Morgan Chase & Co., Lloyds Banking Group, OCBC Bank, Standard Chartered and UBS Group.
Other scheme interests held during 2025
The table below details scheme interests held by executive Directors during 2025, in respect of prior performance years. Vesting of deferred share
awards is normally subject to the Director remaining an employee on the vesting date. The awards may vest at an earlier date in some
circumstances. Under the Securities and Futures Ordinance of Hong Kong, interests in conditional share awards are categorised as the interests of
the beneficial owner.
Other scheme interests in 2025
(Audited)
HSBC Holdings ordinary shares
Type of
interest held
Dates of
award
Award
price
(£)1
Usually vesting
Vested
Tranche
Tranche
vested on
Market
price at
vest (£)
Closing
price
before
vest date
(£)
At
1 Jan 25
Vested
in
period
Lapsed
in
period
Cancelled
in
period
At
31 Dec 25
from
to
Georges Elhedery
LTI
Deferred
shares
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 252
8.4415
8.5480
223,989
33,597
55,998
—
134,394
27 Feb 23
6.357
1 Mar 26
31 Mar 30
—
—
—
—
251,474
—
—
—
251,474
26 Feb 24
5.972
1 Mar 27
31 Mar 31
—
—
—
—
569,177
—
—
—
569,177
Deferred
shares3
24 Feb 20
5.622
1 Mar 23
31 Mar 27
3
10 Mar 25
8.6138
8.7640
88,597
29,532
—
—
59,065
1 Mar 21
4.262
1 Mar 24
31 Mar 28
2
10 Mar 25
8.6138
8.7640
244,419
61,104
—
—
183,315
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 25
8.4415
8.5480
273,163
54,632
—
—
218,531
Pam Kaur
LTI
Deferred
shares
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 252
8.4415
8.5480
168,077
25,211
42,020
—
100,846
27 Feb 23
6.357
1 Mar 26
31 Mar 30
—
—
—
—
146,393
—
—
—
146,393
26 Feb 24
5.972
1 Mar 27
31 Mar 31
—
—
—
—
185,889
—
—
—
185,889
Deferred
shares3
26 Feb 18
7.234
1 Mar 21
31 Mar 25
5
10 Mar 25
8.6138
8.7640
15,633
15,633
—
—
—
25 Feb 19
6.235
1 Mar 22
31 Mar 26
4
10 Mar 25
8.6138
8.7640
37,310
18,655
—
—
18,655
24 Feb 20
5.622
1 Mar 23
31 Mar 27
3
10 Mar 25
8.6138
8.7640
58,909
19,635
—
—
39,274
1 Mar 21
4.262
1 Mar 24
31 Mar 28
2
10 Mar 25
8.6138
8.7640
169,555
42,388
—
—
127,167
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 25
8.4415
8.5480
210,542
42,108
—
—
168,434
27 Feb 23
6.357
1 Mar 26
31 Mar 30
—
—
—
—
65,843
—
—
—
65,843
26 Feb 24
5.972
1 Mar 27
31 Mar 31
—
—
—
—
100,798
—
—
—
100,798
1The award price is the closing price on the day before the grant date for awards made in 2024 and prior years. In all cases the purchase price is nil.
2The performance conditions were assessed and confirmed at 75%. The remaining 25% of the award was forfeited. Shares equivalent in number to those that
vest under the award (net of tax liabilities) must be retained for one year from the vesting date. The award vests in five equal tranches.
3Shares equivalent in number to those that vest under the award (net of tax liabilities) must be retained for one year from vesting. The awards vest in five equal
tranches.
No Directors held any short position (as defined in the Securities and
Futures Ordinance of Hong Kong) in the shares or debentures of HSBC
Holdings and its associated corporations. Save as stated in the tables
above, none of the Directors had an interest in any shares or
debentures of HSBC Holdings or any associates at the beginning or at
the end of the period, and none of the Directors or members of their
immediate families were awarded or exercised any right to subscribe
for any shares or debentures in any HSBC corporation during the
period.
There have been no changes in the shares or debentures of the
Directors from 31 December 2025 to the date of this report.
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Executive Directors’ interests in shares
(Audited)
The shareholdings of executive Directors in 2025, including the
shareholdings of their connected persons, are shown in the table below
at 31 December 2025, alongside their shareholding requirement. There
have been no changes in the shareholdings of the executive Directors
from 31 December 2025 to the date of this report.
Executive Directors have five years from their appointment to build up
the required level of shareholding. In line with investor guidance, 
unvested shares that are not subject to forward-looking performance
conditions (on a net of tax basis) can count towards their shareholding
requirement.
The Committee reviews compliance with the shareholding
requirement, taking into account shareholder expectations and
guidelines. The Committee also has full discretion in determining any
penalties for non-compliance.
The weighted average holding period of an LTI award within HSBC is
six years, in excess of the five-year holding period typically
implemented by FTSE-listed companies.
HSBC operates a policy under which individuals are not permitted to
enter into any personal hedging strategies in relation to shares subject
to a vesting and/or retention period.
Shares
(Audited)
Shareholding
guidelines
(% of salary)
Shareholding at
31 Dec 20252
(% of salary)
At 31 Dec 2025
Scheme interests
Share interests
(number
of shares)
Share options3
Shares awarded subject to deferral1
without
performance
conditions
with
performance
conditions4
Executive Directors
Georges Elhedery5
600%
792%
1,109,810
—
595,305
2,188,531
Pam Kaur5
600%
1,207%
986,625
—
621,017
1,130,212
1The gross number of shares is disclosed. A portion will be sold at vesting to cover any income tax and social security that falls due at the time of vesting.
2The value of the shareholding is calculated using an average of the daily closing share prices in the three months to 31 December 2025, £10.708, and does not
include any unvested interests.
3At 31 December 2025, Georges Elhedery and Pam Kaur did not hold any options under the HSBC Holdings Savings-Related Share Option Plan (UK).
4LTI awards are subject to performance measures as set out in the relevant Annual Report and Accounts. 
5Executive Directors are expected to meet their shareholding guidelines within five years of the date of their appointment.
Service contracts
The service contracts of executive Directors do not have a fixed term.
The notice periods of executive Directors are set at the discretion of
the Committee, taking into account market practice, governance
considerations, and the skills and experience of the particular candidate
at that time.
Service agreements for each executive Director are available for
inspection at HSBC Holdings’ registered office. Consistent with the
best interests of the Group, the Committee will seek to minimise
termination payments. Directors may be eligible for a payment in
relation to statutory rights.
Contract date (rolling)
Notice period
(Director and HSBC)
Georges Elhedery
2 September 2024
12 months
Pam Kaur
1 January 2025
12 months
External appointments
During 2025, Georges Elhedery did not receive any fees from external
appointments. Pam Kaur received £38,633 as an independent non-
executive Director for Aberdeen Group plc for the period 1 January
2025 to 8 May 2025.
Total pension entitlements
(Audited)
No employees who served as executive Directors during the year have
a right to amounts under any HSBC final salary pension scheme for
their services as executive Directors or are entitled to additional
benefits in the event of early retirement. There is no retirement age set
for Directors, but the normal retirement age for colleagues is 65.
Payments to past Directors
(Audited)
In line with the terms of his departure disclosed in our Annual Report
and Accounts 2024, Sir Noel Quinn was granted good leaver status. Sir
Noel Quinn is eligible to receive vesting of the 2023–2025 LTI award,
pro-rated for time in employment subject to satisfaction of non-
compete provisions under which he cannot undertake a role with a
defined list of competitor financial services firms for 12 months after
his employment ceases with HSBC. Details of the 2023–2025 LTI
outcome are outlined on page 256.
No other payments in scope of the remuneration disclosure
requirements were made to, or in respect of, former Directors in the
year in excess of the minimum threshold of £50,000 set for this
purpose.
Payments for loss of office
(Audited)
Sir Noel Quinn left the Group on 30 April 2025.
In accordance with the approved Directors' remuneration policy and
contractual terms agreed for the period between 1 January 2025 and
30 April 2025, Noel received payments totalling £1,232,072. This
included a salary of £458,667, a pension allowance of £45,867 and a
fixed pay allowance of £566,658. The fixed pay allowance was awarded
in immediately vested shares, which are subject to a retention period
and released on a pro-rata basis over five years. In accordance with the
approved Directors' remuneration policy, Noel also received cash in lieu
of unused holiday totalling £123,600 on expiry of his notice period, and
taxable and non-taxable benefits with an aggregate value of £37,280.
Noel's full departure terms were disclosed in the Annual Report and
Accounts 2024. No other payments for loss of office were made to
former or current Directors in the year.
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Directors’ emoluments
The details of compensation paid to executive and non-executive Directors for the year ended 31 December 2025 are set out below:
Emoluments
Georges Elhedery
Pam Kaur1
Non-executive Directors2
2025
2024
2025
2024
2025
2024
£000
£000
£000
£000
£000
£000
Directors' base salary, allowances and benefits in kind
1,796
2,473
1,086
—
Non-executive Directors' fees and benefits in kind
6,252
5,393
Pension contributions
—
—
—
—
—
—
Performance-related pay paid or receivable3
12,605
10,677
7,350
—
—
—
Inducements to join paid or receivable
—
—
—
—
—
—
Compensation for loss of office
—
—
—
—
—
—
Notional return on deferred cash
5
8
11
—
—
—
Total
14,406
13,158
8,447
—
6,252
5,393
Total ($000)
18,977
17,333
11,127
—
8,236
7,104
1Pam Kaur was appointed executive Director and Group CFO effective 1 January 2025.
2Fees and benefits in kind for 2025 reflects the population as per the single total figure table for non-executive Directors.
3Includes the value of the deferred and LTI awards at grant.
The aggregate amount of Directors’ emoluments (including both executive Directors and non-executive Directors) for the year ended 31 December
2025 was $38,340,912. The aggregate value of Director retirement benefits for current Directors is nil.
As per our policy, benefits in kind may include, but are not limited to, the provision of medical insurance, income protection insurance, health
assessment, life assurance, club membership, tax assistance, car benefit, travel assistance, provision of company owned-accommodation and
relocation costs (including any tax due, where applicable).
The details of compensation paid to former executive Directors for the year ended 31 December 2025 are set out below: 
Emoluments to former executive Directors
Stuart Gulliver
John Flint
Marc Moses
Sir Noel Quinn
£
$
£
$
£
$
£
$
Post-employment medical insurance benefits1
7,823
10,305
12,338
16,253
24,262
31,961
7,287
9,599
Tax return support1
—
—
—
—
—
—
1,750
2,305
1Amounts are converted into US dollars based on the average exchange rates for the year.
The total aggregate value of benefits provided to former executive Directors in 2025 was £53,460 ($70,423). There were payments under
retirement benefit arrangements to four former Directors of £2,484,882.
The provision at 31 December 2025 in respect of unfunded pension obligations to two former Directors amounted to £345,538. This relates to
unfunded unapproved retirement benefits schemes.
Emoluments of senior management and five highest paid employees
The following tables set out the emoluments paid to senior management, comprising executive Directors and members of the Group Operating
Committee, for the year ended 31 December 2025, or for the period of appointment in 2025 as a Director or member of the Group Operating
Committee. The tables also detail the remuneration paid and share awards granted to the five highest paid employees, comprising Georges
Elhedery, Pam Kaur and three other members of the Group Operating Committee for the year ended 31 December 2025.
Five highest paid employees – share awards (HSBC Share Plan 2011)
Dates of
award
Award
price
(£)1
HSBC Holdings ordinary share awards
Usually vesting
At
1 Jan 2025
Granted in
period
Vested in
period2
Fair value(s) (£)
Lapsed
in period
Cancelled in
period
At
31 Dec 2025
from
to
2015 to 2024
—
1 Mar 25
30 Mar 31
5,569,957
—
960,545
—
176,633
—
4,432,779
4 Mar 253
9.070
4 Mar 25
30 Mar 32
—
1,262,453
603,212
3.461 and 9.163
—
—
659,241
7 May 253
9.070
1 Mar 28
30 Mar 32
—
2,165,810
—
3.185
—
—
2,165,810
5,569,957
3,428,263
1,563,757
—
176,633
—
7,257,830
1The price for awards made in 2025 is the average closing price of the week commencing 24 February 2025. In all cases the purchase price is nil.
2The weighted average closing price of the shares immediately before the dates on which the awards were vested was £8.965.
3The fair values of the awards were calculated according to the IFRS 2 accounting standard. The fair values vary based on the length of the vesting period. These
awards include LTI awards which are subject to satisfaction of performance conditions. LTI awards are subject to a combination of financial and non-financial
metrics that are in this report.
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Emoluments
£000s
Five highest paid employees
Senior management
Basic salaries, allowances and benefits in kind
11,005
25,839
Pension contributions
124
492
Performance-related pay paid or receivable1
36,685
59,240
Inducements to join paid or receivable
—
—
Compensation for loss of office2
—
348
Total
47,814
85,919
Total ($000)
62,987
113,184
1Includes the value of deferred share awards at grant.
2Excludes expected payments in 2026 in connection with loss of office for senior management in 2025.
Emoluments by bands
Hong Kong dollars
US dollars
Number of highest paid employees
Number of senior management
$1,000,001 – $1,500,000
$128,267 – $192,400
—
1
$10,000,001 – $10,500,000
$1,282,664 – $1,346,797
—
1
$13,500,001 – $14,000,000
$1,731,597 – $1,795,730
—
1
$41,000,001 – $41,500,000
$5,258,923 – $5,323,056
—
1
$42,000,001 – $42,500,000
$5,387,190 – $5,451,323
—
1
$45,500,001 – $46,000,000
$5,836,122 – $5,900,255
—
1
$57,000,001 – $57,500,000
$7,311,186 – $7,375,319
—
1
$57,500,001 – $58,000,000
$7,375,319 – $7,439,452
—
1
$60,500,001 – $61,000,000
$7,760,118 – $7,824,251
—
1
$61,000,001 – $61,500,000
$7,824,251 – $7,888,384
—
1
$66,500,001 – $67,000,000
$8,529,717 – $8,593,850
1
1
$86,500,001 – $87,000,000
$11,095,045 – $11,159,178
1
1
$91,500,001 – $92,000,000
$11,736,377 – $11,800,510
1
1
$97,500,001 – $98,000,000
$12,505,976 – $12,570,109
1
1
$147,500,001 – $148,000,000
$18,919,296 – $18,983,429
1
1
Non-executive Directors
(Audited)
The following table shows the total fees and benefits of non-executive Directors for 2025, together with comparative figures for 2024.
Fees and benefits
(Audited)
Fees1
Benefits2
Total
(£000)
2025
2024
2025
2024
2025
2024
Geraldine Buckingham3
283
270
14
3
297
273
Rachel Duan
268
255
13
3
281
258
Dame Carolyn Fairbairn
337
292
15
5
352
297
James Forese4
817
801
34
4
851
805
Ann Godbehere5
737
389
44
—
781
389
Steven Guggenheimer
268
259
22
4
290
263
José Antonio Meade Kuribreña
268
253
51
7
319
260
Kalpana Morparia
268
248
21
1
289
249
Eileen Murray
386
331
30
—
416
331
Brendan Nelson6
783
329
80
38
863
367
Swee Lian Teo
298
256
28
—
326
256
Sir Mark Tucker7
1,125
1,500
62
145
1,187
1,645
Total (£000)
5,838
5,183
414
210
6,252
5,393
Total ($000)
7,691
6,828
545
277
8,236
7,104
1Fees are in line with the Directors' remuneration policy approved by the shareholders at the 2025 AGM.
2Benefits include taxable expenses such as accommodation, travel and subsistence relating to attendance at Board and other meetings at HSBC Holdings'
registered offices.
3Stepped down as a member of the Group Remuneration Committee on 31 January 2025.
4Includes fee of £418,000 (2024: £430,000) in relation to his role as Chair of HSBC North America Holdings, Inc.
5Appointed as a non-executive Director of HSBC Bank plc on 1 January 2025 and received a pro rata annual fee of £105,000 until 24 April 2025. Ann was
appointed as Chair of HSBC Bank plc Board and the Nomination, Remuneration and Governance Committee on 25 April 2025 and received a pro rata annual fee
of £300,000. 
6Appointed as a non-executive Director of HSBC UK Bank plc on 9 January 2025 and received an annual fee for this appointment of £135,000 pro rata for the
period 9 January 2025 to 30 September 2025. Following his appointment as Group Chairman on 1 October 2025, Brendan received a single total annual fee of
£1.5m pro rata and no other fees were paid in relation to any of his other Group or HSBC UK Bank plc roles from 1 October 2025.
7Stepped down as Group Chairman on 30 September 2025.
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Non-executive Directors’ interests in shares
(Audited)
The shareholdings of persons who were non-executive Directors in
2025, including the shareholdings of their connected persons, at
31 December 2025, or date of cessation as a Director if earlier, are set
out below. There have been no changes in the shareholdings of the
non-executive Directors from 31 December 2025 to the date of this
report. Non-executive Directors are expected to meet the shareholding
guidelines of 15,000 shares within five years of the date of their
appointment. All non-executive Directors who had been appointed for
five years or more at 31 December 2025 met the guidelines.
Shares
Shareholding
guidelines (number of
shares)
Share interests
(number of shares)
Geraldine Buckingham
15,000
15,000
Rachel Duan
15,000
15,000
Dame Carolyn Fairbairn
15,000
15,000
James Forese
15,000
115,000
Ann Godbehere
15,000
15,000
Steven Guggenheimer
15,000
15,000
José Antonio Meade Kuribreña
15,000
15,000
Kalpana Morparia
15,000
15,000
Eileen Murray
15,000
75,000
Brendan Nelson
15,000
15,000
Swee Lian Teo
15,000
15,200
Sir Mark Tucker (retired on 30 September 2025)
15,000
307,352
2026 fees for non-executive Directors
The table below sets out the 2026 fees for non-executive Directors. The fees paid to non-executive Directors who are standing for election or re-
election as members of Board committees are set out in the table below (these Board committees’ fees and Board fees are pro-rated for part year
service where relevant).
2026 fees
Position
£
Non-executive Group Chairman1
1,500,000
Non-executive Director (base fee)
136,500
Senior Independent Director
200,000
Group Audit Committee, Group Risk Committee, Group Remuneration Committee and Group Technology &
Operations Committee
Chair
150,000
Member
50,000
Nomination & Corporate Governance Committee
Chair
––
Member
34,650
Sustainability Working Group
Chair
60,000
Member
30,000
Designated workforce engagement non-executive Director
50,000
1The Group Chairman does not receive a base fee or any other fee in respect of chairing of the Nomination & Corporate Governance Committee.
As signalled in the Annual Reports and Accounts 2024 and the 2025 Notice of AGM, as part of the 2024 review of fees payable to non-executive
Directors, the Board agreed to align the fees for the role of Board committee chair (excluding the Nomination & Corporate Governance Committee)
to £150,000 per annum in two phases: an initial increase to £125,000 per annum effective 1 January 2025, with a further increase with effect from
1 January 2026.
No further changes have been made to the non-executive Director fees for 2026. 
Non-executive Director appointment and re-election
Non-executive Directors and the Group Chairman are appointed for
fixed terms not exceeding three years, which may be renewed subject
to their re-election by shareholders at AGMs. Non-executive Directors
and the Group Chairman do not have service contracts, but are bound
by letters of appointment issued for and on behalf of HSBC Holdings, 
which are available for inspection at HSBC Holdings’ registered office.
There are no obligations in the non-executive Directors’ or Group
Chairman's letters of appointment that could give rise to remuneration
payments or payments for loss of office.
2026 AGM
2027 AGM
2028 AGM
José Antonio Meade Kuribreña
James Forese
Rachel Duan
Geraldine Buckingham
Steven Guggenheimer
Dame Carolyn Fairbairn
Kalpana Morparia
Eileen Murray
Wei Sun Christianson1
Brendan Nelson
Swee Lian Teo
1Wei Sun Christianson was appointed following the 2025 AGM and therefore her initial three-year appointment terms are subject to approval of her election by
shareholders at the 2026 AGM. Her initial three-year term of appointment will end at the conclusion of the 2029 AGM, subject to annual re-election by
shareholders at the relevant AGMs.
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MRT remuneration disclosures
The following tables set out the remuneration disclosures for
individuals identified as MRTs for HSBC Holdings.
Remuneration information for individuals who are only identified as
MRTs at HSBC Bank plc, HSBC UK Bank plc or other solo-regulated
entity levels is included, where relevant, in those entities’ disclosures.
The 2025 variable pay information included in the following tables is
based on the market value of awards. For share awards, the market
value is based on HSBC Holdings’ share price at the date of grant
(unless indicated otherwise). For cash awards, it is the value of awards
expected to be paid to the individual over the deferral period.
Remuneration awarded for the financial year (REM1)
Supervisory
function
Management
function
Other senior
management
Other
identified
staff
Fixed
remuneration
Number of identified staff
12.0
2.0
13.0
1,230.1
Total fixed pay ($m)
8.4
3.8
27.5
685.3
–  of which: cash-based ($m)1
8.4
3.8
27.5
685.3
–  of which: shares or equivalent ownership interests ($m)
—
—
—
—
–  of which: share-linked instruments or equivalent non-cash instruments ($m)
—
—
—
—
–  of which: other instruments ($m)
—
—
—
—
–  of which: other forms ($m)
—
—
—
—
Variable
remuneration3
Number of identified staff
12.0
2.0
13.0
1,230.1
Total variable remuneration ($m)4
—
26.3
53.2
810.3
–  of which: cash-based ($m)
—
3.8
26.9
429.9
–  of which: deferred ($m)
—
—
15.7
176.3
–  of which: shares or equivalent ownership interests ($m)2
—
22.5
26.3
364.9
–  of which: deferred ($m)
—
18.8
15.7
198.9
–  of which: share-linked instruments or equivalent non-cash instruments ($m)
—
—
—
9.1
–  of which: deferred ($m)
—
—
—
4.5
–  of which: other instruments ($m)
—
—
—
—
–  of which: deferred ($m)
—
—
—
—
–  of which: other forms ($m)
—
—
—
6.4
–  of which: deferred ($m)
—
—
—
3.9
Total remuneration ($m)
8.4
30.1
80.7
1,495.6
1Cash-based fixed remuneration is paid immediately.
2Paid in HSBC shares. Vested shares are subject to a retention period of up to one year for executive Directors and where required by regulation.
3Variable pay awarded in respect of 2025. In accordance with shareholder approval received on 3 May 2024 (99% in favour), and where regulations permit, for
each MRT the variable component of remuneration for any one year is limited to 10 times the fixed component of total remuneration, in line with the maximum
pay ratio approved by the Group Remuneration Committee. HSBC Holdings plc continues to provide approval for entities regulated by the European Banking
Authority to operate a maximum variable pay ratio of 200% of the fixed component of total remuneration for each MRT, where permitted to do so.
428 identified staff members were exempt from the application of the remuneration structure requirements for MRTs under the PRA and FCA remuneration rules.
Their total remuneration is $9.3m, of which $8.0m is fixed pay and $1.3m is variable remuneration.
Special payments to staff whose professional activities have a material impact on institutions’ risk profile (REM2)
Supervisory
function
Management
function
Other senior
management
Other
identified
staff
Guaranteed variable remuneration awards1
Number of identified staff
—
—
—
—
Total amount ($m)
—
—
—
—
–  of which guaranteed variable remuneration awards paid during the financial year, that are not
taken into account in the bonus cap ($m)
—
—
—
—
Severance payments awarded in previous periods, that have been paid out during the financial year2
Number of identified staff
—
—
—
9.9
Total amount ($m)
—
—
—
11.3
Severance payments awarded during the financial year2
Number of identified staff
—
—
1.0
134.0
Total amount ($m)
—
—
0.5
67.5
–  of which paid during the financial year ($m)
—
—
—
60.2
–  of which deferred ($m)
—
—
—
—
–  of which severance payments paid during the financial year, that are not taken into account in
the bonus cap ($m)
—
—
0.5
67.5
–  of which highest payment that has been awarded to a single person ($m)
—
—
0.5
1.8
1No guaranteed variable remuneration was awarded in 2025. HSBC would offer a guaranteed variable remuneration award in exceptional circumstances for new
hires, and for the first year of employment only. It would typically involve a critical new hire, and would also depend on factors such as the seniority of the
individual, whether the new hire candidate has any competing offers and the timing of the hire during the performance year.
2Includes payments such as payment in lieu of notice, statutory severance, outplacement service, legal fees, ex-gratia payments and settlements (excludes pre-
existing benefit entitlements triggered on terminations).
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Deferred remuneration at 31 December1 (REM3)
$m
Total amount
of deferred
remuneration
awarded for
previous
performance
periods
of which:
due to
vest in
the
financial
year
of which:
vesting in
subsequent
financial
years
Amount of
performance
adjustment
made in the
financial year
to deferred
remuneration
that was due
to vest in the
financial year
Amount of
performance
adjustment
made in the
financial year
to deferred
remuneration
that was due
to vest in
future
performance
years
Total
amount of
adjustment
during the
financial year
due to ex
post implicit
adjustments
Total amount
of deferred
remuneration
awarded
before the
financial year
actually paid
out in the
financial year
Total amount
of deferred
remuneration
awarded for
previous
performance
period that
has vested but
is subject to
retention
periods
Supervisory function
—
—
—
—
—
—
—
—
Cash-based
—
—
—
—
—
—
—
—
Shares
—
—
—
—
—
—
—
—
Share-linked instruments
—
—
—
—
—
—
—
—
Other instruments
—
—
—
—
—
—
—
—
Other forms
—
—
—
—
—
—
—
—
Management function
82.0
5.5
76.5
(3.4)
—
21.7
5.4
6.0
Cash-based
10.1
1.6
8.5
—
—
—
1.5
—
Shares
71.9
3.9
68.0
(3.4)
—
21.7
3.9
6.0
Share-linked instruments
—
—
—
—
—
—
—
—
Other instruments
—
—
—
—
—
—
—
—
Other forms
—
—
—
—
—
—
—
—
Other senior management
147.3
20.3
127.0
(7.9)
—
32.9
20.1
9.2
Cash-based
43.0
7.0
36.0
—
—
—
7.0
—
Shares
104.3
13.3
91.0
(7.9)
—
32.9
13.1
9.2
Share-linked instruments
—
—
—
—
—
—
—
—
Other instruments
—
—
—
—
—
—
—
—
Other forms
—
—
—
—
—
—
—
—
Other identified staff
1,819.6
358.4
1,461.2
(12.6)
—
344.4
351.4
104.6
Cash-based
553.2
109.7
443.5
—
—
—
108.3
—
Shares
1,226.4
240.1
986.3
(12.6)
—
334.6
234.7
98.7
Share-linked instruments
28.8
6.6
22.2
—
—
8.2
6.5
4.2
Other instruments
—
—
—
—
—
—
—
—
Other forms
11.2
2.0
9.2
—
—
1.6
1.9
1.7
Total amount
2,048.9
384.2
1,664.7
(23.9)
—
399.0
376.9
119.8
1This table provides details of balances and movements during performance year 2025. For details of variable pay awards granted for 2025, refer to the
’Remuneration awarded for the financial year’ table. Deferred remuneration is made in cash and/or shares. Share-based awards are made in HSBC shares.
Identified staff - remuneration by band1 (REM4)
Identified staff that are high
earners as set out in Article
450(i) CRR
€1,000,000 – 1,500,000
274
€1,500,000 – 2,000,000
96
€2,000,000 – 2,500,000
43
€2,500,000 – 3,000,000
30
€3,000,000 – 3,500,000
12
€3,500,000 – 4,000,000
7
€4,000,000 – 4,500,000
8
€4,500,000 – 5,000,000
5
€5,000,000 – 6,000,000
3
€6,000,000 – 7,000,000
7
€7,000,000 – 8,000,000
1
€8,000,000 – 9,000,000
—
€9,000,000 – 10,000,000
2
€10,000,000 – 11,000,000
1
€11,000,000 – 12,000,000
—
€12,000,000 – 13,000,000
—
€13,000,000 – 14,000,000
—
€14,000,000 – 15,000,000
—
€15,000,000 – 16,000,000
—
€16,000,000 – 17,000,000
1
1Table prepared in euros in accordance with Article 450 of the European Union Capital Requirements Regulation, using the exchange rates published by the
European Commission for financial programming and budget for December of the reported year as published on its website.
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Information on remuneration of staff whose professional activities have a material impact on institutions’ risk profile (REM5)
Management body
Business areas
Total
Supervisory
function
Management
function
Total
Investment
banking
Retail
banking
Asset
management
Corporate
function
Independent
internal
control
function
All
other
Total number of
identified staff
1,257.1
–of which members of
the Board
12.0
2.0
14.0
–of which senior
management
—
1.0
—
4.0
3.0
5.0
–of which other
identified staff
510.9
276.4
35.9
160.8
174.5
71.6
Total remuneration of
identified staff ($m)
8.4
30.1
38.5
717.1
311.4
47.1
220.6
136.7
143.4
–of which variable
remuneration ($m)1
—
26.3
26.3
418.6
166.1
25.3
117.2
57.1
79.2
–of which fixed
remuneration ($m)
8.4
3.8
12.2
298.5
145.3
21.8
103.4
79.6
64.2
1Variable pay awarded in respect of 2025. In accordance with shareholder approval received on 3 May 2024 (99% in favour), and where regulations permit, for
each MRT the variable component of remuneration for any one year is limited to 10 times the fixed component of total remuneration, in line with the maximum
pay ratio approved by the Group Remuneration Committee. HSBC Holdings plc continues to provide approval for entities regulated by the European Banking
Authority to operate a maximum variable pay ratio of 200% of the fixed component of total remuneration for each MRT, where permitted to do so.
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Share capital and other governance
disclosures
Share buy-backs
On 31 October 2024, HSBC Holdings commenced a share buy-back of
its ordinary shares of up to a maximum consideration of $3.0bn. The
share buy-back continued in 2025 and was concluded on 11 February
2025, with 53,412,510 ordinary shares repurchased for cancellation on
UK trading venues and 48,119,200 ordinary shares repurchased for
cancellation on HKEx from 1 January to 11 February 2025.
On 21 February 2025, HSBC Holdings commenced a further share buy-
back of its ordinary shares of up to a maximum consideration of $2.0bn.
This share buy-back concluded on 25 April 2025 with 90,226,199
ordinary shares repurchased for cancellation on UK trading venues and
89,362,400 ordinary shares repurchased for cancellation on HKEx.
On 7 May 2025, HSBC Holdings commenced a further share buy-back
of its ordinary shares of up to a maximum consideration of $3.0bn. This
share buy-back concluded on 25 July 2025 with 151,454,350 ordinary
shares repurchased for cancellation on UK trading venues and
101,298,000 ordinary shares repurchased for cancellation on HKEx.
On 1 August 2025, HSBC Holdings commenced a further share buy-
back of its ordinary shares of up to a maximum consideration of $3.0bn.
This share buy-back concluded on 24 October 2025 with 136,301,568
ordinary shares repurchased for cancellation on UK trading venues and
91,040,400 ordinary shares repurchased for cancellation on HKEx.
The purpose of the share buy-backs was to reduce HSBC’s number of
outstanding ordinary shares.
As at 31 December 2025, the total number of ordinary shares
repurchased during the year was 761,214,627, representing a nominal
value of $380,607,313.50 and an aggregate consideration paid by HSBC
of £3,875,910,163 on UK trading venues and HK$30,257,041,599 on
HKEx. The ordinary shares repurchased represent 4.43% of the
ordinary shares in issue as at 31 December 2025.
The table that follows outlines details of the ordinary shares purchased
and cancelled on a monthly basis during 2025.
Share buy-back – UK venues
Number of shares
repurchased
Highest price
paid per share
Lowest price
paid per share
Average price
paid per share
Aggregate
price paid
£
£
£
£
Jan 2025
53,412,510
8.2800
7.6770
7.9835
426,418,493
Feb 2025
17,354,614
9.2790
8.7210
8.9940
156,088,219
Mar 2025
48,866,970
9.4300
8.3510
8.8567
432,798,143
Apr 2025
24,004,615
8.8940
6.9890
7.8260
187,859,442
May 2025
68,401,165
8.9150
8.3530
8.6873
594,221,858
Jun 2025
50,911,911
8.8730
8.6010
8.7091
443,397,460
Jul 2025
32,141,274
9.6800
8.6750
9.2982
298,856,687
Aug 2025
48,028,511
9.7220
9.0880
9.4473
453,738,250
Sep 2025
48,365,181
10.5080
9.4670
10.0103
484,152,048
Oct 2025
39,907,876
10.6740
9.6410
9.9825
398,379,563
Total
431,394,627
3,875,910,163
Share buy-back – Hong Kong venues
Number of shares
repurchased
Highest price
paid per share
Lowest price
paid per share
Average price
paid per share
Aggregate
price paid
(HK$)
(HK$)
(HK$)
(HK$)
Jan 2025
29,455,200
79.9500
74.8000
76.9614
2,266,914,703
Feb 2025
33,403,600
89.8000
79.4500
84.2625
2,814,671,080
Mar 2025
54,995,200
92.5500
83.9500
88.6511
4,875,383,400
Apr 2025
19,627,600
89.1000
70.0500
79.7185
1,564,683,760
May 2025
48,790,000
93.6500
86.2500
90.6985
4,425,181,117
Jun 2025
29,848,800
93.9000
90.9000
92.1917
2,751,810,520
Jul 2025
22,659,200
102.1000
94.4500
98.0061
2,220,738,939
Aug 2025
32,520,800
102.2000
95.0500
99.1969
3,225,963,440
Sep 2025
31,736,800
109.2000
98.7500
104.7238
3,323,597,720
Oct 2025
26,782,800
112.0000
100.6000
104.1003
2,788,096,920
Total
329,820,000
30,257,041,599
HSBC Holdings plc Annual Report on Form 20-F
276
Strategic report
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Additional
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Share capital & other disclosures
Dividends
Dividends for 2025
First, second and third interim dividends for 2025, each of $0.10 per
ordinary share, were paid on 20 June 2025, 26 September 2025 and
18 December 2025. For further details of the dividends approved in
2025, see Note 8 on the financial statements.
On 25 February 2026, the Directors approved a fourth interim dividend
for 2025 of $0.45 per ordinary share, making a total of $0.75 for the
2025 full-year. The fourth interim dividend for 2025 will be payable on
30 April 2026 in cash in US dollars, or in sterling or Hong Kong dollars at
exchange rates to be determined on 20 April 2026. The fourth interim
dividend for 2025 of $2.25 per American Depositary Share, each of
which represents five ordinary shares, will be payable by the depositary
in US dollars. No liability was recorded in the financial statements in
respect of the fourth interim dividend for 2025.
A quarterly dividend of £0.01 per non-cumulative preference share of
£0.01 each was paid on 17 March, 16 June, 15 September and
15 December 2025. 
Dividends for 2026
The Group intends to pay quarterly dividends on its ordinary shares
during 2026. 
A quarterly dividend of £0.01 per non-cumulative preference share of
£0.01 each is payable on 16 March, 15 June, 15 September and
15 December 2026 for the quarter then ended at the sole and absolute
discretion of the Board of HSBC Holdings plc. Accordingly, the Board of
HSBC Holdings plc has approved a quarterly dividend to be payable on
the non-cumulative preference share on 16 March 2026 to holders of
record on 27 February 2026.
Distributable reserves
The distributable reserves of HSBC Holdings at 31 December 2025
were $46.2bn, a $17.9bn increase since 31 December 2024, primarily
driven by $22.1bn in profits and other reserves movements generated
in 2025, cancellation of $16.6bn standing to the credit of its share
premium and capital redemption reserves pursuant to the Court
approval obtained by HSBC Holdings on 24 June 2025, offset by
$20.8bn dividends on ordinary shares, additional tier 1 coupon and
share buy-back payments.
Share capital
Issued share capital
The nominal value of HSBC Holdings’ issued share capital paid up at
31 December 2025 was $8,587,619,931 divided into 17,175,239,862
ordinary shares of $0.50 each and one non-cumulative preference share
of £0.01, representing approximately 100.00% and 0.00% respectively
of the nominal value of HSBC Holdings’ total issued share capital paid
up at 31 December 2025.
Rights, obligations and restrictions
attaching to shares
The rights and obligations attaching to each class of ordinary and non-
cumulative preference shares in our share capital are set out in full in
our Articles of Association. The Articles of Association may be
amended by special resolution of the shareholders and can be found on
our website at www.hsbc.com/who-we-are/our-people/board-of-
directors/board-responsibilities.
Ordinary shares
HSBC Holdings has one class of ordinary share, which carries no right
to fixed income. There are no voting restrictions on the issued ordinary
shares, all of which are fully paid. On a show of hands, each member
present has the right to one vote at general meetings. On a poll, each
member present or voting by proxy is entitled to one vote for every
$0.50 nominal value of share capital held.
There are no specific restrictions on transfers of ordinary shares, which
are governed by the general provisions of the Articles of Association
and prevailing legislation.
ÑInformation on the policy adopted by the Board for paying interim dividends
on the ordinary shares may be found in the ’Shareholder information’
section on page 382.
Dividend waivers
The Group’s employee benefit trusts, which hold shares in HSBC
Holdings in connection with the operation of its share plans, have
lodged standing instructions to waive dividends on shares held by them
that have not been allocated to employees. Shares held by custodians
in connection with the vesting of employee share awards also lodged
instructions to waive dividends. The total amount of dividends waived
during 2025 was $53.7m.
Preference shares
The preference shares, which have preferential rights to income and
capital, do not, in general, confer a right to attend and vote at general
meetings.
There are three classes of preference shares in the share capital of
HSBC Holdings: non-cumulative US dollar preference shares of $0.01
each (‘dollar preference shares’); non-cumulative preference shares of
£0.01 each (‘sterling preference shares’); and non-cumulative
preference shares of €0.01 (‘euro preference shares’).
The sterling preference share in issue is a Series A sterling preference
share. There are no dollar preference shares or euro preference shares
in issue.
ÑInformation on dividends approved for 2023 and 2024 may be found in
Note 8 on the financial statements.
ÑFurther details of the rights and obligations attaching to the HSBC Holdings’
issued share capital may be found in Note 32 on the financial statements.
Compliance with Hong Kong Listing Rule
13.25A(2)
HSBC Holdings has been granted a waiver from strict compliance with
Rule 13.25A(2) of the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited.
Under this waiver, HSBC’s obligation to file a Next Day Return
following the issue of new shares, pursuant to the vesting of share
awards granted under its share plans to persons who are not Directors,
would only be triggered where it falls within one of the circumstances
set out under Rule 13.25A(3).
Share capital changes in 2025
HSBC Holdings does not hold any ordinary shares in treasury, and there
were no scrip dividends issued during the year.
HSBC Holdings plc Annual Report on Form 20-F
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Share capital & other disclosures
In addition to the share buy-backs, the following events occurred during the year in relation to the ordinary share capital of HSBC Holdings:
All-employee share plans1
HSBC Holdings
ordinary shares issued
Aggregate
nominal value
Market value per share
from
to
$
£
£
HSBC International Employee Share Purchase Plan
118,316
59,158
10.368
10.368
1In respect of the HSBC Holdings Savings Related Share Option Plan (UK), no new shares were issued under this plan. All exercises were satisfied by market
purchased shares. See page 283 for details of options granted, exercised and lapsed.
HSBC share plans
HSBC Holdings
ordinary shares issued
Aggregate
nominal value
Market value per share
from
to
$
£
£
Vesting of awards under the HSBC Share Plan 2011
9,819,050
4,909,525
8.465
10.69
Authorities to allot and to purchase
shares and pre-emption rights
At the AGM in 2025, shareholders renewed the general authority for
the Directors to allot new shares up to 11,869,935,002 ordinary shares,
15,000,000 non-cumulative preference shares of £0.01 each,
15,000,000 non-cumulative preference shares of $0.01 each,
15,000,000 non-cumulative preference shares of €0.01 each.
Shareholders also renewed the authority for the Directors to make
market/off-market purchases of up to 1,780,490,250 ordinary shares.
The Directors exercised their market/off-market purchase authority
from both the 2024 AGM and the 2025 AGM and repurchased
761,214,627 ordinary shares during 2025.
In addition, shareholders gave authority for the Directors to grant rights
to subscribe for, or to convert any security into, no more than
3,560,980,500 ordinary shares in relation to any issue by HSBC
Holdings, or any member of the Group, of contingent convertible
securities that automatically convert into or are exchanged for ordinary
shares in HSBC Holdings in prescribed circumstances. For further
details on the issue of contingent convertible securities, see Note 32 on
the financial statements.
Other than as disclosed in the tables above headed ‘Share capital
changes in 2025’, the Directors did not allot any shares during 2025.
Debt securities
In 2025, HSBC Holdings issued the equivalent of $33.8bn of debt
securities in the public capital markets in a range of currencies and
maturities, of which $25.7bn were in the form of senior securities to
ensure it meets the current and proposed regulatory rules, including
those relating to the availability of adequate total loss-absorbing
capacity. For details of capital instruments and subordinated bail-inable
debt, see Notes 29 and 32 on pages 359 and 366.
Treasury shares
HSBC Holdings does not hold any ordinary shares in treasury.
Notifiable interests in share capital
During 2025, HSBC Holdings did not receive any notification of major
holdings of voting rights pursuant to the requirements of Rule 5 of the
Disclosure Guidance and Transparency Rules (’Rule 5 of the DTRs’).
No notifications had been received between 31 December 2025 and
19 February 2026. Previous notifications received are as follows:
–BlackRock, Inc. gave notice on 3 March 2020 that on 2 March 2020
it had the following: an indirect interest in HSBC Holdings ordinary
shares of 1,235,558,490; qualifying financial instruments with
7,294,459 voting rights that may be acquired if the instruments are
exercised or converted; and financial instruments with a similar
economic effect to qualifying financial instruments, which refer to
2,441,397 voting rights, representing 6.07%, 0.03% and 0.01%,
respectively, of the total voting rights at 2 March 2020.
–Ping An Asset Management Co., Ltd. gave notice on 6 December
2017 that on 4 December 2017 it had an indirect interest in HSBC
Holdings ordinary shares of 1,007,946,172, representing 5.04% of
the total voting rights at that date.
At 31 December 2025, according to the register maintained by HSBC
Holdings pursuant to section 336 of the Securities and Futures
Ordinance of Hong Kong:
–BlackRock, Inc. gave notice on 16 July 2025 that on 11 July 2025 it
had the following interests in HSBC Holdings ordinary shares: a long
position of 1,586,341,122 shares and a short position of 6,856,029
shares, representing 9.09% and 0.04%, respectively, of the ordinary
shares in issue 11 July 2025.
–Ping An Asset Management Co., Ltd. gave notice on 10 May 2024
that on 7 May 2024 it had a long position of 1,502,584,731 in HSBC
Holdings ordinary shares, representing 7.98% of the ordinary shares
in issue at 7 May 2024.
–The Bank of New York Mellon Corporation gave notice on
17 October 2025 that on 15 October 2025 it had the following
interests in HSBC Holdings ordinary shares: a long position of
1,035,915,129 shares, a short position of 551,070,412 shares and a
lending pool of 449,036,061 shares representing 6.01%, 3.20% and
2.61%, respectively, of the ordinary shares in issue at 15 October
2025. The Bank of New York Mellon Corporation is the Depositary
for the HSBC ADSs. Under the SFO, they are required to report the
HSBC ADSs position as both a long and a short position.
No notifications had been received between 31 December 2025 and
19 February 2026.
Sufficiency of float
In compliance with the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited, at least 25% of the total issued
share capital has been held by the public at all times during 2025 and
up to the date of this report.
Dealings in HSBC Holdings listed
securities
The Group has policies and procedures that, except where permitted
by statute and regulation, prohibit specified transactions in respect of
its securities listed on The Stock Exchange of Hong Kong Limited.
Except for dealings as intermediaries or as trustees by subsidiaries of
HSBC Holdings, and purchases by HSBC Holdings under the share buy-
backs, neither HSBC Holdings nor any of its subsidiaries has purchased,
sold or redeemed any of its securities listed on The Stock Exchange of
Hong Kong Limited during the year ended 31 December 2025. 
Directors’ interests
Pursuant to the requirements of the UK Listing Rules and according to
the register of Directors’ interests maintained by HSBC Holdings
pursuant to section 352 of the Securities and Futures Ordinance of
Hong Kong, the Directors of HSBC Holdings at 31 December 2025 had
certain interests, all beneficial unless otherwise stated, in the shares or
debentures of HSBC Holdings and its associated corporations.
HSBC Holdings plc Annual Report on Form 20-F
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Save as stated in the following table, no further interests were held by
Directors, and no Directors or their connected persons were awarded
or exercised any right to subscribe for any shares or debentures in any
HSBC corporation during the year.
No Directors held any short position as defined in the Securities and
Futures Ordinance of Hong Kong in the shares or debentures of HSBC
Holdings and its associated corporations.
Directors’ interests – shares and debentures
At 31 Dec 2025 or date of cessation, if earlier
At 1 Jan 2025, or
date of
appointment,
if later
Beneficial
owner
Child
under 18
or spouse
Jointly
with
spouse/
other
Trustee
Total
interests
HSBC Holdings ordinary shares
Geraldine Buckingham1
15,000
15,000
15,000
Rachel Duan1
15,000
15,000
15,000
Georges Elhedery2
966,017
1,109,810
1,109,810
Dame Carolyn Fairbairn
15,000
15,000
15,000
James Forese1
115,000
115,000
115,000
Ann Godbehere1
15,000
15,000
15,000
Steven Guggenheimer1
15,000
15,000
15,000
Manveen (Pam) Kaur2
801,296
986,625
986,625
José Antonio Meade Kuribreña1
15,000
15,000
15,000
Kalpana Morparia1
15,000
15,000
15,000
Eileen Murray1
75,000
75,000
75,000
Brendan Nelson
—
15,000
15,000
Swee Lian Teo
15,200
15,200
15,200
Sir Mark Tucker (retired on 30 September 2025)
307,352
307,352
307,352
1Geraldine Buckingham has an interest in 3,000, Rachel Duan in 3,000, James Forese in 23,000, Ann Godbehere in 3,000, Steven Guggenheimer in 3,000, José
Antonio Meade Kuribreña in 3,000, Kalpana Morparia in 3,000 and Eileen Murray in 15,000 listed American Depositary Shares (’ADS’), which are categorised as
equity derivatives under Part XV of the Securities and Futures Ordinance of Hong Kong. Each ADS represents five HSBC Holdings ordinary shares.
2Executive Directors’ other interests in HSBC Holdings ordinary shares arising from the HSBC Holdings Savings-Related Share Option Plan (UK) and the HSBC
Share Plan 2011 are set out in the Scheme interests in the Directors’ remuneration report on page 249. At 31 December 2025, or date of cessation if earlier, the
aggregate interests under the Securities and Futures Ordinance of Hong Kong in HSBC Holdings ordinary shares, including interests arising through employee
share plans and the interests above were: Georges Elhedery – 3,938,444; and Pam Kaur – 2,771,470, representing approximately 0.02% and 0.02% of the
shares in issue respectively.
There have been no changes in the shares or debentures of the current Directors from 31 December 2024 to the date of this report.
UK Listing Rule 6.6.1
The disclosures required by UKLR 6.6.1 are set out on the following
pages, and other regulatory requirements are incorporated by reference
into this Directors' report:
Content
Page references
Dividends and dividend waiver
276, 382
Share buy-back
Emissions
39-46
Energy efficiency
40, 35-36
Principal activities of HSBC
7, 12-14, 349
Business review and future developments
4-31
Risk Review
30-31, 119-218
Engagement with suppliers, customers and
others
29-29, 33-63
Board governance
Appointment and re-election of Directors
A rigorous selection process is followed for the appointment of
Directors. Appointments are made on merit and candidates are
considered against objective criteria, and with regard to the benefits of
a diverse Board. Appointments are made in accordance with HSBC
Holdings plc's Articles of Association.
The Board may at any time appoint any person as a Director or
secretary, either to fill a vacancy or as an additional officer. The Board
may appoint any Director or secretary to hold any employment or
executive office and may revoke or terminate any such appointment.
Non-executive Directors are appointed for an initial three-year term and,
subject to continued satisfactory performance based upon an
assessment by the Group Chairman and the Nomination & Corporate
Governance Committee, are proposed for re-election by shareholders
at each AGM. They typically serve two three-year terms, with any
individual’s appointment beyond six years to be for a rolling one-year
term and subject to thorough review and challenge with reference to
the needs of the Board. Where non-executive Directors are appointed
beyond six years, an explanation will be provided in the Annual Report
and Accounts.
Shareholders vote at each AGM on whether to elect and re-elect
individual Directors. All Directors that stood for election and re-election
at the 2025 AGM were elected and re-elected by shareholders.
Joint Company Secretary
Hannah Ashdown (48) was appointed as Deputy Group Secretary in
December 2021 and for administrative purposes, in October 2022, was
appointed as Joint Company Secretary. Hannah Ashdown stepped
down from her role as Joint Company Secretary with effect from
31 December 2025 and no Joint Company Secretary was appointed in
her place.
Independence
Independence is a critical component of good corporate governance, and
a principle that is applied consistently at both the HSBC Holdings and
subsidiary level. The Nomination & Corporate Governance Committee has
delegated authority from the Board in relation to the assessment of the
independence of non-executive Directors. In accordance with the UK and
Hong Kong Corporate Governance Codes, as applicable, the Nomination
& Corporate Governance Committee has reviewed and confirmed that all
non-executive Directors, and the Group Chairman, who have submitted
themselves for election and re-election at the AGM are considered to be
independent. This conclusion was reached after consideration of all
relevant circumstances that are likely to impair, or could appear to impair,
independence.
In line with the requirements of the Hong Kong Corporate Governance
Code, the Nomination & Corporate Governance Committee also reviewed
and considered the mechanisms in place to ensure independent views
and inputs are available to the Board. These mechanisms include:
–having the appropriate Board and committee structure in place,
including rules on the appointment and tenure of non-executive
Directors;
HSBC Holdings plc Annual Report on Form 20-F
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–facilitating the option of having brokers and external industry experts
in attendance at Board meetings during 2025, as well as having
representatives from the Group’s key regulators attend Board
meetings in relation to specific regulatory items;
–ensuring non-executive Directors are entitled to obtain independent
professional advice relating to their personal responsibilities as a
Director at the Group’s expense;
–having terms of reference for each committee and the Board that
provide authority to engage independent professional advisers; and
–holding annual Board and committee performance reviews, with
feedback sought from members on the quality of, and access to,
independent external advice.
Conflicts of interest
The Board has an established policy and set of procedures, which are
reviewed annually, to ensure that the Board’s management of Directors’
conflicts of interest is effective. The Board has the power to authorise
conflicts where they arise, in accordance with the Companies Act 2006
and HSBC Holdings’ Articles of Association. Details of all Directors’
conflicts of interest are recorded in the register of conflicts. Upon
appointment, new Directors are advised of the policy and procedures for
managing conflicts. Directors are required to notify the Board of any actual
or potential conflicts of interest and to update the Board with any changes
to the facts and circumstances surrounding such conflicts. Directors are
requested to review and confirm their own and their respective closely
associated persons’ outside interests and appointments twice each year.
The Board has considered, and authorised (with or without conditions)
where appropriate, potential conflicts as they have arisen during the year
in accordance with its conflicts policy and procedures. All non-executive
Directors are subject to re-vetting by the Group’s compliance team on a
triennial basis following appointment. As part of this re-vetting process, all
conflict checks are refreshed.
Non-executive Director commitments
The terms and conditions of the appointments of non-executive
Directors are set out in a letter of appointment, which includes the
expectations of them, and the estimated time required to perform their
role. Letters of appointment of each non-executive Director are
available for inspection at the registered office of HSBC Holdings.
Non-executive Directors serving on the Board and as a member of any
committees are expected to serve up to 75 days per annum. The Senior
Independent Director is expected to serve an additional 30 days per
annum. Those Directors who also chair a large committee are expected to
commit up to 100 days per annum, with the Group Risk Committee Chair
expected to commit up to 150 days per annum. Any additional time
commitment required of non-executive Directors in connection with
Board and committee activities is confirmed to them separately.
Board approval is required for any non-executive Director’s external
commitments. When assessing these, consideration is given to the
expected time commitment of the role, their total time commitment,
potential conflicts of interest, the complexity and size of the organisation,
the expectations of the role, and regulatory and investor expectations.
Directors’ indemnities
The Articles of Association of HSBC Holdings contain a qualifying third-
party indemnity provision, which entitles Directors and other officers to
be indemnified out of the assets of HSBC Holdings against claims from
third parties in respect of certain liabilities.
HSBC Holdings has granted, by way of deed poll, indemnities to the
Directors, including former Directors, against certain liabilities arising in
connection with their position as a Director of HSBC Holdings or of any
Group company. Directors are indemnified to the maximum extent
permitted by law.
The indemnities that constitute a ’qualifying third-party indemnity
provision’, as defined by section 234 of the Companies Act 2006,
remained in force for the whole of the financial year (or, in the case of
Directors appointed during 2025, from the date of their appointment). The
deed poll is available for inspection at the registered office of HSBC
Holdings.
Additionally, Directors and pension trustees have the benefit of both
Directors’ and officers’ liability insurance and pension trustees’ liability
insurance. Qualifying pension scheme indemnities have also been granted
to the trustees of the Group’s pension schemes, which were in force for
the whole of the financial year and remain in force as at the date of this
report.
Contracts of significance
During 2025, none of the Directors had a material interest, directly or
indirectly, in any contract of significance with any HSBC company. During
the year, all Directors were reminded of their obligations in respect of
transacting in HSBC securities and, following specific enquiry, all Directors
have confirmed that they have complied with their obligations.
Shareholder engagement and
communication
The Board is directly accountable to, and gives high priority to
communicating with, HSBC’s shareholders. Information about HSBC and
its activities is provided to shareholders in its Interim Reports and the
Annual Report and Accounts as well as on www.hsbc.com.
The Board seeks to understand investor needs through ongoing dialogue
between members of the Board and institutional investors throughout the
year, and Committee Chairs seek to engage with major shareholders on
matters within their area of responsibility, where practicable and
appropriate. For examples of such engagements, see the 'Group
Remuneration Committee Chair’s letter' on page 249. During 2025,
approximately 612 meetings were held with institutional investors and
analysts globally.
Our shareholder communications policy summarises how we
communicate with our shareholders, including through financial reporting,
general shareholder meetings, investor and analyst meetings and our
website. The policy is reviewed annually, and in 2025 the Board confirmed
that it was satisfied with its implementation and effectiveness. The policy
can be found at www.hsbc.com/who-we-are/our-people/board-of-
directors/board-responsibilities.
We also publish our current and past financial results, investor
presentations and shareholder information such as dividend payments
and shareholder meeting details. Stock exchange announcements are
also accessible on our website along with information for fixed income
investors. For further details, see www.hsbc.com/investors.
Directors are encouraged to develop an understanding of the views of
shareholders. Enquiries from individuals on matters relating to their
shareholdings and HSBC’s business are welcomed. Any individual or
institutional investor can make an enquiry by contacting the investor
relations team, Group Chairman, Group CEO, Group CFO and Group
Company Secretary. Our Senior Independent Director is also available to
shareholders if they have concerns that cannot be resolved or for which
the normal channels would not be appropriate. They can be contacted via
the Group Company Secretary at 8 Canada Square, London E14 5HQ.
HSBC Holdings plc Annual Report on Form 20-F
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Annual General Meeting
The AGM in 2026 is planned to be held in London, UK at 10:00am on
Friday, 8 May 2026. Information on how to vote and participate, online
or in person, both in advance and on the day, can be found in the
Notice of the 2026 AGM, which will be sent to shareholders on
27 March 2026 and be available on www.hsbc.com/agm. Shareholders
can watch a live webcast of the AGM and access a recording of the
proceedings shortly after the event at www.hsbc.com/agm.
Shareholders should monitor our website and announcements for any
changes to these arrangements. Shareholders may send enquiries to
the Board in writing via the Group Company Secretary, at HSBC
Holdings plc, 8 Canada Square, London E14 5HQ or by sending an
email to shareholderquestions@hsbc.com.
General meetings and resolutions
Shareholders may require the Directors to call a general meeting other
than an AGM, as provided by the UK Companies Act 2006. A valid
request to call a general meeting may be made by members
representing at least 5% of the paid-up capital of HSBC Holdings as
carries the right of voting at its general meetings (excluding any paid-up
capital held as treasury shares). A request must state the general
nature of the business to be dealt with at the meeting and may include
the text of a resolution that may properly be moved and is intended to
be moved at the meeting. At any general meeting convened on such
request, no business may be transacted except that stated by the
requisition or proposed by the Board.
Shareholders may request the Directors to send a resolution to
shareholders for consideration at an AGM, as provided by the UK
Companies Act 2006. A valid request must be made by
(i) members representing at least 5% of the paid-up capital of HSBC
Holdings as carries the right of voting at its general meetings (excluding
any paid-up capital held as treasury shares), or (ii) at least 100 members
who have a right to vote on the resolution at the AGM in question and
hold shares in HSBC Holdings on which there has been paid up an
average sum, per member, of at least £100.
The request must be received by HSBC Holdings not later than (i) six
weeks before the AGM in question; or (ii) if later, the time at which the
notice of AGM is published.
A request may be in hard copy form or in electronic form, and must be
authenticated by the person or persons making it. A request may be
made in writing to HSBC Holdings at its UK address, referred to in the
paragraph above or by sending an email to
shareholderquestions@hsbc.com.
Articles of Association
The Articles of Association were last approved at the 2022 AGM. The
Articles of Association can be found at www.hsbc.com/who-we-are/
our-people/board-of-directors/board-responsibilities.
Events after the balance sheet date
For details of events after the balance sheet date, see Note 37 on the
financial statements.
Change of control
The Group is not party to any significant agreements that take effect,
alter or terminate following a change of control of the Group. The Group
does not have agreements with any Director or employee that would
provide compensation for loss of office or employment resulting from a
takeover bid.
Branches
The Group provides a wide range of banking and financial services
through branches and offices in the UK and overseas.
Research and development activities
During the ordinary course of business, the Group develops new
products and services within the global businesses.
Political donations
HSBC does not make any political donations or incur political
expenditure within the ordinary meaning of those words. We have no
intention of altering this policy. However, the definitions of political
donations, political parties, political organisations and political
expenditure used in the UK Companies Act 2006 are very wide. As a
result, they may cover routine activities that form part of the normal
business activities of the Group and are an accepted part of engaging
with stakeholders. To ensure that neither the Group nor any of its
subsidiaries inadvertently breaches the UK Companies Act 2006,
authority is sought from shareholders at the AGM to make political
donations.
HSBC provides administrative support to two political action
committees (’PACs’) in the US funded by voluntary political
contributions by eligible employees. We do not control the PACs, and
all decisions regarding the amounts and recipients of contributions are
directed by a voluntary Board Finance Committee, which consists of
contributing eligible employees. The PACs recorded combined political
donations of $134,750 during 2025 (2024: $124,450).
Charitable contributions
For details of charitable contributions, see page 56.
Internal control
The Board is responsible for monitoring the Group’s risk management
and internal control systems, determining the level and type of risks the
Group is willing to take in achieving its strategic objectives, and
reviewing the effectiveness of relevant procedures on an annual basis.
Global Internal Audit provides independent and objective assurance to
the Board and assesses whether the design and operational
effectiveness of the Group's risk management, governance and internal
control processes are adequate and effective.
To meet this requirement and to discharge its obligations under the
FCA Handbook and the PRA Rulebook, procedures have been designed
to provide reasonable assurance against material misstatement, errors,
losses or fraud. They are designed to provide effective internal control
within the Group and accord with the Financial Reporting Council‘s
guidance for Directors, issued in 2014, on risk management, internal
control and related financial and business reporting. The procedures
have been in place throughout the year and up to 25 February 2026, the
date of publication of the Annual Report and Accounts 2025.
The Board, the GRC and the GAC monitor the effectiveness of the
Group’s system of risk management and internal control through
regular updates on the operation of the Group’s internal controls,
supplemented by reviews of these controls by the Group Chief Control
Oversight Office, second line of defence, internal audit, and the
external auditors.
These reviews enable the Board to perform an annual review of
effectiveness, identifying no material weaknesses as at the year-end.
Areas identified for improvement internally or by the Group's regulators
are prioritised appropriately, with necessary actions taken to remedy
any shortcomings identified.
At a granular level, the risk management and internal control systems
of the Group are continuously monitored and challenged to ensure that
they are designed and operating effectively.
In 2026, continued focus will be placed on control environments
relating to regulatory reporting and technology risk. This will include
work by the GAC to support preparations for the Board's declaration on
the effectiveness of material controls, which HSBC will be required to
include in the Annual Report and Accounts 2026 under the UK and
Hong Kong Corporate Governance Codes.
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Delegation of authority within limits set
by the Board
Subject to certain matters reserved for the Board, the Group CEO has
been delegated authority to manage the day-to-day affairs of the Group.
A delegation of authority framework is in place providing a Group
structure within which the Board and its subsidiaries can manage their
delegated powers related to external commitments. These delegated
authorities can be used for the approval, signing and execution of
specific written agreements and documents such as procurement
contracts.
The delegation of authority framework is adopted on a legal entity basis
via a board resolution which is reviewed annually. Matters not covered
by the delegation of authority framework can be set out in a separate
board resolution, powers of attorney or the relevant Group policy with
clear systems of control that are appropriate to the business or
function. Authorities to enter into credit and market risk exposures are
delegated with limits to line management of Group companies in line
with Group policy. Credit and market risks are measured and reported
at subsidiary company level and aggregated for risk concentration
analysis on a Group-wide basis.
Risk Management
Risk management framework
The Risk Management Framework ('RMF') sets out how we manage
the risks in our ability to operate, grow and meet expectations. It
translates our strategy, values and commitments into practical actions
and risk-aware decisions. It covers all risk types across the organisation
and is underpinned by our culture and values.
Our RMF foundations provide consistency across the Group in
identifying, evaluating and managing significant risks. They are
interconnected and help form an enterprise-wide view of risk which
reflects the relationship between the risks we take in delivering our
strategy and the resources available to manage them. It enables us to
make considered, forward-looking decisions that align with our capacity
and strategic objectives.
Risk identification and monitoring
There are comprehensive systems and procedures to identify,
measure, assess, control and monitor risks. Our risk taxonomy
categorises risks covering all material risks to which the Group is
exposed. It is a multi-level structure that helps organise, assess and
respond to risk in a targeted way. It supports clearer identification of
risks, tailored control design and mitigation and risk-type specific
assessment approaches.
The residual risk which remains after considering our control
environment and the resources available to manage the risks is then
assessed against our risk appetite, which sets out the level of risk the
Group is willing to take in pursuit of its strategy.
Enterprise risk reporting provides a consolidated view of material risks
across the Group, assessed through the risk taxonomy and in relation
to risk appetite. It enables decision-makers to monitor key exposures,
identify emerging themes, and assess whether risks remain aligned
with the Group’s strategic objectives. This includes insights from risk-
type reports, thematic reviews, and emerging risks.
The Group employs a top and emerging risks process to provide
forward-looking views of issues with the potential to threaten the
execution of our strategy or operations over the medium to long term.
All employees are responsible for identifying and managing risk within
the scope of their role as part of our three lines of defence model,
which defines clear accountabilities and responsibilities across risk
ownership, oversight and independent assurance. The first line owns
and manages the risks, the second line provides risk oversight and
challenge and the third line delivers independent assurance.
The Board delegates authority to the GAC to annually review the
independence, autonomy and effectiveness of the Group’s policies and
procedures on whistleblowing, including the procedures for the
protection of staff who raise concerns of detrimental treatment.
Strategic plans
Strategic plans are prepared for global businesses, global functions and
geographical regions within the framework of the Group’s overall
strategy. Financial resource plans, informed by risk appetite are
prepared and adopted by all major Group operating companies and set
out the key business initiatives and the likely financial effects of those
initiatives.
Internal control over financial
reporting
HSBC is required to comply with section 404 of the US Sarbanes-Oxley
Act of 2002 and assess its effectiveness of internal control over
financial reporting at 31 December 2025. In 2014, the GAC endorsed
the adoption of the principles of the Committee of Sponsoring
Organizations of the Treadway Commission (’COSO’) 2013 framework
for the monitoring of risk management and internal control systems to
satisfy the requirements of section 404 of the Sarbanes-Oxley Act.
The primary mechanism through which comfort over risk management
and internal control systems is achieved is through annual assessments
of the effectiveness of controls to manage risk, and the reporting of
issues on a regular basis through the various risk management and risk
governance forums, including regular updates to the GAC.
The key risk management and internal control procedures over financial
reporting include the following:
Entity level controls
Entity level controls are a defined suite of internal controls that have a
pervasive influence over the entity as a whole and meet the principles
of the COSO framework. They include controls related to the control
environment, such as the Group’s values and ethics, the promotion of
effective risk management and the overarching governance exercised
by the Board and its non-executive committees. The design and
operational effectiveness of entity level controls are assessed on an
ongoing basis. If issues are significant to the Group, they are escalated
to the GRC and/or the GAC.
Process level transactional controls
Key process level controls that mitigate the risk of financial
misstatement are identified, recorded and monitored in accordance
with the risk framework. This includes the identification and
assessment of relevant control issues against which action plans are
tracked through to remediation. Further details of HSBC’s approach to
risk management can be found on page 119.
Financial reporting controls
The Group’s financial reporting process is controlled using documented
accounting policies and reporting formats, supported by detailed
instructions and guidance on reporting requirements, issued to all
reporting entities within the Group in advance of each reporting period
end. The submission of financial information from each reporting entity
is supported by a certification by the responsible financial officer and
analytical review procedures at reporting entity and Group levels.
Group Disclosure Committee
Chaired by the Group CFO, the Group Disclosure Committee supports
the discharge of the Group’s obligations under applicable legislation and
regulation including the UK and Hong Kong Listing Rules, UK Market
Abuse Regulation and US Securities and Exchange Commission rules.
In so doing, the Group Disclosure Committee is empowered to
determine whether a new event or circumstance should be disclosed,
including the form and timing of such disclosure, and review and
endorse certain material disclosures made or to be made by the Group.
The membership of the Group Disclosure Committee consists of senior
management, including the Group CFO, Group Chief Risk and
Compliance Officer, Group Chief Legal Officer and Group Company
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Secretary. The Group’s external auditors are standing attendees, while
the Group's brokers and external legal counsel are consulted on
relevant matters and attend as required. The integrity of disclosures is
underpinned by structures and processes within the Global Finance and
Group Risk and Compliance functions that support rigorous analytical
review of financial reporting and the maintenance of proper accounting
records. As required by the Sarbanes-Oxley Act, the Group CEO and
the Group CFO have certified that the Group’s disclosure controls and
procedures were effective as at the end of the period covered by the
Annual Report and Accounts 2025.
The annual review of the effectiveness of the Group’s system of risk
management and internal control over financial reporting was
conducted with reference to the COSO 2013 framework. Based on the
assessment performed, the Directors concluded that for the year
ended 31 December 2025, the Group’s internal control over financial
reporting was effective.
PwC has audited the effectiveness of HSBC’s internal control over
financial reporting and has given an unqualified opinion.
Going concern
The Directors considered it appropriate to prepare the financial
statements on a going concern basis.
In making the going concern assessment, the Directors have
considered a wide range of detailed information relating to present and
future conditions, including future projections for profitability, liquidity,
capital requirements and capital resources.
In carrying out their assessment of the principal risks (as detailed on
page 121 of this annual report on Form 20-F), the Directors considered
a wide range of information including:
–details of the Group’s business and operating models, and strategy
(see page 12 in this annual report on Form 20-F);
–details of the Group’s approach to managing risk and allocating
capital;
–a summary of the Group’s financial position considering
performance, its ability to maintain minimum levels of regulatory
capital, liquidity funding and the minimum requirements for own
funds and eligible liabilities over the period of the assessment.
Notable are the risks which the Directors believe could adversely
impact the Group’s future results or operations;
–enterprise risk reports, including the Group’s risk appetite profile
(see page 119 of this annual report on Form 20-F) and top and
emerging risks (see page 121 of this annual report on Form 20-F);
–the impact on the Group due to the Russia-Ukraine war and further
conflict or military action in the Middle East, Venezuela or
elsewhere; uncertainty around Hong Kong and mainland China’s
CRE sectors; ongoing and potential trade restrictions; cross-border
investment restrictions; changes to tariff rates; and heightened
strategic competition between the US and China;
–reports and updates regarding regulatory and internal stress testing.
On 24 March 2025, the Bank of England (‘BoE’) launched the Bank
Capital Stress Test (‘BCST’) exercise to assess the resilience of the
UK banking system to a range of adverse shocks. The exercise
involved determining projected capital and liquidity metrics under a
severe but plausible stress scenario. The BoE published the results
of the 2025 BCST as part of the Financial Stability Report on 2
December 2025. HSBC demonstrated a strong CET1 performance,
highlighting its resilience in stress. Internal stress tests, including
the 2026 Group-wide internal stress test performed in December
2025, together with additional scenario analysis examining the
potential outcomes from ongoing geopolitical uncertainty, supported
adequate capitalisation. We also conduct reverse stress tests each
year at Group level and, where required at subsidiary entity level, to
understand potential extreme conditions that would make our
business model non-viable. Reverse stress testing identifies
potential stresses and vulnerabilities we might face, and helps
inform early warning triggers, management actions and contingency
plans designed to mitigate risks
–we conduct internal climate scenario analysis to evaluate our
resilience to climate change, with a particular focus on both climate-
related physical and transition risks. The findings indicate that the
Group does not anticipate any material impacts arising from climate
change, at least for the next three years. Furthermore, our capital
position is robust enough to absorb severe climate-related stresses.
Nonetheless, it is recognised that climate-related risks are likely to
increase beyond this timeframe. Further details of our modelling
approach, modelling limitations and insights from our 2025 climate
scenario analysis are explained from page 206 of this annual report
on Form 20-F;
–reports and updates from management on risk-related issues
selected for in-depth consideration;
–reports and updates on regulatory developments;
–legal proceedings and regulatory matters set out in Note 35 of the
financial statements in this annual report on Form 20-F; and
–reports and updates from management on the operational resilience
of the Group.
Employees
At 31 December 2025, HSBC had a total workforce equivalent to
209,000 full-time employees compared with 211,000 at the end of
2024. Our main centres of employment were India with approximately
47,000 employees, the UK with 33,000, mainland China with 33,000,
Hong Kong with 26,000, and Mexico with 16,000.
Our business spans many cultures, communities and continents. We
aspire to provide a high-performing environment where our colleagues
can fulfil their potential by building their skills and capabilities while
focusing on the development of a diverse and inclusive culture. We use
employee surveys to assess progress and make changes. We want our
colleagues to feel connected and supported to speak up, and our
leaders to encourage and use feedback. Where we make organisational
changes, we support our colleagues, particularly where jobs are
impacted.
Employee relations
We consult with and, where appropriate, negotiate with employee
representative bodies where we have them. It is our policy to maintain
well-developed communications and consultation programmes with all
employee representative bodies. There have been no material
disruptions to our operations from labour disputes during the past five
years.
We are committed to complying with the applicable employment laws
and regulations in the jurisdictions in which we operate, including in
relation to working hours and rest periods. HSBC’s employment
practices and relations policy provides the framework and controls
through which we seek to uphold that commitment.
Inclusion
Our customers, colleagues and communities span many cultures and
continents. We value difference and believe that an inclusive culture 
makes us stronger. We are dedicated to building a connected
workforce where everyone feels a sense of belonging.
We expect all colleagues at HSBC to treat each other with dignity and
respect to ensure an inclusive environment. Our policies make it clear
that we do not tolerate unlawful discrimination, bullying or harassment
on any grounds. We are transparent in sharing our data through
external disclosures and we participate in benchmarking to measure
our progress across the industry.
Our approach to inclusion is set out on page 51 alongside our ambitions
and progress.
ÑFor further details of our representation data, pay gap data, and actions, see
www.hsbc.com/who-we-are/our-people/inclusion-at-hsbc and the ESG Data
Pack at www.hsbc.com/esg.
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Employment of people with a
disability
We strongly believe in providing equal opportunities for our employees.
The employment of people with a disability is included in this
commitment. We are committed to retaining disabled employees in the
workplace and to providing reasonable adjustments to enable this.
Employee development
Employee development energises our colleagues for growth and helps
to equip them with the skills they need today whilst also preparing
them to meet future challenges. We remain committed to delivering a
high-quality learning experience by adopting a data-driven approach that
targets our learning investment to meet the most critical skill needs.
By leveraging our strategic workforce blueprints, we have focused our
efforts on critical skill shifts, including digitally enabling our frontline
colleagues and developing the sustainability and wealth expertise of our
relationship managers, providing a variety of learning opportunities
through our Enterprise Skills Academies.
We have launched our new AI Academy to support advanced skills
development aligned with HSBC’s AI strategy, expanded our ’Doing
Business in India and China’ programmes to include Saudi Arabia, and
increased our focus on building capabilities beyond foundational skills
through our Sustainability Academy. In our global Wealth and Personal
Banking business we have focused our attention on developing
customer centricity and product expertise, and we have created
opportunities for colleagues to develop new skills and collaborate more
broadly through our transition to a value stream delivery model as part
of our bank wide Digital Acceleration Programme.
We remain committed to our global mandatory training being
completed annually, as it is essential for shaping our culture and
maintaining a focus on critical issues, such as sustainability and
financial crime risk. In line with this commitment, we have maintained
our focus on senior leaders by launching new programmes centred on
Enterprise Risk Leadership, which are designed to equip them with the
skills necessary to navigate an evolving risk environment.
Health and safety
We are dedicated to maintaining a safe and healthy working
environment for all. Our global policies, mandatory procedures, and
incident reporting systems across the organisation reflect our core
values and comply with international standards. Chief Operating
Officers are responsible for local implementation of all legal
requirements and ensuring ongoing adherence. We continuously
monitor and assure our health and safety performance to remain
compliant with relevant regulations.
In 2025, we advanced our Health & Safety agenda through several
key initiatives:
–Achieved the WELL Health and Safety Rating at 100 global offices,
demonstrating our commitment to safe workplaces for
employees, customers, and stakeholders.
–Delivered mandatory health and safety training globally, increasing
awareness of roles and responsibilities among employees and
contractors.
–Conducted annual safety inspections across all buildings
worldwide, identifying opportunities for improvement and
enhancing safety standards.
–Expanded our Workplace Adjustments programme to eight
markets, to provide additional tailored support to employees with
disabilities, long-term health conditions, or neurodiversity. Further
expansion is planned.
–Held our 2025 Global Health and Safety Campaign, combining
education and interactive experiences on slips and trips, moving
objects, ergonomics, and emergency arrangements.
–Provided targeted guidance and training for construction partners,
with over 6,300 workers receiving safety passport training across
nine countries.
–Implemented robust controls to protect colleagues and operations
from natural disasters; in 2025, 33 named storms affected 2,222
buildings, with no injuries or impact reported.
These actions reinforce our commitment to safeguarding our people
and operations, while continuously improving our health and safety
standards. 
Employee health and safety
2025
2024
2023
Rate of workplace fatalities per 100,000 employees
—
—
—
Number of major injuries to employees1
10
14
12
All injury rate per 100,000 employees
96
91
110
Lost days due to work injury
331
335
594
1Fractures, dislocation, concussion, loss of consciousness, overnight
admission to hospital.
Remuneration
HSBC’s pay and performance strategy is designed to reward
competitively the achievement of long-term sustainable performance
and attract and motivate the very best people, regardless of gender,
ethnicity, age, disability or any other factor unrelated to performance or
experience with the Group, while performing their role in the long-term
interests of our stakeholders.
ÑFor further details of the Group’s approach to remuneration, see page 259.
Employee share plans
Summaries of the share options and share awards granted, exercised/
vested or lapsed during the year and other details required to be
disclosed pursuant to Chapter 17 of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited, including
detailed summaries of the HSBC share plans, are available on our
website at www.hsbc.com/investors/results-and-announcements and
on the website of The Stock Exchange of Hong Kong Limited at
www.hkex.com.hk, or can be obtained upon request from the Group
Company Secretary, 8 Canada Square, London E14 5HQ.
ÑParticulars of options held by Directors of HSBC Holdings are set out on
page 268.
ÑNote 5 on the financial statements gives details of share-based payments,
including discretionary awards of shares granted under HSBC share plans.
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Statement of compliance
The statement of corporate governance practices set out on pages 219
to 284 and the information referred to therein constitutes the Corporate
governance report and Directors’ report of HSBC Holdings plc for 2025.
Further details of the relevant corporate governance codes, role profiles
and policies can be obtained from the websites referenced in the table
below. The websites referenced here do not form part of this report.
Relevant corporate governance codes, role profiles and policies
UK Corporate Governance Code
www.frc.org.uk
Hong Kong Corporate Governance
Code (set out in Appendix C1 to
the Rules Governing the Listing of
Securities on the Stock Exchange
of Hong Kong Limited (’HKEx’))
www.hkex.com.hk
Descriptions of the roles and
responsibilities of the:
–  Group Chairman
–  Group Chief Executive Officer
–  Senior Independent Director
–  Board
www.hsbc.com/who-we-are/our-
people/board-of-directors/board-
responsibilities
Board and senior management
www.hsbc.com/who-we-are/our-
people
Roles and responsibilities of the
Board’s committees
www.hsbc.com/who-we-are/our-
people/board-of-directors/board-
committees
Board’s policies on:
–  diversity and inclusion
–  shareholder communication
–  human rights
–  remuneration practices and
governance
www.hsbc.com/who-we-are/our-
people/board-of-directors/board-
responsibilities
Global Internal Audit Charter
www.hsbc.com/who-we-are/esg-and-
responsible-business/governance/
internal-control
The Board considers that, during 2025, HSBC fully complied with both
the UK and Hong Kong Corporate Governance Codes, with the
exception of Provision 24 of the UK Corporate Governance Code in
relation to the Group Chairman being a member of the Group Audit
Committee.
Brendan Nelson has served as the Chair of the Group Audit Committee
since February 2024, and on 1 October 2025, was appointed as Group
Chairman on an interim basis. Due to the interim nature of this
appointment, and to provide continuity, the Board determined that
Brendan should continue to Chair the Group Audit Committee until a
permanent Group Chairman was appointed.
The Board subsequently took the decision to appoint Brendan as a
permanent successor to the role of Group Chairman on 3 December
2025, and determined that it was in the best interests of the Group for
Brendan to continue in his role as Chair of the Group Audit Committee
to provide continuity of oversight for the 2025 audit process and until a
permanent successor had been identified and appointed.
These decisions reflect Brendan’s extensive experience on UK-listed
boards and his previous roles as an auditor and audit committee chair. It
was also agreed that Brendan had sufficient capacity to fulfil these
roles given that HSBC is Brendan's only significant board commitment.
Under the Hong Kong Corporate Governance Code, the audit
committee should be responsible for the oversight of all risk
management and internal control systems. The Group Audit
Committee’s responsibilities cover oversight of the effectiveness of all
internal controls. The Group Risk Committee has responsibility for
oversight of internal controls relating to risk management and risk
management systems and provides input to the Group Audit
Committee on these.
HSBC Holdings plc has codified obligations for transactions in Group
securities in accordance with the requirements of the UK Market
Abuse Regulation and the rules governing the listing of securities on
HKEx. The Group has been granted certain waivers by HKEx from strict
compliance with the rules that take into account accepted practices in
the UK, particularly in respect of employee share plans. During the year,
all Directors were reminded of their obligations in respect of transacting
in HSBC Group securities. Following specific enquiry all Directors have
confirmed that they have complied with their obligations.
The Group Audit Committee has reviewed and provided assurance to
support the HSBC Holdings Board’s approval and publication of the
Annual Report and Accounts 2025.
On behalf of the Board
Brendan Nelson
Group Chairman
HSBC Holdings plc
Registered number 617987
25 February 2026
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Financial
statements
The financial statements provide detailed
information and notes on our income, balance
sheet, cash flows and changes in equity,
alongside a report from our independent auditors.
Report of Independent Registered Public
Accounting Firm
Financial statements
– Consolidated income statement
– Consolidated statement of comprehensive income
– Consolidated balance sheet
– Consolidated statement of changes in equity
– Consolidated statement of cash flows
– HSBC Holdings financial statements
Notes on the financial statements
6
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To the Board of Directors and Shareholders of HSBC Holdings plc
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of HSBC Holdings plc and its subsidiaries (the “Group”) as of 31 December 2025
and 2024, and the related consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for each of the three years in the period ended 31 December  2025, including the related notes
(collectively referred to as the “consolidated financial statements”).  We also have audited the Group’s internal control over financial reporting as of
31 December 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as
of 31 December 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended 31 December
2025 in conformity with (i) International Financial Reporting Standards as issued by the International Accounting Standards Board, (ii) UK-adopted
International Accounting Standards and (iii) International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union.  Also in our opinion, the Group maintained, in all material respects, effective internal control over financial reporting
as of 31 December 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. 
Basis for Opinions
The Group's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s
assessment of internal controls over financial reporting on page 111 of this Form 20-F. Our responsibility is to express opinions on the Group’s
consolidated financial statements and on the Group's internal control over financial reporting based on our audits.  We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the
Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and
whether effective internal control over financial reporting was maintained in all material respects. 
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. 
We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A
company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were
communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the
consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit
matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Measurement of expected credit losses
As described in Note 1.2 (j) to the consolidated financial statements, expected credit losses (‘ECL’) are recognised for loans and advances to banks
and customers, non-trading reverse repurchase agreements, other financial assets held at amortised cost, debt instruments measured at fair value
through other comprehensive income and certain loan commitments and financial guarantee contracts. As disclosed by management, the Group's
allowance for ECL was $11.2bn at 31 December 2025. The assessment of credit risk and the estimation of ECL are probability-weighted and
incorporate information about past events, current conditions and forecasts of future economic conditions at the reporting date. Management
calculates ECL using three main components: a probability of default (‘PD’), a loss given default (‘LGD’) and the exposure at default (‘EAD’). As
disclosed by management, the recognition and measurement of ECL involves the use of significant judgement and estimation. Management form
multiple economic scenarios based on economic forecasts, apply these to credit risk models to estimate future credit losses, and probability
weight the results to determine an ECL estimate.
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The principal considerations for our determination that performing procedures relating to the measurement of ECL is a critical audit matter are: (i)
the significant judgement by management in developing the assumptions for multiple economic scenarios and the weighting of those scenarios;
(ii) a high degree of auditor judgement, subjectivity and effort in performing procedures and evaluating audit evidence obtained; and (iii) the audit
effort involved the use of professionals with specialised skills and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the
consolidated financial statements. These procedures included testing the effectiveness of controls relating to the measurement of ECL. These
procedures also included, amongst others, testing management’s process for estimating ECL through: (i) evaluating the appropriateness of the
ECL model methodologies applied by management; (ii) evaluating the reasonableness of certain economic scenarios and weightings used; (iii)
evaluating the reasonableness of discounted cash flow projections for a sample of credit impaired exposures; (iv) testing the completeness and
accuracy of critical input data that is used by management to determine ECL; and (v) evaluating the disclosures made in the consolidated financial
statements in relation to the measurement of ECL. Professionals with specialised skills and knowledge assisted in testing the appropriateness of
model methodologies and assessing the reasonableness of the selection and weighting of economic scenarios.
Impairment assessment of investment in Bank of Communications co., Limited (‘BoCom’)
As described in Note 1.2(a) and 18 to the consolidated financial statements, the carrying value of the Group's investment in BoCom is $22.5bn at
31 December 2025.  At 30 June 2025, management performed an impairment test on the carrying amount, which resulted in an impairment of
$1.0bn, as the recoverable amount as determined by a value-in-use (‘VIU’) calculation was lower than the carrying amount. No further impairment
(or reversal) was required for the period from 1 July 2025 to 31 December 2025 based on results of the quarterly impairment tests performed. 
The VIU calculation uses discounted cash flow projections based on management’s best estimates of future earnings available to ordinary
shareholders. As disclosed by management, there is significant judgement in determining the VIU, particularly in estimating the present value of
cash flows expected to arise from continuing to hold the investment, based on a number of assumptions. The significant assumptions used were
discount rate, operating income growth rate, cost-income ratio, expected credit losses as a percentage of loans and advances to customers, risk-
weighted assets as a percentage of total assets, loans and advances to customers growth rate, capital adequacy ratio and tier 1 capital adequacy
ratio, and long-term effective tax rate, long-term profit growth rate and long-term asset growth rate.
The principal considerations for our determination that performing procedures relating to the impairment assessment of investment in BoCom is a
critical audit matter are: (i) the significant judgement by management when determining significant assumptions for discount rate, operating
income growth rate, cost-income ratio, expected credit losses as a percentage of loans and advances to customers, risk-weighted assets as a
percentage of total assets, loans and advances to customers growth rate, capital adequacy ratio and tier 1 capital adequacy ratio, and long-term
effective tax rate, long-term profit growth rate and long-term asset growth rate ; (ii) a high degree of auditor judgement, subjectivity and effort in
performing procedures and evaluating management's estimate of the VIU and evaluating audit evidence; and (iii) the audit effort involved the use
of professionals with specialised skills and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the
consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s impairment
assessment of the investment in BoCom. These procedures also included, amongst others: (i) evaluating management’s VIU determination and
aforementioned underlying significant assumptions;  (ii) developing an independent range for discount rate; (iii) evaluating the appropriateness of
the methodology used to estimate the VIU; (iv) testing inputs used in the determination of the significant assumptions; and (v) evaluating the
disclosures made in the consolidated financial statements in relation to BoCom. Professionals with specialised skill and knowledge were used to
assist in assessing the VIU methodology and developing an independent range for discount rate.
/s/ PricewaterhouseCoopers LLP
London, United Kingdom
26 February 2026
We have served as the Group's auditor since 2015.
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Financial statements
Consolidated income statement
for the year ended 31 December 2025
2025
2024
2023
Notes*
$m
$m
$m
Net interest income
34,794
32,733
35,796
–  interest income1,2
97,872
108,631
100,868
–  interest expense3
(63,078)
(75,898)
(65,072)
Net fee income
2
13,343
12,301
11,845
–  fee income
17,608
16,266
15,616
–  fee expense
(4,265)
(3,965)
(3,771)
Net income from financial instruments held for trading or managed on a fair value basis4
3
19,682
21,116
16,661
Net income/(expense) from assets and liabilities of insurance businesses, including related derivatives,
measured at fair value through profit or loss
3
11,175
5,901
7,887
Insurance finance expense
4
(11,197)
(5,978)
(7,809)
Insurance service result
4
1,825
1,310
1,078
–  insurance service revenue
3,228
2,752
2,259
–  insurance service expense
(1,403)
(1,442)
(1,181)
Gain on acquisition5
—
—
1,591
Losses recognised on sale of business operations6
(47)
(1,752)
(61)
Other operating income/(expense)7,8
(1,301)
223
(930)
Net operating income before change in expected credit losses and other credit impairment charges9
68,274
65,854
66,058
Change in expected credit losses and other credit impairment charges
(3,850)
(3,414)
(3,447)
Net operating income
64,424
62,440
62,611
Employee compensation and benefits
5
(19,553)
(18,465)
(18,220)
General and administrative expenses
(11,959)
(10,498)
(10,383)
Depreciation and impairment of property, plant and equipment and right-of-use assets10
(1,971)
(1,845)
(1,640)
Amortisation and impairment of intangible assets
(2,945)
(2,235)
(1,827)
Total operating expenses
(36,428)
(33,043)
(32,070)
Operating profit
27,996
29,397
30,541
Share of profit in associates and joint ventures
18
2,911
2,912
2,807
Impairment of interest in associate8
18
(1,000)
—
(3,000)
Profit before tax
29,907
32,309
30,348
Tax expense
7
(6,776)
(7,310)
(5,789)
Profit for the year
23,131
24,999
24,559
Attributable to:
–  ordinary shareholders of the parent company
21,102
22,917
22,432
–  other equity holders
1,183
1,062
1,101
–  non-controlling interests
846
1,020
1,026
Profit for the year
23,131
24,999
24,559
$
$
$
Basic earnings per ordinary share
9
1.21
1.25
1.15
Diluted earnings per ordinary share
9
1.20
1.24
1.14
For Notes on the financial statements, see page 300.
1Includes $83.3bn (2024: $93.4bn; 2023: $88.7bn) of interest recognised on financial assets measured at amortised cost and $14.5bn (2024: $15.3bn; 2023:
$12.1bn) of interest recognised on financial assets measured at fair value through other comprehensive income. In 2024, it also includes a net $0.2bn loss
related to the early redemption of legacy securities.
2Interest income is calculated using the effective interest method and comprises interest recognised on financial assets measured at either amortised cost or fair
value through other comprehensive income.
3Interest expense includes $60.1bn (2024: $72.6bn; 2023: $62.1bn) of interest on financial instruments, excluding interest on debt instruments issued by HSBC
for funding purposes that are designated under the fair value option to reduce an accounting mismatch and on derivatives managed in conjunction with those
debt instruments included in interest expense.
4In 2025, the amounts include a $0.1bn (2024: $0.1bn gain) mark-to-market gain on interest rate hedging of the portfolio of retained loans post sale of our retail banking
operations in France and a $0.1bn fair value loss on Grupo Financiero Galicia‘s (‘Galicia‘) American Depositary Receipts (‘ADRs‘) received as purchase consideration
from the sale of our business in Argentina. In 2024, the amounts include a $0.3bn gain (2023: $0.3bn loss) on the foreign exchange hedging of the proceeds from the
sale of our banking business in Canada.
5Gain recognised in respect of the acquisition of SVB UK.
6    In 2024, the amount includes a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves
arising on sale of our business in Argentina. This was partly offset by a gain of $4.6bn, inclusive of the recycling of $0.6bn in foreign currency translation reserve
losses and $0.4bn of other reserves losses but excluding the $0.3bn gain on the foreign exchange hedging (see footnote 4 above) on the sale of our banking
business in Canada. The amount in 2023 primarily reflected losses due to restrictions impacting the recoverability of assets in Russia, partly offset by a gain on
sale of our retail banking operations in France.
7Includes a loss on net monetary positions of $0.2bn (2024: $1.2bn; 2023: $1.7bn) as a result of applying IAS 29 ‘Financial Reporting in Hyperinflationary Economies’.
8  In 2025, the amounts include recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans
following the completion of its sale to a consortium comprising Rothesay Life plc and CCF and a loss of $1.1bn inclusive of reserves recycling as a result of the
dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment loss following an impairment test on the carrying value of the Group’s
investment in BoCom in ‘Impairment of interest in associate’. See Note 18 on pages 345 to 348.
9Also referred to as revenue.
10Includes depreciation of the right-of-use assets of $0.7bn (2024: $0.7bn, 2023: $0.7bn).
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Consolidated statement of comprehensive income
for the year ended 31 December 2025
2025
2024
2023
$m
$m
$m
Profit for the year
23,131
24,999
24,559
Other comprehensive income/(expense)
Items that will be reclassified subsequently to profit or loss when specific conditions are met:
Debt instruments at fair value through other comprehensive income
3,036
163
2,599
–  fair value gains/(losses)
1,525
41
2,381
–  fair value losses/(gains) transferred to the income statement on disposal
1,328
69
905
–  expected credit (recoveries)/losses recognised in the income statement
(19)
(6)
59
–  disposal of subsidiary
745
85
—
–  income taxes
(543)
(26)
(746)
Cash flow hedges
1,773
(52)
2,953
–  fair value gains/(losses)
749
(282)
2,534
–  fair value (gains)/losses reclassified to the income statement
1,611
(135)
1,463
–  disposal of subsidiary
—
262
—
–  income taxes
(587)
103
(1,044)
Share of other comprehensive income/(expense) of associates and joint ventures
54
462
47
–  share for the year
110
462
47
–  fair value gains transferred to the income statement on disposal
—
—
—
–  other comprehensive income reclassified to the income statement on disposal of interest in an associate
(56)
—
—
Net finance income/(expenses) from insurance contracts
(682)
(142)
(364)
–  net finance expenses
7
(191)
(491)
–  disposal of subsidiary
(687)
—
—
–  income taxes
(2)
49
127
Exchange differences
6,771
833
(204)
–  foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation
208
5,816
—
–  other exchange differences
6,563
(4,983)
(204)
Items that will not be reclassified subsequently to profit or loss:
Fair value gains on property revaluation
14
5
1
–  fair value gains
14
5
1
–  income taxes
—
—
—
Remeasurement of defined benefit asset/(liability)
(184)
(228)
(314)
–  before income taxes
(190)
(342)
(413)
–  income taxes
6
114
99
Changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in
own credit risk
(479)
(439)
(1,219)
–  before income taxes
(642)
(579)
(1,617)
–  income taxes
163
140
398
Equity instruments designated at fair value through other comprehensive income
98
99
(120)
–  fair value gains/(losses)
127
141
(120)
–  income taxes
(29)
(42)
—
Effects of hyperinflation
140
1,239
1,604
Other comprehensive income/(expense) for the year, net of tax
10,541
1,940
4,983
Total comprehensive income/(expense) for the year
33,672
26,939
29,542
Attributable to:
–  ordinary shareholders of the parent company
31,478
24,833
27,397
–  other equity holders
1,183
1,062
1,101
–  non-controlling interests
1,011
1,044
1,044
Total comprehensive income/(expense) for the year
33,672
26,939
29,542
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Consolidated balance sheet
at 31 December 2025
At
31 Dec 2025
31 Dec 2024
Notes*
$m
$m
Assets
Cash and balances at central banks
242,859
267,674
Hong Kong Government certificates of indebtedness
44,063
42,293
Trading assets
11
366,153
314,842
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss
14
133,063
115,769
Derivatives
15
237,740
268,637
Loans and advances to banks
108,462
102,039
Loans and advances to customers
988,399
930,658
Reverse repurchase agreements – non-trading
298,392
252,549
Financial investments
16
567,211
493,166
Assets held for sale
23
11,115
27,234
Prepayments, accrued income and other assets
22
184,794
152,740
Current tax assets
864
1,313
Interests in associates and joint ventures
18
29,577
28,909
Goodwill and intangible assets
21
13,107
12,384
Deferred tax assets
7
7,235
6,841
Total assets
3,233,034
3,017,048
Liabilities
Hong Kong currency notes in circulation
44,063
42,293
Deposits by banks
97,952
73,997
Customer accounts
1,786,828
1,654,955
Repurchase agreements – non-trading
204,974
180,880
Trading liabilities
24
72,122
65,982
Financial liabilities designated at fair value
25
158,456
138,727
Derivatives
15
237,854
264,448
Debt securities in issue
26
99,675
105,785
Liabilities of disposal groups held for sale
23
23,382
29,011
Accruals, deferred income and other liabilities
27
142,123
130,340
Current tax liabilities
3,037
1,729
Insurance contract liabilities
4
122,955
107,629
Provisions
28
3,441
1,724
Deferred tax liabilities
7
2,100
1,317
Subordinated liabilities
29
28,406
25,958
Total liabilities
3,027,368
2,824,775
Equity
Called up share capital
32
8,588
8,973
Share premium account
32
111
14,810
Other equity instruments
20,716
19,070
Other reserves
(795)
(10,282)
Retained earnings
169,605
152,402
Total shareholders’ equity
198,225
184,973
Non-controlling interests
19
7,441
7,300
Total equity
205,666
192,273
Total liabilities and equity
3,233,034
3,017,048
*For Notes on the financial statements, see page 300.
The accompanying notes on pages 300 to 381 and the audited sections in the Risk review on pages 118 to 218 and ‘Directors’ remuneration
report’ on pages 249 to 274 form an integral part of these financial statements.
These financial statements were approved by the Board of Directors on 25 February 2026 and signed on its behalf by:
Brendan Nelson
Pam Kaur
Group Chairman
Group Chief Financial Officer
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Consolidated statement of changes in equity
for the year ended 31 December 2025
Other reserves
Called up
share
capital
and share
premium
Other
equity
instru-
ments
Financial
assets at
FVOCI
reserve
Cash
flow
hedging
reserve
Foreign
exchange
reserve
Merger
and other
reserves
Insurance
finance
reserve1
Retained
earnings
Total
share-
holders’
equity
Non-
controlling
interests
Total
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
23,783
19,070
(3,246)
(1,079)
(32,887)
26,328
602
152,402
184,973
7,300
192,273
Profit for the year
—
—
—
—
—
—
—
22,285
22,285
846
23,131
Other comprehensive income
(net of tax)
—
—
2,926
1,649
6,863
14
(602)
(474)
10,376
165
10,541
–  debt instruments at fair value
through other
comprehensive income2
—
—
2,267
—
—
—
—
—
2,267
24
2,291
–  equity instruments
designated at fair value
through other
comprehensive income
—
—
84
—
—
—
—
—
84
14
98
–  cash flow hedges
—
—
—
1,700
—
—
—
—
1,700
73
1,773
–  changes in fair value of
financial liabilities designated
at fair value upon initial
recognition arising from
changes in own credit risk
—
—
—
—
—
—
—
(479)
(479)
—
(479)
–  property revaluation
—
—
—
—
—
14
—
—
14
—
14
–  remeasurement of defined
benefit asset/liability
—
—
—
—
—
—
—
(189)
(189)
5
(184)
–  share of other
comprehensive income of
associates and joint ventures
—
—
—
—
—
—
—
110
110
—
110
–  effects of hyperinflation
—
—
—
—
—
—
—
140
140
—
140
–  foreign exchange reclassified
to income statement on
disposal or dilution of a
foreign operation3
—
—
—
—
208
—
—
—
208
—
208
–  other reserves reclassified to
income statement on
disposal or dilution of a
foreign operation4
—
—
745
—
—
—
(687)
(56)
2
—
2
–  insurance finance income/
(expense) recognised in
other comprehensive income
—
—
—
—
—
—
5
—
5
—
5
–  exchange differences
—
—
(170)
(51)
6,655
—
80
—
6,514
49
6,563
Total comprehensive income
for the year
—
—
2,926
1,649
6,863
14
(602)
21,811
32,661
1,011
33,672
Shares issued under employee
remuneration and share plans
116
—
—
—
—
—
—
(116)
—
—
—
Share premium reclassification
to retained earnings5
(14,810)
—
—
—
—
—
—
14,810
—
—
—
Capital redemption reserves
reclassification to retained
earnings5
—
—
—
—
—
(1,755)
—
1,755
—
—
—
Capital securities issued6
—
4,096
—
—
—
—
—
—
4,096
—
4,096
Dividends to shareholders
—
—
—
—
—
—
—
(12,764)
(12,764)
(718)
(13,482)
Redemption of securities7
—
(2,450)
—
—
—
—
—
—
(2,450)
—
(2,450)
Cost of share-based payment
arrangements
—
—
—
—
—
—
—
621
621
—
621
Transfers
—
—
—
—
—
—
—
—
—
—
—
Share buy-back9
—
—
—
—
—
—
—
(8,039)
(8,039)
—
(8,039)
Cancellation of shares
(390)
—
—
—
—
390
—
—
—
—
—
Other movements10
—
—
1
—
—
1
—
(875)
(873)
(152)
(1,025)
At 31 Dec 2025
8,699
20,716
(319)
570
(26,024)
24,978
—
169,605
198,225
7,441
205,666
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Consolidated statement of changes in equity (continued)
for the year ended 31 December 2024
Other reserves
Called up
share
capital
and share
premium
Other
equity
instru-
ments
Financial
assets at
FVOCI
reserve
Cash
flow
hedging
reserve
Foreign
exchange
reserve
Merger
and other
reserves
Insurance
finance
reserve1
Retained
earnings
Total
share-
holders’
equity
Non-
controlling
interests
Total
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
24,369
17,719
(3,507)
(1,033)
(33,753)
28,601
785
152,148
185,329
7,281
192,610
Profit for the year
—
—
—
—
—
—
—
23,979
23,979
1,020
24,999
Other comprehensive income
(net of tax)
—
—
259
(46)
863
5
(183)
1,018
1,916
24
1,940
–  debt instruments at fair value
through other
comprehensive income
—
—
62
—
—
—
—
—
62
16
78
–  equity instruments
designated at fair value
through other
comprehensive income
—
—
75
—
—
—
—
—
75
24
99
–  cash flow hedges
—
—
—
(312)
—
—
—
—
(312)
(2)
(314)
–  changes in fair value of
financial liabilities designated
at fair value upon initial
recognition arising from
changes in own credit risk
—
—
—
—
—
—
—
(439)
(439)
—
(439)
–  property revaluation
—
—
—
—
—
5
—
—
5
—
5
–  remeasurement of defined
benefit asset/liability
—
—
—
—
—
—
—
(244)
(244)
16
(228)
–  share of other
comprehensive income of
associates and joint ventures
—
—
—
—
—
—
—
462
462
—
462
–  effects of hyperinflation
—
—
—
—
—
—
—
1,239
1,239
—
1,239
–  foreign exchange reclassified
to income statement on
disposal or dilution of a
foreign operation
—
—
—
—
5,816
—
—
—
5,816
—
5,816
–  other reserves reclassified to
income statement on
disposal or dilution of a
foreign operation
—
—
85
262
—
—
—
—
347
—
347
–  insurance finance income/
(expense) recognised in
other comprehensive income
—
—
—
—
—
—
(142)
—
(142)
—
(142)
–  exchange differences
—
—
37
4
(4,953)
—
(41)
—
(4,953)
(30)
(4,983)
Total comprehensive income
for the year
—
—
259
(46)
863
5
(183)
24,997
25,895
1,044
26,939
Shares issued under employee
remuneration and share plans
77
—
—
—
—
—
—
(77)
—
—
—
Share premium reclassification
to retained earnings
—
—
—
—
—
—
—
—
—
—
—
Capital redemption reserves
reclassification to retained
earnings
—
—
—
—
—
—
—
—
—
—
—
Capital securities issued
—
3,601
—
—
—
—
—
—
3,601
—
3,601
Dividends to shareholders
—
—
—
—
—
—
—
(16,410)
(16,410)
(690)
(17,100)
Redemption of securities
—
(2,250)
—
—
—
—
—
—
(2,250)
—
(2,250)
Transfers8
—
—
—
—
—
(2,945)
—
2,945
—
—
—
Cost of share-based payment
arrangements
—
—
—
—
—
—
—
529
529
—
529
Share buy-back
—
—
—
—
—
—
—
(11,043)
(11,043)
—
(11,043)
Cancellation of shares
(663)
—
—
—
—
663
—
—
—
—
—
Other movements
—
—
2
—
3
4
—
(687)
(678)
(335)
(1,013)
At 31 Dec 2024
23,783
19,070
(3,246)
(1,079)
(32,887)
26,328
602
152,402
184,973
7,300
192,273
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Consolidated statement of changes in equity (continued)
for the year ended 31 December 2023
Other reserves
Called up
share
capital
and share
premium
Other
equity
instru-
ments
Financial
assets at
FVOCI
reserve
Cash
flow
hedging
reserve
Foreign
exchange
reserve
Merger
and other
reserves
Insurance
finance
reserve1
Retained
earnings
Total
share-
holders’
equity
Non-
controlling
interests
Total
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2023
24,811
19,746
(7,038)
(3,808)
(32,575)
33,209
1,079
142,409
177,833
7,364
185,197
Profit for the year
—
—
—
—
—
—
—
23,533
23,533
1,026
24,559
Other comprehensive income
(net of tax)
—
—
2,402
3,030
(211)
1
(371)
114
4,965
18
4,983
–  debt instruments at fair value
through other
comprehensive income
—
—
2,574
—
—
—
—
—
2,574
25
2,599
–  equity instruments
designated at fair value
through other
comprehensive income
—
—
(93)
—
—
—
—
—
(93)
(27)
(120)
–  cash flow hedges
—
—
—
2,919
—
—
—
—
2,919
34
2,953
–  changes in fair value of
financial liabilities designated
at fair value upon initial
recognition arising from
changes in own credit risk
—
—
—
—
—
—
—
(1,220)
(1,220)
1
(1,219)
–  property revaluation
—
—
—
—
—
1
—
—
1
—
1
–  remeasurement of defined
benefit asset/liability
—
—
—
—
—
—
—
(317)
(317)
3
(314)
–  share of other
comprehensive income of
associates and joint ventures
—
—
—
—
—
—
47
47
—
47
–  effects of hyperinflation
—
—
—
—
—
—
—
1,604
1,604
—
1,604
–  insurance finance income/
(expense) recognised in
other comprehensive income
—
—
—
—
—
—
(364)
—
(364)
—
(364)
–  exchange differences
—
—
(79)
111
(211)
—
(7)
—
(186)
(18)
(204)
Total comprehensive income
for the year
—
—
2,402
3,030
(211)
1
(371)
23,647
28,498
1,044
29,542
Shares issued under employee
remuneration and share plans
79
—
—
—
—
—
—
(79)
—
—
—
Share premium reclassification
to retained earnings
—
—
—
—
—
—
—
—
—
—
—
Capital redemption reserves
reclassification to retained
earnings
—
—
—
—
—
—
—
—
—
—
—
Capital securities issued
—
1,996
—
—
—
—
—
—
1,996
—
1,996
Dividends to shareholders
—
—
—
—
—
—
—
(11,593)
(11,593)
(603)
(12,196)
Redemption of securities
—
(4,023)
—
—
—
—
—
20
(4,003)
—
(4,003)
Transfers8
—
—
—
—
—
(5,130)
—
5,130
—
—
—
Cost of share-based payment
arrangements
—
—
—
—
—
—
—
482
482
—
482
Share buy-back
—
—
—
—
—
—
—
(7,025)
(7,025)
—
(7,025)
Cancellation of shares
(521)
—
—
—
—
521
—
—
—
—
—
Other movements
—
—
1,129
(255)
(967)
—
77
(843)
(859)
(524)
(1,383)
At 31 Dec 2023
24,369
17,719
(3,507)
(1,033)
(33,753)
28,601
785
152,148
185,329
7,281
192,610
1The insurance finance reserve reflects the impact of the adoption of the other comprehensive income option for our insurance business in France. Underlying
assets supporting these contracts are measured at fair value through other comprehensive income. Under this option, only the amount that matches income or
expenses recognised in profit or loss on underlying items is included in finance income or expenses, resulting in the elimination of income statement accounting
mismatches. The remaining amount of finance income or expenses for these insurance contracts is recognised in other comprehensive income (‘OCI’). At
31 December 2025, the entire balance was reclassified to income statement following completion of the sale of the insurance business in France.
2Includes recycling of fair value losses of $1.5bn following completion of the sale of our retail banking operations in France.
3Includes the recycling of a $0.2bn foreign currency translation reserves loss as a result of the dilution of our shareholding in BoCom.
4Includes insurance finance income reclassification of $0.7bn and $0.7bn fair value losses reclassification following completion of the sale of our insurance business in
France.
5On 24 June 2025, the High Court of Justice in England and Wales confirmed the cancellation of $14.8bn standing to the credit of the HSBC Holdings' share
premium account and $1.8bn standing to the credit of its capital redemption reserve, following approval at HSBC Holdings' Annual General Meeting held on
2 May 2025 (the ‘Capital Reduction’). The Court Order confirming the Capital Reduction was registered by the Registrar of Companies on 10 July 2025, resulting
in a combined total of $16.6bn being reclassified to retained earnings with no impact on total equity.
6HSBC Holdings issued $1.5bn 6.950% contingent convertible securities in February 2025, SGD0.8bn 5.000% contingent convertible securities in March 2025
and $2.0bn 7.050% contingent convertible securities in June 2025. All instruments were recorded net of issuance costs.
7In March 2025, HSBC Holdings redeemed its $2.45bn 6.375% contingent convertible securities.
8At 31 December 2024, an impairment of $11.4bn (2023: $5.5bn) of HSBC Overseas Holdings (UK) Limited was recognised, resulting in a permitted transfer of
$2.9bn (2023: $5.1bn) from the remaining historical associated merger reserve to retained earnings.
9HSBC Holdings announced the following share buy-backs during the year: a share buy-back of up to $2.0bn in February 2025, which was completed in April
2025; a share buy-back of up to $3.0bn in May 2025, which was completed in July 2025 and a share buy-back of up to $3.0bn in July 2025, which was
completed in October 2025.
10Includes $1.1bn (2024: $0.5bn; 2023: $0.6bn) of shares bought by HSBC Holdings Employee Benefit Trust to satisfy obligation to deliver shares under employee
share plans.
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Consolidated statement of cash flows
for the year ended 31 December 2025
2025
2024
2023
$m
$m
$m
Profit before tax
29,907
32,309
30,348
Adjustments for non-cash items:
Depreciation, amortisation and impairment
4,916
4,080
3,466
Net loss from investing activities
2,614
180
1,213
Share of profit in associates and joint ventures
(2,911)
(2,912)
(2,807)
Impairment of interest in associate
1,000
—
3,000
(Gain)/loss on acquisition/disposal of subsidiaries, businesses, associates and joint ventures
93
1,704
(1,775)
Change in expected credit losses gross of recoveries and other credit impairment charges
4,170
3,674
3,717
Provisions including pensions
2,103
299
266
Share-based payment expense
621
529
482
Other non-cash items included in profit before tax
(4,690)
(5,290)
(4,299)
Elimination of exchange differences1
(34,682)
26,734
(10,678)
Changes in operating assets and liabilities
Change in net trading securities and derivatives
(38,630)
(41,385)
(63,247)
Change in loans and advances to banks and customers
(74,071)
7,275
(14,145)
Change in reverse repurchase agreements – non-trading
(32,342)
(4,227)
(2,095)
Change in financial assets designated and otherwise mandatorily measured at fair value
(23,393)
(20,662)
(9,994)
Change in other assets
(38,389)
7,685
(10,254)
Change in deposits by banks and customer accounts
168,907
44,237
45,021
Change in repurchase agreements – non-trading
24,094
8,700
43,366
Change in debt securities in issue
(5,613)
11,942
11,945
Change in financial liabilities designated at fair value
46,129
(2,248)
10,097
Change in other liabilities
4,098
(1,603)
8,742
Dividends received from associates
1,040
1,062
1,067
Contributions paid to defined benefit plans
(147)
(167)
(208)
Tax paid
(5,058)
(6,611)
(4,117)
Net cash from operating activities
29,766
65,305
39,111
Purchase of financial investments
(502,391)
(523,454)
(563,561)
Proceeds from the sale and maturity of financial investments2
470,309
453,502
504,174
Net cash flows from the purchase and sale of property, plant and equipment
(1,447)
(1,344)
(1,145)
Net cash flows from disposal of loan portfolio and customer accounts
—
—
623
Net investment in intangible assets
(3,214)
(2,542)
(2,550)
Net cash inflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures3
1,126
9,891
1,239
Net cash outflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures4
(1,451)
(12,617)
(1,692)
Net cash from investing activities
(37,068)
(76,564)
(62,912)
Issue of ordinary share capital and other equity instruments
4,096
3,602
1,996
Share buy-back
(9,091)
(11,348)
(5,812)
Net purchases of own shares for market-making and investment purposes
(1,123)
(541)
(614)
Net cash flow from change in stake of subsidiaries
(154)
—
(19)
Redemption of preference shares and other equity instruments
(2,450)
(3,433)
(4,003)
Subordinated loan capital issued
3,834
4,361
5,237
Subordinated loan capital repaid5
(3,591)
(2,000)
(2,147)
Dividends paid to shareholders of the parent company and non-controlling interests
(13,482)
(17,100)
(12,196)
Net cash from financing activities
(21,961)
(26,459)
(17,558)
Net decrease in cash and cash equivalents
(29,263)
(37,718)
(41,359)
Cash and cash equivalents at 1 Jan
434,940
490,933
521,671
Exchange differences in respect of cash and cash equivalents
27,210
(18,275)
10,621
Cash and cash equivalents at 31 Dec6
432,887
434,940
490,933
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Consolidated statement of cash flows (continued)
for the year ended 31 December 2025
2025
2024
2023
$m
$m
$m
Cash and cash equivalents comprise:
–  cash and balances at central banks
242,859
267,674
285,868
–  loans and advances to banks of one month or less9
74,404
69,803
76,620
–  reverse repurchase agreements with banks of one month or less
71,790
58,290
64,341
–  treasury bills, other bills and certificates of deposit less than three months8
41,232
27,307
33,303
–  cash collateral, net settlement accounts and items in course of collection from/transmission to other banks
2,214
9,827
14,866
–  cash and cash equivalents held for sale7
387
2,039
15,935
Cash and cash equivalents at 31 Dec6
432,887
434,940
490,933
Interest received was $99.6bn (2024: $110.1bn; 2023: $98.9bn), interest paid was $68.8bn (2024: $81.7bn; 2023: $66.0bn) and dividends received
(excluding dividends received from associates, which are presented separately above) were $2.7bn (2024: $2.8bn; 2023: $1.9bn).
1Adjustment to bring changes between opening and closing balance sheet amounts to average rates. This is not done on a line-by-line basis, as details cannot be
determined without unreasonable expense.
2This includes $5.8bn from the sale of our retained portfolio of home and certain other loans in France.
3In 2025, this includes $1bn from the sale of our French life insurance business, and in 2024 this includes $9.3bn from the sale of our banking business in
Canada.
4In 2025, this includes $1bn from sale of our private banking business in Germany and $0.4bn from sale of our retail banking operations in Bahrain and in 2024,
this includes $10.6bn from the sale of our retail banking operations in France and $1.8bn from the sale of our business in Argentina.
5Subordinated liabilities changes during the year are attributable to repayments of $(3.6)bn (2024: $(2.0)bn; 2023: $(2.1)bn) of securities. Non-cash changes
during the year included foreign exchange gains/losses of $1.4bn gain (2024: $1.6bn gain; 2023: $0.6bn loss) and fair value gains/losses of $0.7bn gain (2024:
$1.0bn gain; 2023: $0.8bn loss).
6At 31 December 2025, $66.6bn (2024: $50.4bn; 2023: $61.8bn) was not available for use by HSBC due to a range of restrictions, including currency exchange.
This includes $9.6bn (2024: Nil; 2023: Nil) segregated for Hang Seng Bank privatisation funding purposes. Refer to Note 37 for more details.
7Includes $0.3bn (2024: $1.9bn, 2023: $5.6bn) of cash and balances at central banks and $0.04bn (2024: $0.1bn, 2023: $10.5bn) of loans and advances to banks
of one month or less. There is nil balance in 2025 for reverse repurchase agreements with banks of one month or less (2024: nil, 2023: $0.2bn) and cash
collateral, net settlement accounts and items in course of collection from/transmission to other banks (2024: nil, 2023: $(0.4)bn).
8The amount in this line is included in the ‘Financial investments’ and ‘Financial assets designated and otherwise mandatorily measured at fair value through
profit or loss’ line items in the Consolidated balance sheet on page 290.
9The amount in this line is included in the ‘Loans and advances to banks’, ‘Financial investments’ and ‘Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss’ line items in the Consolidated balance sheet on page 290.
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HSBC Holdings income statement
for the year ended 31 December 2025
2025
2024
2023
Notes*
$m
$m
$m
Net interest expense
(5,455)
(5,758)
(5,339)
–  interest income
2,632
3,053
2,864
–  interest expense
(8,087)
(8,811)
(8,203)
Net fee (expense)/income
(2)
(10)
2
Net income from financial instruments held for trading or managed on a fair value basis
3
182
2,899
1,063
Changes in fair value of designated debt and related derivatives1
3
(1,041)
(125)
(1,468)
Changes in fair value of other financial instruments mandatorily measured at fair value through
profit or loss
3
2,835
2,086
3,692
Gains less losses from financial investments
(3)
2
45
Dividend income from subsidiaries2
23,816
33,846
16,824
Other operating income
228
276
332
Total operating income
20,560
33,216
15,151
Employee compensation and benefits
5
(31)
(29)
(15)
General and administrative expenses
(1,277)
(1,148)
(1,327)
(Impairment) of subsidiaries/reversal of impairment2
19
2,720
(11,490)
(5,574)
Total operating expenses
1,412
(12,667)
(6,916)
Profit before tax
21,972
20,549
8,235
Tax credit
639
499
977
Profit for the year
22,611
21,048
9,212
*For Notes on the financial statements, see page 300.
1The debt instruments, issued for funding purposes, are designated under the fair value option to reduce an accounting mismatch.
2The amounts recorded within profit before tax with respect to dividend income from subsidiaries and impairment/reversal of impairment of subsidiaries are not
subject to tax.
HSBC Holdings statement of comprehensive income
for the year ended 31 December 2025
2025
2024
2023
$m
$m
$m
Profit for the year
22,611
21,048
9,212
Other comprehensive income/(expense)
Items that will not be reclassified subsequently to profit or loss:
Changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes
in own credit risk
90
21
(124)
–  before income taxes
117
32
(166)
–  income taxes
(27)
(11)
42
Other comprehensive income/(expense) for the year, net of tax
90
21
(124)
Total comprehensive income for the year
22,701
21,069
9,088
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HSBC Holdings balance sheet
31 Dec 2025
31 Dec 2024
Notes*
$m
$m
Assets
Cash and balances with HSBC undertakings
5,079
2,548
Financial assets with HSBC undertakings designated and otherwise mandatorily measured at fair value
67,217
61,286
Derivatives
15
1,942
3,054
Loans and advances to HSBC undertakings
40,500
37,677
Trading Assets
—
709
Financial investments
16
15,470
10,328
Prepayments, accrued income and other assets
3,583
4,353
Current tax assets
419
305
Investments in subsidiaries
19
157,728
152,337
Intangible assets
140
162
Deferred tax assets
942
1,498
Total assets at 31 Dec
293,020
274,257
Liabilities and equity
Liabilities
Amounts owed to HSBC undertakings
89
231
Financial liabilities designated at fair value
25
52,907
41,582
Derivatives
15
3,451
5,340
Debt securities in issue
26
69,024
64,320
Accruals, deferred income and other liabilities
2,286
3,097
Subordinated liabilities
29
26,114
23,548
Total liabilities
153,871
138,118
Equity
Called up share capital
32
8,588
8,973
Share premium account
32
111
14,810
Other equity instruments
32
20,635
19,024
Merger and other reserves
32,299
33,664
Retained earnings
77,516
59,668
Total equity
139,149
136,139
Total liabilities and equity at 31 Dec
293,020
274,257
*For Notes on the financial statements, see page 300.
The accompanying notes on pages 300 to 381, the audited sections in the Risk review on pages 118 to 218 and ‘Directors’ remuneration report’
on pages 249 to 274 form an integral part of these financial statements.
These financial statements were approved by the Board of Directors on 25 February 2026 and signed on its behalf by:
Brendan Nelson
Pam Kaur
Group Chairman
Group Chief Financial Officer
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HSBC Holdings statement of changes in equity
for the year ended 31 December 2025
Called up
share
capital
Share
premium
Other
equity
instruments
Retained
earnings1,2
Merger and
other
reserves
Total
shareholders’
equity
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
8,973
14,810
19,024
59,668
33,664
136,139
Profit for the year
—
—
—
22,611
—
22,611
Other comprehensive income (net of tax)
—
—
—
90
—
90
–  changes in fair value of financial liabilities designated at fair value due to
movement in own credit risk
—
—
—
90
—
90
Total comprehensive income for the year
—
—
—
22,701
—
22,701
Shares issued and purchased under employee share plans
5
111
—
(635)
—
(519)
Capital securities issued3
—
—
4,061
—
—
4,061
Purchase and cancellation of shares4
(390)
—
—
(8,039)
390
(8,039)
Share premium reclassification to retained earnings5
—
(14,810)
—
14,810
—
—
Capital redemption reserves reclassification to retained earnings5
—
—
—
1,755
(1,755)
—
Dividends to shareholders
—
—
—
(12,764)
—
(12,764)
Redemption of capital securities6
—
—
(2,450)
—
—
(2,450)
Other movements
—
—
—
20
—
20
At 31 Dec 2025
8,588
111
20,635
77,516
32,299
139,149
At 1 Jan 2024
9,631
14,738
17,703
63,288
35,946
141,306
Profit for the year
—
—
—
21,048
—
21,048
Other comprehensive income (net of tax)
—
—
—
21
—
21
–  changes in fair value of financial liabilities designated at fair value due to
movement in own credit risk
—
—
—
21
—
21
Total comprehensive income for the year
—
—
—
21,069
—
21,069
Shares issued and purchased under employee share plans
5
72
—
(181)
—
(104)
Capital securities issued
—
—
3,571
—
—
3,571
Purchase and cancellation of shares
(663)
—
—
(11,043)
663
(11,043)
Dividends to shareholders
—
—
—
(16,410)
—
(16,410)
Redemption of capital securities
—
—
(2,250)
—
—
(2,250)
Transfers7
—
—
—
2,945
(2,945)
—
Other movements
—
—
—
—
—
—
At 31 Dec 2024
8,973
14,810
19,024
59,668
33,664
136,139
At 1 Jan 2023
10,147
14,664
19,746
67,996
40,555
153,108
Profit for the year
—
—
—
9,212
—
9,212
Other comprehensive income (net of tax)
—
—
—
(124)
—
(124)
–  changes in fair value of financial liabilities designated at fair value due to
movement in own credit risk
—
—
—
(124)
—
(124)
Total comprehensive income for the year
—
—
—
9,088
—
9,088
Shares issued and purchased under employee share plans
5
74
—
(328)
—
(249)
Capital securities issued
—
—
1,980
—
—
1,980
Purchase and cancellation of shares
(521)
—
—
(7,025)
521
(7,025)
Dividends to shareholders
—
—
—
(11,593)
—
(11,593)
Redemption of capital securities
—
—
(4,023)
20
—
(4,003)
Transfers7
—
—
—
5,130
(5,130)
—
Other movements
—
—
—
—
—
—
At 31 Dec 2023
9,631
14,738
17,703
63,288
35,946
141,306
Dividends per ordinary share at 31 December 2025 were $0.66 (2024: $0.82; 2023: $0.53).
1Retained earnings include unrealised profits from intercompany transactions and share-based payment reserves, which are excluded from distributable
reserves. Distributable reserves include the distributable portions of retained earnings and the merger reserve. Distributable reserves are reduced by ordinary
dividend payments, distributions on additional tier 1 instruments, share buy-backs and impairments in investments in subsidiaries. They are increased by profits
and the realisation of retained earnings or merger reserves upon impairment of an associated investment in subsidiary.
2At 31 December 2025, retained earnings included 35,354,337 own shares held. These include own shares held by HSBC Holdings for the benefit of
beneficiaries within employee trusts for the settlement of shares expected to be delivered under employee share schemes or bonus plans.
3HSBC Holdings issued $1.5bn 6.950% contingent convertible securities in February 2025, SGD0.8bn 5.000% contingent convertible securities in March 2025
and $2.0bn 7.050% contingent convertible securities in June 2025. All instruments were recorded net of issuance cost.
4HSBC Holdings announced the following share buy-backs during the year: a share buy-back of up to $2.0bn in February 2025, which was completed in April
2025; a share buy-back of up to $3.0bn in May 2025, which was completed in July 2025 and a share buy-back of up to $3.0bn in July 2025, which was
completed in October 2025.
5On 24 June 2025, the High Court of Justice in England and Wales confirmed the cancellation of $14.8bn standing to the credit of the HSBC Holdings’ share
premium account and $1.8bn standing to the credit of its capital redemption reserve, following approval at HSBC Holdings’ Annual General Meeting held on
2 May 2025 (the ‘Capital Reduction’). The Court Order confirming the Capital Reduction was registered by the Registrar of Companies on 10 July 2025, resulting
in a combined total of $16.6bn being reclassified to retained earnings with no impact on total equity.
6In March 2025, HSBC Holdings redeemed its $2.45bn 6.375% contingent convertible securities.
7At 31 December 2024, an impairment of $11.4bn (2023: $5.5bn) of HSBC Overseas Holdings (UK) Limited was recognised, resulting in a permitted transfer of
$2.9bn (2023: $5.1bn) from the remaining historical associated merger reserve to retained earnings.
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HSBC Holdings statement of cash flows
for the year ended 31 December 2025
2025
2024
2023
$m
$m
$m
Profit before tax
21,972
20,549
8,235
Adjustments for non-cash items
(2,777)
11,721
5,611
–  depreciation, amortisation and impairment/expected credit losses
(2,669)
11,552
5,629
–  share-based payment expense
1
1
—
–  other non-cash items included in profit before tax
(220)
53
(38)
–  elimination of exchange differences
111
115
20
Changes in operating assets and liabilities
Change in loans and advances to HSBC undertakings
(2,927)
(2,753)
(1,267)
Change in financial assets with HSBC undertakings designated and otherwise mandatorily measured at fair value
(4,657)
(1,978)
(7,767)
Change in net trading securities and net derivatives
600
(1,537)
(529)
Change in other assets
631
603
363
Change in debt securities in issue
883
469
1,964
Change in financial liabilities designated at fair value
1,288
292
3,096
Change in other liabilities
639
(1,897)
1,947
Tax received
1,071
1,691
577
Net cash from operating activities
16,723
27,160
12,230
Purchase of financial investments
(22,636)
(29,812)
(7,803)
Proceeds from the sale and maturity of financial investments
22,638
31,779
20,074
Net cash outflow from acquisition of or increase in stake of subsidiaries
(5,148)
(7,473)
(2,517)
Repayment of capital from subsidiaries
2,252
2,963
4,993
Net investment in intangible assets
(29)
(43)
(46)
Net cash from investing activities
(2,923)
(2,586)
14,701
Issue of ordinary share capital and other equity instruments
4,177
3,648
2,059
Redemption of preference shares and other equity instruments
(2,450)
(2,250)
(4,003)
Purchase of own shares
(1,118)
(532)
(855)
Share buy-backs
(9,091)
(11,204)
(5,812)
Subordinated loan capital issued
3,834
4,268
5,270
Subordinated loan capital repaid
(3,284)
(3,994)
—
Debt securities issued
25,469
16,102
17,180
Debt securities repaid
(14,349)
(18,179)
(13,047)
Dividends paid on ordinary shares
(11,581)
(15,348)
(10,492)
Dividends paid to holders of other equity instruments
(1,183)
(1,062)
(1,101)
Net cash from financing activities
(9,576)
(28,551)
(10,801)
Net increase/(decrease) in cash and cash equivalents
4,224
(3,977)
16,130
Cash and cash equivalents at 1 January
18,693
22,814
6,756
Exchange differences in respect of cash and cash equivalents
99
(144)
(72)
Cash and cash equivalents at 31 Dec
23,016
18,693
22,814
Cash and cash equivalents comprise:
–  cash at bank with HSBC undertakings
5,079
2,548
7,029
–  cash collateral and net settlement accounts
1,702
2,544
3,422
–  loans and advances to HSBC undertakings of one month or less
6,250
8,500
—
–  treasury and other eligible bills
9,985
5,101
12,363
Interest received was $6,059m (2024: $6,624m; 2023: $5,695m), interest paid was $7,766m (2024: $8,800m; 2023: $7,754m) and dividends
received were $23,816m (2024: $33,846m; 2023: $16,824m).
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Contents
1
Basis of preparation and material accounting policies
2
Net fee income
3
Net income/(expense) from financial instruments measured at
fair value through profit or loss
4
Insurance business
5
Employee compensation and benefits
6
Auditor’s remuneration
7
Tax
8
Dividends
9
Earnings per share
10
Segmental analysis
11
Trading assets
12
Fair values of financial instruments carried at fair value
13
Fair values of financial instruments not carried at fair value
14
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
15
Derivatives
16
Financial investments
17
Assets pledged, collateral received and assets transferred
18
Interests in associates and joint ventures
19
Investments in subsidiaries
20
Structured entities
21
Goodwill and intangible assets
22
Prepayments, accrued income and other assets
23
Assets held for sale, liabilities of disposal groups held for sale
and business acquisitions
24
Trading liabilities
25
Financial liabilities designated at fair value
26
Debt securities in issue
27
Accruals, deferred income and other liabilities
28
Provisions
29
Subordinated liabilities
30
Maturity analysis of assets, liabilities and off-balance sheet
commitments
31
Offsetting of financial assets and financial liabilities
32
Called up share capital and other equity instruments
33
Contingent liabilities, contractual commitments and guarantees
34
Finance lease receivables
35
Legal proceedings and regulatory matters
36
Related party transactions
37
Events after the balance sheet date
38
HSBC Holdings’ subsidiaries, joint ventures and associates
1
Basis of preparation and material accounting policies
1.1Basis of preparation
(a)Compliance with International Financial Reporting Standards
The consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings comply with UK-adopted international
accounting standards and with the requirements of the Companies Act 2006, and have also applied international financial reporting standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These financial statements are also prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IFRS Accounting Standards’),
including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS Accounting Standards for
the periods presented. There were no unendorsed standards effective for the year ended 31 December 2025 affecting these consolidated and
separate financial statements.
IFRS Accounting Standards adopted during the year ended 31 December 2025
There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies
have been applied consistently.
(b)Differences between IFRS Accounting Standards and Hong Kong Financial Reporting
Standards
There are no significant differences between IFRS Accounting Standards and Hong Kong Financial Reporting Standards in terms of their application
to HSBC, and consequently there would be no significant differences had the financial statements been prepared in accordance with Hong Kong
Financial Reporting Standards. The ‘Notes on the financial statements’, taken together with the ‘Report of the Directors’, include the aggregate of
all disclosures necessary to satisfy IFRS Accounting Standards and Hong Kong Financial Reporting Standards.
(c)Future accounting developments
Minor amendments to IFRS Accounting Standards
The International Accounting Standards Board (‘IASB’) has published a number of minor amendments to IFRS Accounting Standards that are
effective from 1 January 2026. HSBC expects they will have an insignificant effect, when adopted, on the consolidated financial statements of
HSBC and the separate financial statements of HSBC Holdings.
Other amendments and new IFRS Accounting Standards
Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’
In May 2024, the IASB issued amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’, effective for annual
reporting periods beginning on, or after, 1 January 2026. In addition to guidance as to when certain financial liabilities can be deemed settled when
using an electronic payment system, the amendments also provide further clarification regarding the classification of financial assets that contain
contractual terms that change the timing or amount of contractual cash flows, including those arising from ESG-related contingencies, and financial
assets with certain non-recourse features. The Group does not expect any material impact from these amendments.
IFRS 18 ‘Presentation and Disclosure in Financial Statements’
In April 2024, the IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, effective for annual reporting periods beginning on or
after 1 January 2027. The new accounting standard aims to give users of financial statements more transparent and comparable information about
an entity’s financial performance. It will replace IAS 1 ‘Presentation of Financial Statements’ but carries over many requirements from that IFRS
Accounting Standard unchanged. In addition, there are three sets of new requirements relating to the structure of the income statement,
management-defined performance measures and the aggregation and disaggregation of financial information.
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While IFRS 18 will not change recognition criteria or measurement bases, it will have an impact on presenting information in the financial
statements, in particular the income statement and to a lesser extent the cash flow statement. HSBC are currently evaluating impacts and
ensuring data readiness is adequate in anticipation of implementation.
(d)Foreign currencies
HSBC’s consolidated financial statements are presented in US dollars because the US dollar and currencies linked to it form the major currency
bloc in which HSBC transacts and funds its business. The US dollar is also HSBC Holdings’ functional currency because the US dollar and
currencies linked to it are the most significant currencies relevant to the underlying transactions, events and conditions of its subsidiaries, as well
as representing a significant proportion of its funds generated from financing activities.
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Assets and liabilities denominated in foreign
currencies are translated at the rate of exchange at the balance sheet date, except non-monetary assets and liabilities measured at historical cost,
which are translated using the rate of exchange at the initial transaction date. Exchange differences are recognised in the income statement
except where otherwise required such as exchange components of gains and losses on non-monetary items which are recognised in the income
statement or other comprehensive income depending on where the gain or loss on the underlying item is presented.
Except for subsidiaries operating in hyperinflationary economies, in the consolidated financial statements, the assets and liabilities of branches,
subsidiaries, joint ventures and associates whose functional currency is not US dollars are translated into the Group’s presentation currency at the
rate of exchange at the balance sheet date, while their results are translated into US dollars at the average rates of exchange for the reporting
period. Exchange differences arising are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences
previously recognised in other comprehensive income are reclassified to the income statement.
(e)Presentation of information
Certain disclosures required by IFRS Accounting Standards have been included in the sections marked as (‘Audited’) in the Annual Report and
Accounts 2025 as follows:
–Disclosures concerning the nature and extent of risks relating to insurance contracts and financial instruments are included in the ‘Risk review’
on pages 118 to 218.
–The ‘Own funds disclosure’ is included in the ‘Risk review’ on page 192.
HSBC follows the UK Finance Disclosure Code. The UK Finance Disclosure Code aims to increase the quality and comparability of UK banks’
disclosures and sets out five disclosure principles together with supporting guidance agreed in 2010. In line with the principles of the UK Finance
Disclosure Code, HSBC assesses good practice recommendations issued from time to time by relevant regulators and standard setters, and will
assess the applicability and relevance of such guidance, enhancing disclosures where appropriate.
(f)Critical estimates and judgements
The preparation of financial information requires the use of estimates and judgements about future conditions. In view of the inherent uncertainties
and the high level of subjectivity involved in the recognition or measurement of items, highlighted as the ‘critical estimates and judgements’ in
section 1.2 below, it is possible that the outcomes in the next financial year could differ from those on which management’s estimates are based.
This could result in materially different estimates and judgements from those reached by management for the purposes of these financial
statements. Management’s selection of HSBC’s accounting policies that contain critical estimates and judgements reflects the materiality of the
items to which the policies are applied and the high degree of judgement and estimation uncertainty involved.
Management has considered the impact of climate-related risks on HSBC’s financial position and performance. While the effects of climate
change are a source of uncertainty, as at 31 December 2025 management did not consider there to be a material impact on our critical judgements
and estimates from the physical, transition and other climate-related risks in the short to medium term. In particular, management has considered
the known and observable potential impacts of climate-related risks of associated judgements and estimates in our value in use calculations.
(g)Going concern
The financial statements are prepared on a going concern basis, as the Directors are satisfied that the Group and parent company have the
resources to continue in business for the foreseeable future. In making this assessment, the Directors have considered a wide range of
information relating to present and future conditions, including future projections of profitability, cash flows, capital requirements and capital
resources.
These considerations include stressed scenarios that reflect the uncertainty in the macroeconomic environment, including ongoing supply chain
disruptions, uncertain inflation, rapidly changing interest rates, the impact of the Russia-Ukraine war and further conflict or military action in the
Middle East, Venezuela or elsewhere; uncertainty around Hong Kong and mainland China’s CRE sectors; heightened strategic competition
between the US and China, ongoing and potential cross-border investment and trade restrictions, changes to tariff rates, as well as the potential
impacts from other top and emerging risks, including climate change, as well as the related impacts on profitability, capital and liquidity.
1.2Summary of material accounting policies
(a)Consolidation and related policies
Consolidation
HSBC consolidates entities that it controls as demonstrated by power over the investee, exposure to variable returns, and the ability to use its
power to affect the amount of its returns. Where an entity is governed by voting rights, HSBC generally has power leading to control when it holds
– directly or indirectly – the necessary voting rights to pass resolutions by the governing body. In all other cases, the assessment of control is more
complex and requires judgement of other factors, including contractual arrangements.
Business combinations are accounted for using the acquisition method. The amount of non-controlling interest is measured either at fair value or at
the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. This election is made for each business combination.
Investments in subsidiaries
HSBC Holdings’ investments in subsidiaries are stated at cost less impairment losses. Where the investment in a subsidiary is designated in a fair
value hedging relationship for foreign currency risk, the carrying value is adjusted for any associated hedge adjustment arising therefrom.
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Impairment testing of investments in subsidiaries is performed where there is an indication of impairment. Indicators of impairment include both
external and internal sources of information. Similarly, assessments are made as to whether an impairment loss recognised in prior periods may no
longer exist or may have decreased. Where this is the case, such an impairment loss is reversed if there has been a change in the estimate used
to determine the relevant recoverable amount since the last impairment loss was recognised.
Critical estimates and judgements
Investments in subsidiaries are tested for impairment when there is an indication that the investment may be impaired, which involves estimations of value in use
reflecting management’s best estimate of the future cash flows of the investment and the rates used to discount these cash flows, both of which are subject to
uncertain factors as follows:
Judgements
Estimates
–The accuracy of forecast cash flows is subject to a high
degree of uncertainty in volatile market conditions.
Where such circumstances are determined to exist,
management re-tests for impairment or reversal more
frequently than once a year when indicators exist. This
ensures that the assumptions on which the cash flow
forecasts are based continue to reflect current market
conditions and management’s best estimate of future
business prospects.
–The future cash flows of each investment are sensitive to the cash flows projected for the periods
for which detailed forecasts are available and to assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable
economic data, but they reflect management’s view of future business prospects at the time of the
assessment.
–The rates used to discount future expected cash flows can have a significant effect on their
valuation, and are based on the costs of equity assigned to the investment. The cost of equity
percentage is generally derived from a capital asset pricing model and the market implied cost of
equity, which incorporates inputs reflecting a number of financial and economic variables, including
the risk-free interest rate in the country concerned and a premium for the risk of the business being
evaluated. These variables are subject to fluctuations in external market rates and economic
conditions beyond management’s control.
–Key assumptions used in estimating impairment in subsidiaries and their reversal where relevant are
described in Note 19. 
Interests in associates and joint arrangements
Joint arrangements are investments in which HSBC, together with one or more parties, has joint control. Depending on HSBC’s rights and
obligations, the joint arrangement is classified as either a joint operation or a joint venture.
HSBC classifies investments in entities over which it has significant influence but not control or joint control as associates and accounts for them
using the equity method. Under this method, the attributable share of net assets, results and reserves are included in the consolidated financial
statements based on either financial statements made up to 31 December or pro-rated amounts adjusted for any material transactions or events
occurring between the date the financial statements are available and 31 December.
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that the
investment may be impaired, by comparing the recoverable amount of the relevant investment to its carrying amount. Goodwill on acquisition of
interests in joint ventures and associates is not tested separately for impairment, but is assessed as part of the carrying amount of the investment.
Previously recognised impairments are assessed for reversal when there are indicators that they may no longer exist or have decreased. Any
reversal, which may arise only from changes in estimates used to determine the prior impairment loss, is recognised to the extent that it does not
increase the carrying amount above that had no impairment loss been previously recognised.
Critical estimates and judgements
The most significant critical estimates relate to the assessment of impairment or its reversal of our investment in Bank of Communications Co., Limited
(‘BoCom’), which involves estimations of value in use:
Judgements
Estimates
–The value in use calculation uses discounted cash flow projections based on management’s best
estimate of future earnings available to ordinary shareholders prepared in accordance with IAS 36
‘Impairment of Assets’. Those cash flows use estimates based on BoCom’s current condition and
so do not include estimated cash flows arising from uncommitted future actions that may affect
the performance of the investment which will be considered at the relevant time should they
arise.
–Key assumptions used in estimating BoCom’s value in use and the sensitivity of the value in use
calculations to different assumptions are described in Note 18.
(b)Impairment of goodwill and other non-financial assets
Goodwill
Goodwill is allocated to cash-generating units (’CGUs’) for the purpose of impairment testing, which is undertaken at the lowest level at which
goodwill is monitored for internal management purposes.
Impairment testing is performed at least once a year, or whenever there is an indication of impairment, by comparing the recoverable amount of a
CGU with its carrying amount.
Goodwill is included in a disposal group if the disposal group is a CGU to which goodwill has been allocated or it is an operation within such a CGU.
The amount of goodwill included in a disposal group is measured on the basis of the relative values of the operation disposed of and the portion of
the CGU retained.
Other non-financial assets
Software under development is tested for impairment at least annually. Other non-financial assets are property, plant and equipment, intangible
assets (excluding goodwill) and right-of-use assets. They are tested for impairment at the individual asset level when there is indication of
impairment at that level, or at the CGU level for assets that do not have a recoverable amount at the individual asset level. In addition, impairment
is also tested at the CGU level when there is indication of impairment at that level.
Impairment testing compares the carrying amount of the non-financial asset or CGU with its recoverable amount, which is the higher of the fair
value less costs of disposal or the value in use. The carrying amount of a CGU comprises the carrying amount of its assets and liabilities, including
non-financial assets that are directly attributable to it and non-financial assets that can be allocated to it on a reasonable and consistent basis. Non-
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financial assets that cannot be allocated to an individual CGU are tested for impairment at an appropriate grouping of CGUs. The recoverable
amount of the CGU is the higher of the fair value less costs of disposal of the CGU, which is determined by independent and qualified valuers
where relevant, and the value in use, which is calculated based on appropriate inputs (see Note 21).
When the recoverable amount of a CGU is less than its carrying amount, an impairment loss is recognised in the income statement to the extent
that the impairment can be allocated on a pro-rata basis to the non-financial assets by reducing their carrying amounts to the higher of their
respective individual recoverable amount or nil. Impairment is not allocated to the financial assets in a CGU.
Impairment losses recognised in prior periods for non-financial assets are reversed when there has been a change in the estimate used to
determine the recoverable amount. The impairment loss is reversed to the extent that the carrying amount of the non-financial assets would not
exceed the amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised in prior
periods.
Critical estimates and judgements
The review of goodwill and non-financial assets for impairment reflects management’s best estimate of the future cash flows of the CGUs and the rates used to
discount these cash flows, both of which are subject to uncertain factors as follows:
Judgements
Estimates
–The accuracy of forecast cash flows is subject to a
high degree of uncertainty in volatile market
conditions. Where such circumstances are
determined to exist, management re-tests goodwill
for impairment more frequently than once a year
when indicators of impairment exist. This ensures
that the assumptions on which the cash flow
forecasts are based continue to reflect current
market conditions and management’s best estimate
of future business prospects.
–The future cash flows of the CGUs are sensitive to the cash flows projected for the periods for which
detailed forecasts are available and to assumptions regarding the long-term pattern of sustainable cash
flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but
they reflect management’s view of future business prospects at the time of the assessment.
–The rates used to discount future expected cash flows can have a significant effect on their valuation,
and are based on the costs of equity assigned to individual CGUs. The cost of equity percentage is
generally derived from a capital asset pricing model and market implied cost of equity, which
incorporates inputs reflecting a number of financial and economic variables, including the risk-free
interest rate in the country concerned and a premium for the risk of the business being evaluated.
These variables are subject to fluctuations in external market rates and economic conditions beyond
management’s control.
–Key assumptions used in estimating goodwill and non-financial asset impairment are described in
Note 21.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental.
(c)Net operating income
Interest income and expense
Interest income and expense for all financial instruments, excluding those classified as held for trading or designated at fair value, is recognised in
‘Interest income’ and ‘Interest expense’ in the income statement using the effective interest method. However, as an exception to this, interest
on debt instruments issued by HSBC for funding purposes that are designated under the fair value option to reduce an accounting mismatch and
on derivatives managed in conjunction with those debt instruments is included in interest expense.
Interest on credit-impaired financial assets is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount of
the asset less allowance for expected credit losses).
Non-interest income and expense
HSBC generates fee income from services provided over time, such as account service and card fees, or when HSBC delivers a specific
transaction at a point in time, such as broking services and import/export services. Where fees are variable, for example certain fund management
and performance fees, such fees are recognised when the associated uncertainties are resolved and to the extent that it is highly probable that a
significant reversal will not occur.
HSBC acts as principal in the majority of contracts with customers, with the exception of broking services. For most brokerage trades, HSBC acts
as agent in the transaction and recognises broking income net of fees payable to other parties in the arrangement.
HSBC recognises fees earned on transaction-based arrangements at a point in time when it has provided the service to the customer. Where the
contract requires services to be provided over time, income is recognised on a systematic basis over the life of the agreement.
Where HSBC offers a package of services that contains multiple non-distinct performance obligations, such as those included in account service
packages, the promised services are treated as a single performance obligation. If a package of services contains distinct performance obligations,
the corresponding transaction price is allocated to each performance obligation based on the estimated stand-alone selling prices.
Dividend income is recognised when the right to receive payment is established.
Gains and losses from financial instruments measured as at fair value through profit or loss includes the following:
–‘Net income from financial instruments held for trading or managed on a fair value basis’: This comprises net trading activities, which includes
all gains and losses from changes in the fair value of financial assets and financial liabilities held for trading and other financial instruments
managed on a fair value basis, together with the related interest income, interest expense and dividend income, excluding the effect of
changes in the credit risk of liabilities managed on a fair value basis. It also includes all gains and losses from changes in the fair value of
derivatives that are managed in conjunction with financial assets and liabilities measured at fair value through profit or loss.
–‘Net income/(expense) from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or
loss’: This includes all gains and losses from changes in the fair value, together with related interest income, interest expense and dividend
income in respect of financial assets and liabilities measured at fair value through profit or loss, and those derivatives managed in conjunction
with the above that can be separately identifiable from other trading derivatives.
–Other gains and losses from financial instruments measured as at fair value through profit or loss include changes in the fair value of
designated debt instruments under the fair value option and related derivatives where such designation reduces an accounting mismatch.
Interest on such debt instruments and interest cash flows on related derivatives is presented in interest expense. Also included are the
changes in fair value of other financial instruments mandatorily measured as at fair value through profit or loss which includes interest on
instruments that fail the solely payments of principal and interest test, see (e) below.
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Insurance income and expense
Insurance service result
Insurance revenue reflects the consideration to which the Group expects to be entitled in exchange for the provision of coverage and other insurance
contract services (excluding any investment components). Insurance service expenses comprise the incurred claims and other incurred insurance
service expenses (excluding any investment components), and losses on onerous groups of contracts and reversals of such losses.
Insurance finance income and expenses
Insurance finance income and expense comprises the change in the carrying amount of the group of insurance contracts arising from the effects
of the time value of money, financial risk and changes therein. For contracts using the variable fee approach (‘VFA’) measurement model, changes
in the fair value of underlying items (excluding additions and withdrawals) are recognised in insurance finance income or expenses.
(d)Valuation of financial instruments
Financial instruments are initially recognised at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date and on initial recognition is generally the transaction price. However, if
there is a difference between the transaction price and the fair value of financial instruments whose fair value is based on a quoted price in an active
market or a valuation technique that uses only data from observable markets, HSBC recognises the difference as a trading gain or loss at inception
(a ‘day 1 gain or loss’). In all other cases, the entire day 1 gain or loss is deferred and recognised in the income statement over the life of the
transaction until the transaction matures, is closed out, the valuation inputs become observable or HSBC enters into an offsetting transaction.
The fair value of financial instruments is generally measured on an individual basis. However, in cases where HSBC manages a group of financial
assets and liabilities according to its net market or credit risk exposure, the fair value of the group of financial instruments is measured on a net basis
but the underlying financial assets and liabilities are presented separately in the financial statements, unless they satisfy the IFRS offsetting criteria.
Financial instruments are classified into one of three fair value hierarchy levels, described in Note 12, ‘Fair values of financial instruments carried at
fair value‘.
Critical estimates and judgements
The majority of valuation techniques employ only observable market data. However, certain financial instruments are classified on the basis of valuation techniques
that feature one or more significant market inputs that are unobservable, and for them, the measurement of fair value is more judgemental:
Judgements
Estimates
–An instrument in its entirety is classified as valued using significant unobservable
inputs if, in the opinion of management, greater than 5% of the instrument’s valuation
is driven by unobservable inputs.
–‘Unobservable’ in this context means that there is little or no current market data
available from which to determine the price at which an arm’s length transaction would
be likely to occur. It generally does not mean that there is no data available at all upon
which to base a determination of fair value (consensus pricing data may, for example,
be used).
–Details on the Group’s Level 3 financial instruments and the
sensitivity of their valuation to the effect of applying reasonably
possible alternative assumptions in determining their fair value are
set out in Note 12.
(e)Financial instruments measured at amortised cost
Financial assets that are held to collect the contractual cash flows and which contain contractual terms that give rise on specified dates to cash
flows that are solely payments of principal and interest are measured at amortised cost. Such financial assets include most loans and advances to
banks and customers and some debt securities. In addition, most financial liabilities are measured at amortised cost. HSBC accounts for regular
way amortised cost financial instruments using trade date accounting. The carrying amount of these financial assets at initial recognition includes
any directly attributable transactions costs.
HSBC may commit to underwriting loans on fixed contractual terms for specified periods of time. When the loan arising from the lending
commitment is expected to be sold shortly after origination, the commitment to lend is recorded as a derivative. When HSBC intends to hold the
loan, the loan commitment is generally not recognised but is subject to expected credit loss considerations.
Financial assets are reclassified only when the business model for their management changes. Such changes, which are expected to be
infrequent, are determined by senior management as a result of external or internal changes and must be significant to operations and
demonstrable to external parties. Reclassifications are applied prospectively from the first day of the first reporting period following the change of
business model. Where a financial asset is reclassified out of the amortised cost measurement category and into the fair value through other
comprehensive income measurement category its fair value is measured at the date of reclassification. Any gain or loss arising from a difference
between the previous amortised cost and fair value is recognised in other comprehensive income. The effective interest rate and the
measurement of expected credit losses are not adjusted as a result of the reclassification.
Non-trading reverse repurchase, repurchase and similar agreements
When securities are sold subject to a commitment to repurchase them at a predetermined price (‘repos’), they remain on the balance sheet and a
liability is recorded in respect of the consideration received. Securities purchased under commitments to resell (‘reverse repos’) are not recognised
on the balance sheet and an asset is recorded in respect of the initial consideration paid. Non-trading repos and reverse repos are measured at
amortised cost. The difference between the sale and repurchase price or between the purchase and resale price is treated as interest and
recognised in net interest income over the life of the agreement.
Contracts that are economically equivalent to reverse repo or repo agreements (such as sales or purchases of securities entered into together with
total return swaps with the same counterparty) are accounted for similarly to, and presented together with, reverse repo or repo agreements.
(f)Financial assets measured at fair value through other comprehensive income
Financial assets managed within a business model that is achieved by both collecting contractual cash flows and selling and which contain
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at fair value
through other comprehensive income (‘FVOCI’). These comprise primarily debt securities. They are generally recognised on trade date when
HSBC enters into contractual arrangements to purchase and are generally derecognised when they are either sold or redeemed. They are
subsequently remeasured at fair value with changes therein (except for those relating to impairment, interest income and foreign currency
exchange gains and losses) recognised in other comprehensive income until the assets are sold. Upon disposal, the cumulative gains or losses in
other comprehensive income are recognised in the income statement. Financial assets measured at FVOCI are included in impairment calculations
and impairment is recognised in profit or loss.
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(g)Equity securities measured at fair value with fair value movements presented in other
comprehensive income
Equity securities for which fair value movements are shown in other comprehensive income are business facilitation and other similar investments
where HSBC holds the investments other than to generate a capital return. Dividends from such investments are recognised in profit or loss.
Gains or losses on the derecognition of these equity securities are not transferred to profit or loss. Otherwise, equity securities are measured at
fair value through profit or loss.
(h)Financial instruments designated at fair value through profit or loss
Financial instruments, other than those held for trading, are classified in this category if they meet one or more of the criteria set out below and are
so designated irrevocably at inception:
–The use of the designation removes or significantly reduces an accounting mismatch.
–A group of financial assets and liabilities or a group of financial liabilities is managed and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment strategy.
–A financial liability that contains one or more non-closely related embedded derivatives.
Designated financial assets are recognised when HSBC enters into contracts with counterparties, which is generally on trade date, and are
normally derecognised when the rights to the cash flows expire or are transferred.
Designated financial liabilities are recognised when HSBC enters into contracts with counterparties, which is generally on settlement date, and are
normally derecognised when extinguished. Subsequent changes in fair values are recognised in the income statement except for the effect of
changes in the liabilities’ credit risk, which is presented in ‘Other comprehensive income’, unless that treatment would create or enlarge an
accounting mismatch in profit or loss.
Under the above criteria, the main classes of financial instruments designated by HSBC are:
–Debt instruments for funding purposes that are designated to reduce an accounting mismatch: The interest and/or foreign exchange exposure
on certain fixed-rate debt securities issued has been matched with the interest and/or foreign exchange exposure on certain swaps as part of a
documented risk management strategy.
–Financial assets and financial liabilities under unit-linked and non-linked investment contracts: A contract under which HSBC does not accept
significant insurance risk from another party is not classified as an insurance contract, other than investment contracts with discretionary
participation features (‘DPF’), but is accounted for as a financial liability. Customer liabilities under linked and certain non-linked investment
contracts issued by insurance subsidiaries are determined based on the fair value of the assets held in the linked funds or by a valuation
method. The related financial assets and liabilities are managed and reported to management on a fair value basis. Designation at fair value of
the financial assets and related liabilities allows changes in fair values to be recorded in the income statement and presented in the same line.
–Financial liabilities that contain both deposit and derivative components: These financial liabilities are managed and their performance evaluated
on a fair value basis.
(i)Derivatives
Derivatives are financial instruments that derive their value from the price of underlying items such as equities, interest rates or other indices.
Derivatives are recognised initially and are subsequently measured at fair value through profit or loss. Derivatives are classified as assets when
their fair value is positive or as liabilities when their fair value is negative. This includes embedded derivatives in financial liabilities, which are
bifurcated from the host contract when they meet the definition of a derivative on a stand-alone basis.
Where the derivatives are managed with debt securities issued by HSBC that are designated at fair value where doing so reduces an accounting
mismatch, the contractual interest is shown in ‘Interest expense’ together with the interest payable on the issued debt.
Hedge accounting
When derivatives are not part of fair value designated relationships, if held for risk management purposes they are designated in hedge accounting
relationships where the required criteria for documentation and hedge effectiveness are met. HSBC uses these derivatives or, where allowed,
other non-derivative hedging instruments in fair value hedges, cash flow hedges or hedges of net investments in foreign operations as appropriate
to the risk being hedged.
Fair value hedge
Fair value hedge accounting does not change the recording of gains and losses on derivatives and other hedging instruments, but results in
recognising changes in the fair value of the hedged assets or liabilities attributable to the hedged risk that would not otherwise be recognised in
the income statement. If a hedge relationship no longer meets the criteria for hedge accounting, hedge accounting is discontinued and the
cumulative adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortised to the income
statement on a recalculated effective interest rate, unless the hedged item has been derecognised, in which case it is recognised in the income
statement immediately.
Cash flow hedge
The effective portion of gains and losses on hedging instruments is recognised in other comprehensive income and the ineffective portion of the
change in fair value of derivative hedging instruments that are part of a cash flow hedge relationship is recognised immediately in the income
statement. The accumulated gains and losses recognised in other comprehensive income are reclassified to the income statement in the same
periods in which the hedged item affects profit or loss. When a hedge relationship is discontinued, or partially discontinued, any cumulative gain or
loss recognised in other comprehensive income remains in equity until the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is
reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses
on the hedging instrument is recognised in other comprehensive income and other gains and losses are recognised immediately in the income
statement. Gains and losses previously recognised in other comprehensive income are reclassified to the income statement on the disposal, or
part-disposal, of the foreign operation.
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(j)Impairment of amortised cost and FVOCI financial assets
Expected credit losses (‘ECL’) are recognised for loans and advances to banks and customers, non-trading reverse repurchase agreements, other
financial assets held at amortised cost, debt instruments measured at FVOCI, and certain loan commitments and financial guarantee contracts. At
initial recognition, an allowance (or provision in the case of some loan commitments and financial guarantees) is recognised for ECL resulting from
possible default events within the next 12 months, or less, where the remaining life is less than 12 months (’12-month ECL’). In the event of a
significant increase in credit risk, an allowance (or provision) is recognised for ECL resulting from all possible default events over the expected life
of the financial instrument (‘lifetime ECL’). Financial assets where 12-month ECL is recognised are considered to be ‘stage 1’; financial assets
which are considered to have experienced a significant increase in credit risk are in ‘stage 2’; and financial assets for which there is objective
evidence of impairment, and so are considered to be in default or otherwise credit impaired are in ‘stage 3’. Purchased or originated credit-
impaired financial assets (‘POCI’) are treated differently as set out below.
Unimpaired and without significant increase in credit risk (stage 1)
ECL resulting from default events that are possible within the next 12 months (‘12-month ECL’) are recognised for financial instruments that
remain in stage 1.
Significant increase in credit risk (stage 2)
An assessment of whether credit risk has increased significantly since initial recognition is performed at each reporting period by considering the
change in the risk of default occurring over the remaining life of the financial instrument.
The assessment explicitly or implicitly compares the risk of default occurring at the reporting date compared with that at initial recognition, taking
into account reasonable and supportable information, including information about past events, current conditions and future economic conditions.
The assessment is unbiased, probability-weighted, and to the extent relevant, uses forward-looking information consistent with that used in the
measurement of ECL. The analysis of credit risk is multifactor. The determination of whether a specific factor is relevant and its weight compared
with other factors depends on the type of product, the characteristics of the financial instrument and the borrower, and the geographical region.
Therefore, it is not possible to provide a single set of criteria that will determine what is considered to be a significant increase in credit risk, and
these criteria will differ for different types of lending, particularly between retail and wholesale. However, unless identified at an earlier stage, all
financial assets are deemed to have suffered a significant increase in credit risk when 30 days past due. In addition, wholesale loans that are
individually assessed, which are typically corporate and commercial customers, and included on a watch or worry list, are included in stage 2.
For wholesale portfolios, the quantitative comparison assesses default risk using a lifetime probability of default (‘PD’), which encompasses a wide
range of information including the obligor’s customer risk rating (‘CRR’), macroeconomic condition forecasts and credit transition probabilities. For
origination CRRs up to 3.3, significant increase in credit risk is measured by comparing the average PD for the remaining term estimated at
origination with the equivalent estimation at the reporting date.
The quantitative measure of significance varies depending on the credit quality at origination as follows:
Origination CRR
Significance trigger – PD to increase by
0.1–1.2
15bps
2.1–3.3
30bps
For CRRs greater than 3.3 that are not impaired, a significant increase in credit risk is considered to have occurred when the origination PD has
doubled. The significance of changes in PD was informed by expert credit risk judgement, referenced to historical credit migrations and to relative
changes in external market rates.
For loans originated prior to the implementation of IFRS 9, the origination PD does not include adjustments to reflect expectations of future
macroeconomic conditions since these are not available without the use of hindsight. In the absence of this data, origination PD must be
approximated assuming through-the-cycle PDs and through-the-cycle migration probabilities, consistent with the instrument’s underlying modelling
approach and the CRR at origination.
The quantitative comparison is supplemented with additional CRR deterioration-based thresholds, as set out in the table below:
Origination CRR
Additional significance criteria – number of CRR grade notches
deterioration required to identify as significant credit deterioration (stage
2) (> or equal to)
0.1
5 notches
1.1–4.2
4 notches
4.3–5.1
3 notches
5.2–7.1
2 notches
7.2–8.2
1 notch
8.3
0 notches
For retail portfolios, default risk is assessed using a reporting date 12-month PD derived from internal models, which incorporate all available
information about the customer. This PD is adjusted for the effect of macroeconomic forecasts for periods longer than 12 months and is
considered to be a reasonable approximation of a lifetime PD measure. Retail exposures are first segmented into homogenous portfolios, generally
by country, product and brand. Within each portfolio, the stage 2 accounts include accounts with an adjusted 12-month PD greater than the
average 12-month PD of loans in that portfolio 12 months before they become 30 days past due. The expert credit risk judgement is that no prior
increase in credit risk is significant. This portfolio-specific threshold therefore identifies loans with a PD higher than would be expected from loans
that are performing as originally expected and higher than that which would have been acceptable at origination. It therefore approximates a
comparison of origination to reporting date PDs.
We have implemented in the UK and continue to refine the retail transfer criteria approach to utilise a more relative approach for certain portfolios
as additional data becomes available. These enhancements take advantage of the increase in origination-related data in the assessment of
significant increases in credit risk by comparing remaining lifetime PD to the comparable remaining term lifetime PD at origination based on
portfolio-specific origination segments.
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Credit impaired (stage 3)
HSBC determines that a financial instrument is credit impaired and in stage 3 by considering relevant objective evidence, primarily whether
contractual payments of either principal or interest are past due for more than 90 days, there are other indications that the borrower is unlikely to
pay such as that a concession has been granted to the borrower for economic or legal reasons relating to the borrower’s financial condition, or the
loan is otherwise considered to be in default.
If such unlikeliness to pay is not identified at an earlier stage, it is deemed to occur when an exposure is 90 days past due. Therefore, the
definitions of credit impaired and default are aligned as far as possible so that stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Interest income is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount less allowance for ECL).
Write-off
Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of
recovery. Where loans are secured, this is generally after receipt of any proceeds from the realisation of security. In circumstances where the net
realisable value of any collateral has been determined and there is no reasonable expectation of further recovery, write-off may be earlier.
Forbearance
Loans are identified as forborne and classified as either performing or non-performing when HSBC modifies the contractual terms due to financial
difficulty of the borrower. Non-performing forborne loans are stage 3 and classified as non-performing until they meet the curing criteria, as
specified by applicable credit risk policy (for example, when the loan is no longer in default and no other indicators of default have been present for
at least 12 months). Any amount written off as a result of any modification of contractual terms upon entering forbearance would not be reversed.
The Group applies the EBA Guidelines on the application of definition of default for our retail portfolios, which affect credit risk policies and our
reporting in respect of the status of loans as credit impaired principally due to forbearance (or curing thereof). Further details are provided under
‘Forborne loans and advances’ on page 141.
Performing forborne loans are initially stage 2 and remain classified as forborne until they meet applicable curing criteria (for example, they
continue to not be in default and no other indicators of default are present for a period of at least 24 months). At this point, the loan is either stage
1 or stage 2 as determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk
of a default occurring at initial recognition (based on the original, unmodified contractual terms).
A forborne loan is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms, or if the
terms of an existing agreement are modified such that the forborne loan is a substantially different financial instrument. Any new loans that arise
following derecognition events in these circumstances would generally be classified as POCI and will continue to be disclosed as forborne.
Loan modifications other than forborne loans
Loan modifications that are not identified as forborne are considered to be commercial restructurings. Where a commercial restructuring results in
a modification (whether legalised through an amendment to the existing terms or the issuance of a new loan contract) such that HSBC’s rights to
the cash flows under the original contract have expired, the old loan is derecognised and the new loan is recognised at fair value. The rights to
cash flows are generally considered to have expired if the commercial restructuring is at market rates and no payment-related concession has
been provided. Modifications of certain higher credit risk wholesale loans are assessed for derecognition, having regard to changes in contractual
terms that either individually or in combination are judged to result in a substantially different financial instrument. Mandatory and general offer loan
modifications that are not borrower specific, for example market-wide customer relief programmes, generally do not result in derecognition, but
their stage allocation is determined considering all available and supportable information under our ECL impairment policy.
Purchased or originated credit impaired (‘POCI’)
Financial assets that are purchased or originated at a deep discount that reflects the incurred credit losses are considered to be POCI. This
population includes new financial instruments recognised in most cases following the derecognition of forborne loans. The amount of change in
lifetime ECL for a POCI loan is recognised in profit or loss until the POCI loan is derecognised, even if the lifetime ECL are less than the amount of
ECL included in the estimated cash flows on initial recognition.
Movement between stages
Financial assets can be transferred between the different categories (other than POCI) depending on their relative increase in credit risk since initial
recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial
recognition based on the assessments described above. In the case of non-performing forborne loans, such financial instruments are transferred
out of stage 3 when they no longer exhibit any evidence of credit impairment and meet the curing criteria as described above.
Measurement of ECL
The assessment of credit risk and the estimation of ECL are unbiased and probability-weighted, and incorporate all available information which is
relevant to the assessment including information about past events, current conditions and reasonable and supportable forecasts of future events
and economic conditions at the reporting date. In addition, the estimation of ECL takes into account the time value of money and considers other
factors such as climate-related risks.
In general, HSBC calculates ECL using three main components: a probability of default (‘PD’), a loss given default (’LGD’) and the exposure at
default (‘EAD’).
The 12-month ECL is calculated by multiplying the 12-month PD, LGD and EAD. Lifetime ECL is calculated using the lifetime PD instead. The 12-
month and lifetime PDs represent the probability of default occurring over the next 12 months and the remaining maturity of the instrument
respectively.
The EAD represents the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to
the default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the
event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and
the time value of money.
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HSBC makes use of the IRB framework where possible, with recalibration to meet the differing IFRS 9 requirements as set out in the following
table:
Model
Regulatory capital
IFRS 9
PD
–Represents long-run average PD throughout a full economic cycle
(for mortgage portfolios a hybrid approach, which sits between the
extremes of point in time and through the cycle, is used for
calculating long-run averages as required by the PRA)
–Default backstop of 90+ days past due for all portfolios (includes
unlikely to pay (‘UTP’) criteria in line with internal policy)
–May be subject to a sovereign cap
–Represents current portfolio quality and performance, adjusted for
the impact of multiple forward-looking macroeconomic scenarios
–Default backstop of 90+ days past due for all portfolios (includes
UTP criteria in line with internal policy)
EAD
–Cannot be lower than current balance
–Amortisation captured for term products
–Future drawdown captured for revolving products
LGD
–Downturn LGD (consistent with losses we would expect to suffer
during a severe but plausible economic downturn)
–Regulatory floors may apply to mitigate risk of underestimating
downturn LGD due to lack of historical data
–Discounted using appropriate index (minimum 9%)
–All collection costs included
–LGD based on recent portfolio performance data and includes the
expected impact of future economic conditions such as change in
the value of collateral
–No floors applied, discounted using the original effective interest rate
–Only costs associated with selling collateral and certain third-party
costs are included
Other
–Discounted back from point of default to balance sheet date
While 12-month PDs are recalibrated from IRB models where possible, the lifetime PDs are determined by projecting the 12-month PD using a
term structure. For the wholesale methodology, the lifetime PD also takes into account credit migration, i.e. a customer migrating through the CRR
bands over its life.
The ECL for wholesale stage 3 is determined primarily on an individual basis using a discounted cash flow (‘DCF’) methodology. The expected
future cash flows are based on estimates as of the reporting date, reflecting reasonable and supportable assumptions and projections of future
recoveries and expected future receipts of interest.
Collateral is taken into account if it is likely that the recovery of the outstanding amount will include realisation of collateral based on its estimated
fair value of collateral at the time of expected realisation, less costs for obtaining and selling the collateral.
The cash flows are discounted at the original effective interest rate. For significant cases, cash flows under up to four different scenarios are
probability-weighted by reference to the status of the borrower, economic scenarios applied more generally by the Group and judgement in
relation to the likelihood of the work-out strategy succeeding or receivership being required. For less significant cases where an individual
assessment is undertaken, the effect of different economic scenarios and work-out strategies results in an ECL calculation based on a most likely
outcome which is adjusted to capture losses resulting from less likely but possible outcomes. For certain less significant cases, the bank may use
an LGD-based modelled approach to ECL assessment, which factors in a range of economic scenarios.
Period over which ECL is measured
Expected credit loss is measured from the initial recognition of the financial asset. The maximum period considered when measuring ECL (be it 12-
month or lifetime ECL) is the maximum contractual period over which HSBC is exposed to credit risk. However, where the financial instrument
includes both a drawn and undrawn commitment and the contractual ability to demand repayment and cancel the undrawn commitment does not
serve to limit HSBC’s exposure to credit risk to the contractual notice period, the contractual period does not determine the maximum period
considered. Instead, ECL is measured over the period HSBC remains exposed to credit risk that is not mitigated by credit risk management
actions. This applies to retail overdrafts and credit cards, where the period is the average time taken to realise the material losses for an account,
determined on a portfolio basis. In addition, for these facilities it is not possible to identify the ECL on the loan commitment component separately
from the financial asset component. As a result, the total ECL is recognised in the loss allowance for the financial asset unless the total ECL
exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision. For wholesale overdraft facilities,
credit risk management actions are taken no less frequently than on an annual basis.
Forward-looking economic inputs
HSBC applies multiple forward-looking global economic scenarios determined with reference to external forecast distributions representative of its
view of forecast economic conditions. This approach is considered sufficient to calculate unbiased expected credit losses in most economic
environments. In certain economic environments, additional analysis may be necessary and may result in additional scenarios or adjustments, to
reflect a range of possible economic outcomes sufficient for an unbiased estimate. The detailed methodology is disclosed in ‘Measurement
uncertainty and sensitivity analysis of ECL estimates’ on page 148.
Critical estimates and judgements
The calculation of the Group’s ECL under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set
out below:
Judgements
Estimates
–Defining what is considered to be a significant increase in credit risk
–Determining the lifetime and point of initial recognition of overdrafts and credit cards
–Selecting and calibrating the PD, LGD and EAD models, which support the calculations, including
making reasonable and supportable judgements about how models react to current and future
economic conditions
–Selecting model inputs and economic forecasts, including determining whether sufficient and
appropriately weighted economic forecasts are incorporated to calculate unbiased expected credit loss
–Making management adjustments to account for late-breaking events, model and data limitations and
deficiencies, and expert credit judgements
–Selecting applicable recovery strategies for certain wholesale credit-impaired loans
–The section ‘Measurement uncertainty and
sensitivity analysis of ECL estimates’, marked as
audited from page 148, sets out the assumptions
used in determining ECL, and provides an indication
of the sensitivity of the result to the application of
different weightings being applied to different
economic assumptions
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(k)Insurance contracts
A contract is classified as an insurance contract where the Group accepts significant insurance risk from another party by agreeing to compensate
that party if it is adversely affected by a specified uncertain future event. An insurance contract may also transfer financial risk, but is accounted for
as an insurance contract if the insurance risk is significant. In addition, the Group issues investment contracts with discretionary participation
features ('DPF’), which are also accounted under IFRS 17 ’Insurance Contracts’.
Aggregation of insurance contracts
Individual insurance contracts that are managed together and subject to similar risks are identified as a portfolio. Contracts that are managed
together usually belong to the same product group, and have similar characteristics such as being subject to a similar pricing framework or similar
product management, and are issued by the same legal entity. If a contract is exposed to more than one risk, the dominant risk of the contract is
used to assess whether the contract features similar risks. Each portfolio is further separated by the contract’s expected profitability. The portfolios
are split by their profitability into: (i) contracts that are onerous at initial recognition; (ii) contracts that at initial recognition have no significant
possibility of becoming onerous subsequently; and (iii) the remaining contracts. These profitability groups are then divided by issue date, with most
contracts the Group issues after the transition date being grouped into calendar quarter cohorts. For multi-currency groups of contracts, the Group
considers its groups of contracts as being denominated in a single currency.
The measurement of the insurance contract liability is based on groups of insurance contracts as established at initial recognition, and will include
fulfilment cash flows as well as the contractual service margin (‘CSM’) representing the unearned profit. The Group’s accounting policy is to
update the estimates used in the measurement on a year-to-date basis.
Fulfilment cash flows
The fulfilment cash flows comprise the following:
Best estimates of future cash flows
The cash flows within the contract boundary of each contract in the Group include amounts expected to be collected from premiums and payouts
for claims, benefits and expenses, and are projected using a range of scenarios and assumptions in an unbiased way based on the Group’s
demographic and operating experience along with external mortality data where the Group’s own experience data is not sufficiently large in size to
be credible.
Adjustment for the time value of money and financial risks associated with the future cash flows
The estimates of future cash flows are adjusted to reflect the time value of money (i.e. discounting) and the financial risks to derive an expected
present value. The Group generally makes use of stochastic modelling techniques in the estimation for products with options and guarantees.
A bottom-up approach is used to determine the discount rate to be applied to a given set of expected future cash flows. This is derived as the sum
of the risk-free yield and an illiquidity premium. The risk-free yield is determined based on observable market data, where such markets are
considered to be deep, liquid and transparent. When information is not available, management judgement is applied to determine the appropriate
risk-free yield. Illiquidity premiums reflect the liquidity characteristics of the associated insurance contracts.
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation required for bearing the uncertainty about the amount and timing of future cash flows that arises
from non-financial risk.
The Group does not disaggregate changes in the risk adjustment between insurance service result (comprising insurance revenue and insurance
service expense) and insurance finance income or expenses. All changes are included in the insurance service result.
Measurement models
The variable fee approach (‘VFA’) measurement model is used for most of the contracts issued by the Group, which is mandatory upon meeting
the following eligibility criteria at inception: 
–the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items;
–the Group expects to pay to the policyholder a substantial share of the fair value returns on the underlying items. The Group considers that a
substantial share is a majority of returns; and
–the Group expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of
the underlying items. The Group considers that a substantial proportion is a majority proportion of change on a present value probability-
weighted average of all scenarios.
For some contracts measured under VFA, the other comprehensive income (‘OCI’) option is used. The OCI option is applied where the underlying
items held by the Group are not accounted for at fair value through profit or loss. Under this option, only the amount that matches income or
expenses recognised in profit or loss on underlying items is included in finance income or expenses for these insurance contracts, and hence
results in the elimination of accounting mismatches. The remaining amount of finance income or expenses for these insurance contracts issued
for the period is recognised in OCI. In addition, the risk mitigation option is used for a number of economic offsets against the instruments that
meet specific requirements.
The remaining contracts issued and the reinsurance contracts held are accounted for under the general measurement model (‘GMM’).
CSM and coverage units
The CSM represents the unearned profit and results in no income or expense at initial recognition when the group of contracts is profitable. The
CSM is adjusted at each subsequent reporting period for changes in fulfilment cash flows relating to future service (for example, changes in non-
economic assumptions, including mortality and morbidity rates). For initial recognition of onerous groups of contracts and when groups of
contracts become onerous subsequently, losses are recognised in insurance service expense immediately.
For groups of contracts measured using the VFA, changes in the Group’s share of the underlying items, and economic experience and economic
assumption changes adjust the CSM. However, under the risk mitigation option for VFA contracts, the changes in the fulfilment cash flows and
the changes in the Group’s share in the fair value return on underlying items that the instruments mitigate are not adjusted in CSM but recognised
in profit or loss. The risk mitigating instruments are primarily reinsurance contracts held.
For groups of contracts measured using the GMM, changes in economic experience and economic assumption do not adjust the CSM, but are
recognised in profit or loss as they arise.
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The CSM is systematically recognised in insurance revenue to reflect the insurance contract services provided, based on the coverage units of the
group of contracts. Coverage units are determined by the quantity of benefits and the expected coverage period of the contracts.
The Group identifies the quantity of the benefits provided as follows:
–Insurance coverage: This is based on the expected net policyholder insurance benefit at each period after allowance for decrements, where net
policyholder insurance benefit refers to the amount of sum assured less the fund value or surrender value.
–Investment services (including both investment-return service and investment-related service): This is based on a constant measure basis
which reflects the provision of access for the policyholder to the facility.
For contracts that provide both insurance coverage and investment services, coverage units are weighted according to the expected present value
of the future cash outflows for each service.
(l)Employee compensation and benefits
Share-based payments
HSBC enters into both equity-settled and cash-settled share-based payment arrangements with its employees as compensation for the provision
of their services.
The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of
the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are
recognised when the employee starts to render service to which the award relates.
Cancellations result from the failure to meet a non-vesting condition during the vesting period, and are treated as an acceleration of vesting
recognised immediately in the income statement. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the
amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest.
Post-employment benefit plans
HSBC operates a number of pension schemes including defined benefit, defined contribution and other post-employment benefit schemes.
Payments to defined contribution schemes are charged as an expense as the employees render service.
Defined benefit pension obligations are calculated using the projected unit credit method. The net charge to the income statement mainly
comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in operating expenses.
Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains and losses, return on plan assets (excluding interest)
and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income. The net defined benefit
asset or liability represents the present value of defined benefit obligations reduced by the fair value of plan assets, after applying the asset ceiling
test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan.
The costs of obligations arising from other post-employment plans are accounted for on the same basis as defined benefit pension plans.
Critical estimates and judgements
The most significant critical estimates relate to the determination of key assumptions applied in calculating the defined benefit pension obligation for the principal
plan.
Judgements
Estimates
–A range of assumptions could be applied, and different assumptions could
significantly alter the defined benefit obligation and the amounts
recognised in profit or loss or OCI.
–The calculation of the defined benefit pension obligation includes
assumptions with regard to the discount rate, inflation rate, pension
payments and deferred pensions, pay and mortality. Management
determines these assumptions in consultation with the plan’s actuaries.
–Key assumptions used in calculating the defined benefit pension
obligation for the principal plan and the sensitivity of the calculation to
different assumptions are described in Note 5.
(m)Tax
Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item
appears.
Current tax is the tax expected to be payable on the taxable profit for the year and on any adjustment to tax payable in respect of previous years.
HSBC provides for potential current tax liabilities that may arise on the basis of the amounts expected to be paid to the tax authorities.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the balance sheet, and the amounts
attributed to such assets and liabilities for tax purposes. Deferred tax is calculated using the tax rates expected to apply in the periods in which the
assets will be realised or the liabilities settled.
In assessing the probability and sufficiency of future taxable profit, management considers the availability of evidence to support the recognition of
deferred tax assets, taking into account the inherent risks in long-term forecasting, including climate change-related, and drivers of recent history of
tax losses where applicable. Management also considers the future reversal of existing taxable temporary differences and tax planning strategies,
including corporate reorganisations. The Group has applied the exception available under IAS 12 to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current and deferred tax are calculated based on tax rates and laws enacted, or substantively enacted, by the balance sheet date.
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Critical estimates and judgements
The recognition of deferred tax assets depends on judgements and estimates.
Judgements
Estimates
–Specific judgements supporting deferred tax assets are described in Note 7.
–The recognition of deferred tax assets is sensitive to estimates of future
cash flows projected for periods for which detailed forecasts are available
and to assumptions regarding the long-term pattern of cash flows
thereafter, on which forecasts of future taxable profit are based, and
which affect the expected recovery periods and the pattern of utilisation
of tax losses and tax credits. See Note 7 for further detail.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of deferred tax assets in the next
financial year, but does consider this to be an area that is inherently judgemental.
(n)Provisions, contingent liabilities and guarantees
Provisions
Provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a present legal or constructive
obligation that has arisen as a result of past events and for which a reliable estimate can be made.
Critical estimates and judgements
The recognition and measurement of provisions requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out
below:
Judgements
Estimates
–Determining whether a present obligation exists. Professional advice is taken on
the assessment of litigation and similar obligations.
–Provisions for legal proceedings and regulatory matters typically require a higher
degree of judgement than other types of provisions. When matters are at an
early stage, accounting judgements can be difficult because of the high degree of
uncertainty associated with determining whether a present obligation exists, and
estimating the probability and amount of any outflows that may arise. As matters
progress, management and legal advisers evaluate on an ongoing basis whether
provisions should be recognised, revising previous estimates as appropriate. At
more advanced stages, it is typically easier to make estimates around a better
defined set of possible outcomes.
–Provisions for legal proceedings and regulatory matters remain very
sensitive to the assumptions used in the estimate. There could be a wider
range of possible outcomes for any pending legal proceedings,
investigations or inquiries. As a result it is often not practicable to quantify
a range of possible outcomes for individual matters. It is also not
practicable to meaningfully quantify ranges of potential outcomes in
aggregate for these types of provisions because of the diverse nature and
circumstances of such matters and the wide range of uncertainties
involved.
Contingent liabilities, contractual commitments and guarantees
Contingent liabilities
Contingent liabilities, which include certain guarantees and letters of credit pledged as collateral security, and contingent liabilities related to legal
proceedings or regulatory matters, are not recognised in the financial statements but are disclosed unless the probability of settlement is remote.
Financial guarantee contracts
Liabilities under financial guarantee contracts that are not classified as insurance contracts are recorded initially at their fair value, which is generally
the fee received or present value of the fee receivable. Subsequently, they are measured at the higher of the amount determined in accordance
with IFRS 9 for ECL and the amount initially recognised less, where appropriate, any cumulative income recognised in accordance with IFRS 15.
(o)Non-current assets and disposal groups held for sale
HSBC classifies non-current assets or disposal groups (including assets and liabilities) as held for sale when their carrying amounts will be
recovered principally through sale rather than through continuing use. To be classified as held for sale, the non-current asset or disposal group
must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or
disposal groups), and the sale must be highly probable. For a sale to be highly probable, the appropriate level of management must be committed
to a plan to sell the asset (or disposal group) and an active programme to locate a buyer and complete the plan must have been initiated. Further,
the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale
should be expected to qualify as a completed sale within one year from the date of classification and actions required to complete the plan should
indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. 
Held for sale assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell except for those
assets and liabilities that are not within the scope of the measurement requirements of IFRS 5. If the carrying amount of the non-current asset (or
disposal group) is greater than the fair value less costs to sell, an impairment loss for any initial or subsequent write-down of the asset or disposal
group to fair value less costs to sell is recognised. Any such impairment loss is first allocated against the non-current assets that are in scope of
IFRS 5 for measurement. This first reduces the carrying amount of any goodwill allocated to the disposal group, and then to the other non-current
assets of the disposal group pro rata on the basis of the carrying amount of each asset in the disposal group. Thereafter, any impairment loss in
excess of the carrying amount of the non-current assets in scope of IFRS 5 for measurement is recognised against the total assets of the disposal
group.
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2Net fee income
Net fee income by global business
2025
Hong Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Funds under management
122
68
612
2,008
—
2,810
Cards
933
812
174
1,009
—
2,928
Credit facilities
54
239
1,098
62
—
1,453
Broking income
587
34
674
237
—
1,532
Account services
181
338
732
218
—
1,469
Unit trusts
424
—
2
936
—
1,362
Underwriting
—
—
752
—
—
752
Global custody
104
—
823
37
—
964
Remittances
214
40
586
41
—
881
Imports/exports
158
43
374
—
—
575
Insurance agency commission
64
18
2
331
—
415
Other
858
699
3,469
1,093
(3,652)
2,467
Fee income
3,699
2,291
9,298
5,972
(3,652)
17,608
Less: fee expense
(923)
(487)
(4,809)
(1,709)
3,663
(4,265)
Net fee income
2,776
1,804
4,489
4,263
11
13,343
2024
Funds under management
108
68
511
1,752
—
2,439
Cards
907
754
156
1,026
—
2,843
Credit facilities
62
207
1,093
66
—
1,428
Broking income
322
33
723
212
—
1,290
Account services
177
354
721
247
—
1,499
Unit trusts
382
—
1
688
—
1,071
Underwriting
—
—
691
—
—
691
Global custody
90
—
707
34
—
831
Remittances
196
43
544
42
—
825
Imports/exports
158
38
449
—
—
645
Insurance agency commission
66
20
2
259
—
347
Other
699
728
3,199
899
(3,168)
2,357
Fee income
3,167
2,245
8,797
5,225
(3,168)
16,266
Less: fee expense
(862)
(424)
(4,452)
(1,368)
3,141
(3,965)
Net fee income
2,305
1,821
4,345
3,857
(27)
12,301
2023
Funds under management
98
64
551
1,660
—
2,373
Cards
888
724
152
1,012
—
2,776
Credit facilities
83
182
1,240
69
—
1,574
Broking income
271
34
609
163
—
1,077
Account services
173
337
728
299
—
1,537
Unit trusts
281
—
1
456
—
738
Underwriting
—
—
586
—
—
586
Global custody
86
—
732
46
—
864
Remittances
183
40
544
55
1
823
Imports/exports
155
35
434
—
—
624
Insurance agency commission
76
13
2
207
—
298
Other
555
696
2,893
908
(2,706)
2,346
Fee income
2,849
2,125
8,472
4,875
(2,705)
15,616
Less: fee expense
(818)
(353)
(3,988)
(1,325)
2,713
(3,771)
Net fee income
2,031
1,772
4,484
3,550
8
11,845
Net fee income included $6.8bn of fees earned on financial assets that were not at fair value through profit or loss, other than amounts included in
determining the effective interest rate (2024: $6.8bn; 2023: $7.0bn), $2.0bn of fees payable on financial liabilities that were not at fair value through
profit or loss, other than amounts included in determining the effective interest rate (2024: $2.0bn; 2023: $1.9bn), $4.0bn of fees earned on trust
and other fiduciary activities (2024: $3.5bn; 2023: $3.5bn) and $0.5bn of fees payable relating to trust and other fiduciary activities (2024: $0.4bn;
2023: $0.3bn).
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3Net income/(expense) from financial instruments measured at fair value
through profit or loss
2025
2024
2023
$m
$m
$m
Net income/(expense) arising on:
Net trading activities
24,345
23,186
20,391
Other instruments managed on a fair value basis
(4,663)
(2,070)
(3,730)
Net income from financial instruments held for trading or managed on a fair value basis
19,682
21,116
16,661
Financial assets held to meet liabilities under insurance and investment contracts
11,612
6,210
8,086
Liabilities to customers under investment contracts
(437)
(309)
(199)
Net income/(expense) from assets and liabilities of insurance businesses, including related
derivatives, measured at fair value through profit or loss
11,175
5,901
7,887
HSBC Holdings
2025
2024
2023
$m
$m
$m
Net income/(expense) arising on:
Net trading activities
(1,709)
984
(546)
Other instruments managed on a fair value basis
1,891
1,915
1,609
Net income from financial instruments held for trading or managed on a fair value basis
182
2,899
1,063
Derivatives managed in conjunction with HSBC Holdings-issued debt securities
212
93
426
Other changes in fair value
(1,253)
(218)
(1,894)
Changes in fair value of designated debt and related derivatives
(1,041)
(125)
(1,468)
Changes in fair value of other financial instruments mandatorily measured at fair value through profit
or loss
2,835
2,086
3,692
Year ended 31 Dec
1,976
4,860
3,287
4
Insurance business
Insurance service result
2025
2024
2023
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Insurance revenue
Amounts relating to changes in
liabilities for remaining coverage
2,212
619
2,831
1,890
566
2,456
1,626
470
2,096
–  Contractual service margin
recognised for services provided
1,428
165
1,593
1,143
188
1,331
975
151
1,126
–  Change in risk adjustment for
non-financial risk for risk expired
46
19
65
46
20
66
21
15
36
–  Expected incurred claims and
other insurance service expenses
734
435
1,169
698
358
1,056
594
304
898
–  Other
4
—
4
3
—
3
36
—
36
Recovery of insurance acquisition
cash flows
285
112
397
195
101
296
109
54
163
Total insurance revenue
2,497
731
3,228
2,085
667
2,752
1,735
524
2,259
Insurance service expenses
Incurred claims and other insurance
service expenses
(488)
(418)
(906)
(616)
(428)
(1,044)
(615)
(292)
(907)
Losses and reversal of losses on
onerous contracts
(36)
(51)
(87)
(50)
(73)
(123)
(32)
(77)
(109)
Amortisation of insurance
acquisition cash flows
(285)
(112)
(397)
(195)
(101)
(296)
(109)
(54)
(163)
Adjustments to liabilities for incurred
claims
(7)
(6)
(13)
(6)
27
21
(1)
(1)
(2)
Total insurance service expenses
(816)
(587)
(1,403)
(867)
(575)
(1,442)
(757)
(424)
(1,181)
Total insurance service result3
1,681
144
1,825
1,218
92
1,310
978
100
1,078
1‘Life direct participating and investment DPF contracts’ are substantially measured under the variable fee approach measurement model.
2‘Life other contracts’ are measured under the general measurement model.
3‘Total insurance service result’ includes $0.2bn (2024: nil; 2023: nil) earned by HSBC Life (UK) Limited and HSBC Assurances Vie (France) while they were
classified as held for sale. For further details, see Note 23.
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Net investment return
2025
2024
2023
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Investment return
Amounts recognised in profit or loss1
11,097
79
11,176
5,644
273
5,917
7,663
214
7,877
Amounts recognised in OCI
(7)
—
(7)
185
—
185
493
—
493
Total investment return
(memorandum)
11,090
79
11,169
5,829
273
6,102
8,156
214
8,370
Net finance expense
Changes in fair value of underlying
items of direct participating contracts
(11,020)
—
(11,020)
(5,805)
—
(5,805)
(7,995)
—
(7,995)
Effect of risk mitigation option
(175)
—
(175)
44
—
44
(35)
—
(35)
Interest accreted
—
(112)
(112)
—
(110)
(110)
—
(127)
(127)
Effect of changes in interest rates and
other financial assumptions
—
124
124
—
(298)
(298)
(12)
(121)
(133)
Effect of measuring changes in
estimates at current rates and adjusting
the CSM at rates on initial recognition
—
(7)
(7)
—
—
—
—
(10)
(10)
Total net finance expense from
insurance contracts2
(11,195)
5
(11,190)
(5,761)
(408)
(6,169)
(8,042)
(258)
(8,300)
Represented by:
Amounts recognised in profit or loss
(11,202)
5
(11,197)
(5,570)
(408)
(5,978)
(7,551)
(258)
(7,809)
Amounts recognised in OCI
7
—
7
(191)
—
(191)
(491)
—
(491)
Total net investment return
(105)
84
(21)
68
(135)
(67)
114
(44)
70
Represented by:
Amounts recognised in profit or loss
(105)
84
(21)
74
(135)
(61)
112
(44)
68
Amounts recognised in OCI
—
—
—
(6)
—
(6)
2
—
2
1Total Group ‘Net income/(expense) from assets and liabilities of insurance business, including related derivatives, measured at fair value through profit or loss’ of
$11.2bn gain (2024: $5.9bn gain; 2023: $7.9bn gain) includes returns on assets and liabilities supporting insurance policies of $11.0bn (2024: $5.7bn gain; 2023:
$7.6bn gain) and on shareholder assets of $0.2bn (2024: $0.2bn gain; 2023: $0.3bn gain).
2‘Total net finance expense from insurance contracts’ includes $1.4bn (2024: nil; 2023: nil) incurred by HSBC Life (UK) Limited and HSBC Assurances Vie (France)
while they were classified as held for sale. For further details, see Note 23.
Reconciliation of amounts included in other comprehensive income for financial assets measured at fair value through other comprehensive
income – assets supporting contracts measured under the modified retrospective approach
2025
2024
$m
$m
Balance at 1 Jan
(736)
(670)
Net change in fair value
(13)
(153)
Net amount reclassified to profit or loss
—
3
Related income tax
4
39
Disposal of subsidiary1
592
—
Foreign exchange and other
153
45
Balance at 31 Dec
—
(736)
1HSBC Assurances Vie (France) was sold on 31 October 2025. For further details, see Note 23.
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Movements in carrying amounts of insurance contracts – analysis by remaining coverage and incurred claims
2025
Life direct participating and investment DPF
contracts
Life other contracts
Liabilities for remaining
coverage:
Liabilities for remaining
coverage:
Excluding
loss
component
Loss
component
Incurred
claims
Total
Excluding
loss
component
Loss
component
Incurred
claims
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(16)
1
1
(14)
(177)
(13)
72
(118)
(132)
Opening liabilities
103,045
146
223
103,414
3,748
224
243
4,215
107,629
Net opening balance at 1 Jan
103,029
147
224
103,400
3,571
211
315
4,097
107,497
Changes in the consolidated income
statement and statement of
comprehensive income1
Insurance revenue
Contracts under the fair value approach2
(668)
—
—
(668)
(153)
—
—
(153)
(821)
Contracts under the modified
retrospective approach
—
—
—
—
—
—
—
—
—
Other contracts3
(1,573)
—
—
(1,573)
(478)
—
—
(478)
(2,051)
Total insurance revenue
(2,241)
—
—
(2,241)
(631)
—
—
(631)
(2,872)
Insurance service expenses
Incurred claims and other insurance
service expenses
—
(8)
413
405
—
(34)
377
343
748
Amortisation of insurance acquisition
cash flows
281
—
—
281
103
—
—
103
384
Losses and reversal of losses on
onerous contracts
—
39
—
39
—
41
—
41
80
Adjustments to liabilities for incurred
claims
—
—
7
7
—
—
18
18
25
Total insurance service expenses
281
31
420
732
103
7
395
505
1,237
Investment components
(7,864)
—
7,864
—
(893)
—
893
—
—
Insurance service result
(9,824)
31
8,284
(1,509)
(1,421)
7
1,288
(126)
(1,635)
Net finance expense from insurance
contracts4
9,812
—
—
9,812
(7)
2
—
(5)
9,807
Effect of movements in exchange rates
999
10
8
1,017
115
10
27
152
1,169
Total changes in the consolidated
income statement and statement of
comprehensive income
987
41
8,292
9,320
(1,313)
19
1,315
21
9,341
Cash flows
Premiums received
19,125
—
—
19,125
2,001
—
—
2,001
21,126
Claims, other insurance service
expenses paid and other cash flows
53
—
(8,430)
(8,377)
3
—
(1,278)
(1,275)
(9,652)
Insurance acquisition cash flows
(1,109)
—
—
(1,109)
(106)
—
—
(106)
(1,215)
Total cash flows
18,069
—
(8,430)
9,639
1,898
—
(1,278)
620
10,259
Other movements5
(4,128)
(13)
4
(4,137)
(48)
(3)
(72)
(123)
(4,260)
Net closing balance at 31 Dec
117,957
175
90
118,222
4,108
227
280
4,615
122,837
Closing assets
(12)
—
—
(12)
(193)
47
40
(106)
(118)
Closing liabilities
117,969
175
90
118,234
4,301
180
240
4,721
122,955
Net closing balance at 31 Dec
117,957
175
90
118,222
4,108
227
280
4,615
122,837
HSBC Holdings plc Annual Report on Form 20-F
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Additional
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Notes on the financial statements
Movements in carrying amounts of insurance contracts – analysis by remaining coverage and incurred claims (continued)
2024
Life direct participating and investment DPF
contracts
Life other contracts
Liabilities for remaining
coverage:
Liabilities for remaining
coverage:
Excluding
loss
component
Loss
component
Incurred
claims
Total
Excluding
loss
component
Loss
component
Incurred
claims
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(15)
1
1
(13)
(279)
(16)
56
(239)
(252)
Opening liabilities
116,546
121
370
117,037
3,400
191
223
3,814
120,851
Net opening balance at 1 Jan
116,531
122
371
117,024
3,121
175
279
3,575
120,599
Changes in the consolidated income
statement and statement of comprehensive
income1
Insurance revenue
Contracts under the fair value approach2
(715)
—
—
(715)
(217)
—
—
(217)
(932)
Contracts under the modified retrospective
approach
(141)
—
—
(141)
(18)
—
—
(18)
(159)
Other contracts3
(1,229)
—
—
(1,229)
(432)
—
—
(432)
(1,661)
Total insurance revenue
(2,085)
—
—
(2,085)
(667)
—
—
(667)
(2,752)
Insurance service expenses
Incurred claims and other insurance service
expenses
—
(7)
623
616
—
(49)
477
428
1,044
Amortisation of insurance acquisition cash
flows
195
—
—
195
101
—
—
101
296
Losses and reversal of losses on onerous
contracts
—
50
—
50
—
73
—
73
123
Adjustments to liabilities for incurred claims
—
—
6
6
—
—
(27)
(27)
(21)
Total insurance service expenses
195
43
629
867
101
24
450
575
1,442
Investment components
(8,284)
—
8,284
—
(1,058)
—
1,058
—
—
Insurance service result
(10,174)
43
8,913
(1,218)
(1,624)
24
1,508
(92)
(1,310)
Net finance expense from insurance
contracts4
5,720
41
—
5,761
405
3
—
408
6,169
Effect of movements in exchange rates
(1,162)
(5)
(9)
(1,176)
(76)
1
(24)
(99)
(1,275)
Total changes in the consolidated income
statement and statement of comprehensive
income
(5,616)
79
8,904
3,367
(1,295)
28
1,484
217
3,584
Cash flows
Premiums received
16,442
—
—
16,442
1,950
—
—
1,950
18,392
Claims, other insurance service expenses
paid and other cash flows
2
—
(9,020)
(9,018)
2
—
(1,508)
(1,506)
(10,524)
Insurance acquisition cash flows
(835)
—
—
(835)
(260)
—
—
(260)
(1,095)
Total cash flows
15,609
—
(9,020)
6,589
1,692
—
(1,508)
184
6,773
Other movements5
(23,495)
(54)
(31)
(23,580)
53
8
60
121
(23,459)
Net closing balance at 31 Dec
103,029
147
224
103,400
3,571
211
315
4,097
107,497
Closing assets
(16)
1
1
(14)
(177)
(13)
72
(118)
(132)
Closing liabilities
103,045
146
223
103,414
3,748
224
243
4,215
107,629
Net closing balance at 31 Dec
103,029
147
224
103,400
3,571
211
315
4,097
107,497
1‘Changes in the consolidated income statement and statement of comprehensive income’ excludes ‘insurance service result’ gains of $0.2bn (2024: nil) and ‘net
insurance finance expense’ losses of $1.4bn (2024: nil) reported in the consolidated income statement and statement of comprehensive income in respect of
businesses classified as held for sale.
2On transition to IFRS 17 the Group applied the full retrospective approach to new business written from 2018 at the earliest. Where applying the full
retrospective approach was impracticable, the Group primarily applied the fair value approach.
3‘Other contracts’ are those contracts measured by applying IFRS 17 from inception of the contracts. These include contracts measured under the full
retrospective approach at transition and contracts incepted after transition.
4‘Net finance expense from insurance contracts’ expense of $9.8bn (2024: $6.2bn expense) comprises expense of $9.8bn (2024: $6.0bn expense) recognised in
the income statement and expense of nil (2024: $0.2bn expense) recognised in other comprehensive income.
5The ‘Other movements‘ reduction of $4.3bn (2024: $23.5bn reduction) in insurance contracts includes $4.4bn in respect of HSBC Life (UK) Limited which was
classified as held for sale in 2025 (2024: $21.8bn in respect of HSBC Assurances Vie (France), which was classified as held for sale in 2024 with the sale
completing on 31 October 2025). For further details, see Note 23.
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Additional
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Notes on the financial statements
Movements in carrying amounts of insurance contracts – analysis by measurement component
2025
Life direct participating and investment DPF contracts
Life other contracts
Estimates of
present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Estimates of
present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(27)
3
—
10
(14)
(359)
73
—
168
(118)
(132)
Opening liabilities
91,498
4,500
—
7,416
103,414
3,669
280
—
266
4,215
107,629
Net opening balance at
1 Jan
91,471
4,503
—
7,426
103,400
3,310
353
—
434
4,097
107,497
Changes in the
consolidated income
statement and statement
of comprehensive income
Changes that relate to
current services
Contractual service margin
recognised for services
provided
—
(502)
—
(846)
(1,348)
—
(38)
—
(106)
(144)
(1,492)
Change in risk adjustment for
non-financial risk expired
(36)
—
—
—
(36)
(17)
—
—
—
(17)
(53)
Experience adjustments
(167)
—
—
—
(167)
(24)
—
—
—
(24)
(191)
Other movements
recognised in insurance
service result
—
17
—
(21)
(4)
—
—
—
—
—
(4)
Changes that relate to
future services
—
—
Contracts initially recognised
in the year
(3,556)
—
—
3,564
8
(183)
—
—
189
6
14
Changes in estimates that
adjust the contractual service
margin1
(578)
285
—
293
—
(31)
(20)
—
51
—
—
Changes in estimates that
result in losses and reversal
of losses on onerous
contracts
31
—
—
—
31
35
—
—
—
35
66
Changes that relate to past
services
Adjustments to liabilities for
incurred claims
7
—
—
—
7
18
—
—
—
18
25
Insurance service result
(4,299)
(200)
—
2,990
(1,509)
(202)
(58)
—
134
(126)
(1,635)
Net finance expense from
insurance contracts
9,812
—
—
—
9,812
(35)
6
—
24
(5)
9,807
Other movements
recognised in the statement
of profit or loss
—
—
—
—
—
—
—
—
—
—
—
Effect of movements in
exchange rates
934
43
—
40
1,017
106
17
—
29
152
1,169
Total changes in the
consolidated income
statement and statement
of comprehensive income
6,447
(157)
—
3,030
9,320
(131)
(35)
—
187
21
9,341
Cash flows
Premiums received
19,125
—
—
—
19,125
2,001
—
—
—
2,001
21,126
Claims, other insurance
service expenses paid and
other cash flows
(8,377)
—
—
—
(8,377)
(1,275)
—
—
—
(1,275)
(9,652)
Insurance acquisition cash
flows
(1,109)
—
—
—
(1,109)
(106)
—
—
—
(106)
(1,215)
Total cash flows
9,639
—
—
—
9,639
620
—
—
—
620
10,259
Other movements
(4,058)
4
—
(83)
(4,137)
(1)
(71)
—
(51)
(123)
(4,260)
Net closing balance at
31 Dec
103,499
4,350
—
10,373
118,222
3,798
247
—
570
4,615
122,837
Closing assets
(21)
2
—
7
(12)
(253)
27
—
120
(106)
(118)
Closing liabilities
103,520
4,348
—
10,366
118,234
4,051
220
—
450
4,721
122,955
Net closing balance at
31 Dec
103,499
4,350
—
10,373
118,222
3,798
247
—
570
4,615
122,837
HSBC Holdings plc Annual Report on Form 20-F
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Financial
statements
Additional
information
Notes on the financial statements
Movements in carrying amounts of insurance contracts – analysis by measurement component (continued)
2024
Life direct participating and investment DPF contracts
Life other contracts
Estimates
of present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Estimates
of present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(30)
3
—
14
(13)
(339)
36
—
64
(239)
(252)
Opening liabilities
106,440
4,679
715
5,203
117,037
3,113
361
19
321
3,814
120,851
Net opening balance at 1 Jan
106,410
4,682
715
5,217
117,024
2,774
397
19
385
3,575
120,599
Changes in the consolidated income
statement and statement of
comprehensive income
Changes that relate to current
services
Contractual service margin
recognised for services provided
—
(488)
(59)
(596)
(1,143)
—
(77)
(6)
(105)
(188)
(1,331)
Change in risk adjustment for non-
financial risk expired
(46)
—
—
—
(46)
(20)
—
—
—
(20)
(66)
Experience adjustments
(82)
—
—
—
(82)
70
—
—
—
70
(12)
Other movements recognised in
insurance service result
—
52
—
(55)
(3)
—
—
—
—
—
(3)
Changes that relate to future
services
—
—
Contracts initially recognised in the
year
(2,384)
—
—
2,400
16
(201)
—
—
220
19
35
Changes in estimates that adjust
contractual service margin1
(914)
229
(6)
691
—
(7)
30
7
(30)
—
—
Changes in estimates that result in
losses and reversal of losses on
onerous contracts
34
—
—
—
34
54
—
—
—
54
88
Changes that relate to past services
Adjustments to liabilities for incurred
claims
6
—
—
—
6
(27)
—
—
—
(27)
(21)
Insurance service result
(3,386)
(207)
(65)
2,440
(1,218)
(131)
(47)
1
85
(92)
(1,310)
Net finance expense from insurance
contracts
5,761
—
—
—
5,761
380
12
—
16
408
6,169
Other movements recognised in the
statement of profit or loss
—
—
—
—
—
—
—
—
—
—
—
Effect of movements in exchange
rates
(1,167)
51
(24)
(36)
(1,176)
(50)
(11)
—
(38)
(99)
(1,275)
Total changes in the consolidated
income statement and statement of
comprehensive income
1,208
(156)
(89)
2,404
3,367
199
(46)
1
63
217
3,584
Cash flows
Premiums received
16,442
—
—
—
16,442
1,950
—
—
—
1,950
18,392
Claims, other insurance service
expenses paid and other cash flows
(9,018)
—
—
—
(9,018)
(1,506)
—
—
—
(1,506)
(10,524)
Insurance acquisition cash flows
(835)
—
—
—
(835)
(260)
—
—
—
(260)
(1,095)
Total cash flows
6,589
—
—
—
6,589
184
—
—
—
184
6,773
Other movements
(22,736)
(23)
(626)
(195)
(23,580)
153
2
(20)
(14)
121
(23,459)
Net closing balance at 31 Dec
91,471
4,503
—
7,426
103,400
3,310
353
—
434
4,097
107,497
Closing assets
(27)
3
—
10
(14)
(359)
73
—
168
(118)
(132)
Closing liabilities
91,498
4,500
—
7,416
103,414
3,669
280
—
266
4,215
107,629
Net closing balance at 31 Dec
91,471
4,503
—
7,426
103,400
3,310
353
—
434
4,097
107,497
1‘Changes in estimates that adjust contractual service margin’ increase of $0.6bn (2024: $0.9bn increase) includes an increase of $1.0bn (2024: $0.7bn increase)
from economic factors and a decrease of $0.4bn (2024: $0.3bn increase) from non-economic factors.
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Notes on the financial statements
Effect of insurance contracts initially recognised in the year
2025
2024
Profitable
contracts
issued
Onerous
contracts
issued
Total
Profitable
contracts
issued
Onerous
contracts
issued
Total
$m
$m
$m
$m
$m
$m
Life direct participating and investment DPF contracts
Estimates of present value of cash outflows
19,675
295
19,970
16,878
495
17,373
–  insurance acquisition cash flows
984
29
1,013
805
38
843
–  claims and other insurance service expenses payable
18,691
266
18,957
16,073
457
16,530
Estimates of present value of cash inflows
(23,290)
(288)
(23,578)
(19,326)
(481)
(19,807)
Risk adjustment for non-financial risk
51
1
52
48
2
50
Contractual service margin
3,564
—
3,564
2,400
—
2,400
Losses recognised on initial recognition
—
(8)
(8)
—
(16)
(16)
Life other contracts
Estimates of present value of cash outflows
1,465
183
1,648
1,484
476
1,960
–  insurance acquisition cash flows
48
19
67
125
65
190
–  claims and other insurance service expenses payable
1,417
164
1,581
1,359
411
1,770
Estimates of present value of cash inflows
(1,669)
(180)
(1,849)
(1,731)
(460)
(2,191)
Risk adjustment for non-financial risk
15
3
18
27
3
30
Contractual service margin
189
—
189
220
—
220
Losses recognised on initial recognition
—
(6)
(6)
—
(19)
(19)
Present value of expected future cash flows of insurance contract liabilities and contractual service margin
Less than
1 year
1–2
years
2–3
years
3–4
years
4–5
years
5–10
years
10–20
years
Over 20
years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
2025
Insurance liability future cash flows1
Life direct participating and investment DPF contracts
(3,766)
(197)
3,701
3,086
3,567
12,420
17,439
66,799
103,049
Life other contracts
70
164
252
45
680
184
103
2,476
3,974
Insurance liability future cash flows at 31 Dec 2025
(3,696)
(33)
3,953
3,131
4,247
12,604
17,542
69,275
107,023
Remaining contractual service margin1
Life direct participating and investment DPF contracts
1,312
1,205
1,112
1,024
941
3,631
3,602
1,896
14,723
Life other contracts
121
94
77
65
54
173
150
83
817
Remaining contractual service margin at 31 Dec 2025
1,433
1,299
1,189
1,089
995
3,804
3,752
1,979
15,540
2024
Insurance liability future cash flows
Life direct participating and investment DPF contracts
(3,526)
(455)
2,464
2,968
3,219
11,332
22,005
53,120
91,127
Life other contracts
971
(96)
(101)
(53)
7
63
279
2,529
3,599
Insurance liability future cash flows at 31 Dec 2024
(2,555)
(551)
2,363
2,915
3,226
11,395
22,284
55,649
94,726
Remaining contractual service margin
Life direct participating and investment DPF contracts
1,052
961
880
810
746
2,892
2,954
1,634
11,929
Life other contracts
128
104
85
69
53
159
127
62
787
Remaining contractual service margin at 31 Dec 2024
1,180
1,065
965
879
799
3,051
3,081
1,696
12,716
1‘Insurance liability future cash flows’ and ‘Remaining contractual service margin’ exclude insurance businesses classified as held for sale (2025: HSBC Life (UK)
Limited; 2024: HSBC Assurances Vie (France)). For further details, see Note 23.
Discount rates
The discount rates applied to expected future cash flows are determined through a bottom-up approach as set out in Note 1.2(k) ‘Summary of
material accounting policies – Insurance contracts’ on page 301. The blended average of discount rates used within our most material
manufacturing entities are as follows:
HSBC Life (International) Ltd
Hang Seng Insurance Co Ltd
HK$
$
HK$
$
At 31 Dec 2025
10-year discount rate (%)
3.74
4.78
3.85
4.82
20-year discount rate (%)
4.09
5.54
4.20
5.59
At 31 Dec 2024
10-year discount rate (%)
4.32
5.16
4.43
5.25
20-year discount rate (%)
4.42
5.51
4.53
5.60
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation required for bearing the uncertainty about the amount and timing of future cash flows that arise
from non-financial risk. It is calculated as a 75th percentile level of stress over a one-year period. The level of the stress is determined with
reference to external regulatory stresses and internal economic capital stresses.
For the main insurance manufacturing entity in these locations, the one-year 75th percentile level of stress corresponds to the following
percentiles based on an ultimate view of risk over all future years:
–Asia-Pacific (Hong Kong): 59th percentile (2024: 60th percentile).
–Europe (UK): 64th percentile (2024: 60th percentile, for HSBC Assurances Vie (France) that was sold during 2025).
–Latin America (Mexico): 63rd percentile (2024: 64th percentile).
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5Employee compensation and benefits
2025
2024
2023
$m
$m
$m
Employee compensation and benefits1
19,553
18,465
18,220
Capitalised wages and salaries2
1,959
1,688
1,403
Gross employee compensation and benefits for the year ended 31 Dec
21,512
20,153
19,623
Consists of:
Wages and salaries
19,048
17,815
17,359
Social security costs
1,638
1,487
1,507
Post-employment benefits
826
851
757
Year ended 31 Dec
21,512
20,153
19,623
1Employee compensation and benefits are presented in the income statement net of software capitalisation costs and costs included in the insurance contract
fulfilment cash flow liabilities under IFRS 17.
2Comprises $1.4bn (2024: $1.1bn; 2023: $1.0bn) software capitalisation costs and $0.6bn (2024: $0.6bn; 2023: $0.4bn) costs included in the insurance contract
fulfilment cash flow liabilities under IFRS 17.
Average number of persons employed by HSBC during the year by business segment1
2025
2024
2023
Hong Kong
33,111
33,820
34,818
UK
32,177
32,791
32,391
Corporate and Institutional Banking
81,940
75,327
75,141
International Wealth and Premier Banking
70,674
78,616
84,855
Corporate Centre
369
374
347
Year ended 31 Dec
218,271
220,928
227,552
Average number of persons employed by HSBC during the year by legal entity1
2025
2024
2023
HSBC UK Bank plc
19,841
20,034
20,415
HSBC Bank plc
10,210
11,456
14,809
The Hongkong and Shanghai Banking Corporation Limited
52,756
54,478
54,321
HSBC Bank Middle East Limited
3,424
3,344
3,316
HSBC North America Holdings Inc.
5,680
5,928
6,046
HSBC Bank Canada
—
758
4,354
Grupo Financiero HSBC, S.A. de C.V.
13,382
13,928
14,412
Other trading entities2
5,419
8,393
9,247
Holding companies, shared service centres and intra-Group eliminations
107,559
102,609
100,632
Year ended 31 Dec
218,271
220,928
227,552
1Average number of persons employed represents the number of persons with contracts of service with the Group. This includes an average number of
temporary persons employed of 6,147 (2024: 6,390; 2023: 7,207). Persons employed comprises individuals in front-line roles, those providing dedicated support
services managed by business segments and an allocation of Corporate Centre individuals in proportion to business usage of shared support services and global
infrastructure. During 2025, certain Operations individuals were transferred from Corporate Centre to business segments for which they provide dedicated
services.
2Other trading entities includes entities located in Türkiye, Egypt and Saudi Arabia.
Reconciliation of total incentive awards granted to income statement charge
2025
2024
2023
$m
$m
$m
Total incentive awards approved for the current year
3,930
3,800
3,774
Less: deferred bonuses awarded, expected to be recognised in future periods
(430)
(381)
(353)
Total incentives awarded and recognised in the current year
3,500
3,419
3,421
Add: current year charges for deferred bonuses from previous years
478
439
375
Other
(11)
(97)
(56)
Income statement charge for incentive awards
3,967
3,761
3,740
Share-based payments
‘Wages and salaries’ includes the effect of share-based payments arrangements, of which $608m (2024: $529m; 2023: $482m) was equity
settled, as follows:
2025
2024
2023
$m
$m
$m
Conditional share awards
650
551
499
Savings-related and other share award option plans
18
27
23
Year ended 31 Dec
668
578
522
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HSBC share awards
Award
Policy
Deferred share awards
(including annual incentive
awards, long-term incentive
(‘LTI’) awards delivered in
shares)
An assessment of performance over the relevant period ending on 31 December is used to determine the amount of the award
to be granted.
–Deferred awards generally require employees to remain in employment over the vesting period and are generally not subject
to performance conditions after the grant date. An exception to these are LTI awards, which are subject to performance
conditions.
–Deferred share awards generally vest over a period of three, four, five or seven years.
–Vested shares may be subject to a retention requirement post-vesting.
–Awards are generally subject to malus and clawback provisions.
–LTI is subject to performance conditions.
International Employee Share
Purchase Plan (‘ShareMatch’)
The plan was first introduced in Hong Kong in 2013 and now includes employees based in 30 jurisdictions.
–Shares are purchased in the market each quarter up to a maximum value of £750, or the equivalent in local currency.
–Matching awards are added at a ratio of one free share for every three purchased. In mainland China, matching awards are
settled in cash.
–Matching awards vest subject to continued employment and the retention of the purchased shares for a maximum period of
two years and nine months.
Movement on HSBC share awards
2025
2024
Number
Number
(000s)
(000s)
Conditional share awards outstanding at 1 Jan
133,643
125,023
Additions during the year
55,411
84,930
Released in the year
(63,652)
(71,849)
Forfeited in the year
(5,756)
(4,461)
Conditional share awards outstanding at 31 Dec
119,646
133,643
Weighted average fair value of awards granted ($)
7.11
6.08
HSBC share option plans
Main plans
Policy
Savings-related share option
plans (‘Sharesave’)
–From 2014, employees eligible for the UK plan could save up to £500 per month with the option to use the savings to acquire
shares.
–These are generally exercisable within six months following either the third or fifth anniversary of the commencement of a
three-year or five-year contract, respectively.
–The exercise price is set at a 20% (2024: 20%) discount to the market value immediately preceding the date of invitation.
Calculation of fair values
The fair value of a share award is based on the share price at the grant date, adjusted for expected dividend yield (2025: 6.5%; 2024: 6.25%), risk-
free rate (2025: 4.2% p.a.; 2024: 4.2% p.a.) and a simulated market condition factor. The fair values of share options are calculated using a Black-
Scholes model.
Movement on HSBC share option plans
Savings-related
share option plans
Number
WAEP1
(000s)
£
Outstanding at 1 Jan 2025
75,335
3.81
Granted during the year2
11,901
7.61
Exercised during the year3
(25,388)
3.00
Expired during the year
(1,633)
4.85
Forfeited during the year
(1,313)
4.37
Outstanding at 31 Dec 2025
58,902
4.84
–  of which exercisable
13,352
2.90
Weighted average remaining contractual life (years)
1.93
Outstanding at 1 Jan 2024
83,994
3.42
Granted during the year2
11,845
5.30
Exercised during the year3
(16,776)
2.94
Expired during the year
(2,454)
4.20
Forfeited during the year
(1,274)
3.48
Outstanding at 31 Dec 2024
75,335
3.81
–  of which exercisable
1,446
3.34
Weighted average remaining contractual life (years)
2.10
1Weighted average exercise price.
2The weighted average fair value of options granted during the year was $1.90 (2024: $1.66).
3The weighted average share price at the date the options were exercised was $13.88 (2024: $8.54).
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Post-employment benefit plans
The Group operates pension plans throughout the world for its employees. ‘Pension risk management processes’ on page 191 contains details of
the policies and practices associated with these pension plans, some of which are defined benefit plans. The largest defined benefit plan is the
HSBC UK section of the HSBC Bank (UK) Pension Scheme (‘the principal plan’), created as a result of the HSBC Bank (UK) Pension Scheme being
fully sectionalised in 2018 to meet the requirements of the Banking Reform Act. For further details of how the trustee of the HSBC Bank (UK)
Pension Scheme manages climate risk, see ’Managing climate risk’ on page 49.
HSBC holds on its balance sheet the net surplus or deficit, which is the difference between the fair value of plan assets and the discounted value
of scheme liabilities at the balance sheet date for each plan. Surpluses are only recognised to the extent that they are recoverable through reduced
contributions in the future or through potential future refunds from the schemes. In assessing whether a surplus is recoverable, HSBC has
considered its current right to obtain a future refund or a reduction in future contributions together with the rights of third parties such as trustees.
The principal plan
The principal plan has a defined benefit section and a defined contribution section. The defined benefit section was closed to future benefit accrual
in 2015, with defined benefits earned by employees at that date continuing to be linked to their salary while they remain employed by HSBC. The
plan is overseen by an independent corporate trustee, who has a fiduciary responsibility for the operation of the plan. Its assets are held separately
from the assets of the Group.
The investment strategy of the plan is to hold the majority of assets in bonds, with the remainder in a diverse range of investments. It also
includes some interest rate swaps to reduce interest rate risk, inflation swaps to reduce inflation risk and longevity swaps to reduce the impact of
longer life expectancy.
The principal plan is subject to the statutory funding objective requirements of the UK Pensions Act 2004, which requires that it be funded to at
least the level of technical provisions (an actuarial estimate of the assets needed to provide for the benefits already built up under the plan). Where
a funding valuation is carried out and identifies a deficit, the employer and trustee are required to agree to a deficit recovery plan.
The latest funding valuation of the plan at 31 December 2022 was carried out by Towers Watson Limited, using the projected unit credit method.
At that date, the market value of the plan’s assets was £23.9bn ($28.8bn) and this exceeded the value placed on its liabilities on an ongoing basis
by £3.7bn ($4.4bn), giving a funding level of 118%. These figures include defined contribution assets amounting to £3.0bn ($3.6bn). The main
differences between the assumptions used for assessing the defined benefit liabilities for this funding valuation and those used for IAS 19 are that
an element of prudence is contained in the funding valuation assumptions for discount rate, inflation rate and life expectancy. The funding valuation
is used to judge the amount of cash contributions the Group needs to put into the pension scheme. It will always be different to the IAS 19
accounting surplus, which is an accounting rule concerning employee benefits and shown on the balance sheet of our financial statements. The
next funding valuation will be performed in 2026, with an effective date of 31 December 2025.
The actuary also assessed the value of the liabilities if the plan were to have been stopped and an insurance company asked to secure all future
pension payments. This is generally larger than the amount needed on the ongoing basis described above because an insurance company would
use more prudent assumptions, which would allow for reserves and include an explicit allowance for the future administrative expenses of the
plan. Under this approach, the amount of assets needed was estimated to be £21.3bn ($25.7bn) at 31 December 2022.
The trust deed gives the ability for HSBC UK to take a refund of surplus assets after the plan has been run down such that no further beneficiaries
remain. In assessing whether a surplus is recoverable, HSBC UK has considered its right to obtain a future refund together with the rights of third
parties such as trustees. On this basis, any net surplus in the HSBC UK section of the plan is recognised in HSBC UK’s financial statements and
the Group’s financial statements.
Income statement charge/(credit)
2025
2024
2023
$m
$m
$m
Defined benefit pension plans
(227)
(116)
(151)
Defined contribution pension plans
1,015
933
874
Pension plans
788
817
723
Defined benefit and contribution healthcare plans
38
34
34
Year ended 31 Dec
826
851
757
Net assets/(liabilities) recognised on the balance sheet in respect of defined benefit plans
Fair value of
plan assets
Present value of defined
benefit obligations
Effect of limit on plan
surpluses
Total
$m
$m
$m
$m
Defined benefit pension plans
32,352
(24,858)
—
7,494
Defined benefit healthcare plans
120
(439)
—
(319)
At 31 Dec 2025
32,472
(25,297)
—
7,175
Total employee benefit liabilities (within Note 27 ‘Accruals, deferred
income and other liabilities’)
(1,071)
Total employee benefit assets (within Note 22 ‘Prepayments,
accrued income and other assets’)
8,246
Defined benefit pension plans
30,758
(23,959)
—
6,799
Defined benefit healthcare plans
80
(348)
—
(268)
At 31 Dec 2024
30,838
(24,307)
—
6,531
Total employee benefit liabilities (within Note 27 ‘Accruals, deferred
income and other liabilities’)
(1,017)
Total employee benefit assets (within Note 22 ‘Prepayments,
accrued income and other assets’)
7,548
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HSBC Holdings
Employee compensation and benefit expense in respect of HSBC Holdings’ employees in 2025 amounted to $31m (2024: $29m; 2023: $15m). The
average number of persons employed during 2025 was 23 (2024: 28; 2023: 29). One employee is a member of a defined benefit pension plan. This
employee is a member of the HSBC Bank (UK) Pension Scheme. HSBC Holdings pays contributions to this plan for its own employee in accordance
with the schedules of contributions determined by the trustees of the plan and recognises these contributions as an expense as they fall due.
Defined benefit pension plans
Net asset/(liability) under defined benefit pension plans
Fair value of plan
assets
Present value of
defined benefit
obligations
Effect of the asset
ceiling
Net defined benefit
asset/(liability)
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
23,652
7,106
(17,223)
(6,736)
—
—
6,429
370
Service cost
—
—
(12)
(127)
—
—
(12)
(127)
–  current service cost
—
—
(11)
(112)
—
—
(11)
(112)
–  past service cost and gains/(losses) from settlements
—
—
(1)
(15)
—
—
(1)
(15)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,344
312
(970)
(281)
—
—
374
31
Remeasurement effects recognised in other
comprehensive income
(469)
75
324
(65)
—
—
(145)
10
–  return on plan assets (excluding interest income)
(469)
75
—
—
—
—
(469)
75
–  actuarial gains/(losses) financial assumptions
—
—
464
(57)
—
—
464
(57)
–  actuarial gains/(losses) demographic assumptions
—
—
22
3
—
—
22
3
–  actuarial gains/(losses) experience adjustments
—
—
(162)
(11)
—
—
(162)
(11)
–  other changes
—
—
—
—
—
—
—
—
Exchange differences
1,631
241
(1,183)
(218)
—
—
448
23
Benefits paid
(1,116)
(530)
1,116
608
—
—
—
78
Other movements2
(19)
125
(20)
(71)
—
—
(39)
54
At 31 Dec 2025
25,023
7,329
(17,968)
(6,890)
—
—
7,055
439
At 1 Jan 2024
26,590
7,307
(19,782)
(7,229)
—
—
6,808
78
Service cost
—
(1)
(35)
(144)
—
—
(35)
(145)
–  current service cost
—
—
(9)
(140)
—
—
(9)
(140)
–  past service cost and losses from settlements
—
(1)
(26)
(4)
—
—
(26)
(5)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,213
277
(896)
(265)
—
—
317
12
Remeasurement effects recognised in other
comprehensive income
(2,665)
(6)
2,156
186
—
—
(509)
180
–  return on plan assets (excluding interest income)
(2,665)
(6)
—
—
—
—
(2,665)
(6)
–  actuarial gains/(losses) financial assumptions
—
—
1,771
204
—
—
1,771
204
–  actuarial gains/(losses) demographic assumptions
—
—
161
(5)
—
—
161
(5)
–  actuarial gains/(losses) experience adjustments
—
—
224
(13)
—
—
224
(13)
–  other changes
—
—
—
—
—
—
—
—
Exchange differences
(387)
(145)
281
191
—
—
(106)
46
Benefits paid
(1,082)
(496)
1,082
561
—
—
—
65
Other movements2
(17)
170
(29)
(36)
—
—
(46)
134
At 31 Dec 2024
23,652
7,106
(17,223)
(6,736)
—
—
6,429
370
1For further details of the principal plan, see page 322.
2Other movements include contributions by HSBC, contributions by employees, administrative costs and taxes paid by plan.
HSBC expects to make $109m of contributions to defined benefit pension plans during 2026, consisting of $nil for the principal plan and $109m for
other plans. Benefits expected to be paid from the plans to retirees over each of the next five years, and in aggregate for the five years thereafter,
are as follows:
Benefits expected to be paid from plans
2026
2027
2028
2029
2030
2031-2035
$m
$m
$m
$m
$m
$m
The principal plan1,2
1,170
1,203
1,239
1,275
1,313
7,175
Other plans1
436
436
437
433
437
2,259
1The duration of the defined benefit obligation is 11.4 years for the principal plan under the disclosure assumptions adopted (2024: 11.8 years) and 9.7 years for
all other plans combined (2024: 9.8 years).
2For further details of the principal plan, see page 322.
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Fair value of plan assets by asset classes
31 Dec 2025
31 Dec 2024
Value
Quoted
market price
in active
market
No quoted
market price
in active
market
Thereof
HSBC1
Value
Quoted
market price
in active
market
No quoted
market price
in active
market
Thereof
HSBC1
$m
$m
$m
$m
$m
$m
$m
$m
The principal plan2
Fair value of plan assets
25,023
13,768
11,255
350
23,652
13,903
9,749
421
–  equities
58
—
58
—
65
—
65
—
–  bonds fixed income
5,964
5,471
493
—
5,864
5,372
492
—
–  bonds index-linked
7,863
7,863
—
—
8,253
8,253
—
—
–  bonds other
—
—
—
—
—
—
—
—
–  derivatives
300
—
300
350
295
—
295
421
–  property
855
—
855
—
833
—
833
—
–  pooled investment vehicles
9,549
—
9,549
—
8,064
—
8,064
—
–  other
434
434
—
—
278
278
—
—
Other plans
Fair value of plan assets
7,329
5,717
1,612
16
7,106
6,407
699
19
–  equities
608
608
—
4
587
587
—
4
–  bonds fixed income
3,742
3,741
1
3
3,671
3,671
—
4
–  bonds index-linked
47
47
—
—
33
33
—
—
–  bonds other
561
534
27
—
473
473
—
—
–  derivatives
(61)
—
(61)
—
2
(3)
5
—
–  property
140
135
5
—
103
98
5
—
–  other
2,292
652
1,640
9
2,237
1,548
689
11
1The fair value of plan assets includes derivatives entered into with HSBC Bank plc as detailed in Note 36.
2For further details of the principal plan, see page 322.
Post-employment defined benefit plans’ principal actuarial financial assumptions
HSBC determines the discount rates to be applied to its obligations in consultation with the plans’ local actuaries, on the basis of current average
yields of high-quality (AA-rated or equivalent) debt instruments with maturities consistent with those of the defined benefit obligations.
Key actuarial assumptions for the principal plan1
Discount
rate
Inflation
rate (RPI)
Inflation
rate (CPI)
Rate of increase
for pensions
Rate of pay
increase
%
%
%
%
%
UK
At 31 Dec 2025
5.51
3.02
2.34
2.96
3.09
At 31 Dec 2024
5.54
3.33
2.88
3.22
3.63
1For further details of the principal plan, see page 322.
Mortality tables and average life expectancy at age 60 for the principal plan1
Mortality
table
Life expectancy at age 60 for
a male member currently:
Life expectancy at age 60 for
a female member currently:
Aged 60
Aged 40
Aged 60
Aged 40
UK
At 31 Dec 2025
SAPS S32
26.4
28.0
28.4
30.0
At 31 Dec 2024
SAPS S33
26.1
27.7
28.3
29.9
1For further details of the principal plan, see page 322.
2    Self-administered pension scheme (‘SAPS’) S3 table, with different tables and multipliers adopted based on gender, pension amount and member status,
reflecting the Scheme’s actual mortality experience. Improvements are projected in accordance with the Continuous Mortality Investigation’s CMI 2024 core
projection model with an initial addition to improvement of 0.25% per annum, and a long-term rate of improvement of 1.25% per annum, with other parameters
set in line with the model default values.
3    Self-administered pension scheme (‘SAPS’) S3 table, with different tables and multipliers adopted based on gender, pension amount and member status,
reflecting the Scheme’s actual mortality experience. Improvements are projected in accordance with the Continuous Mortality Investigation’s CMI 2023 core
projection model with an initial addition to improvement of 0.25% per annum and a long-term rate of improvement of 1.25% per annum and with a 0%
weighting to 2020 and 2021, mortality experience and a 15% weighting to 2022 and 2023, reflecting long-term view on mortality improvements post-pandemic.
The effect of changes in key assumptions on the principal plan1
Impact on HSBC UK section of the
HSBC Bank (UK) Pension Scheme obligation
Financial impact of increase
Financial impact of decrease
2025
2024
2025
2024
$m
$m
$m
$m
Discount rate – increase/decrease of 0.25%
(477)
(473)
496
496
Inflation rate (RPI and CPI) – increase/decrease of 0.25%
408
389
(391)
(391)
Pension payments and deferred pensions – increase/decrease of 0.25%
504
487
(478)
(478)
Pay – increase/decrease of 0.25%
7
6
(6)
(6)
Change in mortality – increase/decrease of 1 year
486
483
(464)
(464)
1For further details of the principal plan, see page 322.
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information
Notes on the financial statements
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to
occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end
of the reporting period) has been applied as when calculating the defined benefit asset recognised in the balance sheet. The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared with the prior period.
Directors’ emoluments
Details of Directors’ emoluments, pensions and their interests are disclosed in the Directors’ remuneration report on page 249.
6
Auditor’s remuneration
2025
2024
2023
$m
$m
$m
Audit fees payable to PwC1
108.9
102.8
109.8
Other audit fees payable
2.8
1.6
2.2
Year ended 31 Dec
111.7
104.4
112.0
Fees payable by HSBC to PwC
2025
2024
2023
$m
$m
$m
Fees for HSBC Holdings’ statutory audit2
25.1
22.0
24.1
Fees for other services provided to HSBC
134.0
124.6
131.8
–  audit of HSBC’s subsidiaries
83.8
80.8
85.7
–  audit-related assurance services3
28.2
25.0
26.0
–  other assurance services4,5
22.0
18.8
20.1
Year ended 31 Dec
159.1
146.6
155.9
1Audit fees payable to PwC in 2025 included adjustments made to the prior year audit fee after finalisation of the 2024 financial statements. In addition, $2.1m in
expenses were reimbursed to PwC in 2025.
2Fees payable to PwC for the statutory audit of the consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings. They
include amounts payable for services relating to the consolidation returns of HSBC Holdings’ subsidiaries, which are clearly identifiable as being in support of the
Group audit opinion.
3Including services for assurance and other services that relate to statutory and regulatory filings, including interim reviews.
4Including permitted services relating to attestation reports on internal controls of a service organisation primarily prepared for and used by third-party end users,
including comfort letters.
5Includes reviews of PRA regulatory reporting returns.
No fees were payable by HSBC to PwC as principal auditor for the following types of services: internal audit services and services related to
litigation, recruitment and remuneration.
Fees payable by HSBC’s associated pension schemes to PwC
2025
2024
2023
$000
$000
$000
Audit of HSBC’s associated pension schemes
256
320
297
Year ended 31 Dec
256
320
297
No fees were payable by HSBC’s associated pension schemes to PwC as principal auditor for the following types of services: internal audit
services, other assurance services, services related to corporate finance transactions, valuation and actuarial services, litigation, recruitment and
remuneration, and information technology.
In addition to the above, the estimated fees paid to PwC by third parties associated with HSBC amounted to $7.1m (2024: $9.9m; 2023: $12.3m).
In these cases, HSBC was connected with the contracting party and may therefore have been involved in appointing PwC. These fees arose from
services such as auditing mutual funds managed by HSBC and reviewing the financial position of corporate concerns that borrow from HSBC.
Fees payable for non-audit services for HSBC Holdings are not disclosed separately because such fees are disclosed on a consolidated basis for
the Group.
HSBC Holdings plc Annual Report on Form 20-F
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7
Tax
Tax expense
2025
2024
2023
$m
$m
$m
Current tax1
6,978
6,115
5,718
–  for this year
6,606
5,863
5,737
–  adjustments in respect of prior periods3
324
31
(19)
–  Pillar 2 and qualifying domestic top-up taxes
48
221
—
Deferred tax
(202)
1,195
71
–  origination and reversal of temporary differences
173
1,288
19
–  effect of changes in tax rates
35
(2)
17
–  adjustments in respect of prior periods3
(410)
(91)
35
Year ended 31 Dec2
6,776
7,310
5,789
1Current tax included Hong Kong profits tax of $2,351m (2024: $1,615m; 2023: $1,328m). The Hong Kong tax rate applying to the profits of subsidiaries
assessable in Hong Kong was 16.5% (2024: 16.5%; 2023: 16.5%).
2In addition to amounts recorded in the income statement, a tax charge of $136m (2024: credit of $12m) was recorded directly to equity.
3Adjustments in respect of prior periods includes deferred tax credits in Hong Kong arising on temporary differences between IFRS and the regulatory basis of
accounting on which the tax returns are prepared, and in the UK on tax losses, both of which arise from the finalisation of 2024 tax returns and are offset by
corresponding charges in current tax.
Tax reconciliation
The tax charged to the income statement differs from the tax charge that would apply if all profits had been taxed at the UK corporation tax rate as
follows:
2025
2024
2023
$m
%
$m
%
$m
%
Profit before tax
29,907
32,309
30,348
Tax expense
Taxation at UK corporation tax rate of 25.0% (2024: 25.0%, 2023: 23.5%)
7,477
25.0
8,077
25.0
7,132
23.5
Impact of differently taxed overseas profits in overseas locations
(1,316)
(4.4)
(1,351)
(4.2)
(612)
(2.0)
UK banking surcharge
179
0.6
215
0.7
350
1.2
Items increasing tax charge in 2025:
–  local taxes and overseas withholding taxes
692
2.3
584
1.8
419
1.4
–  movements in unrecognised deferred tax
314
1.0
259
0.7
(22)
(0.1)
–  fines and provisions for legal settlements
294
1.0
—
—
—
—
–  impairment of investment in BoCom
250
0.8
—
—
705
2.3
–  other permanent disallowables
237
0.8
344
1.0
227
0.7
–  dilution loss on the Group’s investment in BoCom
128
0.4
—
—
—
—
–  movements in provisions for uncertain tax positions
118
0.4
38
0.1
(472)
(1.6)
–  impact of business disposals
100
0.3
—
—
—
—
–  non-deductible bank levy expense
75
0.3
73
0.2
112
0.4
–  impact of global and domestic minimum taxes
48
0.2
221
0.7
—
—
–  impact of changes in tax rates
35
0.1
6
—
17
0.1
–  impact of hyperinflation
32
0.1
327
1.0
348
1.1
–  tax impact of sale of HSBC Argentina
—
—
1,536
4.8
—
—
Items reducing tax charge in 2025:
–  non-taxable income and gains
(970)
(3.2)
(1,079)
(3.3)
(1,189)
(3.9)
–  effect of profits in associates and joint ventures
(582)
(1.9)
(456)
(1.4)
(571)
(1.9)
–  deductions for AT1 coupon payments
(249)
(0.8)
(249)
(0.8)
(229)
(0.7)
–  adjustments in respect of prior periods
(86)
(0.3)
(46)
(0.1)
16
0.1
–  non-taxable gain on disposal of HSBC Canada
—
—
(1,174)
(3.6)
—
—
–  impact of sale of French retail banking business
—
—
(15)
—
—
—
–  accounting gain on acquisition of SVB UK
—
—
—
—
(442)
(1.5)
Year ended 31 Dec
6,776
22.7
7,310
22.6
5,789
19.1
The Group’s profits are taxed at different rates depending on the country or territory in which the profits arise. The key applicable tax rates for 2025
include Hong Kong (16.5%), the US (21.0%) and the UK (25.0%). If the Group’s profits were taxed at the statutory rates of the countries in which
the profits arose, then the tax rate for the year would have been 21.2% (2024: 21.4%).
The effective tax rate for the year of 22.7% was higher than in the previous year (2024: 22.6%). The effective tax rate for the year was increased
by 1.2% by the dilution loss and non-deductible impairment of the Group’s investment in BoCom, increased by 1.0% by movements in
unrecognised deferred tax, primarily relating to French tax losses, and increased by 1.0% by the impact of fines and provisions for legal
settlements on which no tax benefit is recorded. The effective tax rate for the year was reduced by 0.3% by adjustments in respect of prior
periods, mainly arising from the finalisation of prior year tax returns in India and Hong Kong. The effective tax rate for 2024 was reduced by 3.6%
by the non-taxable gain arising on the disposal of HSBC Canada, increased by 4.8% by the non-deductible loss arising on the disposal of HSBC
Argentina, increased by 0.7% by movements in unrecognised deferred tax, primarily relating to French tax losses, and increased by 0.7% by the
Group’s Pillar 2 global minimum tax charge.
The UK adopted the ‘Pillar Two’ global minimum tax model rules of the OECD’s Inclusive Framework on Base Erosion and Profit-Shifting (‘BEPS’)
with effect from 1 January 2024. Many jurisdictions adopted similar rules, as well as domestic minimum tax regimes, from 1 January 2025 and
some jurisdictions, such as Bermuda, introduced new or amended corporate income tax regimes effective from that date. These changes have the
effect of increasing local overseas tax liabilities in 2025 and reducing the UK top-up tax liability.
HSBC Holdings plc Annual Report on Form 20-F
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Notes on the financial statements
Accounting for taxes involves some estimation because tax law is uncertain and its application requires a degree of judgement, which authorities
may dispute. Liabilities are recognised based on best estimates of the probable outcome, taking into account external advice where appropriate.
Exposures to additional tax liabilities arising from uncertain tax positions were reassessed during 2025, resulting in a charge of $118m to the
income statement. We do not expect significant liabilities to arise in excess of the amounts provided. HSBC only recognises current and deferred
tax assets where recovery is probable.
Movement of deferred tax assets and liabilities
Loan
impairment
provisions
Unused tax
losses and
tax credits
Financial
assets at
FVOCI
Cash flow
hedges
Retirement
obligations
Other
Total
$m
$m
$m
$m
$m
$m
$m
Assets
1,070
3,864
616
442
—
2,906
8,898
Liabilities
—
—
—
—
(1,767)
(1,607)
(3,374)
At 1 Jan 2025
1,070
3,864
616
442
(1,767)
1,299
5,524
Income statement
11
(466)
226
10
(96)
517
202
Other comprehensive income
—
—
(564)
(587)
6
161
(984)
Foreign exchange and other adjustments
(25)
74
221
23
(100)
200
393
At 31 Dec 2025
1,056
3,472
499
(112)
(1,957)
2,177
5,135
Assets1
1,056
3,472
499
—
—
3,503
8,530
Liabilities1
—
—
—
(112)
(1,957)
(1,326)
(3,395)
Assets
1,158
4,544
876
419
—
2,933
9,930
Liabilities
—
—
—
—
(1,814)
(1,600)
(3,414)
At 1 Jan 2024
1,158
4,544
876
419
(1,814)
1,333
6,516
Income statement
(74)
(640)
100
—
(85)
(431)
(1,130)
Other comprehensive income
—
—
(49)
84
114
189
338
Foreign exchange and other adjustments
(14)
(40)
(311)
(61)
18
208
(200)
At 31 Dec 2024
1,070
3,864
616
442
(1,767)
1,299
5,524
Assets1
1,070
3,864
616
442
—
2,906
8,898
Liabilities1
—
—
—
—
(1,767)
(1,607)
(3,374)
1After netting off balances within countries, the balances as disclosed in the accounts are as follows: deferred tax assets of $7,235m (2024: $6,841m) and
deferred tax liabilities of $2,100m (2024: $1,317m).
In applying judgement in recognising deferred tax assets, management has assessed all relevant information, including future business profit
projections and the track record of meeting forecasts. Management’s assessment of the likely availability of future taxable profits against which to
recover deferred tax assets is based on the most recent financial forecasts approved by management, which cover a five-year period and are
extrapolated where necessary, and takes into consideration the reversal of existing taxable temporary differences and past business performance.
When forecasts are extrapolated beyond five years, a number of different scenarios are considered, reflecting different downward risk
adjustments, in order to assess the sensitivity of our recognition and measurement conclusions in the context of such longer-term forecasts.
The Group’s net deferred tax asset of $5.1bn (2024: $5.5bn) included $1.5bn (2024: $2.6bn) of deferred tax assets relating to the UK, $2.8bn
(2024: $3.0bn) of deferred tax assets relating to the US and a net deferred asset of $0.8bn (2024: $0.5bn) in France.
The UK deferred tax asset of $1.5bn excluded a $2.0bn deferred tax liability arising on the UK pension scheme surplus, the reversal of which is not
taken into account when estimating future taxable profit due to the level of uncertainty as to the timing and manner of its reversal. The UK
deferred tax assets are supported by forecasts of taxable profit, also taking into consideration the history of profitability in the relevant businesses.
The majority of the deferred tax asset relates to tax attributes which do not expire and are forecast to be recovered within two years and as such
are less sensitive to changes in long-term profit forecasts.
The net US deferred tax asset of $2.8bn included $1.0bn related to US tax losses, of which $0.7bn expire in 9 to 12 years. Management expects
the US deferred tax asset to be substantially recovered within 13 years, with the majority recovered in the first five years.
The net deferred tax asset in France of $0.8bn included $0.7bn related to tax losses, which are expected to be substantially recovered within 10
years. An additional $0.1bn of deferred tax asset relating to French tax losses was recognised during the year, supported by the business’s
improved performance and outlook. Unused tax losses with a tax value of $0.3bn have not been recognised due to the absence of convincing
evidence regarding the availability of sufficient future taxable profits against which to recover them.
Unrecognised deferred tax
The amount of gross temporary differences, unused tax losses and tax credits for which no deferred tax asset is recognised in the balance sheet
was $13.8bn (2024: $11.0bn). This amount included unused US state tax losses of $3.8bn (2024: $3.8bn) which are forecast to expire before they
are recovered, unused French tax losses of $1.4bn (2024: $0.7bn) for which there is insufficient evidence of future taxable profits to support
recognition, and unused UK tax losses of $3.4bn (2024: $3.5bn), which arose prior to 1 April 2017 and can only be recovered against future taxable
profits of HSBC Holdings. No deferred tax was recognised on these losses due to the absence of convincing evidence regarding the availability of
sufficient future taxable profits against which to recover them. Deferred tax asset recognition is reassessed at each balance sheet date based on
the available evidence. Of the total amounts on which deferred tax was not recognised, $7.6bn (2024: $6.0bn) had no expiry date, $1.3bn (2024:
$1.0bn) was scheduled to expire within 10 years and the remaining balance is expected to expire after 10 years.
Deferred tax is not recognised in respect of the Group’s investments in subsidiaries and branches where HSBC is able to control the timing of
remittance or other realisation and where remittance or realisation is not probable in the foreseeable future. The aggregate temporary differences
relating to unrecognised deferred tax liabilities arising on investments in subsidiaries and branches was $15.9bn (2024: $15.2bn) and the
corresponding unrecognised deferred tax liability was $0.8bn (2024: $0.7bn).
HSBC Holdings plc Annual Report on Form 20-F
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8
Dividends
Dividends to shareholders of the parent company
2025
2024
2023
Per
share
Total
Per
share
Total
Per
share
Total
$
$m
$
$m
$
$m
Dividends paid on ordinary shares
In respect of previous year:
–  second interim dividend
—
—
—
—
0.23
4,589
–  fourth interim dividend
0.36
6,397
0.31
5,872
—
—
In respect of current year:
–  first interim dividend
0.10
1,750
0.10
1,877
0.10
2,001
–  special dividend
—
—
0.21
3,942
—
—
–  second interim dividend
0.10
1,717
0.10
1,852
0.10
1,956
–  third interim dividend
0.10
1,717
0.10
1,805
0.10
1,946
Total
0.66
11,581
0.82
15,348
0.53
10,492
Total coupons on capital securities classified as equity
1,183
1,062
1,101
Dividends to shareholders
12,764
16,410
11,593
Total coupons on capital securities classified as equity
2025
2024
2023
Per
security
Total
Total
Total
First call date
$m
$m
$m
Perpetual subordinated contingent convertible securities1
$2,250m issued at 6.375%2
Sep 2024
$63.750
—
122
143
$2,450m issued at 6.375%3
Mar 2025
$63.750
55
156
156
$3,000m issued at 6.000%
May 2027
$60.000
180
180
180
$2,350m issued at 6.250%4
Mar 2023
$62.500
—
—
52
$1,800m issued at 6.500%
Mar 2028
$65.000
117
117
117
$1,500m issued at 4.600%
Dec 2030
$46.000
69
69
69
$1,000m issued at 4.000%
Mar 2026
$40.000
40
40
40
$1,000m issued at 4.700%
Mar 2031
$47.000
47
47
47
$2,000m issued at 8.000%5
Mar 2028
$80.000
160
160
80
$1,350m issued at 6.875%6
Sep 2029
$68.750
93
—
—
$1,150m issued at 6.950%7
Mar 2034
$69.500
80
—
—
$1,500m issued at 6.950%8
Aug 2031
$69.500
52
—
—
$2,000m issued at 7.050%9
Jun 2030
$70.500
71
—
—
€1,000m issued at 6.000%10
Sep 2023
€60.000
—
—
56
€1,250m issued at 4.750%
Jul 2029
€47.500
65
65
64
£1,000m issued at 5.875%
Sep 2026
£58.750
77
77
72
SGD750m issued at 5.000%11
Sep 2023
SGD50.000
—
—
25
SGD1,500m issued at 5.250%12
Jun 2029
SGD52.500
61
29
—
SGD800m issued at 5.000%13
Mar 2030
SGD50.000
16
—
—
Total
1,183
1,062
1,101
1Discretionary coupons are paid semi-annually, based on the denominations of each security.
2This security was called by HSBC Holdings on 23 July 2024 and was redeemed and cancelled on 17 September 2024.
3This security was called by HSBC Holdings on 7 February 2025 and was redeemed and cancelled on 31 March 2025.
4This security was called by HSBC Holdings on 30 January 2023 and was redeemed and cancelled on 23 March 2023.
5This security was issued by HSBC Holdings on 7 March 2023. The first call period commences six calendar months prior to the reset date of 7 September 2028.
6This security was issued by HSBC Holdings on 11 September 2024. The first call period commences six calendar months prior to the reset date of
11 March 2030.
7This security was issued by HSBC Holdings on 11 September 2024. The first call period commences six calendar months prior to the reset date of
11 September 2034.
8This security was issued by HSBC Holdings on 27 February 2025. The first call period commences six calendar months prior to the reset date of
27 February 2032.
9This security was issued by HSBC Holdings on 5 June 2025. The first call period commences six calendar months prior to the reset date of 5 December 2030.
10This security was called by HSBC Holdings on 3 August 2023 and was redeemed and cancelled on 29 September 2023.
11This security was called by HSBC Holdings on 3 August 2023 and was redeemed and cancelled on 25 September 2023.
12This security was issued by HSBC Holdings on 14 June 2024. The first call period commences six calendar months prior to the reset date of 14 December 2029.
13This security was issued by HSBC Holdings on 24 March 2025. The first call period commences six calendar months prior to the reset date of 24 September
2030.
On 25 February 2026, the Directors approved a fourth interim dividend in respect of the financial year ended 31 December 2025 of $0.45 per
ordinary share (the ‘dividend’), an expected distribution of approximately $7.71bn. The dividend will be payable on 30 April 2026 to holders of
record on the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register on
13 March 2026. No liability was recorded in the financial statements in respect of the fourth interim dividend for 2025.
On 5 January 2026, HSBC paid a coupon on its €1,250m subordinated capital securities, representing a total distribution of €30m ($35m). No
liability was recorded on the balance sheet at 31 December 2025 in respect of this coupon payment.
HSBC Holdings plc Annual Report on Form 20-F
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9Earnings per share
Basic earnings per ordinary share is calculated by dividing the profit attributable to ordinary shareholders of the parent company by the weighted
average number of ordinary shares outstanding, after deducting own shares held. Diluted earnings per ordinary share is calculated by dividing the
basic earnings, which require no adjustment for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary
shares outstanding, excluding own shares held, plus the weighted average number of ordinary shares that would be issued on conversion of
dilutive potential ordinary shares.
Basic and diluted earnings per share
2025
2024
2023
Profit
Number
of shares
Per
share
Profit
Number
of shares
Per
share
Profit
Number
of shares
Per
share
$m
(millions)
$
$m
(millions)
$
$m
(millions)
$
Basic1
21,102
17,427
1.21
22,917
18,357
1.25
22,432
19,478
1.15
Effect of dilutive potential
ordinary shares
120
128
122
Diluted1
21,102
17,547
1.20
22,917
18,485
1.24
22,432
19,600
1.14
1Weighted average number of ordinary shares outstanding (basic) or assuming dilution (diluted) after deducting own shares held.
The number of anti-dilutive employee share options excluded from the weighted average number of dilutive potential ordinary shares was
12 million (2024: Nil; 2023: 23 million).
10
Segmental analysis
The Group Operating Committee is considered to be the Chief Operating Decision Maker (‘CODM’) for the purposes of identifying the Group’s
reportable segments. Business segments results were assessed by the CODM on the basis of constant currency performance that removes the
effects of currency translation from reported results. Therefore, we disclose these results on a constant currency basis as required by IFRS
Accounting Standards. The 2024 and 2023 income statements are converted at the average rates of exchange for 2025, and the balance sheets at
31 December 2024 and 31 December 2023 at the prevailing rates of exchange on 31 December 2025.
Our operations are closely integrated and, accordingly, the presentation of data includes internal allocations of certain items of income and
expense. These allocations include the costs of certain support services and global infrastructures to the extent that they can be meaningfully
attributed to business segments. While such allocations have been made on a systematic and consistent basis, they involve a certain degree of
subjectivity. Costs that are not allocated to global businesses are included in Corporate Centre.
Interest income is reported net as the CODM primarily relies on the net amount as a performance measure. Where relevant, income and expense
amounts presented include the results of inter-segment funding along with inter-company and inter-business line transactions. All such
transactions are undertaken on arm’s length terms. Measurement of segmental assets, liabilities, income and expenses is in accordance with the
Group’s accounting policies. Shared costs are included in segments on the basis of actual recharges. The intra-group elimination items for the
business segments are presented in Corporate Centre.
Our business segments
Following our organisational announcement in October 2024, effective from 1 January 2025, the Group’s reportable segments under IFRS 8
‘Operating Segments’ comprise four business along with Corporate Centre. These replace our previously reported operating segments up to
31 December 2024. All segmental comparative data have been re-presented to reflect the Group’s revised segment structure.
–Hong Kong: The Hong Kong business comprises Retail Banking and Wealth and Commercial Banking of HSBC Hong Kong and Hang Seng
Bank.
–UK: The UK business comprises UK Personal Banking (including first direct and M&S Bank) and UK Commercial Banking including HSBC
Innovation Bank.
–Corporate and Institutional Banking (‘CIB’): CIB is formed from the integration of our Commercial Banking business (outside the UK and Hong
Kong) with our Global Banking and Markets business.
–International Wealth and Premier Banking (‘IWPB’): IWPB comprises Premier banking outside of Hong Kong and the UK, our Private Bank, and
our wealth manufacturing businesses of Asset Management and Insurance.
HSBC Holdings plc Annual Report on Form 20-F
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HSBC constant currency profit before tax and balance sheet data
2025
Hong Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Net operating income/(expense) before change in expected
credit losses and other credit impairment charges1
15,878
12,938
27,637
14,520
(2,699)
68,274
–  external
10,157
13,856
39,098
12,458
(7,295)
68,274
–  inter-segment
5,721
(918)
(11,461)
2,062
4,596
—
–  of which: net interest income/(expense)2
12,082
11,096
14,532
7,397
(10,313)
34,794
Change in expected credit losses and other credit impairment
charges
(1,476)
(696)
(696)
(892)
(90)
(3,850)
Net operating income/(expense)
14,402
12,242
26,941
13,628
(2,789)
64,424
Total operating expenses
(4,826)
(5,537)
(15,556)
(9,285)
(1,224)
(36,428)
Operating profit/(loss)
9,576
6,705
11,385
4,343
(4,013)
27,996
Share of profit in associates and joint ventures less impairment3
—
—
1
24
1,886
1,911
Constant currency profit before tax
9,576
6,705
11,386
4,367
(2,127)
29,907
%
%
%
%
%
%
Share of HSBC’s constant currency profit before tax
32.0
22.4
38.1
14.6
(7.1)
100.0
Constant currency cost efficiency ratio
30.4
42.8
56.3
63.9
(45.4)
53.4
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
229,491
303,698
305,022
150,047
141
988,399
Interests in associates and joint ventures
—
—
83
522
28,972
29,577
Total external assets
437,933
451,492
1,793,162
416,332
134,115
3,233,034
Customer accounts
543,381
364,323
597,719
281,058
347
1,786,828
2024
Net operating income/(expense) before change in expected
credit losses and other credit impairment charges
15,047
12,342
26,772
13,817
(1,969)
66,009
–  external
9,704
13,060
39,012
11,175
(6,942)
66,009
–  inter-segment
5,343
(718)
(12,240)
2,642
4,973
—
–  of which: net interest income/(expense)2
11,997
10,355
14,519
8,081
(12,497)
32,455
Change in expected credit losses and other credit impairment
charges
(1,077)
(415)
(878)
(993)
(29)
(3,392)
Net operating income/(expense)
13,970
11,927
25,894
12,824
(1,998)
62,617
Total operating expenses
(4,841)
(5,104)
(14,612)
(8,900)
311
(33,146)
Operating profit/(loss)
9,129
6,823
11,282
3,924
(1,687)
29,471
Share of profit/(loss) in associates and joint ventures
—
—
1
45
2,867
2,913
Constant currency profit/(loss) before tax
9,129
6,823
11,283
3,969
1,180
32,384
%
%
%
%
%
%
Share of HSBC’s constant currency profit before tax
28.2
21.1
34.8
12.3
3.6
100.0
Constant currency cost efficiency ratio
32.2
41.4
54.6
64.4
15.8
50.2
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
235,053
285,778
297,877
144,027
8,043
970,778
Interests in associates and joint ventures
—
—
132
557
29,039
29,728
Total external assets
433,588
432,683
1,729,531
414,734
129,265
3,139,801
Customer accounts
506,557
352,833
587,926
271,588
336
1,719,240
2023
Net operating income/(expense) before change in expected
credit losses and other credit impairment charges
14,532
13,439
24,723
12,385
(39)
65,040
–  external
10,093
13,749
36,111
10,112
(5,025)
65,040
–  inter-segment
4,439
(310)
(11,388)
2,273
4,986
—
–  of which: net interest income/(expense)2
12,108
9,903
13,399
7,753
(8,951)
34,212
Change in expected credit losses and other credit impairment
charges
(1,494)
(545)
(524)
(686)
(1)
(3,250)
Net operating income/(expense)
13,038
12,894
24,199
11,699
(40)
61,790
Total operating expenses
(4,514)
(4,829)
(13,755)
(8,549)
(44)
(31,691)
Operating profit/(loss)
8,524
8,065
10,444
3,150
(84)
30,099
Share of profit/(loss) in associates and joint ventures4
—
—
(1)
62
(358)
(297)
Constant currency profit/(loss) before tax
8,524
8,065
10,443
3,212
(442)
29,802
%
%
%
%
%
%
Share of HSBC’s constant currency profit before tax
28.6
27.1
35.0
10.8
(1.5)
100.0
Constant currency cost efficiency ratio
31.1
35.9
55.6
69.0
(112.8)
48.7
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
240,173
278,225
290,227
146,805
276
955,706
Interests in associates and joint ventures
—
—
128
539
26,965
27,632
Total external assets
419,890
423,648
1,648,421
460,545
142,628
3,095,132
Customer accounts
486,873
347,570
548,275
257,664
618
1,641,000
1Includes a loss of $1.1bn  inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. See Note 18 on pages 345 to 348.
2Includes $9.7bn (2024: $11.4bn; 2023: $8.7bn) of interest expense in Corporate Centre for the internal cost to fund our Markets Treasury function.
3Includes an impairment loss of $1.0bn recognised in respect of the Group’s investment in BoCom. See Note 18 on pages 345 to 348.
4Includes an impairment loss of $3.0bn recognised in respect of the Group’s investment in BoCom.
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Reported external net operating income is attributed to countries and territories on the basis of the location of the branch responsible for reporting
the results or advancing the funds:
2025
2024
2023
$m
$m
$m
Reported external net operating income by country/territory
68,274
65,854
66,058
–  UK1
13,677
12,307
11,027
–  Hong Kong
22,527
20,811
20,185
–  US
4,797
4,233
3,816
–  France
1,839
3,804
4,208
–  other countries/territories
25,434
24,699
26,822
1UK includes HSBC UK Bank plc (ring-fenced bank), HSBC Bank plc (non-ring-fenced bank), the ultimate holding company, HSBC Holdings plc, and the separately
incorporated group of service companies (‘ServCo Group’).
Constant currency results reconciliation
2025
2024
2023
Reported and
constant currency
Constant
currency
Currency
translation
Reported
Constant
currency
Currency
translation
Reported
$m
$m
$m
$m
$m
$m
$m
Revenue
68,274
66,009
155
65,854
65,040
(1,018)
66,058
ECL
(3,850)
(3,392)
22
(3,414)
(3,250)
197
(3,447)
Operating expenses
(36,428)
(33,146)
(103)
(33,043)
(31,691)
379
(32,070)
Share of profit/(loss) in associates and
joint ventures less impairment
1,911
2,913
1
2,912
(297)
(104)
(193)
Profit before tax
29,907
32,384
75
32,309
29,802
(546)
30,348
Constant currency balance sheet reconciliation
2025
2024
2023
Reported and
constant currency
Constant
currency
Currency
translation
Reported
Constant
currency
Currency
translation
Reported
$m
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
988,399
970,778
40,120
930,658
955,706
17,171
938,535
Interests in associates and joint ventures
29,577
29,728
819
28,909
27,632
288
27,344
Total external assets
3,233,034
3,139,801
122,753
3,017,048
3,095,132
56,455
3,038,677
Customer accounts
1,786,828
1,719,240
64,285
1,654,955
1,641,000
29,353
1,611,647
Notable items
2025
2024
2023
$m
$m
$m
Year ended 31 Dec
Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1,2,3
(1,642)
(1,343)
1,298
Dilution loss of interest in BoCom associate4
(1,104)
—
—
Fair value movements on financial instruments5
—
—
14
Disposal losses on Markets Treasury repositioning
—
—
(977)
Early redemption of legacy securities
—
(237)
—
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(502)
(199)
(321)
Restructuring and other related costs6
(1,030)
(34)
136
Legal provision7
(1,432)
—
—
Impairment losses of interest in BoCom associate4
(1,000)
—
(3,000)
1Includes recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans following the completion of its sale
to a consortium comprising Rothesay Life plc and CCF.
2Amounts in 2024 include a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves arising on
sale of our business in Argentina. This was partly offset by a $4.8bn gain on disposal of our banking business in Canada, inclusive of foreign exchange hedging
of the sales proceeds and the recycling of reserves losses.
3Amounts in 2023 include the gain of $1.6bn recognised in respect of the acquisition of SVB UK, and the impact of the sale of our retail banking operations in
France.
4Includes a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment
loss following an impairment test on the carrying value of the Group’s investment in BoCom in ‘Impairment losses of interest in BoCom associate’. See Note 18
on pages 345 to 348.
5Fair value movements on non-qualifying hedges in HSBC Holdings.
6Amounts in 2025 include restructuring provisions recognised in 2025. Amounts in 2024 relate to restructuring provisions recognised in 2024 and reversals of
restructuring provisions recognised during 2022. Amounts in 2023 relate to reversals of restructuring provisions recognised during 2022.
7Includes a $1.1bn provision in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard L. Madoff
Investment Securities LLC fraud and a $0.3bn provision in connection with certain historical trading activities in HSBC Bank plc.
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11Trading assets
2025
2024
$m
$m
Treasury and other eligible bills
34,433
32,022
Debt securities
116,837
97,275
Equity securities
176,312
155,194
Trading securities
327,582
284,491
Loans and advances to banks1
10,913
6,123
Loans and advances to customers1
27,658
24,228
At 31 Dec
366,153
314,842
1Loans and advances to banks and customers include reverse repos, stock borrowing and other accounts.
12Fair values of financial instruments carried at fair value
Control framework
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk
taker.
Where fair values are determined by reference to externally quoted prices or observable pricing inputs to models, independent price determination
or validation is used. For inactive markets, HSBC sources alternative market information, with greater weight given to information that is
considered to be more relevant and reliable. Examples of the factors considered are price observability, instrument comparability, consistency of
data sources, underlying data accuracy and timing of prices.
For fair values determined using valuation models, the control framework includes development or validation by independent support functions of
the model logic, inputs, model outputs and adjustments. Valuation models are subject to a process of due diligence before becoming operational
and are calibrated against external market data on an ongoing basis. Fair value adjustments are applied where additional factors are not
incorporated into the primary product valuation model.
The majority of financial instruments measured at fair value are in MSS. MSS’s fair value governance structure comprises its Finance function and 
Valuation Committees. Finance is responsible for establishing procedures governing valuation and ensuring fair values are in compliance with
accounting standards. The fair values are reviewed by the Valuation Committees, which consist of independent support functions.
Financial liabilities measured at fair value
In certain circumstances, HSBC records its own debt in issue at fair value, based on quoted prices in an active market for the specific instrument.
When quoted market prices are unavailable, the own debt in issue is valued using valuation techniques, the inputs for which are either based on
quoted prices in an inactive market for the instrument or are estimated by comparison with quoted prices in an active market for similar
instruments. In both cases, the fair value includes the effect of applying the credit spread that is appropriate to HSBC’s liabilities. The change in fair
value of issued debt securities attributable to the Group’s own credit spread is computed as follows: for each security at each reporting date, an
externally verifiable price is obtained or a price is derived using credit spreads for similar securities for the same issuer. Then, using discounted
cash flow, each security is valued using an appropriate market discount curve. The difference in the valuations is attributable to the Group’s own
credit spread. This methodology is applied consistently across all securities.
Structured notes issued and certain other hybrid instruments are reported as financial liabilities designated at fair value. The credit spread applied
to these instruments is derived from the spreads at which HSBC issues structured notes.
Gains and losses arising from changes in the credit spread of liabilities issued by HSBC, recorded in other comprehensive income, reverse over the
contractual life of the debt, provided that the debt is not repaid at a premium or a discount.
Fair value hierarchy
Fair values of financial assets and liabilities are determined according to the following hierarchy:
–Level 1 – valuation technique using quoted market price. These are financial instruments with quoted prices for identical instruments in active
markets that HSBC can access at the measurement date.
–Level 2 – valuation technique using observable inputs. These are financial instruments with quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all
significant inputs are observable.
–Level 3 – valuation technique with significant unobservable inputs. These are financial instruments valued using valuation techniques where
one or more significant inputs are unobservable.
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Financial instruments carried at fair value and bases of valuation
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
267,638
92,418
6,097
366,153
236,593
71,574
6,675
314,842
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
46,436
61,267
25,360
133,063
39,331
56,694
19,744
115,769
Derivatives
1,798
233,759
2,183
237,740
1,859
264,629
2,149
268,637
Financial investments
300,795
81,522
2,805
385,122
258,371
78,088
2,734
339,193
Liabilities
Trading liabilities
46,579
25,476
67
72,122
42,038
23,160
784
65,982
Financial liabilities designated at fair value
1,370
146,353
10,733
158,456
2,152
127,458
9,117
138,727
Derivatives
1,853
232,559
3,442
237,854
1,088
260,518
2,842
264,448
There were no material transfers between Level 1 and Level 2 during the reporting period.
The table below provides the fair value levelling of assets held for sale and liabilities of disposal groups that have been classified as held for sale in
accordance with IFRS 5. For further details, see Note 23.
Financial instruments carried at fair value and bases of valuation – assets and liabilities held for sale
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
26
87
—
113
—
—
—
—
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
6,327
24
—
6,351
2,967
9,018
2,575
14,560
Derivatives
—
9
5
14
—
36
—
36
Financial investments
157
44
—
201
2,651
5,345
504
8,500
Liabilities
Trading liabilities
—
—
—
—
—
—
—
—
Financial liabilities designated at fair value
1,345
—
—
1,345
—
130
—
130
Derivatives
—
13
3
16
—
19
—
19
Fair value valuation bases
Financial instruments measured at fair value using a valuation technique with significant unobservable inputs – Level 3
Assets
Liabilities
Financial
investments
Trading
assets
Designated and
otherwise mandatorily
measured at fair value
through profit or loss
Derivatives
Total
Trading
liabilities
Designated
at fair value
Derivatives
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Private equity including
strategic investments
595
1
20,364
—
20,960
—
1
—
1
Structured notes
—
—
—
—
—
—
10,617
—
10,617
Other derivatives
—
—
—
2,183
2,183
—
—
3,442
3,442
Bonds
2,111
3,356
2,008
—
7,475
41
—
—
41
Loans
21
1,667
1,565
—
3,253
11
—
—
11
Other portfolios
78
1,073
1,423
—
2,574
15
115
—
130
At 31 Dec 2025
2,805
6,097
25,360
2,183
36,445
67
10,733
3,442
14,242
Private equity including
strategic investments
552
1
17,705
—
18,258
—
1
—
1
Structured notes
—
—
3
—
3
—
9,113
—
9,113
Other derivatives
—
—
—
2,149
2,149
—
—
2,842
2,842
Bonds
1,978
2,173
758
—
4,909
27
—
—
27
Loans
22
2,383
1,277
—
3,682
3
—
—
3
Other portfolios
182
2,118
1
—
2,301
754
3
—
757
At 31 Dec 2024
2,734
6,675
19,744
2,149
31,302
784
9,117
2,842
12,743
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Notes on the financial statements
Private equity including strategic investments
The fair value of a private equity investment (including strategic investments) is estimated on the basis of an analysis of the investee’s financial
position and results, risk profile, prospects and other factors; by reference to market valuations for similar entities quoted in an active market; the
price at which similar companies have changed ownership; or from published net asset values (‘NAV’) received. If necessary, adjustments are
made to the NAV of funds to obtain the best estimate of fair value.
Structured notes
The fair value of Level 3 structured notes is derived from the fair value of the underlying debt security, and the fair value of the embedded derivative is
determined as described in the paragraph below on derivatives. These structured notes comprise principally equity-linked notes issued by HSBC,
which provide the counterparty with a return linked to the performance of equity securities and other portfolios. Examples of the unobservable
parameters include long-dated equity volatilities and correlations between equity prices, and interest and foreign exchange rates.
Derivatives
OTC derivative valuation models calculate the present value of expected future cash flows, based upon ‘no arbitrage’ principles. For many vanilla
derivative products, the modelling approaches used are standard across the industry. For more complex derivative products, there may be some
differences in market practice. Inputs to valuation models are determined from observable market data wherever possible, including prices
available from exchanges, dealers, brokers or providers of consensus pricing. Certain inputs may not be observable in the market directly, but can
be determined from observable prices via model calibration procedures or estimated from historical data or other sources.
Bonds and loans
The fair value input for bonds and secondary market loans is price, determined utilising market standard valuation techniques such as price-based,
discounted cash flows, and internal models. Where uncertainty of inputs and assumptions exist in the determination of a fair value price and are
significant, the position will be considered Level 3. Examples of such inputs are credit spreads, interest rate spreads, choice of comparables,
earning projections and liquidity/observability of the underlying currency.
Reconciliation of fair value measurements in Level 3 of the fair value hierarchy
Movement in Level 3 financial instruments
Assets
Liabilities
Financial
investments
Trading
assets
Designated and
otherwise
mandatorily
measured at fair
value through
profit or loss
Derivatives
Trading
liabilities
Designated
at fair value
Derivatives
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
2,734
6,675
19,744
2,149
784
9,117
2,842
Total gains/(losses) recognised in profit or loss
4
154
1,487
1,291
(4)
919
2,210
–  net income/(losses) from financial instruments
held for trading or managed on a fair value basis
—
154
—
1,291
(4)
919
2,210
–  net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
—
—
1,478
—
—
—
—
–  other income/(losses)
4
—
9
—
—
—
—
Total gains/(losses) recognised in other
comprehensive income (‘OCI’)1
255
236
84
150
21
608
174
Purchases2
2,100
4,151
4,673
—
83
—
—
New issuances
—
181
—
—
—
8,542
—
Sales
(195)
(2,679)
(389)
—
(19)
—
—
Settlements
(347)
(1,814)
(1,727)
(1,073)
(331)
(5,352)
(1,632)
Transfers out
(2,008)
(2,018)
(1,312)
(901)
(498)
(5,282)
(831)
Transfers in3
262
1,211
2,800
567
31
2,181
679
At 31 Dec 2025
2,805
6,097
25,360
2,183
67
10,733
3,442
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2025
—
309
309
1,320
(19)
(1,034)
(2,304)
–  net income/(losses) from financial instruments
held for trading or managed on a fair value basis
—
309
—
1,320
(19)
—
(2,304)
–  net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
—
—
302
—
—
—
—
–  other income/(losses)
—
—
7
—
—
(1,034)
—
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Movement in Level 3 financial instruments (continued)
Assets
Liabilities
Financial
investments
Trading
assets
Designated and
otherwise
mandatorily
measured at fair
value through
profit or loss
Derivatives
Trading
liabilities
Designated
at fair value
Derivatives
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2024
2,618
4,306
19,788
2,069
478
10,928
2,569
Total gains/(losses) recognised in profit or loss
(9)
280
896
1,037
18
496
1,268
–  net income/(losses) from financial instruments
held for trading or managed on a fair value basis
—
280
—
1,037
18
496
1,268
–  net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
—
—
684
—
—
—
—
–  other income/(losses)
(9)
—
212
—
—
—
—
Total gains/(losses) recognised in other
comprehensive income (‘OCI’)1
(78)
(115)
(39)
(36)
(18)
(45)
(53)
Purchases
1,670
4,170
6,261
—
924
—
—
New issuances
—
—
—
—
—
6,521
—
Sales
(97)
(1,477)
(649)
—
(295)
—
—
Settlements
(1,011)
(967)
(6,476)
(897)
(307)
(4,750)
(568)
Transfers out
(438)
(429)
(278)
(777)
(29)
(6,048)
(1,346)
Transfers in
79
907
241
753
13
2,015
972
At 31 Dec 2024
2,734
6,675
19,744
2,149
784
9,117
2,842
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2024
—
(150)
11
(1,377)
(6)
(94)
(1,343)
–  net income/(losses) from financial instruments
held for trading or managed on a fair value basis
—
(150)
—
(1,377)
(6)
—
(1,343)
–  net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
—
—
(38)
—
—
—
—
–  other income/(losses)
—
—
49
—
—
(94)
—
1Included in ‘financial investments: fair value gains/(losses)’ in the year and ‘exchange differences’ in the consolidated statement of comprehensive income.
2Purchases were predominantly due to the growth of the Insurance business over the period.
3Includes $2.3bn of transfers in representing enhancements to the application of the levelling methodology, primarily impacting the Insurance business.
Transfers between levels of the fair value hierarchy are deemed to occur at the end of each quarterly reporting period. Transfers are primarily
attributable to changes in price transparency and in the assessment of observability.
Effect of changes in significant unobservable assumptions to reasonably possible
alternatives
Sensitivity of fair values to reasonably possible alternative assumptions
2025
2024
Reflected in profit or loss
Reflected in OCI
Reflected in profit or loss
Reflected in OCI
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
$m
$m
$m
$m
$m
$m
$m
$m
Derivatives, trading assets and trading
liabilities1
483
(295)
—
—
481
(313)
—
—
Financial assets and liabilities designated
and otherwise mandatorily measured at
fair value through profit or loss
1,750
(1,434)
—
—
1,434
(1,141)
—
—
Financial investments
—
—
49
(49)
21
(21)
47
(50)
At 31 Dec
2,233
(1,729)
49
(49)
1,936
(1,475)
47
(50)
1‘Derivatives, trading assets and trading liabilities’ are presented as one category to reflect the manner in which these instruments are risk-managed.
The sensitivity analysis aims to measure a range of fair values consistent with the application of a 95% confidence interval. Methodologies take
account of the nature of the valuation technique employed, as well as the availability and reliability of observable proxy and historical data.
When the fair value of a financial instrument is affected by more than one unobservable assumption, the above table reflects the most favourable
or the most unfavourable change from varying the assumptions individually.
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Key unobservable inputs to Level 3 financial instruments
The following table lists key unobservable inputs to Level 3 financial instruments and provides the range of those inputs at 31 December 2025.
Quantitative information about significant unobservable inputs in Level 3 valuations
Fair value
2025
2024
Assets
Liabilities
Key valuation
techniques
Key unobservable
inputs
Full range
of inputs
Full range
of inputs
$m
$m
Lower
Higher
Lower
Higher
Private equity including strategic
investments1
20,960
1
Price – Net asset value
Current Value/Cost
0
75
0
291
Structured notes
—
10,617
–  equity-linked notes
—
7,773
Model – Option model
Equity volatility
5%
132%
6%
70%
Model – Option model
Equity correlation
10%
100%
15%
100%
–  Foreign exchange-linked notes
—
862
Model – Option model
Foreign exchange
volatility
3%
56%
3%
35%
–  other structured notes
—
1,982
Derivatives
2,183
3,442
 
 
–  interest rate derivatives
745
966
 
 
    securitisation swaps
98
358
Model - Discounted cash flow
Prepayment rate
5%
10%
5%
10%
    long-dated swaptions
4
3
Model – Option model
Interest rate
volatility
5%
20%
9%
30%
    other interest rate derivatives
643
605
–  Foreign exchange derivatives
678
640
    Foreign exchange options
320
299
Model – Option model
Foreign exchange
volatility
0%
22%
1%
26%
    other foreign exchange derivatives
358
341
–  equity derivatives
584
1,315
    long-dated single stock options
110
476
Model – Option model
Equity volatility
5%
100%
6%
118%
    other equity derivatives
474
839
–  credit derivatives
146
498
    total return swaps
56
345
Market proxy
Price
68
102
0
104
    other credit derivatives
90
153
–  other derivatives
30
23
Bonds
7,475
41
Market proxy
Price
0
3,342
0
140
Loans
3,253
11
Market proxy
Price
0
112
0
103
Other portfolios2
2,574
130
At 31 Dec 2025
36,445
14,242
1‘Private equity including strategic investments’ includes private equity, private credit and private equity fund, primarily held as part of our Insurance business and
for strategic investments.
2‘Other portfolios’ includes a range of smaller asset holdings.
The range of values above shows the highest and lowest unobservable inputs that have been used to value significant Level 3 exposures and
reflects the diversity of the underlying financial instruments in scope and subsequent differentiation in pricing.
Private equity including strategic investments
The ‘private equity’ holdings include private equity investments and private equity funds held as limited partners. The key unobservable input is the
current value of the underlying positions, determined using valuation techniques in line with the International Private Equity and Venture Capital
Valuation Guidelines. The inputs represented are an appropriate range of inputs normalised across different exposure types.
Prepayment rates
Prepayment rates are a measure of the anticipated future speed at which a loan portfolio will be repaid in advance of the due date. They vary
according to the nature of the loan portfolio and expectations of future market conditions, and may be estimated using a variety of evidence, such
as prepayment rates implied from proxy observable security prices, current or historical prepayment rates and macroeconomic modelling.
Market proxy
Market proxy pricing may be used for an instrument when specific market pricing is not available but there is evidence from instruments with
common characteristics. In some cases it might be possible to identify a specific proxy, but more generally evidence across a wider range of
instruments will be used to understand the factors that influence current market pricing and the manner of that influence.
Volatility
Volatility is a measure of the anticipated future variability of a market price. It varies by underlying reference market price, and by strike and
maturity of the option. Certain volatilities, typically those of a longer-dated nature, are unobservable and are estimated from observable data. The
range of unobservable volatilities reflects the wide variation in volatility inputs by reference market price.
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Correlation
Correlation is a measure of the inter-relationship between two market variables and is expressed as a number between minus one and one. It is
used to value more complex instruments where the payout is dependent upon more than one market variable. There is a wide range of
instruments for which correlation is an input, and consequently a wide range of both same-asset correlations and cross-asset correlations is used.
In general, the range of same-asset correlations will be narrower than the range of cross-asset correlations.
Unobservable correlations may be estimated based upon a range of evidence, including consensus pricing services, HSBC trade prices, proxy
correlations and examination of historical price relationships. The range of unobservable correlations quoted in the table reflects the wide variation
in correlation inputs by market variable pair.
Inter-relationships between key unobservable inputs
Key unobservable inputs to Level 3 financial instruments may not be independent of each other. As described above, market variables may be
correlated. This correlation typically reflects the manner in which different markets tend to react to macroeconomic or other events. Furthermore,
the effect of changing market variables on the HSBC portfolio will depend on HSBC’s net risk position in respect of each variable.
HSBC Holdings
Basis of valuing HSBC Holdings’ financial assets and liabilities measured at fair value
2025
2024
Level 1
Level 2
Total
Level 1
Level 2
Total
$m
$m
$m
$m
$m
$m
Recurring fair value measurement
Assets at 31 Dec
Trading assets
—
—
—
709
—
709
Financial assets with HSBC undertakings designated and
otherwise mandatorily measured at fair value
—
67,217
67,217
—
61,286
61,286
Derivatives
—
1,942
1,942
—
3,054
3,054
Liabilities at 31 Dec
Financial liabilities designated at fair value
—
52,907
52,907
—
41,582
41,582
Derivatives
—
3,451
3,451
—
5,340
5,340
13
Fair values of financial instruments not carried at fair value
Fair values of financial instruments not carried at fair value and bases of valuation
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
108,462
—
107,906
546
108,452
Loans and advances to customers1
988,399
—
14,363
966,429
980,792
Reverse repurchase agreements – non-trading
298,392
—
298,545
—
298,545
Financial investments – at amortised cost
182,089
148,925
31,475
1,283
181,683
Liabilities
Deposits by banks
97,952
—
97,981
—
97,981
Customer accounts
1,786,828
—
1,787,070
—
1,787,070
Repurchase agreements – non-trading
204,974
—
204,966
—
204,966
Debt securities in issue
99,675
—
99,530
1,490
101,020
Subordinated liabilities
28,406
—
31,617
—
31,617
At 31 Dec 2024
Assets
Loans and advances to banks
102,039
—
101,007
1,048
102,055
Loans and advances to customers
930,658
—
11,435
906,208
917,643
Reverse repurchase agreements – non-trading
252,549
—
252,598
—
252,598
Financial investments – at amortised cost
153,973
120,843
29,493
724
151,060
Liabilities
Deposits by banks
73,997
—
74,025
—
74,025
Customer accounts
1,654,955
—
1,655,151
—
1,655,151
Repurchase agreements – non-trading
180,880
—
180,873
—
180,873
Debt securities in issue
105,785
—
105,689
954
106,643
Subordinated liabilities
25,958
—
28,262
—
28,262
1Includes loans and advances to customers with observable inputs and short maturities.
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Fair values of financial instruments not carried at fair value and bases of valuation – assets and disposal groups held for sale
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
45
—
45
—
45
Loans and advances to customers
3,493
—
1,303
2,190
3,493
Reverse repurchase agreements – non-trading
—
—
—
—
—
Financial investments – at amortised cost
93
84
9
—
93
Liabilities
Deposits by banks
131
—
131
—
131
Customer accounts
16,173
—
16,173
—
16,173
Repurchase agreements – non-trading
—
—
—
—
—
Debt securities in issue
495
—
495
—
495
Subordinated liabilities
—
—
—
—
—
At 31 Dec 2024
Assets
Loans and advances to banks
144
—
144
—
144
Loans and advances to customers
977
—
11
966
977
Reverse repurchase agreements – non-trading
—
—
—
—
—
Financial investments – at amortised cost
—
—
—
—
—
Liabilities
Deposits by banks
—
—
—
—
—
Customer accounts
5,399
—
5,399
—
5,399
Repurchase agreements – non-trading
—
—
—
—
—
Debt securities in issue
—
—
—
—
—
Subordinated liabilities
—
—
—
—
—
Other financial instruments not carried at fair value are typically short term in nature and reprice to current market rates frequently. Accordingly,
their carrying amount is a reasonable approximation of fair value. They include cash and balances at central banks, Hong Kong Government
certificates of indebtedness and Hong Kong currency notes in circulation, all of which are measured at amortised cost.
Valuation
Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This may be different from the theoretical economic value attributed from an instrument’s cash flows over
its expected future life. Our valuation methodologies and assumptions in determining fair values for which no observable market prices are
available may differ from those of other companies.
Loans and advances to banks and customers
To determine the fair value of loans and advances to banks and customers, loans are segregated into portfolios of similar characteristics. Fair
values are based on observable market transactions, when available. When they are unavailable, fair values are estimated using valuation models
incorporating a range of input assumptions. These assumptions may include: value estimates from third-party brokers reflecting over-the-counter
trading activity; forward-looking discounted cash flow models, taking account of expected customer prepayment rates, using assumptions that
HSBC believes are consistent with those that would be used by market participants in valuing such loans; recent origination pricing for similar
loans; and trading inputs from other market participants including observed primary and secondary trades. From time to time, we may engage a
third-party valuation specialist to measure the fair value of a pool of loans.
The fair value of loans reflects expected credit losses at the balance sheet date and estimates of market participants’ expectations of credit losses
over the life of the loans, and the fair value effect of repricing between origination and the balance sheet date. For credit-impaired loans, fair value
is estimated by discounting the future cash flows over the time period they are expected to be recovered.
Financial investments
The fair values of listed financial investments are determined using bid market prices. The fair values of unlisted financial investments are
determined using valuation techniques that incorporate the prices and future earnings streams of equivalent quoted securities.
Deposits by banks and customer accounts
The fair values of on-demand deposits are approximated by their carrying amount. For deposits with longer-term maturities, fair values are
estimated using discounted cash flows, applying current rates offered for deposits of similar remaining maturities.
Debt securities in issue and subordinated liabilities
Fair values in debt securities in issue and subordinated liabilities are determined using quoted market prices at the balance sheet date where
available, or by reference to quoted market prices for similar instruments.
Repurchase and reverse repurchase agreements – non-trading
Carrying amounts of repurchase and reverse repurchase agreements that are held on a non-trading basis provide approximate fair values. This is
due to the fact that balances are generally short dated.
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HSBC Holdings
The methods used by HSBC Holdings to determine fair values of financial instruments for the purposes of measurement and disclosure are
described above.
Fair values of HSBC Holdings’ financial instruments not carried at fair value on the balance sheet
2025
2024
Carrying amount
Fair value1
Carrying amount
Fair value1
$m
$m
$m
$m
Assets at 31 Dec
Loans and advances to HSBC undertakings
40,500
41,288
37,677
38,359
Financial investments – at amortised cost
15,470
15,470
10,328
10,335
Liabilities at 31 Dec
Debt securities in issue
69,024
70,533
64,320
65,123
Subordinated liabilities
26,114
29,073
23,548
25,911
1Fair values (other than Financial investments which are Level 1) were determined using valuation techniques with observable inputs (Level 2).
14Financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
2025
2024
Designated at
fair value
Mandatorily
measured at
fair value
Total
Designated
at fair value
Mandatorily
measured at
fair value
Total
$m
$m
$m
$m
$m
$m
Securities
2,820
119,381
122,201
2,406
104,093
106,499
–  treasury and other eligible bills
778
212
990
732
393
1,125
–  debt securities
2,042
68,728
70,770
1,674
59,904
61,578
–  equity securities
—
50,441
50,441
—
43,796
43,796
Loans and advances to banks and customers
1,122
7,047
8,169
951
6,120
7,071
Other
—
2,693
2,693
—
2,199
2,199
At 31 Dec
3,942
129,121
133,063
3,357
112,412
115,769
15
Derivatives
Notional contract amounts and fair values of derivatives by product contract type held by HSBC
Notional contract amount
Fair value – Assets
Fair value – Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
13,639,520
108,585
111,012
1,233
112,245
110,786
662
111,448
Interest rate
17,272,408
423,761
190,296
4,946
195,242
182,569
4,565
187,134
Equities
908,649
—
15,660
—
15,660
21,311
—
21,311
Credit
164,160
—
1,294
—
1,294
2,212
—
2,212
Commodity and other
191,761
—
10,542
—
10,542
12,992
—
12,992
Gross total fair values
32,176,498
532,346
328,804
6,179
334,983
329,870
5,227
335,097
Offset (Note 31)
(97,243)
(97,243)
At 31 Dec 2025
32,176,498
532,346
328,804
6,179
237,740
329,870
5,227
237,854
Foreign exchange
11,706,591
82,161
142,055
2,738
144,793
133,910
75
133,985
Interest rate
17,316,173
406,109
209,794
4,790
214,584
212,980
4,930
217,910
Equities
768,732
—
17,116
—
17,116
20,643
—
20,643
Credit
143,136
—
1,756
—
1,756
1,769
—
1,769
Commodity and other
118,180
—
3,134
—
3,134
2,887
—
2,887
Gross total fair values
30,052,812
488,270
373,855
7,528
381,383
372,189
5,005
377,194
Offset (Note 31)
(112,746)
(112,746)
At 31 Dec 2024
30,052,812
488,270
373,855
7,528
268,637
372,189
5,005
264,448
The notional contract amounts of derivatives held for trading purposes and derivatives designated in hedge accounting relationships indicate the
nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk.
Notional contract amounts and fair values of derivatives by product contract type held by HSBC Holdings with subsidiaries
Notional contract amount
Assets
Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
48,660
681
570
10
580
941
—
941
Interest rate
21,304
91,600
801
561
1,362
358
2,152
2,510
At 31 Dec 2025
69,964
92,281
1,371
571
1,942
1,299
2,152
3,451
Foreign exchange
51,437
—
796
—
796
1,015
—
1,015
Interest rate
30,535
90,074
1,544
714
2,258
487
3,838
4,325
At 31 Dec 2024
81,972
90,074
2,340
714
3,054
1,502
3,838
5,340
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Use of derivatives
For details regarding the use of derivatives, see page 202 under ‘Market risk’.
Trading derivatives
Most of HSBC’s derivative transactions relate to sales and trading activities. Sales activities include the structuring and marketing of derivative
products to customers to enable them to take, transfer, modify or reduce current or expected risks. Trading activities include market-making and
risk management. Market-making entails quoting bid and offer prices to other market participants for the purpose of generating revenue based on
spread and volume. Risk management activity is undertaken to manage the risk arising from client transactions, with the principal purpose of
retaining client margin. Other derivatives classified as held for trading include non-qualifying hedging derivatives.
Substantially all of HSBC Holdings’ derivatives entered into with subsidiaries are managed in conjunction with financial liabilities.
Hedge accounting derivatives
HSBC applies hedge accounting to manage the following risks: interest rate and foreign exchange risks. Further details of how these risks arise
and how they are managed by the Group can be found in the ‘Risk review’.
Hedged risk components
HSBC designates a portion of cash flows of a financial instrument or a group of financial instruments for a specific interest rate or foreign currency
risk component in a fair value or cash flow hedge. The designated risks and portions are either contractually specified or otherwise separately
identifiable components of the financial instrument that are reliably measurable. Risk-free or benchmark interest rates generally are regarded as
being both separately identifiable and reliably measurable, except for the Interest Rate Benchmark Reform Phase 2 transition where HSBC
designates alternative benchmark rates as the hedged risk which may not have been separately identifiable upon initial designation, provided
HSBC reasonably expects it will meet the requirement within 24 months from the first designation date. The designated risk components account
for a significant portion of the overall changes in fair value or cash flows of the hedged items.
HSBC uses net investment hedges to hedge the structural foreign exchange risk related to net investments in foreign operations including
subsidiaries and branches whose functional currencies are different from that of the parent. When hedging with foreign exchange forward
contracts, the spot rate component of the foreign exchange risk is designated for an amount of net assets as the hedged risk.
Sources of hedge ineffectiveness may arise from basis risk, including but not limited to the discount rates used for calculating the fair value of
derivatives, hedges using instruments with a non-zero fair value, and notional and timing differences between the hedged items and hedging
instruments.
Fair value hedges
HSBC enters into fixed-for-floating interest rate swaps to manage the exposure to changes in fair value caused by movements in market interest
rates on certain fixed-rate financial instruments that are not measured at fair value through profit or loss, including debt securities held and issued.
HSBC hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Interest rate4
233,741
3,851
4,283
Derivatives
(661)
At 31 Dec 2025
233,741
3,851
4,283
(661)
Interest rate4
190,332
4,180
4,411
Derivatives
(449)
At 31 Dec 2024
190,332
4,180
4,411
(449)
1The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2The notional amount of non-dynamic fair value hedges is equal to $76,349m (2024: $71,916m), of which the weighted-average maturity date is April 2032 and
the weighted-average swap rate is 3.15% (2024: 3.24%).
3Used in effectiveness testing, which uses the full fair value change of the hedging instrument not excluding any component.
4The hedged risk ‘interest rate’ includes inflation risk.
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HSBC hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in fair
value2
Recognised
in profit and
loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Interest rate3
115,156
(1,091)
Financial investments -
measured at fair value
through other
comprehensive income
1,513
(2)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
2,845
31
Financial investments -
measured at amortised
cost
18
26,052
62
—
Loans and advances to
customers
157
—
—
Reverse repurchase
agreements – non-
trading
—
53,482
(370)
Debt securities in issue
(586)
201
—
Deposits by banks
2
2,237
—
Customer accounts
1
25,818
(610)
Subordinated liabilities4
(446)
At 31 Dec 2025
144,053
81,738
(998)
(980)
659
(2)
Interest rate3
93,055
(2,701)
Financial investments -
measured at fair value
through other
comprehensive income
(728)
(8)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
492
11
Financial investments -
measured at amortised
cost
(14)
13,915
(104)
Loans and advances to
customers
16
—
—
Reverse repurchase
agreements – non-
trading
—
72,576
(1,800)
Debt securities in issue
1,110
207
—
Customer accounts
—
1,205
(266)
Subordinated liabilities
57
At 31 Dec 2024
107,462
73,988
(2,794)
(2,066)
441
(8)
1The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were liabilities of $257m (2024: $311m) for FVOCI assets and assets of $733m (2024: $745m) for debt issued.
2Used in effectiveness testing, which comprise an amount attributable to the designated hedged risk that can be a risk component.
3The hedged risk ‘interest rate’ includes inflation risk.
4From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
HSBC Holdings hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Foreign currency
681
10
—
Derivatives
9
Interest rate
91,600
561
2,152
Derivatives
1,128
At 31 Dec 2025
92,281
571
2,152
1,137
Foreign currency
—
—
—
Derivatives
—
Interest rate
90,074
714
3,838
Derivatives
(1,103)
At 31 Dec 2024
90,074
714
3,838
(1,103)
1The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2The notional amount of non-dynamic fair value hedges is equal to $92,281m (2024: $90,074m), of which the weighted-average maturity date is July 2031 and
the weighted-average swap rate is 2.76% (2024: 2.78%). The majority of these hedges are internal to the Group.
3Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
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HSBC Holdings hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in
fair value2
Recognised in
profit
and loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
666
—
(9)
—
Investment in
subsidiaries
(9)
Interest rate
—
55,770
—
(710)
Debt securities in
issue
(870)
(7)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
—
24,488
—
(361)
Subordinated
liabilities3
(447)
9,225
—
(39)
—
Loans and
advances to banks
183
At 31 Dec 2025
9,891
80,258
(48)
(1,072)
(1,144)
(7)
Foreign currency
—
—
—
—
Investment in
subsidiaries
—
Interest rate
—
78,402
—
(2,423)
Debt securities
in issue
861
(9)
Net income from
financial instruments
held for trading or
managed on a fair   
value basis
7,769
—
(244)
—
Loans and
advances to banks
233
At 31 Dec 2024
7,769
78,402
(244)
(2,423)
1,094
(9)
1The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were assets of $1,142m (2024: $1,216m) for debt issued.
2Used in effectiveness testing, comprising amount attributable to the designated hedged risk that can be a risk component.
3From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
For some debt securities held, HSBC manages interest rate risk in a dynamic risk management strategy. The assets in scope of this strategy are
high-quality fixed-rate debt securities, which may be sold to meet liquidity and funding requirements.
The interest rate risk of the HSBC fixed-rate debt securities issued is managed in a non-dynamic risk management strategy.
Cash flow hedges
HSBC’s cash flow hedging instruments consist principally of interest rate swaps and cross-currency swaps that are used to manage the variability
in future interest cash flows of non-trading financial assets and liabilities, arising due to changes in market interest rates and foreign-currency basis.
HSBC applies macro cash flow hedging for interest rate risk exposures on portfolios of replenishing current and forecasted issuances of non-
trading assets and liabilities that bear interest at variable rates, including rolling such instruments. The amounts and timing of future cash flows,
representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities on the basis of their contractual
terms and other relevant factors, including estimates of prepayments and defaults. The aggregate cash flows representing both principal balances
and interest cash flows across all portfolios are used to determine the effectiveness and ineffectiveness. Macro cash flow hedges are considered
to be dynamic hedges.
HSBC also hedges the variability in future cash flows on foreign-denominated financial assets and liabilities arising due to changes in foreign
exchange market rates with cross-currency swaps, which are considered dynamic hedges.
Hedging instrument by hedged risk
Hedging instrument
Hedged item
Ineffectiveness
Carrying amount
Change in
fair value2
Change in fair
value3
Recognised in
profit
and loss
Profit and loss
presentation
Notional
amount1
Assets
Liabilities
Balance sheet
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
62,334
1,138
278
Derivatives
(376)
(376)
—
Net income from
financial
instruments held for
trading or managed
on a fair value basis
Interest rate
190,020
1,095
282
Derivatives
1,256
1,267
(11)
At 31 Dec 2025
252,354
2,233
560
880
891
(11)
Foreign currency
47,194
2,088
68
Derivatives
2,451
2,451
—
Net income from
financial instruments
held for trading or
managed on a fair
value basis
Interest rate
215,777
619
519
Derivatives
(2,954)
(2,964)
10
At 31 Dec 2024
262,971
2,707
587
(503)
(513)
10
1The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
3Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
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Reconciliation of equity and analysis of other comprehensive income by risk type
Interest
rate
Foreign
currency
$m
$m
Cash flow hedging reserve at 1 Jan 2025
(1,056)
(23)
Fair value gains/(losses)
1,267
(376)
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
807
574
Income taxes
(541)
(31)
Others
(49)
(2)
Cash flow hedging reserve at 31 Dec 2025
428
142
Cash flow hedging reserve at 1 Jan 2024
(901)
(132)
Fair value gains/(losses)
(2,964)
2,451
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
2,529
(2,430)
Income taxes
81
1
Others
199
87
Cash flow hedging reserve at 31 Dec 2024
(1,056)
(23)
1Hedged items that have affected profit or loss are primarily recorded within interest income.
Net investment hedges
The Group applies hedge accounting in respect of certain net investments in non-US dollar functional currency foreign operations for changes in
spot exchange rates only. Hedging could be undertaken for Group structural exposure to changes in the US dollar to foreign currency exchange
rates using forward foreign exchange contracts or by financing with foreign currency borrowings. An economic relationship exists between the
hedged net investment and hedging instrument due to the shared foreign currency risk exposure. For further details of our structural foreign
exchange exposures, see page .
The aggregate positions at the reporting date and the performance indicators of both live and de-designated hedges are summarised below.
Hedges of net investment in foreign operations
Carrying amount
Nominal
amount
Amounts
recognised
in OCI1
Change in
fair value2
Hedge ineffectiveness
recognised in income
statement
Derivative
assets
Derivative
liabilities
Description of hedged risk
$m
$m
$m
$m
$m
$m
2025
Pound sterling-denominated structural foreign exchange
58
(188)
17,114
(291)
(1,124)
—
Swiss franc-denominated structural foreign exchange
—
(7)
615
13
(76)
—
Hong Kong dollar-denominated structural foreign exchange
7
—
5,761
(29)
(2)
—
Other structural foreign exchange3
30
(189)
22,761
116
(791)
—
Total
95
(384)
46,251
(191)
(1,993)
—
2024
Pound sterling-denominated structural foreign exchange
397
(1)
15,407
833
229
—
Swiss franc-denominated structural foreign exchange
10
—
556
89
40
—
Hong Kong dollar-denominated structural foreign exchange
1
(3)
5,844
(27)
(26)
—
Other structural foreign exchange3
242
(3)
13,160
907
499
—
Total
650
(7)
34,967
1,803
742
—
1Amount recognised in OCI for Swiss franc includes $110m (2024: $110m) related to de-designated hedge.
2Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
3Other currencies include Euro, New Taiwan dollar, Singapore dollar, Polish zloty, South Korean won, UAE dirham, Indian rupee, Chinese renminbi, Kuwaiti dinar,
Qatari riyal, Indonesian rupiah, Thai baht, Malaysian ringgit and Philippine peso.
16Financial investments
Carrying amount of financial investments
2025
2024
$m
$m
Financial investments measured at fair value through other comprehensive income
385,122
339,193
–  treasury and other eligible bills
105,075
112,705
–  debt securities
277,867
224,496
–  equity securities
1,755
1,569
–  other instruments
425
423
Debt instruments measured at amortised cost
182,089
153,973
–  treasury and other eligible bills
23,445
22,148
–  debt securities
158,644
131,825
At 31 Dec
567,211
493,166
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Equity instruments measured at fair value through other comprehensive income
Fair value
Dividends
recognised
Type of equity instruments
$m
$m
Investments required by central institutions
634
27
Business facilitation
1,045
28
Others
76
2
At 31 Dec 2025
1,755
57
Investments required by central institutions
620
29
Business facilitation
886
29
Others
63
2
At 31 Dec 2024
1,569
60
Weighted average yields of investment debt securities
Up to 1
year
1 to 5
years
5 to 10
years
Over 10
years
Yield
Yield
Yield
Yield
%
%
%
%
Debt securities measured at fair value through other comprehensive income
US Treasury
2.9
3.7
2.3
2.3
US Government agencies
—
3.0
4.4
3.5
US Government-sponsored agencies
1.8
1.6
4.1
1.8
UK Government
—
3.8
2.6
1.9
Hong Kong Government
1.4
2.5
2.7
—
Other governments
2.8
4.2
4.3
2.2
Asset-backed securities
—
4.4
3.9
3.3
Corporate debt and other securities
3.2
3.9
4.2
1.3
Debt securities measured at amortised cost
US Treasury
3.2
3.8
3.7
2.0
US Government agencies
4.5
4.3
4.0
4.7
US Government-sponsored agencies
—
2.9
3.7
2.9
UK Government
—
3.3
3.0
—
Hong Kong Government
2.5
2.7
—
—
Other governments
3.2
3.1
2.5
8.0
Asset-backed securities
—
—
7.3
—
Corporate debt and other securities
3.2
3.4
3.8
4.8
The maturity distributions of ABSs are presented in the above table on the basis of contractual maturity dates. The weighted average yield for each
range of maturities is calculated by dividing the annualised interest income for the year ended 31 December 2025 by the book amount of debt
securities at that date. The yields do not include the effect of related derivatives.
HSBC Holdings
HSBC Holdings carrying amount of financial investments
2025
2024
$m
$m
Debt instruments measured at amortised cost
Treasury and other eligible bills
15,470
9,556
Debt securities
—
772
At 31 Dec
15,470
10,328
17
Assets pledged, collateral received and assets transferred
Assets pledged1
Financial assets pledged as collateral
2025
2024
$m
$m
Treasury bills and other eligible securities
23,482
17,713
Loans and advances to banks
16,452
14,880
Loans and advances to customers
20,416
24,524
Debt securities
124,971
91,975
Equity securities
51,213
51,642
Other
61,594
63,386
Assets pledged at 31 Dec
298,128
264,120
The value of assets pledged to secure liabilities may be greater than the book value of assets utilised as collateral. For example, in the case of
securitisations and covered bonds, the amount of liabilities issued plus mandatory over-collateralisation is less than the book value of the pool of
assets available for use as collateral. This is also the case where assets are placed with a custodian or a settlement agent that has a floating charge
over all the assets placed to secure any liabilities under settlement accounts.
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These transactions are conducted under terms that are usual and customary for collateralised transactions including, where relevant, standard
securities lending and borrowing, repurchase agreements and derivative margining. HSBC places both cash and non-cash collateral in relation to
derivative transactions.
Hong Kong currency notes in circulation are secured by the deposit of funds in respect of which the Hong Kong Government certificates of
indebtedness are held.
Financial assets pledged as collateral which the counterparty has the right to sell or repledge
2025
2024
$m
$m
Trading assets
95,938
84,863
Financial investments
64,163
47,248
At 31 Dec
160,101
132,111
Collateral received1
The fair value of assets accepted as collateral relating primarily to standard securities lending, reverse repurchase agreements, swaps of securities
and derivative margining that HSBC is permitted to sell or repledge in the absence of default was $647.7bn (2024: $515.3bn). The fair value of any
such collateral sold or repledged was $378.8bn (2024: $293.5bn).
HSBC is obliged to return equivalent securities. These transactions are conducted under terms that are usual and customary to standard securities
lending, reverse repurchase agreements and derivative margining.
Assets transferred1
The assets pledged include transfers to third parties that do not qualify for derecognition, including secured borrowings such as debt securities
held by counterparties as collateral under repurchase agreements and equity securities lent under securities lending agreements, as well as swaps
of equity and debt securities. For secured borrowings, the transferred asset collateral continues to be recognised in full while a related liability,
reflecting the Group’s obligation to repurchase the assets for a fixed price at a future date, is also recognised on the balance sheet.
Where securities are swapped, the transferred asset continues to be recognised in full. There is no associated liability as the non-cash collateral
received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the duration of the
transaction, and remains exposed to interest rate risk and credit risk on these pledged assets.
Transferred financial assets not qualifying for full derecognition and associated financial liabilities
Carrying amount of:
Transferred
assets
Associated
liabilities
$m
$m
At 31 Dec 2025
Repurchase agreements
109,524
96,980
Securities lending agreements
62,679
2,005
At 31 Dec 2024
Repurchase agreements
83,585
75,625
Securities lending agreements
58,232
4,361
1Excludes assets classified as held for sale.
18
Interests in associates and joint ventures
Carrying amount of HSBC’s interests in associates and joint ventures
2025
2024
$m
$m
Interests in associates
29,469
28,777
Interests in joint ventures
108
132
Interests in associates and joint ventures
29,577
28,909
Principal associates of HSBC
2025
2024
Carrying amount
Fair value1
Carrying amount
Fair value1
$m
$m
$m
$m
Bank of Communications Co., Limited
22,456
11,713
22,367
11,631
Saudi Awwal Bank
5,511
5,499
5,027
5,705
1Principal associates are listed on recognised stock exchanges. The fair values are based on the quoted market prices of the shares held (Level 1 in the fair value
hierarchy).
Principal associates of HSBC (continued)
At 31 Dec 2025
Jurisdiction of incorporation
and principal place of business
Principal activity
HSBC’s interest1
%
Bank of Communications Co., Limited
Mainland China
Banking services
16.00
Saudi Awwal Bank
Saudi Arabia
Banking services
31.00
1The Group’s interest in Bank of Communications Co., Limited (‘BoCom’) reduced from 19.03% to 16.00% following the completion of a capital issuance by
BoCom on 17 June 2025. There has been no percentage change in HSBC’s shareholding interest in the Saudi Awwal Bank when compared with 2024.
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Share of profit in associates and joint ventures
2025
2024
2023
$m
$m
$m
Bank of Communications Co., Limited
2,132
2,241
2,250
Saudi Awwal Bank
665
596
538
Other associates and joint ventures
114
75
19
Share of profit in associates and joint ventures
2,911
2,912
2,807
Less: Impairment of interest in BoCom
(1,000)
—
(3,000)
A list of all associates and joint ventures is set out in Note 38.
Bank of Communications Co., Limited
The results for the period ended 31 December 2025 included a $1.1bn loss from the dilution of our shareholding and a $1.0bn impairment to
the carrying amount of the Group’s interest in BoCom.
The Group’s interest in BoCom reduced from 19.03% to 16.00% following the completion of a capital issuance by BoCom on 17 June 2025. The
dilution of the Group’s interest resulted in a pre-tax loss of $1.1bn, recognised in 'Other operating income/(expense)' in the Group’s consolidated
income statement. The loss is not deductible for tax purposes as a consequence of our shareholding in BoCom being held for long-term
investment purposes.
In addition, the Group’s impairment test on the carrying amount at 30 June 2025 resulted in an impairment of $1.0bn, as the recoverable amount
as determined by a value-in-use calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in
associate'. Consistent with prior periods, our value-in-use (‘VIU’) calculation uses both historical experience and market participant views to
estimate future cash flows, relevant discount rates and associated capital assumptions. No further impairment (or reversal) was required for the
period from 1 July 2025 to 31 December 2025 based on results of the quarterly impairment tests performed.
The impacts of the capital issuance have been incorporated in both the carrying amount and the VIU. The VIU assumptions incorporate updated
expectations, taking into account both the impact of the capital issuance on BoCom’s financial position, and the latest macroeconomic, policy
and industry factors in mainland China.
We remain strategically committed to mainland China and continue our valued, strategic partnership with BoCom.
HSBC’s Interest
The Group’s investment in BoCom continues to be classified as an associate. Significant influence in BoCom was established with consideration of
all relevant factors, including the Group’s latest shareholding, representation on BoCom’s Board of Directors, and participation in a resource and
experience sharing agreement (‘RES’). Under the RES, HSBC staff have been seconded to assist in the maintenance of BoCom’s financial and
operating policies. Investments in associates are recognised using the equity method of accounting in accordance with IAS 28 ‘Investments in
Associates and Joint Ventures’, whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the
Group’s share of associate’s net assets. An impairment test is required if there is any indication of impairment or reversal.
The fair value of the Group’s investment in BoCom had been below its carrying amount. No impairment (or reversal) was required for the year
ended 31 December 2024.
If the Group did not have significant influence in BoCom, the investment would be carried at fair value rather than the current carrying amount.
Impairment testing
The Group’s impairment test at 30 June 2025 concluded that there were indications of impairment. As part of this assessment, an impairment test
on the carrying amount with an updated VIU calculation was performed which resulted in an impairment of $1.0bn, as the recoverable amount as
determined by the VIU calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in
associate'. The impairment loss is not deductible for tax purposes.
At 31 December 2025, no further impairment (or reversal) was required and the investment had a carrying amount of $22.5bn (2024: $22.4bn) and
a fair value of $11.7bn (2024: $11.6bn).
Basis of recoverable amount
The VIU calculation uses discounted cash flow projections based on management’s best estimates of future earnings available to ordinary
shareholders prepared in accordance with IAS 36 ’Impairment of Assets’. Those cash flows used estimates based on BoCom’s current condition
and so do not include estimated cash flows arising from uncommitted future actions that may affect the performance of the investment which will
be considered at the relevant time should they arise. Significant management judgement is required in arriving at the best estimate.
The VIU may increase or decrease depending on the effect of changes to model inputs. The main model inputs are described below and are based
on factors observed at period-end. The factors that could result in increases or reductions in the VIU include changes in BoCom’s short-term
performance, a change in regulatory capital requirements or revisions to the forecast of BoCom’s future profitability.
There are two main components to the VIU calculation. The first component is management’s best estimate of BoCom’s earnings. Forecast
earnings growth over the short to medium term continues to be lower than recent (within the last five years) actual growth, and reflects the impact
of recent macroeconomic, policy and industry factors in mainland China. As a result of management‘s intent to continue to retain its investment for
the long term, earnings beyond the short to medium term are extrapolated into perpetuity using a long-term growth rate to derive a terminal value,
which comprises the majority of the VIU. The second component is the capital maintenance charge (‘CMC’), which is management’s forecast of
the earnings that need to be withheld in order for BoCom to meet capital requirements over the forecast period, meaning that CMC is deducted
when arriving at management’s estimate of future earnings available to ordinary shareholders. The CMC reflects the revised capital requirements
arising from revisions of the ratio of risk-weighted assets to total assets assumption. The principal inputs to the CMC calculation include estimates
of asset growth, the ratio of risk-weighted assets to total assets and the expected capital requirements. An increase in the CMC as a result of a
change to these principal inputs would reduce VIU. Additionally, management considers other qualitative factors, to ensure that the inputs to the
VIU calculation remain appropriate.
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Key assumptions in value in use calculation
We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36:
–Long-term profit growth rate: 3.00% (2024: 3.00%) for periods after 2029, which does not exceed forecast GDP growth in mainland China and
is similar to forecasts by external analysts.
–Long-term asset growth rate: 3.25% (2024: 3.25%) for periods after 2029, which is the rate that assets are expected to grow to achieve long-
term profit growth of 3.00%.
–Discount rate: 8.08% (2024: 8.53%), which is based on a capital asset pricing model (‘CAPM’), using market data. The discount rate used is
within the range of 7.1% to 8.7% (2024: 7.1% to 8.8%) indicated by the CAPM, and decreased primarily as a consequence of a market-driven
reduction in the risk-free rate.
–Expected credit losses (‘ECL’) as a percentage of loans and advances to customers: ranges from 0.67% to 0.87% (2024: 0.74% to 0.93%) in
the short to medium term, reflecting reported credit experience in mainland China. For periods after 2029, the ratio is 0.87% (2024: 0.97%),
reflecting the anticipated continuation of BoCom’s lower average ECL as a percentage of loans and advances to customers experienced in
recent years.
–Risk-weighted assets as a percentage of total assets: ranges from 62.0% to 64.2% (2024: 62.0% to 62.5%) in the short to medium term,
reflecting higher risk-weights in the short term followed by an expected reversion to recent historical levels. For periods after 2029, the ratio is
62.0% (2024: 62.0%), which continues to be similar to BoCom’s actual results in recent years.
–Loans and advances to customers growth rate: ranges from 7.5% to 8.0% (2024: 7.5% to 9.5%) in the short to medium term, which is similar
to BoCom’s actual results in recent years. Decreases in the forecast growth rate of loans and advances to customers result in lower forecast
ECL.
–Operating income growth rate: ranges from 0.5% to 7.4% (2024: 0.1% to 9.9%) in the short to medium term, which is similar to BoCom’s
actual results in recent years. The projected net interest income over the short to medium term reduced to reflect expected pressure on net
interest margin compared with the prior period, which led to a net reduction in the VIU.
–Cost-income ratio: ranges from 34.8% to 40.0% (2024: 34.6% to 39.8%) in the short to medium term. These ratios are similar to BoCom’s
actual results in recent years.
–Long-term effective tax rate: 15.0% (2024: 15.0%) for periods after 2029, which is higher than the recent historical average, and aligned to the
minimum tax rate as proposed by the OECD/Group of 20 (‘G20’) Inclusive Framework on Base Erosion and Profit Shifting.
–Capital requirements: capital adequacy ratio of 12.5% (2024: 12.5%) and tier 1 capital adequacy ratio of 9.5% (2024: 9.5%), based on BoCom’s
capital risk appetite and capital requirements respectively.
The following table illustrates the impact on the carrying amount of reasonably possible changes to key assumptions used in the VIU calculation.
This reflects the sensitivity of each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may
occur at the same time. The selected rates of reasonably possible changes to key assumptions are based on external analysts’ forecasts, statutory
requirements and other relevant external data sources, which can change period to period. Unless specified, favourable and unfavourable changes
are consistently applied throughout short-to-medium and long-term forecast years, based on a straight-line average of the base case assumption.
Sensitivity of the carrying amount to the key VIU assumptions
Favourable change
Unfavourable change
Reversal of impairment/
VIU headroom
Impairment
bps
$bn
bps
$bn
At 31 Dec 2025
Long-term profit growth rate
30
2.1
(104)
(6.0)
Long-term asset growth rate
(129)
9.1
5
(0.5)
Discount rate
(98)
4.6
232
(5.5)
Expected credit losses as a percentage of loans and advances to
customers1
2025 to 2029: 64
2030 onwards: 84
1.8
2025 to 2029: 90
2030 onwards: 98
(4.7)
Risk-weighted assets as a percentage of total assets
(184)
0.8
182
(1.7)
Loans and advances to customers growth rate
(138)
1.8
455
(7.1)
Operating income growth rate
101
3.7
(100)
(3.8)
Cost-income ratio
(281)
0.4
292
(6.4)
Long-term effective tax rate
(426)
1.7
1,000
(4.0)
Capital requirements – capital adequacy ratio
—
—
363
(13.0)
Capital requirements – tier 1 capital adequacy ratio
—
—
333
(6.9)
At 31 Dec 2024
Long-term profit growth rate
55
4.0
(96)
(5.4)
Long-term asset growth rate
(121)
8.6
30
(2.8)
Discount rate
(143)
5.4
287
(6.4)
Expected credit losses as a percentage of loans and advances to
customers1
2024 to 2028: 66
2029 onwards: 91
4.0
2024 to 2028: 108
2029 onwards: 104
(4.3)
Risk-weighted assets as a percentage of total assets
(132)
0.8
234
(1.7)
Loans and advances to customers growth rate
(217)
3.4
340
(6.1)
Operating income growth rate
76
2.7
(81)
(3.3)
Cost-income ratio
(190)
0.2
380
(7.1)
Long-term effective tax rate
(426)
1.6
1,000
(4.0)
Capital requirements – capital adequacy ratio
—
—
372
(14.3)
Capital requirements – tier 1 capital adequacy ratio
—
—
270
(6.7)
1The expected credit losses as a percentage of loans and advances to customers reflect selected favourable and unfavourable rates.
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Considering the interrelationship of the changes set out in the table above, management estimates that the reasonably possible range of VIU is
$13.4bn to $31.0bn (2024: $13.5bn to $30.8bn), acknowledging that the fair value of the Group’s investment has ranged from $7.5bn to $13.1bn
over the last five years as at the date of the impairment tests. The possible range of VIU is based on impacts set out in the table above arising
from the favourable/unfavourable change in the operating income in the short to medium term, the expected credit losses as a percentage of loans
and advances to customers, and a 50bps increase/decrease in the discount rate. All other long-term assumptions, and the basis of the CMC have
been kept unchanged when determining the reasonably possible range of the VIU.
Selected financial information of BoCom
The statutory accounting reference date of BoCom is 31 December. For the year ended 31 December 2025, HSBC included the associate’s results
on the basis of the financial statements for the 12 months ended 30 September 2025, taking into account any known changes in the subsequent
period from 1 October 2025 to 31 December 2025 that would have materially affected the results.
Selected balance sheet information of BoCom
At 30 Sep
2025
2024
$m
$m
Cash and balances at central banks
104,220
99,663
Due from and placements with banks and other financial institutions
123,034
122,607
Loans and advances to customers
1,265,800
1,128,603
Other financial assets
657,196
587,721
Other assets
66,665
61,086
Total assets
2,216,915
1,999,680
Due to and placements from banks and other financial institutions
346,808
326,742
Deposits from customers
1,324,734
1,195,590
Other financial liabilities
320,154
282,894
Other liabilities
40,284
38,082
Total liabilities
2,031,980
1,843,308
Total equity
184,935
156,372
Reconciliation of BoCom’s total shareholders’ equity to the carrying amount in HSBC’s consolidated financial statements
At 30 Sep
2025
2024
$m
$m
Equity attributable to shareholders
183,347
154,748
Other equity instruments
(20,708)
(23,946)
Equity attributable to shareholders less other equity instruments
162,639
130,802
The Group's share of equity1
26,595
25,284
Impairment2
(4,139)
(2,917)
Carrying amount 
22,456
22,367
1This balance includes goodwill originally arising on acquisition and reflects the impacts from the dilution of our shareholding in BoCom as well as BoCom's
interim dividend for the six months ended 30 June 2025.
2This balance includes the impact of foreign exchange movements.
Selected income statement information of BoCom
For the 12 months ended 30 Sep
2025
2024
$m
$m
Net interest income
23,886
23,180
Net fee and commission income
5,142
5,315
Credit and impairment losses
(7,056)
(7,410)
Depreciation and amortisation
(2,772)
(2,589)
Tax expense
(1,402)
(835)
Profit for the year
13,319
12,922
Other comprehensive income
292
1,361
Total comprehensive income
13,611
14,283
Dividends received from BoCom
744
745
Saudi Awwal Bank
The Group’s investment in Saudi Awwal Bank (‘SAB’) is classified as an associate. HSBC is the largest shareholder in SAB with a shareholding of
31%. Significant influence in SAB is established via representation on the Board of Directors. Investments in associates are recognised using the
equity method of accounting in accordance with IAS 28, as described previously for BoCom.
Impairment testing
The fair value of the Group’s investment in SAB was marginally below the carrying amount as at 31 December 2025. An impairment test on the
carrying amount with a VIU calculation was performed. The recoverable amount as determined by the VIU calculation was higher than the carrying
amount using discounted cash flow projections. SAB has also had increasing profits each year. On that basis, the Group has concluded there is no
indication of impairment.
The VIU calculation was based on management’s best estimates of future earnings available to ordinary shareholders prepared in accordance with
IAS 36 ‘Impairment of Assets’. Those cash flows used estimates based on SAB’s current condition and so do not include estimated cash flows
arising from uncommitted future actions that may affect the performance of the investment, which will be considered at the relevant time should
they arise.
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19
Investments in subsidiaries 
Main subsidiaries of HSBC Holdings1
At 31 Dec 2025
Place of
incorporation or
registration
HSBC’s
interest %
Share class
Europe
HSBC Bank plc
England and Wales
100
£1 Ordinary, $0.01 Non-Cumulative Third Dollar
Preference
HSBC UK Bank plc
England and Wales
100
£1 Ordinary
HSBC Continental Europe
France
99.99
€5 Actions
Asia
Hang Seng Bank Limited2,3
Hong Kong
63.43
HK$5 Ordinary
HSBC Bank (China) Company Limited4
People’s Republic of
China
100
CNY1 Ordinary
HSBC Bank Malaysia Berhad
Malaysia
100
Ordinary no par value
HSBC Life (International) Limited
Bermuda
100
HK$1 Ordinary
The Hongkong and Shanghai Banking Corporation Limited
Hong Kong
100
Ordinary no par value
Middle East, North Africa and Türkiye
HSBC Bank Middle East Limited
United Arab Emirates
100
$1 Ordinary and $1 Preference shares
North America
HSBC Bank USA, N.A.
US
100
$100 Common and $0.01 Preference
Latin America
HSBC Mexico, S.A., Institución de Banca Múltiple,
Grupo Financiero HSBC
Mexico
99.99
MXN2 Ordinary
1Main subsidiaries are either held directly or indirectly via intermediate holding companies. There has been no material percentage change in HSBC’s
shareholding for its existing main subsidiaries since 2024.
2In addition to the strategic holding disclosed above, the Group held 0.07% (2024: 0.06%) shareholding as part of its trading books.
3Based on the latest corporate substantial shareholding notice filed with Hong Kong Exchange and Clearing Limited on 21 June 2024, the Group’s shareholding in
Hang Seng Bank on 18 June 2024 was 63.04%. Movements in our shareholding since 18 June 2024 are reflected in the above table. Hang Seng Bank became a
wholly owned subsidiary of the Group following the completion of the privatisation on 26 January 2026. See Note 37 for further details.
4Represents a wholly foreign owned limited liability company registered under the laws of People’s Republic of China.
Details of the debt, subordinated debt and preference shares issued by the main subsidiaries to parties external to the Group are included in Note
26 ‘Debt securities in issue’ and Note 29 ‘Subordinated liabilities’, respectively.
A list of all related undertakings is set out in Note 38. The principal countries and territories of operation are the same as the countries and
territories of incorporation except for HSBC Life (International) Limited, which operates mainly in Hong Kong.
HSBC is structured as a network of regional banks and locally incorporated regulated banking entities. Each bank is separately capitalised in
accordance with applicable prudential requirements and maintains a capital buffer consistent with the Group’s risk appetite for the relevant country
or region. HSBC’s capital management process is incorporated in the financial resource plan, which is approved by the Board.
HSBC Holdings is the primary provider of equity capital to its subsidiaries and also provides them with non-equity capital where necessary. These
investments are substantially funded by HSBC Holdings’ issuance of equity and non-equity capital, and by profit retention.
As part of its capital management process, HSBC Holdings seeks to maintain a balance between the composition of its capital and its investment
in subsidiaries. Subject to this, there is no current or foreseen impediment to HSBC Holdings’ ability to provide funding for such investments.
During 2025, consistent with the Group’s capital plan, the Group’s material subsidiaries did not experience any significant restrictions on paying
dividends or repaying loans and advances. Also, there are no foreseen restrictions envisaged with regard to planned dividends or payments from
material subsidiaries. However, the ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things,
their respective local regulatory capital and banking requirements, exchange controls, statutory reserves, and financial and operating performance.
The amount of guarantees by HSBC Holdings in favour of other Group entities is set out in Note 33.
Information on structured entities consolidated by HSBC where HSBC owns less than 50% of the voting rights is included in Note 20 ‘Structured
entities’. In each of these cases, HSBC controls and consolidates an entity when it is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Impairment testing of investments in subsidiaries
At each reporting period end, HSBC Holdings reviews investments in subsidiaries for indicators of impairment. An impairment is recognised when
the carrying amount exceeds the recoverable amount for that investment. The recoverable amount is the higher of the investment’s fair value less
costs of disposal and its VIU, in accordance with the requirements of IAS 36. The VIU is calculated by discounting management’s cash flow
projections for the investment. The cash flows represent the free cash flows based on the subsidiary’s binding capital requirements.
We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36:
–Management’s judgement in estimating future cash flows: The cash flow projections for each investment are based on the latest approved
plans, which include forecast capital available for distribution based on the capital requirements of the subsidiary, taking into account minimum
and core capital requirements and factoring in reasonably possible uncertainties. For the impairment test as at 31 December 2025, cash flow
projections until the end of 2030 were considered in line with our internal planning horizon. Our cash flow projections include known and
observable climate-related opportunities and costs associated with our sustainable products and operating model.
–Long-term growth rates: The long-term growth rate is used to extrapolate the free cash flows in perpetuity because of the long-term
perspective of the legal entity. The growth rate reflects long-term inflation for the country or territory within which the investment operates.
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–Discount rates: The rate used to discount the cash flows is based on the cost of capital assigned to each investment, which is derived using a
CAPM and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated as well as leverage. These variables are based on the
market’s assessment of the economic variables and management’s judgement. The discount rates for each investment are refined to reflect
the rates of inflation for the countries or territories within which the investment operates. In addition, for the purposes of testing investments
for impairment, management supplements this process by comparing the discount rates derived using the internally generated CAPM, with
cost of capital rates produced by external sources for businesses operating in similar markets. The impacts from climate risk are included to the
extent that they are observable in discount rates and asset prices.
The carrying amount of HSBC Holdings’ investments in subsidiaries was $157.7bn at 31 December 2025 (2024: $152.3bn), an increase of $5.4bn
during the year, primarily reflecting additional capital contributions of $1.9bn to HSBC Asia Holdings Limited and $0.7bn to HSBC UK Bank plc,
together with a $2.8bn impairment reversal relating to HSBC Overseas Holdings (UK) Limited. The impairment reversal was driven by improved
business performance, revenue growth and continued cost discipline, which strengthened the outlook of its principal subsidiary HSBC North
America Holdings Inc. Cumulative impairment losses recognised for HSBC Overseas Holdings (UK) Limited were $18.8bn (2024: $21.6bn), with
the carrying amount increasing to $16.8bn (2024: $14bn).
Impairment test results
Investments
Recoverable
amount
Discount
rate
Long-term
growth rate
$m
%
%
HSBC North America Holdings Inc.
At 31 Dec 2025
16,016
10.91
2.30
At 31 Dec 2024
13,264
11.00
2.25
Sensitivities of key assumptions in calculating VIU
At 31 December 2025, the recoverable amount of HSBC Overseas Holdings (UK) Limited remained sensitive to reasonably possible changes in
key assumptions impacting its principal subsidiary, HSBC North America Holdings Inc.
In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each input to
the model. These include the external range of observable discount rates, historical performance against forecast, and risks attached to the key
assumptions underlying cash flow.
The following table presents a summary of the key assumptions underlying the most sensitive inputs to the model for HSBC North America
Holdings Inc., the key risks attached to each, and details of a reasonably possible change to assumptions where, in the opinion of management,
these could result in a change in VIU.
Reasonably possible changes in key assumptions
Input
Key assumptions
Associated risks
Reasonably possible
change
Investment
HSBC North America Holdings Inc.
(subsidiary of HSBC Overseas
Holdings (UK) Limited)
Free cash flows projections
–Level of interest rates and
yield curves.
–Competitors’ positions
within the market.
–Strategic actions
relating to revenue and
costs are not achieved.
–Free cash flow
projections decrease
by 10%.
Discount rate
–Discount rate used is a
reasonable estimate of a
suitable market rate for
the profile of the
business.
–External evidence arises
to suggest that the rate
used is not appropriate
to the business.
–Discount rate
decreases by 1%.
Sensitivity of VIU to reasonably possible changes in key assumptions
In $bn (unless otherwise stated)
At 31 Dec 2025
At 31 Dec 2024
HSBC North America Holdings Inc.
VIU
16.0
13.3
Impact on VIU
100bps decrease in the discount rate – single variable1
1.8
1.5
10% decrease in forecast profitability – single variable1
(1.6)
(1.3)
1The recoverable amount of HSBC Overseas Holdings (UK) Limited represents the aggregate of recoverable amounts of the underlying subsidiaries. Single
variable sensitivity analysis on a single subsidiary may therefore not be representative of the aggregate impact of the change in the variable.
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Subsidiaries with significant non-controlling interests
2025
2024
Hang Seng Bank Limited
Proportion of ownership interests and voting rights held by non-controlling interests (%)1
36.57
36.88
Place of business
Hong Kong
Hong Kong
$m
$m
Profit attributable to non-controlling interests
770
905
Accumulated non-controlling interests of the subsidiary
7,001
6,879
Dividends paid to non-controlling interests
627
620
Summarised financial information:
–  total assets
231,786
229,069
–  total liabilities
211,124
208,908
–  net operating income before changes in expected credit losses and other credit impairment charges
5,336
5,249
–  profit for the year
2,097
2,434
–  total comprehensive income for the year
2,509
2,482
1This includes the Group’s shareholding held under trading books 0.07% (2024: 0.06%).
20Structured entities
HSBC is mainly involved with both consolidated and unconsolidated structured entities through the securitisation of financial assets, conduits and
investment funds, established either by HSBC or a third party.
Consolidated structured entities
Total assets of HSBC’s consolidated structured entities, split by entity type
Conduits
Securitisations
HSBC managed
funds
Other
Total
$bn
$bn
$bn
$bn
$bn
At 31 Dec 2025
1.8
8.6
3.5
5.9
19.8
At 31 Dec 2024
2.4
7.0
7.2
1.8
18.4
Conduits
HSBC has established and manages two types of conduits: securities investment conduits (‘SICs’) and multi-seller conduits.
Securities investment conduits
The SICs purchase highly rated ABSs to facilitate tailored investment opportunities. At 31 December 2025, HSBC’s principal SIC, Solitaire, did not
hold any ABSs (2024: $0.7bn). Solitaire was previously funded entirely by commercial paper (‘CP’) issued to HSBC. At 31 December 2025, no CP
was held by HSBC (2024: $1.0bn).
Multi-seller conduit
HSBC’s multi-seller conduit was established to provide access to flexible market-based sources of finance for its clients. Currently, HSBC bears
risk equal to the transaction-specific facility offered to the multi-seller conduit, amounting to $6.4bn at 31 December 2025 (2024: $5.2bn). First loss
protection is provided by the originator of the assets, and not by HSBC, through transaction-specific credit enhancements. A layer of loss
protection is provided by HSBC in the form of a programme-wide enhancement facility.
Securitisations
HSBC uses structured entities to securitise customer loans and advances it originates in order to diversify its sources of funding for asset
origination and capital efficiency purposes. The loans and advances are transferred by HSBC to the structured entities for cash or synthetically, and
the structured entities issue debt securities to investors. Where synthetic securitisations are used, the credit risk associated with the loan portfolio
of assets is transferred to the structured entities through loan portfolio financial guarantees.
HSBC managed funds
HSBC has established a number of money market and non-money market funds. Where it is deemed to be acting as principal rather than agent in
its role as investment manager, HSBC controls these funds.
Other
HSBC has entered into a number of transactions in the normal course of business, which include asset and structured finance transactions where
it has control of the structured entity. In addition, HSBC is deemed to control a number of third-party managed funds through its involvement as a
principal in the funds.
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Unconsolidated structured entities
The term ‘unconsolidated structured entities’ refers to all structured entities not controlled by HSBC. The Group enters into transactions with
unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities.
Nature and risks associated with HSBC interests in unconsolidated structured entities
Total asset values of the entities ($m)
Securitisations
HSBC managed
funds
Non-HSBC
managed funds
Other
Total
0–500
207
323
1,062
57
1,649
500–2,000
2
71
910
1
984
2,000–5,000
—
35
403
1
439
5,000–25,000
—
24
237
—
261
25,000+
—
6
41
—
47
Number of entities at 31 Dec 2025
209
459
2,653
59
3,380
$bn
$bn
$bn
$bn
$bn
Total assets in relation to HSBC’s interests in the unconsolidated
structured entities
9.4
12.4
21.8
2.8
46.4
–  trading assets
—
0.2
—
—
0.2
–  financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
—
7.9
19.5
—
27.4
–  loans and advances to customers
9.4
—
—
1.5
10.9
–  financial investments
—
—
0.4
—
0.4
–  assets held for sale
—
4.3
1.9
—
6.2
–  other assets
—
—
—
1.3
1.3
Total liabilities in relation to HSBC’s interests in the
unconsolidated structured entities
—
—
—
0.7
0.7
–  other liabilities
—
—
—
0.7
0.7
Other off-balance sheet commitments
—
0.3
6.5
1.3
8.1
HSBC’s maximum exposure at 31 Dec 2025
9.4
12.7
28.3
3.4
53.8
Total asset values of the entities ($m)
0–500
167
344
1,215
46
1,772
500–2,000
2
75
911
2
990
2,000–5,000
—
30
348
1
379
5,000–25,000
—
21
212
—
233
25,000+
—
2
33
—
35
Number of entities at 31 Dec 2024
169
472
2,719
49
3,409
$bn
$bn
$bn
$bn
$bn
Total assets in relation to HSBC’s interests in the unconsolidated
structured entities
5.4
12.1
25.4
2.4
45.3
–  trading assets
—
0.1
—
—
0.1
–  financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
—
7.8
22.2
—
30.0
–  loans and advances to customers
5.4
—
0.7
1.5
7.6
–  financial investments
—
0.2
0.4
—
0.6
–  assets held for sale
—
4.0
2.1
—
6.1
–  other assets
—
—
—
0.9
0.9
Total liabilities in relation to HSBC’s interests in the
unconsolidated structured entities
—
—
—
0.4
0.4
–  other liabilities
—
—
—
0.4
0.4
Other off-balance sheet commitments
—
1.0
8.1
1.3
10.4
HSBC’s maximum exposure at 31 Dec 2024
5.4
13.1
33.5
3.3
55.3
The maximum exposure to loss from HSBC’s interests in unconsolidated structured entities represents the maximum loss it could incur as a result
of its involvement with these entities regardless of the probability of the loss being incurred.
–For commitments, guarantees and written credit default swaps, the maximum exposure to loss is the notional amount of potential future
losses.
–For retained and purchased investments and loans to unconsolidated structured entities, the maximum exposure to loss is the carrying amount
of these interests at the balance sheet reporting date.
The maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements that HSBC has entered into in order to
mitigate the Group’s exposure to loss.
Securitisations
HSBC has interests in unconsolidated securitisation vehicles through holding notes issued by these entities. In addition, HSBC has investments in
ABSs issued by third-party structured entities.
HSBC managed funds
HSBC establishes and manages money market funds and non-money market investment funds to provide customers with investment
opportunities. Further information on funds under management is provided on page 94.
HSBC, as fund manager, may be entitled to receive management and performance fees based on the assets under management. HSBC may also
retain units in these funds.
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Non-HSBC managed funds
HSBC purchases and holds units of third-party managed funds in order to facilitate business and meet customer needs.
Other
HSBC has established structured entities in the normal course of business, such as structured credit transactions for customers, to provide finance
to public and private sector infrastructure projects, and for asset and structured finance transactions.
In addition to the interests disclosed above, HSBC enters into derivative contracts, reverse repos and stock borrowing transactions with structured
entities. These interests arise in the normal course of business for the facilitation of third-party transactions and risk management solutions.
HSBC sponsored structured entities
The amount of assets transferred to and income received from such sponsored structured entities during 2025 and 2024 was not significant.
21Goodwill and intangible assets
2025
2024
$m
$m
Goodwill
4,419
4,118
Other intangible assets1
8,688
8,266
At 31 Dec
13,107
12,384
1Included within other intangible assets is internally generated software with a net carrying amount of $7.5bn (2024: $7.1bn). During the year, capitalisation of
internally generated software was $3.0bn (2024: $2.5bn), impairment was $0.4bn (2024: impairment of $67m) and amortisation was $2.4bn (2024: $2.0bn).
Movement analysis of goodwill
2025
2024
$m
$m
Gross amount
At 1 Jan
18,626
19,560
Exchange differences
1,438
(962)
Reclassified to held for sale and additions1
(78)
28
At 31 Dec
19,986
18,626
Accumulated impairment losses
At 1 Jan
(14,508)
(15,237)
Exchange differences
(1,059)
716
Reclassified to held for sale1
—
13
At 31 Dec
(15,567)
(14,508)
Net carrying amount at 31 Dec
4,419
4,118
1For the year ended 31 December 2025, this includes goodwill reclassified to held for sale associated with the sale of HSBC Life (UK) Limited, the sale of HSBC
Assurance Vie (France), the sale of the retail banking business of The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka branch, and the sale of
the custody business and private banking business in Germany. For the year ended 31 December 2024, this includes goodwill arising from the acquisition of
Silkroad, offset by goodwill reclassified to held for sale associated with the sales of HSBC Bank Armenia, the private banking business in Germany, and the
planned sale of HSBC Assurances Vie (France). For further details, see Note 23.
Goodwill
Impairment testing
The Group’s impairment test in respect of goodwill allocated to each cash-generating unit (‘CGU’) is performed at 1 October each year. A review
for indicators of impairment is undertaken at each subsequent quarter-end and at 31 December 2025. No indicators of impairment were identified
as part of these reviews.
Basis of the recoverable amount
The recoverable amount of all CGUs to which goodwill has been allocated was equal to its value in use (‘VIU’) at each respective testing date. The
VIU is calculated by discounting management’s cash flow projections for the CGU. The key assumptions used in the VIU calculation for each
individually significant CGU that is not impaired are discussed below.
Key assumptions in VIU calculation – significant CGUs at 1 October 20251
Carrying
amount at
1 Oct 2025
of which
goodwill
Value in
use at 1 Oct
2025
Discount
rate
Growth
rate beyond
initial
cash flow
Carrying
amount at
1 Oct  2024
of which
goodwill
Value in
use at 1 Oct
2024
Discount
rate
Growth
rate beyond
initial cash flow
projections
$m
$m
$m
%
%
$m
$m
$m
%
%
HSBC UK
Bank plc – UK
29,022
2,639
82,529
9.3
2.1
N/A
N/A
N/A
N/A
N/A
HSBC UK
Bank plc –
WPB
N/A
N/A
N/A
N/A
N/A
12,785
2,843
27,118
10.6
2.0
1Following change in the Group’s reportable segments effective from 1 January 2025 the Group’s CGUs are the Group’s reportable segments subdivided by
main legal entities.
At 1 October 2025, aggregate goodwill of $1.8bn (1 October 2024: $1.5bn) had been allocated to CGUs that were not considered individually
significant. The Group’s CGUs do not carry on their balance sheets any significant intangible assets with indefinite useful lives, other than goodwill.
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Management’s judgement in estimating the cash flows of a CGU
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental. The cash flow projections for each CGU are based on forecast profitability plans
approved by the Board and minimum capital levels required to support the business operations of a CGU. The Board challenges and endorses
planning assumptions in light of internal capital allocation decisions necessary to support our strategy, current market conditions and
macroeconomic outlook. For the 1 October 2025 impairment test, cash flow projections until the end of 2030 were considered, in line with our
internal planning horizon. Key assumptions underlying cash flow projections reflect management’s outlook on interest rates and inflation, as well
as business strategy, including the scale of investment in technology and automation. Our cash flow projections include known and observable
climate-related opportunities and costs associated with our sustainable products and operating model. As required by IFRS Accounting Standards,
estimates of future cash flows exclude estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity
has a constructive obligation to carry out the plan, and would therefore have recognised a provision for restructuring costs.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model
(‘CAPM’) and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated. These variables are based on the market’s assessment of the
economic variables and management’s judgement. The discount rates for each CGU are refined to reflect the rates of inflation for the countries
within which the CGU operates. In addition, for the purposes of testing goodwill for impairment, management supplements this process by
comparing the discount rates derived using the internally generated CAPM, with the cost of equity rates produced by external sources for
businesses operating in similar markets. The impacts of climate risk are included to the extent that they are observable in discount rates and asset
prices.
Long-term growth rate
The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective within the Group of business
units making up the CGUs. These growth rates reflect inflation for the countries within which the CGU operates or from which it derives revenue.
Sensitivities of key assumptions in calculating VIU
At 1 October 2025, given the extent by which VIU exceeds carrying amount, HSBC UK Bank plc CGU was not sensitive to reasonably possible
adverse changes in key assumptions supporting the recoverable amount. In making an estimate of reasonably possible changes to assumptions,
management considers the available evidence in respect of each input to the VIU calculation, such as the external range of discount rates
observable, historical performance against forecast and risks attaching to the key assumptions underlying cash flow projections. None of the
remaining CGUs are individually significant.
Other intangible assets
Impairment testing
Impairment of other intangible assets is assessed in accordance with our policy explained in Note 1.2(b) by comparing the net carrying amount of
CGUs containing intangible assets with their recoverable amounts. Recoverable amounts are determined by calculating an estimated VIU or fair
value, as appropriate, for each CGU. No significant impairment was recognised during the year.
Key assumptions in VIU calculation
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of other intangible assets in the next
financial year, but does consider this to be an area that is inherently judgemental. We used a number of assumptions in our VIU calculation, in
accordance with the requirements of IAS 36:
–Management’s judgement in estimating future cash flows: We considered past business performance, current market conditions and our
macroeconomic outlook to estimate future earnings. As required by IFRS Accounting Standards, estimates of future cash flows exclude
estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity has a constructive obligation to carry
out the plan, and would therefore have recognised a provision for restructuring costs. For some businesses, this means that the benefit of
certain strategic actions may not be included in the impairment assessment, including capital releases. Our cash flow projections include
known and observable climate-related opportunities and costs associated with our sustainable products and operating model.
–Long-term growth rates: The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
the businesses within the Group.
–Discount rates: Rates are based on a combination of CAPM and market-implied calculations considering market data for the businesses and
geographies in which the Group operates. The impacts of climate risk are included to the extent that they are observable in discount rates and
asset prices.
Sensitivity of estimates relating to non-financial assets
As explained in Note 1.2(b), estimates of future cash flows for CGUs are made in the review of goodwill and non-financial assets for impairment.
Non-financial assets include other intangible assets shown above, and owned property, plant and equipment and right-of-use assets (see Note 22).
The most significant sources of estimation uncertainty are in respect of the goodwill balances disclosed above. There are no non-financial asset
balances relating to individual CGUs which involve estimation uncertainty that represents a significant risk of resulting in a material adjustment to
the results and financial position of the Group within the next financial year.
Non-financial assets are widely distributed across CGUs within the legal entities of the Group, including Corporate Centre assets that cannot be
allocated to CGUs and are therefore tested for impairment at consolidated level. The recoverable amounts of other intangible assets, owned
property, plant and equipment, and right-of-use assets cannot be lower than individual asset fair values less costs to dispose, where relevant. At
31 December 2025 none of the CGUs were sensitive to reasonably possible adverse changes in key assumptions supporting the recoverable
amount. In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each
input to the VIU calculation, such as the external range of discount rates observable, historical performance against forecast and risks attaching to
the key assumptions underlying cash flow projections.
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22Prepayments, accrued income and other assets
2025
2024
$m
$m
Prepayments and accrued income
15,778
13,781
Settlement accounts and items in course of collection from other banks
29,961
19,050
Cash collateral and margin receivables
57,706
59,488
Bullion
34,917
16,841
Endorsements and acceptances
8,695
8,093
Insurance contract assets (Note 4)
118
132
Reinsurance contract assets
5,886
4,798
Employee benefit assets (Note 5)
8,246
7,548
Right-of-use assets
2,991
2,205
Owned property, plant and equipment
9,615
9,407
Other accounts
10,881
11,397
At 31 Dec1
184,794
152,740
1Prepayments, accrued income and other assets include $120.0bn (2024: $109.3bn) of financial assets, the majority of which are measured at amortised cost.
23Assets held for sale, liabilities of disposal groups held for sale and
business acquisitions
2025
2024
$m
$m
Held for sale at 31 Dec
Disposal groups
9,713
27,126
Unallocated impairment losses1
(93)
(31)
Non-current assets held for sale
1,495
139
Assets held for sale
11,115
27,234
Liabilities of disposal groups held for sale
23,382
29,011
1This represents impairment losses in excess of the carrying value of the non-current assets in scope of IFRS 5 for measurement, recognised against the total
assets of the disposal group.
Disposal groups
Retained portfolio of home and certain other loans in France
Following the sale of our French retail banking operations on 1 January 2024, HSBC Continental Europe retained a portfolio of home and certain
other loans, with a carrying value of €7.1bn ($8.3bn) at the time of sale.  On 31 October 2025, HSBC Continental Europe completed the sale of its
retained portfolio to a consortium comprising Rothesay Life plc and CCF. Prior to their derecognition at completion, as at 30 September 2025,
related balances stood at $6.0bn in loans. The completion of the transaction resulted in the recycling of cumulative fair value losses of $1.5bn to
the income statement that were previously recognised through other comprehensive income. For the year ended 31 December 2025, we
additionally recognised a $0.1bn mark-to-market gain in ‘net income from financial instruments held for trading or managed on a fair value basis’
arising on certain non-qualifying economic hedges that were used to hedge interest rate risk on the portfolio. These non-qualifying economic
hedges were derecognised following completion of the transaction.
Other disposals
On 30 January 2026, HSBC Bank plc completed the sale of its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. Prior to
completion, as at 31 December 2025, the balances that remained classified as held for sale were $6.6bn in assets and $6.4bn in liabilities. For the
year ended 31 December 2025, we recognised a loss on disposal of $0.1bn. In the first quarter of 2026, we will recycle foreign currency translation
reserves to the income statement. These stood at a cumulative $0.2bn loss as at 31 December 2025.
On 27 November 2025, HSBC Bank Middle East Limited, Bahrain branch, completed the sale of its retail banking operations in Bahrain to Bank of
Bahrain and Kuwait B.S.C., recognising a pre-tax gain on disposal of $0.1bn.
On 31 October 2025, HSBC Continental Europe completed the sale of its French life insurance business, HSBC Assurances Vie (France), to
Matmut Société d’Assurance Mutuelle. Prior to their derecognition at completion, as at 30 September 2025, related balances stood at $28.2bn in
assets and $27.2bn in liabilities. For the year ended 31 December 2025, we recognised a $0.2bn pre-tax loss inclusive of migration costs and the
recycling of related reserves.
On 3 October 2025, HSBC Continental Europe completed the sale of its private banking business in Germany to BNP Paribas at which point we
recognised a pre-tax gain on disposal of $0.2bn. Prior to their derecognition at completion, as at 30 September 2025, related balances stood at
$1.5bn in assets and $1.5bn in liabilities.
On 24 September 2025, The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka branch, entered into a binding agreement to sell its
retail banking business to Nations Trust Bank PLC. Regulatory approvals for the transaction have now been received, and completion is expected
in the first half 2026, at which point an estimated immaterial pre-tax gain on disposal will be recognised.
On 16 September 2025, HSBC Continental Europe signed a put option agreement with CrediaBank S.A. regarding the potential sale of its majority
shareholding of 70.03% in HSBC Bank Malta plc. On 22 December 2025, pursuant to the terms of the put option agreement and following
completion of HSBC Continental Europe's employee information and consultation process in France, a Sale and Purchase Agreement for the
transaction was signed. The transaction, which remains subject to regulatory approvals, did not meet the criteria for held for sale in the fourth
quarter of 2025, given completion is now expected in the first half of 2027. The sale is expected to generate an estimated pre-tax loss of $0.4bn,
inclusive of migration costs, which we expect to recognise largely in the first half of 2026 upon classification of the disposal group as held for sale.
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On 27 July 2025, HSBC Latin America Holdings (UK) Limited entered into a binding agreement to sell HSBC Bank (Uruguay) S.A. to a subsidiary of
BTG Pactual Holding SA. The disposal group met the held for sale criteria and an immaterial loss on disposal was recognised in the third quarter of
2025, with balances remaining classified as held for sale at 31 December 2025 of $2.1bn in assets and $2.0bn in liabilities. The transaction, which
is subject to regulatory approvals, is expected to complete in the second half of 2026.
On 11 July 2025, HSBC Continental Europe, a wholly-owned subsidiary of HSBC Bank plc, reached an agreement to sell its fund administration
business, Internationale Kapitalanlagegesellschaft mbH, to BlackFin Capital Partners S.A.S. The disposal group met the held for sale criteria in the
third quarter of 2025, with immaterial balances remaining classified as held for sale at 31 December 2025. This transaction, which remains subject
to regulatory approval, is expected to complete in the second half of 2026, at which point an immaterial gain on disposal will be recognised.
On 27 June 2025, HSBC Continental Europe reached an agreement to sell its custody business in Germany to BNP Paribas. This transaction is
anticipated to be completed in a phased manner, starting in the first quarter of 2026. While client consent and related operational requirements
may extend the timing for completion of all client transfers, given the signing of a sale and purchase agreement, the disposal group met the held
for sale criteria in the second quarter of 2025, with balances remaining classified as held for sale at 31 December 2025 of $0.4bn in assets and
$12.5bn in liabilities. The sale is expected to generate an estimated pre-tax gain on disposal of $0.1bn, which will be recognised in line with
completion of client transfers.
On 25 September 2024, HSBC Bank plc reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd. The
disposal group met held for sale criteria in the fourth quarter of 2024, with balances remaining classified as held for sale at 31 December 2025 of
$0.4bn in assets and $2.1bn in liabilities. The transaction is expected to complete in the first quarter of 2026. Upon subsequent wind-down of the
entity, expected in the second half of 2026, cumulative foreign currency translation reserves and other reserves will recycle to the income
statement. At 31 December 2025, foreign currency translation reserve and other reserve losses stood at $0.1bn.
At 31 December 2025, the major classes of assets and associated liabilities of disposal groups held for sale, excluding allocated impairment losses,
were as follows:
South
Africa1
German
custody
business2
Uruguay
UK life
insurance
business
Sri Lanka
retail
banking
business
Other
Total
$m
$m
$m
$m
$m
$m
$m
Assets of disposal groups held for sale
Cash and balances at central banks
—
—
335
—
2
—
337
Trading assets
—
—
113
—
—
—
113
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
—
—
—
6,351
—
—
6,351
Derivatives
8
—
6
—
—
—
14
Loans and advances to banks
—
16
29
—
—
—
45
Loans and advances to customers 
431
323
1,314
—
101
21
2,190
Financial investments
—
—
294
—
—
—
294
Goodwill
—
—
—
—
3
—
3
Prepayments, accrued income and other assets
3
17
51
273
15
7
366
Total assets at 31 Dec 2025
442
356
2,142
6,624
121
28
9,713
Liabilities of disposal groups held for sale
Deposits by banks
—
116
15
—
—
—
131
Customer accounts 
2,056
12,316
1,369
—
430
2
16,173
Financial liabilities designated at fair value
—
—
—
1,345
—
—
1,345
Derivatives
13
—
3
—
—
—
16
Debt securities in issue 
—
—
495
—
—
—
495
Insurance contract liabilities
—
—
—
4,925
—
—
4,925
Accruals, deferred income and other liabilities
13
33
77
116
40
18
297
Total liabilities at 31 Dec 2025
2,082
12,465
1,959
6,386
470
20
23,382
Expected date of completion
First quarter
of 2026
First half of
2027
Second half
of 2026
First quarter
of 2026
First half of
2026
Operating segment
CIB and
Corporate
Centre
CIB
Corporate
Centre
IWPB
IWPB
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At 31 December 2024, the major classes of assets and associated liabilities of disposal groups held for sale, excluding allocated impairment losses,
were as follows:
French life
insurance business
Germany private
banking business
South Africa1
Other
Total
$m
$m
$m
$m
$m
Assets of disposal groups held for sale
Cash and balances at central banks
—
1,896
—
—
1,896
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
14,560
—
—
—
14,560
Derivatives
26
—
10
—
36
Loans and advances to banks
144
—
—
—
144
Loans and advances to customers 
—
309
656
—
965
Financial investments
8,500
—
—
—
8,500
Goodwill
—
5
—
—
5
Prepayments, accrued income and other assets
992
21
7
—
1,020
Total assets at 31 Dec 2024
24,222
2,231
673
—
27,126
Liabilities of disposal groups held for sale
Customer accounts 
—
2,085
3,294
20
5,399
Financial liabilities designated at fair value
11
119
—
—
130
Derivatives
—
—
19
—
19
Insurance contract liabilities
21,811
—
—
—
21,811
Accruals, deferred income and other liabilities
1,598
22
32
—
1,652
Total liabilities at 31 Dec 2024
23,420
2,226
3,345
20
29,011
Date of completion
31 October 2025
31 October 2025
First quarter
of 2026
Operating segment
IWPB
IWPB
CIB and
Corporate
Centre
1Under the financial terms of the sale of our South Africa business, HSBC Bank plc will transfer the business with a net nil asset value at book value less any
provisions. The purchase price for the asset value of $0.4bn will be satisfied by the transfer of agreed liabilities of $2.1bn. Any required increase to the net asset
value of the business to achieve this will be satisfied by the inclusion of additional cash. Based upon the net liabilities of the disposal group at 31 December
2025, HSBC Bank plc would be expected to include a cash contribution of $1.7bn.
2    Under the financial terms of the sale of our German custody business, HSBC Continental Europe will transfer a nil net asset value for each client transferred, by
way of inclusion of additional cash.
24Trading liabilities
2025
2024
$m
$m
Deposits by banks1
9,353
7,671
Customer accounts1
10,089
10,709
Other debt securities in issue (Note 26)
40
73
Other liabilities – net short positions in securities
52,640
47,529
At 31 Dec
72,122
65,982
1‘Deposits by banks’ and ‘Customer accounts’ include repos, stock lending and other amounts.
25Financial liabilities designated at fair value
HSBC
2025
2024
$m
$m
Deposits by banks and customer accounts1
27,491
23,773
Liabilities to customers under investment contracts
5,288
5,931
Debt securities in issue (Note 26)
116,502
99,706
Subordinated liabilities (Note 29)
9,175
9,317
At 31 Dec
158,456
138,727
1Structured deposits placed at HSBC Bank USA are insured by the Federal Deposit Insurance Corporation, a US government agency, up to $250,000 per
depositor.
The carrying amount of financial liabilities designated at fair value was $2,691m less than the contractual amount at maturity (2024: $4,365m less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $2,252m (2024: loss of $1,655m).
HSBC Holdings 
2025
2024
$m
$m
Debt securities in issue (Note 26)
44,687
33,268
Subordinated liabilities (Note  29)
8,220
8,314
At 31 Dec
52,907
41,582
The carrying amount of financial liabilities designated at fair value was $1,161m more than the contractual amount at maturity (2024: $17m less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $430m (2024: $540m).
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26Debt securities in issue
HSBC
2025
2024
$m
$m
Bonds and medium-term notes
185,974
163,903
Other debt securities in issue
30,243
41,661
Total debt securities in issue
216,217
205,564
Included within:
–  trading liabilities (Note 24)
(40)
(73)
–  financial liabilities designated at fair value (Note 25)
(116,502)
(99,706)
At 31 Dec
99,675
105,785
HSBC Holdings
2025
2024
$m
$m
Debt securities
113,711
97,588
Included within:
–  financial liabilities designated at fair value (Note 25)
(44,687)
(33,268)
At 31 Dec
69,024
64,320
27Accruals, deferred income and other liabilities
2025
2024
$m
$m
Accruals and deferred income
16,143
16,277
Settlement accounts and items in course of transmission to other banks
30,246
24,692
Cash collateral and margin payables
60,841
58,040
Endorsements and acceptances
8,708
8,102
Employee benefit liabilities (Note 5)
1,071
1,017
Reinsurance contract liabilities
682
701
Lease liabilities
3,320
2,459
Other liabilities
21,112
19,052
At 31 Dec1
142,123
130,340
1Accruals, deferred income and other liabilities include $133.5bn (2024: $122.1bn) of financial liabilities, the majority of which are measured at amortised cost.
28 Provisions
Restructuring
costs
Legal proceedings
and regulatory
matters
Customer
remediation
Other
provisions
Total
$m
$m
$m
$m
$m
Provisions (excluding contractual commitments)
At 1 Jan 2025
199
295
85
457
1,036
Additions
991
1,580
39
174
2,784
Amounts utilised
(525)
(194)
(25)
(64)
(808)
Unused amounts reversed
(108)
(47)
(34)
(68)
(257)
Exchange and other movements
21
28
4
(2)
51
At 31 Dec 2025
578
1,662
69
497
2,806
Contractual commitments1
At 1 Jan 2025
688
Net change in expected credit loss provision and other movements
(53)
At 31 Dec 2025
635
Total provisions
At 31 Dec 2024
1,724
At 31 Dec 2025
3,441
Provisions (excluding contractual commitments)
At 1 Jan 2024
284
380
130
420
1,214
Additions
181
205
36
203
625
Amounts utilised
(193)
(228)
(48)
(105)
(574)
Unused amounts reversed
(63)
(63)
(35)
(82)
(243)
Exchange and other movements
(10)
1
2
21
14
At 31 Dec 2024
199
295
85
457
1,036
Contractual commitments1
At 1 Jan 2024
527
Net change in expected credit loss provision and other movements
161
At 31 Dec 2024
688
Total provisions
At 31 Dec 2023
1,741
At 31 Dec 2024
1,724
1Contractual commitments include the expected credit loss provision in relation to off-balance sheet financial guarantee contracts and commitments to which the
impairment requirements in IFRS 9 are applied; and provisions for performance and other guarantee contracts.
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Further details of ‘Legal proceedings and regulatory matters’ are set out in Note 35. Legal proceedings include civil court, arbitration or tribunal
proceedings brought against HSBC companies (whether by way of claim or counterclaim); or civil disputes that may, if not settled, result in court,
arbitration or tribunal proceedings. ‘Regulatory matters’ refers to investigations, reviews and other actions carried out by, or in response to, the
actions of regulators or law enforcement agencies in connection with alleged wrongdoing by HSBC.
Customer remediation refers to HSBC’s activities to compensate customers for losses or damages associated with a failure to comply with
regulations or to treat customers fairly. Customer remediation is often initiated by HSBC in response to customer complaints and/or industry
developments in sales practices, and is not necessarily initiated by regulatory action.
For further details of the impact of IFRS 9 on undrawn loan commitments and financial guarantees, presented in ‘Contractual commitments’, see
Note 33. Further analysis of the movement in the expected credit loss provision is disclosed within the ‘Reconciliation of changes in gross carrying/
nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees‘ table on
page 158.
Brazil PIS and COFINS tax matters
Beginning in the late 1990s, HSBC Bank Brasil S.A. – Banco Múltiplo (‘HSBC Brazil’) and other financial services firms brought legal proceedings in
Brazil challenging the assessment of Contribution to the Social Integration Programme (‘PIS’) and Contribution for the Financing of Social Security
(‘COFINS’) taxes, which are federal taxes imposed on gross revenues earned by legal entities in Brazil. The Supreme Court of Brazil selected three
cases – one involving an insurer, in 2007, and two involving other banks, in 2011 – to set standards that would apply to all of these proceedings. In
June 2023, the court ruled against the financial services firms in all three cases. The standards set by the court in this ruling have not yet been
applied to HSBC Brazil’s legacy cases, liability for which remained with HSBC after the sale of HSBC’s operations in Brazil to Bradesco in 2016. In
May 2025, the first instance judicial court delivered a favourable judgment in HSBC Brazil’s second largest legacy PIS and COFINS case, which has
been appealed by the Brazilian Tax Authority. There are many factors that may affect the range of outcomes and any resulting financial impact for
HSBC. Based upon the information currently available, a provision was recognised in respect of one legacy case. The remaining additional tax
liability subject to challenge on all legacy PIS and COFINS cases is up to $0.4bn. As at 31 December 2025, no provision has been booked for this
amount.
Bernard L. Madoff Investment Securities LLC
In a 2009 lawsuit in Luxembourg relating to the Bernard L. Madoff Investment Securities LLC fraud, HSBC Securities Services Luxembourg
(‘HSSL’) is defending a claim brought by Herald Fund SPC (‘Herald’) for restitution of securities and $521m in cash (plus interest) or, alternatively
damages in the amount of $5.6bn (plus interest). On 24 October 2025, the Luxembourg Court of Cassation denied HSSL’s appeal in respect of
Herald’s securities restitution claim, but accepted HSSL’s appeal in respect of Herald’s cash restitution claim. HSSL will now pursue a second
appeal before the Luxembourg Court of Appeal. If HSSL is unsuccessful in that second appeal, it will contest the amount HSSL is required to pay
in subsequent proceedings before the Court of Appeal. Following this development, we recognised a $1.1bn provision. Given the pendency of the
second appeal and the complexities and uncertainties associated with determining the quantum of restitution, the eventual financial impact could
be significantly different.
Tax-related investigations
Since 2023 the French National Financial Prosecutor (‘PNF’) had been investigating HSBC Continental Europe and the Paris branch of HSBC Bank
plc in connection with the dividend withholding tax treatment of certain historical trading activities. During the year a provision of $0.3bn was
recognised, and in January 2026 HSBC Bank plc reached an agreement with the PNF to resolve its investigation. HSBC Bank plc paid a total of
€302m and the matter is now closed.
29Subordinated liabilities
HSBC’s subordinated liabilities
2025
2024
$m
$m
At amortised cost
28,406
25,958
–  subordinated liabilities
27,467
25,080
–  preferred securities
939
878
Designated at fair value (Note 25)
9,175
9,317
–  subordinated liabilities
9,175
9,317
At 31 Dec
37,581
35,275
Issued by HSBC subsidiaries
2,978
3,144
Issued by HSBC Holdings
34,603
32,131
Subordinated liabilities rank behind senior obligations and generally count towards the capital base of HSBC. Capital securities may be called and
redeemed by HSBC subject to prior notification to the PRA and, where relevant, the consent of the local banking regulator. If not redeemed at the
first call date, coupons payable may reset or become floating rate based on relevant market rates. On subordinated liabilities other than floating
rate notes, interest is payable at fixed rates of up to 8.201%.
The balance sheet amounts disclosed in the following table are presented on an IFRS basis and do not reflect the amount that the instruments
contribute to regulatory capital, principally due to regulatory amortisation and regulatory eligibility limits.
HSBC Holdings plc Annual Report on Form 20-F
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HSBC’s subordinated liabilities: subsidiaries
2025
2024
$m
$m
Additional tier 1 capital securities issued by HSBC subsidiaries
819
732
Tier 2 securities issued by HSBC subsidiaries
–  Tier 2 securities issued by HSBC Bank plc
497
715
–  Tier 2 securities issued by HSBC Bank USA Inc
224
223
–  Tier 2 securities issued by HSBC Bank USA N.A.
1,438
1,431
Securities issued by other HSBC subsidiaries
—
43
Subordinated liabilities issued by HSBC subsidiaries at 31 Dec
2,978
3,144
HSBC Holdings’ subordinated liabilities
2025
2024
$m
$m
At amortised cost
26,114
23,548
Designated at fair value (Note 25)
8,220
8,314
At 31 Dec1
34,334
31,862
1This includes Tier 2 securities.
Guaranteed by HSBC Bank plc
Capital securities guaranteed by HSBC Bank plc were issued by a Jersey limited partnership. The proceeds of these were lent to the guarantor by
the limited partnership in the form of subordinated notes. These capital securities qualified as additional tier 1 capital for HSBC and HSBC Bank plc
(on a solo and a consolidated basis) under CRR II until 31 December 2021 by virtue of the grandfathering provision. Since 31 December 2021,
these securities have no longer qualified as regulatory capital for HSBC or HSBC Bank plc.
As at 31 December 2025 the preferred securities are intended to provide investors with rights to income and capital distributions, as well as
distributions upon liquidation of the issuer that are equivalent to the rights that they would have had if they had purchased non-cumulative
perpetual preference shares of the issuer. There are limitations on the payment of distributions if such payments are prohibited under UK banking
regulations or other requirements, if a payment would cause a breach of HSBC Bank plc’s capital adequacy requirements, or if HSBC Bank plc has
insufficient distributable reserves (as defined).
HSBC Bank plc have covenanted that, if prevented under certain circumstances from paying distributions on the preferred securities in full, they
will not pay dividends or other distributions in respect of their ordinary shares, or repurchase or redeem their ordinary shares, until the distribution
on the preferred securities has been paid in full.
If the preferred securities are outstanding in November 2048, or if the total capital ratio of HSBC Bank plc (on a solo or consolidated basis) falls
below the regulatory minimum required, or if the Directors expect it to do so in the near term, provided that proceedings have not been
commenced for the liquidation, dissolution or winding up of HSBC Bank plc, the holders’ interests in the preferred security will be exchanged for
interests in preference shares issued by HSBC Bank plc that have economic terms which are in all material respects equivalent to the preferred
security and its guarantee.
Tier 2 securities
Tier 2 capital securities are dated subordinated securities on which there is an obligation to pay coupons. These capital securities are included
within HSBC’s regulatory capital base as tier 2 capital under CRR II. CRR II grandfathering provisions expired on 26 June 2025 and previously
grandfathered securities are now ineligible as regulatory capital for HSBC. In accordance with CRR II, the capital contribution of all tier 2 securities
is amortised for regulatory purposes in their final five years before maturity.
30Maturity analysis of assets, liabilities and off-balance sheet commitments
The table on page 361 provides an analysis of consolidated total assets, liabilities and off-balance sheet commitments by residual contractual
maturity at the balance sheet date. These balances are included in the maturity analysis as follows:
–Trading assets and liabilities (including trading derivatives but excluding reverse repos, repos and debt securities in issue) are included in the
‘Due not more than 1 month’ time bucket because trading balances are typically held for short periods of time.
–Financial assets and liabilities with no contractual maturity (such as equity securities) are included in the ‘Due over 5 years’ time bucket.
Undated or perpetual instruments are classified based on the contractual notice period, which the counterparty of the instrument is entitled to
give. Where there is no contractual notice period, undated or perpetual contracts are included in the ‘Due over 5 years’ time bucket.
–Non-financial assets and liabilities with no contractual maturity are included in the ‘Due over 5 years’ time bucket.
–Financial instruments included within assets and liabilities of disposal groups held for sale are classified on the basis of the contractual maturity
of the underlying instruments and not on the basis of the disposal transaction.
–Liabilities under insurance contracts included in ‘non-financial liabilities’ are irrespective of contractual maturity included in the ‘Due over 5
years’ time bucket in the maturity table provided below. An analysis of the present value of expected future cash flows of insurance contract
liabilities and contractual service margin is provided on page 319. Liabilities under investment contracts are classified in accordance with their
contractual maturity. Undated investment contracts are included in the ‘Due over 5 years’ time bucket, although such contracts are subject to
surrender and transfer options by the policyholders.
–Loan and other credit-related commitments are classified on the basis of the earliest date they can be drawn down.
HSBC Holdings plc Annual Report on Form 20-F
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HSBC
Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
242,859
—
—
—
—
—
—
—
242,859
Hong Kong Government certificates of
indebtedness
44,063
—
—
—
—
—
—
—
44,063
Trading assets
358,864
4,209
1,551
646
349
534
—
—
366,153
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
7,659
1,002
2,061
1,273
1,041
6,097
10,937
102,993
133,063
Derivatives
234,390
149
176
151
79
287
2,339
169
237,740
Loans and advances to banks
74,341
13,842
5,664
4,899
3,056
2,675
3,293
692
108,462
Loans and advances to customers
150,457
70,926
59,646
36,257
36,897
96,320
186,262
351,634
988,399
–  personal
50,268
11,938
8,704
7,160
6,295
21,281
55,491
310,594
471,731
–  corporate and commercial
86,383
50,794
41,517
19,824
23,073
54,426
108,282
32,680
416,979
–  financial
13,806
8,194
9,425
9,273
7,529
20,613
22,489
8,360
99,689
Reverse repurchase agreements – non-trading
199,154
41,434
20,115
9,474
5,575
12,837
9,803
—
298,392
Financial investments
41,092
75,509
44,525
20,166
17,973
62,079
199,798
106,069
567,211
Assets held for sale1
1,279
559
418
246
737
365
904
6,303
10,811
Accrued income and other financial assets
103,776
7,104
4,989
817
715
350
593
1,664
120,008
Financial assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
569,524
3,117,161
Non-financial assets
—
—
—
—
—
—
—
115,873
115,873
Total assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
685,397
3,233,034
Off-balance sheet commitments received
Loan and other credit-related commitments
52,535
—
—
—
—
—
—
—
52,535
Financial liabilities
Hong Kong currency notes in circulation
44,063
—
—
—
—
—
—
—
44,063
Deposits by banks
81,954
2,433
972
104
83
6,518
1,653
4,235
97,952
Customer accounts
1,518,208
162,033
62,389
19,424
17,348
5,042
2,249
135
1,786,828
–  personal
697,222
110,013
47,005
14,460
12,118
4,128
2,108
—
887,054
–  corporate and commercial
623,088
38,493
13,242
3,597
3,146
686
88
134
682,474
–  financial
197,898
13,527
2,142
1,367
2,084
228
53
1
217,300
Repurchase agreements – non-trading
180,780
12,964
10,257
619
174
180
—
—
204,974
Trading liabilities
68,054
2,093
1,975
—
—
—
—
—
72,122
Financial liabilities designated at fair value
23,306
12,208
8,709
4,775
5,877
21,508
39,904
42,169
158,456
–  debt securities in issue: unsecured
8,380
7,958
7,169
3,608
3,854
18,928
35,405
30,671
115,973
–  subordinated liabilities and preferred
securities
1
—
—
—
895
892
1,185
6,202
9,175
–  other
14,925
4,250
1,540
1,167
1,128
1,688
3,314
5,296
33,308
Derivatives
235,555
97
89
13
39
128
245
1,688
237,854
Debt securities in issue
5,912
4,399
6,892
3,999
4,955
8,039
32,934
32,545
99,675
–  covered bonds
—
—
—
—
—
670
1,537
—
2,207
–  otherwise secured
507
43
62
58
338
201
691
2,401
4,301
–  unsecured
5,405
4,356
6,830
3,941
4,617
7,168
30,706
30,144
93,167
Liabilities of disposal groups held for sale2
15,901
404
145
32
98
10
118
1,626
18,334
Accruals and other financial liabilities
110,867
11,030
5,050
1,019
1,037
820
2,230
1,470
133,523
Subordinated liabilities
—
—
—
—
—
2
906
27,498
28,406
Total financial liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
111,366
2,882,187
Non-financial liabilities
—
—
—
—
—
—
—
145,181
145,181
Total liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
256,547
3,027,368
Off-balance sheet commitments given
Loan and other credit-related commitments
948,261
67
20
30
43
10
190
16
948,637
–  personal
272,532
—
—
—
—
—
—
—
272,532
–  corporate and commercial
516,435
67
20
30
43
10
190
16
516,811
–  financial
159,294
—
—
—
—
—
—
—
159,294
HSBC Holdings plc Annual Report on Form 20-F
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Maturity analysis of assets, liabilities and off-balance sheet commitments (continued)
Due not
more than
1 month
Due over
1 month
but not
more than
3 months
Due over
3 months
but not
more than
6 months
Due over
6 months
but not
more than
9 months
Due over
9 months
but not
more than
1 year
Due over
1 year
but not
more than
2 years
Due over
2 years
but not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
267,674
—
—
—
—
—
—
—
267,674
Hong Kong Government certificates of
indebtedness
42,293
—
—
—
—
—
—
—
42,293
Trading assets
311,277
1,374
679
337
774
401
—
—
314,842
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
6,329
1,497
1,218
810
1,570
4,010
11,503
88,832
115,769
Derivatives
264,689
401
709
377
164
364
524
1,409
268,637
Loans and advances to banks
69,778
16,300
3,871
4,264
2,922
2,276
2,236
392
102,039
Loans and advances to customers
135,250
69,955
53,557
36,945
38,985
89,061
176,645
330,260
930,658
–  personal
45,221
10,236
7,634
6,705
6,197
19,683
53,434
295,588
444,698
–  corporate and commercial
78,170
52,618
38,440
22,858
25,292
54,832
102,637
29,102
403,949
–  financial
11,859
7,101
7,483
7,382
7,496
14,546
20,574
5,570
82,011
Reverse repurchase agreements – non-trading
179,590
36,552
15,054
3,715
6,659
7,400
3,579
—
252,549
Financial investments
35,780
74,850
50,650
15,907
20,465
54,125
143,870
97,519
493,166
Assets held for sale1
2,711
170
215
401
711
513
2,465
19,170
26,356
Accrued income and other financial assets
94,803
6,831
4,127
648
579
498
346
1,504
109,336
Financial assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
539,086
2,923,319
Non-financial assets
—
—
—
—
—
—
—
93,729
93,729
Total assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
632,815
3,017,048
Off-balance sheet commitments received
Loan and other credit-related commitments
41,875
—
—
—
—
—
—
—
41,875
Financial liabilities
Hong Kong currency notes in circulation
42,293
—
—
—
—
—
—
—
42,293
Deposits by banks
54,714
1,595
2,227
653
3,924
507
9,919
458
73,997
Customer accounts
1,382,204
168,423
58,928
19,062
17,389
6,482
2,353
114
1,654,955
–  personal
640,031
111,341
41,429
13,429
11,109
3,983
1,981
—
823,303
–  corporate and commercial
564,693
45,047
14,708
3,991
4,748
1,968
332
106
635,593
–  financial
177,480
12,035
2,791
1,642
1,532
531
40
8
196,059
Repurchase agreements – non-trading
168,075
10,340
1,176
450
473
171
—
195
180,880
Trading liabilities
58,069
4,933
2,873
7
100
—
—
—
65,982
Financial liabilities designated at fair value
19,037
8,732
5,890
4,765
5,600
17,013
43,274
34,416
138,727
–  debt securities in issue: unsecured
8,431
4,148
3,557
2,885
4,362
14,660
38,259
22,866
99,168
–  subordinated liabilities and preferred 
securities
—
—
—
1,011
—
886
1,871
5,548
9,316
–  other
10,606
4,584
2,333
869
1,238
1,467
3,144
6,002
30,243
Derivatives
262,928
2
6
3
1
43
192
1,273
264,448
Debt securities in issue
5,761
10,915
10,330
7,332
7,239
14,724
22,311
27,173
105,785
–  covered bonds
—
—
—
—
—
—
1,253
—
1,253
–  otherwise secured
511
47
67
64
61
664
520
2,236
4,170
–  unsecured
5,250
10,868
10,263
7,268
7,178
14,060
20,538
24,937
100,362
Liabilities of disposal groups held for sale2
5,356
223
42
2
107
—
—
1,448
7,178
Accruals and other financial liabilities
99,424
11,827
5,415
1,013
1,241
902
1,489
738
122,049
Subordinated liabilities
—
—
1,719
16
—
—
861
23,362
25,958
Total financial liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
89,177
2,682,252
Non-financial liabilities
—
—
—
—
—
—
—
142,523
142,523
Total liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
231,700
2,824,775
Off-balance sheet commitments given
Loan and other credit-related commitments
861,181
74
12
85
49
6
57
114
861,578
–  personal
253,522
—
—
—
—
—
—
—
253,522
–  corporate and commercial
460,762
74
12
85
49
6
57
114
461,159
–  financial
146,897
—
—
—
—
—
—
—
146,897
1Unallocated impairment losses in relation to disposal groups of $0.09bn (2024: $0.03bn) and non-financial assets of $0.26bn (2024: $0.92bn) that are presented
within assets held for sale on the balance sheet have been included within non-financial assets in the table above.
2A total of $5.00bn (2024: $21.83bn) of non-financial liabilities that are presented within liabilities of disposal groups held for sale on the balance sheet have been
included within non-financial liabilities in the table above.
HSBC Holdings plc Annual Report on Form 20-F
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Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash at bank and in hand:
–  balances with HSBC undertakings
5,079
—
—
—
—
—
—
—
5,079
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
—
—
—
—
—
4,863
31,702
30,652
67,217
Derivatives
1,371
26
10
—
—
114
118
303
1,942
Loans and advances to HSBC undertakings
6,250
—
1,760
—
—
2,049
7,331
23,110
40,500
Trading assets
—
—
—
—
—
—
—
—
—
Financial investments
11,736
3,734
—
—
—
—
—
—
15,470
Accrued income and other financial assets
1,864
803
404
209
5
—
—
—
3,285
Total financial assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
54,065
133,493
Non-financial assets
—
—
—
—
—
—
—
159,527
159,527
Total assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
213,592
293,020
Financial liabilities
Amounts owed to HSBC undertakings
—
89
—
—
—
—
—
—
89
Financial liabilities designated at fair value
—
1,760
—
—
895
8,750
15,138
26,364
52,907
–  debt securities in issue
—
1,760
—
—
—
7,858
13,953
21,117
44,688
–  subordinated liabilities and preferred
securities
—
—
—
—
895
892
1,185
5,247
8,219
Derivatives
1,299
1
86
3
22
175
519
1,346
3,451
Debt securities in issue
—
—
1,535
408
—
2,711
33,550
30,820
69,024
Accruals and other financial liabilities
294
1,109
676
140
34
—
—
21
2,274
Subordinated liabilities
—
—
—
—
—
—
901
25,213
26,114
Total financial liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,764
153,859
Non-financial liabilities
—
—
—
—
—
—
—
12
12
Total liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,776
153,871
Financial assets
Cash at bank and in hand:
–  balances with HSBC undertakings
2,548
—
—
—
—
—
—
—
2,548
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
—
—
—
—
—
5,835
31,547
23,904
61,286
Derivatives
2,339
—
24
—
—
243
162
286
3,054
Loans and advances to HSBC undertakings
8,500
—
120
—
13
1,640
6,739
20,665
37,677
Trading assets
709
—
—
—
—
—
—
—
709
Financial investments
6,141
4,187
—
—
—
—
—
—
10,328
Accrued income and other financial assets
2,719
856
292
203
11
—
—
—
4,081
Total financial assets at 31 Dec 2024
22,956
5,043
436
203
24
7,718
38,448
44,855
119,683
Non-financial assets
—
—
—
—
—
—
—
154,574
154,574
Total assets at 31 Dec 2024
22,956
5,043
436
203
24
7,718
38,448
199,429
274,257
Financial liabilities
Amounts owed to HSBC undertakings
—
231
—
—
—
—
—
—
231
Financial liabilities designated at fair value
—
—
—
1,012
—
3,641
16,907
20,022
41,582
–  debt securities in issue
—
—
—
—
—
2,755
15,036
15,476
33,267
–  subordinated liabilities and preferred
securities
—
—
—
1,012
—
886
1,871
4,546
8,315
Derivatives
1,502
89
144
44
45
209
794
2,513
5,340
Debt securities in issue
—
—
—
—
—
14,897
24,395
25,028
64,320
Accruals and other financial liabilities
351
1,713
831
129
31
—
—
20
3,075
Subordinated liabilities
—
—
1,541
—
—
—
836
21,171
23,548
Total financial liabilities at 31 Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,754
138,096
Non-financial liabilities
—
—
—
—
—
—
—
22
22
Total liabilities at 31 Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,776
138,118
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Notes on the financial statements
Contractual maturity of financial liabilities
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in our
consolidated balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the ‘Due not more than 1 month’ time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over
1 month but
not more
than
3 months
Due over
3 months but
not more than
1 year
Due over
1 year but
not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Deposits by banks
81,989
2,617
1,582
9,192
4,334
99,714
Customer accounts
1,518,669
164,800
100,734
8,079
135
1,792,417
Repurchase agreements – non-trading
180,768
13,771
11,169
180
—
205,888
Trading liabilities
72,122
—
—
—
—
72,122
Financial liabilities designated at fair value
23,595
12,871
21,954
72,552
52,326
183,298
Derivatives
235,317
246
395
1,870
2,885
240,713
Debt securities in issue
5,928
5,312
18,421
51,297
38,047
119,005
Subordinated liabilities
39
368
1,424
8,085
38,878
48,794
Other financial liabilities1
153,469
8,753
5,312
2,881
1,838
172,253
2,271,896
208,738
160,991
154,136
138,443
2,934,204
Loan and other credit-related commitments
948,277
66
94
200
—
948,637
Financial guarantees2
17,476
—
—
—
—
17,476
At 31 Dec 2025
3,237,649
208,804
161,085
154,336
138,443
3,900,317
Proportion of cash flows payable in period
83%
5%
4%
4%
4%
Deposits by banks
54,819
1,759
7,381
11,242
511
75,712
Customer accounts
1,382,666
171,917
97,667
10,089
113
1,662,452
Repurchase agreements – non-trading
168,633
10,425
2,195
188
196
181,637
Trading liabilities
65,982
—
—
—
—
65,982
Financial liabilities designated at fair value
19,139
9,042
18,462
70,587
45,767
162,997
Derivatives
262,014
531
1,008
2,034
2,765
268,352
Debt securities in issue
5,780
11,309
27,103
45,725
32,129
122,046
Subordinated liabilities
39
120
2,959
7,373
35,512
46,003
Other financial liabilities1
138,319
9,754
5,421
2,206
608
156,308
2,097,391
214,857
162,196
149,444
117,601
2,741,489
Loan and other credit-related commitments
861,193
78
146
63
98
861,578
Financial guarantees2
16,998
—
—
—
—
16,998
At 31 Dec 2024
2,975,582
214,935
162,342
149,507
117,699
3,620,065
Proportion of cash flows payable in period
83%
6%
4%
4%
3%
1Excludes financial liabilities of disposal groups.
2Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.
HSBC Holdings
HSBC Holdings’ primary sources of liquidity are dividends received from subsidiaries, interest on and repayment of intra-Group loans and
securities, and interest earned on its own liquid funds. HSBC Holdings also raises funds in the debt capital markets to meet the Group’s minimum
requirement for own funds and eligible liabilities and maintain an appropriate liquidity buffer. HSBC Holdings uses this liquidity to meet its
obligations, including interest and principal repayments on external debt liabilities, operating expenses and collateral on derivative transactions.
HSBC Holdings is also subject to contingent liquidity risk by virtue of credit-related commitments and guarantees and similar contracts issued
relating to its subsidiaries. Such commitments and guarantees are only issued after due consideration of HSBC Holdings’ ability to finance the
commitments and guarantees and the likelihood of the need arising.
HSBC Holdings actively manages the cash flows from its subsidiaries to optimise the amount of cash held at the holding company level. During
2025, consistent with the Group’s capital plan, the Group’s material subsidiaries did not experience any significant restrictions on paying dividends
or repaying loans and advances. Also, there are no foreseen restrictions envisaged with regard to planned dividends or payments from material
subsidiaries. However, the ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things, their
respective local regulatory capital and banking requirements, exchange controls, statutory reserves, and financial and operating performance.
HSBC Holdings currently has sufficient liquidity to meet its present and forecast requirements.
HSBC Holdings plc Annual Report on Form 20-F
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Notes on the financial statements
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in HSBC
Holdings balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the ‘Due not more than 1 month’ time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC Holdings under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over 1
month but
not
more than 3
months
Due over 3
months but
not more
than
1 year
Due over 1
year but not
more than 5
years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Amounts owed to HSBC undertakings
—
89
—
—
—
89
Financial liabilities designated at fair value
23
2,230
2,786
30,944
32,214
68,197
Derivatives
796
47
608
857
1,614
3,922
Debt securities in issue
—
796
4,080
45,834
36,373
87,083
Subordinated liabilities
—
353
1,336
7,508
35,087
44,284
Other financial liabilities
274
40
—
—
21
335
At 31 Dec 2025
1,093
3,555
8,810
85,143
105,309
203,910
Amounts owed to HSBC undertakings
—
231
—
—
—
231
Financial liabilities designated at fair value
2
133
2,254
26,335
26,788
55,512
Derivatives
669
202
1,344
2,591
1,658
6,464
Debt securities in issue
—
254
1,697
47,771
29,706
79,428
Subordinated liabilities
—
105
2,627
6,794
31,773
41,299
Other financial liabilities
351
1,735
991
—
20
3,097
At 31 Dec 2024
1,022
2,660
8,913
83,491
89,945
186,031
31Offsetting of financial assets and financial liabilities
In the offsetting of financial assets and financial liabilities, the net amount is reported in the balance sheet when the offset criteria are met. This is
achieved when there is a legally enforceable right to offset the recognised amounts and there is either an intention to settle on a net basis, or
realise the asset and settle the liability simultaneously.
In the following table, the ‘Amounts not set off in the balance sheet’ include transactions where:
–the counterparty has an offsetting exposure with HSBC and a master netting or similar arrangement is in place with a right to set off only in the
event of default, insolvency or bankruptcy, or the offset criteria are otherwise not satisfied; and
–cash and non-cash collateral (debt securities and equities) has been received/pledged for derivatives and reverse repurchase/repurchase, stock
borrowing/lending and similar agreements to cover net exposure in the event of a default or other predetermined events.
The effect of over-collateralisation is excluded.
‘Amounts not subject to enforceable netting agreements’ include contracts executed in jurisdictions where the rights of offset may not be upheld
under the local bankruptcy laws, and transactions where a legal opinion evidencing enforceability of the right of offset may not have been sought,
or may have been unable to obtain.
For risk management purposes, the net amounts of loans and advances to customers are subject to limits, which are monitored and the relevant
customer agreements are subject to review and updated, as necessary, to ensure the legal right to set off remains appropriate.
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Offsetting of financial assets and financial liabilities
Amounts subject to enforceable netting arrangements
Amounts not
subject to
enforceable
netting
arrangements1
Total
Amounts not set off in the
balance sheet
Gross
amounts
Amounts
offset
Net
amounts
in the
balance
sheet
Financial
instruments,
including non-
cash collateral
Cash
collateral
Net
amount
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Derivatives (Note 15)2
330,338
(97,243)
233,095
(202,744)
(26,074)
4,277
4,645
237,740
Reverse repos, stock borrowing and
similar agreements classified as:3
–  trading assets
31,450
(610)
30,840
(30,839)
(1)
—
2,556
33,396
–  non-trading assets
504,986
(224,173)
280,813
(279,149)
(207)
1,457
17,640
298,453
Loans and advances to customers4
39,273
(18,826)
20,447
(17,395)
(81)
2,971
2
20,449
At 31 Dec 2025
906,047
(340,852)
565,195
(530,127)
(26,363)
8,705
24,843
590,038
Derivatives (Note 15)2
372,699
(112,746)
259,953
(230,133)
(22,730)
7,090
8,684
268,637
Reverse repos, stock borrowing and
similar agreements classified as:3
–  trading assets
25,077
(637)
24,440
(24,428)
(10)
2
757
25,197
–  non-trading assets
386,124
(154,133)
231,991
(230,584)
(332)
1,075
20,602
252,593
Loans and advances to customers4
34,582
(16,540)
18,042
(15,313)
(75)
2,654
4
18,046
At 31 Dec 2024
818,482
(284,056)
534,426
(500,458)
(23,147)
10,821
30,047
564,473
Financial liabilities
Derivatives (Note 15)2
329,387
(97,243)
232,144
(201,311)
(28,038)
2,795
5,710
237,854
Repos, stock lending and similar
agreements classified as:3
–  trading liabilities
19,691
(329)
19,362
(19,362)
—
—
1
19,363
–  non-trading liabilities
375,173
(224,454)
150,719
(145,206)
(224)
5,289
54,255
204,974
Customer accounts5
46,444
(18,826)
27,618
(17,395)
(81)
10,142
12
27,630
At 31 Dec 2025
770,695
(340,852)
429,843
(383,274)
(28,343)
18,226
59,978
489,821
Derivatives (Note 15)2
369,287
(112,746)
256,541
(221,232)
(30,334)
4,975
7,907
264,448
Repos, stock lending and similar
agreements classified as:3
–  trading liabilities
18,482
(157)
18,325
(18,326)
—
(1)
6
18,331
–  non-trading liabilities
287,648
(154,613)
133,035
(131,719)
(164)
1,152
47,845
180,880
Customer accounts5
41,409
(16,540)
24,869
(15,313)
(75)
9,481
17
24,886
At 31 Dec 2024
716,826
(284,056)
432,770
(386,590)
(30,573)
15,607
55,775
488,545
1These exposures continue to be secured by financial collateral, but we may not have sought or been able to obtain a legal opinion evidencing enforceability of
the right of offset. 
2At 31 December 2025, the amount of cash margin received that had been offset against the gross derivatives assets was $3.8bn (2024: $5.3bn). The amount of
cash margin paid that had been offset against the gross derivatives liabilities was $11.5bn (2024: $5.6bn).
3For the amount of repos, reverse repos, stock lending, stock borrowing and similar agreements recognised on the balance sheet within ‘Trading assets’ of
$33.4bn (2024: $25.2bn) and ‘Trading liabilities’ of $19.4bn (2024: $18.3bn), see the ‘Funding sources and uses’ table on page 195.
4At 31 December 2025, the total amount of ‘Loans and advances to customers’ was $988.4bn (2024: $930.7bn), of which $20.4bn (2024: $18.0bn) was subject
to offsetting.
5At 31 December 2025, the total amount of ‘Customer accounts’ was $1,786.8bn (2024: $1,655.0bn), of which $27.6bn (2024: $24.9bn) was subject to
offsetting.
32
Called up share capital and other equity instruments
Called up share capital and share premium
HSBC Holdings ordinary shares of $0.50 each, issued and fully paid
2025
2024
Number
$m
Number
$m
At 1 Jan
17,946,950,582
8,973
19,262,728,193
9,631
Shares issued under HSBC employee share plans
9,937,366
5
10,283,430
5
Less: shares repurchased and cancelled
781,648,086
390
1,326,061,041
663
At 31 Dec1
17,175,239,862
8,588
17,946,950,582
8,973
1All HSBC Holdings ordinary shares in issue confer identical rights, including in respect of capital, dividends and voting.
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HSBC Holdings share premium
2025
2024
$m
$m
At 31 Dec1
111
14,810
1On 24 June 2025, the High Court of Justice in England and Wales confirmed the cancellation of $14.8bn standing to the credit of the HSBC Holdings’ share
premium account and $1.8bn standing to the credit of its capital redemption reserve, following approval at HSBC Holdings’ Annual General Meeting held on
2 May 2025 (the ‘Capital Reduction’). The Court Order confirming the Capital Reduction was registered by the Registrar of Companies on 10 July 2025, resulting
in a combined total of $16.6bn being reclassified to retained earnings with no impact on total equity.
Total called up share capital and share premium
2025
2024
$m
$m
At 31 Dec
8,699
23,783
HSBC Holdings non-cumulative preference share of £0.01
The one non-cumulative sterling preference share of £0.01 (‘sterling preference share’) has been in issue since 29 December 2010 and is held by a
subsidiary of HSBC Holdings. Dividends are paid quarterly at the sole and absolute discretion of the Board. The sterling preference share carries no
rights of conversion into ordinary shares of HSBC Holdings and no right to attend or vote at shareholder meetings of HSBC Holdings. These
securities can be redeemed by HSBC Holdings at any time, subject to prior approval by the PRA.
Other equity instruments
HSBC Holdings’ contingent convertible securities are described below. These are accounted for as equity because HSBC does not have an
obligation to transfer cash or a variable number of its own ordinary shares to holders under any circumstances outside its control.
Additional tier 1 capital – contingent convertible securities
HSBC Holdings continues to issue contingent convertible securities that are included in its capital base as fully CRR II-compliant additional tier 1
capital securities. These securities are marketed principally and subsequently allotted to corporate investors and fund managers. The net proceeds
of the issuances are typically used for HSBC Holdings’ general corporate purposes and to maintain or further strengthen its capital base to meet
requirements under CRR II. These securities bear a fixed rate of interest until their initial reset dates (unless previously redeemed in accordance
with their terms). If not redeemed, the securities will bear interest at a rate fixed on each reset date for the subsequent five-year period, equal to
the sum of the applicable reference rate at the time of reset and a credit spread set at issuance. Interest on the contingent convertible securities
will be due and payable only at the sole discretion of HSBC Holdings, and HSBC Holdings has sole and absolute discretion at all times to cancel for
any reason (in whole or part) any interest payment that would otherwise be payable on any payment date. Distributions will not be paid if they are
prohibited under UK banking regulations or if the Group has insufficient reserves or fails to meet the solvency conditions defined in the securities’
terms.
The contingent convertible securities are undated and are repayable at the option of HSBC Holdings in whole typically at the initial call date or on
any fifth anniversary after this date. In addition, the securities are repayable at the option of HSBC in whole for certain regulatory or tax reasons.
Any repayments require the prior consent of the PRA. These securities rank pari passu with HSBC Holdings’ sterling preference shares and
therefore rank ahead of ordinary shares. The contingent convertible securities will be converted into fully paid ordinary shares of HSBC Holdings at
a predetermined price, should HSBC’s consolidated CET1 ratio fall below 7.0%. Therefore, in accordance with the terms of the securities, if
HSBC’s consolidated CET1 ratio breaches the 7.0% trigger, the securities will convert into ordinary shares at fixed contractual conversion prices in
the currency of the relevant securities, subject to anti-dilution adjustments.
Original nominal
amount (LCY)
Description of security
Issue
Date
First call
date
Reset Date
2025
2024
$m
$m
$2,450m
6.375% Perpetual Subordinated Contingent Convertible Securities1
Mar 2015
Mar 2025
Mar 2025
—
2,450
$3,000m
6.000% Perpetual Subordinated Contingent Convertible Securities
May 2017
May 2027
May 2027
3,000
3,000
€1,250m
4.750% Perpetual Subordinated Contingent Convertible Securities
Jul 2017
Jul 2029
Jul 2029
1,421
1,422
$1,800m
6.500% Perpetual Subordinated Contingent Convertible Securities
Mar 2018
Mar 2028
Mar 2028
1,800
1,800
£1,000m
5.875% Perpetual Subordinated Contingent Convertible Securities
Sep 2018
Sep 2026
Sep 2026
1,301
1,301
$1,500m
4.600% Perpetual Subordinated Contingent Convertible Securities
Dec 2020
Dec 2030
Jun 2031
1,500
1,500
$1,000m
4.000% Perpetual Subordinated Contingent Convertible Securities
Mar 2021
Mar 2026
Sep 2026
1,000
1,000
$1,000m
4.700% Perpetual Subordinated Contingent Convertible Securities
Mar 2021
Mar 2031
Sep 2031
1,000
1,000
$2,000m
8.000% Perpetual Subordinated Contingent Convertible Securities2
Mar 2023
Mar 2028
Sep 2028
1,980
1,980
SGD1,500m
5.250% Perpetual Subordinated Contingent Convertible Securities2
Jun 2024
Jun 2029
Dec 2029
1,096
1,096
$1,350m
6.875% Perpetual Subordinated Contingent Convertible Securities2
Sep 2024
Sep 2029
Mar 2030
1,337
1,337
$1,150m
6.950% Perpetual Subordinated Contingent Convertible Securities2
Sep 2024
Mar 2034
Sep 2034
1,139
1,138
$1,500m
6.950% Perpetual Subordinated Contingent Convertible Securities2
Feb 2025
Aug 2031
Feb 2032
1,485
—
SGD800m
5.000% Perpetual Subordinated Contingent Convertible Securities2
Mar 2025
Mar 2030
Sep 2030
596
—
$2,000m
7.050% Perpetual Subordinated Contingent Convertible Securities2
Jun 2025
Jun 2030
Dec 2030
1,980
—
At 31 Dec
20,635
19,024
1This security was called by HSBC Holdings on 7 February 2025 and was redeemed and cancelled on 31 March 2025.
2These securities have been accounted for net of directly attributable transaction costs.
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Shares under option
For details of the options outstanding to subscribe for HSBC Holdings ordinary shares under the HSBC Holdings Savings-Related Share Option
Plan (UK), see Note 5.
Aggregate options outstanding under these plans
31 Dec 2025
31 Dec 2024
Number of
HSBC Holdings
ordinary shares
Usual period
of exercise
Exercise price
Number of
HSBC Holdings
ordinary shares
Usual period
of exercise
Exercise price
58,902,349
2024 to 2031
£2.6270–£7.6110
75,335,399
2023 to 2030
£2.6270–5.4490
Maximum obligation to deliver HSBC Holdings ordinary shares
At 31 December 2025, the maximum obligation to deliver HSBC Holdings ordinary shares under all of the above option arrangements and the
HSBC International Employee Share Purchase Plan, together with long-term incentive awards and deferred share awards granted under the HSBC
Share Plan 2011, was 178,823,734 (2024: 209,683,768). The total number of shares at 31 December 2025 held by employee benefit trusts that
may be used to satisfy such obligations to deliver HSBC Holdings ordinary shares was 35,354,337 (2024: 9,305,925).
33Contingent liabilities, contractual commitments and guarantees
HSBC
HSBC Holdings1
2025
2024
2025
2024
$m
$m
$m
$m
Guarantees and other contingent liabilities:
–  financial guarantees
17,476
16,998
—
—
–  performance and other guarantees
102,684
92,723
6,983
7,327
–  other contingent liabilities
164
298
—
—
At 31 Dec
120,324
110,019
6,983
7,327
Commitments:2
–  documentary credits and short-term trade-related transactions
6,959
7,096
—
—
–  forward asset purchases and forward deposits placed
84,978
61,017
—
—
–  standby facilities, credit lines and other commitments to lend
856,700
793,465
—
—
At 31 Dec
948,637
861,578
—
—
1Guarantees by HSBC Holdings are in favour of other Group entities. These include contracts that provide protection against credit risk on a specified exposure
but do not meet the definition of financial guarantees.
2Includes $690.8bn of commitments at 31 December 2025 (31 December 2024: $619.4bn), to which the impairment requirements in IFRS 9 are applied.
The preceding table discloses the nominal principal amounts of off-balance sheet liabilities and commitments for the Group, which represent the
maximum amounts at risk should the contracts be fully drawn upon and the clients default. As a significant portion of guarantees and
commitments are expected to expire without being drawn upon, the total of the nominal principal amounts is not indicative of future liquidity
requirements. The expected credit loss provision relating to guarantees and commitments under IFRS 9 is disclosed in Note 28.
The majority of the guarantees have a term of less than one year. All guarantees are subject to HSBC’s annual credit review process.
Contingent liabilities arising from legal proceedings, regulatory and other matters against Group companies are excluded from this note but are
disclosed in Notes 28 and 35.
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (‘FSCS’) provides compensation, up to certain limits, to eligible customers of financial services firms
that are unable, or likely to be unable, to pay claims against them. The FSCS may impose a further levy on the Group to the extent the industry
levies imposed to date are not sufficient to cover the compensation due to customers in any future possible collapse. The ultimate FSCS levy to
the industry as a result of a collapse cannot be estimated reliably. It is dependent on various uncertain factors including the potential recovery of
assets by the FSCS, changes in the level of protected products (including deposits and investments) and the population of FSCS members at the
time.
Associates
HSBC’s share of associates’ contingent liabilities, contractual commitments and guarantees amounted to $70.9bn at 31 December 2025 (2024:
$74.5bn). No matters arose where HSBC was severally liable.
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34Finance lease receivables
HSBC leases a variety of assets to third parties under finance leases, including transport assets (such as aircraft), property and general plant and
machinery. At the end of lease terms, assets may be sold to third parties or leased for further terms. Rentals are calculated to recover the cost of
assets less their residual value, and earn finance income.
The table below excludes finance lease receivables reclassified on the balance sheet to ‘Assets held for sale’ in accordance with IFRS 5. Net
investment in finance leases of $2m was reclassified to ‘Assets held for sale’ in 2025 as a result of the planned sale of HSBC Bank (Uruguay) S.A.
There was no net investment in finance leases classified as held-for-sale at 31 December 2024.
2025
2024
Total future
minimum
payments
Unearned
finance
income
Present
value
Total future
minimum
payments
Unearned
finance
income
Present
value
$m
$m
$m
$m
$m
$m
Lease receivables:
No later than one year
2,507
(293)
2,214
2,331
(295)
2,036
One to two years
1,830
(224)
1,606
1,787
(226)
1,561
Two to three years
1,335
(167)
1,168
1,290
(171)
1,119
Three to four years
884
(127)
757
839
(134)
705
Four to five years
629
(102)
527
766
(147)
619
Later than one year and no later than five years
4,678
(620)
4,058
4,682
(678)
4,004
Later than five years
3,553
(578)
2,975
3,518
(639)
2,879
At 31 Dec
10,738
(1,491)
9,247
10,531
(1,612)
8,919
35Legal proceedings and regulatory matters
HSBC is party to legal proceedings and regulatory matters in a number of jurisdictions arising out of its normal business operations. Apart from the
matters described below, HSBC considers that none of these matters are material. The recognition of provisions is determined in accordance with
the accounting policies set out in Note 1. While the outcomes of legal proceedings and regulatory matters are inherently uncertain, management
believes that, based on the information available to it, appropriate provisions have been made in respect of these matters as at 31 December 2025
(see Note 28). Where an individual provision is material, the fact that a provision has been made is stated and quantified, except to the extent that
doing so would be seriously prejudicial. Any provision recognised does not constitute an admission of wrongdoing or legal liability. It is not
practicable to provide an aggregate estimate of potential liability for our legal proceedings and regulatory matters as a class of contingent liabilities.
Bernard L. Madoff Investment Securities LLC
Various HSBC companies that provided custodial, administration and similar services to a number of funds whose assets were invested with
Bernard L. Madoff Investment Securities LLC (‘Madoff Securities’) have been named as defendants in lawsuits arising out of Madoff Securities’
fraud.
Trustee litigation: The Madoff Securities trustee (the ‘Trustee’) has brought lawsuits in the US against various HSBC companies and others
seeking recovery of alleged transfers from Madoff Securities to the HSBC companies in the amount of $508m (plus interest). In September 2025,
the US Bankruptcy Court for the Southern District of New York dismissed all claims against HSBC Private Bank (Suisse) SA in the amount of
$292m and certain claims against HSBC Bank USA N.A. (‘HSBC Bank USA’) in the amount of $32m. The Trustee has appealed. The Trustee’s
remaining claims, which amount to $184m, are pending.
The Trustee has filed a claim against various HSBC companies in the High Court of England and Wales seeking recovery of alleged transfers from
Madoff Securities to the HSBC companies. The claim has not yet been served and the amount claimed has not been specified.
Fairfield Funds litigation: Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited (each in liquidation and together, the
‘Fairfield Funds’) have brought lawsuits in the US against various HSBC companies and others seeking recovery of alleged transfers from the
Fairfield Funds to the HSBC companies (that acted as nominees for clients) in the amount of $382m (plus interest). In August 2025, the US Court
of Appeals for the Second Circuit confirmed the dismissal of Fairfield Funds’ claims against all HSBC companies. Fairfield Funds may appeal.
Herald Fund SPC (‘Herald’) litigation: HSBC Securities Services Luxembourg (‘HSSL’) and HSBC Bank plc are defending an action brought by
Herald (in liquidation) before the Luxembourg District Court seeking restitution of securities (the amount of which would be determined by further
proceedings, if Herald is successful in its claim) and $521m in cash (plus interest) or, alternatively, damages in the amount of $5.6bn (plus interest).
Herald’s damages claim against HSSL and HSBC Bank plc has been stayed. In December 2024, the Luxembourg Court of Appeal determined that
Herald’s claims for restitution of securities and cash against HSSL were founded in principle. HSSL appealed this decision and, in October 2025,
the Luxembourg Court of Cassation denied HSSL’s appeal in respect of Herald’s securities restitution claim, but accepted HSSL’s appeal in
respect of Herald’s cash restitution claim, which has been returned to the Luxembourg District Court for determination. HSSL is pursuing a second
appeal on the securities restitution claim before the Luxembourg Court of Appeal. Following the Court of Cassation’s decision, HSSL has
recognised a $1.1bn provision in connection with this matter. Given the pendency of the second appeal and the complexities and uncertainties
associated with determining the quantum of restitution, the eventual financial impact could be significantly different.
Alpha Prime Fund Limited (‘Alpha Prime’) litigation: Various HSBC companies are defending an action brought by Alpha Prime in the
Luxembourg District Court seeking restitution of securities and $1bn (plus interest) in supplementary damages or, alternatively, damages in the
amount of $3.3bn (plus interest). This matter is currently pending before the Luxembourg District Court.
In November 2024, Alpha Prime served various HSBC companies with a lawsuit filed in the Bermuda Supreme Court seeking damages for
unspecified amounts for alleged breach of contract and negligence. This claim is currently stayed. 
Senator Fund SPC (‘Senator’) litigation: HSSL and the Luxembourg branch of HSBC Bank plc are defending an action brought by Senator before
the Luxembourg District Court seeking restitution of securities or, alternatively, damages in the amount of $1.4bn (plus interest). This matter is
currently pending before the Luxembourg District Court.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
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US Anti-Terrorism Act litigation
Since November 2014, a number of lawsuits have been filed in federal courts in the US against various HSBC companies and others on behalf of
plaintiffs who are, or are related to, alleged victims of terrorist attacks in the Middle East. In each case, it is alleged that the defendants aided and
abetted the unlawful conduct of various sanctioned parties in violation of the US Anti-Terrorism Act, or provided banking services to customers
alleged to have connections to terrorism financing. Six actions, which seek damages for unspecified amounts, remain pending. One of these
actions has been dismissed but may be appealed. The other five actions remain at an early procedural stage.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
US dollar Libor litigation
Various HSBC companies are defending two individual actions which allege that the HSBC defendants violated various US federal and state laws,
including antitrust laws, related to the setting of US dollar Libor, and seek damages for unspecified amounts. In September 2025, the US District
Court for the Southern District of New York granted the defendants’ joint motion for summary judgment and dismissed these actions. The
plaintiffs have appealed.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Foreign exchange-related investigations and litigation
In December 2016, Brazil’s Administrative Council of Economic Defense initiated an investigation into the onshore foreign exchange market and
identified a number of banks, including HSBC, as subjects of its investigation. This investigation is ongoing. Lawsuits alleging foreign exchange-
related misconduct remain pending against HSBC and other banks in courts in Brazil.
Since 2017, HSBC Bank plc, among other financial institutions, has been defending a complaint filed by the Competition Commission of South
Africa before the South African Competition Tribunal for alleged anti-competitive behaviour in the South African foreign exchange market. In 2020,
a revised complaint was filed which also named HSBC Bank USA as a defendant. In January 2024, the South African Competition Appeal Court
dismissed HSBC Bank USA from the revised complaint but denied HSBC Bank plc’s application to dismiss. Both the Competition Commission and
HSBC Bank plc have appealed to the Constitutional Court of South Africa.
HSBC Bank plc and HSBC Holdings have reached a settlement with plaintiffs in Israel to resolve a class action filed in the local courts alleging
foreign exchange-related misconduct. The settlement, the impact of which is not significant and is fully provisioned, remains subject to court
approval.
In February 2024, HSBC Bank plc and HSBC Holdings were joined to an existing claim brought in the UK Competition Appeals Tribunal (‘UK CAT’)
against various other banks alleging historical anti-competitive behaviour in the foreign exchange market and seeking approximately £3bn in
damages from all the defendants. In December 2025, the UK Supreme Court upheld an earlier ruling of the UK CAT refusing certification as an opt-
out claim. This matter remains pending before the UK CAT.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Precious metals fix-related litigation
US litigation: Various HSBC companies and other members of The London Silver Market Fixing Limited are defending a class action pending in
the US District Court for the Southern District of New York alleging that, from January 2007 to December 2013, the defendants conspired to
manipulate the price of silver and silver derivatives for their collective benefit in violation of US antitrust laws, the US Commodity Exchange Act
and New York state law. In May 2023, this action, which seeks damages for unspecified amounts, was dismissed but remains pending on appeal.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or
any possible impact on HSBC, which could be significant.
Canada litigation: Various HSBC companies and other financial institutions have been defending putative class actions filed in the Ontario and
Quebec Superior Courts of Justice alleging that the defendants conspired to manipulate the price of silver, gold and related derivatives in violation
of the Canadian Competition Act and common law. These actions each seek CA$1bn in damages plus CA$250m in punitive damages. The HSBC
defendants have reached a settlement with the plaintiffs to resolve these matters. The settlement, the impact of which is not significant and is
fully provisioned, is subject to court approval.
Tax-related investigations
Since 2023, the French National Financial Prosecutor (‘PNF’) had been investigating HSBC Continental Europe and the Paris branch of HSBC Bank
plc, in connection with alleged tax fraud related to the dividend withholding tax treatment of certain trading activities. In January 2026, HSBC Bank
plc reached an agreement with the PNF to resolve its investigation. HSBC Bank plc paid a total of €302m and this matter is now closed. The
investigation into HSBC Continental Europe was closed with no further action.   
HSBC Bank plc and the German branch of HSBC Continental Europe continue to cooperate with investigations by the German public prosecutor
into numerous financial institutions and their employees, in connection with the dividend withholding tax treatment of certain trading activities.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
Gilts trading litigation
In June 2023, HSBC Bank plc and HSBC Securities (USA) Inc., among other banks, were named as defendants in a putative class action filed in the
US District Court for the Southern District of New York by plaintiffs alleging anti-competitive conduct in the gilts market and seeking damages for
unspecified amounts. Certain of the defendants, including HSBC Bank plc and HSBC Securities (USA) Inc., have reached a settlement with the
plaintiffs to resolve this matter. The settlement, the impact of which is not significant and has been paid, remains subject to final court approval.
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Korean short selling indictment
In March 2024, the Korean Prosecutors’ Office issued a criminal indictment against The Hongkong and Shanghai Banking Corporation Limited
(‘HBAP’) and three current and former employees for breaching short selling rules under the Financial Investment Services and Capital Markets Act
in connection with trades carried out between August 2021 and December 2021. In September 2025, the Korean appellate court confirmed the
acquittal of HBAP of all charges. The Korean Prosecutors’ Office has further appealed to the Korean Supreme Court.
Investigations involving HSBC Private Bank (Suisse) SA
Law enforcement authorities in Switzerland and France are conducting criminal investigations into HSBC Private Bank (Suisse) SA in connection
with alleged money laundering offences in respect of two historical banking relationships. These investigations are ongoing.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
First Citizens litigation
In May 2023, First-Citizens Bank & Trust Company (‘First Citizens’) brought a lawsuit in the US District Court for the Northern District of California
against various HSBC companies and seven US-based HSBC employees who had previously worked for Silicon Valley Bank (‘SVB’). The lawsuit
seeks $1bn in damages and alleges, among other things, that the various HSBC companies conspired with the individual defendants to solicit
employees from First Citizens and that the individual defendants took confidential information belonging to SVB and/or First Citizens. In January
2026, First Citizens amended its complaint to add claims purportedly assigned by the Federal Deposit Insurance Corporation (‘FDIC’). These
include claims concerning the period between SVB’s entry into FDIC receivership and First Citizens’ purchase of SVB’s US assets. First Citizens
also seeks to bring certain claims and defendants dismissed by the court in July 2024 back into the litigation. The defendants have filed a motion to
dismiss the amended complaint.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
US mortgage securitisation litigation
Beginning in 2014, a number of lawsuits were filed in various state and federal courts in the US against HSBC Bank USA, as a trustee of more than
280 mortgage securitisation trusts, seeking unspecified damages for losses in collateral value allegedly sustained by the trusts. Nearly all of these
lawsuits have either been settled or dismissed; one action remains pending in a New York state court.
HSBC Bank USA and certain of its affiliates are named as defendants in a mortgage loan repurchase action brought by the trustee of a mortgage
securitisation trust in New York state court and seeking unspecified damages and specific performance. The plaintiff has appealed the dismissal of
this action, and the appeal is pending.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Mexican government bond litigation
HSBC Mexico S.A. and other banks are named as defendants in a consolidated putative class action pending in the US District Court for the
Southern District of New York alleging anti-competitive conduct related to Mexican government bond transactions between 2010 and 2014 and
seeking unspecified damages. In January 2025, the court denied the defendants’ motion to dismiss the plaintiffs’ third amended complaint, and
this action is proceeding.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
Other regulatory investigations, reviews and litigation
HSBC Holdings and/or certain of its affiliates are also subject to a number of other enquiries and examinations, requests for information,
investigations and reviews by various tax authorities, regulators, competition and law enforcement authorities, as well as legal proceedings
including litigation, arbitration and other contentious proceedings, in connection with various matters arising out of their businesses and operations.
At the present time, HSBC does not expect the ultimate resolution of any of these matters to be material to the Group’s financial position;
however, given the uncertainties involved in legal proceedings and regulatory matters, there can be no assurance regarding the eventual outcome
of a particular matter or matters.
36Related party transactions
Related parties of the Group and HSBC Holdings include subsidiaries, associates, joint ventures, fund-related entities, post-employment benefit
plans for HSBC employees, Key Management Personnel (‘KMP’) as defined by IAS 24, close family members of KMP and entities that are
controlled or jointly controlled by KMP or their close family members. KMP are defined as those persons having authority and responsibility for
planning, directing and controlling the activities of HSBC Holdings. These individuals also constitute ‘senior management’ for the purposes of the
Hong Kong Listing Rules. In applying IAS 24, it was determined that for this financial reporting period KMP included Directors, former Directors and
senior management listed on pages 220 to 224 except for the roles of Group Chief Legal Officer, Group Head of Internal Audit, Group Chief People
& Governance Officer and Group Company Secretary who do not meet the criteria for KMP as provided for in the standard.
Particulars of transactions with related parties are tabulated below. The disclosure of the year-end balance and the highest amounts outstanding during
the year is considered to be the most meaningful information to represent the amount of the transactions and outstanding balances during the year.
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Key Management Personnel
Details of Directors’ remuneration and interests in shares are disclosed in the ‘Directors’ remuneration report’ on pages 249 to 274.
IAS 24 ‘Related Party Disclosures’ requires the following additional information for key management compensation.
Compensation of Key Management Personnel
2025
2024
2023
$m
$m
$m
Short-term employee benefits
47
53
51
Post-employment benefits
1
1
1
Other long-term employee benefits
14
12
10
Share-based payments
30
29
29
Year ended 31 Dec
92
95
91
Shareholdings, options and other securities of Key Management Personnel
2025
2024
(000s)
(000s)
Number of options held over HSBC Holdings ordinary shares under employee share plans
—
20
Number of HSBC Holdings ordinary shares held beneficially and non-beneficially
14,817
17,455
Number of other HSBC securities held
—
228
At 31 Dec
14,817
17,703
Advances and credits, guarantees and deposit balances during the year with Key Management Personnel
2025
2024
Balance at
31 Dec
Highest amounts
outstanding
during year
Balance at
31 Dec
Highest amounts
outstanding
during year
$m
$m
$m
$m
Key Management Personnel
Advances and credits1
11
12
9
12
Guarantees
—
—
—
—
Deposits
67
144
78
191
1Advances and credits entered into by subsidiaries of HSBC Holdings plc during 2025 with Directors and former Directors, disclosed pursuant to section 413 of
the Companies Act 2006, totalled $0.1m (2024: $1.3m) and the total value of guarantees entered into on behalf of the Directors and former Directors was nil
(2024: nil).
Unless previously disclosed, there were no connected transactions during the reporting period that fell outside the exemptions provided by the
Companies Act 2006, the UK Financial Conduct Authority’s Listing Rules and the Rules Governing The Listing of Securities on The Stock Exchange
of Hong Kong Limited. The transactions conducted were in the ordinary course of business and on substantially the same terms, including interest
rates and security, as for comparable transactions with parties of a similar standing or, where applicable, with other employees. These transactions
did not involve more than the normal risk of repayment or present other unfavourable features.
Associates and joint ventures
The Group provides certain banking and financial services to associates and joint ventures including loans, overdrafts, interest and non-interest
bearing deposits and current accounts. Details of the interests in associates and joint ventures are given in Note 18.
Transactions and balances during the year with associates and joint ventures
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Unsubordinated amounts due from joint ventures
253
229
104
72
Unsubordinated amounts due from associates
9,945
4,760
8,097
5,011
Amounts due to associates
2,990
1,344
2,992
1,844
Amounts due to joint ventures
212
153
101
85
Fair value of derivative assets with associates
902
673
919
763
Fair value of derivative liabilities with associates
2,660
1,480
3,718
2,641
Guarantees and commitments
992
777
569
577
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
Post-employment benefit plans
At 31 December 2025, $3.8bn (2024: $3.4bn) of HSBC post-employment benefit plan assets were under management by HSBC companies,
earning management fees of $15m in 2025 (2024: $14m). At 31 December 2025, HSBC’s post-employment benefit plans had placed deposits of
$0.4bn (2024: $0.4bn) with its banking subsidiaries, earning interest payable to the schemes of $5m (2024: $2m). The above outstanding balances
arose from the ordinary course of business and on substantially the same terms, including interest rates and security, as for comparable
transactions with third-party counterparties.
The combined HSBC Bank (UK) Pension Scheme enters into swap transactions with HSBC to manage inflation and interest rate sensitivity of its
liabilities and selected assets. At 31 December 2025, the gross notional value of the swaps was $6.6bn (2024: $6.4bn). These swaps had a
positive fair value to the scheme of $0.4bn (2024: $0.4bn); and HSBC had delivered collateral of $0.3bn (2024: $0.4bn) to the scheme in respect of
these arrangements. All swaps were executed at prevailing market rates and within standard market bid/offer spreads.
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HSBC Holdings
Details of HSBC Holdings’ subsidiaries are shown in Note 38.
Transactions and balances during the year with subsidiaries
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Assets
Cash and balances with HSBC undertakings
7,613
5,079
9,342
2,548
Financial assets with HSBC undertakings designated and otherwise mandatorily
measured at fair value
70,015
67,217
66,030
61,286
Derivatives
3,102
1,942
3,391
3,054
Loans and advances to HSBC undertakings
40,500
40,500
37,677
37,677
Prepayments, accrued income and other assets
6,126
3,416
7,108
4,216
Investments in subsidiaries
157,728
157,728
160,805
152,337
Total related party assets at 31 Dec
285,084
275,882
284,353
261,118
Liabilities
Amounts owed to HSBC undertakings
192
89
231
231
Derivatives
5,412
3,451
7,944
5,340
Accruals, deferred income and other liabilities
2,184
53
399
194
Subordinated liabilities
—
—
1,202
—
Total related party liabilities at 31 Dec
7,788
3,593
9,776
5,765
Guarantees and commitments
7,318
6,983
7,440
7,327
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
One employee of HSBC Holdings is a member of the HSBC Bank (UK) Pension Scheme, which is sponsored by a separate Group company. HSBC
Holdings incurs a charge for this employee, equal to the contributions paid into the scheme on his behalf. Disclosure in relation to the scheme is
made in Note 5.
37Events after the balance sheet date
On 8 January 2026, the proposal to privatise Hang Seng Bank Limited (‘Hang Seng Bank’) through a scheme of arrangement was approved by
Hang Seng Bank shareholders. On approval, a financial liability was recognised in the Group’s consolidated financial statements for the present
value of the proposed HK$106bn ($13.7bn) purchase consideration. A corresponding adjustment to equity, net of derecognising the non-controlling
interest, which stood at $7.0bn as at 31 December 2025, was also recognised. On 26 January 2026, the scheme of arrangement became effective
and Hang Seng Bank was subsequently delisted from The Stock Exchange of Hong Kong Limited on 27 January 2026. To demonstrate funding
availability for the proposal, securities of HK$129.3bn ($16.6bn) were segregated and reported as encumbered on the balance sheet as at 31
December 2025. These assets were designated to demonstrate that sufficient resources were available at all times to settle the acquisition
consideration and to provide a buffer against potential mark-to-market movements. The transaction was settled on 4 February 2026. At that point,
all payment obligations under the scheme of arrangement were met, and the segregation of assets ceased. 
On 30 January 2026, HSBC Bank plc completed the sale of its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. Prior to
completion, as at 31 December 2025, the balances that were classified as held for sale were $6.6bn in assets and $6.4bn in liabilities. For the year
ended 31 December 2025, we recognised a loss on disposal of $0.1bn. In the first quarter of 2026, we will recycle foreign currency translation
reserves to the income statement. These stood at a cumulative $0.2bn loss as at 31 December 2025.
A fourth interim dividend for 2025 of $0.45 per ordinary share (a distribution of approximately $7.71bn) was approved by the Directors after
31 December 2025. On 11 February 2026, HSBC Holdings called $1,000m 4.000% perpetual subordinated contingent convertible securities,
which are expected to be redeemed and cancelled on 9 March 2026. The accounts were approved by the Board of Directors on 25 February
2026 and authorised for issue.
38HSBC Holdings’ subsidiaries, funds, joint ventures and associates
In accordance with section 409 of the Companies Act 2006 a list of HSBC Holdings plc subsidiaries, funds, joint ventures and associates, the
registered office addresses and the effective percentages of equity owned at 31 December 2025 are disclosed below.
Unless otherwise stated, the share capital comprises ordinary or common shares that are held by Group subsidiaries. The ownership percentage is
provided for each undertaking. The undertakings below are consolidated by HSBC unless otherwise indicated.
HSBC Holdings plc Annual Report on Form 20-F
374
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Subsidiaries
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
AI Nominees (UK) One Limited
100.00
11
AI Nominees (UK) Two Limited
100.00
11
Almacenadora Banpacifico S.A. (In
Liquidation)
N/A
1, 12
Assetfinance December (F) Limited
100.00
13
Assetfinance December (H) Limited (In
Liquidation)
100.00
14
Assetfinance December (P) Limited
100.00
11
Assetfinance December (R) Limited (In
Liquidation)
100.00
14
Assetfinance June (A) Limited
100.00
11
Assetfinance June (D) Limited (In Liquidation)
100.00
14
Assetfinance March (B) Limited
100.00
15
Assetfinance March (D) Limited
100.00
13
Assetfinance March (F) Limited (In
Liquidation)
100.00
14
Assetfinance September (F) Limited
100.00
11
Assetfinance September (G) Limited (In
Liquidation)
100.00
14
B&Q Financial Services Limited (In
Liquidation)
100.00
14
Banco HSBC S.A.
100.00
16
Banco Nominees (Guernsey) Limited
100.00
17
Banco Nominees 2 (Guernsey) Limited
100.00
17
Banco Nominees Limited
100.00
18
Beau Soleil Limited Partnership
N/A
1, 19
Beijing HSBC Real Estate Leasing Company
Limited
N/A
1, 10, 20
Beijing Miyun HSBC Rural Bank Company
Limited
N/A
1, 10, 21
BentallGreenOak China Real Estate
Investments, L.P.
N/A
1, 22
Canada Square Nominees (UK) Limited
100.00
11
Capco/Cove, Inc.
100.00
23
Card-Flo #3, Inc.
100.00
24
CCF & Partners Asset Management Limited
(In Liquidation)
100.00
(99.99)
14
CCF Holding (Liban) S.A.L. (In Liquidation)
74.99
2, 25
Charterhouse Administrators (D.T.) Limited
100.00
(99.99)
11
Charterhouse Management Services Limited
100.00
(99.99)
11
Charterhouse Pensions Limited
100.00
11
Chongqing Dazu HSBC Rural Bank Company
Limited
N/A
1, 10, 26
Chongqing Fengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 27
Chongqing Rongchang HSBC Rural Bank
Company Limited (In Liquidation)
N/A
1, 10, 28
COIF Nominees (UK) Two Limited
100.00
11
COIF Nominees Limited
N/A
1, 11
Corsair IV Financial Services Capital Partners -
B L.P
N/A
1, 29
Dalian Pulandian HSBC Rural Bank Company
Limited
N/A
1, 10, 30
Decision One Mortgage Company, LLC
N/A
1, 31
Desarrollo Turistico, S.A. de C.V. (In
Liquidation)
100.00
(99.99)
12
Electronic Data Process México, S.A. de C.V.
100.00
32
Eton Corporate Services Limited
100.00
17
Flandres Contentieux S.A.
100.00
(99.99)
5, 33
Foncière Elysées
100.00
(99.99)
5, 33
Fujian Yongan HSBC Rural Bank Company
Limited
N/A
1, 10, 34
Fulcher Enterprises Company Limited (In
Liquidation)
100.00
(63.43)
35
Fundacion HSBC, A.C.
100.00
(99.99)
2, 8, 12
Giller Ltd.
100.00
23
Griffin International Limited (In Liquidation)
100.00
14
Grupo Financiero HSBC, S. A. de C. V.
99.99
12
Guangdong Enping HSBC Rural Bank
Company Limited
N/A
1, 10, 36
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
Guangzhou HSBC Real Estate Company Ltd
N/A
1, 10, 37
Hang Seng (Nominee) Limited
100.00
(63.43)
38
Hang Seng Bank (China) Limited
N/A
1, 10, 39
Hang Seng Bank (Trustee) Limited
100.00
(63.43)
38
Hang Seng Bank Limited
63.43
38
Hang Seng Bullion Company Limited
100.00
(63.43)
38
Hang Seng Credit Limited (In Liquidation)
100.00
(63.43)
35
Hang Seng Data Services Limited
100.00
(63.43)
38
Hang Seng Finance Limited
100.00
(63.43)
38
Hang Seng Financial Information Limited
100.00
(63.43)
38
Hang Seng Indexes (Netherlands) B.V.
100.00
(63.43)
40
Hang Seng Indexes Company Limited
100.00
(63.43)
38
Hang Seng Insurance Company Limited
100.00
(63.43)
38
Hang Seng Investment Management Limited
100.00
(63.43)
38
Hang Seng Investment Services Limited
100.00
(63.43)
38
Hang Seng Qianhai Fund Management
Company Limited
N/A
1, 10, 41
Hang Seng Real Estate Management Limited
100.00
(63.43)
38
Hang Seng Securities Limited
100.00
(63.43)
38
Hang Seng Security Management Limited
100.00
(63.43)
38
HASE Wealth Limited
100.00
(63.43)
38
Haseba Investment Company Limited
100.00
(63.43)
38
HBPH Corporation (In Liquidation)
99.99
42
HFC Bank Limited (In Liquidation)
100.00
43
High Time Investments Limited
100.00
(63.43)
38
HLF
100.00
(99.99)
5, 33
Honey Blue Enterprises Limited
100.00
19
Honey Green Enterprises Ltd.
100.00
44
Honey Grey Enterprises Limited
100.00
19
Honey Silver Enterprises Limited
100.00
19
Household International Europe Limited (In
Liquidation)
100.00
43
Household Pooling Corporation
100.00
45
Housing (USA) Inc.
100.00
24
HSBC (BGF) Investments Limited
100.00
11
HSBC (Kuala Lumpur) Nominees Sdn Bhd
100.00
46
HSBC (Malaysia) Trustee Berhad
100.00
47
HSBC (Singapore) Nominees Pte Ltd
100.00
48
HSBC Agency (India) Private Limited
100.00
49
HSBC Amanah Malaysia Berhad
100.00
46
HSBC Americas Corporation (Delaware)
100.00
24
HSBC Asia Holdings B.V.
100.00
11
HSBC Asia Holdings Limited
100.00
3, 19
HSBC Asia Pacific Holdings (UK) Limited
100.00
6, 11
HSBC Asset Finance (UK) Limited
100.00
11
HSBC Asset Finance M.O.G. Holdings (UK)
Limited
100.00
11
HSBC Australia Holdings Pty Limited
100.00
4, 6, 52
HSBC BANK (CHILE)
100.00
53
HSBC Bank (China) Company Limited
N/A
1, 10, 54
HSBC Bank (General Partner) Limited
100.00
55
HSBC Bank (Mauritius) Limited
100.00
56
HSBC Bank (Singapore) Limited
100.00
48
HSBC Bank (Taiwan) Limited
100.00
57
HSBC Bank (Uruguay) S.A.
100.00
58
HSBC Bank (Vietnam) Ltd.
100.00
59
HSBC Bank A.S.
100.00
60
HSBC Bank Australia Limited
100.00
52
HSBC Bank Bermuda Limited
100.00
18
HSBC Bank Capital Funding (Sterling 1) LP
N/A
1, 55
HSBC Bank Egypt S.A.E
94.54
61
HSBC Bank Malaysia Berhad
100.00
4, 46
HSBC Bank Malta p.l.c.
70.03
62
HSBC Bank Middle East Limited
100.00
4, 63
HSBC Bank Pension Trust (UK) Limited
100.00
11
HSBC Bank plc
100.00
3, 4, 11
HSBC Bank USA, National Association
100.00
4, 64
HSBC Branch Nominee (UK) Limited
100.00
13
HSBC Holdings plc Annual Report on Form 20-F
375
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Brasil Holding S.A.
100.00
16
HSBC Broking Forex (Asia) Limited
100.00
19
HSBC Broking Futures (Asia) Limited
100.00
19
HSBC Broking Futures (Hong Kong) Limited
100.00
19
HSBC Broking Securities (Asia) Limited
100.00
19
HSBC Broking Securities (Hong Kong) Limited
100.00
19
HSBC Broking Services (Asia) Limited
100.00
19
HSBC Capital (USA), Inc.
100.00
24
HSBC Card Services Inc.
100.00
24
HSBC Casa de Bolsa, S.A. de C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC Cayman Limited (In Liquidation)
100.00
65
HSBC Cayman Services Limited
100.00
65
HSBC Client Holdings Nominee (UK) Limited
100.00
11
HSBC Client Nominee (Jersey) Limited
100.00
2, 66
HSBC Continental Europe
99.99
5, 33
HSBC Corporate Advisory (Malaysia) Sdn Bhd
100.00
46
HSBC Corporate Finance (Hong Kong) Limited
100.00
19
HSBC Corporate Secretary (UK) Limited
100.00
3, 11
HSBC Corporate Services (Shanghai) Co., Ltd.
N/A
1, 10, 67
HSBC Corporate Trustee Company (UK)
Limited
100.00
11
HSBC Custody Nominees (Australia) Limited
100.00
52
HSBC Custody Services (Guernsey) Limited
100.00
17
HSBC Electronic Data Processing
(Guangdong) Limited
N/A
1, 10, 69
HSBC Electronic Data Processing (Malaysia)
Sdn Bhd
100.00
70
HSBC Electronic Data Processing
(Philippines), Inc.
99.99
71
HSBC Electronic Data Processing India
Private Limited
100.00
72
HSBC Electronic Data Processing Lanka
(Private) Limited
100.00
73
HSBC Electronic Data Service Delivery
(Egypt) S.A.E
100.00
74
HSBC Equipment Finance (UK) Limited
100.00
13
HSBC Equity (UK) Limited (In Liquidation)
100.00
14
HSBC Europe B.V.
100.00
11
HSBC Express Finance Data Services Limited
100.00
19
HSBC Factoring (France)
100.00
(99.99)
5, 33
HSBC Finance (Netherlands)
100.00
3, 11
HSBC Finance Corporation
100.00
24
HSBC Finance Limited (In Liquidation)
100.00
14
HSBC Finance Transformation (UK) Limited
100.00
11
HSBC Financial Advisors Singapore Pte. Ltd.
100.00
2, 48
HSBC Financial Services (Lebanon) S.A.L (In
Liquidation)
99.83
75
HSBC FinTech Services (Shanghai) Company
Limited
N/A
1, 10, 76
HSBC Global Custody Nominee (UK) Limited
100.00
11
HSBC Global Custody Proprietary Nominee
(UK) Limited
100.00
11
HSBC Global Services (Canada) Limited
100.00
85
HSBC Global Services (China) Holdings
Limited
100.00
11
HSBC Global Services (Hong Kong) Limited
100.00
19
HSBC Global Services (UK) Limited
100.00
11
HSBC Global Services Limited
100.00
3, 11
HSBC Group Management Services Limited
100.00
11
HSBC Group Nominees UK Limited
100.00
3, 11
HSBC Holdings B.V.
100.00
11
HSBC Innovation Bank Limited
100.00
87
HSBC Institutional Trust Services (Asia)
Limited
100.00
19
HSBC Institutional Trust Services (Bermuda)
Limited
100.00
18
HSBC Institutional Trust Services (Mauritius)
Limited
100.00
88
HSBC Institutional Trust Services (Singapore)
Limited
100.00
48
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Insurance (Asia) Limited
100.00
89
HSBC Insurance (Asia-Pacific) Holdings
Limited
100.00
79
HSBC Insurance (Bermuda) Limited
100.00
18
HSBC Insurance Agency (USA) Inc.
100.00
90
HSBC Insurance Brokerage Company Limited
N/A
1, 10, 91
HSBC Insurance Brokers Greater China
Limited
100.00
79
HSBC Insurance SAC 1 (Bermuda) Limited
100.00
18
HSBC Insurance SAC 2 (Bermuda) Limited
100.00
18
HSBC International Finance Corporation
(Delaware)
100.00
92
HSBC International Trustee (BVI) Limited
100.00
9, 93
HSBC International Trustee (Holdings) Pte.
Limited
100.00
48
HSBC International Trustee Limited
100.00
94
HSBC Inversiones S.A.
100.00
53
HSBC InvestDirect (India) Private Limited
99.99
50
HSBC InvestDirect Financial Services (India)
Limited
99.99
50
HSBC InvestDirect Sales & Marketing (India)
Private Limited
98.99
(98.98)
49
HSBC InvestDirect Securities (India) Private
Limited
99.99
50
HSBC Investment and Insurance Brokerage,
Philippines Inc.
99.99
95
HSBC Investment Bank Holdings B.V.
100.00
11
HSBC Investment Bank Holdings Limited
100.00
11
HSBC Investment Company Limited
100.00
3, 11
HSBC Invoice Finance (UK) Limited
100.00
13
HSBC Issuer Services Common Depositary
Nominee (UK) Limited
100.00
11
HSBC Latin America B.V.
100.00
11
HSBC Latin America Holdings (UK) Limited
100.00
3, 11
HSBC Leasing (Asia) Limited
100.00
19
HSBC Life (Bermuda) Limited
100.00
18
HSBC Life (Cornell Centre) Limited
100.00
89
HSBC Life (Edwick Centre) Limited
100.00
89
HSBC Life (International) Limited
100.00
18
HSBC Life (Property) Limited
100.00
89
HSBC Life (Singapore) Pte. Ltd.
100.00
48
HSBC Life (Tsing Yi Industrial) Limited
100.00
89
HSBC Life (UK) Limited
100.00
11
HSBC Life (Workshop) Limited
100.00
89
HSBC Life Assurance (Malta) Ltd.
100.00
(70.03)
80
HSBC Life Insurance Company Limited
N/A
1, 10, 97
HSBC LU Nominees Limited
100.00
11
HSBC Markets (USA) Inc.
100.00
24
HSBC Marking Name Nominee (UK) Limited
100.00
11
HSBC Master Trust Trustee Limited (In
Liquidation)
100.00
14
HSBC Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero HSBC
99.99
12
HSBC Middle East Asset CO. LLC
100.00
100
HSBC Middle East Holdings B.V.
100.00
3, 4, 63
HSBC Middle East Leasing Partnership
N/A
1, 101
HSBC Middle East Securities L.L.C (In
Liquidation)
100.00
102
HSBC Mortgage Corporation (USA)
100.00
24
HSBC Nominees (Asing) Sdn Bhd
100.00
46
HSBC Nominees (Hong Kong) Limited
100.00
19
HSBC Nominees (New Zealand) Limited
100.00
103
HSBC Nominees (Tempatan) Sdn Bhd
100.00
46
HSBC North America Holdings Inc.
100.00
4, 24
HSBC Overseas Holdings (UK) Limited
100.00
3, 11
HSBC Overseas Investments Corporation
(New York)
100.00
104
HSBC Overseas Nominee (UK) Limited
100.00
11
HSBC PB Corporate Services 1 Limited
100.00
105
HSBC PB Services (Suisse) SA
100.00
106
HSBC Holdings plc Annual Report on Form 20-F
376
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Pension Trust (Ireland) DAC (In
Liquidation)
100.00
107
HSBC Pensiones, S.A. (In Liquidation)
100.00
(99.99)
12
HSBC PI Holdings (Mauritius) Limited
100.00
88
HSBC Preferential LP (UK)
100.00
11
HSBC Private Bank (Luxembourg) S.A.
100.00
(99.99)
96
HSBC Private Bank (Suisse) SA
100.00
106
HSBC Private Bank (UK) Limited
100.00
11
HSBC Private Banking Holdings (Suisse) SA
100.00
106
HSBC Private Banking Nominee 3 (Jersey)
Limited
100.00
105
HSBC Private Equity Investments (UK)
Limited
100.00
11
HSBC Private Markets Management SARL
N/A
1, 2, 108
HSBC Private Trustee (Hong Kong) Limited
100.00
19
HSBC Professional Services (India) Private
Limited
100.00
109
HSBC Property (UK) Limited
100.00
11
HSBC Property Funds (Holding) Limited
100.00
11
HSBC Provident Fund Trustee (Hong Kong)
Limited
100.00
19
HSBC Qianhai Securities Limited
N/A
1, 10, 110
HSBC Real Estate Leasing (France)
100.00
(99.99)
5, 33
HSBC REGIO Fund General Partner S.à r.l.
100.00
86
HSBC Retirement Benefits Trustee (UK)
Limited
100.00
3, 11
HSBC Retirement Services Limited (In
Liquidation)
100.00
2, 14
HSBC Saudi Arabia, Closed Joint Stock
Company
100.00
(66.19)
111
HSBC Securities (Egypt) S.A.E. (In
Liquidation)
100.00
(94.65)
112
HSBC Securities (Japan) Co., Ltd.
100.00
51
HSBC Securities (Singapore) Pte Limited
100.00
48
HSBC Securities (South Africa) (Pty) Limited
100.00
113
HSBC Securities (Taiwan) Corporation Limited
100.00
57
HSBC Securities (USA) Inc.
100.00
24
HSBC Securities and Capital Markets (India)
Private Limited
99.99
6, 49
HSBC Securities Brokers (Asia) Limited
100.00
19
HSBC Securities Investments (Asia) Limited
100.00
19
HSBC Securities Services (Bermuda) Limited
100.00
18
HSBC Securities Services (Guernsey) Limited
100.00
17
HSBC Securities Services (Ireland) DAC
100.00
107
HSBC Securities Services (Luxembourg) S.A.
100.00
96
HSBC Securities Services Holdings (Ireland)
DAC
100.00
107
HSBC Securities Services Nominees Limited
100.00
19
HSBC Seguros, S.A de C.V., Grupo Financiero
HSBC
100.00
(99.99)
12
HSBC Semfi Limited
75.00
11
HSBC Service Company Germany GmbH
100.00
(99.99)
7, 77
HSBC Service Delivery (Polska) Sp. z o.o.
100.00
114
HSBC Services (France)
100.00
(99.99)
5, 33
HSBC Services Japan Limited
100.00
84
HSBC Services USA Inc.
100.00
115
HSBC Servicios Financieros, S.A. de C.V
100.00
(99.99)
12
HSBC Servicios, S.A. DE C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC SFT (C.I.) Limited
100.00
17
HSBC Software Development (Guangdong)
Limited
N/A
1, 10, 116
HSBC Software Development (India) Private
Limited
100.00
117
HSBC Software Development (Malaysia) Sdn
Bhd
100.00
70
HSBC Specialist Investments Limited
100.00
11
HSBC Technology & Services (USA) Inc.
100.00
24
HSBC Transaction Services GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt (International)
S.A.
100.00
(99.99)
96
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Trinkaus & Burkhardt Gesellschaft fur
Bankbeteiligungen mbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus Real Estate GmbH
100.00
(99.99)
7, 77
HSBC Trust Company (Delaware), National
Association
100.00
92
HSBC Trustee (C.I.) Limited
100.00
105
HSBC Trustee (Cayman) Limited
100.00
65
HSBC Trustee (Guernsey) Limited
100.00
17
HSBC Trustee (Hong Kong) Limited
100.00
19
HSBC Trustee (Singapore) Limited
100.00
48
HSBC UK Bank plc
100.00
3, 13
HSBC UK Client Nominee Limited
100.00
13
HSBC UK Covered Bonds LLP
N/A
1, 13
HSBC UK Societal Projects Limited (In
Dissolution)
N/A
1, 13
HSBC USA Inc.
100.00
4, 104
HSBC Ventures USA Inc.
100.00
24
HSBC Violet Investments (Mauritius) Limited
100.00
118
HSBC Wealth Client Nominee Limited
100.00
13
HSBC Yatirim Menkul Degerler A.S.
100.00
60
HSI Asset Securitization Corporation
100.00
24
HSI International Limited
100.00
(63.43)
38
HSIL Investments Limited
100.00
11
Hubei Macheng HSBC Rural Bank Company
Limited
N/A
1, 10, 119
Hubei Suizhou Cengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 120
Hubei Tianmen HSBC Rural Bank Company
Limited
N/A
1, 10, 121
Hunan Pingjiang HSBC Rural Bank Company
Limited
N/A
1, 10, 122
Imenson Limited
100.00
(63.43)
38
Inmobiliaria Bisa, S.A. de C.V.
99.99
(99.98)
12
Inmobiliaria Grufin, S.A. de C.V.
100.00
(99.99)
12
Inmobiliaria Guatusi, S.A. de C.V.
100.00
(99.99)
12
Internationale Kapitalanlagegesellschaft mit
beschränkter Haftung
100.00
(99.99)
7, 77
James Capel (Nominees) Limited
100.00
11
James Capel (Taiwan) Nominees Limited
100.00
11
Keyser Ullmann Limited
100.00
(99.99)
11
Lion Corporate Services Limited
100.00
19
Lion International Corporate Services Limited
100.00
94
Lion International Management Limited
100.00
94
Lion Management (Hong Kong) Limited
100.00
19
Lyndholme Limited
100.00
19
Marks and Spencer Financial Services plc
100.00
123
Marks and Spencer Unit Trust Management
Limited
100.00
123
Midcorp Limited (In Liquidation)
100.00
14
Midland Bank (Branch Nominees) Limited
100.00
13
Midland Nominees Limited
100.00
13
MP Payments Group Limited
100.00
11
MP Payments Middle East AE L.L.C. (In
Liquidation)
100.00
124
MP Payments Operations Limited
100.00
11
MP Payments Singapore Pte. Ltd. (In
Liquidation)
100.00
48
MP Payments UK Limited
100.00
11
Prudential Client HSBC GIS Nominee (UK)
Limited
100.00
11
PT Bank HSBC Indonesia
98.94
125
PT HSBC Sekuritas Indonesia
99.00
126
R/CLIP Corp.
100.00
24
Real Estate Collateral Management Company
100.00
24
Republic Nominees Limited
100.00
17
RLUKREF Nominees (UK) One Limited
100.00
11
RLUKREF Nominees (UK) Two Limited
100.00
11
S.A.P.C. - Ufipro Recouvrement
99.99
8, 33
Saf Baiyun
100.00
(99.99)
5, 33
Saf Guangzhou
100.00
(99.99)
5, 33
HSBC Holdings plc Annual Report on Form 20-F
377
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
SFM
100.00
(99.99)
5, 33
SFSS Nominees (Pty) Limited
100.00
113
Shandong Rongcheng HSBC Rural Bank
Company Limited
N/A
1, 10, 127
Shenzhen HSBC Development Company Ltd
N/A
1, 10, 128
Sico Limited
100.00
129
SNC Les Oliviers D'Antibes
60.00
(59.99)
8, 78
SNCB/M6-2007 A
100.00
(99.99)
2, 5, 33
SNCB/M6-2007 B
100.00
(99.99)
2, 5, 33
SNCB/M6-2008 A
100.00
(99.99)
2, 5, 33
Société Française et Suisse
100.00
(99.99)
5, 33
Somers Dublin DAC
100.00
(99.99)
107
Somers Nominees (Far East) Limited
100.00
18
Sopingest
100.00
(99.99)
2, 5, 33
St Cross Trustees Limited
100.00
13
Sun Hung Kai Development (Lujiazui III)
Limited
N/A
1, 10, 134
The Hongkong and Shanghai Banking
Corporation Limited
100.00
19
Tooley Street View Limited
100.00
3, 11
Trinkaus Europa Immobilien-Fonds Nr.3
Objekt Utrecht Verwaltungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds
Geschaeftsfuehrungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds Verwaltungs-
GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Management GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Verwaltungs GmbH
100.00
(99.99)
7, 77
Turnsonic (Nominees) Limited
100.00
13
Valeurs Mobilières Elysées
100.00
(99.99)
5, 33
WARDLEY LIMITED
100.00
19
Wayfoong (Asia) Limited
100.00
79
Wayfoong Nominees Limited
100.00
19
Westminster House, LLC
N/A
1, 24
Woodex Limited
100.00
18
Yan Nin Development Company Limited
100.00
(63.43)
38
Funds
The undertakings below are part of our fund management structure.
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Amber 2022 Direct Lending Fund SCA
SICAV-RAIF
N/A
1, 175
AMGB International Long-Term Equity
Strategy Mandate
N/A
1, 11
Blackthorn Diversified Credit 2024 LP
N/A
1, 186
CI 10 LP Inc
N/A
1, 98
Cinnabar 2021 Direct Lending Cell 1 PC
N/A
1, 176
Copper Direct Lending L.P.
N/A
1, 177
D9 LP Inc
N/A
1, 98
Deerpath Capital VII (Cayman), LP
N/A
1, 187
Diversified Loan Fund – Direct Lending A
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund – Direct Lending B
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund – Syndicated Loan A
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund – Syndicated Loan C
S.a.r.l
100.00
(48.00)
68
DRC European Real Estate Debt Fund IV
(EUR) L.P.
N/A
1, 178
Elysées Grand Large
N/A
1, 78
ESDLF 2023 Carry L.P
N/A
1, 98
GTIDF Fund Carry L.P.
N/A
1, 98
H.I.G. Heliodor 2021 PC
N/A
1, 179
H5 LP Inc
N/A
1, 98
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
H8 LP Inc
N/A
1, 98
H9 LP Inc
N/A
1, 98
Hayfin Garnet Feeder Fund S.C.A. SICAV-
RAIF
N/A
1, 180
Hayfin Garnet II Feeder Fund S.C.A. SICAV-
RAIF
N/A
1, 180
HSBC (Guernsey) Aggregator PCC Limited
100.00
98
HSBC (Guernsey) Focus PCC Limited
100.00
98
HSBC (Guernsey) GP PCC Limited
100.00
17
HSBC Alternative Investments Limited
100.00
11
HSBC ASIA LIVING REAL ESTATE GP S.À
R.L.
100.00
164
HSBC Asset Management (Fund Services
UK) Limited
100.00
11
HSBC Asset Management (India) Private
Limited
99.99
50
HSBC Asset Management (Japan) Limited
100.00
51
HSBC Climate Growth Partners Fund SCSp
N/A
1, 165
HSBC Climate Growth Partners GP S.à r.l.
100.00
165
HSBC Climate Growth Partners VC Carry
L.P.
N/A
1, 98
HSBC Diversified Loan Fund – Master S.a.r.l.
100.00
(48.00)
68
HSBC Diversified Loan Fund General Partner
S.à r.l.
100.00
68
HSBC Diversified Loan Fund SCSp-RAIF
N/A
1, 68
HSBC Equity Partners USA, LP
N/A
1, 83
HSBC European Senior Direct Lending 2023
HoldCo S.à r.l.
100.00
(99.60)
86
HSBC EUROPEAN SENIOR DIRECT
LENDING AIF OFS
N/A
1, 165
HSBC European Senior Direct Lending Fund
2023 RAIF SICAV-S.A.
99.60
86
HSBC Financial Technology Venture Capital
Fund SCSp
N/A
1, 165
HSBC Financial Technology Venture Capital
GP S.à r.l.
100.00
165
HSBC Fintech VC Carry L.P.
N/A
1, 98
HSBC GH Luxembourg Fund
N/A
1, 165
HSBC Global Asset Management (Bermuda)
Limited
100.00
4, 18
HSBC Global Asset Management
(Deutschland) GmbH
100.00
(99.99)
7, 77
HSBC Global Asset Management (France)
100.00
(99.99)
5, 78
HSBC Global Asset Management (Hong
Kong) Limited
100.00
79
HSBC Global Asset Management (Malta)
Limited
100.00
(70.03)
80
HSBC Global Asset Management (México),
S.A. de C.V., Sociedad Operadora de Fondos
de Inversión, Grupo Financiero HSBC
100.00
(99.99)
12
HSBC Global Asset Management
(Singapore) Limited
100.00
48
HSBC Global Asset Management
(Switzerland) AG
100.00
5, 81
HSBC Global Asset Management (Taiwan)
Limited
100.00
82
HSBC Global Asset Management (UK)
Limited
100.00
11
HSBC Global Asset Management (USA) Inc.
100.00
83
HSBC Global Asset Management Holdings
(Bahamas) Limited
100.00
84
HSBC Global Asset Management Limited
100.00
3, 11
HSBC Global Infrastucture Debt Fund SCSp
N/A
1, 86
HSBC Global Transition Infrastructure Debt
Fund RAIF SICAV-S.A.
N/A
1, 86
HSBC Infrastructure Debt GP 1 S.à r.l.
N/A
1, 86
HSBC Infrastructure Debt GP 2 S.à r.l.
N/A
1, 86
HSBC Investment Funds (Hong Kong)
Limited
100.00
79
HSBC Investment Funds (Luxembourg) SA
100.00
96
HSBC Latin America Coinvestments
Partners, LP
N/A
1, 83
HSBC Holdings plc Annual Report on Form 20-F
378
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
HSBC Management (Guernsey) Limited
100.00
98
HSBC Management Consultancy (Shanghai)
Company Limited
N/A
1, 10, 99
HSBC Portfoy Yonetimi A.S.
100.00
60
HSBC Private Markets GP S.à r.l.
100.00
165
HSBC RCF HoldCo S.à r.l.
100.00
86
HSBC RCF Partnership Fund RAIF SICAV-
S.A.
N/A
1, 86
HSBC RCF SPV S.à r.l.
100.00
86
HSBC REIM (France)
100.00
(99.99)
5, 78
HSBC SDL UK 2020 HoldCo S.à r.l
100.00
(32.60)
96
HSBC SDL UK 2020 LendCo S.à r.l.B137
100.00
(32.60)
96
HSBC SDL UK II HoldCo S.à r.l.
100.00
(48.90)
86
HSBC SDLF II Carry L.P.
N/A
1, 98
HSBC Senior UK Direct Lending 2020 RAIF
SICAV-S.A.
N/A
1, 96
HSBC Senior UK Direct Lending Fund II
RAIF SICAV-S.A.
N/A
1, 86
HSBC Trustees (India) Private Limited
99.99
49
HSBC USD Senior Direct Lending Carry L.P.
N/A
1, 98
HSBC USD Senior Direct Lending GP S.à.r.l
100.00
86
HVDF US LLC
N/A
1, 24
HVDF US, L.P.
N/A
1, 2, 24
I3 LP Inc
N/A
1, 98
ICG Credit Strategies S.C.A SICAV-RAIF -
ICG Mandate 2023 Direct Lending Fund
N/A
1, 181
ICG Credit Strategies S.C.A. SICAV-RAIF -
ICG Mandate 2020 Direct Lending Fund
N/A
1, 181
Idinvest Growth Secondary Feeder SCA
SICAV-RAIF
N/A
1, 182
INHK IE LP Inc
N/A
1, 98
INHK Orca Carry L.P.
N/A
1, 98
INHK PC LP Inc
N/A
1, 98
INHK PE LP Inc
N/A
1, 98
J6 LP Inc
N/A
1, 98
KKR-LON Credit Strategies SCA SICAV-RAIF
N/A
1, 183
Korea Nova Solar 1 Inc
100.00
(66.70)
166
Korea Nova Solar 2 Inc
100.00
(66.70)
166
L1 LP Inc
N/A
1, 98
Lohas ECE Brown KK
N/A
1, 167
NAV Financing Partnership Fund Carry L.P.
N/A
1, 98
Nova Solar 1 GK
N/A
1, 168
Nova Solar 2 GK
N/A
1, 168
Nova Solar 3 GK
N/A
1, 168
Nova Solar 4 GK
N/A
1, 168
P2 LP Inc
N/A
1, 98
PE Opps II Carry L.P
N/A
1, 98
PE Opps III Carry L.P
N/A
1, 98
PPDP Peridot 2022 Feeder SCA SICAV-RAIF
N/A
1, 180
RCF Partnership Fund Carry L.P.
N/A
1, 98
Red Hexagon Energy Transition Asia Carry
L.P.
N/A
1, 98
Red Hexagon Energy Transition Asia Fund
SCSp
N/A
1, 86
Red Hexagon Energy Transition Asia GP S.à
r.l.
100.00
86
Red Hexagon ETA Master HoldCo Limited
100.00
169
Red Hexagon ETA Tekoma Japan Limited
100.00
(66.70)
169
Red Hexagon ETA Tekoma Operation
Limited
100.00
(66.70)
169
Red Hexagon ETA Tekoma Taiwan Limited
100.00
(66.70)
169
SilkRoad Fund Management S.à.r.l
100.00
130
Silkroad GP II Limited
100.00
2, 131
Silkroad GP II S.a.r.l.
100.00
130
Silkroad GP Limited
100.00
65
Silkroad GP SC S.a r.l
100.00
132
Silkroad Property Partners PTE. LTD.
100.00
133
Solar Field 13 GK
N/A
1, 168
SSOF IV Overage SMA H, L.P.
N/A
1, 184
Sunpower Americas Co-Invest I SCS
N/A
1, 185
Taiwan Nova Solar 1 Limited
100.00
(66.70)
170
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Tekoma Energy Group Holdings Limited
66.70
169
Tekoma Energy Holdings Limited
100.00
(66.70)
170
Tekoma Energy Inc
100.00
(66.70)
171
Tekoma Energy KK
100.00
(66.70)
1, 168
Tekoma Energy Korea Inc
100.00
(66.70)
172
Tekoma Korea Holdings Limited
100.00
(66.70)
166
Tekoma Korea Limited
100.00
(66.70)
169
Vision 2023 Carry L.P
N/A
1, 98
Vision 2024 Carry L.P.
N/A
1, 98
Vision 2025 Carry L.P.
N/A
1, 98
Vision Apex 2025 Carry L.P.
N/A
1, 98
Vision Impact Carry L.P.
N/A
1, 98
Vision Infrastructure Carry L.P.
N/A
1, 98
W4 LP Inc
N/A
1, 98
Joint ventures
The undertakings below are joint ventures and equity accounted.
Joint ventures
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Climate Asset Management Limited
40.00
135
MK HoldCo Limited
50.32
2, 136
Pentagreen Capital Pte. Ltd
50.00
137
ProServe Bermuda Limited
50.00
138
The London Silver Market Fixing Limited
N/A
1, 2, 139
Vaultex UK Limited
50.00
2, 140
Non-Profit Foundation
The undertakings below are Non-Profit Foundation.
Non-Profit Foundation
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
HSBC Philanthropy Foundation Beijing
N/A
1, 163
Associates
The undertakings below are associates and equity accounted.
Associates
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Aiera, Inc.
2.90
4, 173
Bank of Communications Co., Ltd.
16.00
2, 141
Barrowgate Limited
24.64
(15.63)
142
BGF Group plc
24.62
143
Bud Financial Limited
6.20
4, 144
CANARA HSBC LIFE INSURANCE
COMPANY LIMITED
25.50
145
Dowsure Inc.
10.12
2, 4, 147
Episode Six Inc.
5.68
4, 148
EPS Company (Hong Kong) Limited
42.03
(38.65)
19
Future Forward Holdings LLC
N/A
1, 24
HQLAX S.à r.l.
6.09
4, 149
HSBC Jintrust Fund Management Company
Limited
N/A
1, 2, 10,
150
HSBC UK Covered Bonds (LM) Limited
20.00
2, 151
Intelligent Processing Solution Limited
10.00
2, 174
Lightico Ltd
3.19
4, 152
LiquidityMatch LLC
N/A
1, 153
London Precious Metals Clearing Limited
30.00
2, 154
Marketnode PTE. Ltd.
12.64
4, 155
MENA Infrastructure Fund (GP) Ltd
33.33
156
Quantexa Limited
8.92
4, 157
HSBC Holdings plc Annual Report on Form 20-F
379
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Radiant Global Investors LLC
N/A
1, 2, 158
Saudi Awwal Bank
31.00
159
The London Gold Market Fixing Limited
N/A
1, 139
Threadneedle Software Holdings Limited
7.80
4, 160
Topaz Consultation LLC
N/A
1, 24
Trade Information Network Limited (In
Liquidation)
12.76
161
Trinkaus Europa Immobilien-Fonds Nr. 7
Frankfurt Mertonviertel KG
N/A
1, 77
We Trade Innovation Designated Activity
Company (In Liquidation)
9.88
2, 162
Footnotes for Note 38
Description of shares
1
Where an entity is governed by voting rights, HSBC consolidates
when it holds – directly or indirectly – the necessary voting rights to
pass resolutions by the governing body. In all other cases, the
assessment of control is more complex and requires judgement of
other factors, including having exposure to variability of returns, power
to direct relevant activities, and whether power is held as an agent or
principal. HSBC’s consolidation policy is described in Note 1.2(a).
2
Management has determined that these undertakings are excluded
from consolidation in the Group accounts as these entities do not
meet the definition of subsidiaries in accordance with IFRS. HSBC’s
consolidation policy is described in Note 1.2(a).
3
Directly held by HSBC Holdings plc
4
Preference Shares
5
Actions
6
Redeemable Preference Shares
7
GmbH Anteil
8
Parts
9
Non-Participating Voting
10
Registered Capital Shares
Registered offices
11
8 Canada Square, London, United Kingdom, E14 5HQ
12
347 Paseo de la Reforma, Col. Cuauhtémoc, Mexico, 06500
13
1 Centenary Square, Birmingham, United Kingdom, B1 1HQ
14
c/o Teneo Financial Advisory Limited, The Colmore Building, 20
Colmore Circus, Queensway, Birmingham, United Kingdom, B4 6AT
15
5 Donegal Square South, Northern Ireland, Belfast, United Kingdom,
BT1 5JP
16
1909 Avenida Presidente Juscelino Kubitschek, 19° andar, Torre
Norte, São Paulo Corporate Towers, São Paulo, Brazil, 04551-903
17
Arnold House, St Julian's Avenue, St Peter Port, Guernsey, GY1 3NF
18
37 Front Street, Harbourview Centre, Ground Floor, Hamilton,
Pembroke, Bermuda, HM 11
19
1 Queen's Road Central, Hong Kong
20
Units 2401-55, Floor 24, Tower 2, 1 Jianguomenwai Avenue,
Chaoyang District, Beijing, China, 100020
21
First Floor, Xinhua Bookstore Xindong Road (SE of roundabout),
Miyun District, Beijing, China
22
Oak House Hirzel Street, St Peter Port, Guernsey, GY1 2NP
23
239 Van Rensselaer Street, Buffalo, New York, United States of
America, 14210
24
c/o The Corporation Trust Company 1209 Orange Street, Wilmington,
Delaware, United States of America, 19801
25
Solidere - Rue Saad Zaghloul Immeuble - 170 Marfaa, P.O. Box 17
5476 Mar Michael, Beyrouth, Lebanon, 11042040
26
No 1, Bei Huan East Road Dazu County, Chongqing, China
27
No 107 Ping Du Avenue (E), Sanhe Town, Fengdu County,
Chongqing, China
28
No. 3, 5, 7, Haitang Erzhi Road Changyuan, Rongchang, Chongqing,
China, 402460
29
c/o Walkers Corporate Services Limited, Walker House, 87 Mary
Street, George Town, Grand Cayman, Cayman Islands, KY1-9005
30
First & Second Floor No.3 Nanshan Road, Pulandian, Dalian, Liaoning,
China
31
160 Mine Lake CT, Ste 200, Raleigh, North Carolina, United States of
America, 27615-6417
32
Avenida de las Granjas 972, Building A, Floor 2, Colonia Santa
Bárbara, Alcaldía Azcapotzalco, Mexico City, Mexico, 02230
33
38 avenue Kléber, Paris, France, 75116
Registered offices
34
No. 1 1211 Yanjiang Zhong Road, Yongan, Fujian, China
35
8/F, Prince's Building, 10 Chater Road, Central, Hong Kong
36
No. 44 Xin Ping Road Central, Encheng, Enping, Guangdong, China,
529400
37
Rooms 101, 201-205, 301-305, No. 2 Yong Jin Yi Street, Huangge
Town, Nansha District, Guangzhou, China
38
83 Des Voeux Road Central, Hong Kong
39
34/F, 36/F and 46/F, Hang Seng Bank Tower 1000 Lujiazui Ring Road,
Pilot Free Trade Zone, Shanghai, China, 200120
40
Gustav Mahlerplein 2 1082 MA, Amsterdam, Netherlands
41
1001, T2 Office Building, Qianhai Kerry Business Center, Qianhai
Avenue, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation
Zone, Shenzhen, Guangdong, China
42
Unit 1 GF The Commerical Complex Madrigal Avenue, Ayala Alabang
Village, Muntinlupa City, Philippines, 1780
43
C/O Teneo Financial Advisory Limited The Colmore Building, 20
Colmore Circus, Queensway, Birmingham, United Kingdom, B4 6AT
44
Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town,
Tortola, British Virgin Islands, VG1110
45
The Corporation Trust Company of Nevada 311 S. Division Street,
Carson City, Nevada, United States of America, 89703
46
Level 21 Menara IQ, Lingkaran TRX, Tun Razak Exchange, Kuala
Lumpur, Malaysia, 55188
47
Level 19 Menara IQ, Lingkaran TRX, Tun Razak Exchange, Kuala
Lumpur, Malaysia, 55188
48
10 Marina Boulevard #48-01 Marina Bay Financial Centre, Singapore,
018983
49
52/60 M G Road Fort, Mumbai, India, 400 001
50
9-11 Floors, NESCO IT Park Building No. 3 Western Express
Highway, Goregaon (East), Mumbai, India, 400063
51
HSBC Building 11-1, Nihonbashi 3-chome, Chuo-ku, Tokyo, Japan,
103-0027
52
Level 36, Tower 1, International Towers Sydney, 100 Barangaroo
Avenue, Sydney, New South Wales, Australia, 2000
53
Isidora Goyenechea 2800 23rd floor, Las Condes, Santiago, Chile,
7550647
54
HSBC Building Shanghai ifc, 8 Century Avenue, Pudong, Shanghai,
China, 200120
55
HSBC House, Esplanade, St. Helier, Jersey, JE4 8UB
56
IconEbene, Level 5 Office 1 (West Wing), Rue de L’institut, Ebene,
Mauritius
57
54F, 7 Xinyi Road Sec. 5 Xinyi district, Taipei, Taiwan
58
1266 Dr Luis Bonativa 1266 Piso 30 (Torre IV WTC), Montevideo,
Uruguay, CP 11.000
59
Metropolitan Building, 235 Dong Khoi, Sai Gon Ward, Ho Chi Minh
City, Viet Nam
60
Esentepe Mah. Büyükdere Caddesi No.128 Şişli, Istanbul, Turkiye,
34394
61
306 Corniche El Nil Street, Maadi, Cairo, Egypt
62
116 Archbishop Street, Valletta, Malta, VLT1444
63
Unit 401, Level 4 Gate Precinct Building 2, Dubai International
Financial Centre, P. O. Box 30444, Dubai, United Arab Emirates
64
1800 Tysons Boulevard Suite 50, Tysons, Virginia, United States of
America, 22102
65
P.O. Box 309 Ugland House, Grand Cayman, Cayman Islands,
KY1-1104
66
HSBC House, Esplanade, St. Helier, Jersey, JE1 1HS
67
Room 2703, 27F, Tower A, No.8 Century Avenue, China (Shanghai)
Pilot Free Trade Zone, Shanghai, China, 200120
68
49 avenue J.F. Kennedy, Luxembourg, Luxembourg, 1855
69
4-17/F, Office Tower 2 TaiKoo Hui Development, No. 381 Tian He
Road, Guangzhou, Guangdong, China
70
Suite 1005, 10th Floor, Wisma Hamzah Kwong, Hing No. 1, Leboh
Ampang, Kuala Lumpur, Malaysia, 50100
71
Building C-1 UP Ayala Technohub, Commonwealth Avenue, Diliman,
Quezon City, Metro Manila, Philippines
72
HSBC House Plot No.8 Survey No.64 (Part), Hitec City Layout
Madhapur, Hyderabad, India, 500081
73
Mireka City 324/9 Havelock Road, Colombo 05, Sri Lanka, 00500
74
Smart Village 28th Km Cairo- Alexandria Desert Road Building, Cairo,
Egypt
75
Centre Ville 1341 Building - 4th Floor Patriarche Howayek Street, PO
Box Riad El Solh, Lebanon, 9597
HSBC Holdings plc Annual Report on Form 20-F
380
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial
statements
Additional
information
Notes on the financial statements
Registered offices
76
Room 405 Odd House Number of 859-863, Huanhu West 1st Road,
Lingang New Area, China (Shanghai) Pilot Free Trade Zone, Shanghai,
China, 201306
77
Hansaallee 3, Düsseldorf, Germany, 40549
78
Immeuble Cœur Défense 110 esplanade du Général de Gaulle,
Courbevoie, France, 92400
79
HSBC Main Building 1 Queen's Road Central, Hong Kong
80
80 Mill Street, Qormi, Malta, QRM 3101
81
26 Gartenstrasse, Zurich, Switzerland, 8002
82
36F., No. 68 Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City, Taiwan,
110419
83
66 Hudson Boulevard E, New York, New York, United States of
America, 10001
84
Mareva House 4 George Street, Nassau, Bahamas
85
150 King Street West, Suite 200, Toronto, Ontario, Canada, M5H 1J9
86
4, rue Peternelchen, Howald, Grand Duchy of Luxembourg,
Luxembourg, L-2370
87
Alphabeta 14-18 Finsbury Square, London, United Kingdom, EC2A
1BR
88
5th Floor, IconEbene 1 Building, Lot 441, Rue de L’Institut, Ebene,
Mauritius, 1704-01
89
18th Floor Tower 1, HSBC Centre 1 Sham Mong Road, Kowloon,
Hong Kong
90
CT Corporation System 28 Liberty Street, New York, New York,
United States of America, 10005
91
Unit 201, Floor 2, Building 3 No. 12, Anxiang Street, Shunyi District,
Beijing, Beijing, China
92
300 Delaware Avenue Suite 1401, Wilmington, Delaware, United
States of America, 19801
93
Woodbourne Hall, Road Town, Tortola, British Virgin Islands, P.O. Box
916
94
Craigmuir Chambers, Road Town, Tortola, British Virgin Islands,
VG1110
95
5/F HSBC Centre 3058 Fifth Ave West, Bonifacio Global City, Taguig
City, Philippines
96
18 Boulevard de Kockelscheuer, Luxembourg, Luxembourg, 1821
97
29/F HSBC Building 8 Century Avenue, China (Shanghai) Pilot Free
Trade Zone, Shanghai, China, 200120
98
Arnold House St Julians Avenue, St Peter Port, Guernsey, GY1 1WA
99
Unit 2017, Floor 20, Tower 1 No.288, Shimen 1st Road, Jing An
District, Shanghai, China, 200041
100
HSBC Tower, Downtown Dubai, P O Box 66, Dubai, United Arab
Emirates
101
Unit 401, Level 4, Gate Precinct Building 2, Dubai International
Financial Centre, P. O. Box 506553, Dubai, United Arab Emirates
102
Level 16, HSBC Tower, Downtown Dubai, P.O. Box 66, Dubai, United
Arab Emirates
103
HSBC Tower, Level 21, 188 Quay Street, Auckland, New Zealand,
1010
104
The Corporation Trust Incorporated, 2405 York Road, Suite 201,
Lutherville Timonium, Maryland, United States of America, 21093
105
HSBC House, Esplanade, St. Helier, Jersey, JE1 1GT
106
9-17 Quai des Bergues, Geneva, Switzerland, 1201
107
1 Grand Canal Square Grand Canal Harbour, Dublin 2, Ireland, D02
P820
108
5 rue Heienhaff, Senningerberg, Luxembourg, L-1736
109
52/60 M G Road, Fort, Mumbai, India, 400 001
110
Unit 2201, 22/F, Qianhai Chow Tai Fook Finance Tower (Phase I) No.
66 Shu Niu Avenue, Nanshan Subdistrict, the Shenzhen Qianhai
Shenzhen-Hong Kong Cooperation Zone, the PRC, Shenzhen, China,
518054
111
HSBC Building 7267 Olaya - Al Murrooj, Riyadh, Saudi Arabia, 12283 -
2255
112
306 Corniche El Nil, HSBC Building, Maadi, Cairo, Egypt
113
1 Mutual Place, 107 Rivonia Road, Sandton, Gauteng, South Africa,
2196
114
Kapelanka 42A, Krakow, Poland, 30-347
115
C T Corporation System 820 Bear Tavern Road, West Trenton, New
Jersey, United States of America, 08628
116
22/F, Tower 2, Taikoo Hui Building, No. 381 Tianhe Road, Tianhe
District, Guangzhou, China
117
Business Bay, Wing 2 Tower B, Survey no 103, Hissa no. 2, Airport
road, Yerwada, Pune, India, 411006
118
c/o Rogers Capital St. Louis Business Centre, Cnr Desroches & St
Louis Streets, Port Louis, Mauritius
Registered offices
119
No. 56 Yu Rong Street, Macheng, China, 438300
120
No. 205 Lie Shan Road Suizhou, Hubei, China
121
Building 3, Yin Zuo Di Jing Wan Tianmen New City, Tianmen, Hubei
Province, China
122
RM101, 102 & 106 Sunshine Fairview, Sunshine Garden, Pedestrian
Walkway, Pingjiang, China
123
Kings Meadow Chester Business Park, Chester, United Kingdom,
CH99 9FB
124
Level 15 HSBC Tower, Downtown Dubai, Dubai, United Arab
Emirates, PO Box 66
125
World Trade Center 3, 9th Floor, Jalan Jendral Sudirman Kaveling
29-31, Karet, Setiabudi, South Jakarta, DKI Jakarta, Indonesia, 12920
126
5th Floor, World Trade Center 1, Jl. Jend. Sudirman Kav. 29-31,
Jakarta, Indonesia, 12920
127
No.198-2 Chengshan Avenue (E), Rongcheng, China, 264300
128
Room 601, 6/F Phase 1 Qianhai Chow Tai Fook Finance Tower, 66
Shuniu Avenue, Nanshan Community, Qianhai Shenzhen-Hong Kong
Corporation Zone, Shenzhen, Guangdong, China
129
Woodbourne Hall, Road Town, Tortola, British Virgin Islands, P.O. Box
3162
130
1A Heienhaff, Senningerberg, Luxembourg, 1736
131
P.O. Box 3119 Grand Pavilion, Hibiscus Way, 802 West Bay Road,
Grand Cayman, Cayman Islands, KY1 – 1205
132
17 Boulevard F.W Raiffeisen, Luxembourg, 2411
133
10 Collyer Quay, #10-01 Ocean Financial Centre, Singapore,
Singapore, 049315
134
RM 2112, HSBC Building, Shanghai ifc No. 8 Century Road, Pudong,
Shanghai, China, 200120
135
43 Whitfield Street, London, United Kingdom, W1T 4HD
136
35 Ballards Lane, London, United Kingdom, N3 1XW
137
38 Beach Road #19-11 South Beach Tower, Singapore, Singapore,
189767
138
c/o Mayfair Corporate Services Ltd., 26 Burnaby Street, Hamilton,
Bermuda, HM11
139
27 Old Gloucester Street, London, United Kingdom, WC1N 3AX
140
All Saints Triangle Caledonian Road, London, United Kingdom, N19UT
141
188 Yin Cheng Zhong Lu (Shanghai) Pilot Free Trade Zone, China
142
50/F Lee Garden One, 33 Hysan Avenue, Hong Kong
143
13-15 York Buildings, London, United Kingdom, WC2N 6JU
144
167-169 Great Portland Street, 5th Floor, London, United Kingdom,
W1W 5PF
145
8th Floor Unit No. 808-814, Ambadeep Building, Plot No. 14, Kasturba
Gandhi Marg, New Delhi, India, 110001
146
c/o Interpath Ltd, 10 Fleet Place, London, United Kingdom, EC4M
7RB
147
ICS Corporate Services (Cayman) Limited, 3-212 Governors Square 23
Lime Tree Bay Avenue, P.O. Box 30746, Seven Mile Beach, Grand
Cayman, Cayman Islands, KY1-1203
148
251 Little Falls Drive, New Castle, Wilmington, United States of
America, 19808
149
9 rue du Laboratoire, Grand Duchy of Luxembourg, Luxembourg,
L-1911
150
17F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong,
Shanghai, China
151
10th Floor 5 Churchill Place, London, United Kingdom, E14 5HU
152
121 HaHashmonaim St., Tel Aviv, Israel, 6713328
153
111 Town Square Place, Suite 840, Jersey City, New Jersey, United
States of America, 07310
154
7th Floor, 62 Threadneedle Street, London, United Kingdom, EC2R
8HP
155
1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore, 098632
156
Unit 306,307, 308, Gate Village Building 05, Dubai International
Financial Centre, Dubai, United Arab Emirates
157
c/o Company Secretarial Department, 280 Bishopsgate, London,
United Kingdom, EC2M 4AG
158
4482 Deer Ridge Road, Danville, CA, Delaware, United States of
America, 94506
159
7383 King Fahad Branch Rd, 2338 - Al Yasmeen Dist., Riyadh, Saudi
Arabia, 13325
160
2nd Floor, Regis House, 45 King William Street, London, United
Kingdom, EC4R 9AN
161
45 Gresham Street, C/O Restructuring & Recovery Services (RRS)
S&W Partners LLP, London, United Kingdom, EC2V 7BG
162
10 Earlsfort Terrace, Dublin, Ireland, D02 T380
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information
Notes on the financial statements
Registered offices
163
Meeting Room 18.R005, 18/F Fortune Financial Center No. 5
Dongsanhuan Zhong Road, Chaoyang District, Beijing, China, 100020
164
20, rue de la Poste, L-2346, Luxembourg, Grand Duchy of
Luxembourg
165
3, rue Jean Piret, L-2350 Luxembourg Grand Duchy of Luxembourg
R.C.S. Luxembourg: B253299
166
9F, Unit B, Seowang Building, 14-8 Teheran-ro 70-gil, Gangnam-gu,
Seoul, South Korea (Walk Forest LS8)
167
6190-2 Fukushima, Kisomachi, Kiso-gun, Nagano 397-0001 Japan
168
2-1-4, Tsukiji, Chuo-ku, Tokyo 104-0045 JAPAN
169
89 Nexus Way, Camana Bay, George Town, Grand Cayman,
KY1-1205, Cayman Islands
170
11F, No. 122, Songjiang Rd, Zhongshan Dist., Taipei City
171
10F., No. 156, Sec. 3, Minsheng E. Rd., Songshan Dist., Taipei City
172
3F and 8F, 136, Sejong-daero, Jung-gu, Seoul
173
800 North State Street, Suite 304, Dover, Delaware, United States of
America, DE 19901
Registered offices
174
Enigma, Wavendon Business Park, England, United Kingdom, MK17
8LX
175
11-13, Boulevard de la Foire, L-1528 Luxembourg
176
2nd Floor, Sir Walter Raleigh House, 48-50 Esplanade, St. Helier,
Jersey JE2 3QB
177
375 Park Avenue New York, NY 10152
178
4th Floor, Ensign House, 29 Seaton Place, St Helier, Jersey JE2 3QL
179
3rd Floor, 37 Esplanade, St. Helier JE1 1AD, Jersey
180
15, Boulevard F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of
Luxembourg
181
60, Avenue J.F. Kennedy, L-1855 Luxembourg
182
5, Allée Scheffer, L 2520 Luxembourg, Grand Duchy of Luxembourg
183
2, rue Edward Steichen, Luxembourg, L-2540, Luxembourg
184
450, Lexington Avenue, 31st Floor, New York 10017
185
26A, Boulevard Royal L-2449 Luxembourg
186
Maples Corporate Services Limited, PO Box 309, Ugland House,
Grand Cayman, KY1-1104, Cayman Islands
187
405 Lexington Avenue, 53rd Floor, New York, New York 10174, USA
39
Non-statutory accounts
The information set out in these accounts does not constitute the Company’s statutory accounts for the years ended 31 December 2025 or 2024.
Those accounts have been reported on by the Company’s auditors: their reports were unqualified and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006.
The accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered in due course.
HSBC Holdings plc Annual Report on Form 20-F
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statements
Additional
information
Shareholder information
This section gives important information for our shareholders, including contact information. It also includes an overview of key abbreviations and
terminology used throughout this Annual Report and Accounts.
ÑA glossary of terms used in the Annual Report and Accounts can be found in the Investors section of www.hsbc.com.
Fourth interim dividend for 2025
The Directors have approved a fourth interim dividend for 2025 of $0.45 per ordinary share. Information on the currencies in which shareholders
may elect to have the cash dividend paid can be viewed at www.hsbc.com/investors. The interim dividend will be paid in cash. The timetable for
the interim dividend is:
Announcement
25 February 2026
Shares quoted ex-dividend in London, Hong Kong and Bermuda
12 March 2026
American Depositary Shares (‘ADS’) quoted ex-dividend in New York
13 March 2026
Record date – London, Hong Kong, New York, Bermuda1
13 March 2026
Mailing of Annual Report and Accounts 2025 and/or Strategic Report 2025
27 March 2026
Final date for dividend election changes including Investor Centre electronic instructions and revocations of standing instructions for dividend elections
15 April 2026
Exchange rate determined for payment of dividends in pounds sterling and Hong Kong dollars
20 April 2026
Payment date
30 April 2026
1Removals to and from the Overseas Branch register of shareholders in Hong Kong or Bermuda will not be permitted on this date.
Interim dividends for 2026
We maintain our dividend policy of a target payout ratio of 50% earnings per ordinary share (‘EPS’) for each of 2026, 2027 and 2028, subject to
meeting capital requirements. EPS for this purpose will continue to exclude material notable items and related impacts.
For the financial year 2025, dividends were paid in accordance with our dividend policy. We achieved a dividend payout ratio of 50% of EPS,
excluding material notable items and related impacts. Material notable items in 2025 primarily related to the income statement impacts associated
with actions to exit or wind down non-strategic businesses. They also include a dilution loss and the recognition of an impairment of our investment
in BoCom, a legal provision relating to the Bernard L. Madoff Investment Securities LLC fraud, as well as the impacts of transactions completed in
previous periods, including the sale of our retail banking operations in France, the sale of our banking business in Canada and the disposal of our
business in Argentina.
The Board has adopted a dividend policy designed to provide sustainable cash dividends, while retaining the flexibility to invest and grow the
business in the future, supplemented by additional shareholder distributions, if appropriate.
Dividends are approved in US dollars and, at the election of the shareholder, paid in cash in one of, or in a combination of, US dollars, pounds
sterling and Hong Kong dollars.
Other equity instruments
Additional tier 1 capital – contingent convertible securities
HSBC continues to issue contingent convertible securities that are included in its capital base as fully CRR II-compliant additional tier 1 capital
securities. For further details on these securities, see Note 32 on the financial statements.
HSBC Holdings issued $1,500m 6.950% perpetual subordinated contingent convertible securities on 27 February 2025, SGD800m 5.000%
perpetual subordinated contingent convertible securities on 24 March 2025 and $2,000m 7.050% perpetual subordinated contingent convertible
securities on 5 June 2025.
2025 Annual General Meeting
With the exception of the shareholder requisitioned Resolution 20, which the Board recommended that shareholders vote against, all resolutions
considered at the 2025 AGM held at 10:00am on 2 May 2025 at InterContinental London O2, 1 Waterview Drive, London SE10 0TW, United
Kingdom, were passed on a poll.
Earnings releases and interim results
First and third quarter results for 2026 will be released on 5 May 2026 and 27 October 2026, respectively. The interim results for the six months to
30 June 2026 will be issued on 4 August 2026.  
HSBC Holdings plc Annual Report on Form 20-F
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Additional
information
Shareholder enquiries and communications
Enquiries
Any enquiries relating to shareholdings on the share register (for example: transfers of shares, changes of name or address, lost share certificates
or dividend cheques) should be sent to the Registrars at the address given below. The Registrars offer an online facility, Investor Centre, which
enables shareholders to manage their shareholding electronically.
Principal Register:
Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ,
United Kingdom
Telephone: +44 (0) 370 702 0137
www.investorcentre.co.uk/contactus
Investor Centre: www.investorcentre.co.uk
Hong Kong Overseas Branch Register:
Computershare Hong Kong Investor Services Limited
Rooms 1712–1716, 17th Floor Hopewell Centre, 183
Queen’s Road East, Hong Kong
Telephone: +852 2862 8555
hsbc.ecom@computershare.com.hk
Investor Centre: www.investorcentre.com/hk
Bermuda Overseas Branch Register:
Investor Relations Team
HSBC Bank Bermuda Limited, 37 Front Street,
Hamilton, HM 11, Bermuda
hbbm.shareholder.services@hsbc.bm
hbbm.mutual.fund@hsbc.bm
Investor Centre: www.investorcentre.com/bm
ADS Depositary:
The Bank of New York Mellon
Shareowner Services, P.O. Box 43006, Providence RI
02940-3078, USA
Telephone (US): +1 877 283 5786
Telephone (International): +1 201 680 6825
shrrelations@cpushareownerservices.com
If your shareholding is not recorded directly on the share register, it is important to remember that your main contact for all matters relating to your
investment remains the registered shareholder, or custodian or broker, who administers the investment on your behalf. This is the case even if you
have elected to receive information rights directly from HSBC Holdings. Any changes or queries relating to your personal details and holding
(including any administration of it) should be directed to your existing contact at your investment manager or custodian or broker. HSBC Holdings
cannot guarantee dealing with matters directed to it in error.
Shareholders who wish to receive a hard copy of the Annual Report and Accounts 2025 should contact HSBC’s Registrars. Please visit
www.hsbc.com/investors/investor-contacts for further information. You can also download an online version of the report from www.hsbc.com.
Electronic communications
Shareholders may at any time choose to receive corporate communications in printed form or to receive notifications of their availability on HSBC’s
website. To receive notifications of the availability of a corporate communication on HSBC’s website by email, or revoke or amend an instruction to
receive such notifications by email, go to www.hsbc.com/investors/shareholder-information/manage-your-shareholding. If you received a
notification of the availability of this document on HSBC’s website and would like to receive a printed copy, or if you would like to receive future
corporate communications in printed form, please write or send an email (quoting your shareholder reference number) to the appropriate Registrars
at the address given above. Printed copies will be provided without charge.
Chinese translation
A Chinese translation of the Annual Report and Accounts 2025 will be available upon request after 27 March 2026 from the Registrars (contact
details above). Please also contact the Registrars if you wish to receive Chinese translations of future documents, or if you have received a Chinese
translation of this document and do not wish to receive them in future.
《2025 年報及賬目》備有中譯本，各界人士可於2026年3月27日之後，向上列股份登記處索閱。
閣下如欲於日後收取相關文件的中譯本，或已收到本文件的中譯本但不希望繼續收取有關譯本，均請聯絡股份登記處。
Stock symbols
HSBC Holdings ordinary shares trade under the following stock symbols:
London Stock Exchange
HSBA*
New York Stock Exchange (ADS)
HSBC
Hong Kong Stock Exchange
5
Bermuda Stock Exchange
HSBC.BH
∗  HSBC’s Primary market
Investor relations
Enquiries relating to HSBC’s strategy or operations may be directed to:
Alastair Ryan, Global Head of Investor Relations
Yafei Tian, Head of Investor Relations, Asia-Pacific
HSBC Holdings plc
The Hongkong and Shanghai Banking
8 Canada Square
Corporation Limited
London E14 5HQ
1 Queen’s Road Central
United Kingdom
Hong Kong
Telephone: +44 (0) 7468 703 010
Telephone: +852 2899 8909
Email: investorrelations@hsbc.com
Email: investorrelations@hsbc.com.hk
HSBC Holdings plc Annual Report on Form 20-F
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Governance Report
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Additional
information
Where more information about HSBC
is available
The Annual Report and Accounts 2025 and other information on HSBC
may be downloaded from HSBC’s website: www.hsbc.com.
Reports, statements and information that HSBC Holdings files with the
Securities and Exchange Commission are available at www.sec.gov.
Investors can also request hard copies of these documents upon
payment of a duplicating fee by writing to the SEC at the Office of
Investor Education and Advocacy, 100 F Street N.E., Washington, DC
20549-0213 or by emailing PublicInfo@sec.gov. Investors should call
the Commission at (1) 202 551 8090 if they require further assistance.
Investors may also obtain the reports and other information that HSBC
Holdings files at www.nyse.com (telephone number (1) 212 656 3000).
HM Treasury has transposed the requirements set out under CRD IV
and issued the Capital Requirements Country-by-Country Reporting
Regulations 2013. The legislation requires HSBC Holdings to publish
additional information in respect of the year ended 31 December 2025
by 31 December 2026. This information will be available on HSBC’s
website: www.hsbc.com/tax.
Taxation of shares and dividends
Taxation – UK residents
The following is a summary, under current law (unless otherwise
noted) and the current published practice of HM Revenue and Customs
(‘HMRC’), of certain UK tax considerations that are likely to be material
to the ownership and disposition of HSBC Holdings ordinary shares.
The summary does not purport to be a comprehensive description of all
the tax considerations that may be relevant to a holder of shares. In
particular, the summary deals with shareholders who are resident
solely in the UK for UK tax purposes and only with holders who hold
the shares as investments and who are the beneficial owners of the
shares, and does not address the tax treatment of certain classes of
holders such as dealers in securities. Holders and prospective
purchasers should consult their own advisers regarding the tax
consequences of an investment in shares in light of their particular
circumstances, including the effect of any national, state or local laws.
Taxation of dividends
Currently, no tax is withheld from dividends paid by HSBC Holdings.
UK resident individuals
UK resident individuals are generally entitled to a tax-free annual
allowance in respect of dividends received. The amount of the
allowance for the tax year beginning 6 April 2025 is £500. To the extent
that dividend income received by an individual in the relevant tax year
does not exceed the allowance, a nil tax rate will apply. Dividend
income in excess of this allowance will be taxed at 8.75% for basic rate
taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional
rate taxpayers.
UK resident companies
Shareholders that are within the charge to UK corporation tax should
generally be entitled to an exemption from UK corporation tax on any
dividends received from HSBC Holdings. However, the exemptions are
not comprehensive and are subject to anti-avoidance rules.
If the conditions for exemption are not met or cease to be satisfied, or
a shareholder within the charge to UK corporation tax elects for an
otherwise exempt dividend to be taxable, the shareholder will be
subject to UK corporation tax on dividends received from HSBC
Holdings at the rate of corporation tax applicable to that shareholder. 
Taxation of capital gains
The computation of the capital gains tax liability arising on disposals of
shares in HSBC Holdings by shareholders subject to UK tax on capital
gains can be complex, partly depending on whether, for example, the
shares were purchased since April 1991, acquired in 1991 in exchange
for shares in The Hongkong and Shanghai Banking Corporation Limited,
or acquired subsequent to 1991 in exchange for shares in other
companies.
For capital gains tax purposes, the acquisition cost for ordinary shares is
adjusted to take account of subsequent rights and capitalisation issues.
Any capital gain arising on a disposal of shares in HSBC Holdings by a
UK company may also be adjusted to take account of indexation
allowance if the shares were acquired before 1 January 2018, although
the level of indexation allowance that is given in calculating the gain
would be frozen at the value that would have been applied to a disposal
of those shares in December 2017. If in doubt, shareholders are
recommended to consult their professional advisers.
Stamp duty and stamp duty reserve tax
Transfers of shares by a written instrument of transfer generally will be
subject to UK stamp duty at the rate of 0.5% of the consideration paid
for the transfer (rounded up to the next £5), and such stamp duty is
generally payable by the transferee. An agreement to transfer shares,
or any interest therein, normally will give rise to a charge to stamp duty
reserve tax at the rate of 0.5% of the consideration. However, provided
an instrument of transfer of the shares is executed pursuant to the
agreement and duly stamped before the date on which the stamp duty
reserve tax becomes payable, under the current published practice of
HMRC it will not be necessary to pay the stamp duty reserve tax, nor to
apply for such tax to be cancelled. Stamp duty reserve tax is generally
payable by the transferee.
Paperless transfers of shares within CREST, the UK’s paperless share
transfer system, are liable to stamp duty reserve tax at the rate of 0.5%
of the consideration. In CREST transactions, the tax is calculated and
payment made automatically. Deposits of shares into CREST generally
will not be subject to stamp duty reserve tax, unless the transfer into
CREST is itself for consideration.
Taxation – US residents
The following is a summary, under current law, of the principal UK tax
and US federal income tax considerations that are likely to be material
to the ownership and disposition of shares or American Depositary
Shares (‘ADSs’) by a holder that is a US holder, as defined below, and
who is not resident in the UK for UK tax purposes.
The summary does not purport to be a comprehensive description of all
of the tax considerations that may be relevant to a holder of shares or
ADSs. In particular, the summary deals only with US holders that hold
shares or ADSs as capital assets, and does not address the tax
treatment of holders that are subject to special tax rules. These include
banks, tax-exempt entities, insurance companies, dealers in securities
or currencies, persons that hold shares or ADSs as part of an integrated
investment (including a ‘straddle’ or ‘hedge’) comprised of a share or
ADS and one or more other positions, and persons that own directly or
indirectly 10% or more (by vote or value) of the stock of HSBC
Holdings. This discussion is based on laws, treaties, judicial decisions
and regulatory interpretations in effect on the date hereof, all of which
are subject to change.
For the purposes of this discussion, a ‘US holder’ is a beneficial holder
that is a citizen or resident of the United States, a US domestic
corporation or otherwise is subject to US federal income taxes on a net
income basis in respect thereof.
Holders and prospective purchasers should consult their own advisers
regarding the tax consequences of an investment in shares or ADSs in
light of their particular circumstances, including the effect of any
national, state or local laws.
Any US federal tax advice included in the Annual Report and Accounts
2025 is for informational purposes only. It was not intended or written
to be used, and cannot be used, for the purpose of avoiding US federal
tax penalties.
Taxation of dividends
Currently, no tax is withheld from dividends paid by HSBC Holdings. For
US tax purposes, a US holder must include cash dividends paid on the
shares or ADSs in ordinary income on the date that such holder or the
ADS depositary receives them, translating dividends paid in UK pounds
sterling into US dollars using the exchange rate in effect on the date of
receipt. A US holder that elects to receive shares in lieu of a cash
dividend must include in ordinary income the fair market value of such
shares on the dividend payment date, and the tax basis of those shares
will equal such fair market value.
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Additional
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Subject to certain exceptions for positions that are held for less than 61
days, and subject to a foreign corporation being considered a ‘qualified
foreign corporation’ (which includes not being classified for US federal
income tax purposes as a passive foreign investment company), certain
dividends (‘qualified dividends’) received by an individual US holder
generally will be subject to US taxation at preferential rates.
Based on the company’s audited financial statements and relevant
market and shareholder data, HSBC Holdings does not believe that it
was a passive investment company for its 2025 taxable year and does
not anticipate becoming a passive foreign investment company in 2026
or the foreseeable future. Accordingly, dividends paid on the shares or
ADSs generally should be eligible for qualified dividends treatment.
Taxation of capital gains
Gains realised by a US holder on the sale or other disposition of shares
or ADSs normally will not be subject to UK taxation unless at the time
of the sale or other disposition the holder carries on a trade, profession
or vocation in the UK through a branch or agency or permanent
establishment and the shares or ADSs are or have been used, held or
acquired for the purposes of such trade, profession, vocation, branch or
agency or permanent establishment. Such gains will be included in
income for US tax purposes, and will be long-term capital gains if the
shares or ADSs were held for more than one year. A long-term capital
gain realised by an individual US holder generally will be subject to US
tax at preferential rates.
Inheritance tax
Shares or ADSs held by an individual whose domicile is determined to
be the US for the purposes of the United States–United Kingdom
Double Taxation Convention relating to estate and gift taxes (the
‘Estate Tax Treaty’) and who is not for such purposes a national of the
UK will not, provided any US federal estate or gift tax chargeable has
been paid, be subject to UK inheritance tax on the individual’s death or
on a lifetime transfer of shares or ADSs except in certain cases where
the shares or ADSs (i) are comprised in a settlement (unless, at the
time of the settlement, the settlor was domiciled in the US and was not
a national of the UK), (ii) are part of the business property of a UK
permanent establishment of an enterprise, or (iii) pertain to a UK fixed
base of an individual used for the performance of independent personal
services. In such cases, the Estate Tax Treaty generally provides a
credit against US federal tax liability for the amount of any tax paid in
the UK in a case where the shares or ADSs are subject to both UK
inheritance tax and to US federal estate or gift tax.
Stamp duty and stamp duty reserve tax –
ADSs
If shares are transferred to a clearance service or American Depositary
Receipt (‘ADR’) issuer (which will include a transfer of shares to the
depositary) UK stamp duty and/or stamp duty reserve tax will be
payable unless the transfer is, or is treated as being, in the course of a
capital raising arrangement. The stamp duty or stamp duty reserve tax
is generally payable on the consideration for the transfer (or, if there is
no consideration in money or money’s worth, the value of the shares
being transferred) and is payable at the aggregate rate of 1.5%.
The amount of stamp duty reserve tax payable on such a transfer will
be reduced by any stamp duty paid in connection with the same
transfer.
No stamp duty will be payable on the transfer of, or agreement to
transfer, an ADS, provided that the ADR and any separate instrument
of transfer or written agreement to transfer remain at all times outside
the UK, and provided further that any such transfer or written
agreement to transfer is not executed in the UK. No stamp duty
reserve tax will be payable on a transfer of, or agreement to transfer, an
ADS effected by the transfer of an ADR.
US information reporting and backup
withholding tax
Distributions made on shares or ADSs and proceeds from the sale of
shares or ADSs that are paid within the US, or through certain financial
intermediaries to US holders, are subject to US information reporting
and may be subject to a US ‘backup’ withholding tax. General
exceptions to this rule happen when the US holder: establishes that it
is a corporation (other than an S corporation) or other exempt holder; or
provides a correct taxpayer identification number, certifies that no loss
of exemption from backup withholding has occurred and otherwise
complies with the applicable requirements of the backup withholding
rules. Holders that are not US persons (as defined in the US Internal
Revenue Code of 1986, as amended) generally are not subject to US
information reporting or backup withholding tax, but may be required to
comply with applicable certification procedures to establish that they
are not US persons in order to avoid the application of such US
information reporting requirements or backup withholding tax to
payments received within the US or through certain financial
intermediaries.
Approach to ESG reporting
The information set out in the ESG review on pages 32 to 63, taken
together with other information relating to ESG issues included in this
report, aims to provide key ESG information and data for the year
ended 31 December 2025. The data is compiled for the financial year
1 January to 31 December 2025 unless otherwise specified.
Measurement techniques and calculations are explained next to data
tables where necessary. Where we have changes in scope, boundary
or measurement we call these out where relevant in our disclosures.
Additionally, a rationale is provided for any restatement of information
or data that has been previously published.
How we decide what to measure
We listen to our stakeholders in a number of different ways and we
use the information they provide us to identify the issues that are most
important to them and consequently also matter to our own business.
Our relevant governance bodies discuss the new and existing themes
and issues that matter to our stakeholders. Our management team
then uses this insight, alongside the framework of the ESG Code
(which refers to our obligations under the Hong Kong Listing Rules
Appendix C2 ESG Reporting Code Parts C and D) and the UKLR
6.6.6R(8) of the Financial Conduct Authority’s (‘FCA’) Listing Rules,
Sections 414CA and 414CB of the UK Companies Act 2006, and other
applicable laws and regulations to choose what we measure and
publicly report in our ESG review. We will continue to develop and
refine our reporting and disclosures on ESG matters in line with
feedback received from our investors and other stakeholders, and in
view of our obligations under the ESG Code and the FCA’s Listing
Rules.
Under the ESG Code, ’materiality’ is considered to be the threshold at
which ESG issues become sufficiently important to our investors and
other stakeholders that they should be publicly reported. Our approach
to materiality also considers disclosure standards and other applicable
rules and regulations as part of our materiality assessment for specific
ESG topics and relevant disclosures.
Given ongoing developments in the ESG regulatory environment across
various jurisdictions in which we operate, combined with the relative
immaturity of processes, systems, data quality and controls, our focus
remains on supporting a globally consistent set of mandatory
sustainability standards. We aim to continue to evolve our reporting to
recognise market developments, such as the International Sustainability
Standards Board (‘ISSB’), and support the efforts to harmonise the
disclosures. We report against the Hong Kong Exchange (‘HKEx’) ESG
Code metrics, and will continue to review our approach as the
regulatory landscape evolves.
Consistent with the scope of financial information presented in this
report, the ESG review covers the operations of HSBC Holdings plc and
its subsidiaries, unless otherwise specified. Given the relative
immaturity of ESG-related data and methodologies in general, we are
on a journey towards improving completeness and robustness.
ÑFor further details, see ‘Engaging with our stakeholders and our material
ESG topics’ on page 34.
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Our reporting around ESG
We report on ESG matters throughout this report, including the ’ESG
overview’ section of the Strategic Report (pages 28 to 29), ESG review
(pages 32 to 63), and the ‘Climate risk’ sections of the Risk review
(pages 203 to N/A). In addition, we have other supplementary materials,
including our ESG Data Pack, which provides a more granular
breakdown of ESG information.
Detailed data
Additional reports
ESG Data Pack 2025,
including HKEx ESG
Code Index
2025 UK Pay Gap Disclosures
Modern Slavery and Human Trafficking Statement 2025
Green Bonds Report 2025
HSBC UN Sustainable Development - Goals Bond
Report 2025
ÑFor further details of our supplementary materials, see our ESG reporting
centre at www.hsbc.com/who-we-are/esg-and-responsible-business/esg-
reporting-centre.
TCFD
Task Force on Climate-related Financial Disclosures (‘TCFD’)
The table below summarises the TCFD requirements and cross-references to where further information can be found within our Annual Report and
Accounts 2025. We also include cross-references to our ESG Data Pack where relevant.
TCFD Pillar
CA 2006 requirement
Theme
Disclosure location
Governance
a)
Sections 414CA and 414CB 2A (a)
HSBC Board’s oversight of climate-related risks and opportunities
ÑPages 57, 204, 228
b)
Sections 414CA and 414CB 2A (a)
HSBC management’s role in assessing and managing climate-
related risks and opportunities
ÑPages 57, 204
Strategy
a)
Sections 414CA and 414CB 2A (d)
Climate-related risks and opportunities HSBC has identified over
the short, medium and long term
ÑPages 35 - 38, 203 - 206,
206 - 212
b)
Sections 414CA and 414CB 2A (e)
Impact of climate-related risks and opportunities on HSBC’s
businesses, strategy and financial planning
ÑPages 35 - 38, 47 - 48, 203,
204, 206 - 212
c)
Sections 414CA and 414CB 2A (f)
Resilience of HSBC’s strategy, taking into consideration different
climate-related scenarios, including a 2°C or lower scenario
ÑPages 206 - 212
ÑESG Data Pack
Risk Management
a)
Sections 414CA and 414CB 2A (b)
HSBC’s processes for identifying and assessing climate-related
risks
ÑPages 49, 203 - 206, 209, 212
b)
Sections 414CA and 414CB 2A (b)
HSBC’s processes for managing climate-related risks
ÑPages 203 - 206
c)
Sections 414CA and 414CB 2A (c)
HSBC’s processes for integration of climate-related risks into
overall risk management framework
ÑPages 203 - 204
Metric & Targets
a)
Sections 414CA and 414CB 2A (h)
Metrics used by HSBC to assess climate-related risk and
opportunities in line with its strategy and risk management
process
ÑPages 35 - 38, 41 - 48, 50,
203 - 212
ÑESG Data Pack
b)
Sections 414CA and 414CB 2A (h)
Disclose scope 1, scope 2 and, if appropriate, scope 3 greenhouse
gas emissions and the related risks
ÑPages 39 - 49
ÑESG Data Pack
c)
Sections 414CA and 414CB 2A (g)
Targets used by HSBC to manage climate-related risks and
opportunities and performance against targets
ÑPages 39 - 46
ÑESG Data Pack
Explanatory statements
HKEx and TCFD Explanatory Statements
We have considered our ‘comply or explain’ obligation under both the
UK Financial Conduct Authority’s Listing Rules 6.6.6R(8) (‘UKLR’), and
Sections 414CA and 414CB of the UK Companies Act 2006 (‘CA 2006’),
collectively referred to as the ‘TCFD requirements’, and Hong Kong
Listing Rules Appendix C2 ESG Reporting Code Parts C and D.
The Group has prepared its climate-related disclosures in accordance
with the ESG Reporting Code under Appendix C2 of the Rules
Governing the Listing of Securities on Hong Kong Exchanges and
Clearing Limited. While IFRS S1 principles have been considered to
support the quality and consistency of disclosures, the Group has not
adopted IFRS Sustainability Disclosure Standards as a reporting
framework for the purposes of these disclosures.
We comply with mandatory requirements, including Part B and
disclosure of scope 1 and 2 GHG emissions within the HKEx ESG
Code. We have set out in the HKLR index where these and other
relevant disclosures may be found. We confirm that we have made
disclosures consistent with TCFD Recommendations and
Recommended Disclosures, including its annexes and supplemental
guidance, as well as the HKEx ESG Code, save for certain items as set
out below. Our reporting approach will continue to evolve over time to
reflect regulatory requirements.
ÑOur detailed HKLR Index, including HKLR Part D can be found in our ESG
Data Pack at www.hsbc.com/esg
HKEx A1(b) related to relevant laws/regulations relating to air and
greenhouse gas emissions, discharges into water and land, and
generation of hazardous and non-hazardous waste, and on emissions:
taking into account the nature of our business, we do not believe that
there are relevant laws and regulations in these areas that have significant
impacts on our operations. Nevertheless, we are fully compliant with our
publication of information regarding scope 1 and 2 greenhouse gas
emissions, while we only partially publish information on scope 3
emissions, as the data required for that publication is not yet fully
available.
HKEx A1.3 related to total hazardous waste produced and HKEx A1.4
related to total non-hazardous waste produced: taking into account the
nature of our business, we do not consider hazardous waste to be a
material issue for our stakeholders. As such, we report only on total
waste produced, which includes hazardous and non-hazardous waste.
HKEx A1.6 related to handling hazardous and non-hazardous waste:
taking into account the nature of our business, we do not consider this
to be a material issue for our stakeholders. Notwithstanding this, we
continue to focus on the reduction and recycling of all waste. Building
on the success of our ‘reduce, replace, remove’ environmental
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approach, we are continuing to seek to identify key opportunities where
we can lessen our wider environmental impact, including waste
management. For further details, please see our ESG review on page
47.
HKEx A2.4 related to sourcing water issue and water efficiency target:
taking into account the nature of our business, we do not consider this
to be a material issue for our stakeholders. Notwithstanding this, we
have implemented measures to further reduce water consumption
through the installation of water efficient taps, flow restrictors, and
continue to track our water consumption.
HKEx A2.5 related to packaging material, HKEx B6(b) related to issues
about health and safety, advertising and labelling relating to products
and services provided, HKEx B6.1 related to percentage of total
products sold or shipped subject to recalls for safety and health
reasons, HKEx B6.4 in recall procedures: taking into account the nature
of our business, we do not consider these to be material issues for our
stakeholders.
Understanding our climate-related risks and opportunities
HKEx Para 20(a) related to understanding our climate-related risks and
opportunities: we currently do not fully describe climate-related risks
and opportunities that could reasonably be expected to affect our
cash flows, access to finance, or cost of capital over the short,
medium and long term. Our 2025 climate risk assessment utilises
internal risk management processes, external data sources, and
industry guidance. We focus our disclosures on risks and
opportunities that are most relevant to our business model and
strategy. We recognise that the identification of such items is an
evolving process and as our capabilities and data availability mature,
we will continue to review and refine our approach in medium term.
Target-setting and review
TCFD requirements related to metrics and targets (c) on short-term
targets: we do not plan to set short-term targets for financed
emissions, sustainable finance or our own operations as our overall
climate strategy is focused on our ambition to become a net zero bank
by 2050. We have set interim financed emissions 2030 targets and a
sustainable finance and investment ambition by 2030. Further
information can be found on pages 35 and 41.
TCFD requirements related to metrics and targets (c) on climate-related
opportunities: we currently have not set targets for climate-related
opportunities. However, we report progress towards our ambition to
provide and facilitate $750bn–$1tn in sustainable finance and
investment by 2030.
Financial position, financial performance and cash flows
HKEx Para 24(a), 25(b) on financial effects of climate-related
opportunities and TCFD requirements related to metrics and targets (a)
on climate-related opportunities: we currently do not fully disclose the
qualitative or quantitative information about how climate-related
opportunities have affected our financial position (e.g. proportion of
assets), financial performance (e.g. proportion of revenue) or cash flows
or other aligned business activities for the reporting period, as well as
the relevant anticipated financial effects. Therefore we have not
disclosed how such information is reflected in our financial statements.
The relevant metrics are not individually identifiable. It may also involve
disclosing commercially sensitive non-public information. We do
however assess the effect of climate credit risk on IFRS9 ECL. The
output of this assessment is included on page 212. We also disclose
our conclusion that no incremental adjustments were needed to
capture climate impacts in our financial statements on page 34. We
have also disclosed the progress against our ambition of providing and
facilitating $750bn–$1tn of sustainable finance and investment by 2030.
We are exploring ways to enhance our methodologies and data
capabilities to improve granularity of these disclosures in the medium
term.
Capital deployment
HKEx Para 33 related to expenditure for climate-related risks and
opportunities: we currently do not disclose the amount of capital
expenditure, financing or investment specifically allocated to climate-
related risks and opportunities. We integrate climate-risk considerations
into our broader capital planning process. Climate risk is therefore not
individually identifiable. Climate risk considerations are incorporated
across a wide range of initiatives, including investing in resources to
meet forward-looking regulatory requirements, enhancements to data
and modelling capabilities, power purchase arrangements and
engagements with suitable data vendors. The relevant metrics are
therefore not individually identifiable. As part of enhancing our
disclosures for upcoming regulatory requirements we plan to reassess
our approach to these requirements in the medium term.
Internal carbon prices
HKEx Para 34 and TCFD requirements related to metrics and targets (a)
on internal carbon prices: we do not currently use an internal carbon
price, and are still developing the relevant implementation strategy. We
aim to provide further disclosures in the medium term. For details on
the external carbon prices used in our climate scenario analysis, please
refer to page 207.
Financial planning and performance
TCFD requirements related to Strategy (b) and (c) on financial planning
and performance: we have used climate scenario analysis to inform our
organisation’s business, strategy and financial planning. In 2025, we
continued to incorporate certain aspects of sustainable finance within
our financial planning process. Also, we used climate scenario analysis
to assess the impacts of climate-related risks on financial performance
and our financial position, which is largely focused on how expected
credit losses will be impacted under different climate scenarios. We do
not fully disclose impacts from climate-related opportunities on financial
planning and performance, including on revenue, costs and the balance
sheet, detailed climate risk exposures for all sectors and geographies,
or physical risk metrics. This is due to transitional challenges in relation
to data limitations, although nascent work is ongoing in these areas.
However, we have disclosed the progress against our ambition of
providing and facilitating $750bn–$1tn of sustainable finance and
investment by 2030. We expect these data limitations to be addressed
in the medium term as more reliable data becomes available and
technology solutions are implemented.
Transition plan
TCFD requirements related to Strategy (b) on transition plan: in 2020,
we set an ambition to become a net zero bank by 2050. Since then, we
have made good progress and published our updated transition plan
incorporating revised interim 2030 financed emission targets in
November 2025, which reflects the realities of an evolving transition
playing out very differently across the global economy. We currently do
not disclose the planned sources of funding to implement our climate
strategy. Our planned sources of funding take into consideration our
overall bank strategy. Our climate strategy is part of this, and the
specific climate-related sources of funding are not separately
identifiable. The relevant access to capital is therefore not individually
identifiable. We currently partially test achievability of our transition plan
and associated targets by performing feasibility analysis of our financed
emissions targets considering multiple climate-related scenarios. As
part of enhancing our disclosures for upcoming regulatory
requirements, we plan to reassess our approach to these requirements
in the medium term. The reference pathways we consider are global
and we do not currently set GHG targets for individual countries or
entities, unless required by regulation.
Impacts of transition and physical risk
HKEx Para 30 and 31, TCFD requirements related to metrics and
targets (a) on detailed climate-related risk exposure metrics for physical
and transition risks: we do not fully disclose the amount and
percentage of assets or business activities vulnerable to climate-related
physical and transition risks, or the metrics used to assess the impact
of climate-related physical (chronic) and transition (policy and legal,
technology and market) risks on parts of wholesale, retail lending and
other financial intermediary business activities (specifically credit
exposure, equity and debt holdings, or trading positions, broken down
by industry, geography, credit quality and average tenor). We are aiming
to develop the appropriate systems, data and processes to provide
these disclosures in future years. We do, however, disclose the
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exposure to six, high-transition risk wholesale sectors and the flood risk
exposure and Energy Performance Certificate (‘EPC’) breakdown for
the UK retail mortgage portfolio.
Scope 3 emissions disclosure
HKEx Para 28(c), 29(d) and TCFD requirements related to metrics and
targets (a) and (b) on scope 3 emissions metrics: we currently partially
disclose scope 3 GHG emissions, and related risks. We currently focus
on disclosing only four out of 15 categories of scope 3 GHG emissions,
including business travel, supply chain and financed emissions,
following our internal materiality assessment. Further details on
reasons for exclusion can be found in our GHG reporting guidance
2025. To calculate supply chain emissions, as detailed in the GHG
reporting guidance, we use spend data for the 12-month period to 30
September, and the latest data available as at end of 2024 for suppliers’
emissions and revenue. In relation to financed emissions, we partially
comply with scope 3 category 15 – albeit on a lagged basis. We publish
on-balance sheet financed emissions for our in-scope target-sectors,
where the total lending exposures included were approximately 3.5%
of our loans and advances to customers at 31 December 2024, as
detailed on page 46. We also publish facilitated emissions for the oil
and gas, and power and utilities sectors. In relation to related risks, we
currently disclose the exposure to six, high-transition risk wholesale
sectors, please refer to page 204. Data quality of future disclosures on
financed emissions and related risks are reliant on our customers
publicly disclosing their GHG emissions, targets and plans, and related
risks, and the accuracy and completeness of these in third-party data.
We are working to enhance the appropriate systems, data and
processes to enhance our disclosures to align with HKEx requirements
where possible in future years. We recognise the need to provide early
transparency on climate disclosures but balance this with the
recognition that existing data and reporting processes continue to
evolve.
Anticipated financial effects
HKEx Para 25(a)(i) related to investment and disposal plans: due to the
nature of our business, we consider a wide range of factors, including
climate change, in our M&A activities. Our current processes to
manage climate and sustainability-related targets, net zero transition
plans and climate strategy include impact assessments of HSBC
mergers and acquisitions activity. While we perform this assessment
for each planned transaction, the anticipated financial effects of the
transaction as a result of the climate and sustainability impacts, are not
separately identifiable and are a secondary impact of the transaction as
opposed to the primary objective.
HKEx Para 25(a)(ii) related to planned sources of funding to implement
its strategy and TCFD requirements related to Strategy (b) on access to
capital: we do not disclose the changes in financial position over the
short, medium and long term with respect to planned sources of
funding to implement our climate strategy. We have, however,
considered how the implementation of our climate strategy may impact
our businesses, strategy and financial planning. Our access to capital
may be impacted by reputational concerns as a result of climate action
or inaction. In addition, if we are perceived to mislead stakeholders on
our business activities or if we fail to achieve our stated net zero
ambitions, we could potentially face reputational damage, impacting our
revenue-generating ability and our access to capital markets. To
manage these risks, we have integrated climate risk into our existing
risk taxonomy, and incorporated it within the risk management
framework through the policies and controls for the existing risks
where appropriate. The relevant access to capital is therefore not
individually identifiable. As part of enhancing our disclosures for
upcoming regulatory requirements, we plan to reassess our approach
to these requirements in the medium term.
Climate-related opportunities
HKEx Para 32 and TCFD requirements related to metrics and targets (a)
on amount and percentage of assets or business activities, or capital
deployment: we currently do not disclose the proportion of revenue,
amount and percentage of assets or capital deployment aligned with
climate-related opportunities, including revenue from low-carbon
products and forward-looking metrics. This is due to transitional data
and system limitations, and the absence of standardised
methodologies. As part of enhancing our disclosures for upcoming
regulatory requirements, we plan to reassess our approach to these
requirements in the medium term.
Applicability of cross-industry metrics and industry-based
metrics
HKEx Para 36 and 41 requirements are related to applicability of cross-
industry metrics and industry-based metrics: our current disclosures
focus primarily on cross-industry metrics, as our approach, internal
processes and data availability for industry-based metrics are still under
development. We will continue to review and refine our approach to
industry-based metrics in the medium term as our capabilities and data
mature.
Information about the enforceability
of judgments made in the US
HSBC Holdings is a public limited company incorporated in England and
Wales.
Most of the Directors and executive officers live outside the US. As a
result, it may not be possible to serve process on such persons or
HSBC Holdings in the US or to enforce judgments obtained in US
courts against them or HSBC Holdings based on civil liability provisions
of the securities laws of the US.
There is doubt as to whether English courts would enforce:
–civil liabilities under US securities laws in original actions; or
–judgments of US courts based upon these civil liability provisions.
In addition, judgments that contain awards of punitive and/or multiple
damages in actions brought in the US or elsewhere may be
unenforceable in the UK.
The enforceability of any judgment in the UK will depend on the
particular facts of the case as well as the laws and treaties in effect at
the time.
Exchange controls and other
limitations affecting equity security
holders
Other than certain economic sanctions that may be in force from time
to time, there are currently no UK laws, decrees or regulations that
would prevent the import or export of capital or remittance of
distributable profits by way of dividends and other payments to holders
of HSBC Holdings’ equity securities who are not residents of the UK.
There are also no restrictions under the laws of the UK or the terms of
the Memorandum and Articles of Association concerning the right of
non-resident or foreign owners to hold HSBC Holdings’ equity
securities or, when entitled to vote, to do so.
Insider trading policies and
procedures
The Company has adopted insider trading policies and procedures
governing the purchase, sale, and other dispositions of its securities by
directors, senior management and employees that are reasonably
designed to promote compliance with applicable insider trading laws,
rules and regulations, and any listing standards applicable to the
Company.
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Dividends on the ordinary shares of HSBC Holdings
The HSBC Holdings dividends approved, per ordinary share, in respect of each of the last five years were:
First interim
Second interim
Third interim
Fourth interim1
Total2
2025
$
0.100
0.100
0.100
0.450
0.75
£
0.074
0.074
0.075
0.335
0.558
HK$
0.784
0.778
0.778
3.502
5.842
20243
$
0.310
0.100
0.100
0.360
0.870
£
0.243
0.076
0.078
0.273
0.671
HK$
2.420
0.779
0.777
2.791
6.768
2023
$
0.100
0.100
0.100
0.310
0.610
£
0.079
0.080
0.080
0.248
0.487
HK$
0.783
0.783
0.780
2.426
4.773
2022
$
0.090
0.230
0.320
£
0.079
0.185
0.264
HK$
0.706
1.804
2.511
2021
$
0.070
0.180
–
–
0.250
£
0.051
0.138
–
–
0.189
HK$
0.545
1.412
–
–
1.957
1The fourth interim dividend for 2025 of $0.45 per ordinary share will be paid on 30 April 2026. The fourth interim dividend for 2025 has been translated into
pounds sterling and Hong Kong dollars at the closing rate on 31 December 2025.
2The above dividends approved are accounted for as disclosed in Note 8 on the Financial Statements.
3The first interim dividend for 2024 includes a special dividend of $0.21.
4The above dividend amounts for pounds sterling and Hong Kong dollars have been rounded.
American Depositary Shares
A holder of HSBC Holdings’ American Depositary Shares (‘ADSs’) may
have to pay, either directly or indirectly (via the intermediary through
whom their ADSs are held) fees to the Bank of New York Mellon as
depositary.
Fees may be paid or recovered in several ways: by deduction from
amounts distributed; by selling a portion of distributable property; by
deduction from dividend distributions; by directly invoicing the holder;
or by charging the intermediaries who act for them.
Fees for the holders of the HSBC ADSs include:
For:
HSBC ADS holders must pay:
Each issuance of HSBC ADSs, including as a result of a distribution of shares (including
through a stock dividend, stock split or distribution of rights or other property)
$5.00 (or less) per 100 HSBC ADSs or portion thereof
Each cancellation of HSBC ADSs, including if the deposit agreement terminates
$5.00 (or less) per 100 HSBC ADSs or portion thereof
Transfer and registration of shares on our share register to/from the holder’s name to/from the
name of The Bank of New York Mellon or its agent when the holder deposits or withdraws
shares
Registration or transfer fees (of which there currently are none)
Conversion of non-US currency to US dollars
Charges and expenses incurred by The Bank of New York Mellon
with respect to the conversion
Each cash distribution to HSBC ADS holders
$0.02 or less per ADS
Transfers of HSBC ordinary shares to the depositary in exchange for HSBC ADSs
Any applicable taxes and/or other governmental charges
Distribution of securities by the depository to HSBC ADS holders
A fee equivalent to the fee that would be payable if securities
distributed to you had been shares and those shares had been
deposited for issuance of ADSs
Any other charges incurred by the depositary or its agents for servicing shares or other
securities deposited
As applicable
The depositary may generally refuse to provide fee-attracting services
until its fees for those services are paid.
The depositary has agreed to reimburse us for expenses we incur, and
to pay certain out-of-pocket expenses and waive certain fees, in
connection with the administration, servicing and maintenance of our
ADS programme. There are limits on the amount of expenses for which
the depositary will reimburse us. During the year ended 31 December
2025, the depositary reimbursed, paid and/or waived fees and
expenses totalling $2,025,386.48 in connection with the administration,
servicing and maintenance of the programme.
Nature of trading market
HSBC Holdings ordinary shares are listed or admitted to trading on the
London Stock Exchange (‘LSE’), the Hong Kong Stock Exchange
(‘HKSE’), the Bermuda Stock Exchange and on the New York Stock
Exchange (‘NYSE’) in the form of ADSs. HSBC Holdings maintains its
principal share register in England and overseas branch share registers
in Hong Kong and Bermuda (collectively, the ‘share register’).
As at 31 December 2025, there were a total of 159,073 holders of
record of HSBC Holdings ordinary shares on the share register.
As at 31 December 2025, approximately 15.5m HSBC Holdings
ordinary shares were registered in the HSBC Holdings’ share register in
the name of 13,601 holders of record with addresses in the US. These
shares represented approximately 0.09% of the total HSBC Holdings
ordinary shares in issue.
As at 31 December 2025, there were 4,255 holders of record of ADSs
holding approximately 112.62m ADSs, representing approximately
563.1m HSBC Holdings ordinary shares, 4,188 of these holders had
addresses in the US, holding approximately 112.60m ADSs,
representing approximately 563.0m HSBC Holdings ordinary shares. As
at 31 December 2025, approximately 3.28% of the HSBC Holdings
ordinary shares were represented by ADSs held by holders of record
with addresses in the US.
Memorandum and Articles of
Association
The disclosure under the caption ‘Memorandum and Articles of
Association’ contained in Form 20-F for the years ended 31 December
2000, 2001, 2014, 2018 and 2022 is incorporated by reference herein.
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Differences in HSBC Holdings/New York Stock Exchange corporate
governance practices
Under the NYSE’s corporate governance rules for listed companies and
the applicable rules of the SEC, as a NYSE-listed foreign private issuer,
HSBC Holdings must disclose any significant ways in which its
corporate governance practices differ from those followed by US
companies subject to NYSE listing standards. HSBC Holdings believes
the following to be the significant differences between its corporate
governance practices and NYSE corporate governance rules applicable
to US companies.
US companies listed on the NYSE are required to adopt and disclose
corporate governance guidelines. The UK Listing Rules of the FCA
require each listed company incorporated in the UK to include in its
annual report and accounts a statement of how it has applied the
principles of the UK Corporate Governance Code issued by the
Financial Reporting Council and a statement as to whether or not it has
complied with the code provisions of The UK Corporate Governance
Code throughout the accounting period covered by the annual report
and accounts. A company that has not complied with the code
provisions, or complied with only some of the code provisions or (in the
case of provisions whose requirements are of a continuing nature)
complied for only part of an accounting period covered by the report,
must specify the code provisions with which it has not complied, and
(where relevant) for which part of the reporting period such non-
compliance continued, and give reasons for any non-compliance.
During 2025, HSBC complied with the applicable code provisions of the
UK Corporate Governance Code. The UK Corporate Governance Code
does not require HSBC Holdings to disclose the full range of corporate
governance guidelines with which it complies.
Under NYSE standards, companies are required to have a nominating/
corporate governance committee composed entirely of directors
determined to be independent in accordance with the NYSE’s
corporate governance rules. All of the members of the Nomination &
Corporate Governance Committee (excluding the Group Chairman)
during 2025 were independent non-executive Directors, as determined
in accordance with the UK Corporate Governance Code. The terms of
reference of our Nomination & Corporate Governance Committee,
which comply with the UK Corporate Governance Code, require that
the Committee shall be comprised of the independent non-executive
Directors of the Company and the Group Chairman. In addition to
identifying individuals qualified to become Board members, a
nominating/corporate governance committee must develop and
recommend to the Board a set of corporate governance principles.
The Nomination & Corporate Governance Committee’s terms of
reference do not require it to develop and recommend corporate
governance principles for HSBC Holdings, as HSBC Holdings is subject
to the corporate governance principles of the UK Corporate Governance
Code.
The Board of Directors is responsible under its terms of reference for
the development and review of Group policies and practices on
corporate governance.
Under the NYSE standards, companies are required to have a
compensation committee composed entirely of directors determined to
be independent in accordance with the NYSE’s corporate governance
rules. All of the members of the Group Remuneration Committee
during 2025 were independent non-executive Directors, as determined
in accordance with the UK Corporate Governance Code. The terms of
reference of our Group Remuneration Committee, which comply with
the UK Corporate Governance Code, require the Committee (including
the Chair) to comprise at least three members, all of whom shall be
independent non-executive Directors. A compensation committee must
review and approve corporate goals and objectives relevant to Chief
Executive Officer ('CEO') compensation and evaluate a CEO’s
performance in light of these goals and objectives. The Group
Remuneration Committee’s terms of reference require it to review and
approve performance-based remuneration of the executive Directors by
reference to corporate goals and objectives that are set by the Board of
Directors.
Pursuant to NYSE listing standards, non-management directors must
meet on a regular basis without management present and independent
directors must meet separately at least once per year.
The Group Chairman meets with the independent non-executive
Directors without the executive Directors in attendance after each
scheduled Board meeting and otherwise, as necessary. HSBC
Holdings’ practice, in this regard, complies with the UK Corporate
Governance Code.
In accordance with the requirements of the UK Corporate Governance
Code, HSBC Holdings discloses in its Annual Report and Accounts how
the Board, its committees and the Directors are evaluated (on page
231) and provides extensive information regarding Directors’
compensation in the Directors’ remuneration report (on page 249).
The terms of reference of HSBC Holdings’ Group Audit, Nomination &
Corporate Governance and Group Remuneration Committees, as well
as the Group Risk and Group Technology and Operations Committees,
are available at www.hsbc.com/who-we-are/our-people/board-of-
directors/board-committees.
NYSE listing standards require US companies to adopt a code of
business conduct and ethics for directors, officers and employees, and
promptly disclose any waivers of the code for directors or executive
officers.
In 2025, the Board endorsed the Statement of Business Principles and
Code of Conduct, which, pursuant to the requirements of the Sarbanes-
Oxley Act, incorporates the Sarbanes-Oxley code of ethics (the
'Sarbanes-Oxley Principles') applicable to the Group CEO, as the
principal executive officer, and to the Group Chief Financial Officer and
Global Financial Controller. The Statement of Business Principles and
Code of Conduct remains in force and applies to the executive directors
and employees of the HSBC Group. The Statement of Business
Principles and Code of Conduct is available at www.hsbc.com/who-we-
are/purpose-values-and-strategy/our-conduct or from the Group Chief
People & Governance Officer at 8 Canada Square, London E14 5HQ.
During 2025, HSBC Holdings granted no waivers from its code of
ethics.
Under NYSE listing rules applicable to US companies, independent
directors must comprise a majority of the board of directors. Currently,
more than three-quarters of HSBC Holdings’ Directors are independent.
Under the UK Corporate Governance Code, the HSBC Holdings Board
determines whether a Director is independent in character and
judgement and whether there are relationships or circumstances that
are likely to affect, or could appear to affect, the Director’s judgement.
Under the NYSE rules, a director cannot qualify as independent unless
the board affirmatively determines that the director has no material
relationship with the listed company; in addition, the NYSE rules
prescribe a list of circumstances in which a director cannot be
independent. The UK Corporate Governance Code requires a
company’s board to assess director independence by affirmatively
concluding that the director is independent of management and free
from any business or other relationship that could materially interfere
with the exercise of independent judgement. Lastly, a CEO of a US
company listed on the NYSE must annually certify that he or she is not
aware of any violation by the company of NYSE corporate governance
standards. In accordance with NYSE listing rules applicable to foreign
private issuers, HSBC Holdings’ Group CEO is not required to provide
the NYSE with this annual compliance certification. However, in
accordance with rules applicable to both US companies and foreign
private issuers, the Group CEO is required promptly to notify the NYSE
in writing after any executive officer becomes aware of any material
non-compliance with the NYSE corporate governance standards
applicable to HSBC Holdings. HSBC Holdings is required to submit
annual and interim written affirmations of compliance with applicable
NYSE corporate governance standards, similar to the affirmations
required of NYSE-listed US companies.
HSBC Holdings plc Annual Report on Form 20-F
391
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Glossary of accounting terms and US equivalents
Accounting term
US equivalent or brief description
Accounts
Financial Statements
Articles of Association
Articles of incorporation
Called up share capital
Shares issued and fully paid
Creditors
Payables
Debtors
Receivables
Deferred tax
Deferred income tax
Finance lease
Capital lease
Freehold
Ownership with absolute rights in perpetuity
Interests in associates and joint
ventures
Interests in entities over which we have significant influence or joint control, which are accounted for using the equity
method
Loans and advances
Loans
Loan capital
Long-term debt
Nominal value
Par value
One-off
Non-recurring
Ordinary shares
Common stock
Overdraft
A line of credit, contractually repayable on demand unless a fixed-term has been agreed, established through a customer’s
current account
Preference shares
Preferred stock
Premises
Property
Provisions
Liabilities of uncertain timing or amount
Share premium account
Additional paid-in capital
Shares in issue
Shares outstanding
Write-offs
Charge-offs
HSBC Holdings plc Annual Report on Form 20-F
392
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Reconciliations
Form 20-F Item Number and Caption
Location
Page
PART1
1. Identity of Directors, Senior Management and Advisers 
Not required for Annual Report
—
2. Offer statistics and Expected Timetable
Not required for Annual Report
—
3. Key information
A. [Reserved]
B. Capitalisation and Indebtedness
Not required for Annual Report
—
C. Reasons for the Offer and use of Proceeds
Not required for Annual Report
—
D. Risk Factors
Risk Review - Risk factors
126-137
4. Information on the Company
A. History and Development of the Company
Shareholder information
382-395
Strategic Report
4-31
ESG Review
32-63
Financial Review
64-110
Risk Review
118-218
Report of the Directors: Corporate Governance Report
219-284
Note 16 on the Financial Statements - Financial investments
343-344
Note 18 on the Financial Statements - Interests in associates and joint ventures
345-348
Note 19 on the Financial Statements - Investments in subsidiaries
349-351
B. Business review
Strategic Report
4-31
Financial Review
64-110
Note 10 on the Financial Statements - Segmental analysis
329-331
C. Organisational Structure
Strategic Report
4-31
Report of the Directors: Corporate Governance Report
219-284
Report of the Directors: Corporate Governance Report - Subsidiary governance
232
Note 18 on the Financial Statements - Interests in associates and joint ventures
345-348
Note 19 on the Financial Statements - Investments in subsidiaries
349-351
Note 38 on the Financial Statements - HSBC Holdings’ subsidiaries, joint ventures
and associates
373-381
D. Property, Plants and Equipment
Note 22 on the Financial Statements - Prepayments, accrued income and other
assets
355
4 A..Unresolved Staff Comments
Not Applicable
—
5. Operating and Financial Review and Prospects
A. Operating Results
Strategic Report
4-31
Financial Review
64-110
Risk Review
118-218
Report of the Directors: Corporate Governance Report
219-284
Note 15 on the Financial Statements - Derivatives
339-343
B. Liquidity and Capital Resources
Strategic Report
4-31
Financial Review - Loan maturity and interest sensitivity analysis
84
Risk Review - Capital and Liquidity Risk
191-195
Risk Review - Insurance Manufacturing Operations Risk
215
Note 1 on the Financial Statements - Basis of preparation and material accounting
policies
300-311
Note 12 on the Financial Statements - Fair values of financial instruments carried at
fair value
332-337
Note 13 on the Financial Statements - Fair values of financial instruments not carried
at fair value
337-339
Note 15 on the Financial Statements - Derivatives
339-343
Note 30 on the Financial Statements - Maturity analysis of assets, liabilities and off-
balance sheet commitments
360-365
Note 33 on the Financial Statements - Contingent liabilities, contractual commitments
and guarantees
368-368
C. Research and Development, Patents and Licences, etc.
Not Applicable
—
D. Trend Information
Strategic Report
4-31
Financial Review
64-110
Risk Review
118-218
E. Critical Accounting Estimates
Not Applicable
—
6. Directors, Senior Management and Employees
A. Directors and Senior Management
Report of the Directors: Corporate Governance Report
219-284
B. Compensation
Report of the Directors: Corporate Governance Report - Directors’ Remuneration
Report
249-274
Note 5 on the Financial Statements - Employee compensation and benefits
320-325
Note 36 on the Financial Statements - Related party transactions
371-373
C. Board Practices
Report of the Directors: Corporate Governance Report
219-284
Report of the Directors: Corporate Governance Report - Directors’ Remuneration
Report
249-274
D. Employees
Report of the Directors: Corporate Governance Report
219-284
Strategic Report
4-31
HSBC Holdings plc Annual Report on Form 20-F
393
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Form 20-F Item Number and Caption
Location
Page
ESG Review - Social
51-56
Financial Review
64-110
Note 5 on the Financial Statements - Employee compensation and benefits
320-325
Note 36 on the Financial Statements - Related party transactions
371-373
E. Share Ownership
Report of the Directors: Corporate Governance Report
219-284
Report of the Directors: Corporate Governance Report - Directors’ Remuneration
Report
249-274
Note 5 on the Financial Statements - Employee compensation and benefits
320-325
Note 32 on the Financial Statements - Called up share capital and other equity
instruments
366-368
F. Disclosure of a registrant’s action to recover erroneously
awarded compensation
Not Applicable
—
7. Major Shareholders and Related Party Transactions
A. Major Shareholders
Report of the Directors: Corporate Governance Report
219-284
Shareholder Information
389
B. Related Party Transactions
Note 36 on the Financial Statements - Related party transactions
371-373
C. Interests of Experts and Counsel
Not required for Annual Report
—
8. Financial Information
A. Consolidated Statements and Other Financial
Information
Financial Review
64-110
Financial Statements
285-381
Report of Independent Registered Public Accounting Firm to the Board of Directors and
Shareholders of HSBC Holdings plc
286-287
Note 1 on the Financial Statements - Basis of preparation and material accounting
300-311
Note 32 on the Financial Statements - Called up share capital and other equity
instruments
366-368
Note 35 on the Financial Statements - Legal proceedings and regulatory matters
369-371
Shareholder Information
382-395
B. Significant Changes
Note 37 on the Financial Statements - Events after the Balance Sheet date
373
9. The Offer and Listing
A. Offer and Listing Details
Shareholder Information
383-389
B. Plan of Distribution
Not required for Annual Report
—
C. Markets
Shareholder Information
382-395
D. Exchange Controls
Not required for Annual Report
—
E. Taxation
Not required for Annual Report
—
F. Dividends and Paying Agents
Not required for Annual Report
—
10. Additional Information
A. Share Capital
Not required for Annual Report
—
B. Memorandum and Articles of Association
Shareholder Information
382-395
C. Material Contracts
Report of the Directors: Corporate Governance Report - Directors’ Remuneration
Report
249-274
Corporate Governance Report - Contracts of significance
279
Note 35 on the Financial Statements - Legal proceedings and regulatory matters
369-371
D. Exchange Controls
Shareholder Information
382-395
E. Taxation
Shareholder Information
382-395
F. Dividends and Paying Agents
Not required for Annual Report
—
G. Statements by Experts
Not required for Annual Report
—
H. Documents on Display
Shareholder Information
382-395
I. Subsidiary Information
Not applicable
—
J. Annual Report to Security Holders
Not applicable
—
11. Quantitative and Qualitative Disclosures About Market
Risk
Risk Review
118-218
Risk Review - Market risk
200-202
Note 15 on the Financial Statements - Derivatives
339-343
Note 16 on the Financial Statements - Financial investments
343-344
Note 30 on the Financial Statements - Maturity analysis of assets, liabilities and off-
balance sheet commitments
360-365
12. Description of Securities Other than Equity Securities
A. Debt Securities
Not required for Annual Report
—
B. Warrants and Rights
Not required for Annual Report
—
C. Other Securities
Not required for Annual Report
—
D. American Depository Shares
Taxation of shares and dividends
384
Shareholder information
382-395
PART II
13. Defaults, Dividends Arrearages and Delinquencies
Not applicable
—
14. Material Modifications to the Rights of Securities
Holders and Use of Proceeds
Not applicable
—
15. Controls and Procedures
Report of Independent Registered Public Accounting Firm to the Board of Directors and
Shareholders of HSBC Holdings plc
286-287
Financial Review: Other Information
111-117
Financial Review: Other information - Management's review of internal controls over
financial reporting
111-117
HSBC Holdings plc Annual Report on Form 20-F
394
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Form 20-F Item Number and Caption
Location
Page
16A. Audit Committee Financial Expert
Report of the Directors: Corporate Governance
219-284
16B. Code of Ethics
Shareholder Information
382-395
16C. Principal Accountant Fees and Services
Report of the Directors: Corporate Governance
219-284
Note 6 on the Financial Statements - Auditors’ remuneration
325
16D. Exemptions from the Listing Standards for Audit
Committees
Not applicable
—
16E. Purchases of Equity Securities by the Issuer and
Affiliated Purchasers
Report of the Directors: Corporate Governance
219-284
16F. Change in Registrant’s Certifying Accountant
Not applicable
—
16G. Corporate Governance
Shareholder Information
382-395
16H. Mine Safety Disclosure
Not applicable
—
16I. Disclosure Regarding Foreign Jurisdictions that
Prevent Inspections
Not applicable
—
16J. Insider Trading Policies
Shareholder information
388
16K. Cybersecurity
ESG Review - Cybersecurity
63
Risk Review - Top and Emerging risks
31
Risk review - Risk factors
133-134
Report of the Directors: Corporate Governance Report - Group Risk Committee
242-243
PART III
17. Financial Statements
Not applicable
—
18. Financial Statements
Financial Statements
285-381
19. Exhibits (including Certifications)
*
HSBC Holdings plc Annual Report on Form 20-F
395
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Abbreviations
Currencies
AUD
Australian dollar
£
British pound sterling
CA$
Canadian dollar
€
Euro
HK$
Hong Kong dollar
MXN
Mexican peso
RMB
Chinese renminbi
SGD
Singapore dollar
$
United States dollar
Abbreviations
1H25
First half of 2025
1Q25
First quarter of 2025
2Q25
Second quarter of 2025
3Q25
Third quarter of 2025
4Q25
Fourth quarter of 2025
A
ABS¹
Asset-backed security
ADR
American Depositary Receipt
ADS
American Depositary Share
AGM
Annual General Meeting
AI
Artificial intelligence
AIBL
Average interest-bearing liabilities
AIEA
Average interest-earning assets
ALCO
Asset and Liability Management Committee
AML
Anti-money laundering
ANP
Annualised new business premium
ASEAN
Association of Southeast Asian Nations
AT1
Additional tier 1
AUM
Assets under management
B
Banking NII
Banking net interest income
Basel
Committee
Basel Committee on Banking Supervision
Basel II¹
2006 Basel Capital Accord
Basel III¹
Basel Committee’s reforms to strengthen global capital and
liquidity rules
Basel 3.1
Outstanding measures to be implemented from the Basel
III reforms
BCST
Bank capital stress test
BEPS
Base Erosion and Profit Shifting
BGF
Business Growth Fund, an investment firm that provides
growth capital for small and mid-sized businesses in the UK
and Ireland
BoCom
Bank of Communications Co., Limited, one of China’s
largest banks
BoE
Bank of England
Bps¹
Basis points. One basis point is equal to one-hundredth of a
percentage point
BVI
British Virgin Islands
C
CAPM
Capital asset pricing model
CDS¹
Credit default swap
CET1¹
Common equity tier 1
CGUs
Cash-generating units
CIB
Corporate and Institutional Banking, a business segment 
CISO
Chief Information Security Officer
CMB
Commercial Banking
CMC
Capital maintenance charge
CODM
Chief Operating Decision Maker
COSO
2013 Committee of Sponsoring Organizations of the
Treadway Commission (US)
Corporate
Centre
Corporate Centre comprises Central Treasury, our legacy
businesses, interests in our associates and joint ventures,
central stewardship costs and consolidation adjustments
CP¹
Commercial paper
CRD IV¹
Capital Requirements Regulation and Directive
CRE
Commercial real estate
CRR¹
Customer risk rating
CRR II¹
The regulatory requirements of the Capital Requirements
Regulation and Directive, the CRR II regulation and the PRA
Rulebook
CSA
Credit support annex
CSM
Contractual service margin
CVA¹
Credit valuation adjustment
D
DCF
Discounted cash flow
DECL
Disclosures about Expected Credit Losses
Deferred shares
Awards of deferred shares define the number of HSBC
Holdings ordinary shares to which the employee will
become entitled, generally between one and seven years
from the date of the award, and normally subject to the
individual remaining in employment
DPD
Days past due
DPF
Discretionary participation feature of insurance and
investment contracts
E
EAD¹
Exposure at default
EBA
European Banking Authority
EC
European Commission
ECB
European Central Bank
ECL
Expected credit losses. In the income statement, ECL is
recorded as a change in expected credit losses and other
credit impairment charges. In the balance sheet, ECL is
recorded as an allowance for financial instruments to which
only the impairment requirements in IFRS 9 are applied
ECM
Equity capital markets
EEA
European Economic Area
EPC
Energy performance certificate
EPS
Earnings per ordinary share
ERG
Employee Resource Group
ESG
Environmental, social and governance
EU
European Union
EV
Electric vehicles
EVE
Economic value of equity
F
FCA
Financial Conduct Authority (UK)
FDIC
Federal Deposit Insurance Corporation
FPA
Fixed pay allowance
FRB
Federal Reserve Board (US)
FRC
Financial Reporting Council
FSCS
Financial Services Compensation Scheme
FTE
Full-time equivalent staff
FTSE
Financial Times Stock Exchange index
FVOCI¹
Fair value through other comprehensive income
FX
Foreign exchange
G
GAAP
Generally accepted accounting principles
GAC
Group Audit Committee
Galicia
Grupo Financiero Galicia
GBM
Global Banking and Markets, a former global business
GDP
Gross domestic product
GenAI
Generative AI
GHG
Greenhouse Gas
GPS
Global Payments Solutions, the business formerly known as
Global Liquidity and Cash Management
GRC
Group Risk Committee
Group
HSBC Holdings together with its subsidiary undertakings
Group OpCo
Group Operating Committee
GTC
Global Technology and Operations Committee
GTS
Global Trade Solutions, the business formerly known as
Global Trade and Receivables Finance
H
Hang Seng Bank
Hang Seng Bank Limited, one of Hong Kong’s largest banks
Herald
Herald Fund SPC
HIBOR
Hong Kong interbank offered rate
HKEx
The Stock Exchange of Hong Kong Limited
HKMA
Hong Kong Monetary Authority
HMRC
HM Revenue and Customs
Holdings ALCO
HSBC Holdings Asset and Liability Management Committee
HKLR
Hong Kong Listing Rules
HSBC Holdings plc Annual Report on Form 20-F
396
Strategic report
ESG review
Financial review
Risk review
Corporate 
Governance Report
Financial 
statements
Additional
information
Hong Kong
Hong Kong Special Administrative Region of the People’s
Republic of China
HQLA
High-quality liquid assets
HSBC
HSBC Holdings together with its subsidiary undertakings
HSBC Bank plc
HSBC Bank plc, also known as the non-ring-fenced bank
HSBC Bank
USA
HSBC Bank USA, N.A., HSBC’s retail bank in the US
HSBC Canada
The sub-group, HSBC Bank Canada, HSBC Trust Company
Canada, HSBC Mortgage Corporation Canada and HSBC
Securities Canada, consolidated for liquidity purposes
HSBC Finance
HSBC Finance Corporation, the US consumer finance
company (formerly Household International, Inc.)
HSBC Holdings
HSBC Holdings plc, the parent company of HSBC
HSBC Private
Bank (Suisse)
HSBC Private Bank (Suisse) SA, HSBC’s private bank in
Switzerland
HSBC UK
HSBC UK Bank plc, also known as the ring-fenced bank
HSBC USA
The sub-group, HSBC USA Inc (the holding company of
HSBC Bank USA) and HSBC Bank USA, consolidated for
liquidity purposes
HSI
HSBC Securities (USA) Inc.
HSSL
HSBC Securities Services (Luxembourg)
I
IAS
International Accounting Standards
IASB
International Accounting Standards Board
IBE
Independent Board Evaluation
Ibor
Interbank offered rate
ICAAP
Internal capital adequacy assessment process
IEA
International Energy Agency
IFRS Accounting
Standards
International Financial Reporting Standards as issued by the
International Accounting Standards Board
ILAAP
Internal liquidity adequacy assessment process
IMA
Internal model approach
IMM
Internal model method
IRB¹
Internal ratings-based
IRRA
Interest rate risk assessment
IRRBB
Interest rate risk in the banking book
ISDA
International Swaps and Derivatives Association
ISSB
International Sustainability Standard Board
IWPB
International Wealth and Premier Banking, a business
segment
J
JV
Joint venture
K
KMP
Key Management Personnel
L
LCR
Liquidity coverage ratio
LGBTQ+
Lesbian, gay, bisexual, transgender and queer. The plus
sign denotes other non-mainstream groups on the
spectrums of sexual orientation and gender identity
LGD¹
Loss given default
Libor
London interbank offered rate
Long term
For our financial targets, we define long term as five to six
years, commencing 1 January 2026
LTI
Long-term incentive
LTV¹
Loan to value
M
M&A
Mergers and acquisitions
Mainland China
People’s Republic of China excluding Hong Kong and
Macau
Medium term
For our financial targets, we define medium term as three
to five years, commencing 1 January 2026
MENAT
Middle East, North Africa and Türkiye
MREL
Minimum requirement for own funds and eligible liabilities
MRT¹
Material Risk Taker
MRM
Model risk management
MSS
Markets and Securities Services, HSBC’s capital markets
and securities services businesses in Global Banking and
Markets
N
NAV
Net asset value
NED
Non-executive Director
Net operating
income
Net operating income before change in expected credit
losses and other credit impairment charges
NGO
Non-governmental organisation
NII
Net interest income
NIM
Net interest margin
NNM
Net new money
NPS
Net promoter score
NSFR
Net stable funding ratio
NYSE
New York Stock Exchange
O
OCI
Other comprehensive income
OECD
Organisation of Economic Co-operation and Development
OTC¹
Over-the-counter
P
PBT
Profit before tax
PCAF
Partnership for Carbon Accounting Financials
PD¹
Probability of default
Performance
shares¹
Awards of HSBC Holdings ordinary shares under employee
share plans that are subject to corporate performance
conditions
Ping An
Ping An Insurance (Group) Company of China, Ltd, the
second-largest life insurer in the PRC
POCI
Purchased or originated credit-impaired financial assets
PRA
Prudential Regulation Authority (UK)
PRC
People’s Republic of China
Principal plan
HSBC Bank (UK) Pension Scheme
PwC
The member firms of the PwC network, including
PricewaterhouseCoopers LLP
R
RAS
Risk appetite statement
RBW
Retail Banking and Wealth
Repo¹
Sale and repurchase transaction
RES
Resource and experience sharing agreement
Revenue
Net operating income before ECL
Reverse repo
Security purchased under commitments to sell
RMF
Risk management framework
RNIV
Risk not in VaR
RoE
Return on average ordinary shareholders’ equity
RoTE
Return on average tangible equity
RWA¹
Risk-weighted asset
S
SAB
Saudi Awwal Bank
SAPS
Self-administered pension scheme
SASB
Sustainability Accounting Standards Board
SEC
Securities and Exchange Commission (US)
ServCo Group
Separately incorporated group of service companies
established in response to UK ring-fencing requirements
SIC
Securities investment conduit
SME
Small and medium-sized enterprise
Solitaire
Solitaire Funding Limited, a special purpose entity managed
by HSBC
SVaR
Stressed value at risk
SVB UK
Silicon Valley Bank UK Limited, now HSBC Innovation Bank
Limited
T
TCFD¹
Task Force on Climate-related Financial Disclosures
TEQ
Transition engagement questionnaire
TSR¹
Total shareholder return
U
UAE
United Arab Emirates
UK
United Kingdom
UNGPs
UN Guiding Principles on Business and Human Rights
UKLR
UK Listing Rules
UN
United Nations
US
United States of America
V
VaR¹
Value at risk
VFA
Variable fee approach
VIU
Value in use
W
WEF
World Economic Forum
1A full definition is included in the glossary to the Annual Report and
Accounts 2025 which is available at www.hsbc.com/investors.
HSBC Holdings plc
Incorporated in England and Wales on 1 January 1959 with
limited liability under the UK Companies Act
Registration number 617987
Registered Office and Group Head Office
8 Canada Square
London E14 5HQ
United Kingdom
Telephone: 44 020 7991 8888
Facsimile: 44 020 7992 4880
Web: www.hsbc.com
Corporate Brokers
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© Copyright HSBC Holdings plc 2026
All rights reserved
No part of this publication may be reproduced, stored in a retrieval
system, or transmitted, in any form or by any means, electronic,
mechanical, photocopying, recording, or otherwise, without the prior
written permission of HSBC Holdings plc
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Item 19. Exhibits
Documents filed as exhibits to this annual report on Form 20-F:
Exhibit NumberDescription
1.1Memorandum and Articles of Association of HSBC Holdings plc (incorporated by reference to Exhibit 1.1 to HSBC Holding plc’s Form
20-F filed with the SEC on February 22, 2023).
2.1Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934.
4.1Undertaking by HSBC Holdings plc to the Financial Services Authority (incorporated by reference to Exhibit 99.3 to HSBC Holdings plc’s
Form 6-K filed with the Securities and Exchange Commission on December 12, 2012), as replaced by the Direction by the Financial Conduct
Authority to HSBC Holdings plc (incorporated by reference to HSBC Holdings plc’s Form 6-K filed with the Securities and Exchange Commission on
April 12, 2013), as further replaced by the Direction by the Financial Conduct Authority to HSBC Holdings plc dated July 7, 2020.
4.2Amendment dated January 16, 2024 to Paragraph 5 of the Annex to the Direction by the Financial Conduct Authority to HSBC Holdings
plc dated July 7, 2020 (incorporated by reference to Exhibit 4.2 to HSBC Holdings plc’s Form 20-F filed with the SEC on February 22, 2024).
4.3Service Agreement dated July 16, 2024 between HSBC Group Management Services Limited and Georges Elhedery (incorporated by
reference to Exhibit 4.3 to HSBC Holdings plc's Form 20-F filed with the Securities and Exchange Commission on February 20, 2025).
4.4Service Agreement dated October 21, 2024 between HSBC Group Management Services Limited and Manveen (Pam) Kaur
(incorporated by reference to Exhibit 4.4 to HSBC Holdings plc's Form 20-F filed with the Securities and Exchange Commission on February 20,
2025).
4.5Engagement Letter dated December 3, 2025 and executed on February 18, 2026 between HSBC Holdings plc and Brendan Nelson.
8.1        Subsidiaries of HSBC Holdings plc (set forth in Note 38 to the consolidated financial statements included in this annual report on Form
20-F).
11.1      HSBC Holdings plc Insider Trading Policies and Procedures.
12.1      Certificate of HSBC Holdings plc’s Group Chief Executive pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2      Certificate of HSBC Holdings plc’s Group Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1      Annual Certification of HSBC Holdings plc’s Group Chief Executive and Group Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
15.1      Consent of PricewaterhouseCoopers LLP.
15.2      Pages of HSBC Holdings plc’s 2000 Form 20-F/A dated February 26, 2001 relating to the Memorandum and Articles of Association of
HSBC Holdings plc (incorporated by reference to Exhibit 14.2 to HSBC Holdings plc’s Form 20-F filed with the Securities and Exchange
Commission on March 20, 2006).
15.3Page of HSBC Holdings plc’s 2001 Form 20-F dated March 13, 2002 relating to the Memorandum and Articles of Association of HSBC
Holdings plc (incorporated by reference to Exhibit 14.3 to HSBC Holdings plc’s Form 20-F filed with the Securities and Exchange Commission on
March 20, 2006).
15.4      Page of HSBC Holdings plc’s 2018 Form 20-F dated February 20, 2019 relating to the Memorandum and Articles of Association of
HSBC Holdings plc (incorporated by reference to Exhibit 15.4 to HSBC Holdings plc’s Form 20-F filed with the Securities and Exchange
Commission on February 19, 2020).
15.5      Page of HSBC Holdings plc’s 2022 Form 20-F dated February 22, 2023 relating to the Memorandum and Articles of Association of
HSBC Holdings plc (incorporated by reference to Exhibit 15.5 to HSBC Holdings plc’s Form 20-F filed with the Securities and Exchange
Commission on February 22, 2024).
15.6      Consent of Willis Towers Watson Limited.
97          HSBC Holdings plc Policy for the Recovery of Erroneously Awarded Compensation.
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the
undersigned to sign this annual report on its behalf.
                                                                                                                 
HSBC Holdings plc
By:
/s/ Manveen (Pam) Kaur
Name:
Manveen (Pam) Kaur
Title:
Group Chief Financial Officer
Date: February 26, 2026

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