HSBC Holdings misses top-line and bottom-line estimates; reaffirms FY26 outlook
- HSBC Holdings press release (HSBC): Q3 Non-GAAP EPS of $0.42 misses by $1.83.
- Revenue of $18.62B (+4.7% Y/Y) misses by $470M.
- Profit before tax increased by $2.3bn or 32% to $9.6bn compared with 3Q25.
- Constant currency profit before tax excluding notable items increased by $0.9bn to $10.0bn compared with 3Q25.
- Annualised return on average tangible equity (‘RoTE‘) in 3Q26 was 17.7% compared with 12.3% in 3Q25. Excluding notable items, annualised RoTE in 3Q26 was 18.2%, a rise of 1.6 percentage points compared with 3Q25.
- Net interest income (‘NII’) of $9.3bn increased by $0.5bn or 6% compared with 3Q25. Net interest margin (‘NIM’) of 1.57% was stable compared with 3Q25.
- Common equity tier 1 (‘CET1’) capital ratio of 13.9% decreased by 0.2 percentage points compared with 30 June 2026.
- "The Board has approved a third interim dividend of $0.10 per share. On 28 September 2026, we completed the $1bn share buy-back announced at our interim results. We also intend to initiate a share buy-back of up to $1bn, which we expect to complete by our 2026 fullyear results announcement. "
- Outlook Group financial targets – "We remain confident in achieving the targets we set out in February 2026, including a RoTE of 17% or better for 2026, 2027 and 2028, excluding notable items."
- "We continue to target year-on-year growth in revenue from 2026 to 2028, rising to 5% growth in 2028 compared with 2027, excluding notable items and on a constant currency basis."
- "We maintain our dividend payout ratio target basis of 50% for 2026, 2027 and 2028. We continue to expect banking NII of at least $46bn in 2026. We continue to expect an ECL charge as a percentage of average gross customer loans of around 45bps."
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