HSBC Holdings Plc

Strong momentum: Q2 & H1 profits/returns ahead - Revenues: +7% YoY (constant currency) to $19bn in Q2; growth accelerated vs Q1. - Profit before tax: +$10.3bn in Q2 (+13% YoY). - Returns: Annualized RoTE 19.5% for Q2 and 19.1% for H1. - Capital: CET1 14.1%, +10 bps QoQ, supported $20bn loan growth.

Balance-sheet growth remained solid (deposits + loans) - Deposits: +$46bn in Q2 (+8% YoY, including held-for-sale mentioned at group level); deposit base $1.8tn (with held-for-sale context in prepared remarks). - Loans: +$20bn in Q2 (+6% YoY on same basis); HK momentum improved after prior contraction/flat periods. - Geographic theme: “Improved demand” in Hong Kong and consistent strong growth in the U.K.; CIB deposit growth included material large/short-term components (explicitly noted).

Guidance/upgrades: NII and cost/savings confidence - Net interest income (Banking NII): Guidance upgraded to at least $46bn for 2026 (benign environment; deposit + loan growth; hedge reinvestment of $50bn structural hedge assets yielding 2.8% in 2H; still acknowledges FX/HIBOR volatility buffers). - Credit: ECL $1.1bn in Q2 (~41 bps annualized); reiterated full-year credit guidance ~45 bps. - Costs: Q2 cost growth +1% YoY; target ~1% cost growth for 2026 vs 2025 baseline. - Simplification saves increased: Target raised to $2bn actioned by end-2026 (vs prior $1.5bn plan); $1.7bn action saves achieved and restructuring costs $1.4bn lower than expected.