HSBC Holdings Plc

Strong Q3 delivery; guidance unchanged (good momentum) - Revenue +5% YoY (CC) to $18.7bn; PBT +10% YoY (ex-notable items) to $10.0bn. - EPS (ex-notable items) +17% YoY, partly from reduced minority interest after Hang Seng Bank privatization. - Targets/guidance reiterated: ~1% cost growth in 2026 vs 2025 (target basis); other guidance unchanged; management confident of meeting targets.

Balance sheet + capital strength remains solid; CET1 at 13.9% with Basel 3.1 tailwind - Deposits +$105bn over 12 months (includes held-for-sale balances); CET1 ratio 13.9% (down 20bps in quarter). - Basel 3.1 estimated CET1/RWA impact: +40–50 bps starting 1 Jan 2027 (model estimate; could change with portfolio and approvals). - Capital generation: 90 bps of CET1 in the quarter; buyback capacity supported by organic build + Basel 3.1 benefit.

Cost discipline + simplification continues (enabler for buybacks) - Simplification savings $0.2bn in quarter, taking $1.9bn of $2bn target (vs planned). - Costs: +1% YoY on a target basis in Q3; FX-adjusted cost baseline $33.9bn. - Possible modest increase in variable pay only if strong performance continues (cost headroom managed).