HSBC Holdings

HSBC Holdings is one of the largest banks in the world, with total assets of $3.4 trillion at September 30, 2026. It has four businesses: Hong Kong, the UK, Corporate and Institutional Banking, and International Wealth and Premier Banking. Its Hong Kong business includes HSBC Hong Kong and Hang Seng Bank, which became a wholly owned subsidiary in January 2026. Revenue was $56.4 billion in the first nine months of 2026.

The company is headquartered in London. The NYSE-listed HSBC shares are American Depositary Shares, and each one represents five ordinary shares. It reports in US dollars.

The market prices HSBC for its dependence on Hong Kong and mainland China and for the risk that lower interest rates reduce its income. The Hong Kong business is a large part of profit, and HSBC still books credit losses on Hong Kong commercial real estate. Net interest income depends on rates and on the reinvestment of its structural hedge. Tension between China and the West can also hurt a bank that connects both.

HSBC now earns a high return: the return on tangible equity, without notable items, was 18.8% for the first nine months of 2026. The CET1 ratio was 13.9%, below the target range of 14% to 14.5%. For the gap to close, three things must be true. HSBC must earn a return on tangible equity of 17% or better, without notable items, in 2026, 2027 and 2028, as it targets.

Banking net interest income must reach at least $46 billion in 2026 and stay stable when rates fall. The CET1 ratio must return to the target range, helped by an expected Basel 3.1 benefit of 40 to 50 basis points on January 1, 2027, so that share buybacks continue. The 2026 annual results on February 23, 2027 give the next test. If these checks pass, the gap can close over the next one to two years.

The main reason it may not close is a large shock in Hong Kong or China, or a fall in interest rates that is faster than expected.

1. Jan 1, 2027Pending

   Basel 3.1 start: CET1 benefitA CET1 benefit of about 40 to 50 basis points, as HSBC expects, passes; a smaller benefit or a capital charge fails.
2. Feb 23, 2027Pending

   Annual results 2026: return and capitalA 2026 return on tangible equity of 17% or better without notable items, banking NII of at least $46 billion and a CET1 ratio back in the 14% to 14.5% range pass; a missed return target or a lower CET1 ratio fail.

Every passed and failed checkpoint across all picks

• November 6, 2026HSBC priced a $1.5 billion offer of 7.625% perpetual subordinated contingent convertible securities, with an issue date of November 13, 2026. On November 5, HSBC also started a cash tender offer for its $3.0 billion of 6.000% perpetual subordinated contingent convertible securities, which are callable on May 22, 2027. On November 6, it raised the maximum amount that it will buy from $1.0 billion to $1.5 billion.
• October 27, 2026HSBC reported 3Q26 results. Profit before tax rose $2.3 billion, or 32%, to $9.6 billion, mainly because large legal provisions in 3Q25 did not repeat. Revenue rose $0.8 billion to $18.6 billion, and the return on tangible equity was 17.7%. The CET1 ratio fell to 13.9%. HSBC declared a third interim dividend of $0.10 per share and announced a share buyback of up to $1 billion. It kept its 2026 guidance and its targets to 2028.
• September 10, 2026HSBC announced that Group CFO Pam Kaur will leave the CFO role in 2027 and take an advisory role. The Board started a search for her successor.

Next earnings

February 23, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 4, 2026 · hsbc-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · hsbc-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed July 30, 2025 · hsbc-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed February 20, 2025 · hsbc-20241231

Every filing on SEC EDGAR (CIK 1089113)

• Hong Kong and China exposure. A large part of profit comes from Hong Kong. HSBC booked $0.3 billion of credit losses on Hong Kong commercial real estate in the first nine months of 2026. Political tension between China and the West can also hurt the business.
• Interest rates. Net interest income was $9.3 billion in 3Q26, about half of revenue. Lower rates in Hong Kong, the UK or the US can lower this income, although the structural hedge slows the effect.
• Capital. The CET1 ratio of 13.9% at September 30, 2026 was below the 14% to 14.5% target range. If the expected Basel 3.1 benefit is smaller, HSBC can buy back fewer shares.
• Execution of the restructuring. HSBC is selling or closing businesses in Australia, Malta, Egypt and Singapore insurance, and the CFO leaves the role in 2027. Delays can add costs.

HSBC funds itself mainly with customer deposits. At September 30, 2026, total assets were $3,444.8 billion, customer accounts were $1,836.8 billion and net loans to customers were $1,029.9 billion, so loans were 56.1% of customer accounts. Read more

Yield at the current rate

2.2% (current annual rate, at today’s price)

Dividend yield

4.2% (last 12 months, at today’s price of $90.20)

Paid per share

$3.75 in the last 12 months (4 payments)

Current annual rate

$2.00 ($0.50 × 4 a year)

Latest ex-dividend date

November 6, 2026, $0.50 per share

Special payment or a cut. The last 12 months paid at least 25% more than the current annual rate. The company may have paid a special dividend, or it may have cut its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 25.7% a year. From 2015 to 2025, the dividend grew by about 2.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.