エドガーで原本を確認する
HSBC Holdings plc Interim Report 2025 on Form 6-K |
Return on average tangible equity
(annualised) ø
14.7%
(1H24: 21.4%)
|
Profit before tax
$15.8bn
(1H24: $21.6bn)
|
Common equity tier 1 capital ratio
14.6%
(31 Dec 2024: 14.9%)
|
||
Return on average tangible equity
excluding notable items (annualised) ø
18.2%
(1H24: 17.0%)
|
Constant currency profit before tax
excluding notable items ø
$18.9bn
(1H24: $18.0bn)
|
Second interim dividend per share
$0.10
(2Q24 dividend per share: $0.31, including a
second interim dividend of $0.10 and $0.21
special dividend)
|
||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
1a |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
1b |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
1 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
2 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
3 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
 |
|
Georges Elhedery
Group CEO
| |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
4 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
5 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
6 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
Half-year to |
||
Reported results |
30 Jun 2025 |
30 Jun 2024 |
Profit before tax ($m) |
15,810 |
21,556 |
Profit after tax ($m) |
12,441 |
17,665 |
Net operating income before change in expected credit losses and other credit impairment charges (‘revenue’) ($m) |
34,122 |
37,292 |
Cost efficiency ratio (%) |
49.9 |
43.7 |
Net interest margin (%) |
1.57 |
1.62 |
Basic earnings per share ($) |
0.65 |
0.89 |
Diluted earnings per share ($) |
0.65 |
0.88 |
Dividend per ordinary share (in respect of the period) ($)1 |
0.20 |
0.41 |
Alternative performance measures ø |
||
Constant currency profit before tax ($m) |
15,810 |
21,491 |
Constant currency revenue ($m) |
34,122 |
37,057 |
Constant currency cost efficiency ratio (%) |
49.9 |
43.7 |
Constant currency profit before tax excluding notable items ($m) |
18,928 |
18,006 |
Constant currency revenue excluding notable items ($m) |
35,397 |
33,493 |
Constant currency profit before tax excluding notable items and strategic transactions ($m) |
18,928 |
17,676 |
Constant currency revenue excluding notable items and strategic transactions ($m) |
35,397 |
32,672 |
Expected credit losses and other credit impairment charges (annualised) as % of average gross loans and advances to
customers (%)
|
0.40 |
0.20 |
Expected credit losses and other credit impairment charges (annualised) as % of average gross loans and advances to
customers, including held for sale (%)
|
0.40 |
0.20 |
Basic earnings per share excluding material notable items and related impacts ($) |
0.78 |
0.68 |
Return on average ordinary shareholders’ equity (annualised) (%) |
13.7 |
19.8 |
Return on average tangible equity (annualised) (%) |
14.7 |
21.4 |
Return on average tangible equity excluding notable items (annualised) (%) |
18.2 |
17.0 |
Target basis operating expenses ($m) |
16,179 |
15,764 |
At |
||
Balance sheet |
30 Jun 2025 |
31 Dec 2024 |
Total assets ($m) |
3,214,371 |
3,017,048 |
Net loans and advances to customers ($m) |
981,722 |
930,658 |
Customer accounts ($m) |
1,718,604 |
1,654,955 |
Average interest-earning assets, year to date ($m) |
2,159,900 |
2,099,285 |
Loans and advances to customers as % of customer accounts (%) |
57.1 |
56.2 |
Total shareholders’ equity ($m) |
192,554 |
184,973 |
Tangible ordinary shareholders’ equity ($m) |
159,557 |
154,295 |
Net asset value per ordinary share at period end ($) |
9.88 |
9.26 |
Tangible net asset value per ordinary share at period end ($) |
9.17 |
8.61 |
Capital, leverage and liquidity |
||
Common equity tier 1 capital ratio (%)2,3 |
14.6 |
14.9 |
Risk-weighted assets ($m)2,3 |
886,860 |
838,254 |
Total capital ratio (%)2,3 |
20.1 |
20.6 |
Leverage ratio (%)2,3 |
5.4 |
5.6 |
High-quality liquid assets (liquidity value, average) ($m)3,4 |
678,059 |
649,210 |
Liquidity coverage ratio (average) (%)3,4 |
140 |
138 |
Share count |
||
Period end basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions) |
17,397 |
17,918 |
Period end basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares, after deducting own
shares held (millions)
|
17,529 |
18,062 |
Average basic number of $0.50 ordinary shares outstanding, after deducting own shares held (millions) |
17,646 |
18,357 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
7 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
Movement in reported profit before tax compared with 1H24 |
|||||
Half-year to |
Variance |
||||
Reported results |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions1
|
|||
$m |
$m |
$m |
% |
$m |
|
Revenue |
34,122 |
37,292 |
(3,170) |
(9) |
(4,653) |
– of which: net interest income (‘NII’) |
16,821 |
16,911 |
(90) |
(1) |
(1,222) |
ECL |
(1,941) |
(1,066) |
(875) |
(82) |
96 |
Net operating income |
32,181 |
36,226 |
(4,045) |
(11) |
(4,557) |
Total operating expenses |
(17,022) |
(16,296) |
(726) |
(4) |
311 |
Operating profit/(loss) |
15,159 |
19,930 |
(4,771) |
(24) |
(4,246) |
Share of profit in associates and joint ventures less impairment |
651 |
1,626 |
(975) |
(60) |
— |
Profit before tax |
15,810 |
21,556 |
(5,746) |
(27) |
(4,246) |
Tax income/(expense) |
(3,369) |
(3,891) |
522 |
13 |
|
Profit/(loss) after tax |
12,441 |
17,665 |
(5,224) |
(30) |
|
Revenue excluding notable items |
35,397 |
33,721 |
1,676 |
5 |
|
Profit before tax excluding notable items |
18,928 |
18,067 |
861 |
5 |
|
Notable items |
||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Revenue |
||
Disposals, wind-downs, acquisitions and related costs |
(139) |
3,571 |
Dilution loss of interest in BoCom associate |
(1,136) |
— |
Currency translation on revenue notable items |
— |
(7) |
Operating expenses |
||
Disposals, wind-downs, acquisitions and related costs |
(227) |
(101) |
Restructuring and other related costs |
(616) |
19 |
Currency translation on operating expenses notable items |
— |
2 |
Associates and joint ventures |
||
Impairment losses of interest in BoCom associate |
(1,000) |
— |
Supplementary management view of revenue |
|||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions1
|
|||
$m |
$m |
$m |
% |
$m |
|
Revenue |
34,122 |
37,292 |
(3,170) |
(9) |
(4,653) |
Banking NII2 |
21,313 |
22,204 |
(891) |
(4) |
(1,264) |
Fee and other income |
12,809 |
15,088 |
(2,279) |
(15) |
(3,389) |
– Notable items |
(1,275) |
3,571 |
(4,846) |
>(100) |
(3,873) |
– Wealth |
4,564 |
3,741 |
823 |
22 |
(85) |
– Wholesale Transaction Banking |
5,637 |
5,226 |
411 |
8 |
(136) |
– Other |
3,883 |
2,550 |
1,333 |
52 |
705 |
Movement in profit before tax compared with 1H24 – on a constant currency basis |
|||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions1
|
|||
Results – on a constant currency basis ø |
$m |
$m |
$m |
% |
$m |
Revenue |
34,122 |
37,057 |
(2,935) |
(8) |
(4,695) |
ECL |
(1,941) |
(993) |
(948) |
(95) |
64 |
Total operating expenses |
(17,022) |
(16,192) |
(830) |
(5) |
300 |
Operating profit |
15,159 |
19,872 |
(4,713) |
(24) |
(4,331) |
Share of profit in associates and joint ventures less
impairment
|
651 |
1,619 |
(968) |
(60) |
— |
Profit before tax |
15,810 |
21,491 |
(5,681) |
(26) |
(4,331) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
8 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
Movement in reported profit before tax compared with 2Q24 |
||||||
Reported results |
Quarter ended |
2Q25 vs. 2Q24 |
||||
30 Jun 2025 |
30 Jun 2024 |
31 Mar 2025 |
of which strategic
transactions1
|
|||
$m |
$m |
$m |
$m |
% |
$m |
|
Revenue |
16,473 |
16,540 |
17,649 |
(67) |
— |
(165) |
– of which: net interest income (‘NII’) |
8,519 |
8,258 |
8,302 |
261 |
3 |
(434) |
ECL |
(1,065) |
(346) |
(876) |
(719) |
>(100) |
(5) |
Net operating income |
15,408 |
16,194 |
16,773 |
(786) |
(5) |
(170) |
Total operating expenses |
(8,920) |
(8,145) |
(8,102) |
(775) |
(10) |
(73) |
Operating profit/(loss) |
6,488 |
8,049 |
8,671 |
(1,561) |
(19) |
(243) |
Share of profit in associates and joint ventures
less impairment
|
(162) |
857 |
813 |
(1,019) |
>(100) |
— |
Profit before tax |
6,326 |
8,906 |
9,484 |
(2,580) |
(29) |
(243) |
Tax income/(expense) |
(1,455) |
(2,078) |
(1,914) |
623 |
30 |
|
Profit/(loss) after tax |
4,871 |
6,828 |
7,570 |
(1,957) |
(29) |
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
9 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
Notable items | |||
Quarter ended |
|||
30 Jun 2025 |
30 Jun 2024 |
31 Mar 2025 |
|
$m |
$m |
$m |
|
Revenue |
|||
Disposals, wind-downs, acquisitions and related costs |
(48) |
(161) |
(91) |
Dilution loss of interest in BoCom associate |
(1,136) |
— |
— |
Currency translation on revenue notable items |
— |
— |
(1) |
Operating expenses |
|||
Disposals, wind-downs, acquisitions and related costs |
(177) |
(38) |
(50) |
Restructuring and other related costs |
(475) |
6 |
(141) |
Currency translation on operating expenses notable items |
— |
2 |
— |
Associates and joint ventures |
|||
Impairment losses of interest in BoCom associate |
(1,000) |
— |
— |
Supplementary management view of revenue | ||||||
Quarter ended |
2Q25 vs. 2Q24 |
|||||
30 Jun 2025 |
30 Jun 2024 |
31 Mar 2025 |
of which strategic
transactions1
|
|||
$m |
$m |
$m |
$m |
% |
$m |
|
Revenue |
16,473 |
16,540 |
17,649 |
(67) |
— |
(165) |
Banking NII2 |
10,714 |
10,938 |
10,599 |
(224) |
(2) |
(448) |
Fee and other income |
5,759 |
5,602 |
7,050 |
157 |
3 |
283 |
– Notable items |
(1,184) |
(161) |
(91) |
(1,023) |
>(100) |
(43) |
– Wealth |
2,274 |
1,848 |
2,290 |
426 |
23 |
(23) |
– Wholesale Transaction Banking |
2,786 |
2,629 |
2,851 |
157 |
6 |
(65) |
– Other |
1,883 |
1,286 |
2,000 |
597 |
46 |
414 |
Movement in profit before tax compared with 2Q24 – constant currency basis |
||||||
Quarter ended |
2Q25 vs. 2Q24 |
|||||
30 Jun 2025 |
30 Jun 2024 |
31 Mar 2025 |
of which strategic
transactions1
|
|||
Results – on a constant currency basis ø |
$m |
$m |
$m |
$m |
% |
$m |
Revenue |
16,472 |
16,698 |
18,132 |
(226) |
(1) |
(276) |
ECL |
(1,064) |
(320) |
(899) |
(744) |
>(100) |
(21) |
Total operating expenses |
(8,920) |
(8,247) |
(8,355) |
(673) |
(8) |
(38) |
Operating profit |
6,488 |
8,131 |
8,878 |
(1,643) |
(20) |
(335) |
Share of profit in associates and joint ventures
less impairment
|
(162) |
858 |
817 |
(1,020) |
>(100) |
— |
Profit before tax |
6,326 |
8,989 |
9,695 |
(2,663) |
(30) |
(335) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
10 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
11 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
45% |
9% |
Growth in Wealth fee and other income
compared with 1H24, on a constant
currency basis.
|
Growth in deposits compared with 30 June
2024, on a constant currency basis.
|
Management view of revenue – on a constant currency basis | |||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions5
|
|||
$m |
$m |
$m |
% |
$m |
|
Banking NII1 |
5,875 |
5,929 |
(54) |
(1) |
— |
Fee and other income2 |
1,973 |
1,503 |
470 |
31 |
— |
– Retail Banking and Wealth |
1,362 |
939 |
423 |
45 |
— |
– Retail Banking |
176 |
155 |
21 |
14 |
— |
– Wealth |
1,101 |
760 |
341 |
45 |
— |
– Other3 |
85 |
24 |
61 |
>100 |
|
– Commercial Banking |
611 |
564 |
47 |
8 |
— |
– Wholesale Transaction Banking |
361 |
346 |
15 |
4 |
— |
– Credit and Lending |
43 |
44 |
(1) |
(2) |
— |
– Other3 |
207 |
174 |
33 |
19 |
— |
Revenue excluding notable items |
7,848 |
7,432 |
416 |
6 |
— |
Notable items |
— |
— |
— |
N/A |
— |
Revenue |
7,848 |
7,432 |
416 |
6 |
— |
RoTE (annualised)4 % |
34.9 |
38.4 |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
12 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
4% |
6% |
Growth in loans and advances to customers
compared with 1H24, on a constant currency
basis.
|
Growth in banking NII compared with
1H24, on a constant currency basis.1 ø
|
Management view of revenue – on a constant currency basis | |||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions5
|
|||
$m |
$m |
$m |
% |
$m |
|
Banking NII1 |
5,306 |
5,026 |
280 |
6 |
— |
Fee and other income2 |
922 |
968 |
(46) |
(5) |
— |
– Retail Banking and Wealth |
316 |
355 |
(39) |
(11) |
— |
– Retail Banking |
134 |
120 |
14 |
12 |
— |
– Wealth |
175 |
205 |
(30) |
(15) |
— |
– Other3 |
7 |
30 |
(23) |
(77) |
|
– Commercial Banking |
606 |
613 |
(7) |
(1) |
— |
– Wholesale Transaction Banking |
444 |
450 |
(6) |
(1) |
— |
– Credit and Lending |
111 |
103 |
8 |
8 |
— |
– Other3 |
51 |
60 |
(9) |
(15) |
— |
Revenue excluding notable items |
6,228 |
5,994 |
234 |
4 |
— |
Notable items |
— |
— |
— |
N/A |
— |
Revenue |
6,228 |
5,994 |
234 |
4 |
— |
RoTE (annualised)4 % |
23.4 |
27.1 |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
13 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
18% |
16.9% |
Growth in fees and other income compared
with 1H24, on a constant currency basis.
|
RoTE up 1.3 percentage points compared
with 1H24. ø
|
Management view of revenue – on a constant currency basis | |||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions5
|
|||
$m |
$m |
$m |
% |
$m |
|
Banking NII1 |
7,014 |
7,314 |
(300) |
(4) |
(602) |
Fee and other income2 |
7,103 |
6,033 |
1,070 |
18 |
106 |
– Wholesale Transaction Banking |
4,831 |
4,390 |
441 |
10 |
(112) |
– Investment Banking |
542 |
472 |
70 |
15 |
(3) |
– Debt and Equity Markets |
1,522 |
1,153 |
369 |
32 |
30 |
– Wholesale Credit and Lending |
278 |
304 |
(26) |
(9) |
(51) |
– Other3 |
(70) |
(286) |
216 |
76 |
241 |
Revenue excluding notable items |
14,117 |
13,347 |
770 |
6 |
(496) |
Notable items |
— |
(14) |
14 |
1 |
— |
Revenue |
14,117 |
13,333 |
784 |
6 |
(496) |
RoTE (annualised)4 % |
16.9 |
15.6 |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
14 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
19% |
54% |
Growth in wealth fees and other
income compared with 1H24, on
a constant currency basis.
|
Growth in Insurance manufacturing new
business CSM compared with 1H24, up
$0.7bn.
|
Management view of revenue – on a constant currency basis | |||||
Half-year to |
1H25 vs. 1H24 |
||||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions4
|
|||
$m |
$m |
$m |
% |
$m |
|
Banking NII1 |
3,440 |
3,913 |
(473) |
(12) |
(420) |
Fee and other income |
3,628 |
2,965 |
663 |
22 |
95 |
– Retail Banking |
314 |
383 |
(69) |
(18) |
(24) |
– Wealth |
3,288 |
2,766 |
522 |
19 |
(74) |
– Other2 |
26 |
(184) |
210 |
>100 |
193 |
Revenue excluding notable items |
7,068 |
6,878 |
190 |
3 |
(325) |
Notable items |
(57) |
55 |
(112) |
>(100) |
(113) |
Revenue |
7,011 |
6,933 |
78 |
1 |
(438) |
RoTE (annualised)3 % |
16.8 |
17.6 |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
15 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
Management view of revenue ø |
Half-year to |
1H25 vs. 1H24 |
|||
30 Jun 2025 |
30 Jun 2024 |
of which strategic
transactions5
|
|||
$m |
$m |
$m |
% |
$m |
|
Banking NII1 |
(322) |
(333) |
11 |
3 |
— |
Fee and other income2 |
458 |
175 |
283 |
>100 |
— |
Revenue excluding notable items |
136 |
(158) |
294 |
186 |
— |
Notable items |
(1,218) |
3,523 |
(4,741) |
>(100) |
(3,761) |
Revenue3 |
(1,082) |
3,365 |
(4,447) |
>(100) |
(3,761) |
RoTE (annualised)4 % |
(2.8) |
20.6 |
|||
1 For a description of how we derive banking NII, see page 21. Banking NII in Corporate Centre is computed by 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’. Corporate
Centre banking net interest expense includes funding charges on property and technology assets, and the banking NII of the retained portfolio of home and
other loans associated with the disposal of our retail banking operations in France.
2 ‘Fee and other income‘ includes gains and losses on certain transactions, valuation differences on issued long-term debt and associated swaps, fair value
movements on financial instruments, revaluation gains and losses on investment properties and property disposals, as well as consolidation adjustments and
other revenue items not allocated to business segments. For supplementary analysis of fee and other income, see page 28.
3 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 1H25 was $1,212m (1H24: $843m).
4 For details of our RoTE calculation by business segment, see page 40.
5 Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 29.
| |||||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
16 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
17 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
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 breaches 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 the increasing frequency of severe weather events, diverging national agendas and a more complex regulatory environment.
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
|
~ |
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
generative AI, 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 models, data,
regulatory reporting, financial resilience, ESG, technology and generative AI, financial crime and risk management practices,
including operational/cyber resilience and controls. Multiple jurisdictions are progressing the implementation of Basel 3.1
standards, to various timescales, some of which are being delayed. The UK government’s focus on improving business growth
is also driving legislative and regulatory change.
|
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 line with the macroeconomic and geopolitical climate, the risk
of service disruption in our supply chain remains high. 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 generative AI, are driving a need for enhanced model risk controls.
|
Change execution risk |
~ |
Delivering change effectively is critical to achieving our strategy and enables us to meet rapidly-evolving customer and
stakeholder needs. We seek to prioritise and deliver complex change in line with established risk management processes, to
achieve sustainable outcomes, to meet industry and regulatory expectations and to fulfil our obligations to customers and
clients. The impact of the ongoing reorganisation of the Group on the level of change execution risk in the near to medium
term is being monitored.
|
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,
changing skills requirements of our workforce, and compliance with employment laws and regulations. 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 current period of fundamental organisational
change.
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
18 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
19 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Net interest income |
16,821 |
16,911 |
Net fee income |
6,643 |
6,200 |
Net income from financial instruments held for trading or managed on a fair value basis1 |
10,547 |
10,516 |
Net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through
profit or loss
|
5,113 |
2,376 |
Insurance finance expense |
(5,329) |
(2,486) |
Insurance service result |
785 |
662 |
Gain less impairment relating to sale of business operations2 |
(34) |
3,256 |
Other operating (expense)/income3 |
(424) |
(143) |
Net operating income before change in expected credit losses and other credit impairment charges4 |
34,122 |
37,292 |
Change in expected credit losses and other credit impairment charges |
(1,941) |
(1,066) |
Net operating income |
32,181 |
36,226 |
Total operating expenses excluding amortisation and impairment of intangible assets |
(15,752) |
(15,194) |
Amortisation and impairment of intangible assets |
(1,270) |
(1,102) |
Operating profit |
15,159 |
19,930 |
Share of profit in associates and joint ventures |
1,651 |
1,626 |
Impairment of interest in associate3 |
(1,000) |
– |
Profit before tax |
15,810 |
21,556 |
Tax expense |
(3,369) |
(3,891) |
Profit after tax |
12,441 |
17,665 |
Attributable to: |
||
– ordinary shareholders of the parent company |
11,510 |
16,586 |
– other equity holders |
547 |
526 |
– non-controlling interests |
384 |
553 |
Profit after tax |
12,441 |
17,665 |
$ |
$ |
|
Basic earnings per share |
0.65 |
0.89 |
Diluted earnings per share |
0.65 |
0.88 |
Dividend per ordinary share (paid in the period)5 |
0.46 |
0.62 |
% |
% |
|
Post-tax return on average total assets (annualised) |
0.8 |
1.2 |
Return on average ordinary shareholders’ equity (annualised) |
13.7 |
19.8 |
Return on average tangible equity (annualised) |
14.7 |
21.4 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
20 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
Net interest income |
|||||
Half-year to |
Quarter to |
||||
30 Jun 2025 |
30 Jun 2024 |
30 Jun 2025 |
31 Mar 2025 |
30 Jun 2024 |
|
$m |
$m |
$m |
$m |
$m |
|
Interest income |
49,008 |
55,372 |
24,595 |
24,413 |
27,107 |
Interest expense |
(32,187) |
(38,461) |
(16,076) |
(16,111) |
(18,849) |
Net interest income |
16,821 |
16,911 |
8,519 |
8,302 |
8,258 |
Average interest-earning assets |
2,159,900 |
2,097,866 |
2,195,244 |
2,124,161 |
2,055,283 |
% |
% |
% |
% |
% |
|
Gross interest yield1 |
4.58 |
5.31 |
4.49 |
4.66 |
5.30 |
Less: gross interest payable1 |
(3.26) |
(4.08) |
(3.18) |
(3.34) |
(4.05) |
Net interest spread2 |
1.32 |
1.23 |
1.31 |
1.32 |
1.25 |
Net interest margin3 |
1.57 |
1.62 |
1.56 |
1.59 |
1.62 |
Summary of interest income by type of asset | |||||||||
Half-year to |
Full-year to |
||||||||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|||||||
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 |
334,336 |
6,042 |
3.64 |
354,570 |
7,611 |
4.32 |
349,517 |
14,727 |
4.21 |
Loans and advances to customers |
957,084 |
23,066 |
4.86 |
943,836 |
25,059 |
5.34 |
949,825 |
49,879 |
5.25 |
Reverse repurchase agreements – non-trading1 |
263,723 |
8,034 |
6.14 |
234,712 |
9,022 |
7.73 |
238,694 |
17,721 |
7.42 |
Financial investments |
524,043 |
10,407 |
4.00 |
455,723 |
10,209 |
4.50 |
470,182 |
20,587 |
4.38 |
Other interest-earning assets |
80,714 |
1,459 |
3.65 |
109,025 |
3,471 |
6.40 |
91,067 |
5,717 |
6.28 |
Total interest-earning assets |
2,159,900 |
49,008 |
4.58 |
2,097,866 |
55,372 |
5.31 |
2,099,285 |
108,631 |
5.17 |
Summary of interest expense by type of liability | |||||||||
Half-year to |
Full-year to |
||||||||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|||||||
Average
balance
|
Interest
expense
|
Cost |
Average
balance
|
Interest
expense
|
Cost |
Average
balance
|
Interest
expense
|
Cost |
|
$m |
$m |
% |
$m |
$m |
% |
$m |
$m |
% |
|
Deposits by banks2 |
74,321 |
1,318 |
3.58 |
63,100 |
1,422 |
4.53 |
66,405 |
2,930 |
4.41 |
Customer accounts3 |
1,464,045 |
17,301 |
2.38 |
1,353,221 |
20,153 |
2.99 |
1,385,840 |
40,173 |
2.90 |
Repurchase agreements – non-trading1 |
183,938 |
6,605 |
7.24 |
187,931 |
7,872 |
8.42 |
187,337 |
15,617 |
8.34 |
Debt securities in issue – non-trading |
196,936 |
5,556 |
5.69 |
195,038 |
6,378 |
6.58 |
196,440 |
12,806 |
6.52 |
Other interest-bearing liabilities |
71,294 |
1,407 |
3.98 |
98,359 |
2,636 |
5.39 |
84,773 |
4,372 |
5.16 |
Total interest-bearing liabilities |
1,990,534 |
32,187 |
3.26 |
1,897,649 |
38,461 |
4.08 |
1,920,795 |
75,898 |
3.95 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
21 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
Banking net interest income |
|||||
Half-year to |
Quarter to |
||||
30 Jun 2025 |
30 Jun 2024 |
30 Jun 2025 |
31 Mar 2025 |
30 Jun 2024 |
|
$m |
$m |
$m |
$m |
$m |
|
Net interest income |
16,821 |
16,911 |
8,519 |
8,302 |
8,258 |
Banking book funding costs used to generate ‘net income from financial
instruments held for trading or managed on a fair value basis’
|
4,710 |
5,509 |
2,307 |
2,403 |
2,787 |
Third-party net interest income from insurance |
(218) |
(216) |
(112) |
(106) |
(107) |
Banking net interest income |
21,313 |
22,204 |
10,714 |
10,599 |
10,938 |
Currency translation |
— |
(352) |
— |
274 |
16 |
Banking net interest income – on a constant currency basis |
21,313 |
21,852 |
10,714 |
10,873 |
10,954 |
Banking net interest income – on a reported basis |
21,313 |
22,204 |
10,714 |
10,599 |
10,938 |
– of which: |
|||||
The Hongkong and Shanghai Banking Corporation Limited |
10,615 |
10,752 |
5,176 |
5,439 |
5,317 |
HSBC UK Bank plc |
5,508 |
5,062 |
2,846 |
2,662 |
2,532 |
HSBC Bank plc |
2,429 |
2,296 |
1,325 |
1,104 |
1,187 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
22 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
Staff numbers (full-time equivalents)1 | |||
At |
|||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|
Business segment |
|||
Hong Kong |
33,144 |
34,836 |
34,578 |
UK |
31,511 |
30,653 |
30,783 |
Corporate and Institutional Banking |
73,171 |
72,674 |
71,935 |
International Wealth and Premier Banking |
73,019 |
75,451 |
73,668 |
Corporate Centre |
285 |
364 |
340 |
Total staff numbers |
211,130 |
213,978 |
211,304 |
Tax expense | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Tax (charge)/credit |
||
Reported |
(3,369) |
(3,891) |
Currency translation |
— |
21 |
Constant currency tax (charge)/credit |
(3,369) |
(3,870) |
Notable items | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Tax |
||
Tax (charge)/credit on notable items |
379 |
14 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
23 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Assets |
||
Cash and balances at central banks |
246,360 |
267,674 |
Trading assets |
333,745 |
314,842 |
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss |
128,942 |
115,769 |
Derivatives |
249,672 |
268,637 |
Loans and advances to banks |
107,582 |
102,039 |
Loans and advances to customers |
981,722 |
930,658 |
Reverse repurchase agreements – non-trading |
283,204 |
252,549 |
Financial investments |
547,955 |
493,166 |
Assets held for sale |
38,978 |
27,234 |
Other assets |
296,211 |
244,480 |
Total assets |
3,214,371 |
3,017,048 |
Liabilities |
||
Deposits by banks |
97,782 |
73,997 |
Customer accounts |
1,718,604 |
1,654,955 |
Repurchase agreements – non-trading |
195,532 |
180,880 |
Trading liabilities |
70,653 |
65,982 |
Financial liabilities designated at fair value |
163,589 |
138,727 |
Derivatives |
257,601 |
264,448 |
Debt securities in issue |
102,129 |
105,785 |
Insurance contract liabilities |
118,297 |
107,629 |
Liabilities of disposal groups held for sale |
46,165 |
29,011 |
Other liabilities |
244,150 |
203,361 |
Total liabilities |
3,014,502 |
2,824,775 |
Equity |
||
Total shareholders’ equity |
192,554 |
184,973 |
Non-controlling interests |
7,315 |
7,300 |
Total equity |
199,869 |
192,273 |
Total liabilities and equity |
3,214,371 |
3,017,048 |
Selected financial information |
||
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Called up share capital |
8,739 |
8,973 |
Capital resources1 |
178,496 |
172,386 |
Undated subordinated loan capital |
— |
17 |
Preferred securities and dated subordinated loan capital2 |
37,909 |
35,258 |
Risk-weighted assets |
886,860 |
838,254 |
Total shareholders’ equity |
192,554 |
184,973 |
Less: preference shares and other equity instruments |
(20,716) |
(19,070) |
Total ordinary shareholders’ equity |
171,838 |
165,903 |
Less: goodwill and intangible assets (net of tax) |
(12,281) |
(11,608) |
Tangible ordinary shareholders’ equity |
159,557 |
154,295 |
Financial statistics |
||
Loans and advances to customers as a percentage of customer accounts (%) |
57.1 |
56.2 |
Average total shareholders’ equity to average total assets (%) |
6.01 |
6.12 |
Net asset value per ordinary share at period end ($)3 |
9.88 |
9.26 |
Tangible net asset value per ordinary share at period end ($)3 |
9.17 |
8.61 |
Tangible net asset value per fully diluted ordinary share at period end ($) |
9.10 |
8.54 |
Number of $0.50 ordinary shares in issue (millions) |
17,478 |
17,947 |
Basic number of $0.50 ordinary shares outstanding (millions) |
17,397 |
17,918 |
Basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares (millions) |
17,529 |
18,062 |
Closing foreign exchange translation rates to $: |
||
$1: £ |
0.730 |
0.797 |
$1: € |
0.852 |
0.964 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
24 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
Combined view of customer lending and customer deposits |
At |
|
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Loans and advances to customers |
981,722 |
930,658 |
Loans and advances to customers of disposal groups reported in ‘Assets held for sale’ |
2,162 |
965 |
– private banking business in Germany |
359 |
309 |
– Germany custody business |
864 |
— |
– business in South Africa |
758 |
656 |
– retail banking business in Bahrain |
181 |
— |
– other |
— |
— |
Non-current assets held for sale |
125 |
12 |
Combined customer lending |
984,010 |
931,635 |
Currency translation |
— |
43,989 |
Combined customer lending at constant currency |
984,010 |
975,624 |
Customer accounts |
1,718,604 |
1,654,955 |
Customer accounts reported in ‘Liabilities of disposal groups held for sale’ |
19,088 |
5,399 |
– private banking business in Germany |
2,662 |
2,085 |
– Germany custody business |
12,392 |
— |
– business in South Africa |
3,210 |
3,294 |
– retail banking business in Bahrain |
824 |
— |
– other |
— |
20 |
Combined customer deposits |
1,737,692 |
1,660,354 |
Currency translation |
— |
71,244 |
Combined customer deposits at constant currency |
1,737,692 |
1,731,598 |
Customer accounts by country/territory |
At |
|
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Hong Kong |
589,873 |
575,141 |
UK |
560,768 |
524,251 |
US |
96,145 |
99,278 |
Singapore |
78,277 |
76,737 |
Mainland China |
63,098 |
63,169 |
France |
49,872 |
40,384 |
Australia |
34,065 |
31,951 |
Germany |
14,752 |
23,564 |
Mexico |
27,354 |
27,525 |
UAE |
29,290 |
28,008 |
India |
30,100 |
27,199 |
Taiwan |
18,647 |
17,067 |
Malaysia |
18,147 |
17,038 |
Egypt |
4,541 |
4,137 |
Indonesia |
5,388 |
5,558 |
Türkiye |
3,711 |
3,489 |
Other |
94,576 |
90,459 |
At end of period |
1,718,604 |
1,654,955 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
25 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial summary |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
26 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Constant currency results1 |
Half-year to 30 Jun 2025 |
|||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue2,3 |
7,848 |
6,228 |
14,117 |
7,011 |
(1,082) |
34,122 |
ECL |
(864) |
(323) |
(299) |
(453) |
(2) |
(1,941) |
Operating expenses |
(2,310) |
(2,624) |
(7,456) |
(4,468) |
(164) |
(17,022) |
Share of profit in associates and joint ventures less impairment3 |
— |
— |
— |
2 |
649 |
651 |
Profit before tax |
4,674 |
3,281 |
6,362 |
2,092 |
(599) |
15,810 |
Loans and advances to customers (net)4 |
230,139 |
299,631 |
304,240 |
147,523 |
189 |
981,722 |
Customer accounts |
517,406 |
360,494 |
564,847 |
275,504 |
353 |
1,718,604 |
Half-year to 30 Jun 2024 |
||||||
Revenue2 |
7,432 |
5,994 |
13,333 |
6,933 |
3,365 |
37,057 |
ECL |
(338) |
(58) |
(175) |
(416) |
(6) |
(993) |
Operating expenses |
(2,340) |
(2,403) |
(7,037) |
(4,277) |
(135) |
(16,192) |
Share of profit in associates and joint ventures less impairment |
— |
— |
— |
27 |
1,592 |
1,619 |
Profit before tax |
4,754 |
3,533 |
6,121 |
2,267 |
4,816 |
21,491 |
Loans and advances to customers (net) |
236,309 |
286,915 |
300,392 |
140,795 |
8,368 |
972,779 |
Customer accounts |
474,140 |
352,573 |
558,629 |
266,148 |
421 |
1,651,911 |
Notable items |
Half-year to 30 Jun 2025 |
|||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue |
||||||
Disposals, wind-downs, acquisitions and related costs1 |
— |
— |
— |
(57) |
(82) |
(139) |
Dilution loss of interest in BoCom associate2 |
— |
— |
— |
— |
(1,136) |
(1,136) |
Operating expenses |
||||||
Disposals, wind-downs, acquisitions and related costs |
— |
1 |
(179) |
(5) |
(44) |
(227) |
Restructuring and other related costs3 |
(9) |
(48) |
(217) |
(79) |
(263) |
(616) |
Impairment losses of interest in BoCom associate2 |
— |
— |
— |
— |
(1,000) |
(1,000) |
Half-year to 30 Jun 2024 |
||||||
Revenue |
||||||
Disposals, wind-downs, acquisitions and related costs4 |
— |
— |
(14) |
55 |
3,530 |
3,571 |
Operating expenses |
||||||
Disposals, wind-downs, acquisitions and related costs |
— |
3 |
— |
(1) |
(103) |
(101) |
Restructuring and other related costs5 |
— |
4 |
5 |
1 |
9 |
19 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
27 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Reconciliation of reported results to constant currency results – business segments | ||||||
Half-year to 30 Jun 2024 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue1 |
||||||
– Reported |
7,408 |
5,838 |
13,534 |
7,170 |
3,342 |
37,292 |
– Currency translation |
24 |
156 |
(201) |
(237) |
23 |
(235) |
– Constant currency |
7,432 |
5,994 |
13,333 |
6,933 |
3,365 |
37,057 |
ECL |
||||||
– Reported |
(336) |
(58) |
(187) |
(479) |
(6) |
(1,066) |
– Currency translation |
(2) |
— |
12 |
63 |
— |
73 |
– Constant currency |
(338) |
(58) |
(175) |
(416) |
(6) |
(993) |
Operating expenses |
||||||
– Reported |
(2,333) |
(2,343) |
(7,083) |
(4,426) |
(111) |
(16,296) |
– Currency translation |
(7) |
(60) |
46 |
149 |
(24) |
104 |
– Constant currency |
(2,340) |
(2,403) |
(7,037) |
(4,277) |
(135) |
(16,192) |
Share of profit in associates and joint ventures |
||||||
– Reported |
— |
— |
1 |
28 |
1,597 |
1,626 |
– Currency translation |
— |
— |
(1) |
(1) |
(5) |
(7) |
– Constant currency |
— |
— |
— |
27 |
1,592 |
1,619 |
Profit/(loss) before tax |
||||||
– Reported |
4,739 |
3,437 |
6,265 |
2,293 |
4,822 |
21,556 |
– Currency translation |
15 |
96 |
(144) |
(26) |
(6) |
(65) |
– Constant currency |
4,754 |
3,533 |
6,121 |
2,267 |
4,816 |
21,491 |
Loans and advances to customers (net) |
||||||
– Reported |
237,372 |
264,640 |
291,451 |
137,151 |
7,643 |
938,257 |
– Currency translation |
(1,063) |
22,275 |
8,941 |
3,644 |
725 |
34,522 |
– Constant currency |
236,309 |
286,915 |
300,392 |
140,795 |
8,368 |
972,779 |
Customer accounts |
||||||
– Reported |
476,469 |
325,201 |
534,018 |
257,750 |
396 |
1,593,834 |
– Currency translation |
(2,329) |
27,372 |
24,611 |
8,398 |
25 |
58,077 |
– Constant currency |
474,140 |
352,573 |
558,629 |
266,148 |
421 |
1,651,911 |
Reconciliation of reported results to constant currency results – RWAs | ||||||
At 30 Jun 2025 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Risk-weighted assets |
||||||
Reported |
140.6 |
153.0 |
411.2 |
91.0 |
91.1 |
886.9 |
Constant currency |
140.6 |
153.0 |
411.2 |
91.0 |
91.1 |
886.9 |
At 31 Dec 2024 |
||||||
Risk-weighted assets |
||||||
Reported |
143.7 |
133.5 |
388.0 |
85.7 |
87.4 |
838.3 |
Currency translation |
(1.2) |
12.3 |
13.2 |
3.7 |
1.2 |
29.2 |
Constant currency |
142.5 |
145.8 |
401.2 |
89.4 |
88.6 |
867.5 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
28 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Half-year to 30 Jun 2025 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Net fee income |
1,435 |
907 |
2,217 |
2,085 |
(1) |
6,643 |
Net income from financial instruments held for trading or managed
on a fair value basis
|
341 |
(16) |
4,416 |
422 |
5,384 |
10,547 |
Insurance revenue1 |
41 |
— |
— |
561 |
(33) |
569 |
Gain less impairment relating to sale of business operations |
— |
— |
— |
(56) |
22 |
(34) |
Other operating (expense)/income |
156 |
31 |
470 |
341 |
(1,422) |
(424) |
Total |
1,973 |
922 |
7,103 |
3,353 |
3,950 |
17,301 |
Banking book funding costs used to generate ‘net income from
financial instruments held for trading or managed on a fair value
basis’
|
— |
— |
— |
— |
(4,710) |
(4,710) |
Third-party net interest income from insurance |
— |
— |
— |
218 |
— |
218 |
Notable items |
— |
— |
— |
57 |
1,218 |
1,275 |
Fee and other income |
1,973 |
922 |
7,103 |
3,628 |
458 |
14,084 |
Half-year to 30 Jun 2024 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Net fee income |
1,154 |
891 |
2,223 |
1,922 |
10 |
6,200 |
Net income from financial instruments held for trading or managed
on a fair value basis
|
292 |
7 |
3,780 |
375 |
6,062 |
10,516 |
Insurance revenue1 |
(8) |
— |
— |
580 |
(20) |
552 |
Gain less impairment relating to sale of business operations |
— |
— |
(14) |
55 |
3,214 |
3,256 |
Other operating (expense)/income |
61 |
44 |
(18) |
(136) |
(94) |
(143) |
Total |
1,499 |
942 |
5,971 |
2,796 |
9,172 |
20,381 |
Banking book funding costs used to generate ‘net income from
financial instruments held for trading or managed on a fair value
basis’
|
— |
— |
— |
— |
(5,509) |
(5,509) |
Third-party net interest income from insurance |
— |
— |
— |
216 |
— |
216 |
Notable items |
— |
— |
14 |
(55) |
(3,530) |
(3,571) |
Currency translation |
4 |
26 |
48 |
7 |
42 |
127 |
Fee and other income |
1,503 |
968 |
6,033 |
2,965 |
175 |
11,644 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
29 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Constant currency results | ||||||
Half-year to 30 Jun 2025 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue |
— |
— |
— |
(57) |
(82) |
(139) |
ECL |
— |
— |
— |
— |
— |
— |
Operating expenses |
— |
1 |
(179) |
(5) |
(44) |
(227) |
Share of profit in associates and joint ventures |
— |
— |
— |
— |
— |
— |
Profit before tax |
— |
1 |
(179) |
(62) |
(126) |
(366) |
– HSBC Innovation Banking |
— |
— |
— |
— |
— |
— |
– retail banking operations in France |
— |
— |
— |
— |
— |
— |
– banking business in Canada |
— |
— |
— |
— |
(2) |
(2) |
– business in Argentina |
— |
— |
— |
— |
(108) |
(108) |
– markets participation |
1 |
(179) |
(62) |
(16) |
(256) |
|
of which: notable items |
||||||
Revenue |
— |
— |
— |
(57) |
(82) |
(139) |
Profit before tax |
— |
1 |
(179) |
(62) |
(126) |
(366) |
of which: distorting impact of operating results between
periods
|
||||||
Revenue |
— |
— |
— |
— |
— |
— |
Profit/(loss) before tax |
— |
— |
— |
— |
— |
— |
Half-year to 30 Jun 2024 |
||||||
Revenue |
— |
— |
496 |
380 |
3,679 |
4,555 |
ECL |
— |
— |
(43) |
(20) |
— |
(63) |
Operating expenses |
— |
3 |
(193) |
(236) |
(101) |
(527) |
Share of profit in associates and joint ventures |
— |
— |
— |
— |
— |
— |
Profit before tax |
— |
3 |
260 |
124 |
3,578 |
3,965 |
– HSBC Innovation Banking1 |
— |
3 |
— |
— |
— |
3 |
– retail banking operations in France |
— |
— |
— |
56 |
(4) |
52 |
– banking business in Canada |
— |
— |
144 |
67 |
4,774 |
4,985 |
– business in Argentina |
— |
— |
116 |
1 |
(1,192) |
(1,075) |
of which: notable items |
||||||
Revenue |
— |
— |
— |
55 |
3,679 |
3,734 |
Profit before tax |
— |
3 |
(1) |
55 |
3,578 |
3,635 |
of which: distorting impact of operating results between
periods
|
||||||
Revenue |
— |
— |
496 |
325 |
— |
821 |
Profit before tax |
— |
— |
261 |
69 |
— |
330 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
30 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Total insurance revenue (constant currency)1 |
Half-year to |
|
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Net fee income |
149 |
99 |
Insurance service result2 |
794 |
693 |
– release of contractual service margin |
732 |
660 |
– risk adjustment release |
37 |
35 |
– experience variance and other |
91 |
29 |
– loss from onerous contracts |
(66) |
(31) |
Investment income |
5,311 |
2,554 |
– net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through
profit or loss2
|
5,124 |
2,350 |
– other investment income |
187 |
204 |
Insurance finance expense2 |
(5,334) |
(2,447) |
Other income |
253 |
44 |
Revenue1,3,4 |
1,173 |
943 |
Insurance key performance metrics |
Half-year to |
|
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Annualised new business premiums of insurance manufacturing operations |
3,753 |
2,792 |
Insurance new business contractual service margin1 |
2,033 |
1,324 |
Consolidated Group new business contractual service margin |
2,267 |
1,437 |
Total insurance profit before tax |
777 |
581 |
Net dividends of insurance manufacturing operations2 |
262 |
524 |
Insurance equity plus CSM net of tax ø |
18,881 |
17,572 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
31 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Business segments |
Reported wealth balances1 | |||
At |
|||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|
$bn |
$bn |
$bn |
|
Private Bank invested assets2 |
430 |
390 |
395 |
Retail invested assets |
455 |
412 |
409 |
Asset Management third-party distribution3 |
539 |
469 |
489 |
Reported invested assets1 |
1,424 |
1,271 |
1,293 |
– of which: The Hongkong and Shanghai Banking Corporation Limited |
712 |
606 |
645 |
Wealth deposits (Premier and Private Bank)4 |
590 |
530 |
555 |
– of which: The Hongkong and Shanghai Banking Corporation Limited |
389 |
346 |
372 |
Total reported wealth balances |
2,014 |
1,801 |
1,848 |
– of which: The Hongkong and Shanghai Banking Corporation Limited |
1,101 |
952 |
1,017 |
Invested assets | |||
Half-year to |
|||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|
$bn |
$bn |
$bn |
|
Opening balance |
1,293 |
1,191 |
1,271 |
Net new invested assets1 |
44 |
32 |
32 |
– of which: The Hongkong and Shanghai Banking Corporation Limited |
27 |
38 |
9 |
Net market movements |
52 |
36 |
61 |
Foreign exchange and others |
35 |
12 |
(71) |
Closing balance |
1,424 |
1,271 |
1,293 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
32 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
HSBC reported profit/(loss) before tax and balance sheet data | ||||||||||
Half-year to 30 Jun 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 |
5,453 |
773 |
8,100 |
762 |
1,045 |
— |
1,080 |
642 |
(1,034) |
16,821 |
Net fee income |
857 |
859 |
3,262 |
261 |
731 |
— |
304 |
477 |
(108) |
6,643 |
Net income from financial
instruments held for trading or
managed on a fair value basis
|
270 |
3,433 |
6,063 |
169 |
294 |
— |
212 |
103 |
3 |
10,547 |
Net income/(expense) from assets
and liabilities of insurance
businesses, including related
derivatives, measured at fair value
through profit and loss
|
— |
424 |
4,662 |
— |
— |
— |
23 |
5 |
(1) |
5,113 |
Insurance finance income/(expense) |
— |
(482) |
(4,834) |
— |
— |
— |
(15) |
— |
2 |
(5,329) |
Insurance service result |
— |
90 |
668 |
— |
— |
— |
31 |
— |
(4) |
785 |
Other income/(expense)1 |
63 |
261 |
(582) |
62 |
249 |
— |
30 |
(60) |
(481) |
(458) |
Net operating income before
change in expected credit losses
and other credit impairment
charges2
|
6,643 |
5,358 |
17,339 |
1,254 |
2,319 |
— |
1,665 |
1,167 |
(1,623) |
34,122 |
Change in expected credit losses
and other credit impairment charges
|
(340) |
(99) |
(910) |
(48) |
(150) |
— |
(383) |
(13) |
2 |
(1,941) |
Net operating income |
6,303 |
5,259 |
16,429 |
1,206 |
2,169 |
— |
1,282 |
1,154 |
(1,621) |
32,181 |
Total operating expenses |
(2,685) |
(3,837) |
(7,302) |
(638) |
(1,679) |
— |
(958) |
(686) |
733 |
(17,052) |
Impairment of goodwill and other
intangible assets
|
— |
31 |
(1) |
— |
— |
— |
— |
— |
— |
30 |
Operating profit |
3,618 |
1,453 |
9,126 |
568 |
490 |
— |
324 |
468 |
(888) |
15,159 |
Share of profit/(loss) in associates
and joint ventures less impairment3
|
— |
40 |
258 |
— |
— |
— |
6 |
349 |
(2) |
651 |
Profit before tax |
3,618 |
1,493 |
9,384 |
568 |
490 |
— |
330 |
817 |
(890) |
15,810 |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Share of HSBC’s profit before tax |
22.9 |
9.4 |
59.4 |
3.6 |
3.1 |
— |
2.1 |
5.2 |
(5.7) |
100.0 |
Cost efficiency ratio |
40.4 |
71.0 |
42.1 |
50.9 |
72.4 |
— |
57.5 |
58.8 |
45.2 |
49.9 |
Balance sheet data |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
Loans and advances to customers
(net)
|
305,661 |
107,058 |
459,814 |
21,736 |
57,287 |
— |
25,074 |
5,092 |
— |
981,722 |
Total assets |
466,225 |
987,456 |
1,455,104 |
62,470 |
281,282 |
— |
49,284 |
30,587 |
(118,037) |
3,214,371 |
Customer accounts |
371,420 |
306,014 |
871,247 |
35,390 |
96,145 |
— |
27,354 |
11,001 |
33 |
1,718,604 |
Risk-weighted assets4,5 |
158,035 |
147,816 |
416,794 |
25,606 |
77,352 |
— |
32,711 |
53,366 |
875 |
886,860 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
33 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
HSBC reported profit/(loss) before tax and balance sheet data (continued) | ||||||||||
Half-year to 30 Jun 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 |
5,063 |
832 |
7,454 |
804 |
730 |
300 |
1,187 |
1,618 |
(1,077) |
16,911 |
Net fee income |
810 |
827 |
2,689 |
260 |
674 |
129 |
328 |
530 |
(47) |
6,200 |
Net income from financial instruments
held for trading or managed on a fair
value basis
|
276 |
2,786 |
5,996 |
167 |
492 |
33 |
265 |
182 |
319 |
10,516 |
Net income/(expense) from assets and
liabilities of insurance businesses,
including related derivatives, measured
at fair value through profit and loss
|
— |
545 |
1,722 |
— |
— |
— |
30 |
84 |
(5) |
2,376 |
Insurance finance income/(expense) |
— |
(678) |
(1,708) |
— |
— |
— |
(40) |
(68) |
8 |
(2,486) |
Insurance service result |
— |
130 |
524 |
— |
— |
— |
41 |
(9) |
(24) |
662 |
Other income/(expense)1 |
81 |
51 |
288 |
25 |
239 |
— |
31 |
(602) |
3,000 |
3,113 |
Net operating income before change in
expected credit losses and other credit
impairment charges2
|
6,230 |
4,493 |
16,965 |
1,256 |
2,135 |
462 |
1,842 |
1,735 |
2,174 |
37,292 |
Change in expected credit losses and
other credit impairment charges
|
(62) |
66 |
(455) |
(102) |
(33) |
(40) |
(386) |
(59) |
5 |
(1,066) |
Net operating income |
6,168 |
4,559 |
16,510 |
1,154 |
2,102 |
422 |
1,456 |
1,676 |
2,179 |
36,226 |
Total operating expenses |
(2,427) |
(3,142) |
(6,873) |
(618) |
(1,677) |
(236) |
(998) |
(950) |
671 |
(16,250) |
Impairment of goodwill and other
intangible assets
|
(7) |
(1) |
(24) |
— |
(2) |
— |
— |
(11) |
(1) |
(46) |
Operating profit |
3,734 |
1,416 |
9,613 |
536 |
423 |
186 |
458 |
715 |
2,849 |
19,930 |
Share of profit in associates and joint
ventures
|
— |
20 |
1,280 |
— |
— |
— |
8 |
319 |
(1) |
1,626 |
Profit before tax |
3,734 |
1,436 |
10,893 |
536 |
423 |
186 |
466 |
1,034 |
2,848 |
21,556 |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Share of HSBC’s profit before tax |
17.3 |
6.7 |
50.5 |
2.5 |
2.0 |
0.9 |
2.2 |
4.7 |
13.2 |
100 |
Cost efficiency ratio |
39.1 |
70.0 |
40.7 |
49.2 |
78.6 |
51.1 |
54.2 |
55.4 |
(30.8) |
43.7 |
Balance sheet data |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
Loans and advances to customers (net) |
270,262 |
107,957 |
453,642 |
20,506 |
55,809 |
— |
25,449 |
4,632 |
— |
938,257 |
Total assets |
416,096 |
902,722 |
1,353,949 |
57,320 |
267,310 |
— |
47,289 |
31,385 |
(101,068) |
2,975,003 |
Customer accounts |
334,566 |
295,557 |
799,086 |
32,934 |
93,060 |
— |
28,997 |
9,532 |
102 |
1,593,834 |
Risk-weighted assets4,5 |
131,472 |
137,075 |
401,244 |
26,082 |
76,755 |
— |
31,286 |
54,982 |
4,866 |
835,118 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
34 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
Legal entity reported and constant currency results¹ | ||||||||||
Half-year to 30 Jun 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
entities2
|
Holding
companies,
shared
service
centres and
intra-Group
eliminations
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue3,4 |
6,643 |
5,358 |
17,339 |
1,254 |
2,319 |
— |
1,665 |
1,167 |
(1,623) |
34,122 |
ECL |
(340) |
(99) |
(910) |
(48) |
(150) |
— |
(383) |
(13) |
2 |
(1,941) |
Operating expenses |
(2,685) |
(3,806) |
(7,303) |
(638) |
(1,679) |
— |
(958) |
(686) |
733 |
(17,022) |
Share of profit in associates and joint
ventures less impairment4
|
— |
40 |
258 |
— |
— |
— |
6 |
349 |
(2) |
651 |
Profit/(loss) before tax |
3,618 |
1,493 |
9,384 |
568 |
490 |
— |
330 |
817 |
(890) |
15,810 |
Loans and advances to customers
(net)
|
305,661 |
107,058 |
459,814 |
21,736 |
57,287 |
— |
25,074 |
5,092 |
— |
981,722 |
Customer accounts |
371,420 |
306,014 |
871,247 |
35,390 |
96,145 |
— |
27,354 |
11,001 |
33 |
1,718,604 |
Legal entity results: notable items | ||||||||||
Half-year to 30 Jun 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 |
|
Revenue |
||||||||||
Disposals, wind-downs, acquisitions
and related costs1
|
— |
(56) |
— |
— |
— |
— |
— |
— |
(83) |
(139) |
Dilution loss of interest in BoCom
associate2
|
— |
— |
(1,136) |
— |
— |
— |
— |
— |
— |
(1,136) |
Operating expenses |
||||||||||
Disposals, wind-downs, acquisitions and
related costs
|
1 |
(166) |
(9) |
(6) |
(17) |
— |
— |
— |
(30) |
(227) |
Restructuring and other related costs3 |
(82) |
(209) |
(139) |
(13) |
(40) |
— |
(15) |
(28) |
(90) |
(616) |
Impairment losses of interest in
BoCom associate2
|
— |
— |
(1,000) |
— |
— |
— |
— |
— |
— |
(1,000) |
Selected country/territory results1 | ||||
Half-year to 30 Jun 2025 |
||||
UK2 |
Hong
Kong
|
Mainland
China
|
US |
|
$m |
$m |
$m |
$m |
|
Revenue3,4 |
12,189 |
12,229 |
987 |
2,252 |
ECL |
(370) |
(742) |
(77) |
(150) |
Operating expenses |
(7,394) |
(4,567) |
(1,551) |
(1,679) |
Share of profit/(loss) in associates and joint ventures less impairment 4 |
40 |
(12) |
203 |
— |
Profit before tax |
4,465 |
6,908 |
(438) |
423 |
Loans and advances to customers (net) |
349,405 |
271,663 |
43,030 |
57,287 |
Customer accounts |
560,768 |
589,873 |
63,098 |
96,145 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
35 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
Selected country/territory results: notable items | ||||
Half-year to 30 Jun 2025 |
||||
UK1 |
Hong
Kong
|
Mainland
China
|
US |
|
$m |
$m |
$m |
$m |
|
Revenue |
||||
Disposals, wind-downs, acquisitions and related costs |
(87) |
— |
— |
— |
Restructuring and other related costs |
76 |
5 |
5 |
— |
Dilution loss of interest in BoCom associate2 |
— |
(1,136) |
— |
|
Operating expenses |
||||
Disposals, wind-downs, acquisitions and related costs |
(10) |
— |
(2) |
(4) |
Restructuring and other related costs |
(281) |
(97) |
(33) |
(39) |
Impairment losses of interest in BoCom associate2 |
— |
(1,000) |
— |
|
Legal entity reported and constant currency results (continued) | ||||||||||
Half-year to 30 Jun 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 |
|
Revenue2 |
||||||||||
– Reported |
6,230 |
4,493 |
16,965 |
1,256 |
2,135 |
462 |
1,842 |
1,735 |
2,174 |
37,292 |
– Currency translation |
162 |
80 |
13 |
— |
— |
(27) |
(259) |
(232) |
28 |
(235) |
– Constant currency |
6,392 |
4,573 |
16,978 |
1,256 |
2,135 |
435 |
1,583 |
1,503 |
2,202 |
37,057 |
ECL |
||||||||||
– Reported |
(62) |
66 |
(455) |
(102) |
(33) |
(40) |
(386) |
(59) |
5 |
(1,066) |
– Currency translation |
1 |
8 |
— |
1 |
— |
2 |
54 |
10 |
(3) |
73 |
– Constant currency |
(61) |
74 |
(455) |
(101) |
(33) |
(38) |
(332) |
(49) |
2 |
(993) |
Operating expenses |
||||||||||
– Reported |
(2,434) |
(3,143) |
(6,897) |
(618) |
(1,679) |
(236) |
(998) |
(961) |
670 |
(16,296) |
– Currency translation |
(63) |
(64) |
(9) |
— |
— |
14 |
142 |
114 |
(30) |
104 |
– Constant currency |
(2,497) |
(3,207) |
(6,906) |
(618) |
(1,679) |
(222) |
(856) |
(847) |
640 |
(16,192) |
Share of profit/(loss) in
associates and joint ventures
|
||||||||||
– Reported |
— |
20 |
1,280 |
— |
— |
— |
8 |
319 |
(1) |
1,626 |
– Currency translation |
— |
1 |
(7) |
— |
— |
— |
(1) |
— |
— |
(7) |
– Constant currency |
— |
21 |
1,273 |
— |
— |
— |
7 |
319 |
(1) |
1,619 |
Profit/(loss) before tax |
||||||||||
– Reported |
3,734 |
1,436 |
10,893 |
536 |
423 |
186 |
466 |
1,034 |
2,848 |
21,556 |
– Currency translation |
100 |
25 |
(3) |
1 |
— |
(11) |
(64) |
(108) |
(5) |
(65) |
– Constant currency |
3,834 |
1,461 |
10,890 |
537 |
423 |
175 |
402 |
926 |
2,843 |
21,491 |
Loans and advances to
customers (net)
|
||||||||||
– Reported |
270,262 |
107,957 |
453,642 |
20,506 |
55,809 |
— |
25,449 |
4,632 |
— |
938,257 |
– Currency translation |
22,749 |
9,993 |
2,882 |
8 |
— |
— |
(778) |
(332) |
— |
34,522 |
– Constant currency |
293,011 |
117,950 |
456,524 |
20,514 |
55,809 |
— |
24,671 |
4,300 |
— |
972,779 |
Customer accounts |
||||||||||
– Reported |
334,566 |
295,557 |
799,086 |
32,934 |
93,060 |
— |
28,997 |
9,532 |
102 |
1,593,834 |
– Currency translation |
28,161 |
25,672 |
5,766 |
24 |
— |
— |
(886) |
(660) |
— |
58,077 |
– Constant currency |
362,727 |
321,229 |
804,852 |
32,958 |
93,060 |
— |
28,111 |
8,872 |
102 |
1,651,911 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
36 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
Legal entity results: notable items (continued) | ||||||||||
Half-year to 30 Jun 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, wind-downs,
acquisitions and related
costs1
|
— |
(131) |
— |
— |
— |
— |
— |
— |
3,702 |
3,571 |
Operating expenses |
||||||||||
Disposals, wind-downs,
acquisitions and related
costs
|
3 |
(5) |
— |
— |
(15) |
(36) |
— |
(1) |
(47) |
(101) |
Restructuring and other
related costs2
|
4 |
11 |
— |
— |
— |
— |
— |
— |
4 |
19 |
Selected country/territory results | ||||
Half-year to 30 Jun 2024 |
||||
UK1 |
Hong
Kong
|
Mainland
China
|
US |
|
$m |
$m |
$m |
$m |
|
Revenue2 |
||||
– Reported |
10,570 |
10,898 |
2,060 |
2,122 |
– Currency translation |
276 |
35 |
(10) |
— |
– Constant currency |
10,846 |
10,933 |
2,050 |
2,122 |
ECL |
||||
– Reported |
15 |
(386) |
(30) |
(33) |
– Currency translation |
7 |
(1) |
— |
— |
– Constant currency |
22 |
(387) |
(30) |
(33) |
Operating expenses |
||||
– Reported |
(6,499) |
(4,305) |
(1,376) |
(1,679) |
– Currency translation |
(167) |
(13) |
7 |
— |
– Constant currency |
(6,666) |
(4,318) |
(1,369) |
(1,679) |
Share of profit/(loss) in associates and joint ventures |
||||
– Reported |
22 |
9 |
1,256 |
— |
– Currency translation |
1 |
— |
(6) |
— |
– Constant currency |
23 |
9 |
1,250 |
— |
Profit before tax |
||||
– Reported |
4,108 |
6,216 |
1,910 |
410 |
– Currency translation |
117 |
20 |
(9) |
— |
– Constant currency |
4,225 |
6,236 |
1,901 |
410 |
Loans and advances to customers (net) |
||||
– Reported |
311,486 |
274,806 |
44,821 |
55,809 |
– Currency translation |
26,219 |
(1,421) |
617 |
— |
– Constant currency |
337,705 |
273,385 |
45,438 |
55,809 |
Customer accounts |
||||
– Reported |
505,118 |
543,776 |
57,452 |
93,060 |
– Currency translation |
42,516 |
(2,812) |
792 |
— |
– Constant currency |
547,634 |
540,964 |
58,244 |
93,060 |
Selected country/territory results: notable items | ||||
Half-year to 30 Jun 2024 |
||||
UK1 |
Hong
Kong
|
Mainland
China
|
US |
|
$m |
$m |
$m |
$m |
|
Revenue |
||||
Disposals, wind-downs, acquisitions and related costs |
205 |
— |
— |
— |
Operating expenses |
||||
Disposals, wind-downs, acquisitions and related costs |
(28) |
(1) |
(5) |
(15) |
Restructuring and other related costs |
9 |
— |
— |
— |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
37 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Legal entities |
Profit/(loss) before tax by country/territory within business segments | ||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
UK1 |
(169) |
3,281 |
92 |
(57) |
1,318 |
4,465 |
– of which: HSBC UK Bank plc (ring-fenced bank) |
— |
3,457 |
73 |
48 |
40 |
3,618 |
– of which: HSBC Bank plc (non-ring-fenced bank) |
— |
— |
677 |
181 |
(43) |
815 |
– of which: Holdings and other |
(169) |
(176) |
(658) |
(286) |
1,321 |
32 |
France |
— |
— |
122 |
14 |
(22) |
114 |
Germany |
— |
— |
59 |
6 |
(1) |
64 |
Hong Kong |
4,853 |
— |
1,217 |
986 |
(148) |
6,908 |
Australia |
— |
— |
239 |
66 |
(6) |
299 |
India |
(1) |
— |
767 |
57 |
108 |
931 |
Indonesia |
— |
— |
111 |
5 |
(1) |
115 |
Mainland China2 |
(13) |
— |
460 |
8 |
(893) |
(438) |
Malaysia |
(1) |
— |
180 |
83 |
(6) |
256 |
Singapore |
2 |
— |
441 |
305 |
(15) |
733 |
Taiwan |
— |
— |
136 |
78 |
(3) |
211 |
Egypt |
— |
— |
228 |
53 |
(6) |
275 |
UAE |
— |
— |
312 |
149 |
(22) |
439 |
Saudi Arabia3 |
— |
— |
47 |
— |
345 |
392 |
US |
— |
— |
476 |
80 |
(133) |
423 |
Canada |
— |
— |
— |
— |
(2) |
(2) |
Mexico |
— |
— |
238 |
122 |
(30) |
330 |
Other4 |
3 |
— |
1,237 |
137 |
(1,082) |
295 |
Half-year to 30 Jun 2025 |
4,674 |
3,281 |
6,362 |
2,092 |
(599) |
15,810 |
UK1 |
(144) |
3,437 |
(9) |
1 |
823 |
4,108 |
– of which: HSBC UK Bank plc (ring-fenced bank) |
— |
3,579 |
72 |
49 |
34 |
3,734 |
– of which: HSBC Bank plc (non-ring-fenced bank) |
— |
— |
608 |
219 |
(131) |
696 |
– of which: Holdings and other |
(144) |
(142) |
(689) |
(267) |
920 |
(322) |
France |
— |
— |
132 |
28 |
(171) |
(11) |
Germany |
— |
— |
169 |
19 |
3 |
191 |
Hong Kong |
4,844 |
— |
763 |
812 |
(203) |
6,216 |
Australia |
— |
— |
229 |
88 |
(8) |
309 |
India |
— |
— |
660 |
47 |
91 |
798 |
Indonesia |
— |
— |
105 |
13 |
— |
118 |
Mainland China2 |
22 |
— |
532 |
(42) |
1,398 |
1,910 |
Malaysia |
— |
— |
182 |
77 |
(5) |
254 |
Singapore |
— |
— |
415 |
328 |
(11) |
732 |
Taiwan |
— |
— |
150 |
65 |
(4) |
211 |
Egypt |
— |
— |
269 |
63 |
(15) |
317 |
UAE |
— |
— |
216 |
208 |
(34) |
390 |
Saudi Arabia3 |
— |
— |
63 |
— |
317 |
380 |
US |
— |
— |
447 |
74 |
(111) |
410 |
Canada5 |
— |
— |
152 |
71 |
4,491 |
4,714 |
Mexico |
— |
— |
312 |
149 |
5 |
466 |
Other6 |
17 |
— |
1,478 |
292 |
(1,744) |
43 |
Half-year to 30 Jun 2024 |
4,739 |
3,437 |
6,265 |
2,293 |
4,822 |
21,556 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
38 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Alternative performance measures |
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 and notable items
|
||||||
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 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 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
|
|||||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
39 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Alternative performance measures |
Constant currency revenue and profit before tax excluding notable items and strategic transactions | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Revenue |
||
Reported |
34,122 |
37,292 |
Notable items |
1,275 |
(3,571) |
Reported revenue excluding notable items |
35,397 |
33,721 |
Currency translation1 |
(228) |
|
Constant currency revenue excluding notable items |
35,397 |
33,493 |
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2 |
— |
(821) |
Constant currency revenue excluding notable items and strategic transactions |
35,397 |
32,672 |
Profit before tax |
||
Reported |
15,810 |
21,556 |
Notable items |
3,118 |
(3,489) |
Reported profit before tax excluding notable items |
18,928 |
18,067 |
Currency translation1 |
(61) |
|
Constant currency profit before tax excluding notable items |
18,928 |
18,006 |
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2 |
— |
(330) |
Constant currency profit before tax excluding notable items and strategic transactions |
18,928 |
17,676 |
Return on average ordinary shareholders‘ equity, return on average tangible equity and return on average tangible equity excluding notable items | ||
Half-year ended |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Profit after tax |
||
Profit attributable to the ordinary shareholders of the parent company |
11,510 |
16,586 |
Impairment of goodwill and other intangible assets (net of tax) |
24 |
123 |
Profit attributable to ordinary shareholders, excluding goodwill and other intangible assets impairment |
11,534 |
16,709 |
Impact of notable items1 |
2,714 |
(3,625) |
Profit attributable to the ordinary shareholders, excluding goodwill, other intangible assets impairment and notable
items
|
14,248 |
13,084 |
Equity |
||
Average total shareholders’ equity |
189,446 |
186,603 |
Effect of average preference shares and other equity instruments |
(19,501) |
(18,088) |
Average ordinary shareholders’ equity |
169,945 |
168,515 |
Effect of goodwill and other intangibles (net of deferred tax) |
(11,861) |
(11,573) |
Average tangible equity |
158,084 |
156,942 |
Average impact of notable items |
(543) |
(2,605) |
Average tangible equity excluding notable items |
157,541 |
154,337 |
Ratio |
% |
% |
Return on average ordinary shareholders’ equity (annualised) |
13.7 |
19.8 |
Return on average tangible equity (annualised) |
14.7 |
21.4 |
Return on average tangible equity excluding notable items (annualised) |
18.2 |
17.0 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
40 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Alternative performance measures |
Return on average tangible equity by business segment | ||||||
Half-year ended 30 Jun 2025 |
||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Profit before tax |
4,674 |
3,281 |
6,362 |
2,092 |
(599) |
15,810 |
Tax expense |
(852) |
(911) |
(1,414) |
(434) |
242 |
(3,369) |
Profit after tax |
3,822 |
2,370 |
4,948 |
1,658 |
(357) |
12,441 |
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
|
(424) |
(112) |
(197) |
(93) |
(105) |
(931) |
Profit attributable to ordinary shareholders of the parent
company
|
3,398 |
2,258 |
4,751 |
1,565 |
(462) |
11,510 |
Other adjustments |
146 |
111 |
(94) |
(6) |
(133) |
24 |
Profit attributable to ordinary shareholders |
3,544 |
2,369 |
4,657 |
1,559 |
(595) |
11,534 |
Average tangible shareholders’ equity |
20,479 |
20,412 |
55,525 |
18,666 |
43,002 |
158,084 |
RoTE (%) (annualised) |
34.9 |
23.4 |
16.9 |
16.8 |
(2.8) |
14.7 |
Half-year ended 30 Jun 2024 |
||||||
Profit before tax |
4,739 |
3,437 |
6,265 |
2,293 |
4,822 |
21,556 |
Tax expense |
(707) |
(947) |
(1,561) |
(520) |
(156) |
(3,891) |
Profit after tax |
4,032 |
2,490 |
4,704 |
1,773 |
4,666 |
17,665 |
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
|
(533) |
(113) |
(211) |
(59) |
(163) |
(1,079) |
Profit attributable to ordinary shareholders of the parent company |
3,499 |
2,377 |
4,493 |
1,714 |
4,503 |
16,586 |
Other adjustments |
105 |
112 |
(242) |
(30) |
178 |
123 |
Profit attributable to ordinary shareholders |
3,604 |
2,489 |
4,251 |
1,684 |
4,681 |
16,709 |
Average tangible shareholders’ equity |
18,891 |
18,481 |
54,649 |
19,211 |
45,710 |
156,942 |
RoTE (%) (annualised) |
38.4 |
27.1 |
15.6 |
17.6 |
20.6 |
21.4 |
Net asset value and tangible net asset value per ordinary share |
At |
|
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Total shareholders’ equity |
192,554 |
184,973 |
Preference shares and other equity instruments |
(20,716) |
(19,070) |
Total ordinary shareholders’ equity |
171,838 |
165,903 |
Goodwill and intangible assets (net of deferred tax) |
(12,281) |
(11,608) |
Tangible ordinary shareholders’ equity |
159,557 |
154,295 |
Basic number of $0.50 ordinary shares outstanding, after deducting own shares held |
17,397 |
17,918 |
Value per share |
$ |
$ |
Net asset value per ordinary share |
9.88 |
9.26 |
Tangible net asset value per ordinary share |
9.17 |
8.61 |
Post-tax return and average total shareholders’ equity on average total assets |
Half-year ended |
|
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Profit after tax |
12,441 |
17,665 |
Average total shareholders’ equity |
189,446 |
186,603 |
Average total assets |
3,150,154 |
3,031,753 |
Ratios |
% |
% |
Post-tax return on average total assets (annualised) |
0.8 |
1.2 |
Average total shareholders’ equity to average total assets |
6.0 |
6.2 |
ECL and other credit impairment charges as % of average gross loans and advances to customers, and other credit impairment charges as %
of average gross loans and advances to customers, including held for sale
| ||
Half-year ended |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Expected credit losses and other credit impairment charges (‘ECL’) |
(1,941) |
(1,066) |
Currency translation |
— |
73 |
Constant currency |
(1,941) |
(993) |
Average gross loans and advances to customers |
962,347 |
947,479 |
Currency translation |
25,449 |
29,070 |
Constant currency |
987,796 |
976,549 |
Average gross loans and advances to customers, including held for sale |
963,813 |
973,409 |
Currency translation |
25,494 |
28,553 |
Constant currency |
989,307 |
1,001,962 |
Ratios |
% |
% |
Expected credit losses and other credit impairment charges (annualised) as % of average gross loans and advances to customers |
0.40 |
0.20 |
Expected credit losses and other credit impairment charges (annualised) as % of average gross loans and advances to customers,
including held for sale
|
0.40 |
0.20 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
41 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Alternative performance measures |
Target basis operating expenses | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Reported operating expenses |
17,022 |
16,296 |
Notable items |
(843) |
(82) |
– disposals, acquisitions and related costs |
(227) |
(101) |
– restructuring and other related costs1 |
(616) |
19 |
Currency translation2 |
— |
(101) |
Excluding the constant currency impact of the sale of our business in Argentina and banking business in Canada3 |
— |
(372) |
Excluding the impact of retranslating prior period costs of hyperinflationary economies at constant currency foreign exchange rate |
— |
23 |
Target basis operating expenses |
16,179 |
15,764 |
Basic earnings per share excluding material notable items and related impacts | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Profit attributable to shareholders of company |
12,057 |
17,112 |
Coupon payable on capital securities classified as equity |
(547) |
(526) |
Profit attributable to ordinary shareholders of company |
11,510 |
16,586 |
Dilution and impairment losses of interest in associate |
1,988 |
— |
Impact of disposals, wind-downs, acquisitions & related costs |
283 |
(3,812) |
– of which: impact of the sale of our banking business in Canada1 |
(1) |
(4,949) |
– of which: impact of the sale of our business in Argentina |
98 |
1,192 |
– of which: Others |
186 |
(55) |
Profit attributable to ordinary shareholders of company excluding material notable items and related impacts |
13,781 |
12,774 |
Number of shares |
||
Weighted average basic number of ordinary shares (millions) |
17,646 |
18,666 |
Basic earnings per share ($) |
0.65 |
0.89 |
Basic earnings per share excluding material notable items and related impacts ($) |
0.78 |
0.68 |
Wholesale multi-jurisdictional client revenue | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$bn |
$bn |
|
Wholesale revenue |
20.3 |
19.6 |
Allocated revenue and other1 |
(1.2) |
(1.1) |
Client facilitation in fixed income and equities |
(3.7) |
(2.7) |
Wholesale client revenue |
15.4 |
15.8 |
– clients banked in multiple jurisdictions (‘multi-jurisdictional’) |
9.6 |
9.7 |
– domestic only clients |
5.8 |
6.1 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
42 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
43 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied – by business segment | ||||||||||||
Gross carrying/nominal amount |
Allowance for ECL1 |
|||||||||||
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 |
|
Loans and advances to
customers at amortised
cost
|
233,677 |
301,611 |
307,233 |
149,110 |
234 |
991,865 |
(3,537) |
(1,980) |
(2,994) |
(1,587) |
(45) |
(10,143) |
Loans and advances to
banks at amortised cost
|
12,145 |
6,779 |
67,285 |
18,386 |
3,002 |
107,597 |
(1) |
(2) |
(8) |
(3) |
(1) |
(15) |
Other financial assets
measured at amortised
cost
|
48,153 |
100,864 |
611,863 |
61,501 |
68,249 |
890,630 |
(23) |
(23) |
(50) |
(25) |
(1) |
(122) |
– cash and balances at
central banks
|
6,228 |
52,987 |
167,701 |
18,745 |
699 |
246,360 |
— |
— |
— |
— |
— |
— |
– Hong Kong
Government certificates
of indebtedness
|
— |
— |
— |
— |
42,592 |
42,592 |
— |
— |
— |
— |
— |
— |
– reverse repurchase
agreements – non-
trading
|
4,020 |
19,322 |
253,279 |
5,518 |
1,065 |
283,204 |
— |
— |
— |
— |
— |
— |
– financial investments |
33,016 |
25,836 |
64,104 |
27,829 |
15,438 |
166,223 |
(2) |
(1) |
(4) |
(7) |
— |
(14) |
– assets held for sale2 |
— |
9 |
1,897 |
3,171 |
3 |
5,080 |
— |
— |
(5) |
(6) |
— |
(11) |
– other assets3 |
4,889 |
2,710 |
124,882 |
6,238 |
8,452 |
147,171 |
(21) |
(22) |
(41) |
(12) |
(1) |
(97) |
Total on-balance sheet |
293,975 |
409,254 |
986,381 |
228,997 |
71,485 |
1,990,092 |
(3,561) |
(2,005) |
(3,052) |
(1,615) |
(47) |
(10,280) |
Loan and other credit-
related commitments
|
111,631 |
106,862 |
356,822 |
116,165 |
225 |
691,705 |
(29) |
(103) |
(211) |
(9) |
— |
(352) |
Financial guarantees |
647 |
1,098 |
13,180 |
1,680 |
— |
16,605 |
(5) |
(14) |
(24) |
(1) |
— |
(44) |
Total off-balance sheet4 |
112,278 |
107,960 |
370,002 |
117,845 |
225 |
708,310 |
(34) |
(117) |
(235) |
(10) |
— |
(396) |
At 30 Jun 2025 |
406,253 |
517,214 |
1,356,383 |
346,842 |
71,710 |
2,698,402 |
(3,595) |
(2,122) |
(3,287) |
(1,625) |
(47) |
(10,676) |
Fair value |
Memorandum allowance for ECL5 |
|||||||||||
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 |
|
Debt instruments
measured at FVOCI
|
138,366 |
31,888 |
159,488 |
58,149 |
8,017 |
395,908 |
(2) |
(1) |
(18) |
(15) |
(27) |
(63) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
44 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied – by business segment (continued) | ||||||||||||
Gross carrying/nominal amount |
Allowance for ECL1 |
|||||||||||
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 |
|
Loans and advances to
customers at amortised
cost
|
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
|
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
|
52,869 |
100,322 |
553,664 |
58,713 |
63,012 |
828,580 |
(25) |
(9) |
(39) |
(19) |
— |
(92) |
– cash and balances at
central banks
|
5,565 |
63,981 |
177,095 |
20,260 |
773 |
267,674 |
— |
— |
— |
— |
— |
— |
– Hong Kong
Government certificates
of indebtedness
|
— |
— |
— |
— |
42,293 |
42,293 |
— |
— |
— |
— |
— |
— |
– reverse repurchase
agreements – non-
trading
|
2,896 |
13,188 |
229,672 |
5,844 |
949 |
252,549 |
— |
— |
— |
— |
— |
— |
– financial investments |
40,345 |
20,072 |
56,537 |
25,059 |
11,969 |
153,982 |
(1) |
(1) |
(4) |
(3) |
— |
(9) |
– assets held for sale2 |
— |
5 |
670 |
2,595 |
3 |
3,273 |
— |
— |
(4) |
— |
— |
(4) |
– other assets3 |
4,063 |
3,076 |
89,690 |
4,955 |
7,025 |
108,809 |
(24) |
(8) |
(31) |
(16) |
— |
(79) |
Total on-balance sheet |
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
|
109,369 |
90,848 |
307,197 |
111,762 |
191 |
619,367 |
(29) |
(116) |
(187) |
(16) |
— |
(348) |
Financial guarantees |
1,171 |
939 |
13,186 |
1,702 |
— |
16,998 |
(2) |
(3) |
(24) |
— |
— |
(29) |
Total off-balance sheet4 |
110,540 |
91,787 |
320,383 |
113,464 |
191 |
636,365 |
(31) |
(119) |
(211) |
(16) |
— |
(377) |
At 31 Dec 2024 |
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) |
Fair value |
Memorandum allowance for ECL5 |
|||||||||||
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 |
|
Debt instruments
measured at FVOCI
|
128,568 |
26,405 |
137,538 |
51,516 |
2,097 |
346,124 |
(1) |
(1) |
(18) |
(14) |
(20) |
(54) |
Change in expected credit losses and other credit impairment charges by business segment | ||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total |
|
Half-year to |
$m |
$m |
$m |
$m |
$m |
$m |
30 Jun 2025 |
(864) |
(323) |
(299) |
(453) |
(2) |
(1,941) |
31 Dec 2024 |
(740) |
(344) |
(682) |
(559) |
(23) |
(2,348) |
30 Jun 2024 |
(336) |
(58) |
(187) |
(479) |
(6) |
(1,066) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
45 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||||
Risk |
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector | |||||||||||||||
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 |
852,669 |
115,338 |
23,550 |
308 |
991,865 |
(1,181) |
(2,752) |
(6,144) |
(66) |
(10,143) |
0.1 |
2.4 |
26.1 |
21.4 |
1.0 |
– personal |
421,134 |
43,900 |
3,921 |
— |
468,955 |
(618) |
(1,228) |
(894) |
— |
(2,740) |
0.1 |
2.8 |
22.8 |
— |
0.6 |
– corporate and commercial |
344,579 |
68,592 |
18,982 |
115 |
432,268 |
(502) |
(1,487) |
(5,084) |
(66) |
(7,139) |
0.1 |
2.2 |
26.8 |
57.4 |
1.7 |
– non-bank financial institutions |
86,956 |
2,846 |
647 |
193 |
90,642 |
(61) |
(37) |
(166) |
— |
(264) |
0.1 |
1.3 |
25.7 |
— |
0.3 |
Loans and advances to banks at amortised cost |
107,428 |
166 |
3 |
— |
107,597 |
(10) |
(2) |
(3) |
— |
(15) |
— |
1.2 |
100.0 |
— |
— |
Other financial assets measured at amortised cost |
888,423 |
2,011 |
196 |
— |
890,630 |
(74) |
(17) |
(31) |
— |
(122) |
— |
0.8 |
15.8 |
— |
— |
Loans and other credit-related commitments |
668,179 |
22,482 |
1,040 |
4 |
691,705 |
(143) |
(119) |
(89) |
(1) |
(352) |
— |
0.5 |
8.6 |
25.0 |
0.1 |
– personal |
263,998 |
1,978 |
122 |
— |
266,098 |
(21) |
(3) |
(1) |
— |
(25) |
— |
0.2 |
0.8 |
— |
— |
– corporate and commercial |
242,163 |
19,116 |
828 |
4 |
262,111 |
(111) |
(113) |
(87) |
(1) |
(312) |
— |
0.6 |
10.5 |
25.0 |
0.1 |
– financial |
162,018 |
1,388 |
90 |
— |
163,496 |
(11) |
(3) |
(1) |
— |
(15) |
— |
0.2 |
1.1 |
— |
— |
Financial guarantees |
14,506 |
1,780 |
319 |
— |
16,605 |
(10) |
(8) |
(26) |
— |
(44) |
0.1 |
0.4 |
8.2 |
— |
0.3 |
– personal |
1,463 |
20 |
— |
— |
1,483 |
(1) |
— |
— |
— |
(1) |
0.1 |
— |
— |
— |
0.1 |
– corporate and commercial |
9,128 |
1,639 |
271 |
— |
11,038 |
(8) |
(8) |
(26) |
— |
(42) |
0.1 |
0.5 |
9.6 |
— |
0.4 |
– financial |
3,915 |
121 |
48 |
— |
4,084 |
(1) |
— |
— |
— |
(1) |
— |
— |
— |
— |
— |
At 30 Jun 20253 |
2,531,205 |
141,777 |
25,108 |
312 |
2,698,402 |
(1,418) |
(2,898) |
(6,293) |
(67) |
(10,676) |
0.1 |
2.0 |
25.1 |
21.5 |
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 |
— |
— |
Loans 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 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
46 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Stage 2 days past due analysis | ||||||||||||
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
DPD
|
30 and >
DPD
|
|
At 30 Jun 2025 |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
% |
% |
% |
% |
Loans and advances to
customers at amortised cost
|
115,338 |
112,022 |
2,027 |
1,289 |
(2,752) |
(2,305) |
(254) |
(193) |
2.4 |
2.1 |
12.5 |
15.0 |
– personal |
43,900 |
41,722 |
1,346 |
832 |
(1,228) |
(825) |
(234) |
(169) |
2.8 |
2.0 |
17.4 |
20.3 |
– corporate and commercial |
68,592 |
67,572 |
681 |
339 |
(1,487) |
(1,451) |
(20) |
(16) |
2.2 |
2.1 |
2.9 |
4.7 |
– non-bank financial
institutions
|
2,846 |
2,728 |
— |
118 |
(37) |
(29) |
— |
(8) |
1.3 |
1.1 |
— |
6.8 |
Loans and advances to
banks at amortised cost
|
166 |
166 |
— |
— |
(2) |
(2) |
— |
— |
1.2 |
1.2 |
— |
— |
Other financial assets
measured at amortised cost
|
2,011 |
1,999 |
5 |
7 |
(17) |
(16) |
— |
(1) |
0.8 |
0.8 |
— |
14.3 |
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 |
— |
— |
Loans and advances to customers and banks1 |
||||||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||||||
Loans and advances to customers |
Loans and
advances
to banks at
amortised
cost
|
Total
stage 2
|
Loans and advances to customers |
Loans and
advances to
banks at
amortised
cost
|
Total
stage 2
|
|||||
Personal |
Corporate
and
commercial
|
Non-bank
financial
institutions
|
Personal |
Corporate
and
commercial
|
Non-bank
financial
institutions
|
|||||
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Quantitative2 |
40,184 |
53,156 |
1,969 |
120 |
95,429 |
36,356 |
37,787 |
1,658 |
176 |
75,977 |
Qualitative |
3,568 |
15,309 |
874 |
46 |
19,797 |
3,452 |
13,327 |
438 |
22 |
17,239 |
30 DPD backstop3 |
148 |
127 |
3 |
— |
278 |
111 |
117 |
2 |
— |
230 |
Total gross
carrying amount
|
43,900 |
68,592 |
2,846 |
166 |
115,504 |
39,919 |
51,231 |
2,098 |
198 |
93,446 |
Quantitative |
(1,146) |
(1,166) |
(31) |
— |
(2,343) |
(1,118) |
(1,124) |
(28) |
— |
(2,270) |
Qualitative |
(69) |
(317) |
(6) |
(2) |
(394) |
(35) |
(229) |
(2) |
(2) |
(268) |
30 DPD backstop3 |
(13) |
(4) |
— |
— |
(17) |
(5) |
(5) |
— |
— |
(10) |
Total allowance
for ECL
|
(1,228) |
(1,487) |
(37) |
(2) |
(2,754) |
(1,158) |
(1,358) |
(30) |
(2) |
(2,548) |
ECL coverage % |
2.8 |
2.2 |
1.3 |
1.2 |
2.4 |
2.9 |
2.7 |
1.4 |
1.0 |
2.7 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
47 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
48 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||||
Risk |
Consensus Central scenario |
||||||||||||||
3Q25-2Q30 (as at 2Q25) |
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 |
0.9 |
1.5 |
1.8 |
4.3 |
0.5 |
4.2 |
0.2 |
1.2 |
2.0 |
1.7 |
4.0 |
0.9 |
4.4 |
0.9 |
2026 |
1.2 |
1.6 |
2.1 |
4.1 |
1.0 |
4.2 |
1.4 |
1.3 |
1.6 |
1.8 |
3.7 |
0.9 |
4.2 |
1.2 |
2027 |
1.5 |
2.0 |
2.4 |
4.0 |
1.3 |
4.0 |
2.0 |
1.8 |
1.6 |
3.5 |
4.3 |
1.4 |
3.9 |
1.7 |
2028 |
1.5 |
2.0 |
2.4 |
3.9 |
1.3 |
3.5 |
2.0 |
1.6 |
1.8 |
3.1 |
3.9 |
1.5 |
3.6 |
1.9 |
2029 |
1.5 |
1.9 |
2.4 |
3.8 |
1.2 |
3.4 |
2.0 |
1.6 |
2.0 |
2.7 |
3.7 |
1.4 |
3.6 |
2.0 |
5-year average1 |
1.4 |
1.8 |
2.2 |
3.9 |
1.1 |
3.7 |
1.7 |
1.5 |
1.8 |
2.6 |
3.9 |
1.2 |
3.9 |
1.5 |
Unemployment rate (%) |
||||||||||||||
2025 |
4.6 |
4.4 |
3.2 |
5.2 |
7.6 |
2.6 |
3.1 |
4.9 |
4.4 |
3.3 |
5.2 |
7.5 |
2.7 |
3.5 |
2026 |
4.7 |
4.5 |
3.1 |
5.1 |
7.7 |
2.5 |
3.8 |
4.7 |
4.3 |
3.7 |
5.4 |
7.3 |
2.6 |
3.5 |
2027 |
4.5 |
4.3 |
3.1 |
5.1 |
7.5 |
2.5 |
3.4 |
4.5 |
4.3 |
3.3 |
5.2 |
7.2 |
2.6 |
3.5 |
2028 |
4.3 |
4.3 |
3.0 |
5.0 |
7.4 |
2.4 |
3.5 |
4.3 |
4.2 |
3.0 |
5.0 |
7.0 |
2.5 |
3.5 |
2029 |
4.1 |
4.1 |
3.0 |
5.0 |
7.2 |
2.4 |
3.4 |
4.3 |
4.1 |
2.9 |
5.0 |
7.0 |
2.5 |
3.5 |
5-year average1 |
4.4 |
4.3 |
3.1 |
5.1 |
7.5 |
2.4 |
3.5 |
4.5 |
4.2 |
3.2 |
5.2 |
7.2 |
2.6 |
3.5 |
House prices (annual average growth rate, %) |
||||||||||||||
2025 |
3.5 |
3.7 |
(5.3) |
(5.9) |
2.1 |
13.5 |
7.1 |
1.4 |
4.4 |
(0.5) |
(5.9) |
2.1 |
9.3 |
7.6 |
2026 |
1.2 |
3.1 |
(1.2) |
(1.5) |
4.3 |
5.5 |
4.2 |
3.8 |
3.2 |
2.4 |
(0.7) |
4.4 |
5.1 |
4.5 |
2027 |
2.4 |
3.0 |
4.2 |
0.6 |
4.9 |
3.6 |
4.3 |
4.6 |
2.4 |
3.0 |
3.2 |
4.4 |
3.6 |
4.2 |
2028 |
3.3 |
2.6 |
3.0 |
2.7 |
4.1 |
2.3 |
4.4 |
3.5 |
2.5 |
2.7 |
4.1 |
3.8 |
1.8 |
4.0 |
2029 |
2.7 |
2.4 |
2.6 |
2.9 |
3.3 |
1.8 |
4.1 |
2.7 |
2.6 |
2.7 |
2.9 |
3.1 |
1.3 |
4.0 |
5-year average1 |
2.4 |
2.8 |
1.6 |
0.7 |
3.9 |
3.9 |
4.4 |
3.2 |
3.0 |
2.1 |
0.7 |
3.6 |
4.2 |
4.9 |
Inflation (annual average growth rate, %) |
||||||||||||||
2025 |
3.0 |
3.1 |
1.7 |
0.3 |
1.3 |
1.9 |
3.7 |
2.4 |
2.4 |
1.4 |
0.3 |
1.2 |
2.1 |
5.0 |
2026 |
2.3 |
2.8 |
1.8 |
0.9 |
1.6 |
2.0 |
3.6 |
2.1 |
2.8 |
1.9 |
1.0 |
1.6 |
1.9 |
3.9 |
2027 |
2.0 |
2.4 |
2.0 |
1.4 |
1.9 |
1.9 |
3.5 |
2.1 |
2.5 |
2.2 |
1.5 |
2.0 |
1.8 |
3.4 |
2028 |
2.1 |
2.3 |
2.0 |
1.6 |
2.3 |
1.9 |
3.5 |
2.0 |
2.2 |
2.2 |
1.7 |
2.3 |
1.9 |
3.4 |
2029 |
2.0 |
2.2 |
2.1 |
1.5 |
2.2 |
1.9 |
3.4 |
2.0 |
2.1 |
2.3 |
1.6 |
2.2 |
1.8 |
3.4 |
5-year average1 |
2.2 |
2.5 |
1.9 |
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, %)2 |
||||||||||||||
2025 |
4.2 |
4.2 |
4.6 |
3.0 |
2.1 |
4.3 |
8.5 |
4.2 |
4.1 |
4.5 |
2.9 |
2.1 |
4.1 |
9.4 |
2026 |
3.7 |
3.5 |
3.9 |
2.8 |
1.6 |
3.5 |
7.4 |
3.9 |
3.7 |
4.1 |
2.9 |
1.8 |
3.8 |
8.8 |
2027 |
3.7 |
3.4 |
3.8 |
2.9 |
1.9 |
3.4 |
7.6 |
3.8 |
3.7 |
4.0 |
3.0 |
2.0 |
3.7 |
8.8 |
2028 |
3.8 |
3.5 |
3.9 |
2.9 |
2.2 |
3.6 |
7.9 |
3.7 |
3.6 |
4.0 |
3.2 |
2.0 |
3.6 |
8.9 |
2029 |
3.9 |
3.7 |
4.1 |
3.0 |
2.4 |
3.7 |
8.2 |
3.7 |
3.6 |
4.0 |
3.3 |
2.1 |
3.6 |
8.9 |
5-year average1 |
3.8 |
3.6 |
4.0 |
2.9 |
2.1 |
3.7 |
7.8 |
3.9 |
3.7 |
4.1 |
3.1 |
2.0 |
3.8 |
8.9 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
49 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Hong Kong |
UK |
Mainland China |
US |
Consensus Upside scenario (3Q25–2Q30) | ||||||||||||||
UK |
US |
Hong
Kong
|
Mainland
China
|
France |
UAE |
Mexico |
||||||||
GDP level (%, start-to-peak)1 |
11.0 |
(2Q30) |
14.9 |
(2Q30) |
19.1 |
(2Q30) |
28.5 |
(2Q30) |
8.4 |
(2Q30) |
28.9 |
(2Q30) |
16.4 |
(2Q30) |
Unemployment rate (%, min)2 |
3.0 |
(1Q27) |
3.6 |
(2Q27) |
2.7 |
(2Q27) |
4.6 |
(2Q27) |
6.6 |
(2Q27) |
2.0 |
(2Q27) |
3.0 |
(3Q25) |
House price index (%, start-to-peak)1 |
18.2 |
(2Q30) |
24.7 |
(2Q30) |
19.8 |
(2Q30) |
9.4 |
(2Q30) |
23.3 |
(2Q30) |
24.2 |
(2Q30) |
29.0 |
(2Q30) |
Inflation rate (YoY % change, max)3 |
3.3 |
(4Q25) |
3.6 |
(4Q25) |
2.5 |
(4Q26) |
2.2 |
(1Q26) |
2.3 |
(4Q27) |
2.5 |
(4Q25) |
4.2 |
(1Q26) |
Central bank policy rate (%, max)3 |
4.3 |
(3Q25) |
4.4 |
(3Q25) |
4.7 |
(3Q25) |
3.3 |
(1Q26) |
2.5 |
(2Q30) |
4.4 |
(3Q25) |
8.5 |
(2Q30) |
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) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
50 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Consensus Downside scenario (3Q25–2Q30) | ||||||||||||||
UK |
US |
Hong Kong |
Mainland China |
France |
UAE |
Mexico |
||||||||
GDP level (%, start-to-trough)1 |
(0.9) |
(3Q27) |
(1.5) |
(2Q26) |
(4.2) |
(1Q26) |
(2.9) |
(4Q25) |
(0.6) |
(1Q26) |
(0.2) |
(3Q25) |
(1.4) |
(4Q26) |
Unemployment rate (%, max)2 |
6.2 |
(3Q26) |
5.6 |
(1Q26) |
4.5 |
(1Q27) |
6.7 |
(2Q27) |
8.8 |
(1Q26) |
3.4 |
(2Q26) |
4.2 |
(3Q26) |
House price index (%, start-to-trough)1 |
(6.4) |
(4Q26) |
(0.7) |
(2Q26) |
(6.9) |
(1Q26) |
(10.0) |
(1Q27) |
0.2 |
(3Q25) |
(1.0) |
(3Q25) |
0.7 |
(3Q25) |
Inflation rate (YoY % change)3 |
1.3 |
(2Q26) |
4.0 |
(4Q25) |
0.9 |
(2Q26) |
(2.8) |
(2Q26) |
0.6 |
(2Q26) |
0.8 |
(2Q26) |
4.3 |
(4Q25) |
Central bank policy rate (%)3 |
2.4 |
(1Q28) |
5.2 |
(4Q25) |
5.6 |
(4Q25) |
1.7 |
(1Q26) |
0.4 |
(1Q26) |
5.2 |
(4Q25) |
10.2 |
(4Q25) |
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) |
Downside 2 scenario (3Q25–2Q30) | ||||||||||||||
UK |
US |
Hong Kong |
Mainland China |
France |
UAE |
Mexico |
||||||||
GDP level (%, start-to-trough)1 |
(5.5) |
(4Q26) |
(4.2) |
(3Q26) |
(10.8) |
(1Q27) |
(6.3) |
(3Q26) |
(6.3) |
(4Q26) |
(5.2) |
(4Q26) |
(9.3) |
(4Q26) |
Unemployment rate (%, max)2 |
8.7 |
(4Q26) |
8.7 |
(4Q26) |
6.7 |
(2Q26) |
6.9 |
(2Q27) |
10.8 |
(2Q27) |
4.0 |
(1Q26) |
5.8 |
(4Q26) |
House price index (%, start-to-trough)1 |
(26.8) |
(2Q27) |
(14.3) |
(2Q26) |
(22.1) |
(2Q29) |
(27.7) |
(3Q27) |
(6.8) |
(4Q26) |
(24.4) |
(3Q27) |
0.7 |
(3Q25) |
Inflation rate (YoY % change)3 |
(1.9) |
(2Q26) |
4.3 |
(4Q25) |
(1.4) |
(4Q26) |
(6.0) |
(2Q26) |
(0.4) |
(3Q26) |
0.7 |
(2Q26) |
4.4 |
(4Q25) |
Central bank policy rate (%)3 |
1.6 |
(3Q26) |
5.3 |
(4Q25) |
5.6 |
(4Q25) |
1.4 |
(4Q26) |
(0.1) |
(2Q26) |
5.3 |
(4Q25) |
10.6 |
(4Q25) |
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) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
51 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Scenario weightings, % | ||||||||
Standard weights |
UK |
US |
Hong Kong |
Mainland China |
France |
UAE |
Mexico |
|
2Q25 |
||||||||
Upside |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
Central |
75 |
65 |
65 |
65 |
65 |
65 |
65 |
65 |
Downside |
10 |
20 |
20 |
20 |
20 |
20 |
20 |
20 |
Downside 2 |
5 |
5 |
5 |
5 |
5 |
5 |
5 |
5 |
4Q24 |
||||||||
Upside |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
Central |
75 |
75 |
75 |
75 |
75 |
75 |
75 |
75 |
Downside |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
10 |
Downside 2 |
5 |
5 |
5 |
5 |
5 |
5 |
5 |
5 |
Hong Kong |
UK |
Mainland China |
US |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
52 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Management judgemental adjustments to ECL1 | ||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||
Retail |
Wholesale2 |
Total |
Retail |
Wholesale2 |
Total |
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Modelled ECL (A)3 |
2.7 |
1.9 |
4.6 |
2.6 |
2.0 |
4.6 |
Banks, sovereigns, government entities and low-risk counterparties |
0.0 |
0.0 |
0.0 |
0.0 |
||
Corporate lending adjustments |
0.2 |
0.2 |
0.1 |
0.1 |
||
Other credit judgements |
0.1 |
— |
0.1 |
0.0 |
0.0 |
|
Total management judgemental adjustments (B)4 |
0.1 |
0.2 |
0.3 |
0.0 |
0.1 |
0.1 |
Other adjustments (C)5 |
0.1 |
0.3 |
0.4 |
(0.0) |
0.1 |
0.1 |
Final ECL (A + B + C)6 |
2.8 |
2.4 |
5.2 |
2.6 |
2.2 |
4.8 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
53 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Wholesale IFRS 9 ECL sensitivity to future economic conditions1,2,3 | ||||||
By geography at
30 Jun 20255
|
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
|
$m |
$m |
$m |
$m |
$m |
$m |
|
UK |
439,863 |
618 |
579 |
521 |
732 |
1,082 |
US |
199,656 |
215 |
191 |
169 |
298 |
515 |
Hong Kong |
467,487 |
814 |
758 |
607 |
966 |
1,524 |
Mainland China |
134,762 |
236 |
190 |
121 |
387 |
681 |
Mexico |
35,806 |
91 |
82 |
65 |
110 |
273 |
UAE |
60,542 |
59 |
57 |
49 |
65 |
101 |
France |
191,111 |
128 |
118 |
102 |
143 |
190 |
Other geographies6 |
478,479 |
262 |
227 |
172 |
390 |
767 |
Total |
2,007,707 |
2,423 |
2,202 |
1,808 |
3,091 |
5,133 |
of which: |
||||||
Stage 1 |
1,838,904 |
707 |
665 |
536 |
837 |
915 |
Stage 2 |
168,803 |
1,685 |
1,537 |
1,272 |
2,254 |
4,218 |
By geography at
31 Dec 20245
|
||||||
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 geographies6 |
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 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
54 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||||
Risk |
Retail IFRS 9 ECL sensitivity to future economic conditions1 |
||||||||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||||||||
By geography |
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
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
UK |
||||||||||||
Mortgages |
181,192 |
150 |
138 |
130 |
158 |
293 |
163,541 |
126 |
117 |
107 |
132 |
288 |
Credit cards |
7,990 |
339 |
336 |
317 |
338 |
414 |
7,415 |
280 |
275 |
265 |
276 |
447 |
Other |
9,404 |
267 |
263 |
238 |
275 |
346 |
8,249 |
241 |
233 |
217 |
243 |
351 |
Mexico |
||||||||||||
Mortgages |
8,187 |
187 |
183 |
175 |
190 |
237 |
7,482 |
165 |
162 |
155 |
168 |
215 |
Credit cards |
2,294 |
384 |
379 |
374 |
385 |
479 |
2,227 |
337 |
333 |
330 |
338 |
423 |
Other |
3,821 |
430 |
426 |
422 |
431 |
593 |
3,722 |
419 |
416 |
413 |
422 |
593 |
Hong Kong |
||||||||||||
Mortgages |
105,399 |
7 |
6 |
5 |
8 |
12 |
106,866 |
5 |
5 |
4 |
5 |
10 |
Credit cards |
9,097 |
289 |
257 |
253 |
301 |
496 |
9,419 |
293 |
275 |
268 |
300 |
770 |
Other |
6,194 |
110 |
108 |
107 |
112 |
137 |
6,210 |
106 |
102 |
101 |
105 |
249 |
UAE |
||||||||||||
Mortgages |
2,097 |
7 |
7 |
7 |
7 |
7 |
1,993 |
8 |
8 |
8 |
8 |
8 |
Credit cards |
545 |
34 |
33 |
32 |
34 |
39 |
536 |
31 |
31 |
31 |
31 |
35 |
Other |
658 |
18 |
17 |
17 |
18 |
20 |
688 |
17 |
17 |
17 |
17 |
19 |
US |
||||||||||||
Mortgages |
17,736 |
7 |
7 |
7 |
8 |
10 |
16,965 |
6 |
6 |
6 |
6 |
8 |
Credit cards |
188 |
14 |
14 |
13 |
14 |
16 |
193 |
15 |
14 |
14 |
15 |
17 |
Other geographies |
||||||||||||
Mortgages |
54,323 |
123 |
117 |
112 |
131 |
177 |
51,064 |
131 |
127 |
124 |
136 |
180 |
Credit cards |
3,665 |
170 |
169 |
167 |
173 |
198 |
3,500 |
162 |
159 |
156 |
164 |
223 |
Other |
2,488 |
78 |
77 |
74 |
78 |
92 |
2,292 |
72 |
72 |
69 |
73 |
93 |
Total |
415,278 |
2,613 |
2,539 |
2,452 |
2,662 |
3,567 |
392,361 |
2,413 |
2,351 |
2,285 |
2,440 |
3,928 |
of which: mortgages |
368,934 |
481 |
459 |
436 |
502 |
736 |
347,910 |
440 |
425 |
405 |
456 |
708 |
Stage 1 |
328,914 |
55 |
49 |
46 |
63 |
119 |
311,875 |
51 |
47 |
43 |
58 |
129 |
Stage 2 |
37,499 |
144 |
133 |
120 |
149 |
287 |
33,761 |
126 |
117 |
107 |
129 |
275 |
Stage 3 |
2,521 |
282 |
278 |
269 |
290 |
330 |
2,274 |
263 |
261 |
255 |
269 |
304 |
of which: credit cards |
23,779 |
1,229 |
1,188 |
1,157 |
1,246 |
1,642 |
23,290 |
1,116 |
1,086 |
1,064 |
1,124 |
1,915 |
Stage 1 |
19,784 |
320 |
313 |
299 |
331 |
513 |
19,915 |
276 |
267 |
258 |
284 |
701 |
Stage 2 |
3,708 |
695 |
660 |
643 |
700 |
907 |
3,107 |
655 |
634 |
621 |
656 |
1,027 |
Stage 3 |
287 |
215 |
215 |
215 |
215 |
223 |
267 |
185 |
185 |
185 |
185 |
188 |
of which: others |
22,565 |
902 |
891 |
859 |
915 |
1,189 |
21,161 |
856 |
839 |
816 |
860 |
1,305 |
Stage 1 |
19,717 |
224 |
218 |
204 |
232 |
415 |
18,574 |
216 |
204 |
193 |
217 |
532 |
Stage 2 |
2,285 |
385 |
381 |
363 |
391 |
473 |
2,005 |
360 |
355 |
343 |
363 |
483 |
Stage 3 |
563 |
293 |
293 |
293 |
293 |
301 |
583 |
279 |
279 |
279 |
279 |
290 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
55 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Retail1 |
Wholesale1 |
|
Total Group ECL at 30 Jun 2025 |
$bn |
$bn |
Reported ECL |
2.6 |
2.4 |
Scenarios |
||
100% consensus Central scenario |
(0.1) |
(0.1) |
100% consensus Upside scenario |
(0.2) |
(0.5) |
100% consensus Downside scenario |
0.0 |
0.8 |
100% Downside 2 scenario |
1.0 |
2.9 |
Total Group ECL at 31 Dec 2024 |
||
Reported ECL |
2.4 |
2.2 |
Scenarios |
||
100% consensus Central scenario |
(0.1) |
(0.2) |
100% consensus Upside scenario |
(0.1) |
(0.6) |
100% consensus Downside scenario |
0.0 |
0.7 |
100% Downside 2 scenario |
1.5 |
4.3 |
Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees
| ||||||||||
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:
|
(44,123) |
(459) |
39,727 |
936 |
4,396 |
(477) |
— |
— |
— |
— |
– transfers from stage 1 to
stage 2
|
(82,621) |
205 |
82,621 |
(205) |
— |
— |
— |
— |
— |
— |
– transfers from stage 2 to
stage 1
|
39,013 |
(639) |
(39,013) |
639 |
— |
— |
— |
— |
— |
— |
– transfers to stage 3 |
(693) |
4 |
(4,617) |
609 |
5,310 |
(613) |
— |
— |
— |
— |
– transfers from stage 3 |
178 |
(29) |
736 |
(107) |
(914) |
136 |
— |
— |
— |
— |
Net remeasurement of ECL
arising from transfer of stage
|
— |
360 |
— |
(341) |
— |
(19) |
— |
— |
— |
— |
Changes due to modifications
not derecognised
|
— |
— |
— |
— |
(7) |
— |
— |
— |
(7) |
— |
Net new and further lending/
repayments
|
44,603 |
(59) |
(22,112) |
317 |
(2,225) |
680 |
213 |
(8) |
20,479 |
930 |
Changes to risk parameters –
credit quality
|
— |
186 |
— |
(1,227) |
— |
(1,998) |
— |
(5) |
— |
(3,044) |
Changes to models used for
ECL calculation
|
— |
(72) |
— |
250 |
— |
(15) |
— |
— |
— |
163 |
Assets written off |
— |
— |
— |
— |
(2,029) |
2,029 |
— |
— |
(2,029) |
2,029 |
Credit-related modifications
that resulted in derecognition
|
— |
— |
— |
— |
(88) |
9 |
— |
— |
(88) |
9 |
Foreign exchange and
others1,2
|
57,658 |
(68) |
6,253 |
(142) |
1,042 |
(323) |
6 |
(3) |
64,959 |
(536) |
At 30 Jun 2025 |
1,547,825 |
(1,344) |
139,766 |
(2,881) |
24,912 |
(6,262) |
312 |
(67) |
1,712,815 |
(10,554) |
ECL income statement
change for the period
|
415 |
(1,001) |
(1,352) |
(13) |
(1,951) |
|||||
Recoveries |
136 |
|||||||||
Others |
(141) |
|||||||||
Total ECL income statement
change for the period
|
(1,956) |
|||||||||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
56 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
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)
| |||
At 30 Jun 2025 |
6 months ended 30 Jun 2025 |
||
Gross carrying/
nominal amount
|
Allowance
for ECL
|
ECL release/
(charge)
|
|
$m |
$m |
$m |
|
As above |
1,712,815 |
(10,554) |
(1,956) |
Other financial assets measured at amortised cost |
890,630 |
(122) |
(31) |
Non-trading reverse purchase agreement commitments |
94,957 |
— |
— |
Performance and other guarantees not considered for IFRS 9 |
— |
— |
49 |
Summary of financial instruments to which the impairment requirements
in IFRS 9 are applied – by business segment/Summary consolidated income
statement
|
2,698,402 |
(10,676) |
(1,938) |
Debt instruments measured at FVOCI |
395,908 |
(63) |
(3) |
Total allowance for ECL/total income statement ECL change for the period |
N/A |
(10,739) |
(1,941) |
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)
| ||||||||||
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 |
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
others1,2,3,4
|
(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 |
|||||||||
Other |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(158) |
Total ECL income statement
change for the period2
|
(3,133) |
|||||||||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
57 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
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)
| |||
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 – by business segment/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) |
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 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
58 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||||
Risk |
Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation | ||||||||||||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||||||||||||
Gross carrying/nominal amount |
Allowance
for ECL
|
Net |
Gross carrying/nominal 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
|
531,379 |
210,722 |
201,620 |
24,479 |
23,665 |
991,865 |
(10,143) |
981,722 |
515,266 |
193,080 |
186,416 |
22,906 |
22,705 |
940,373 |
(9,715) |
930,658 |
– stage 1 |
510,598 |
180,542 |
155,546 |
5,983 |
— |
852,669 |
(1,181) |
851,488 |
498,415 |
170,420 |
150,818 |
4,767 |
— |
824,420 |
(1,078) |
823,342 |
– stage 2 |
20,781 |
30,180 |
45,881 |
18,496 |
— |
115,338 |
(2,752) |
112,586 |
16,851 |
22,660 |
35,598 |
18,139 |
— |
93,248 |
(2,546) |
90,702 |
– stage 3 |
— |
— |
— |
— |
23,550 |
23,550 |
(6,144) |
17,406 |
— |
— |
— |
— |
22,615 |
22,615 |
(6,040) |
16,575 |
– POCI |
— |
— |
193 |
— |
115 |
308 |
(66) |
242 |
— |
— |
— |
— |
90 |
90 |
(51) |
39 |
Loans and advances to
banks at amortised cost
|
95,955 |
5,377 |
6,111 |
151 |
3 |
107,597 |
(15) |
107,582 |
92,621 |
4,255 |
5,040 |
134 |
2 |
102,052 |
(13) |
102,039 |
– stage 1 |
95,880 |
5,340 |
6,076 |
132 |
— |
107,428 |
(10) |
107,418 |
92,528 |
4,226 |
4,981 |
117 |
— |
101,852 |
(9) |
101,843 |
– stage 2 |
75 |
37 |
35 |
19 |
— |
166 |
(2) |
164 |
93 |
29 |
59 |
17 |
— |
198 |
(2) |
196 |
– stage 3 |
— |
— |
— |
— |
3 |
3 |
(3) |
— |
— |
— |
— |
— |
2 |
2 |
(2) |
— |
– POCI |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Other financial assets
measured at amortised
cost
|
755,386 |
86,905 |
47,766 |
377 |
196 |
890,630 |
(122) |
890,508 |
702,570 |
85,700 |
39,660 |
497 |
153 |
828,580 |
(92) |
828,488 |
– stage 1 |
755,052 |
86,039 |
47,083 |
249 |
— |
888,423 |
(74) |
888,349 |
702,373 |
85,032 |
38,977 |
239 |
— |
826,621 |
(64) |
826,557 |
– stage 2 |
334 |
866 |
683 |
128 |
— |
2,011 |
(17) |
1,994 |
197 |
668 |
683 |
258 |
— |
1,806 |
(5) |
1,801 |
– stage 3 |
— |
— |
— |
— |
196 |
196 |
(31) |
165 |
— |
— |
— |
— |
153 |
153 |
(23) |
130 |
– POCI |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Loans and other credit-
related commitments
|
441,769 |
150,302 |
88,854 |
9,736 |
1,044 |
691,705 |
(352) |
691,353 |
400,120 |
131,396 |
77,220 |
9,670 |
961 |
619,367 |
(348) |
619,019 |
– stage 1 |
439,548 |
144,242 |
78,922 |
5,467 |
— |
668,179 |
(143) |
668,036 |
398,779 |
125,956 |
67,949 |
4,547 |
— |
597,231 |
(137) |
597,094 |
– stage 2 |
2,221 |
6,060 |
9,932 |
4,269 |
— |
22,482 |
(119) |
22,363 |
1,341 |
5,440 |
9,271 |
5,123 |
— |
21,175 |
(121) |
21,054 |
– stage 3 |
— |
— |
— |
— |
1,040 |
1,040 |
(89) |
951 |
— |
— |
— |
— |
958 |
958 |
(90) |
868 |
– POCI |
— |
— |
— |
— |
4 |
4 |
(1) |
3 |
— |
— |
— |
— |
3 |
3 |
— |
3 |
Financial guarantees |
7,265 |
4,353 |
4,117 |
551 |
319 |
16,605 |
(44) |
16,561 |
7,365 |
4,263 |
4,399 |
723 |
248 |
16,998 |
(29) |
16,969 |
– stage 1 |
7,130 |
3,942 |
3,304 |
130 |
— |
14,506 |
(10) |
14,496 |
7,352 |
4,192 |
3,625 |
184 |
— |
15,353 |
(8) |
15,345 |
– stage 2 |
135 |
411 |
813 |
421 |
— |
1,780 |
(8) |
1,772 |
13 |
71 |
774 |
539 |
— |
1,397 |
(5) |
1,392 |
– stage 3 |
— |
— |
— |
— |
319 |
319 |
(26) |
293 |
— |
— |
— |
— |
248 |
248 |
(16) |
232 |
– POCI |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Total |
1,831,754 |
457,659 |
348,468 |
35,294 |
25,227 |
2,698,402 |
(10,676) |
2,687,726 |
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 |
376,703 |
11,973 |
8,141 |
4,580 |
— |
401,397 |
(37) |
401,360 |
336,264 |
9,448 |
7,290 |
— |
— |
353,002 |
(31) |
352,971 |
– stage 2 |
59 |
68 |
489 |
506 |
— |
1,122 |
(21) |
1,101 |
49 |
— |
478 |
380 |
— |
907 |
(23) |
884 |
– stage 3 |
— |
— |
— |
— |
31 |
31 |
(5) |
26 |
— |
— |
— |
— |
— |
— |
— |
— |
– POCI |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Total |
376,762 |
12,041 |
8,630 |
5,086 |
31 |
402,550 |
(63) |
402,487 |
336,313 |
9,448 |
7,768 |
380 |
— |
353,909 |
(54) |
353,855 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
59 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||||
Risk |
Total personal lending for loans and advances to customers by stage distribution | ||||||||||||||||
At 30 Jun 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 |
343,874 |
37,620 |
2,705 |
384,199 |
(63) |
(147) |
(306) |
(516) |
324,703 |
34,177 |
2,450 |
361,330 |
(59) |
(130) |
(284) |
(473) |
– of which: interest only (including offset) |
22,415 |
2,771 |
120 |
25,306 |
(3) |
(21) |
(21) |
(45) |
21,155 |
2,457 |
103 |
23,715 |
(3) |
(10) |
(17) |
(30) |
– affordability (including US adjustable rate
mortgages)
|
17,448 |
483 |
259 |
18,190 |
(4) |
(2) |
(6) |
(12) |
16,628 |
386 |
243 |
17,257 |
(2) |
(2) |
(7) |
(11) |
Other personal lending |
77,260 |
6,280 |
1,216 |
84,756 |
(555) |
(1,081) |
(588) |
(2,224) |
79,043 |
5,742 |
1,110 |
85,895 |
(511) |
(1,028) |
(512) |
(2,051) |
– second lien residential mortgages |
373 |
9 |
20 |
402 |
— |
— |
(3) |
(3) |
366 |
10 |
19 |
395 |
— |
— |
(2) |
(2) |
– guaranteed loans in respect of residential
property
|
46 |
9 |
1 |
56 |
— |
— |
(1) |
(1) |
6,492 |
186 |
20 |
6,698 |
(2) |
(2) |
(5) |
(9) |
– other personal lending which is secured |
35,037 |
416 |
227 |
35,680 |
(12) |
(4) |
(44) |
(60) |
30,564 |
478 |
138 |
31,180 |
(12) |
(4) |
(15) |
(31) |
– credit cards |
20,983 |
3,554 |
386 |
24,923 |
(308) |
(694) |
(228) |
(1,230) |
21,611 |
2,991 |
313 |
24,915 |
(268) |
(660) |
(199) |
(1,127) |
– other personal lending which is unsecured |
19,056 |
2,072 |
554 |
21,682 |
(220) |
(368) |
(298) |
(886) |
18,198 |
1,864 |
598 |
20,660 |
(214) |
(345) |
(279) |
(838) |
– motor vehicle finance |
1,765 |
220 |
28 |
2,013 |
(15) |
(15) |
(14) |
(44) |
1,812 |
213 |
22 |
2,047 |
(15) |
(17) |
(12) |
(44) |
Total |
421,134 |
43,900 |
3,921 |
468,955 |
(618) |
(1,228) |
(894) |
(2,740) |
403,746 |
39,919 |
3,560 |
447,225 |
(570) |
(1,158) |
(796) |
(2,524) |
By legal entity |
||||||||||||||||
HSBC UK Bank plc |
170,263 |
34,294 |
1,295 |
205,852 |
(181) |
(342) |
(257) |
(780) |
152,338 |
31,325 |
1,075 |
184,738 |
(148) |
(307) |
(211) |
(666) |
HSBC Bank plc |
18,358 |
1,049 |
404 |
19,811 |
(18) |
(20) |
(118) |
(156) |
23,501 |
1,198 |
324 |
25,023 |
(17) |
(24) |
(99) |
(140) |
The Hongkong and Shanghai Banking
Corporation Limited
|
194,681 |
6,578 |
1,087 |
202,346 |
(172) |
(405) |
(159) |
(736) |
191,614 |
5,519 |
1,170 |
198,303 |
(174) |
(385) |
(164) |
(723) |
HSBC Bank Middle East Limited |
3,685 |
156 |
43 |
3,884 |
(13) |
(25) |
(30) |
(68) |
3,678 |
158 |
40 |
3,876 |
(14) |
(29) |
(30) |
(73) |
HSBC North America Holdings Inc. |
21,542 |
569 |
354 |
22,465 |
(6) |
(12) |
(11) |
(29) |
20,851 |
497 |
327 |
21,675 |
(4) |
(12) |
(11) |
(27) |
Grupo Financiero HSBC, S.A. de C.V. |
11,774 |
1,200 |
734 |
13,708 |
(221) |
(423) |
(317) |
(961) |
11,016 |
1,172 |
620 |
12,808 |
(207) |
(400) |
(279) |
(886) |
Other trading entities |
831 |
54 |
4 |
889 |
(7) |
(1) |
(2) |
(10) |
748 |
50 |
4 |
802 |
(6) |
(1) |
(2) |
(9) |
Total |
421,134 |
43,900 |
3,921 |
468,955 |
(618) |
(1,228) |
(894) |
(2,740) |
403,746 |
39,919 |
3,560 |
447,225 |
(570) |
(1,158) |
(796) |
(2,524) |
Total personal lending for loans and other credit-related commitments and financial guarantees by stage distribution | ||||||||||||||||
At 30 Jun 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 |
58,361 |
846 |
46 |
59,253 |
(11) |
(3) |
(1) |
(15) |
51,078 |
442 |
47 |
51,567 |
(6) |
— |
(3) |
(9) |
HSBC Bank plc |
1,607 |
39 |
2 |
1,648 |
(1) |
— |
— |
(1) |
1,605 |
7 |
2 |
1,614 |
— |
— |
— |
— |
The Hongkong and Shanghai Banking
Corporation Limited
|
194,455 |
1,020 |
51 |
195,526 |
(4) |
— |
— |
(4) |
189,737 |
1,165 |
35 |
190,937 |
(4) |
— |
(2) |
(6) |
HSBC Bank Middle East Limited |
2,585 |
7 |
— |
2,592 |
— |
— |
— |
— |
2,452 |
7 |
— |
2,459 |
— |
— |
— |
— |
HSBC North America Holdings Inc. |
3,415 |
82 |
22 |
3,519 |
— |
— |
— |
— |
3,707 |
68 |
2 |
3,777 |
— |
— |
— |
— |
Grupo Financiero HSBC, S.A. de C.V. |
4,570 |
— |
— |
4,570 |
(6) |
— |
— |
(6) |
3,892 |
— |
— |
3,892 |
(7) |
— |
— |
(7) |
Other trading entities |
468 |
4 |
1 |
473 |
— |
— |
— |
— |
434 |
2 |
— |
436 |
— |
— |
— |
— |
Total |
265,461 |
1,998 |
122 |
267,581 |
(22) |
(3) |
(1) |
(26) |
252,905 |
1,691 |
86 |
254,682 |
(17) |
— |
(5) |
(22) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
60 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
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 |
344,579 |
68,592 |
18,982 |
115 |
432,268 |
(502) |
(1,487) |
(5,084) |
(66) |
(7,139) |
– agriculture, forestry and fishing |
6,628 |
980 |
341 |
— |
7,949 |
(13) |
(35) |
(59) |
— |
(107) |
– mining and quarrying |
7,243 |
402 |
394 |
— |
8,039 |
(9) |
(6) |
(64) |
— |
(79) |
– manufacturing |
74,634 |
12,716 |
1,631 |
29 |
89,010 |
(98) |
(144) |
(515) |
(24) |
(781) |
– electricity, gas, steam and air-
conditioning supply
|
16,310 |
1,505 |
268 |
— |
18,083 |
(18) |
(25) |
(110) |
— |
(153) |
– water supply, sewerage, waste
management and remediation
|
2,449 |
204 |
44 |
— |
2,697 |
(5) |
(3) |
(12) |
— |
(20) |
– real estate and construction |
54,277 |
28,434 |
9,292 |
75 |
92,078 |
(87) |
(789) |
(2,150) |
(39) |
(3,065) |
– of which: commercial real estate |
41,151 |
24,129 |
8,071 |
71 |
73,422 |
(61) |
(732) |
(1,628) |
(35) |
(2,456) |
– wholesale and retail trade, repair of
motor vehicles and motorcycles
|
69,821 |
9,728 |
2,632 |
11 |
82,192 |
(69) |
(88) |
(1,134) |
(3) |
(1,294) |
– transportation and storage |
16,837 |
4,359 |
264 |
— |
21,460 |
(19) |
(102) |
(101) |
— |
(222) |
– accommodation and food |
11,386 |
2,246 |
1,659 |
— |
15,291 |
(33) |
(64) |
(224) |
— |
(321) |
– publishing, audiovisual and
broadcasting
|
20,972 |
2,021 |
411 |
— |
23,404 |
(56) |
(69) |
(113) |
— |
(238) |
– professional, scientific and technical
activities
|
24,232 |
2,125 |
584 |
— |
26,941 |
(35) |
(41) |
(187) |
— |
(263) |
– administrative and support services |
18,706 |
2,263 |
670 |
— |
21,639 |
(24) |
(66) |
(277) |
— |
(367) |
– public administration and defence,
compulsory social security
|
76 |
— |
— |
— |
76 |
— |
— |
— |
— |
— |
– education |
1,600 |
198 |
47 |
— |
1,845 |
(4) |
(8) |
(20) |
— |
(32) |
– health and care |
3,549 |
368 |
174 |
— |
4,091 |
(9) |
(13) |
(29) |
— |
(51) |
– arts, entertainment and recreation |
1,588 |
158 |
93 |
— |
1,839 |
(4) |
(5) |
(22) |
— |
(31) |
– other services |
6,465 |
731 |
315 |
— |
7,511 |
(17) |
(20) |
(63) |
— |
(100) |
– activities of households |
778 |
39 |
— |
— |
817 |
— |
— |
— |
— |
— |
– extra-territorial organisations and
bodies activities
|
136 |
— |
— |
— |
136 |
— |
— |
— |
— |
— |
– government |
6,871 |
106 |
163 |
— |
7,140 |
(2) |
— |
(4) |
— |
(6) |
– asset-backed securities |
21 |
9 |
— |
— |
30 |
— |
(9) |
— |
— |
(9) |
Non-bank financial institutions |
86,956 |
2,846 |
647 |
193 |
90,642 |
(61) |
(37) |
(166) |
— |
(264) |
Loans and advances to banks |
107,428 |
166 |
3 |
— |
107,597 |
(10) |
(2) |
(3) |
— |
(15) |
At 30 Jun 20251 |
538,963 |
71,604 |
19,632 |
308 |
630,507 |
(573) |
(1,526) |
(5,253) |
(66) |
(7,418) |
By legal entity |
||||||||||
HSBC UK Bank plc |
94,822 |
10,065 |
3,918 |
— |
108,805 |
(180) |
(359) |
(691) |
— |
(1,230) |
HSBC Bank plc |
94,153 |
5,943 |
1,926 |
53 |
102,075 |
(75) |
(124) |
(542) |
(25) |
(766) |
The Hongkong and Shanghai Banking
Corporation Limited
|
271,675 |
46,425 |
11,495 |
57 |
329,652 |
(209) |
(843) |
(2,979) |
(37) |
(4,068) |
HSBC Bank Middle East Limited |
26,606 |
1,697 |
926 |
4 |
29,233 |
(13) |
(15) |
(503) |
(4) |
(535) |
HSBC North America Holdings Inc. |
29,884 |
5,036 |
750 |
194 |
35,864 |
(38) |
(116) |
(208) |
— |
(362) |
Grupo Financiero HSBC, S.A. de C.V. |
12,862 |
2,186 |
267 |
— |
15,315 |
(44) |
(64) |
(144) |
— |
(252) |
Other trading entities |
8,899 |
252 |
350 |
— |
9,501 |
(14) |
(5) |
(186) |
— |
(205) |
Holding companies, shared service
centres and intra-Group eliminations
|
62 |
— |
— |
— |
62 |
— |
— |
— |
— |
— |
At 30 Jun 20251 |
538,963 |
71,604 |
19,632 |
308 |
630,507 |
(573) |
(1,526) |
(5,253) |
(66) |
(7,418) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
61 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
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) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
62 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Total wholesale lending for loans and other credit-related commitments and financial guarantees 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 |
251,291 |
20,755 |
1,099 |
4 |
273,149 |
(119) |
(121) |
(113) |
(1) |
(354) |
Financial |
165,933 |
1,509 |
138 |
— |
167,580 |
(12) |
(3) |
(1) |
— |
(16) |
At 30 Jun 20252 |
417,224 |
22,264 |
1,237 |
4 |
440,729 |
(131) |
(124) |
(114) |
(1) |
(370) |
By legal entity |
||||||||||
HSBC UK Bank plc |
49,016 |
2,318 |
474 |
— |
51,808 |
(25) |
(18) |
(61) |
— |
(104) |
HSBC Bank plc |
195,785 |
3,975 |
250 |
3 |
200,013 |
(25) |
(21) |
(21) |
— |
(67) |
The Hongkong and Shanghai Banking
Corporation Limited
|
70,803 |
8,532 |
77 |
— |
79,412 |
(52) |
(44) |
(7) |
— |
(103) |
HSBC Bank Middle East Limited |
9,406 |
421 |
34 |
1 |
9,862 |
(2) |
(6) |
(21) |
(1) |
(30) |
HSBC North America Holdings Inc. |
88,578 |
6,701 |
361 |
— |
95,640 |
(25) |
(34) |
(2) |
— |
(61) |
Grupo Financiero HSBC, S.A. de C.V. |
1,924 |
177 |
— |
— |
2,101 |
(2) |
— |
— |
— |
(2) |
Other trading entities |
1,712 |
140 |
41 |
— |
1,893 |
— |
(1) |
(2) |
— |
(3) |
At 30 Jun 20252 |
417,224 |
22,264 |
1,237 |
4 |
440,729 |
(131) |
(124) |
(114) |
(1) |
(370) |
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) |
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
|
of which:
Hong Kong
excluding
exposure to
mainland
China
borrowers
|
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Gross loans and
advances
|
|||||||||||
Stage 1 |
13,506 |
3,513 |
21,561 |
998 |
1,061 |
468 |
44 |
41,151 |
13,991 |
9,389 |
8,635 |
Stage 2 |
1,982 |
238 |
20,583 |
118 |
1,138 |
70 |
— |
24,129 |
2,012 |
18,713 |
18,142 |
Stage 3 |
439 |
301 |
6,861 |
90 |
331 |
24 |
25 |
8,071 |
438 |
6,390 |
5,141 |
POCI |
— |
53 |
18 |
— |
— |
— |
— |
71 |
53 |
18 |
— |
At 30 Jun 20251 |
15,927 |
4,105 |
49,023 |
1,206 |
2,530 |
562 |
69 |
73,422 |
16,494 |
34,510 |
31,918 |
– of which:
forborne loans
|
439 |
90 |
3,080 |
90 |
267 |
46 |
26 |
4,038 |
492 |
2,729 |
|
Allowance for
ECL
|
(191) |
(97) |
(1,973) |
(25) |
(136) |
(11) |
(23) |
(2,456) |
(217) |
(1,725) |
(877) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
63 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Commercial real estate lending to customers (continued) |
|||||||||||
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
|
of which:
Hong Kong
excluding
exposure to
mainland
China
borrowers
|
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Gross loans and
advances
|
|||||||||||
Stage 1 |
9,394 |
3,285 |
34,337 |
1,136 |
1,420 |
380 |
42 |
49,994 |
9,758 |
22,643 |
22,132 |
Stage 2 |
4,052 |
313 |
9,103 |
— |
1,184 |
67 |
1 |
14,720 |
4,112 |
7,619 |
6,515 |
Stage 3 |
492 |
213 |
6,451 |
117 |
240 |
22 |
23 |
7,558 |
492 |
5,967 |
4,554 |
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 |
33,201 |
– 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) |
(405) |
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
|
of which:
Hong Kong
excluding
exposure to
mainland
China
borrowers
|
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Strong |
4,873 |
695 |
8,812 |
38 |
— |
5 |
44 |
14,467 |
5,004 |
4,045 |
3,968 |
Good |
3,740 |
1,578 |
15,715 |
545 |
506 |
222 |
— |
22,306 |
3,793 |
9,533 |
9,124 |
Satisfactory |
6,022 |
1,317 |
13,230 |
498 |
1,114 |
278 |
— |
22,459 |
6,325 |
10,471 |
10,330 |
Sub-standard |
853 |
161 |
4,387 |
35 |
579 |
33 |
— |
6,048 |
881 |
4,053 |
3,355 |
Credit impaired |
439 |
354 |
6,879 |
90 |
331 |
24 |
25 |
8,142 |
491 |
6,408 |
5,141 |
At 30 Jun 2025 |
15,927 |
4,105 |
49,023 |
1,206 |
2,530 |
562 |
69 |
73,422 |
16,494 |
34,510 |
31,918 |
Strong |
4,663 |
739 |
9,106 |
137 |
— |
18 |
42 |
14,705 |
4,875 |
4,522 |
4,484 |
Good |
2,098 |
1,430 |
16,113 |
407 |
566 |
111 |
— |
20,725 |
2,107 |
10,421 |
9,754 |
Satisfactory |
5,770 |
1,312 |
13,556 |
592 |
1,423 |
283 |
— |
22,936 |
5,948 |
10,850 |
10,716 |
Sub-standard |
915 |
117 |
4,665 |
— |
615 |
35 |
1 |
6,348 |
940 |
4,469 |
3,693 |
Credit impaired |
492 |
256 |
6,469 |
117 |
240 |
22 |
23 |
7,619 |
535 |
5,985 |
4,554 |
At 31 Dec 2024 |
13,938 |
3,854 |
49,909 |
1,253 |
2,844 |
469 |
66 |
72,333 |
14,405 |
36,247 |
33,201 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
64 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Commercial real estate gross loans and advances to customers maturity analysis | ||||||||||
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 |
4,667 |
1,235 |
21,629 |
464 |
1,148 |
100 |
22 |
29,265 |
5,052 |
16,659 |
1–2 years |
3,357 |
756 |
10,867 |
170 |
968 |
198 |
19 |
16,335 |
3,526 |
7,638 |
2–5 years |
7,267 |
1,603 |
14,306 |
394 |
403 |
141 |
28 |
24,142 |
7,276 |
8,752 |
> 5 years |
636 |
511 |
2,221 |
178 |
11 |
123 |
— |
3,680 |
640 |
1,461 |
At 30 Jun 2025 |
15,927 |
4,105 |
49,023 |
1,206 |
2,530 |
562 |
69 |
73,422 |
16,494 |
34,510 |
< 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 |
Mainland China commercial real estate |
||||||||
At 30 Jun 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 |
2,900 |
3,598 |
203 |
6,701 |
3,161 |
3,694 |
303 |
7,158 |
Guarantees issued and others2 |
88 |
12 |
14 |
114 |
80 |
16 |
5 |
101 |
Total mainland China commercial real estate
exposure
|
2,988 |
3,610 |
217 |
6,815 |
3,241 |
3,710 |
308 |
7,259 |
Distribution of mainland China commercial real
estate exposure by credit quality
|
||||||||
Strong |
261 |
2,009 |
77 |
2,347 |
118 |
1,817 |
109 |
2,044 |
Good |
434 |
484 |
74 |
992 |
578 |
595 |
1 |
1,174 |
Satisfactory |
171 |
618 |
64 |
853 |
196 |
899 |
49 |
1,144 |
Sub-standard |
701 |
239 |
1 |
941 |
777 |
136 |
149 |
1,062 |
Credit impaired |
1,421 |
260 |
1 |
1,682 |
1,572 |
263 |
— |
1,835 |
Total |
2,988 |
3,610 |
217 |
6,815 |
3,241 |
3,710 |
308 |
7,259 |
Allowance for ECL by credit quality |
||||||||
Strong |
— |
(5) |
— |
(5) |
— |
(4) |
— |
(4) |
Good |
(1) |
(3) |
— |
(4) |
— |
(3) |
— |
(3) |
Satisfactory |
— |
(9) |
— |
(9) |
— |
(13) |
— |
(13) |
Sub-standard |
(158) |
(74) |
— |
(232) |
(261) |
(30) |
(17) |
(308) |
Credit impaired |
(692) |
(89) |
— |
(781) |
(749) |
(81) |
— |
(830) |
Total |
(851) |
(180) |
— |
(1,031) |
(1,010) |
(131) |
(17) |
(1,158) |
Allowance for ECL by stage distribution |
||||||||
Stage 1 |
— |
(8) |
— |
(8) |
— |
(9) |
— |
(9) |
Stage 2 |
(159) |
(83) |
— |
(242) |
(261) |
(41) |
(17) |
(319) |
Stage 3 |
(684) |
(88) |
— |
(772) |
(743) |
(81) |
— |
(824) |
POCI |
(9) |
— |
— |
(9) |
(6) |
— |
— |
(6) |
Total |
(852) |
(179) |
— |
(1,031) |
(1,010) |
(131) |
(17) |
(1,158) |
ECL coverage % |
28.5 |
5.0 |
— |
15.1 |
31.2 |
3.5 |
5.5 |
16.0 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
65 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
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 |
113,720 |
20,293 |
23,865 |
137,585 |
(1,349) |
(272) |
(62) |
(1,411) |
– of which: HSBC UK Bank plc (ring-
fenced bank)
|
90,555 |
19,272 |
11,263 |
101,818 |
(1,203) |
(244) |
(24) |
(1,227) |
– of which: HSBC Bank plc (non-
ring-fenced bank)
|
23,165 |
1,021 |
12,602 |
35,767 |
(146) |
(28) |
(38) |
(184) |
France |
28,037 |
4,323 |
10,599 |
38,636 |
(303) |
(73) |
(13) |
(316) |
Germany |
6,614 |
351 |
298 |
6,912 |
(188) |
— |
— |
(188) |
Hong Kong |
118,236 |
39,968 |
17,636 |
135,872 |
(3,115) |
(1,819) |
(112) |
(3,227) |
Australia |
13,356 |
4,857 |
4,165 |
17,521 |
(37) |
(4) |
— |
(37) |
India |
13,529 |
2,435 |
7,484 |
21,013 |
(62) |
(6) |
(11) |
(73) |
Indonesia |
3,656 |
159 |
568 |
4,224 |
(66) |
— |
(1) |
(67) |
Mainland China |
28,023 |
5,383 |
8,988 |
37,011 |
(268) |
(167) |
(7) |
(275) |
Malaysia |
5,683 |
1,238 |
230 |
5,913 |
(39) |
(10) |
— |
(39) |
Singapore |
17,327 |
3,407 |
2,390 |
19,717 |
(197) |
(56) |
(2) |
(199) |
Taiwan |
3,943 |
19 |
— |
3,943 |
(1) |
— |
— |
(1) |
Egypt |
821 |
37 |
37 |
858 |
(118) |
(24) |
— |
(118) |
UAE |
14,320 |
1,717 |
1,913 |
16,233 |
(443) |
(321) |
(1) |
(444) |
US |
25,934 |
4,128 |
9,277 |
35,211 |
(333) |
(141) |
(29) |
(362) |
Mexico |
11,245 |
708 |
1,333 |
12,578 |
(236) |
(30) |
(17) |
(253) |
Other |
27,824 |
3,055 |
1,859 |
29,683 |
(384) |
(142) |
(9) |
(393) |
At 30 Jun 2025 |
432,268 |
92,078 |
90,642 |
522,910 |
(7,139) |
(3,065) |
(264) |
(7,403) |
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) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
66 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Personal lending – loans and advances to customers at amortised cost by country/territory | ||||||||
Gross carrying amount |
Allowance for ECL |
|||||||
First lien
residential
mortgages
|
Other
personal
|
of which:
credit cards
|
Total |
First lien
residential
mortgages
|
Other
personal
|
of which:
credit cards
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
UK |
190,011 |
24,041 |
8,820 |
214,052 |
(165) |
(654) |
(335) |
(819) |
– of which: HSBC UK Bank plc (ring-fenced
bank)
|
185,564 |
20,288 |
8,728 |
205,852 |
(156) |
(624) |
(334) |
(780) |
– of which: HSBC Bank plc (non-ring-fenced
bank)
|
4,447 |
3,753 |
92 |
8,200 |
(9) |
(30) |
(1) |
(39) |
France |
24 |
8 |
— |
32 |
(12) |
(7) |
— |
(19) |
Hong Kong |
106,563 |
32,883 |
9,012 |
139,446 |
(6) |
(420) |
(287) |
(426) |
Australia |
24,141 |
462 |
427 |
24,603 |
(9) |
(9) |
(9) |
(18) |
India |
2,243 |
957 |
314 |
3,200 |
(3) |
(21) |
(18) |
(24) |
Indonesia |
41 |
241 |
155 |
282 |
(2) |
(12) |
(6) |
(14) |
Mainland China |
5,727 |
618 |
186 |
6,345 |
(15) |
(35) |
(28) |
(50) |
Malaysia |
3,415 |
1,272 |
1,002 |
4,687 |
(20) |
(66) |
(39) |
(86) |
Singapore |
6,025 |
7,290 |
625 |
13,315 |
— |
(65) |
(33) |
(65) |
Taiwan |
6,819 |
1,618 |
417 |
8,437 |
— |
(16) |
(5) |
(16) |
Egypt |
— |
361 |
99 |
361 |
— |
(2) |
(1) |
(2) |
UAE |
2,244 |
1,395 |
559 |
3,639 |
(4) |
(56) |
(34) |
(60) |
US |
21,827 |
638 |
177 |
22,465 |
(13) |
(15) |
(13) |
(28) |
Mexico |
8,148 |
5,560 |
2,374 |
13,708 |
(189) |
(772) |
(386) |
(961) |
Other |
6,971 |
7,412 |
756 |
14,383 |
(78) |
(74) |
(36) |
(152) |
At 30 Jun 2025 |
384,199 |
84,756 |
24,923 |
468,955 |
(516) |
(2,224) |
(1,230) |
(2,740) |
UK |
170,809 |
21,426 |
8,016 |
192,235 |
(139) |
(540) |
(284) |
(679) |
– of which: HSBC UK Bank plc (ring-fenced
bank)
|
166,709 |
18,029 |
7,933 |
184,738 |
(132) |
(534) |
(283) |
(666) |
– of which: HSBC Bank plc (non-ring-fenced
bank)
|
4,100 |
3,397 |
83 |
7,497 |
(7) |
(6) |
(1) |
(13) |
France |
377 |
6,601 |
1 |
6,978 |
(12) |
(12) |
— |
(24) |
Hong Kong |
107,759 |
31,676 |
10,165 |
139,435 |
(5) |
(421) |
(291) |
(426) |
Australia |
22,154 |
407 |
372 |
22,561 |
(7) |
(9) |
(8) |
(16) |
India |
1,984 |
865 |
265 |
2,849 |
(3) |
(18) |
(14) |
(21) |
Indonesia |
46 |
323 |
142 |
369 |
(3) |
(11) |
(6) |
(14) |
Mainland China |
6,087 |
771 |
227 |
6,858 |
(12) |
(42) |
(33) |
(54) |
Malaysia |
3,252 |
1,198 |
938 |
4,450 |
(23) |
(62) |
(36) |
(85) |
Singapore |
5,802 |
6,653 |
571 |
12,455 |
— |
(56) |
(28) |
(56) |
Taiwan |
5,788 |
1,424 |
340 |
7,212 |
— |
(15) |
(4) |
(15) |
Egypt |
— |
321 |
89 |
321 |
— |
(1) |
— |
(1) |
UAE |
2,082 |
1,338 |
543 |
3,420 |
(3) |
(55) |
(31) |
(58) |
US |
21,021 |
653 |
195 |
21,674 |
(12) |
(16) |
(14) |
(28) |
Mexico |
7,488 |
5,320 |
2,242 |
12,808 |
(167) |
(719) |
(339) |
(886) |
Other |
6,681 |
6,919 |
809 |
13,600 |
(87) |
(74) |
(39) |
(161) |
At 31 Dec 2024 |
361,330 |
85,895 |
24,915 |
447,225 |
(473) |
(2,051) |
(1,127) |
(2,524) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
67 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Capital and liquidity adequacy metrics | ||
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
Risk-weighted assets (‘RWAs’) ($bn) |
||
Credit risk |
703.6 |
657.9 |
Counterparty credit risk |
41.4 |
37.7 |
Market risk |
32.5 |
36.2 |
Operational risk |
109.4 |
106.5 |
Total RWAs |
886.9 |
838.3 |
Capital on a transitional basis ($bn) |
||
Common equity tier 1 capital |
129.8 |
124.9 |
Tier 1 capital |
150.6 |
144.1 |
Total capital |
178.5 |
172.4 |
Capital ratios on a transitional basis (%) |
||
Common equity tier 1 ratio |
14.6 |
14.9 |
Tier 1 ratio |
17.0 |
17.2 |
Total capital ratio |
20.1 |
20.6 |
Capital on an end point basis ($bn) |
||
Common equity tier 1 capital |
129.8 |
124.9 |
Tier 1 capital |
150.6 |
144.1 |
Total capital |
178.5 |
168.5 |
Capital ratios on an end point basis (%) |
||
Common equity tier 1 ratio |
14.6 |
14.9 |
Tier 1 ratio |
17.0 |
17.2 |
Total capital ratio |
20.1 |
20.1 |
Liquidity coverage ratio (‘LCR’) |
||
Total high-quality liquid assets ($bn) |
678.1 |
649.2 |
Total net cash outflow ($bn) |
485.5 |
470.7 |
LCR (%) |
140 |
138 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
68 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Own funds disclosure | |||
30 Jun 2025 |
31 Dec 2024 |
||
Ref* |
$m |
$m |
|
6 |
Common equity tier 1 capital before regulatory adjustments |
170,986 |
164,071 |
28 |
Total regulatory adjustments to common equity tier 1 |
(41,167) |
(39,160) |
29 |
Common equity tier 1 capital |
129,819 |
124,911 |
36 |
Additional tier 1 capital before regulatory adjustments |
20,870 |
19,286 |
43 |
Total regulatory adjustments to additional tier 1 capital |
(70) |
(70) |
44 |
Additional tier 1 capital |
20,800 |
19,216 |
45 |
Tier 1 capital |
150,619 |
144,127 |
51 |
Tier 2 capital before regulatory adjustments |
29,220 |
29,334 |
57 |
Total regulatory adjustments to tier 2 capital |
(1,343) |
(1,075) |
58 |
Tier 2 capital |
27,877 |
28,259 |
59 |
Total capital |
178,496 |
172,386 |
Capital ratios |
% |
% |
|
61 |
Common equity tier 1 ratio |
14.6 |
14.9 |
62 |
Tier 1 ratio |
17.0 |
17.2 |
63 |
Total capital ratio |
20.1 |
20.6 |
RWAs by business segment | ||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
Total
RWAs
|
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Credit risk |
118.6 |
132.0 |
291.7 |
74.1 |
87.2 |
703.6 |
Counterparty credit risk |
0.1 |
0.1 |
39.3 |
0.7 |
1.2 |
41.4 |
Market risk |
0.1 |
— |
25.1 |
0.5 |
6.8 |
32.5 |
Operational risk |
21.8 |
20.9 |
55.1 |
15.7 |
(4.1) |
109.4 |
At 30 Jun 2025 |
140.6 |
153.0 |
411.2 |
91.0 |
91.1 |
886.9 |
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 |
134.9 |
81.9 |
322.6 |
18.9 |
62.7 |
25.9 |
45.6 |
11.1 |
703.6 |
Counterparty credit risk |
0.4 |
22.2 |
11.6 |
0.7 |
3.9 |
0.8 |
1.8 |
— |
41.4 |
Market risk2 |
0.2 |
22.1 |
27.4 |
1.4 |
3.1 |
0.7 |
1.2 |
2.1 |
32.5 |
Operational risk3 |
22.5 |
21.6 |
55.2 |
4.6 |
7.7 |
5.3 |
4.8 |
(12.3) |
109.4 |
At 30 Jun 2025 |
158.0 |
147.8 |
416.8 |
25.6 |
77.4 |
32.7 |
53.4 |
0.9 |
886.9 |
At 31 Dec 2024 |
138.3 |
137.6 |
402.8 |
26.6 |
74.4 |
29.7 |
50.7 |
(0.6) |
838.3 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
69 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
RWA movement by legal entities by key driver1 | ||||||||||
Credit risk, counterparty credit risk and operational risk |
||||||||||
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
|
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 |
6.9 |
3.6 |
2.5 |
0.1 |
2.7 |
0.2 |
3.8 |
0.2 |
(3.7) |
16.3 |
Asset quality |
0.7 |
0.7 |
5.2 |
(0.3) |
(1.0) |
— |
(0.1) |
— |
— |
5.2 |
Model updates |
— |
— |
0.2 |
(0.2) |
— |
— |
— |
— |
— |
— |
Methodology and policy |
(0.2) |
1.7 |
(2.7) |
(0.1) |
0.8 |
0.2 |
0.4 |
1.3 |
— |
1.4 |
Acquisitions and disposals |
— |
(0.5) |
— |
— |
— |
— |
(1.5) |
(1.0) |
— |
(3.0) |
Foreign exchange movements2 |
12.3 |
8.7 |
4.4 |
0.2 |
0.1 |
2.4 |
0.2 |
0.4 |
— |
28.7 |
Total RWA movement |
19.7 |
14.2 |
9.6 |
(0.3) |
2.6 |
2.8 |
2.8 |
0.9 |
(3.7) |
48.6 |
RWAs at 30 Jun 2025 |
157.8 |
125.7 |
389.4 |
24.2 |
74.3 |
32.0 |
52.2 |
(1.2) |
32.5 |
886.9 |
RWA movement by business segment by key driver | |||||||
Credit risk, counterparty credit risk and operational risk |
|||||||
Hong
Kong
|
UK |
CIB |
IWPB |
Corporate
Centre
|
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 |
(1.0) |
7.1 |
8.4 |
2.0 |
3.5 |
(3.7) |
16.3 |
Asset quality |
2.5 |
0.7 |
2.1 |
(0.3) |
0.2 |
— |
5.2 |
Model updates |
0.1 |
— |
(0.1) |
— |
— |
— |
— |
Methodology and policy |
(2.5) |
(0.4) |
3.4 |
0.2 |
0.7 |
— |
1.4 |
Acquisitions and disposals |
— |
— |
(1.0) |
(0.5) |
(1.5) |
— |
(3.0) |
Foreign exchange movements1 |
(0.6) |
12.1 |
12.6 |
3.5 |
1.1 |
— |
28.7 |
Total RWA movement |
(1.5) |
19.5 |
25.4 |
4.9 |
4.0 |
(3.7) |
48.6 |
RWAs at 30 Jun 2025 |
140.5 |
153.0 |
386.1 |
90.5 |
84.3 |
32.5 |
886.9 |
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$bn |
$bn |
|
Tier 1 capital (leverage) |
150.6 |
144.1 |
Total leverage ratio exposure |
2,792.9 |
2,571.1 |
% |
% |
|
Leverage ratio |
5.4 |
5.6 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
70 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Operating entities’ liquidity |
||||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||||
LCR5 |
HQLA |
Net outflows |
NSFR5 |
LCR5 |
HQLA |
Net outflows |
NSFR5 |
|
% |
$bn |
$bn |
% |
% |
$bn |
$bn |
% |
|
HSBC UK Bank plc (ring-fenced bank)1 |
186 |
122 |
65 |
151 |
190 |
117 |
61 |
154 |
HSBC Bank plc (non-ring-fenced bank)2 |
154 |
145 |
94 |
117 |
148 |
138 |
93 |
115 |
The Hongkong and Shanghai Banking
Corporation Limited – Hong Kong branch3
|
195 |
162 |
83 |
125 |
191 |
145 |
76 |
124 |
HSBC Singapore4 |
252 |
35 |
14 |
177 |
287 |
32 |
11 |
184 |
Hang Seng Bank |
329 |
64 |
19 |
183 |
299 |
57 |
19 |
174 |
HSBC Bank China |
193 |
26 |
14 |
147 |
191 |
27 |
14 |
147 |
HSBC Bank USA |
166 |
82 |
49 |
129 |
167 |
80 |
48 |
127 |
HSBC Continental Europe |
144 |
87 |
60 |
142 |
149 |
82 |
55 |
139 |
HSBC Bank Middle East – UAE branch |
241 |
15 |
6 |
148 |
251 |
14 |
6 |
151 |
HSBC Bank Mexico |
162 |
9 |
5 |
115 |
164 |
9 |
6 |
125 |
At1 |
|||
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|
$bn |
$bn |
$bn |
|
High-quality liquid assets (in
entities)
|
833 |
780 |
790 |
Group LCR HQLA2 |
678 |
646 |
649 |
Net outflows2 |
486 |
472 |
471 |
Liquidity coverage ratio (%) |
140 |
137 |
138 |
Adjustment for transfer
restrictions2
|
(161) |
(141) |
(147) |
Liquidity pool by asset type1 | ||||
Liquidity
pool
|
Cash |
Level 12 |
Level 22 |
|
$bn |
$bn |
$bn |
$bn |
|
Cash and balance at central bank |
259 |
259 |
— |
— |
Central and local government
bonds
|
382 |
— |
361 |
21 |
Regional government and public
sector entities
|
2 |
— |
2 |
— |
International organisation and
multilateral development banks
|
24 |
— |
24 |
— |
Covered bonds |
8 |
— |
2 |
6 |
Other |
3 |
— |
— |
3 |
Total at 30 Jun 2025 |
678 |
259 |
389 |
30 |
Total at 31 Dec 2024 |
649 |
266 |
349 |
34 |
Liquidity pool by currency1 | ||||||
$ |
£ |
€ |
HK$ |
Other |
Total |
|
$bn |
$bn |
$bn |
$bn |
$bn |
$bn |
|
Liquidity pool at
30 Jun 2025
|
214 |
173 |
124 |
42 |
125 |
678 |
Liquidity pool at
31 Dec 2024
|
196 |
170 |
113 |
47 |
123 |
649 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
71 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Funding sources | ||
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Customer accounts |
1,718,604 |
1,654,955 |
Deposits by banks |
97,782 |
73,997 |
Repurchase agreements – non-trading |
195,532 |
180,880 |
Debt securities in issue |
102,129 |
105,785 |
Cash collateral, margin, settlement accounts
and items in course of transmission to other
banks
|
112,850 |
82,732 |
Liabilities of disposal groups held for sale |
46,165 |
29,011 |
Subordinated liabilities |
27,569 |
25,958 |
Financial liabilities designated at fair value |
163,589 |
138,727 |
Insurance contract liabilities |
118,297 |
107,629 |
Trading liabilities |
70,653 |
65,982 |
– repos |
13,954 |
14,806 |
– stock lending |
2,907 |
3,525 |
– other trading liabilities |
53,792 |
47,651 |
Total equity |
199,869 |
192,273 |
Other balance sheet liabilities |
361,332 |
359,119 |
3,214,371 |
3,017,048 |
|
Funding uses | ||
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Loans and advances to customers |
981,722 |
930,658 |
Loans and advances to banks |
107,582 |
102,039 |
Reverse repurchase agreements – non-trading |
283,204 |
252,549 |
Cash collateral, margin, settlement accounts
and items in course of collection from other
banks
|
116,625 |
78,538 |
Assets held for sale |
38,978 |
27,234 |
Trading assets |
333,745 |
314,842 |
– reverse repos |
19,194 |
16,823 |
– stock borrowing |
9,478 |
8,374 |
– other trading assets |
305,073 |
289,645 |
Financial investments |
547,955 |
493,166 |
Cash and balances with central banks |
246,360 |
267,674 |
Other balance sheet assets |
558,200 |
550,348 |
3,214,371 |
3,017,048 |
|
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 Jul 2025 to Jun 2026 (based on balance sheet at 30 Jun 2025) |
||||||
+100bps parallel |
544 |
329 |
243 |
212 |
884 |
2,212 |
-100bps parallel |
(861) |
(634) |
(390) |
(249) |
(983) |
(3,117) |
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 30 Jun 2025) |
||||||
Year 2 (Jul 2026 to Jun 2027) |
(1,203) |
(704) |
(682) |
(348) |
(1,361) |
(4,298) |
Year 3 (Jul 2027 to Jun 2028) |
(1,420) |
(764) |
(1,165) |
(404) |
(1,516) |
(5,269) |
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) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
72 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Non-trading VaR, 99% 10 day | ||||
Interest
rate
|
Credit
spread
|
Portfolio
diversification1
|
Total |
|
$m |
$m |
$m |
$m |
|
Half-year to 30 Jun 2025 |
446.6 |
217.5 |
(118.8) |
545.3 |
Average |
455.4 |
207.1 |
(126.7) |
535.8 |
Maximum |
575.3 |
240.0 |
617.5 |
|
Minimum |
378.9 |
181.3 |
458.0 |
|
Half-year to 30 Jun 2024 |
682.4 |
333.2 |
(224.1) |
791.5 |
Average |
740.5 |
337.2 |
(241.4) |
836.3 |
Maximum |
1,000.6 |
369.1 |
1,097.6 |
|
Minimum |
474.2 |
324.3 |
572.2 |
|
Half year to 31 Dec 2024 |
528.4 |
246.1 |
(220.7) |
553.8 |
Average |
466.9 |
292.9 |
(204.5) |
555.3 |
Maximum |
691.3 |
342.4 |
799.5 |
|
Minimum |
292.1 |
242.4 |
408.7 |
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
73 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Trading VaR, 99% 1 day | ||||||
Foreign exchange
and commodity
|
Interest
rate
|
Equity |
Credit
spread
|
Portfolio
diversification1
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Half-year to 30 Jun 2025 |
11.2 |
20.5 |
18.2 |
13.1 |
(28.3) |
34.6 |
Average |
14.7 |
31.4 |
15.6 |
11.3 |
(34.3) |
38.8 |
Maximum |
26.9 |
54.9 |
20.9 |
17.9 |
57.1 |
|
Minimum |
7.0 |
18.7 |
12.3 |
6.4 |
27.3 |
|
Half-year to 30 Jun 2024 |
20.6 |
47.5 |
15.7 |
9.9 |
(41.1) |
52.7 |
Average |
15.4 |
57.1 |
14.0 |
10.2 |
(37.1) |
59.7 |
Maximum |
29.8 |
78.1 |
17.6 |
12.7 |
83.3 |
|
Minimum |
6.9 |
42.0 |
12.7 |
6.6 |
45.7 |
|
Half-year to 31 Dec 2024 |
14.6 |
34.9 |
16.3 |
8.2 |
(35.7) |
38.3 |
Average |
15.0 |
39.7 |
15.5 |
9.7 |
(33.2) |
46.7 |
Maximum |
27.2 |
59.3 |
20.5 |
13.1 |
63.2 |
|
Minimum |
8.6 |
24.8 |
13.6 |
6.9 |
37.0 |
|
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 |
|
Half-year to 30 Jun 2025 |
34.6 |
22.2 |
Average |
38.8 |
24.5 |
Maximum |
57.1 |
31.4 |
Minimum |
27.3 |
18.5 |
Half-year to 30 Jun 2024 |
52.7 |
30.9 |
Average |
59.7 |
37.8 |
Maximum |
83.3 |
48.9 |
Minimum |
45.7 |
28.0 |
Half-year to 31 Dec 2024 |
38.3 |
23.4 |
Average |
46.7 |
28.2 |
Maximum |
63.2 |
39.8 |
Minimum |
37.0 |
22.0 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
74 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Risk |
Balance sheet of insurance manufacturing subsidiaries by type of contract | |||||
Life direct
participating and
investment
DPF contracts
|
Life
other1
|
Other
contracts2
|
Shareholder
assets
and liabilities
|
Total |
|
$m |
$m |
$m |
$m |
$m |
|
Financial assets |
107,933 |
5,069 |
6,652 |
6,596 |
126,250 |
– financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
|
103,127 |
4,757 |
5,330 |
1,100 |
114,314 |
– derivatives |
169 |
11 |
2 |
1 |
183 |
– financial investments – at amortised cost |
537 |
80 |
1,012 |
4,279 |
5,908 |
– financial assets at fair value through other comprehensive income |
— |
— |
4 |
67 |
71 |
– other financial assets |
4,100 |
221 |
304 |
1,149 |
5,774 |
Insurance contract assets |
15 |
159 |
— |
— |
174 |
Reinsurance contract assets |
— |
6,334 |
— |
— |
6,334 |
Other assets and investment properties3 |
27,985 |
63 |
38 |
4,148 |
32,234 |
Total assets at 30 Jun 2025 |
135,933 |
11,625 |
6,690 |
10,744 |
164,992 |
Liabilities under investment contracts designated at fair value |
— |
— |
6,332 |
— |
6,332 |
Insurance contract liabilities |
112,618 |
4,831 |
— |
— |
117,449 |
Reinsurance contract liabilities |
— |
691 |
— |
— |
691 |
Deferred tax |
— |
— |
— |
12 |
12 |
Other liabilities |
24,883 |
44 |
— |
7,862 |
32,789 |
Total liabilities |
137,501 |
5,566 |
6,332 |
7,874 |
157,273 |
Total equity |
— |
— |
— |
7,719 |
7,719 |
Total liabilities and equity at 30 Jun 2025 |
137,501 |
5,566 |
6,332 |
15,593 |
164,992 |
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 |
Other assets and investment properties |
24,647 |
64 |
36 |
3,337 |
28,084 |
Total assets at 31 Dec 2024 |
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 |
Deferred tax |
— |
— |
— |
12 |
12 |
Other liabilities |
21,772 |
39 |
— |
6,035 |
27,846 |
Total liabilities |
124,377 |
5,167 |
5,931 |
6,047 |
141,522 |
Total equity |
— |
— |
— |
7,015 |
7,015 |
Total liabilities and equity at 31 Dec 2024 |
124,377 |
5,167 |
5,931 |
13,062 |
148,537 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
75 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Consolidated income statement | |||
Half-year to |
|||
30 Jun 2025 |
30 Jun 2024 |
||
Notes* |
$m |
$m |
|
Net interest income |
16,821 |
16,911 |
|
– interest income |
49,008 |
55,372 |
|
– interest expense |
(32,187) |
(38,461) |
|
Net fee income |
2 |
6,643 |
6,200 |
– fee income |
8,640 |
8,158 |
|
– fee expense |
(1,997) |
(1,958) |
|
Net income from financial instruments held for trading or managed on a fair value basis1 |
10,547 |
10,516 |
|
Net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value
through profit or loss
|
5,113 |
2,376 |
|
Insurance finance expense |
(5,329) |
(2,486) |
|
Insurance service result |
785 |
662 |
|
– insurance service revenue |
1,511 |
1,310 |
|
– insurance service expense |
(726) |
(648) |
|
Gain less impairment relating to sale of business operations2 |
(34) |
3,256 |
|
Other operating (expense)/income3 |
(424) |
(143) |
|
Net operating income before change in expected credit losses and other credit impairment charges4 |
34,122 |
37,292 |
|
Change in expected credit losses and other credit impairment charges |
(1,941) |
(1,066) |
|
Net operating income |
32,181 |
36,226 |
|
Employee compensation and benefits |
(9,903) |
(9,192) |
|
General and administrative expenses |
(4,894) |
(5,135) |
|
Depreciation and impairment of property, plant and equipment and right-of-use assets |
(955) |
(867) |
|
Amortisation and impairment of intangible assets |
(1,270) |
(1,102) |
|
Total operating expenses |
(17,022) |
(16,296) |
|
Operating profit |
15,159 |
19,930 |
|
Share of profit in associates and joint ventures |
1,651 |
1,626 |
|
Impairment of interest in associate3 |
(1,000) |
— |
|
Profit before tax |
15,810 |
21,556 |
|
Tax expense |
(3,369) |
(3,891) |
|
Profit after tax |
12,441 |
17,665 |
|
Attributable to: |
|||
– ordinary shareholders of the parent company |
11,510 |
16,586 |
|
– other equity holders |
547 |
526 |
|
– non-controlling interests |
384 |
553 |
|
Profit after tax |
12,441 |
17,665 |
|
$ |
$ |
||
Basic earnings per ordinary share |
4 |
0.65 |
0.89 |
Diluted earnings per ordinary share |
4 |
0.65 |
0.88 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
76 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Profit for the period |
12,441 |
17,665 |
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 income1 |
205 |
(213) |
– fair value gains/(losses) |
640 |
(378) |
– fair value gains transferred to the income statement on disposal |
(83) |
(24) |
– expected credit losses recognised in the income statement |
2 |
13 |
– disposal of subsidiary |
— |
90 |
– income taxes |
(354) |
86 |
Cash flow hedges |
1,891 |
(710) |
– fair value losses |
(568) |
(612) |
– fair value losses/(gains) reclassified to the income statement |
3,037 |
(673) |
– disposal of subsidiary |
— |
262 |
– income taxes |
(578) |
313 |
Share of other comprehensive (expense)/income of associates and joint ventures |
(59) |
211 |
– share for the period |
(3) |
211 |
– other comprehensive income reclassified to the income statement on dilution of interest in an associate |
(56) |
— |
Net finance income from insurance contracts |
16 |
17 |
– before income taxes |
21 |
23 |
– income taxes |
(5) |
(6) |
Exchange differences |
6,404 |
(2,588) |
– foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation2 |
224 |
648 |
– other exchange differences |
6,180 |
(3,236) |
Items that will not be reclassified subsequently to profit or loss: |
||
Fair value gains on property revaluation |
14 |
5 |
Remeasurement of defined benefit (liability)/asset |
(347) |
146 |
– before income taxes |
(461) |
178 |
– income taxes |
114 |
(32) |
Changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk |
242 |
(283) |
– before income taxes |
315 |
(372) |
– income taxes |
(73) |
89 |
Equity instruments designated at fair value through other comprehensive income |
93 |
41 |
– fair value gains |
88 |
62 |
– income taxes |
5 |
(21) |
Effects of hyperinflation |
81 |
892 |
Other comprehensive income/(expense) for the period, net of tax |
8,540 |
(2,482) |
Total comprehensive income for the period |
20,981 |
15,183 |
Attributable to: |
||
– ordinary shareholders of the parent company |
19,917 |
14,131 |
– other equity holders |
547 |
526 |
– non-controlling interests |
517 |
526 |
Total comprehensive income for the period |
20,981 |
15,183 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
77 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
At |
|||
30 Jun 2025 |
31 Dec 2024 |
||
Notes* |
$m |
$m |
|
Assets |
|||
Cash and balances at central banks |
246,360 |
267,674 |
|
Hong Kong Government certificates of indebtedness |
42,592 |
42,293 |
|
Trading assets |
333,745 |
314,842 |
|
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss |
128,942 |
115,769 |
|
Derivatives |
8 |
249,672 |
268,637 |
Loans and advances to banks |
107,582 |
102,039 |
|
Loans and advances to customers |
981,722 |
930,658 |
|
Reverse repurchase agreements – non-trading |
283,204 |
252,549 |
|
Financial investments |
9 |
547,955 |
493,166 |
Assets held for sale |
38,978 |
27,234 |
|
Prepayments, accrued income and other assets |
204,370 |
152,740 |
|
Current tax assets |
1,364 |
1,313 |
|
Interests in associates and joint ventures |
10 |
28,202 |
28,909 |
Goodwill and intangible assets |
13,022 |
12,384 |
|
Deferred tax assets |
6,661 |
6,841 |
|
Total assets |
3,214,371 |
3,017,048 |
|
Liabilities |
|||
Hong Kong currency notes in circulation |
42,592 |
42,293 |
|
Deposits by banks |
97,782 |
73,997 |
|
Customer accounts |
1,718,604 |
1,654,955 |
|
Repurchase agreements – non-trading |
195,532 |
180,880 |
|
Trading liabilities |
70,653 |
65,982 |
|
Financial liabilities designated at fair value |
163,589 |
138,727 |
|
Derivatives |
8 |
257,601 |
264,448 |
Debt securities in issue |
102,129 |
105,785 |
|
Liabilities of disposal groups held for sale |
46,165 |
29,011 |
|
Accruals, deferred income and other liabilities |
167,062 |
130,340 |
|
Current tax liabilities |
3,232 |
1,729 |
|
Insurance contract liabilities |
118,297 |
107,629 |
|
Provisions |
11 |
2,125 |
1,724 |
Deferred tax liabilities |
1,570 |
1,317 |
|
Subordinated liabilities |
27,569 |
25,958 |
|
Total liabilities |
3,014,502 |
2,824,775 |
|
Equity |
|||
Called up share capital |
8,739 |
8,973 |
|
Share premium account |
14,918 |
14,810 |
|
Other equity instruments |
20,716 |
19,070 |
|
Other reserves |
(1,556) |
(10,282) |
|
Retained earnings |
149,737 |
152,402 |
|
Total shareholders’ equity |
192,554 |
184,973 |
|
Non-controlling interests |
7,315 |
7,300 |
|
Total equity |
199,869 |
192,273 |
|
Total liabilities and equity |
3,214,371 |
3,017,048 |
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
78 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Other reserves |
|||||||||||
Called up
share
capital
and share
premium
|
Other
equity
instru-
ments
|
Financial
assets at
FVOCI
reserve1
|
Cash
flow
hedging
reserve
|
Foreign
exchange
reserve
|
Merger
and
other
reserves
|
Insurance
finance
reserve2
|
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 period |
— |
— |
— |
— |
— |
— |
— |
12,057 |
12,057 |
384 |
12,441 |
Other comprehensive
income (net of tax)
|
— |
— |
6 |
1,734 |
6,630 |
14 |
102 |
(79) |
8,407 |
133 |
8,540 |
– debt instruments at fair
value through other
comprehensive income
|
— |
— |
177 |
— |
— |
— |
— |
— |
177 |
28 |
205 |
– equity instruments
designated at fair value
through other
comprehensive income
|
— |
— |
57 |
— |
— |
— |
— |
— |
57 |
36 |
93 |
– cash flow hedges |
— |
— |
— |
1,794 |
— |
— |
— |
— |
1,794 |
97 |
1,891 |
– changes in fair value of
financial liabilities
designated at fair value
upon initial recognition
arising from changes in
own credit risk
|
— |
— |
— |
— |
— |
— |
— |
242 |
242 |
— |
242 |
– property revaluation |
— |
— |
— |
— |
— |
14 |
— |
— |
14 |
— |
14 |
– remeasurement of
defined benefit asset/
(liability)
|
— |
— |
— |
— |
— |
— |
— |
(343) |
(343) |
(4) |
(347) |
– share of other
comprehensive income of
associates and joint
ventures
|
— |
— |
— |
— |
— |
— |
— |
(3) |
(3) |
— |
(3) |
– effects of hyperinflation |
— |
— |
— |
— |
— |
— |
— |
81 |
81 |
— |
81 |
– foreign exchange losses
reclassified to income
statement on disposal or
dilution of a foreign
operation3
|
— |
— |
— |
— |
224 |
— |
— |
— |
224 |
— |
224 |
– other reserves
reclassified to income
statement on disposal or
dilution of a foreign
operation3
|
— |
— |
— |
— |
— |
— |
— |
(56) |
(56) |
— |
(56) |
– insurance finance income
recognised in other
comprehensive income
|
— |
— |
— |
— |
— |
— |
16 |
— |
16 |
— |
16 |
– other exchange
differences
|
— |
— |
(228) |
(60) |
6,406 |
— |
86 |
— |
6,204 |
(24) |
6,180 |
Total comprehensive
income for the period
|
— |
— |
6 |
1,734 |
6,630 |
14 |
102 |
11,978 |
20,464 |
517 |
20,981 |
Shares issued under
employee remuneration and
share plans
|
113 |
— |
— |
— |
— |
— |
— |
(113) |
— |
— |
— |
Capital securities issued4 |
— |
4,096 |
— |
— |
— |
— |
— |
— |
4,096 |
— |
4,096 |
Dividends to shareholders |
— |
— |
— |
— |
— |
— |
— |
(8,694) |
(8,694) |
(477) |
(9,171) |
Redemption of securities5 |
— |
(2,450) |
— |
— |
— |
— |
— |
— |
(2,450) |
— |
(2,450) |
Cost of share-based
payment arrangements
|
— |
— |
— |
— |
— |
— |
— |
316 |
316 |
— |
316 |
Share buy-backs6 |
— |
— |
— |
— |
— |
— |
— |
(5,023) |
(5,023) |
— |
(5,023) |
Cancellation of shares |
(239) |
— |
— |
— |
— |
239 |
— |
— |
— |
— |
— |
Other movements |
— |
— |
1 |
— |
— |
— |
— |
(1,129) |
(1,128) |
(25) |
(1,153) |
At 30 Jun 2025 |
23,657 |
20,716 |
(3,239) |
655 |
(26,257) |
26,581 |
704 |
149,737 |
192,554 |
7,315 |
199,869 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
79 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Consolidated statement of changes in equity (continued) | |||||||||||
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
reserve2
|
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 period |
— |
— |
— |
— |
— |
— |
— |
17,112 |
17,112 |
553 |
17,665 |
Other comprehensive
income (net of tax)
|
— |
— |
(164) |
(691) |
(2,551) |
5 |
(10) |
956 |
(2,455) |
(27) |
(2,482) |
– debt instruments at fair
value through other
comprehensive income
|
— |
— |
(313) |
— |
— |
— |
— |
— |
(313) |
10 |
(303) |
– equity instruments
designated at fair value
through other
comprehensive income
|
— |
— |
35 |
— |
— |
— |
— |
— |
35 |
6 |
41 |
– cash flow hedges |
— |
— |
— |
(970) |
— |
— |
— |
— |
(970) |
(2) |
(972) |
– changes in fair value of
financial liabilities
designated at fair value
upon initial recognition
arising from changes in
own credit risk
|
— |
— |
— |
— |
— |
— |
— |
(283) |
(283) |
— |
(283) |
– property revaluation |
— |
— |
— |
— |
— |
5 |
— |
— |
5 |
— |
5 |
– remeasurement of
defined benefit asset/
(liability)
|
— |
— |
— |
— |
— |
— |
— |
136 |
136 |
10 |
146 |
– share of other
comprehensive income of
associates and joint
ventures
|
— |
— |
— |
— |
— |
— |
— |
211 |
211 |
— |
211 |
– effects of hyperinflation |
— |
— |
— |
— |
— |
— |
— |
892 |
892 |
— |
892 |
– foreign exchange losses
reclassified to income
statement on disposal or
dilution of a foreign
operation
|
— |
— |
— |
— |
648 |
— |
— |
— |
648 |
— |
648 |
– other reserves
reclassified to income
statement on disposal or
dilution of a foreign
operation
|
— |
— |
90 |
262 |
— |
— |
— |
— |
352 |
— |
352 |
– insurance finance income
recognised in other
comprehensive income
|
— |
— |
— |
— |
— |
— |
17 |
— |
17 |
— |
17 |
– other exchange
differences
|
— |
— |
24 |
17 |
(3,199) |
— |
(27) |
— |
(3,185) |
(51) |
(3,236) |
Total comprehensive
income for the period
|
— |
— |
(164) |
(691) |
(2,551) |
5 |
(10) |
18,068 |
14,657 |
526 |
15,183 |
Shares issued under
employee remuneration and
share plans
|
75 |
— |
— |
— |
— |
— |
— |
(75) |
— |
— |
— |
Capital securities issued |
— |
1,106 |
— |
— |
— |
— |
— |
— |
1,106 |
— |
1,106 |
Dividends to shareholders |
— |
— |
— |
— |
— |
— |
— |
(12,217) |
(12,217) |
(468) |
(12,685) |
Cost of share-based
payment arrangements
|
— |
— |
— |
— |
— |
— |
— |
274 |
274 |
— |
274 |
Transfers |
— |
— |
— |
— |
— |
(2,945) |
— |
2,945 |
— |
— |
— |
Share buy-backs |
— |
— |
— |
— |
— |
— |
— |
(5,019) |
(5,019) |
— |
(5,019) |
Cancellation of shares |
(326) |
— |
— |
— |
— |
326 |
— |
— |
— |
— |
— |
Other movements |
— |
— |
4 |
— |
— |
3 |
— |
(844) |
(837) |
(218) |
(1,055) |
At 30 Jun 2024 |
24,118 |
18,825 |
(3,667) |
(1,724) |
(36,304) |
25,990 |
775 |
155,280 |
183,293 |
7,121 |
190,414 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
80 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
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
reserve2
|
Retained
earnings
|
Total
share-
holders’
equity
|
Non-
controlling
interests
|
Total
equity
|
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
At 1 Jul 2024 |
24,118 |
18,825 |
(3,667) |
(1,724) |
(36,304) |
25,990 |
775 |
155,280 |
183,293 |
7,121 |
190,414 |
Profit for the period |
— |
— |
— |
— |
— |
— |
— |
6,867 |
6,867 |
467 |
7,334 |
Other comprehensive
income (net of tax)
|
— |
— |
423 |
645 |
3,414 |
— |
(173) |
62 |
4,371 |
51 |
4,422 |
– debt instruments at fair
value through other
comprehensive income
|
— |
— |
375 |
— |
— |
— |
— |
— |
375 |
6 |
381 |
– equity instruments
designated at fair value
through other
comprehensive income
|
— |
— |
40 |
— |
— |
— |
— |
— |
40 |
18 |
58 |
– cash flow hedges |
— |
— |
— |
658 |
— |
— |
— |
— |
658 |
— |
658 |
– changes in fair value of
financial liabilities
designated at fair value
upon initial recognition
arising from changes in
own credit risk
|
— |
— |
— |
— |
— |
— |
— |
(156) |
(156) |
— |
(156) |
– property revaluation |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
– remeasurement of
defined benefit asset/
(liability)
|
— |
— |
— |
— |
— |
— |
— |
(380) |
(380) |
6 |
(374) |
– share of other
comprehensive income of
associates and joint
ventures
|
— |
— |
— |
— |
— |
— |
— |
251 |
251 |
— |
251 |
– effects of hyperinflation |
— |
— |
— |
— |
— |
— |
— |
347 |
347 |
— |
347 |
– foreign exchange losses
reclassified to income
statement on disposal or
dilution of a foreign
operation
|
— |
— |
— |
— |
5,168 |
— |
— |
— |
5,168 |
— |
5,168 |
– other reserves
reclassified to income
statement on disposal or
dilution of a foreign
operation
|
— |
— |
(5) |
— |
— |
— |
— |
— |
(5) |
— |
(5) |
– insurance finance
expense recognised in
other comprehensive
income
|
— |
— |
— |
— |
— |
— |
(159) |
— |
(159) |
— |
(159) |
– other exchange
differences
|
— |
— |
13 |
(13) |
(1,754) |
— |
(14) |
— |
(1,768) |
21 |
(1,747) |
Total comprehensive
income for the period
|
— |
— |
423 |
645 |
3,414 |
— |
(173) |
6,929 |
11,238 |
518 |
11,756 |
Shares issued under
employee remuneration and
share plans
|
2 |
— |
— |
— |
— |
— |
— |
(2) |
— |
— |
— |
Capital securities issued |
— |
2,495 |
— |
— |
— |
— |
— |
— |
2,495 |
— |
2,495 |
Dividends to shareholders |
— |
— |
— |
— |
— |
— |
— |
(4,193) |
(4,193) |
(222) |
(4,415) |
Redemption of securities |
— |
(2,250) |
— |
— |
— |
— |
— |
— |
(2,250) |
— |
(2,250) |
Cost of share-based
payment arrangements
|
— |
— |
— |
— |
— |
— |
— |
255 |
255 |
— |
255 |
Share buy-backs |
— |
— |
— |
— |
— |
— |
— |
(6,024) |
(6,024) |
— |
(6,024) |
Cancellation of shares |
(337) |
— |
— |
— |
— |
337 |
— |
— |
— |
— |
— |
Other movements |
— |
— |
(2) |
— |
3 |
1 |
— |
157 |
159 |
(117) |
42 |
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 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
81 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Consolidated statement of cash flows | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Profit before tax |
15,810 |
21,556 |
Adjustments for non-cash items: |
||
Depreciation, amortisation and impairment |
2,225 |
1,969 |
Net loss/(gain) from investing activities1 |
1,127 |
(34) |
Share of profit in associates and joint ventures |
(1,651) |
(1,626) |
Impairment of interest in associate2 |
1,000 |
— |
Net loss/(gain) on acquisition/disposal of subsidiaries, businesses, associates and joint ventures |
73 |
(3,199) |
Change in expected credit losses gross of recoveries and other credit impairment charges |
2,077 |
1,192 |
Provisions including pensions |
584 |
15 |
Share-based payment expense |
315 |
274 |
Other non-cash items included in profit before tax |
(2,732) |
(4,237) |
Elimination of exchange differences3 |
(41,720) |
18,406 |
Change in operating assets4 |
(136,572) |
(41,493) |
Change in operating liabilities |
174,060 |
36,486 |
Dividends received from associates |
850 |
130 |
Contributions paid to defined benefit plans |
(67) |
(76) |
Tax paid |
(2,197) |
(2,664) |
Net cash from operating activities |
13,182 |
26,699 |
Purchase of financial investments |
(266,941) |
(259,999) |
Proceeds from the sale and maturity of financial investments |
232,360 |
223,443 |
Net cash flows from the purchase and sale of property, plant and equipment |
(504) |
(464) |
Net investment in intangible assets |
(1,316) |
(1,058) |
Net cash inflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures5 |
— |
9,891 |
Net cash outflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures5 |
(29) |
(10,612) |
Net cash from investing activities |
(36,430) |
(38,799) |
Issue of ordinary share capital and other equity instruments |
4,096 |
1,106 |
Share buy-backs |
(5,386) |
(5,330) |
Net sales/(purchases) of own shares for market-making and investment purposes |
(1,100) |
(494) |
Redemption of preference shares and other equity instruments |
(2,450) |
— |
Subordinated loan capital issued |
2,340 |
2,611 |
Subordinated loan capital repaid |
(1,986) |
(2,000) |
Dividends paid to shareholders of the parent company and non-controlling interests |
(9,171) |
(12,685) |
Net cash from financing activities |
(13,657) |
(16,792) |
Net decrease in cash and cash equivalents |
(36,905) |
(28,892) |
Cash and cash equivalents at the beginning of the period |
434,940 |
490,933 |
Exchange differences in respect of cash and cash equivalents |
30,872 |
(13,057) |
Cash and cash equivalents at the end of the period6 |
428,907 |
448,984 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
82 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
1 |
Basis of preparation and material accounting policies |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
83 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Net fee income by product |
||
Funds under management |
1,355 |
1,206 |
Cards |
1,388 |
1,395 |
Credit facilities |
694 |
754 |
Account services |
734 |
760 |
Broking income |
769 |
626 |
Unit trusts |
659 |
515 |
Underwriting |
385 |
369 |
Global custody |
457 |
401 |
Remittances |
418 |
399 |
Imports/exports |
294 |
313 |
Insurance agency commission |
237 |
183 |
Other |
1,250 |
1,237 |
Fee income |
8,640 |
8,158 |
Less: fee expense |
(1,997) |
(1,958) |
Net fee income |
6,643 |
6,200 |
Net fee income by business segment |
||
Hong Kong |
1,435 |
1,154 |
UK |
907 |
891 |
CIB |
2,217 |
2,223 |
IWPB |
2,085 |
1,922 |
Corporate Centre |
(1) |
10 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
84 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Dividends paid to shareholders of HSBC Holdings plc | ||||
Half-year to |
||||
30 Jun 2025 |
30 Jun 2024 |
|||
Per share |
Total |
Per share |
Total |
|
$ |
$m |
$ |
$m |
|
Dividends paid on ordinary shares |
||||
In respect of previous year: |
||||
– 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 |
– special dividend |
— |
— |
0.21 |
3,942 |
Total |
0.46 |
8,147 |
0.62 |
11,691 |
Total coupons on capital securities classified as equity |
547 |
526 |
||
Dividends to shareholders |
8,694 |
12,217 |
||
Basic and diluted earnings per share | ||||||
Half-year to |
||||||
30 Jun 2025 |
30 Jun 2024 |
|||||
Profit |
Number
of shares
|
Amount
per share
|
Profit |
Number
of shares
|
Amount
per share
|
|
$m |
(millions) |
$ |
$m |
(millions) |
$ |
|
Basic1 |
11,510 |
17,646 |
0.65 |
16,586 |
18,666 |
0.89 |
Effect of dilutive potential ordinary shares |
126 |
120 |
||||
Diluted1 |
11,510 |
17,772 |
0.65 |
16,586 |
18,786 |
0.88 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
85 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC constant currency profit before tax and balance sheet data | ||||||
Half-year to 30 Jun 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 charges1,2
|
7,848 |
6,228 |
14,117 |
7,011 |
(1,082) |
34,122 |
– external |
5,037 |
6,678 |
19,648 |
5,964 |
(3,205) |
34,122 |
– inter-segment |
2,811 |
(450) |
(5,531) |
1,047 |
2,123 |
— |
– of which: net interest income/(expense)3 |
5,875 |
5,306 |
7,014 |
3,657 |
(5,031) |
16,821 |
Change in expected credit losses and other credit impairment charges |
(864) |
(323) |
(299) |
(453) |
(2) |
(1,941) |
Net operating income/(expense) |
6,984 |
5,905 |
13,818 |
6,558 |
(1,084) |
32,181 |
Total operating expenses |
(2,310) |
(2,624) |
(7,456) |
(4,468) |
(164) |
(17,022) |
Operating profit/(loss) |
4,674 |
3,281 |
6,362 |
2,090 |
(1,248) |
15,159 |
Share of profit in associates and joint ventures less impairment2 |
— |
— |
— |
2 |
649 |
651 |
Constant currency profit/(loss) before tax |
4,674 |
3,281 |
6,362 |
2,092 |
(599) |
15,810 |
% |
% |
% |
% |
% |
% |
|
Share of HSBC’s constant currency profit/(loss) before tax |
29.6 |
20.8 |
40.2 |
13.2 |
(3.8) |
100.0 |
Constant currency cost efficiency ratio |
29.4 |
42.1 |
52.8 |
63.7 |
(15.2) |
49.9 |
Constant currency balance sheet data |
$m |
$m |
$m |
$m |
$m |
$m |
Loans and advances to customers (net) |
230,139 |
299,631 |
304,240 |
147,523 |
189 |
981,722 |
Interests in associates and joint ventures |
— |
— |
116 |
526 |
27,560 |
28,202 |
Total external assets |
433,153 |
443,023 |
1,763,915 |
435,437 |
138,843 |
3,214,371 |
Customer accounts |
517,406 |
360,494 |
564,847 |
275,504 |
353 |
1,718,604 |
Half-year to 30 Jun 20244 |
||||||
Net operating income before change in expected credit losses and other
credit impairment charges1
|
7,432 |
5,994 |
13,333 |
6,933 |
3,365 |
37,057 |
– external |
4,769 |
6,280 |
19,696 |
5,689 |
623 |
37,057 |
– inter-segment |
2,663 |
(286) |
(6,363) |
1,244 |
2,742 |
— |
– of which: net interest income/(expense)3 |
5,928 |
5,026 |
7,314 |
4,131 |
(5,865) |
16,534 |
Change in expected credit losses and other credit impairment charges |
(338) |
(58) |
(175) |
(416) |
(6) |
(993) |
Net operating income |
7,094 |
5,936 |
13,158 |
6,517 |
3,359 |
36,064 |
Total operating expenses |
(2,340) |
(2,403) |
(7,037) |
(4,277) |
(135) |
(16,192) |
Operating profit |
4,754 |
3,533 |
6,121 |
2,240 |
3,224 |
19,872 |
Share of profit in associates and joint ventures |
— |
— |
— |
27 |
1,592 |
1,619 |
Constant currency profit before tax |
4,754 |
3,533 |
6,121 |
2,267 |
4,816 |
21,491 |
% |
% |
% |
% |
% |
% |
|
Share of HSBC’s constant currency profit before tax |
22.1 |
16.4 |
28.5 |
10.6 |
22.4 |
100.0 |
Constant currency cost efficiency ratio |
31.5 |
40.1 |
52.8 |
61.7 |
4.0 |
43.7 |
Constant currency balance sheet data |
$m |
$m |
$m |
$m |
$m |
$m |
Loans and advances to customers (net) |
236,309 |
286,915 |
300,392 |
140,795 |
8,368 |
972,779 |
Interests in associates and joint ventures |
— |
— |
132 |
561 |
28,047 |
28,740 |
Total external assets |
413,491 |
428,708 |
1,702,163 |
399,795 |
140,213 |
3,084,370 |
Customer accounts |
474,140 |
352,573 |
558,629 |
266,148 |
421 |
1,651,911 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
86 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Reported external net operating income by country/territory |
34,122 |
37,292 |
– UK1 |
6,270 |
6,247 |
– Hong Kong |
11,490 |
10,393 |
– US |
2,313 |
2,146 |
– Mainland China |
67 |
1,246 |
– other countries/territories |
13,982 |
17,260 |
Constant currency results reconciliation | ||||
30 Jun 2025 |
30 Jun 2024 |
|||
Reported and
constant currency
|
Constant
currency
|
Currency
translation
|
Reported |
|
$m |
$m |
$m |
$m |
|
Revenue1,2 |
34,122 |
37,057 |
(235) |
37,292 |
ECL |
(1,941) |
(993) |
73 |
(1,066) |
Operating expenses |
(17,022) |
(16,192) |
104 |
(16,296) |
Share of profit in associates and joint ventures less impairment2 |
651 |
1,619 |
(7) |
1,626 |
Profit before tax |
15,810 |
21,491 |
(65) |
21,556 |
Constant currency balance sheet reconciliation | |||||||
At 30 Jun 2025 |
At 30 Jun 2024 |
At 31 Dec 2024 |
|||||
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) |
981,722 |
972,779 |
34,522 |
938,257 |
974,647 |
43,989 |
930,658 |
Interests in associates and joint ventures |
28,202 |
28,740 |
275 |
28,465 |
29,273 |
364 |
28,909 |
Total external assets |
3,214,371 |
3,084,370 |
109,367 |
2,975,003 |
3,152,674 |
135,626 |
3,017,048 |
Customer accounts |
1,718,604 |
1,651,911 |
58,077 |
1,593,834 |
1,726,199 |
71,244 |
1,654,955 |
Notable items | ||
Half-year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Revenue |
||
Disposals, wind-downs, acquisitions and related costs1 |
(139) |
3,571 |
Dilution loss of interest in BoCom associate2 |
(1,136) |
— |
Operating expenses |
||
Disposals, wind-downs, acquisitions and related costs |
(227) |
(101) |
Restructuring and other related costs3 |
(616) |
19 |
Impairment losses of interest in BoCom associate2 |
(1,000) |
— |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
87 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Financial instruments carried at fair value and bases of valuation |
||||||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||||||
Valuation techniques |
Valuation techniques |
|||||||
Quoted
market
price
Level 1
|
Using
observable
inputs
Level 2
|
With
significant
unobservable
inputs
Level 3
|
Total |
Quoted
market price
Level 1
|
Using
observable
inputs
Level 2
|
With
significant
unobservable
inputs
Level 3
|
Total |
|
Recurring fair value measurements |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
Assets |
||||||||
Trading assets |
247,679 |
80,843 |
5,223 |
333,745 |
236,593 |
71,574 |
6,675 |
314,842 |
Financial assets designated and otherwise
mandatorily measured at fair value through
profit or loss
|
46,797 |
57,555 |
24,590 |
128,942 |
39,331 |
56,694 |
19,744 |
115,769 |
Derivatives |
1,271 |
245,767 |
2,634 |
249,672 |
1,859 |
264,629 |
2,149 |
268,637 |
Financial investments |
302,583 |
77,043 |
2,120 |
381,746 |
258,371 |
78,088 |
2,734 |
339,193 |
Liabilities |
||||||||
Trading liabilities |
47,182 |
23,424 |
47 |
70,653 |
42,038 |
23,160 |
784 |
65,982 |
Financial liabilities designated at fair value |
2,526 |
152,043 |
9,020 |
163,589 |
2,152 |
127,458 |
9,117 |
138,727 |
Derivatives |
2,072 |
251,858 |
3,671 |
257,601 |
1,088 |
260,518 |
2,842 |
264,448 |
Financial instruments carried at fair value and bases of valuation – assets and liabilities held for sale | ||||||||
At 30 June 2025 |
At 31 Dec 2024 |
|||||||
Valuation techniques |
Valuation techniques |
|||||||
Quoted
market
price
Level 1
|
Using
observable
inputs
Level 2
|
With
significant
unobservable
inputs
Level 3
|
Total |
Quoted
market
price
Level 1
|
Using
observable
inputs
Level 2
|
With
significant
unobservable
inputs
Level 3
|
Total |
|
Recurring fair value measurements |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
Assets |
||||||||
Trading assets |
— |
— |
— |
— |
— |
— |
— |
— |
Financial assets designated and otherwise
mandatorily measured at fair value through
profit or loss
|
3,060 |
11,246 |
2,666 |
16,972 |
2,967 |
9,018 |
2,575 |
14,560 |
Derivatives |
— |
51 |
— |
51 |
— |
36 |
— |
36 |
Financial investments |
3,193 |
12,151 |
510 |
15,854 |
2,651 |
5,345 |
504 |
8,500 |
Liabilities |
||||||||
Trading liabilities |
— |
— |
— |
— |
— |
— |
— |
— |
Financial liabilities designated at fair value |
— |
13 |
— |
13 |
— |
130 |
— |
130 |
Derivatives |
— |
12 |
— |
12 |
— |
19 |
— |
19 |
Transfers between Level 1 and Level 2 fair values | |||||||
Assets |
Liabilities |
||||||
Financial
investments
|
Trading
assets
|
Designated and
otherwise mandatorily
measured at fair value
|
Derivatives |
Trading
liabilities
|
Designated
at fair value
|
Derivatives |
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
At 30 Jun 2025 |
|||||||
Transfers from Level 1 to Level 2 |
6,032 |
2,596 |
703 |
— |
94 |
— |
— |
Transfers from Level 2 to Level 1 |
7,019 |
4,812 |
2,794 |
— |
210 |
— |
— |
At 31 Dec 2024 |
|||||||
Transfers from Level 1 to Level 2 |
13,511 |
9,246 |
1,540 |
— |
191 |
— |
— |
Transfers from Level 2 to Level 1 |
10,752 |
6,060 |
3,042 |
— |
159 |
— |
— |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
88 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Fair value adjustments | ||||
At |
||||
30 Jun 2025 |
31 Dec 2024 |
|||
$m |
$m |
|||
Type of adjustment |
||||
Risk-related |
658 |
669 |
||
– bid-offer |
392 |
368 |
||
– uncertainty |
112 |
101 |
||
– credit valuation adjustment |
145 |
153 |
||
– debit valuation adjustment |
(23) |
(24) |
||
– funding fair value adjustment |
32 |
71 |
||
Model-related |
73 |
50 |
||
– model limitation |
73 |
50 |
||
Inception profit (Day 1 P&L reserves) |
113 |
92 |
||
Total |
844 |
811 |
||
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
|
587 |
1 |
19,363 |
— |
19,951 |
— |
1 |
— |
1 |
Asset-backed securities |
160 |
171 |
— |
— |
331 |
— |
— |
— |
— |
Structured notes |
— |
— |
— |
— |
— |
— |
9,017 |
— |
9,017 |
Other derivatives |
— |
— |
— |
2,634 |
2,634 |
— |
— |
3,671 |
3,671 |
Other portfolios |
1,373 |
5,051 |
5,227 |
— |
11,651 |
47 |
2 |
— |
49 |
At 30 Jun 2025 |
2,120 |
5,223 |
24,590 |
2,634 |
34,567 |
47 |
9,020 |
3,671 |
12,738 |
Private equity including
strategic investments
|
552 |
1 |
17,705 |
— |
18,258 |
— |
1 |
— |
1 |
Asset-backed securities |
182 |
198 |
— |
— |
380 |
— |
— |
— |
— |
Structured notes |
— |
— |
3 |
— |
3 |
— |
9,113 |
— |
9,113 |
Other derivatives |
— |
— |
— |
2,149 |
2,149 |
— |
— |
2,842 |
2,842 |
Other portfolios |
2,000 |
6,476 |
2,036 |
— |
10,512 |
784 |
3 |
— |
787 |
At 31 Dec 2024 |
2,734 |
6,675 |
19,744 |
2,149 |
31,302 |
784 |
9,117 |
2,842 |
12,743 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
89 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
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 or losses recognised in profit or loss |
1 |
(37) |
912 |
605 |
(20) |
112 |
893 |
– net income or losses from financial instruments held for
trading or managed on a fair value basis
|
— |
(37) |
— |
605 |
(20) |
112 |
893 |
– net income from assets and liabilities of insurance
businesses, including related derivatives, measured at
fair value through profit or loss
|
— |
— |
867 |
— |
— |
— |
— |
– changes in fair value of other financial instruments
mandatorily measured at fair value through profit or loss
|
— |
— |
45 |
— |
— |
— |
— |
– gains less losses from financial investments held at fair
value through other comprehensive income
|
1 |
— |
— |
— |
— |
— |
— |
Total gains/(losses) recognised in other comprehensive
income (‘OCI’)1
|
238 |
266 |
(76) |
195 |
22 |
419 |
237 |
– financial investments: fair value gains/(losses) |
35 |
— |
— |
— |
— |
1 |
— |
– exchange differences |
203 |
266 |
(76) |
195 |
22 |
418 |
237 |
Purchases |
880 |
2,312 |
2,003 |
— |
58 |
— |
— |
New issuances |
— |
1 |
— |
— |
— |
2,966 |
— |
Sales |
(127) |
(1,541) |
(75) |
— |
(12) |
— |
— |
Settlements |
(313) |
(1,419) |
(182) |
(404) |
(318) |
(2,355) |
(341) |
Transfers out |
(1,478) |
(1,690) |
(184) |
(300) |
(482) |
(2,826) |
(464) |
Transfers in2 |
185 |
656 |
2,448 |
389 |
15 |
1,587 |
504 |
At 30 Jun 2025 |
2,120 |
5,223 |
24,590 |
2,634 |
47 |
9,020 |
3,671 |
Unrealised gains or losses recognised in profit or loss
relating to assets and liabilities held at 30 Jun 2025
|
— |
55 |
116 |
699 |
28 |
(179) |
(1,307) |
– net income or losses from financial instruments held for
trading or managed on a fair value basis
|
— |
55 |
— |
699 |
28 |
— |
(1,307) |
– changes in fair value of other financial instruments
mandatorily measured at fair value through profit or loss
|
— |
— |
116 |
— |
— |
(179) |
— |
At 1 Jan 2024 |
2,618 |
4,306 |
19,788 |
2,069 |
478 |
10,928 |
2,569 |
Total gains or losses recognised in profit or loss |
(11) |
(7) |
270 |
323 |
(4) |
345 |
865 |
– net income or losses from financial instruments held for
trading or managed on a fair value basis
|
— |
(7) |
— |
323 |
(4) |
345 |
865 |
– net income from assets and liabilities of insurance
businesses, including related derivatives, measured at
fair value through profit or loss
|
— |
— |
223 |
— |
— |
— |
— |
– changes in fair value of other financial instruments
mandatorily measured at fair value through profit or loss
|
— |
— |
47 |
— |
— |
— |
— |
– gains less losses from financial investments held at fair
value through other comprehensive income
|
(11) |
— |
— |
— |
— |
— |
— |
Total gains/(losses) recognised in other comprehensive
income (‘OCI’)
|
(73) |
(48) |
(102) |
(22) |
(4) |
(77) |
(30) |
– financial investments: fair value gains/(losses) |
(18) |
— |
— |
— |
— |
31 |
— |
– exchange differences |
(55) |
(48) |
(102) |
(22) |
(4) |
(108) |
(30) |
Purchases |
351 |
1,030 |
3,694 |
— |
135 |
— |
— |
New issuances |
— |
— |
— |
— |
— |
3,378 |
— |
Sales |
(30) |
(633) |
(183) |
— |
(293) |
— |
— |
Settlements |
(406) |
(615) |
(1,738) |
(147) |
(164) |
(1,898) |
(136) |
Transfers out |
(80) |
(281) |
(213) |
(265) |
(29) |
(1,039) |
(353) |
Transfers in |
45 |
328 |
105 |
553 |
11 |
522 |
566 |
At 30 Jun 2024 |
2,414 |
4,080 |
21,621 |
2,511 |
130 |
12,159 |
3,481 |
Unrealised gains or losses recognised in profit or loss
relating to assets and liabilities held at 30 Jun 2024
|
— |
(12) |
(302) |
(2,157) |
5 |
(167) |
(541) |
– net income or losses from financial instruments held for
trading or managed on a fair value basis
|
— |
(12) |
— |
(2,157) |
5 |
— |
(541) |
– changes in fair value of other financial instruments
mandatorily measured at fair value through profit or loss
|
— |
— |
(302) |
— |
— |
(167) |
— |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
90 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Sensitivity of fair values to reasonably possible alternative assumptions | ||||
Reflected in profit or loss |
Reflected in OCI |
|||
Favourable
changes
|
Unfavourable
changes
|
Favourable
changes
|
Unfavourable
changes
|
|
$m |
$m |
$m |
$m |
|
Derivatives, trading assets and trading liabilities1 |
524 |
(309) |
— |
— |
Financial assets and liabilities designated and otherwise mandatorily measured at fair value
through profit or loss
|
1,873 |
(1,470) |
— |
— |
Financial investments |
19 |
(19) |
52 |
(55) |
At 30 Jun 2025 |
2,416 |
(1,798) |
52 |
(55) |
Derivatives, trading assets and trading liabilities1 |
546 |
(309) |
— |
— |
Financial assets and liabilities designated and otherwise mandatorily measured at fair value
through profit or loss
|
1,664 |
(1,255) |
— |
— |
Financial investments |
18 |
(18) |
42 |
(45) |
At 30 Jun 2024 |
2,228 |
(1,582) |
42 |
(45) |
Derivatives, trading assets and trading liabilities1 |
481 |
(313) |
— |
— |
Financial assets and liabilities designated and otherwise mandatorily measured at fair value
through profit or loss
|
1,434 |
(1,141) |
— |
— |
Financial investments |
21 |
(21) |
47 |
(50) |
At 31 Dec 2024 |
1,936 |
(1,475) |
47 |
(50) |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
91 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Quantitative information about significant unobservable inputs in Level 3 valuations | ||||||||
Fair value |
Key valuation
techniques
|
Key unobservable
inputs
|
30 Jun 2025 |
31 Dec 2024 |
||||
Assets |
Liabilities |
Full range of
inputs
|
Full range of
inputs
|
|||||
$m |
$m |
Lower |
Higher |
Lower |
Higher |
|||
Private equity including
strategic investments1
|
19,951 |
1 |
Price – Net asset value |
Current Value/
Cost
|
0 |
75 |
0 |
291 |
Asset-backed securities |
331 |
— |
||||||
– collateralised loan/debt obligation |
99 |
— |
||||||
Market proxy |
Price |
0 |
100 |
0 |
97 |
|||
– other ABSs |
232 |
— |
Market proxy |
Price |
0 |
255 |
0 |
248 |
Loans held for securitisation |
— |
— |
||||||
Structured notes |
— |
9,017 |
||||||
– equity-linked notes |
— |
6,250 |
Model – Option model |
Equity volatility |
5% |
67% |
6% |
70% |
Model – Option model |
Equity correlation |
10% |
100% |
15% |
100% |
|||
– foreign exchange (‘FX’)-linked
notes
|
— |
993 |
Model – Option model |
FX volatility |
4% |
19% |
3% |
35% |
– other structured notes |
— |
1,774 |
||||||
Other derivatives |
2,634 |
3,671 |
||||||
– interest rate derivatives |
1,000 |
1,055 |
||||||
securitisation swaps |
143 |
324 |
Model – Discounted
cash flow
|
Prepayment rate |
5% |
10% |
5% |
10% |
long-dated swaptions |
89 |
91 |
Model – Option model |
Interest rate
volatility
|
9% |
30% |
9% |
30% |
other interest rate derivatives |
768 |
640 |
||||||
– FX derivatives |
547 |
470 |
||||||
FX options |
318 |
249 |
Model – Option model |
FX volatility |
1% |
19% |
1% |
26% |
other foreign exchange derivatives |
229 |
221 |
||||||
– equity derivatives |
819 |
1,494 |
||||||
long-dated single stock options |
421 |
549 |
Model – Option model |
Equity volatility |
5% |
119% |
6% |
118% |
other equity derivatives |
398 |
945 |
||||||
– credit derivatives |
260 |
650 |
||||||
total return swaps |
213 |
527 |
Market proxy |
Price |
73 |
106 |
0 |
104 |
other credit derivatives |
47 |
123 |
||||||
– other derivatives |
8 |
2 |
||||||
Other portfolios |
11,651 |
49 |
||||||
– repurchase agreements |
427 |
— |
Model – Discounted
cash flow
|
Interest rate curve |
0% |
3% |
0% |
26% |
– bonds |
6,807 |
39 |
Market proxy |
Price |
0 |
126 |
0 |
140 |
– loans and deposits |
2,412 |
— |
Market proxy |
Price |
0 |
111 |
0 |
103 |
– other2 |
2,005 |
10 |
||||||
At 30 Jun 2025 |
34,567 |
12,738 |
||||||
Fair values of financial instruments not carried at fair value on the balance sheet | ||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||
Carrying amount |
Fair value |
Carrying amount |
Fair value |
|
$m |
$m |
$m |
$m |
|
Assets |
||||
Loans and advances to banks |
107,582 |
107,585 |
102,039 |
102,055 |
Loans and advances to customers |
981,722 |
975,671 |
930,658 |
917,643 |
Reverse repurchase agreements – non-trading |
283,204 |
283,340 |
252,549 |
252,598 |
Financial investments – at amortised cost |
166,209 |
165,142 |
153,973 |
151,060 |
Liabilities |
||||
Deposits by banks |
97,782 |
97,812 |
73,997 |
74,025 |
Customer accounts |
1,718,604 |
1,718,745 |
1,654,955 |
1,655,151 |
Repurchase agreements – non-trading |
195,532 |
195,498 |
180,880 |
180,873 |
Debt securities in issue |
102,129 |
102,898 |
105,785 |
106,643 |
Subordinated liabilities |
27,569 |
30,114 |
25,958 |
28,262 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
92 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Fair values of financial instruments not carried at fair value on the balance sheet – assets and disposal groups held for sale | ||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||
Carrying amount |
Fair value |
Carrying amount |
Fair value |
|
$m |
$m |
$m |
$m |
|
Assets |
||||
Loans and advances to banks |
169 |
169 |
144 |
144 |
Loans and advances to customers |
2,287 |
2,289 |
977 |
977 |
Financial investments – at amortised cost |
— |
— |
— |
— |
Liabilities |
||||
Deposits by banks |
103 |
103 |
— |
— |
Customer accounts |
19,088 |
19,088 |
5,399 |
5,399 |
8 |
Derivatives |
Notional contract amounts and fair values of derivatives by product contract type held by HSBC | ||||||||
Notional contract amount |
Fair value amount |
|||||||
Assets and liabilities |
Assets |
Liabilities |
||||||
Trading |
Hedging |
Trading |
Hedging |
Total |
Trading |
Hedging |
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Foreign exchange |
14,089,219 |
102,052 |
119,794 |
592 |
120,386 |
120,166 |
2,114 |
122,280 |
Interest rate |
18,843,944 |
444,352 |
216,249 |
5,315 |
221,564 |
212,818 |
5,083 |
217,901 |
Equities |
868,213 |
— |
16,443 |
— |
16,443 |
24,133 |
— |
24,133 |
Credit |
151,437 |
— |
1,237 |
— |
1,237 |
2,106 |
— |
2,106 |
Commodity and other |
148,870 |
— |
4,292 |
— |
4,292 |
5,431 |
— |
5,431 |
Gross total fair values |
34,101,683 |
546,404 |
358,015 |
5,907 |
363,922 |
364,654 |
7,197 |
371,851 |
Offset |
(114,250) |
(114,250) |
||||||
At 30 Jun 2025 |
34,101,683 |
546,404 |
358,015 |
5,907 |
249,672 |
364,654 |
7,197 |
257,601 |
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 |
(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 |
Notional contract amounts of derivatives held for hedging purposes by product type | ||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||
Cash flow hedges |
Fair value hedges |
Cash flow hedges |
Fair value hedges |
|
$m |
$m |
$m |
$m |
|
Foreign exchange |
58,047 |
— |
47,194 |
— |
Interest rate |
207,144 |
237,208 |
215,777 |
190,332 |
Total |
265,191 |
237,208 |
262,971 |
190,332 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
93 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
9 |
Financial investments |
Carrying amounts of financial investments | ||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Financial investments measured at fair value through other comprehensive income |
381,746 |
339,193 |
– treasury and other eligible bills |
117,390 |
112,705 |
– debt securities |
262,226 |
224,496 |
– equity securities |
1,697 |
1,569 |
– other instruments |
433 |
423 |
Debt instruments measured at amortised cost |
166,209 |
153,973 |
– treasury and other eligible bills |
21,243 |
22,148 |
– debt securities |
144,966 |
131,825 |
At the end of the period |
547,955 |
493,166 |
10 |
Interests in associates and joint ventures |
Principal associates of HSBC | ||||
At 30 Jun 2025 |
At 31 Dec 2024 |
|||
Carrying amount |
Fair value1 |
Carrying amount |
Fair value1 |
|
$m |
$m |
$m |
$m |
|
Bank of Communications Co., Limited |
21,348 |
13,145 |
22,367 |
11,631 |
Saudi Awwal Bank |
5,245 |
5,724 |
5,027 |
5,705 |
Share of profit in associates and joint ventures |
||
Half year to |
||
30 Jun 2025 |
30 Jun 2024 |
|
$m |
$m |
|
Bank of Communications Co., Limited |
1,260 |
1,257 |
Saudi Awwal Bank |
345 |
317 |
Other associates and joint ventures |
46 |
52 |
Share of profit in associates and joint ventures |
1,651 |
1,626 |
Less: Impairment of interest in BoCom |
(1,000) |
— |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
94 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
95 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
11 |
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 |
647 |
79 |
6 |
69 |
801 |
Amounts utilised |
(167) |
(100) |
(12) |
(46) |
(325) |
Unused amounts reversed |
(50) |
(29) |
(26) |
(21) |
(126) |
Exchange and other movements |
27 |
24 |
5 |
11 |
67 |
At 30 Jun 2025 |
656 |
269 |
58 |
470 |
1,453 |
Contractual commitments1 |
|||||
At 1 Jan 2025 |
688 |
||||
Net change in expected credit loss provision and other movements |
(16) |
||||
At 30 Jun 2025 |
672 |
||||
Total provisions |
|||||
At 31 Dec 2024 |
1,724 |
||||
At 30 Jun 2025 |
2,125 |
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Guarantees and other contingent liabilities: |
||
– financial guarantees |
16,605 |
16,998 |
– performance and other guarantees |
98,103 |
92,723 |
– other contingent liabilities |
299 |
298 |
At the end of the period |
115,007 |
110,019 |
Commitments:1 |
||
– documentary credits and short-term trade-related transactions |
6,489 |
7,096 |
– forward asset purchases and forward deposits placed |
110,784 |
61,017 |
– standby facilities, credit lines and other commitments to lend |
822,726 |
793,465 |
At the end of the period |
939,999 |
861,578 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
96 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
97 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
98 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
At |
||
30 Jun 2025 |
31 Dec 2024 |
|
$m |
$m |
|
Disposal groups |
38,716 |
27,126 |
Unallocated impairment losses1 |
(79) |
(31) |
Non-current assets held for sale |
341 |
139 |
Assets held for sale |
38,978 |
27,234 |
Liabilities of disposal groups held for sale |
46,165 |
29,011 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
99 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
100 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
French life
insurance
business
|
German
private
banking
business
|
South
Africa1
|
Bahrain
retail
banking
business
|
Germany
custody
business2
|
French
portfolio of
home and
certain
other loans
|
Total |
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
|
Assets of disposal groups held for sale |
|||||||
Cash and balances at central banks |
— |
2,305 |
— |
— |
— |
— |
2,305 |
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
|
16,972 |
— |
— |
— |
— |
— |
16,972 |
Derivatives |
44 |
— |
7 |
— |
— |
— |
51 |
Loans and advances to banks |
59 |
— |
— |
— |
110 |
— |
169 |
Loans and advances to customers |
— |
359 |
758 |
181 |
864 |
— |
2,162 |
Financial investments3 |
9,663 |
— |
— |
— |
— |
6,191 |
15,854 |
Goodwill |
— |
5 |
— |
— |
— |
— |
5 |
Prepayments, accrued income and other assets |
1,122 |
19 |
11 |
— |
40 |
6 |
1,198 |
Total assets at 30 Jun 2025 |
27,860 |
2,688 |
776 |
181 |
1,014 |
6,197 |
38,716 |
Liabilities of disposal groups held for sale |
|||||||
Deposits by banks |
— |
— |
— |
— |
103 |
— |
103 |
Customer accounts |
— |
2,662 |
3,210 |
824 |
12,392 |
— |
19,088 |
Financial liabilities designated at fair value |
13 |
— |
— |
— |
— |
— |
13 |
Derivatives |
— |
— |
12 |
— |
— |
— |
12 |
Insurance contract liabilities |
24,928 |
— |
— |
— |
— |
— |
24,928 |
Accruals, deferred income and other liabilities |
1,917 |
21 |
22 |
3 |
58 |
— |
2,021 |
Total liabilities at 30 Jun 2025 |
26,858 |
2,683 |
3,244 |
827 |
12,553 |
— |
46,165 |
Expected date of completion |
Second half
of 2025
|
Second half
of 2025
|
First quarter
of 2026
|
Second half
of 2025
|
Second half
of 2027
|
Second half
of 2025
|
|
Operating segment |
IWPB |
IWPB |
CIB and
Corporate
Centre
|
IWPB |
CIB |
Corporate
Centre
|
French life
insurance
business
|
German
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 investments3 |
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 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
101 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Directors’ interests – shares and debentures | ||||||
At 1 Jan 2025
or date of
appointment,
if later
|
At 30 Jun 2025 or date of retirement, if earlier |
|||||
Total interests |
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 |
— |
— |
— |
15,000 |
Swee Lian Teo |
15,200 |
15,200 |
— |
— |
— |
15,200 |
Sir Mark Tucker |
307,352 |
307,352 |
— |
— |
— |
307,352 |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
102 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Deferred share, immediate share and fixed pay allowance awards granted to Directors | ||||||||||
HSBC Holdings ordinary shares |
||||||||||
Dates of
award
|
Award price
(£)1
|
Usually vesting |
At 1 Jan
2025
|
Granted in
period
|
Vested in
period
|
Lapsed in
period
|
Cancelled in
period
|
At 30 Jun
2025
|
||
from |
to |
|||||||||
Georges
Elhedery
|
24 Feb 20202 |
5.622 |
1 Mar 2023 |
31 Mar 2027 |
88,597 |
— |
29,532 |
— |
— |
59,065 |
1 Mar 20213 |
4.262 |
1 Mar 2024 |
31 Mar 2028 |
244,419 |
— |
61,104 |
— |
— |
183,315 |
|
28 Feb 20224 |
5.380 |
1 Mar 2025 |
31 Mar 2029 |
273,163 |
— |
54,632 |
— |
— |
218,531 |
|
4 Mar 20255 |
9.070 |
4 Mar 2025 |
— |
92,447 |
92,447 |
— |
— |
— |
||
Manveen
(Pam) Kaur
|
26 Feb 20186 |
7.234 |
1 Mar 2021 |
31 Mar 2025 |
15,633 |
— |
15,633 |
— |
— |
— |
25 Feb 20197 |
6.235 |
1 Mar 2022 |
31 Mar 2026 |
37,310 |
— |
18,655 |
— |
— |
18,655 |
|
24 Feb 20202 |
5.622 |
1 Mar 2023 |
31 Mar 2027 |
58,909 |
— |
19,635 |
— |
— |
39,274 |
|
1 Mar 20213 |
4.262 |
1 Mar 2024 |
31 Mar 2028 |
169,555 |
— |
42,388 |
— |
— |
127,167 |
|
28 Feb 20224 |
5.380 |
1 Mar 2025 |
31 Mar 2029 |
210,542 |
— |
42,108 |
— |
— |
168,434 |
|
27 Feb 20238 |
6.357 |
1 Mar 2026 |
31 Mar 2030 |
65,843 |
— |
— |
— |
— |
65,843 |
|
26 Feb 20249 |
5.972 |
1 Mar 2027 |
31 Mar 2031 |
100,798 |
— |
— |
— |
— |
100,798 |
|
4 Mar 20255 |
9.070 |
4 Mar 2025 |
— |
186,052 |
186,052 |
— |
— |
— |
||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
103 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Long-term incentive awards granted to Directors | ||||||||||
HSBC Holdings ordinary shares |
||||||||||
Dates of
award
|
Award price
(£)1
|
Usually vesting |
At 1 Jan
2025
|
Granted in
period
|
Vested in
period
|
Lapsed in
period
|
Cancelled
in period
|
At 30 Jun
2025
|
||
from |
to |
|||||||||
Georges
Elhedery
|
28 Feb 2022 |
5.380 |
1 Mar 2025 |
31 Mar 2029 |
223,989 |
— |
33,5972 |
55,998 |
— |
134,394 |
27 Feb 2023 |
6.357 |
1 Mar 2026 |
31 Mar 2030 |
251,474 |
— |
— |
— |
— |
251,474 |
|
26 Feb 2024 |
5.972 |
1 Mar 2027 |
31 Mar 2031 |
569,177 |
— |
— |
— |
— |
569,177 |
|
7 May 20253 |
9.0704 |
1 Mar 2028 |
31 Mar 2032 |
— |
1,367,880 |
— |
— |
— |
1,367,880 |
|
Manveen
(Pam) Kaur
|
28 Feb 2022 |
5.380 |
1 Mar 2025 |
31 Mar 2029 |
168,077 |
— |
25,2112 |
42,020 |
— |
100,846 |
27 Feb 2023 |
6.357 |
1 Mar 2026 |
31 Mar 2030 |
146,393 |
— |
— |
— |
— |
146,393 |
|
26 Feb 2024 |
5.972 |
1 Mar 2027 |
31 Mar 2031 |
185,889 |
— |
— |
— |
— |
185,889 |
|
7 May 20253 |
9.0704 |
1 Mar 2028 |
31 Mar 2032 |
— |
797,930 |
— |
— |
— |
797,930 |
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
104 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Share buy-back – UK venues | |||||
Number of shares
purchased
|
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 |
594,221,859 |
Jun 2025 |
50,911,911 |
8.8730 |
8.6010 |
8.7091 |
443,397,460 |
Total |
262,951,785 |
2,240,783,616 |
|||
Share buy-back – Hong Kong venues | |||||
Number of shares
purchased
|
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 |
Total |
216,120,400 |
18,698,644,580 |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
105 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
HSBC Holdings plc Interim Report 2025 on Form 6-K |
106 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
London Stock Exchange |
HSBA |
Hong Kong Stock Exchange |
5 |
New York Stock Exchange (ADS) |
HSBC |
Bermuda Stock Exchange |
HSBC.BH |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
107 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
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 Depository: |
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
|
HSBC Holdings plc Interim Report 2025 on Form 6-K |
108 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
Abbreviations |
Currencies |
|
£ |
British pound sterling |
CA$ |
Canadian dollar |
€ |
Euro |
HK$ |
Hong Kong dollar |
RMB |
Chinese renminbi |
SGD |
Singapore dollar |
$ |
United States dollar |
Abbreviation |
|
1H24 |
First half of 2024 |
1H25 |
First half of 2025 |
1Q24 |
First quarter of 2024 |
1Q25 |
First quarter of 2025 |
2H24 |
Second half of 2024 |
2Q24 |
Second quarter of 2024 |
2Q25 |
Second quarter of 2025 |
4Q24 |
Fourth quarter of 2024 |
A |
|
ABS |
Asset-backed security |
ADR |
American Depositary Receipt |
ADS |
American Depositary Share |
AI |
Artificial intelligence |
AIBL |
Average interest-bearing liabilities |
AIEA |
Average interest-earning assets |
ANP |
Annualised new business premiums |
ASEAN |
Association of Southeast Asian Nations |
AT1 |
Additional tier 1 |
B |
|
Banking NII |
Banking net interest income |
Basel |
Basel Committee on Banking Supervision |
Basel III |
Basel Committee’s reforms to strengthen global capital
and liquidity rules
|
Basel 3.1 |
Outstanding measures to be implemented from the Basel
III reforms
|
BoCom |
Bank of Communications Co., Limited, one of China’s
largest banks
|
BoE |
Bank of England |
Bps |
Basis points. One basis point is equal to one hundredth of
a percentage point
|
C |
|
CAPM |
Capital asset pricing model |
CEA |
Commodity Exchange Act |
CET1 |
Common equity tier 1 |
CIB |
Corporate and Institutional Banking, a business segment |
CMA |
UK Competition and Markets Authority |
CMC |
Capital maintenance charge |
CODM |
Chief Operating Decision Maker |
COFINS |
Contribution for the Financing of Social Security, a
Brazilian federal corporation tax
|
CPI |
Consumer price index |
CRE |
Commercial real estate |
CRR |
Customer risk rating |
CRR II |
The regulatory requirements of the Capital Requirements
Regulation and Directive, the CRR II regulation and the
PRA Rulebook
|
CSM |
Contractual service margin |
D |
|
Dec |
December |
DPD |
Days past due |
DPF |
Discretionary participation feature of insurance and
investment contracts
|
DTR |
Disclosure Guidance and Transparency Rules |
E |
|
EBA |
European Banking Authority |
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.
|
EPS |
Earnings per ordinary share |
ESG |
Environmental, social and governance |
EU |
European Union |
EVE |
Economic value of equity |
F |
|
FCA |
Financial Conduct Authority (UK) |
FRB |
Federal Reserve Board (US) |
FTE |
Full-time equivalent staff |
FVOCI |
Fair value through other comprehensive income |
FX |
Foreign exchange |
G |
|
GAAP |
Generally accepted accounting principles |
Galicia |
Grupo Financiero Galicia |
GDP |
Gross domestic product |
GOC |
Group Operating Committee |
GPS |
Global Payments Solutions, the business formerly known
as Global Liquidity and Cash Management
|
Group |
HSBC Holdings together with its subsidiary undertakings |
GTS |
Global Trade Solutions, the business formerly known as
Global Trade and Receivables Finance
|
H |
|
HIBOR |
Hong Kong interbank offered rate |
HKEx |
The Stock Exchange of Hong Kong Limited |
HKMA |
Hong Kong Monetary Authority |
Holdings ALCO |
HSBC Holdings Asset and Liability Management
Committee
|
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
Middle East
|
HSBC Bank Middle East Limited |
HSBC Continental
Europe
|
HSBC Continental Europe |
HSBC Holdings |
HSBC Holdings plc, the parent company of HSBC |
HSBC UK |
HSBC UK Bank plc, also known as the ring-fenced bank |
HSSL |
HSBC Securities Services (Luxembourg) |
I |
|
IAS |
International Accounting Standards |
IASB |
International Accounting Standards Board |
Ibor |
Interbank offered rate |
ICAAP |
Internal capital adequacy assessment process |
IFRS Accounting
Standards
|
International Financial Reporting Standards as issued by
the International Accounting Standards Board
|
ILAAP |
Internal liquidity adequacy assessment process |
IVB |
HSBC Innovation Banking |
IWPB |
International Wealth and Premier Banking, a business
segment
|
J |
|
Jan |
January |
Jun |
June |
JV |
Joint venture |
K |
|
KYC |
Know your customer |
HSBC Holdings plc Interim Report 2025 on Form 6-K |
109 |
Overview |
Interim management report |
Interim condensed consolidated
financial statements
|
Additional information |
|||
L |
|
LCR |
Liquidity coverage ratio |
Libor |
London interbank offered rate |
LTI |
Long-term incentive |
LTV |
Loan to value |
M |
|
M&A |
Mergers and acquisitions |
Mainland China |
People’s Republic of China excluding Hong Kong
and Macau
|
Mar |
March |
MENAT |
Middle East, North Africa and Türkiye |
MREL |
Minimum requirement for own funds and eligible liabilities |
MSS |
Markets and Securities Services, HSBC’s capital markets
and securities services businesses in Global Banking and
Markets
|
N |
|
Net operating
income
|
Net operating income before change in expected credit
losses and other credit impairment charges, also referred
to as revenue
|
NII |
Net interest income |
NIM |
Net interest margin |
NSFR |
Net stable funding ratio |
O |
|
OCI |
Other comprehensive income |
P |
|
PD |
Probability of default |
PIS |
Contribution to the Social Integration Programme, a
Brazilian federal corporation tax
|
POCI |
Purchased or originated credit-impaired financial assets |
PRA |
Prudential Regulation Authority (UK) |
Premier |
HSBC Premier, HSBC’s premium personal global banking
service
|
R |
|
RAF |
Bank of England’s Resolvability Assessment Framework |
RES |
Resource and experience sharing agreement |
RoE |
Return on average ordinary shareholders’ equity |
RoTE |
Return on average tangible equity |
RWAs |
Risk-weighted assets |
S |
|
SAB |
Saudi Awwal Bank |
SEC |
Securities and Exchange Commission (US) |
ServCo group |
Separately incorporated group of service companies
established in response to UK ring-fencing requirements
|
SFO |
Securities and Futures Ordinance of Hong Kong |
SME |
Small and medium-sized enterprise |
SVaR |
Stressed value at risk |
SVB UK |
Silicon Valley Bank UK Limited, now HSBC Innovation
Bank Limited
|
T |
|
TNFD |
Taskforce on Nature-related Financial Disclosures |
U |
|
UAE |
United Arab Emirates |
UK |
United Kingdom |
UN |
United Nations |
US |
United States of America |
V |
|
VaR |
Value at risk |
VIU |
Value in use |
HSBC Holdings plc | |
By: |
/s/ Manveen (Pam) Kaur |
Name: |
Manveen (Pam) Kaur |
Title: |
Group Chief Financial Officer |