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Credit Risk sub-function
(Audited)
The Credit Risk sub-function in Group Risk and Compliance is
responsible for the key policies and processes for managing credit risk,
which include formulating Group credit policies and risk rating
frameworks, guiding the Group\u2019s appetite for credit risk exposures,
undertaking independent reviews and objective assessment of credit
risk, and monitoring performance and management of portfolios while
fostering a culture of responsible lending.
Concentration of exposure
(Audited)
Concentration of credit risk occurs when multiple counterparties share
similar economic traits or operate in the same sectors or regions,
making them collectively vulnerable to changes in economic or political
conditions. To mitigate this risk, the Group uses various controls such
as portfolio and counterparty limits, approval and review processes, and
stress testing across industries, countries and businesses.
Credit quality of financial instruments
(Audited)
Our risk rating system facilitates the internal ratings-based approach
under the Basel framework to support the calculation of our minimum
capital requirement. The five credit quality classifications encompass a
range of granular internal credit rating grades assigned to wholesale
and retail customers, and the external ratings attributed by external
agencies to debt securities.
For debt securities and certain other financial instruments, external
ratings have been aligned to the five quality classifications based upon
the mapping of related customer risk rating (\u2018CRR\u2019) to external credit
rating.
Forborne loans and advances
(Audited)
Forbearance measures consist of concessions towards an obligor that
is experiencing, or about to experience, difficulties in meeting its
financial commitments.
We continue to class loans as forborne when we modify the
contractual payment terms due to having concerns about the
borrowers\u2019 ability to meet contractual payments when they were due.
Our definition of forborne captures non-payment-related concessions,
such as covenant waivers.
\u00d1 For details of our policy on forbearance, see Note 1.2(j) in the financial
statements.
Forborne loans and recognition of expected
credit losses
(Audited)
Forborne loans expected credit loss assessments reflect the higher
rates of losses typically experienced with these types of loans; as such
they are categorised as stage 2 and stage 3. The higher rates are more
pronounced in unsecured retail lending requiring further segmentation.
For wholesale lending, forborne loans are typically assessed
individually. Credit risk ratings are intrinsic to the impairment
assessments. The individual impairment assessment takes into
account the higher risk of the future non-payment inherent in forborne
loans.
Impairment assessment
(Audited)
For details of our impairment policies on loans and advances and
financial investments, see Note 1.2(j) on the financial statements.
Write-off of loans and advances
(Audited)
Under IFRS 9, write-off should occur when there is no reasonable
expectation of recovering further cash flows from the financial asset.
This principle does not prohibit early write-off, which is defined in local
policies to ensure effectiveness in the management of customers in
the collections process.
Unsecured personal facilities, including credit cards, are generally
written off at between 150 and 210 days past due. The standard period
runs until the end of the month in which the account becomes 180
days contractually delinquent. However, in exceptional circumstances,
to avoid unfair customer outcomes, deliver customer duty or meet
regulatory expectations, the period may be extended further.
For secured facilities, write-off should occur upon repossession of
collateral, receipt of proceeds via settlement, or determination that
recovery of the collateral will not be pursued. Where these assets are
maintained on the balance sheet beyond 60 months of consecutive
delinquency-driven default, the prospect of recovery is reassessed.
Recovery activity, on both secured and unsecured assets, may
continue after write-off.
Any unsecured exposures that are not written off at 180 days past due,
and any secured exposures that are in \u2018default\u2019 status for 60 months or
greater but are not written off, are subject to additional monitoring via
the appropriate governance forums.
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector
(Audited)
Gross carrying/nominal amount 1
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
893,433
80,936
24,389
333
999,091
(1,201)
(2,318)
(7,097)
(76)
(10,692)
0.1
2.9
29.1
22.8
1.1
\u2013\u00a0 personal
446,696
23,887
3,945
\u2014
474,528
(667)
(1,235)
(895)
\u2014
(2,797)
0.1
5.2
22.7
\u2014
0.6
\u2013\u00a0 corporate and commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
0.1
1.9
29.6
53.6
1.8
\u2013\u00a0 non-bank financial institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
0.1
0.8
61.3
0.5
0.4
Loans and advances to banks at
amortised cost
108,336
132
1
\u2014
108,469
(4)
(2)
(1)
\u2014
(7)
\u2014
1.5
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
888,491
1,651
184
\u2014
890,326
(76)
(11)
(42)
\u2014
(129)
\u2014
0.7
22.8
\u2014
\u2014
Loan and other credit-related
commitments
669,648
20,488
652
4
690,792
(149)
(97)
(69)
\u2014
(315)
\u2014
0.5
10.6
\u2014
\u2014
\u2013\u00a0 personal
270,494
1,945
92
\u2014
272,531
(22)
(5)
\u2014
\u2014
(27)
\u2014
0.3
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
255,740
14,649
560
4
270,953
(115)
(88)
(69)
\u2014
(272)
\u2014
0.6
12.3
\u2014
0.1
\u2013\u00a0 financial
143,414
3,894
\u2014
\u2014
147,308
(12)
(4)
\u2014
\u2014
(16)
\u2014
0.1
\u2014
\u2014
\u2014
Financial guarantees
15,913
1,371
192
\u2014
17,476
(8)
(17)
(26)
\u2014
(51)
0.1
1.2
13.5
\u2014
0.3
\u2013\u00a0 personal
1,446
\u2014
\u2014
\u2014
1,446
(1)
\u2014
\u2014
\u2014
(1)
0.1
\u2014
\u2014
\u2014
0.1
\u2013\u00a0 corporate and commercial
10,071
1,287
190
\u2014
11,548
(6)
(17)
(26)
\u2014
(49)
0.1
1.3
13.7
\u2014
0.4
\u2013\u00a0 financial
4,396
84
2
\u2014
4,482
(1)
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 Dec 2025
2,575,821
104,578
25,418
337
2,706,154
(1,438)
(2,445)
(7,235)
(76)
(11,194)
0.1
2.3
28.5
22.6
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
\u2013\u00a0 personal
403,746
39,919
3,560
\u2014
447,225
(570)
(1,158)
(796)
\u2014
(2,524)
0.1
2.9
22.4
\u2014
0.6
\u2013 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
\u2013\u00a0 non-bank financial institutions
79,687
2,098
679
\u2014
82,464
(45)
(30)
(361)
\u2014
(436)
0.1
1.4
53.2
\u2014
0.5
Loans and advances to banks at
amortised cost
101,852
198
2
\u2014
102,052
(9)
(2)
(2)
\u2014
(13)
\u2014
1.0
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
826,621
1,806
153
\u2014
828,580
(64)
(5)
(23)
\u2014
(92)
\u2014
0.3
15.0
\u2014
\u2014
Loan and other credit-related
commitments
597,231
21,175
958
3
619,367
(137)
(121)
(90)
\u2014
(348)
\u2014
0.6
9.4
\u2014
0.1
\u2013\u00a0 personal
251,489
1,680
86
\u2014
253,255
(17)
\u2014
(5)
\u2014
(22)
\u2014
\u2014
5.8
\u2014
\u2014
\u2013\u00a0 corporate and commercial
231,201
17,453
838
3
249,495
(111)
(116)
(83)
\u2014
(310)
\u2014
0.7
9.9
\u2014
0.1
\u2013\u00a0 financial
114,541
2,042
34
\u2014
116,617
(9)
(5)
(2)
\u2014
(16)
\u2014
0.2
5.9
\u2014
\u2014
Financial guarantees
15,353
1,397
248
\u2014
16,998
(8)
(5)
(16)
\u2014
(29)
0.1
0.4
6.5
\u2014
0.2
\u2013\u00a0 personal
1,416
11
\u2014
\u2014
1,427
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
10,048
1,232
195
\u2014
11,475
(7)
(5)
(15)
\u2014
(27)
0.1
0.4
7.7
\u2014
0.2
\u2013\u00a0 financial
3,889
154
53
\u2014
4,096
(1)
\u2014
(1)
\u2014
(2)
\u2014
\u2014
1.9
\u2014
\u2014
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
1Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2Purchased or originated credit-impaired (\u2018POCI\u2019).
Unless identified at an earlier stage, all financial assets are deemed to have suffered a significant increase in credit risk when they are 30 days past due (\u2018DPD\u2019) and are transferred from stage 1 to stage 2. The following
disclosure presents the ageing of stage 2 financial assets by those less than 30 DPD and greater than 30 DPD and therefore presents those financial assets classified as stage 2 due to ageing (30 DPD) and those
identified at an earlier stage (less than 30 DPD).
Stage 2 days past due analysis
(Audited)
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
DPD1
30 and >
DPD1
At 31 Dec 2025
$m
$m
$m
$m
$m
$m
$m
$m
%
%
%
%
Loans and advances to
customers at amortised
cost
80,936
77,615
1,894
1,427
(2,318)
(1,837)
(211)
(270)
2.9
2.4
11.1
18.9
\u2013\u00a0 personal
23,887
21,481
1,483
923
(1,235)
(797)
(188)
(250)
5.2
3.7
12.7
27.1
\u2013\u00a0 corporate and
commercial
54,636
53,898
400
338
(1,064)
(1,024)
(23)
(17)
1.9
1.9
5.8
5.0
\u2013\u00a0 non-bank financial
institutions
2,413
2,236
11
166
(19)
(16)
\u2014
(3)
0.8
0.7
\u2014
1.8
Loans and advances to
banks at amortised cost
132
132
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.5
1.5
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,651
1,611
21
19
(11)
(10)
\u2014
(1)
0.7
0.6
\u2014
5.3
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
\u2013\u00a0 personal
39,919
37,676
1,361
882
(1,158)
(799)
(169)
(190)
2.9
2.1
12.4
21.5
\u2013\u00a0 corporate and
commercial
51,231
50,486
506
239
(1,358)
(1,326)
(21)
(11)
2.7
2.6
4.2
4.6
\u2013\u00a0 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
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.0
1.0
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,806
1,794
3
9
(5)
(5)
\u2014
\u2014
0.3
0.3
\u2014
\u2014
1The days past due amounts presented above are on a contractual basis.
Credit exposure
Maximum exposure to credit risk
(Audited)
This section provides information on balance sheet items and their
offsets as well as loan and other credit-related commitments.
Commentary on consolidated balance sheet movements in 2025
is\u00a0provided on page\u00a073.
Maximum exposure to credit risk
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Maximum exposure
Offset
Net
Maximum exposure
Offset
Net
$m
$m
$m
$m
$m
$m
Loans and advances to customers held at amortised cost
988,399
(25,671)
962,728
930,658
(22,822)
907,836
\u2013\u00a0 personal
471,731
(3,568)
468,163
444,701
(2,256)
442,445
\u2013\u00a0 corporate and commercial
416,979
(20,636)
396,343
403,929
(18,897)
385,032
\u2013\u00a0 non-bank financial institutions
99,689
(1,467)
98,222
82,028
(1,669)
80,359
Loans and advances to banks at amortised cost
108,462
\u2014
108,462
102,039
\u2014
102,039
Other financial assets held at amortised cost
888,882
(5,865)
883,017
827,193
(4,383)
822,810
\u2013\u00a0 cash and balances at central banks
242,859
\u2014
242,859
267,674
\u2014
267,674
\u2013\u00a0 Hong Kong Government certificates of indebtedness
44,063
\u2014
44,063
42,293
\u2014
42,293
\u2013\u00a0 reverse repurchase agreements \u2013 non-trading
298,392
(5,865)
292,527
252,549
(4,383)
248,166
\u2013\u00a0 financial investments
182,089
\u2014
182,089
153,973
\u2014
153,973
\u2013\u00a0 prepayments, accrued income and other assets
121,479
\u2014
121,479
110,704
\u2014
110,704
Assets held for sale
11,115
\u2014
11,115
27,234
\u2014
27,234
Derivatives
237,740
(229,223)
8,517
268,637
(254,257)
14,380
Total on-balance sheet exposure to credit risk
2,234,598
(260,759)
1,973,839
2,155,761
(281,462)
1,874,299
Total off-balance sheet
1,068,162
\u2014
1,068,162
970,610
\u2014
970,610
\u2013\u00a0 financial and other guarantees
119,840
\u2014
119,840
109,380
\u2014
109,380
\u2013\u00a0 loan and other credit-related commitments
948,322
\u2014
948,322
861,230
\u2014
861,230
Total
3,302,760
(260,759)
3,042,001
3,126,371
(281,462)
2,844,909
Measurement uncertainty and sensitivity analysis of ECL estimates
(Audited)
The recognition and measurement of ECL involves the use of
significant judgement and estimation. We form multiple scenarios
based on economic forecasts and distributional estimates and apply
these to credit risk models to estimate future credit losses. The results
are then probability-weighted to determine an unbiased ECL estimate.
Management assessed the current economic environment, reviewed
the latest economic forecasts and discussed key risks before selecting
economic scenarios and their weightings.
Management judgemental adjustments are used where modelled
allowance for ECL does not fully reflect the identified risks and related
uncertainty, or to capture significant late-breaking events.
Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees
(Audited)
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:
(28,196)
(931)
18,327
2,101
9,869
(1,170)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to
stage 2
(134,309)
368
134,309
(368)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to
stage 1
107,223
(1,233)
(107,223)
1,233
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,873)
15
(10,260)
1,434
12,133
(1,449)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
763
(81)
1,501
(198)
(2,264)
279
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of
stage
\u2014
664
\u2014
(604)
\u2014
(58)
\u2014
\u2014
\u2014
2
Changes due to
modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net new and further
lending/repayments
107,733
(178)
(35,843)
614
(6,060)
768
238
2
66,068
1,206
Changes to risk parameters
\u2013 credit quality
\u2014
390
\u2014
(1,991)
\u2014
(3,737)
\u2014
(24)
\u2014
(5,362)
Changes to models used
for ECL calculation
\u2014
(59)
\u2014
272
\u2014
(16)
\u2014
\u2014
\u2014
197
Assets written off
\u2014
\u2014
\u2014
\u2014
(3,569)
3,569
\u2014
\u2014
(3,569)
3,569
Credit-related modifications
that resulted in
derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and
others1,2
42,772
(16)
4,507
(152)
1,259
(410)
6
(3)
48,544
(581)
At 31 Dec 2025
1,611,996
(1,362)
102,889
(2,434)
25,234
(7,193)
337
(76)
1,740,456
(11,065)
ECL income statement
change for the period
817
(1,709)
(3,043)
(22)
(3,957)
Recoveries
320
Others
(248)
Total ECL income
statement change for the
period
(3,885)
1Total includes $6.0bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $27m, including business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained\u00a0
home and other retail loans in France as disclosed in Note 23 on page 329.
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)
(Audited)
At 31 Dec 2025
12 months ended 31 Dec 2025
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$m
$m
$m
As above
1,740,456
(11,065)
(3,885)
Other financial assets measured at amortised cost
890,326
(129)
(29)
Non-trading reverse purchase agreement commitments
75,372
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
46
Summary of financial instruments to which the impairment requirements
in IFRS 9 are applied/Summary consolidated income statement
2,706,154
(11,194)
(3,868)
Debt instruments measured at FVOCI
383,568
(30)
18
Total allowance for ECL/total income statement ECL change for the period
n/a
(11,224)
(3,850)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
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)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to
stage 2
(116,211)
419
116,211
(419)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to
stage 1
98,731
(1,627)
(98,731)
1,627
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,799)
16
(12,230)
1,321
15,029
(1,337)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
650
(67)
1,402
(227)
(2,052)
294
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of stage
\u2014
959
\u2014
(831)
\u2014
(144)
\u2014
\u2014
\u2014
(16)
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
\u2014
\u2014
(25)
\u2014
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 \u2013
credit quality
\u2014
363
\u2014
(1,773)
\u2014
(3,945)
\u2014
(11)
\u2014
(5,366)
Changes to models used for ECL
calculation
\u2014
68
\u2014
(4)
\u2014
(20)
\u2014
\u2014
\u2014
44
Assets written off
\u2014
\u2014
\u2014
\u2014
(4,459)
4,459
\u2014
\u2014
(4,459)
4,459
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(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
Others
(158)
Total ECL income statement
change for the period
(3,133)
1Total includes $3.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $46m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2Total includes $35.3bn of nominal amount and $21m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $2.7bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
At 31 Dec 2024
12 months ended 31 Dec 2024
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$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
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
(173)
Summary of financial instruments to which the impairment requirements in IFRS 9 are
applied/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-impaired loans
(Audited)
We determine that a financial instrument is credit impaired and in stage
3 by considering relevant objective evidence, primarily whether:
\u2013 contractual payments of either principal or interest are past due for
more than 90 days;
\u2013 there are other indications that the borrower is unlikely to pay, such
as when a concession has been granted to the borrower for
economic or legal reasons relating to the borrower\u2019s financial
condition; and
\u2013 the loan is otherwise considered to be in default. If such unlikeliness
to pay is not identified at an earlier stage, it is deemed to occur
when an exposure is 90 days past due. Therefore, the definitions of
credit impaired and default are aligned as far as possible so that
stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Collateral and other credit enhancements
(Audited)
Although collateral can be an important mitigant of credit risk, it is the
Group\u2019s practice to typically lend on the basis of the customer\u2019s ability
to meet their obligations out of cash flow resources rather than placing
primary reliance on collateral and other credit risk enhancements.
Depending on the customer\u2019s standing and the type of product,
facilities may be provided without any collateral or other credit
enhancements. For other lending, a charge over collateral is obtained
and considered in determining the credit decision and pricing. In the
event of default, the Group may utilise the collateral as a source of
repayment.
Depending on its form, collateral can have a significant financial effect
in mitigating our exposure to credit risk. Where there is sufficient
collateral, an expected credit loss is not recognised. This is the case for
reverse repurchase agreements and for certain loans and advances to
customers where the loan to value (\u2018LTV\u2019) is very low.
Mitigants may include a charge on borrowers\u2019 specific assets, such as
real estate or financial instruments. Other credit risk mitigants include
short positions in securities and financial assets held as part of linked
insurance/investment contracts where the risk is predominantly borne
by the policyholder. Additionally, risk may be managed by employing
other types of collateral and credit risk enhancements, such as second
charges, other liens and unsupported guarantees. Guarantees are
normally taken from corporates and export credit agencies. Corporates
would normally provide guarantees as part of a parent/subsidiary
relationship and span a number of credit grades. The export credit
agencies will normally be investment grade.
Certain credit mitigants are used strategically in portfolio management
activities. Across Corporate and Institutional Banking, risk limits and
utilisations, maturity profiles and risk quality are monitored and
managed proactively. This process is key to the setting of risk appetite
for these larger, more complex, geographically distributed customer
groups. While the principal form of risk management continues to be at
the point of exposure origination, through the lending decision-making
process, Corporate and Institutional Banking also utilises loan sales and
credit default swap (\u2018CDS\u2019) hedges to manage concentrations and
reduce risk.
These transactions are the responsibility of a dedicated Corporate and
Institutional Banking portfolio management team. Hedging activity is
carried out within agreed credit parameters, and is subject to market
risk limits and a robust governance structure. Where applicable, CDSs
are entered into directly with a central clearing house counterparty.
Otherwise, the Group\u2019s exposure to CDS protection providers is
diversified among mainly banking counterparties with strong credit
ratings.
CDS mitigants are held at portfolio level and are not included in the
expected credit loss calculations. CDS mitigants are not reported in the
following tables.
Collateral on loans and advances
Collateral held is analysed separately for CRE and for other corporate,
commercial and financial (non-bank) lending. The following tables
include off-balance sheet loan commitments, primarily undrawn credit
lines.
The collateral measured in the following tables consists of fixed\u00a0first
charges on real estate, and charges over cash and marketable financial
instruments. The values in the tables represent the expected market
value on an open market basis, actual values realised are a function of
market conditions. No adjustment has been made to the collateral for
any expected costs of recovery. Marketable securities are measured at
their fair value.
Other types of collateral, such as unsupported guarantees and floating
charges over the assets of a customer\u2019s business, are not measured in
the following tables. While such mitigants have value, often providing
rights in insolvency, their assignable value is not sufficiently certain and
they are therefore assigned no value for disclosure purposes.
The LTV ratios presented are calculated by directly associating loans
and advances with the collateral that individually and uniquely supports
each facility. When collateral assets are shared by multiple loans and
advances, whether specifically or, more generally, by way of an all
monies charge, the collateral value is pro-rated across the loans and
advances protected by the collateral.
For credit-impaired loans, the collateral values cannot be directly
compared with impairment allowances recognised. The LTV figures use
open market values with no adjustments, actual values realised are a
function of market conditions. Impairment allowances are calculated on
a different basis, by considering other cash flows and adjusting
collateral values for costs of realising collateral as explained further on
page 279.
Mortgage loans
The following table provides a quantification of the value of fixed
charges we hold over specific assets where we have a history
of\u00a0enforcing, and are able to enforce, collateral in satisfying a debt in
the event of the borrower failing to meet its contractual obligations, and
where the collateral is cash or can be realised by sale in an established
market. The collateral valuation excludes any adjustments for obtaining
and selling the collateral and, in particular, loans shown as not
collateralised or partially collateralised may also benefit from other
forms of credit mitigants.
The quality of both our Hong Kong and UK mortgage books remained
strong, with low levels of impairment allowances. The average LTV
ratio on new mortgage lending in Hong Kong was 70%, compared
with an estimated 60% for the overall mortgage portfolio. The
average LTV ratio on new lending in the UK was 69%, compared with
an estimated 55% for the overall mortgage portfolio.
Commercial real estate loans and advances
The value of CRE collateral is determined by\u00a0using a combination of
external and internal valuations and\u00a0physical inspections. For CRE,
where the facility exceeds regulatory threshold requirements, Group
policy requires an independent review of the valuation at least every
three years, or more frequently as the need arises.
In Hong Kong, unsecured lending is typically limited to major property
companies. In Europe, facilities of a working capital nature are generally
not secured by a first fixed charge, and are therefore disclosed as not
collateralised.
Other corporate, commercial and financial (non-bank) loans and
advances
Other corporate, commercial and financial (non-bank) loans are
analysed separately in the following table. For financing activities in
other corporate and commercial lending, collateral value is not strongly
correlated to\u00a0principal repayment performance. Collateral values are
generally refreshed when an obligor\u2019s general credit performance
deteriorates and we have to assess the likely performance of
secondary sources of repayment should it prove necessary to rely on
them.
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2025
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
383,401
18,150
2,573
404,124
\u2014
0.6
10.5
0.1
\u2013\u00a0 less than 50%
159,089
9,161
1,336
169,586
\u2014
0.4
8.3
0.1
\u2013\u00a0 51% to 70%
125,204
5,484
751
131,439
\u2014
0.6
11.2
0.1
\u2013\u00a0 71% to 80%
46,175
1,934
258
48,367
\u2014
0.7
13.8
0.1
\u2013\u00a0 81% to 90%
37,415
971
167
38,553
\u2014
0.9
15.9
0.1
\u2013\u00a0 91% to 100%
15,518
600
61
16,179
\u2014
1.5
20.2
0.1
Partially collateralised (A): LTV > 100%
4,924
138
97
5,159
\u2014
2.2
44.3
0.9
\u2013\u00a0 collateral value on A
4,707
129
66
4,902
of which: UK
Fully collateralised by LTV ratio
190,214
13,257
816
204,287
\u2014
0.3
9.7
0.1
\u2013\u00a0 less than 50%
77,859
7,260
421
85,540
\u2014
0.1
8.2
0.1
\u2013\u00a0 51% to 70%
61,605
4,183
254
66,042
\u2014
0.3
8.7
0.1
\u2013\u00a0 71% to 80%
25,237
1,226
85
26,548
\u2014
0.5
14.0
0.1
\u2013\u00a0 81% to 90%
22,218
548
46
22,812
\u2014
0.7
16.1
0.1
\u2013\u00a0 91% to 100%
3,295
40
10
3,345
\u2014
1.0
27.0
0.1
Partially collateralised (B): LTV > 100%
58
2
8
68
\u2014
0.6
32.5
3.8
\u2013\u00a0 collateral value on B
29
1
7
37
of which: Hong Kong
Fully collateralised by LTV ratio
102,801
1,503
165
104,469
\u2014
\u2014
0.7
\u2014
\u2013\u00a0 less than 50%
40,518
762
83
41,363
\u2014
\u2014
0.2
\u2014
\u2013\u00a0 51% to 70%
31,015
345
41
31,401
\u2014
\u2014
0.5
\u2014
\u2013\u00a0 71% to 80%
6,698
83
17
6,798
\u2014
0.1
1.8
\u2014
\u2013\u00a0 81% to 90%
12,906
132
12
13,050
\u2014
0.2
0.8
\u2014
\u2013\u00a0 91% to 100%
11,664
181
12
11,857
\u2014
0.2
2.5
\u2014
Partially collateralised (C): LTV > 100%
4,781
87
18
4,886
\u2014
0.2
8.3
\u2014
\u2013\u00a0 collateral value on C
4,593
85
16
4,694
Commercial real estate
Not collateralised
36,879
3,792
1,310
6
41,987
0.1
2.7
64.6
\u2014
2.3
Fully collateralised by LTV ratio
26,814
16,633
6,942
13
50,402
0.1
1.7
13.3
\u2014
2.4
\u2013\u00a0 less than 50%
13,415
10,682
2,563
13
26,673
0.1
1.4
11.0
\u2014
1.7
\u2013\u00a0 51% to 75%
9,168
4,770
2,755
\u2014
16,693
0.2
2.2
13.5
\u2014
2.9
\u2013\u00a0 76% to 90%
2,232
915
1,055
\u2014
4,202
0.1
1.9
13.6
\u2014
3.9
\u2013\u00a0 91% to 100%
1,999
266
569
\u2014
2,834
0.1
2.3
21.6
\u2014
4.6
Partially collateralised (A): LTV > 100%
3,635
350
1,093
80
5,158
0.1
3.1
35.4
57.5
8.7
\u2013\u00a0 collateral value on A
2,317
240
780
33
3,370
of which: UK
Not collateralised
8,633
389
56
\u2014
9,078
0.2
8.2
19.6
\u2014
0.7
Fully collateralised by LTV ratio
12,426
1,661
354
\u2014
14,441
0.2
2.6
21.8
\u2014
1.0
\u2013\u00a0 less than 50%
4,606
430
36
\u2014
5,072
0.2
1.4
38.9
\u2014
0.6
\u2013\u00a0 51% to 75%
5,772
914
209
\u2014
6,895
0.2
3.8
24.9
\u2014
1.4
\u2013\u00a0 76% to 90%
1,511
308
107
\u2014
1,926
0.1
1.0
9.3
\u2014
0.7
\u2013\u00a0 91% to 100%
537
9
2
\u2014
548
0.2
5.1
61.2
\u2014
0.4
Partially collateralised (B): LTV > 100%
2,111
115
67
61
2,354
0.1
0.9
17.9
47.5
1.9
\u2013\u00a0 collateral value on B
1,381
109
42
30
1,562
of which: Hong Kong
Not collateralised
14,360
2,691
1,088
6
18,145
\u2014
2.4
66.5
\u2014
4.4
Fully collateralised by LTV ratio
5,588
12,969
5,467
\u2014
24,024
0.1
0.8
10.6
\u2014
2.9
\u2013\u00a0 less than 50%
4,008
9,705
2,284
\u2014
15,997
0.1
0.9
8.2
\u2014
1.8
\u2013\u00a0 51% to 75%
1,167
2,927
2,033
\u2014
6,127
0.2
0.5
10.9
\u2014
3.9
\u2013\u00a0 76% to 90%
59
294
705
\u2014
1,058
\u2014
1.7
8.4
\u2014
6.0
\u2013\u00a0 91% to 100%
354
43
445
\u2014
842
\u2014
2.3
25.2
\u2014
13.4
Partially collateralised (C): LTV > 100%
198
110
1,022
19
1,349
\u2014
0.3
36.7
84.2
29.0
\u2013\u00a0 collateral value on C
149
11
734
3
897
Other corporate, commercial and financial
(non-bank)
Not collateralised
797,344
60,899
6,186
215
864,644
0.1
0.9
43.5
6.5
0.4
Fully collateralised by LTV ratio
88,647
13,101
3,611
29
105,388
0.1
1.6
14.5
55.2
0.8
\u2013\u00a0 less than 50%
37,949
5,009
1,446
\u2014
44,404
0.1
1.2
12.3
\u2014
0.6
\u2013\u00a0 51% to 75%
21,397
4,855
1,249
29
27,530
0.1
2.4
16.7
55.2
1.3
\u2013\u00a0 76% to 90%
8,253
1,318
677
\u2014
10,248
0.1
1.5
14.0
\u2014
1.2
\u2013\u00a0 91% to 100%
21,048
1,919
239
\u2014
23,206
\u2014
0.6
16.7
\u2014
0.3
Partially collateralised (A): LTV > 100%
53,980
6,337
2,130
\u2014
62,447
0.1
0.7
45.6
\u2014
1.7
\u2013\u00a0 collateral value on A
24,763
2,942
1,199
\u2014
28,904
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2024
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
332,641
34,203
2,371
369,215
\u2014
0.4
10.0
0.1
\u2013\u00a0 less than 50%
141,331
18,076
1,238
160,645
\u2014
0.2
7.6
0.1
\u2013\u00a0 51% to 70%
111,963
11,507
698
124,168
\u2014
0.4
11.2
0.1
\u2013\u00a0 71% to 80%
39,374
3,040
242
42,656
\u2014
0.7
13.1
0.1
\u2013\u00a0 81% to 90%
25,514
1,264
131
26,909
\u2014
0.9
15.0
0.1
\u2013\u00a0 91% to 100%
14,459
316
62
14,837
\u2014
1.8
22.4
0.1
Partially collateralised (A): LTV > 100%
12,031
139
103
12,273
\u2014
3.2
46.2
0.4
\u2013\u00a0 collateral value on A
11,274
126
70
11,470
of which: UK
Fully collateralised by LTV ratio
151,264
30,574
747
182,585
\u2014
0.2
8.5
0.1
\u2013\u00a0 less than 50%
62,753
16,689
445
79,887
\u2014
0.1
6.9
0.1
\u2013\u00a0 51% to 70%
50,374
10,456
206
61,036
\u2014
0.2
9.7
0.1
\u2013\u00a0 71% to 80%
20,552
2,423
64
23,039
\u2014
0.4
12.1
0.1
\u2013\u00a0 81% to 90%
15,965
939
23
16,927
\u2014
0.6
13.0
0.1
\u2013\u00a0 91% to 100%
1,620
67
9
1,696
\u2014
0.7
16.7
0.1
Partially collateralised (B): LTV > 100%
146
15
5
166
\u2014
1.0
27.7
0.9
\u2013\u00a0 collateral value on B
109
12
4
125
of which: Hong Kong
Fully collateralised by LTV ratio
95,751
756
138
96,645
\u2014
\u2014
1.3
\u2014
\u2013\u00a0 less than 50%
38,894
372
79
39,345
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 51% to 70%
30,088
227
31
30,346
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 71% to 80%
6,783
47
11
6,841
\u2014
\u2014
5.1
\u2014
\u2013\u00a0 81% to 90%
7,602
42
9
7,653
\u2014
0.2
1.1
\u2014
\u2013\u00a0 91% to 100%
12,384
68
8
12,460
\u2014
0.1
8.8
\u2014
Partially collateralised (C): LTV > 100%
11,744
103
14
11,861
\u2014
0.2
19.1
\u2014
\u2013\u00a0 collateral value on C
11,034
96
12
11,142
Commercial real estate
Not collateralised
36,168
4,709
1,704
\u2014
42,581
0.1
9.0
47.5
\u2014
3.0
Fully collateralised by LTV ratio
37,090
11,909
5,254
\u2014
54,253
0.1
1.7
7.8
\u2014
1.2
\u2013\u00a0 less than 50%
20,522
5,154
2,413
\u2014
28,089
0.1
1.7
5.7
\u2014
0.9
\u2013\u00a0 51% to 75%
11,392
3,840
1,691
\u2014
16,923
0.1
2.2
7.6
\u2014
1.3
\u2013\u00a0 76% to 90%
2,554
2,277
767
\u2014
5,598
0.1
0.9
12.5
\u2014
2.1
\u2013\u00a0 91% to 100%
2,622
638
383
\u2014
3,643
0.2
2.3
12.3
\u2014
1.8
Partially collateralised (A): LTV > 100%
2,119
698
815
64
3,696
0.2
2.8
19.7
45.8
5.8
\u2013\u00a0 collateral value on A
1,255
457
570
29
2,311
of which: UK
Not collateralised
4,487
1,890
127
\u2014
6,504
0.4
3.8
27.8
\u2014
1.9
Fully collateralised by LTV ratio
9,139
3,194
305
\u2014
12,638
0.2
1.1
8.2
\u2014
0.6
\u2013\u00a0 less than 50%
2,903
761
160
\u2014
3,824
0.2
1.5
8.0
\u2014
0.8
\u2013\u00a0 51% to 75%
4,202
1,693
69
\u2014
5,964
0.2
1.2
12.0
\u2014
0.6
\u2013\u00a0 76% to 90%
1,173
732
24
\u2014
1,929
0.1
0.4
10.2
\u2014
0.3
\u2013\u00a0 91% to 100%
861
8
52
\u2014
921
0.1
7.7
2.7
\u2014
0.3
Partially collateralised (B): LTV > 100%
503
565
119
46
1,233
0.2
2.9
21.1
48.6
5.3
\u2013\u00a0 collateral value on B
296
350
69
26
741
of which: Hong Kong
Not collateralised
16,380
2,312
1,404
\u2014
20,096
\u2014
14.3
47.9
\u2014
5.0
Fully collateralised by LTV ratio
17,115
6,045
4,127
\u2014
27,287
0.1
1.4
5.8
\u2014
1.2
\u2013\u00a0 less than 50%
12,935
3,589
2,102
\u2014
18,626
0.1
1.3
3.8
\u2014
0.7
\u2013\u00a0 51% to 75%
3,534
1,059
1,243
\u2014
5,836
0.1
2.2
6.2
\u2014
1.8
\u2013\u00a0 76% to 90%
336
1,050
654
\u2014
2,040
0.1
1.1
11.8
\u2014
4.4
\u2013\u00a0 91% to 100%
310
347
128
\u2014
785
\u2014
0.5
2.4
\u2014
0.6
Partially collateralised (C): LTV > 100%
185
62
562
18
827
\u2014
1.9
17.6
38.1
12.9
\u2013\u00a0 collateral value on C
119
41
397
3
560
Other corporate, commercial and financial (non-
bank)
Not collateralised
713,028
62,844
6,870
5
782,747
0.1
0.9
41.5
14.2
0.5
Fully collateralised by LTV ratio
87,488
11,992
3,394
21
102,895
0.1
2.0
8.0
98.1
0.6
\u2013\u00a0 less than 50%
39,432
4,360
1,703
\u2014
45,495
0.1
1.6
6.9
\u2014
0.5
\u2013\u00a0 51% to 75%
20,169
4,643
778
21
25,611
0.1
2.8
12.0
98.1
1.0
\u2013\u00a0 76% to 90%
9,016
1,515
512
\u2014
11,043
0.1
1.6
7.1
\u2014
0.6
\u2013\u00a0 91% to 100%
18,871
1,474
401
\u2014
20,746
\u2014
0.8
6.3
\u2014
0.2
Partially collateralised (A): LTV > 100%
51,536
5,772
2,411
3
59,722
0.1
0.8
34.3
7.0
1.5
\u2013\u00a0 collateral value on A
22,800
2,519
1,162
1
26,482
Wholesale lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and
customers including loan commitments and financial guarantees
(Audited)
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
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
Transfers of financial instruments:
(35,399)
(267)
27,793
859
7,606
(592)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to stage 2
(93,205)
143
93,205
(143)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to stage 1
58,517
(372)
(58,517)
372
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,210)
4
(7,605)
678
8,815
(682)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
499
(42)
710
(48)
(1,209)
90
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
253
\u2014
(226)
\u2014
(49)
\u2014
\u2014
\u2014
(22)
Net new and further lending/
repayments
66,354
(171)
(27,221)
304
(5,593)
690
238
2
33,778
825
Change to risk parameters \u2013 credit
quality
\u2014
181
\u2014
(826)
\u2014
(2,596)
\u2014
(24)
\u2014
(3,265)
Changes to models used for ECL
calculation
\u2014
(30)
\u2014
277
\u2014
\u2014
\u2014
\u2014
\u2014
247
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,928)
1,928
\u2014
\u2014
(1,928)
1,928
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and others1
29,369
7
2,197
(66)
1,023
(341)
6
(3)
32,595
(403)
At 31 Dec 2025
893,360
(672)
77,057
(1,194)
21,197
(6,298)
337
(76)
991,951
(8,240)
ECL income statement change for
the period
233
(471)
(1,955)
(22)
(2,215)
Recoveries
77
Others
(267)
Total ECL income statement
change for the period
(2,405)
1Total includes $3.3bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $11m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
During the year, there was a net transfer between stage 1 and stage 2 of $34,688m gross carrying/nominal amounts. It was primarily driven by our
entities in Asia ($31,809m) due to credit deterioration and updates to our models used for ECL calculations, in the US ($1,652m) and in Mexico
($1,069m).
\u00d1 A summary of basis of preparation is available on page 125.
Wholesale lending \u2013 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)
(Audited)
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
845,982
(698)
102,129
(1,668)
16,939
(6,207)
85
(30)
965,135
(8,603)
Transfers of financial instruments:
(17,606)
(214)
6,997
825
10,609
(611)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(70,991)
173
70,991
(173)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
55,182
(380)
(55,182)
380
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,056)
7
(9,515)
636
11,571
(643)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
259
(14)
703
(18)
(962)
32
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
214
\u2014
(226)
\u2014
(12)
\u2014
\u2014
\u2014
(24)
Net new and further lending/
repayments
58,044
(151)
(29,842)
311
(4,450)
1,219
7
(7)
23,759
1,372
Changes to risk parameters \u2013 credit
quality
\u2014
112
\u2014
(899)
\u2014
(2,508)
\u2014
(11)
\u2014
(3,306)
Changes to models used for ECL
calculation
\u2014
39
\u2014
105
\u2014
\u2014
\u2014
\u2014
\u2014
144
Assets written off
\u2014
\u2014
\u2014
\u2014
(2,925)
2,925
\u2014
\u2014
(2,925)
2,925
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(53,384)
53
(4,996)
36
4
(153)
1
(3)
(58,375)
(67)
At 31 Dec 2024
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
ECL income statement change for
the period
214
(709)
(1,301)
(18)
(1,814)
Recoveries
40
Others
(126)
Total ECL income statement
change for the period
(1,900)
1Total includes $2.9bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $23m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
2Total includes $28.9bn of nominal amount and $20m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $0.3bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
Mainland China commercial real estate
(Audited)
At 31 Dec 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
2,079
3,474
118
5,671
3,161
3,694
303
7,158
Guarantees issued and others2
105
14
12
131
80
16
5
101
Total mainland China commercial real
estate exposure
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Distribution of mainland China
commercial real estate exposure by
credit quality
Strong
293
1,818
64
2,175
118
1,817
109
2,044
Good
240
583
\u2014
823
578
595
1
1,174
Satisfactory
154
511
8
673
196
899
49
1,144
Sub-standard
87
334
57
478
777
136
149
1,062
Credit impaired
1,410
242
1
1,653
1,572
263
\u2014
1,835
Total
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Allowance for ECL by credit quality
Strong
\u2014
(2)
\u2014
(2)
\u2014
(4)
\u2014
(4)
Good
\u2014
(4)
\u2014
(4)
\u2014
(3)
\u2014
(3)
Satisfactory
\u2014
(5)
\u2014
(5)
\u2014
(13)
\u2014
(13)
Sub-standard
(9)
(99)
(1)
(109)
(261)
(30)
(17)
(308)
Credit impaired
(799)
(99)
\u2014
(898)
(749)
(81)
\u2014
(830)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
Allowance for ECL by stage distribution
Stage 1
\u2014
(4)
\u2014
(4)
\u2014
(9)
\u2014
(9)
Stage 2
(9)
(106)
(1)
(116)
(261)
(41)
(17)
(319)
Stage 3
(783)
(99)
\u2014
(882)
(743)
(81)
\u2014
(824)
POCI
(16)
\u2014
\u2014
(16)
(6)
\u2014
\u2014
(6)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
ECL coverage %
37.0
6.0
0.8
17.6
31.2
3.5
5.5
16.0
1Amounts represent gross carrying amount.
2Amounts represent nominal amount for guarantees and other contingent liabilities.
Personal lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
2025
2024
Non-credit impaired
Credit impaired
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
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
$m
$m
$m
$m
$m
$m
At 1 Jan
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
650,823
(602)
50,955
(1,434)
3,860
(856)
705,638
(2,892)
Transfers of financial instruments:
7,203
(664)
(9,466)
1,242
2,263
(578)
\u2014
\u2014
(2,023)
(1,045)
(345)
1,477
2,368
(432)
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(41,104)
225
41,104
(225)
\u2014
\u2014
\u2014
\u2014
(45,220)
246
45,220
(246)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
48,706
(861)
(48,706)
861
\u2014
\u2014
\u2014
\u2014
43,549
(1,247)
(43,549)
1,247
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(663)
11
(2,655)
756
3,318
(767)
\u2014
\u2014
(743)
9
(2,715)
685
3,458
(694)
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
264
(39)
791
(150)
(1,055)
189
\u2014
\u2014
391
(53)
699
(209)
(1,090)
262
\u2014
\u2014
Net remeasurement of ECL arising from
transfer of stage
\u2014
411
\u2014
(378)
\u2014
(9)
\u2014
24
\u2014
745
\u2014
(605)
\u2014
(132)
\u2014
8
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
(25)
\u2014
Net new and further lending/repayments
41,379
(7)
(8,622)
310
(467)
78
32,290
381
29,789
(17)
(7,889)
278
(796)
470
21,104
731
Change to risk parameters \u2013 credit quality
\u2014
209
\u2014
(1,165)
\u2014
(1,141)
\u2014
(2,097)
\u2014
251
\u2014
(874)
\u2014
(1,437)
\u2014
(2,060)
Changes to models used for ECL calculation
\u2014
(29)
\u2014
(5)
\u2014
(16)
\u2014
(50)
\u2014
29
\u2014
(109)
\u2014
(20)
\u2014
(100)
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,641)
1,641
(1,641)
1,641
\u2014
\u2014
\u2014
\u2014
(1,534)
1,534
(1,534)
1,534
Foreign exchange and others1,2,3,4
13,403
(23)
2,310
(86)
236
(69)
15,949
(178)
(21,938)
52
(1,111)
109
(227)
72
(23,276)
233
At 31 Dec
718,636
(690)
25,832
(1,240)
4,037
(895)
748,505
(2,825)
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
ECL income statement change for the
period
584
(1,238)
(1,088)
(1,742)
1,008
(1,310)
(1,119)
(1,421)
Recoveries
243
220
Others
19
(32)
Total ECL income statement change for
the period
(1,480)
(1,233)
1At 31 December 2025, total includes $2.7bn (31 December 2024: $0.8bn) of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $16m (31 December
2024: $23m), reflecting business disposals, as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page\u00a0329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained portfolio of home and other retail loans in France as disclosed in Note 23 on page
329.
3At 31 December 2024, total includes $6.4bn of nominal amount and $1m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees following the sale of our banking business in Canada
during 2024.
4At December 2024, total includes $2.4bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina during 2024.
HSBC Holdings
(Audited)
Credit risk in HSBC Holdings primarily arises from transactions with
Group subsidiaries.
In HSBC Holdings, the maximum exposure to credit risk arises from
two components:
\u2013 financial assets on the balance sheet, where maximum exposure
equals the carrying amount (see page 271); and
\u2013 financial guarantees and other guarantees, where the maximum
exposure is the maximum that we would have to pay if the
guarantees were called upon (see Note 33).
In the case of our derivative asset balances (see page 271), there is a
legally enforceable right of offset in the event of counterparty default
and where, as a result, there is a net exposure for credit risk purposes.
However, as there is no intention to settle these balances on a net
basis under normal circumstances, they do not qualify for net
presentation for accounting purposes. These offsets also include
collateral received in cash and other financial assets.
The total offset relating to our derivative asset balances was $1.8bn at
31\u00a0December 2025 (2024:\u00a0$3.0bn).
The credit quality of loans and advances and financial investments,
both of which consist of intra-Group lending and US Treasury bills and
bonds, is\u00a0assessed as \u2018strong\u2019, with 100% of the exposure being
neither past due nor impaired (2024: 100%). For further details of credit
quality classification, see page 108.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-3": { "value": "
Credit Risk sub-function
(Audited)
The Credit Risk sub-function in Group Risk and Compliance is
responsible for the key policies and processes for managing credit risk,
which include formulating Group credit policies and risk rating
frameworks, guiding the Group\u2019s appetite for credit risk exposures,
undertaking independent reviews and objective assessment of credit
risk, and monitoring performance and management of portfolios while
fostering a culture of responsible lending.
Concentration of exposure
(Audited)
Concentration of credit risk occurs when multiple counterparties share
similar economic traits or operate in the same sectors or regions,
making them collectively vulnerable to changes in economic or political
conditions. To mitigate this risk, the Group uses various controls such
as portfolio and counterparty limits, approval and review processes, and
stress testing across industries, countries and businesses.
Credit quality of financial instruments
(Audited)
Our risk rating system facilitates the internal ratings-based approach
under the Basel framework to support the calculation of our minimum
capital requirement. The five credit quality classifications encompass a
range of granular internal credit rating grades assigned to wholesale
and retail customers, and the external ratings attributed by external
agencies to debt securities.
For debt securities and certain other financial instruments, external
ratings have been aligned to the five quality classifications based upon
the mapping of related customer risk rating (\u2018CRR\u2019) to external credit
rating.
Forborne loans and advances
(Audited)
Forbearance measures consist of concessions towards an obligor that
is experiencing, or about to experience, difficulties in meeting its
financial commitments.
We continue to class loans as forborne when we modify the
contractual payment terms due to having concerns about the
borrowers\u2019 ability to meet contractual payments when they were due.
Our definition of forborne captures non-payment-related concessions,
such as covenant waivers.
\u00d1 For details of our policy on forbearance, see Note 1.2(j) in the financial
statements.
Forborne loans and recognition of expected
credit losses
(Audited)
Forborne loans expected credit loss assessments reflect the higher
rates of losses typically experienced with these types of loans; as such
they are categorised as stage 2 and stage 3. The higher rates are more
pronounced in unsecured retail lending requiring further segmentation.
For wholesale lending, forborne loans are typically assessed
individually. Credit risk ratings are intrinsic to the impairment
assessments. The individual impairment assessment takes into
account the higher risk of the future non-payment inherent in forborne
loans.
Impairment assessment
(Audited)
For details of our impairment policies on loans and advances and
financial investments, see Note 1.2(j) on the financial statements.
Write-off of loans and advances
(Audited)
Under IFRS 9, write-off should occur when there is no reasonable
expectation of recovering further cash flows from the financial asset.
This principle does not prohibit early write-off, which is defined in local
policies to ensure effectiveness in the management of customers in
the collections process.
Unsecured personal facilities, including credit cards, are generally
written off at between 150 and 210 days past due. The standard period
runs until the end of the month in which the account becomes 180
days contractually delinquent. However, in exceptional circumstances,
to avoid unfair customer outcomes, deliver customer duty or meet
regulatory expectations, the period may be extended further.
For secured facilities, write-off should occur upon repossession of
collateral, receipt of proceeds via settlement, or determination that
recovery of the collateral will not be pursued. Where these assets are
maintained on the balance sheet beyond 60 months of consecutive
delinquency-driven default, the prospect of recovery is reassessed.
Recovery activity, on both secured and unsecured assets, may
continue after write-off.
Any unsecured exposures that are not written off at 180 days past due,
and any secured exposures that are in \u2018default\u2019 status for 60 months or
greater but are not written off, are subject to additional monitoring via
the appropriate governance forums.
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector
(Audited)
Gross carrying/nominal amount 1
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
893,433
80,936
24,389
333
999,091
(1,201)
(2,318)
(7,097)
(76)
(10,692)
0.1
2.9
29.1
22.8
1.1
\u2013\u00a0 personal
446,696
23,887
3,945
\u2014
474,528
(667)
(1,235)
(895)
\u2014
(2,797)
0.1
5.2
22.7
\u2014
0.6
\u2013\u00a0 corporate and commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
0.1
1.9
29.6
53.6
1.8
\u2013\u00a0 non-bank financial institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
0.1
0.8
61.3
0.5
0.4
Loans and advances to banks at
amortised cost
108,336
132
1
\u2014
108,469
(4)
(2)
(1)
\u2014
(7)
\u2014
1.5
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
888,491
1,651
184
\u2014
890,326
(76)
(11)
(42)
\u2014
(129)
\u2014
0.7
22.8
\u2014
\u2014
Loan and other credit-related
commitments
669,648
20,488
652
4
690,792
(149)
(97)
(69)
\u2014
(315)
\u2014
0.5
10.6
\u2014
\u2014
\u2013\u00a0 personal
270,494
1,945
92
\u2014
272,531
(22)
(5)
\u2014
\u2014
(27)
\u2014
0.3
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
255,740
14,649
560
4
270,953
(115)
(88)
(69)
\u2014
(272)
\u2014
0.6
12.3
\u2014
0.1
\u2013\u00a0 financial
143,414
3,894
\u2014
\u2014
147,308
(12)
(4)
\u2014
\u2014
(16)
\u2014
0.1
\u2014
\u2014
\u2014
Financial guarantees
15,913
1,371
192
\u2014
17,476
(8)
(17)
(26)
\u2014
(51)
0.1
1.2
13.5
\u2014
0.3
\u2013\u00a0 personal
1,446
\u2014
\u2014
\u2014
1,446
(1)
\u2014
\u2014
\u2014
(1)
0.1
\u2014
\u2014
\u2014
0.1
\u2013\u00a0 corporate and commercial
10,071
1,287
190
\u2014
11,548
(6)
(17)
(26)
\u2014
(49)
0.1
1.3
13.7
\u2014
0.4
\u2013\u00a0 financial
4,396
84
2
\u2014
4,482
(1)
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 Dec 2025
2,575,821
104,578
25,418
337
2,706,154
(1,438)
(2,445)
(7,235)
(76)
(11,194)
0.1
2.3
28.5
22.6
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
\u2013\u00a0 personal
403,746
39,919
3,560
\u2014
447,225
(570)
(1,158)
(796)
\u2014
(2,524)
0.1
2.9
22.4
\u2014
0.6
\u2013 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
\u2013\u00a0 non-bank financial institutions
79,687
2,098
679
\u2014
82,464
(45)
(30)
(361)
\u2014
(436)
0.1
1.4
53.2
\u2014
0.5
Loans and advances to banks at
amortised cost
101,852
198
2
\u2014
102,052
(9)
(2)
(2)
\u2014
(13)
\u2014
1.0
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
826,621
1,806
153
\u2014
828,580
(64)
(5)
(23)
\u2014
(92)
\u2014
0.3
15.0
\u2014
\u2014
Loan and other credit-related
commitments
597,231
21,175
958
3
619,367
(137)
(121)
(90)
\u2014
(348)
\u2014
0.6
9.4
\u2014
0.1
\u2013\u00a0 personal
251,489
1,680
86
\u2014
253,255
(17)
\u2014
(5)
\u2014
(22)
\u2014
\u2014
5.8
\u2014
\u2014
\u2013\u00a0 corporate and commercial
231,201
17,453
838
3
249,495
(111)
(116)
(83)
\u2014
(310)
\u2014
0.7
9.9
\u2014
0.1
\u2013\u00a0 financial
114,541
2,042
34
\u2014
116,617
(9)
(5)
(2)
\u2014
(16)
\u2014
0.2
5.9
\u2014
\u2014
Financial guarantees
15,353
1,397
248
\u2014
16,998
(8)
(5)
(16)
\u2014
(29)
0.1
0.4
6.5
\u2014
0.2
\u2013\u00a0 personal
1,416
11
\u2014
\u2014
1,427
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
10,048
1,232
195
\u2014
11,475
(7)
(5)
(15)
\u2014
(27)
0.1
0.4
7.7
\u2014
0.2
\u2013\u00a0 financial
3,889
154
53
\u2014
4,096
(1)
\u2014
(1)
\u2014
(2)
\u2014
\u2014
1.9
\u2014
\u2014
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
1Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2Purchased or originated credit-impaired (\u2018POCI\u2019).
Unless identified at an earlier stage, all financial assets are deemed to have suffered a significant increase in credit risk when they are 30 days past due (\u2018DPD\u2019) and are transferred from stage 1 to stage 2. The following
disclosure presents the ageing of stage 2 financial assets by those less than 30 DPD and greater than 30 DPD and therefore presents those financial assets classified as stage 2 due to ageing (30 DPD) and those
identified at an earlier stage (less than 30 DPD).
Stage 2 days past due analysis
(Audited)
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
DPD1
30 and >
DPD1
At 31 Dec 2025
$m
$m
$m
$m
$m
$m
$m
$m
%
%
%
%
Loans and advances to
customers at amortised
cost
80,936
77,615
1,894
1,427
(2,318)
(1,837)
(211)
(270)
2.9
2.4
11.1
18.9
\u2013\u00a0 personal
23,887
21,481
1,483
923
(1,235)
(797)
(188)
(250)
5.2
3.7
12.7
27.1
\u2013\u00a0 corporate and
commercial
54,636
53,898
400
338
(1,064)
(1,024)
(23)
(17)
1.9
1.9
5.8
5.0
\u2013\u00a0 non-bank financial
institutions
2,413
2,236
11
166
(19)
(16)
\u2014
(3)
0.8
0.7
\u2014
1.8
Loans and advances to
banks at amortised cost
132
132
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.5
1.5
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,651
1,611
21
19
(11)
(10)
\u2014
(1)
0.7
0.6
\u2014
5.3
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
\u2013\u00a0 personal
39,919
37,676
1,361
882
(1,158)
(799)
(169)
(190)
2.9
2.1
12.4
21.5
\u2013\u00a0 corporate and
commercial
51,231
50,486
506
239
(1,358)
(1,326)
(21)
(11)
2.7
2.6
4.2
4.6
\u2013\u00a0 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
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.0
1.0
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,806
1,794
3
9
(5)
(5)
\u2014
\u2014
0.3
0.3
\u2014
\u2014
1The days past due amounts presented above are on a contractual basis.
Credit exposure
Maximum exposure to credit risk
(Audited)
This section provides information on balance sheet items and their
offsets as well as loan and other credit-related commitments.
Commentary on consolidated balance sheet movements in 2025
is\u00a0provided on page\u00a073.
Maximum exposure to credit risk
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Maximum exposure
Offset
Net
Maximum exposure
Offset
Net
$m
$m
$m
$m
$m
$m
Loans and advances to customers held at amortised cost
988,399
(25,671)
962,728
930,658
(22,822)
907,836
\u2013\u00a0 personal
471,731
(3,568)
468,163
444,701
(2,256)
442,445
\u2013\u00a0 corporate and commercial
416,979
(20,636)
396,343
403,929
(18,897)
385,032
\u2013\u00a0 non-bank financial institutions
99,689
(1,467)
98,222
82,028
(1,669)
80,359
Loans and advances to banks at amortised cost
108,462
\u2014
108,462
102,039
\u2014
102,039
Other financial assets held at amortised cost
888,882
(5,865)
883,017
827,193
(4,383)
822,810
\u2013\u00a0 cash and balances at central banks
242,859
\u2014
242,859
267,674
\u2014
267,674
\u2013\u00a0 Hong Kong Government certificates of indebtedness
44,063
\u2014
44,063
42,293
\u2014
42,293
\u2013\u00a0 reverse repurchase agreements \u2013 non-trading
298,392
(5,865)
292,527
252,549
(4,383)
248,166
\u2013\u00a0 financial investments
182,089
\u2014
182,089
153,973
\u2014
153,973
\u2013\u00a0 prepayments, accrued income and other assets
121,479
\u2014
121,479
110,704
\u2014
110,704
Assets held for sale
11,115
\u2014
11,115
27,234
\u2014
27,234
Derivatives
237,740
(229,223)
8,517
268,637
(254,257)
14,380
Total on-balance sheet exposure to credit risk
2,234,598
(260,759)
1,973,839
2,155,761
(281,462)
1,874,299
Total off-balance sheet
1,068,162
\u2014
1,068,162
970,610
\u2014
970,610
\u2013\u00a0 financial and other guarantees
119,840
\u2014
119,840
109,380
\u2014
109,380
\u2013\u00a0 loan and other credit-related commitments
948,322
\u2014
948,322
861,230
\u2014
861,230
Total
3,302,760
(260,759)
3,042,001
3,126,371
(281,462)
2,844,909
Credit deterioration of financial
instruments
(Audited)
\u00d1 A summary of our current policies and practices regarding the identification,
treatment and measurement of stage 1, stage 2, stage\u00a03 (credit impaired)
and POCI financial instruments can be found in Note 1.2(j) on the financial
statements.
Measurement uncertainty and sensitivity analysis of ECL estimates
(Audited)
The recognition and measurement of ECL involves the use of
significant judgement and estimation. We form multiple scenarios
based on economic forecasts and distributional estimates and apply
these to credit risk models to estimate future credit losses. The results
are then probability-weighted to determine an unbiased ECL estimate.
Management assessed the current economic environment, reviewed
the latest economic forecasts and discussed key risks before selecting
economic scenarios and their weightings.
Management judgemental adjustments are used where modelled
allowance for ECL does not fully reflect the identified risks and related
uncertainty, or to capture significant late-breaking events.
Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees
(Audited)
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:
(28,196)
(931)
18,327
2,101
9,869
(1,170)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to
stage 2
(134,309)
368
134,309
(368)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to
stage 1
107,223
(1,233)
(107,223)
1,233
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,873)
15
(10,260)
1,434
12,133
(1,449)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
763
(81)
1,501
(198)
(2,264)
279
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of
stage
\u2014
664
\u2014
(604)
\u2014
(58)
\u2014
\u2014
\u2014
2
Changes due to
modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net new and further
lending/repayments
107,733
(178)
(35,843)
614
(6,060)
768
238
2
66,068
1,206
Changes to risk parameters
\u2013 credit quality
\u2014
390
\u2014
(1,991)
\u2014
(3,737)
\u2014
(24)
\u2014
(5,362)
Changes to models used
for ECL calculation
\u2014
(59)
\u2014
272
\u2014
(16)
\u2014
\u2014
\u2014
197
Assets written off
\u2014
\u2014
\u2014
\u2014
(3,569)
3,569
\u2014
\u2014
(3,569)
3,569
Credit-related modifications
that resulted in
derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and
others1,2
42,772
(16)
4,507
(152)
1,259
(410)
6
(3)
48,544
(581)
At 31 Dec 2025
1,611,996
(1,362)
102,889
(2,434)
25,234
(7,193)
337
(76)
1,740,456
(11,065)
ECL income statement
change for the period
817
(1,709)
(3,043)
(22)
(3,957)
Recoveries
320
Others
(248)
Total ECL income
statement change for the
period
(3,885)
1Total includes $6.0bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $27m, including business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained\u00a0
home and other retail loans in France as disclosed in Note 23 on page 329.
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)
(Audited)
At 31 Dec 2025
12 months ended 31 Dec 2025
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$m
$m
$m
As above
1,740,456
(11,065)
(3,885)
Other financial assets measured at amortised cost
890,326
(129)
(29)
Non-trading reverse purchase agreement commitments
75,372
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
46
Summary of financial instruments to which the impairment requirements
in IFRS 9 are applied/Summary consolidated income statement
2,706,154
(11,194)
(3,868)
Debt instruments measured at FVOCI
383,568
(30)
18
Total allowance for ECL/total income statement ECL change for the period
n/a
(11,224)
(3,850)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
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)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to
stage 2
(116,211)
419
116,211
(419)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to
stage 1
98,731
(1,627)
(98,731)
1,627
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,799)
16
(12,230)
1,321
15,029
(1,337)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
650
(67)
1,402
(227)
(2,052)
294
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of stage
\u2014
959
\u2014
(831)
\u2014
(144)
\u2014
\u2014
\u2014
(16)
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
\u2014
\u2014
(25)
\u2014
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 \u2013
credit quality
\u2014
363
\u2014
(1,773)
\u2014
(3,945)
\u2014
(11)
\u2014
(5,366)
Changes to models used for ECL
calculation
\u2014
68
\u2014
(4)
\u2014
(20)
\u2014
\u2014
\u2014
44
Assets written off
\u2014
\u2014
\u2014
\u2014
(4,459)
4,459
\u2014
\u2014
(4,459)
4,459
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(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
Others
(158)
Total ECL income statement
change for the period
(3,133)
1Total includes $3.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $46m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2Total includes $35.3bn of nominal amount and $21m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $2.7bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
At 31 Dec 2024
12 months ended 31 Dec 2024
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$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
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
(173)
Summary of financial instruments to which the impairment requirements in IFRS 9 are
applied/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
Credit quality of financial instruments
(Audited)
We assess the credit quality of all financial instruments that are subject to credit risk. The credit quality of financial instruments is a point-in-time
assessment of PD, whereas stages 1 and 2 are determined based on relative deterioration of credit quality since initial recognition for the majority
of portfolios. Accordingly, for non-credit-impaired financial instruments, there is no direct relationship between the credit quality assessment and
stages 1 and 2, although typically the lower credit quality bands exhibit a higher proportion in stage 2. The five credit quality classifications provided
below each encompass a range of granular internal credit rating grades assigned to wholesale and personal lending businesses and the external
ratings attributed by external agencies to debt securities, as shown in the table on page\u00a0139.
Distribution of financial instruments by credit quality
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
Net
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
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
In-scope for IFRS 9 ECL
Loans and advances to customers held
at amortised cost
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 personal
380,030
57,064
30,688
2,801
3,945
474,528
(2,797)
471,731
360,317
53,595
27,774
1,979
3,560
447,225
(2,524)
444,701
\u2013\u00a0 corporate and commercial
113,787
132,972
139,599
18,041
20,106
424,505
(7,526)
416,979
114,504
118,785
138,705
20,224
18,466
410,684
(6,755)
403,929
\u2013\u00a0 non-bank financial institutions
51,670
25,745
21,552
613
478
100,058
(369)
99,689
40,445
20,700
19,937
703
679
82,464
(436)
82,028
Loans and advances to banks held at
amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
Cash and balances at central banks
242,187
590
82
\u2014
\u2014
242,859
\u2014
242,859
266,713
949
12
\u2014
\u2014
267,674
\u2014
267,674
Hong Kong Government certificates of
indebtedness
44,063
\u2014
\u2014
\u2014
\u2014
44,063
\u2014
44,063
42,293
\u2014
\u2014
\u2014
\u2014
42,293
\u2014
42,293
Reverse repurchase agreements \u2013 non-
trading
193,352
78,296
26,740
4
\u2014
298,392
\u2014
298,392
155,831
70,877
25,799
42
\u2014
252,549
\u2014
252,549
Financial investments
171,057
654
10,390
\u2014
\u2014
182,101
(12)
182,089
146,970
3,681
3,331
\u2014
\u2014
153,982
(9)
153,973
Assets held for sale
449
2,751
864
\u2014
51
4,115
(27)
4,088
2,425
458
367
1
22
3,273
(4)
3,269
Other assets
95,589
11,950
10,789
335
133
118,796
(90)
118,706
88,338
9,735
10,151
454
131
108,809
(79)
108,730
\u2013\u00a0 endorsements and acceptances
1,504
3,331
3,624
236
11
8,706
(11)
8,695
2,101
2,663
3,090
243
10
8,107
(14)
8,093
\u2013\u00a0 accrued income and other
94,085
8,619
7,165
99
122
110,090
(79)
110,011
86,237
7,072
7,061
211
121
100,702
(65)
100,637
Debt instruments measured at FVOCI1
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
Out-of-scope for IFRS 9 ECL
Trading assets
143,943
22,187
22,943
603
165
189,841
\u2014
189,841
119,546
21,951
15,804
2,300
47
159,648
\u2014
159,648
Other financial assets designated and
otherwise mandatorily measured at fair
value through profit or loss
61,509
13,037
5,014
351
19
79,930
\u2014
79,930
53,282
11,862
4,390
231
11
69,776
\u2014
69,776
Derivatives
194,320
33,752
9,382
283
3
237,740
\u2014
237,740
224,870
34,124
9,373
258
12
268,637
\u2014
268,637
Assets held for sale
10
103
\u2014
\u2014
148
261
\u2014
261
3,019
\u2014
\u2014
\u2014
\u2014
3,019
\u2014
3,019
Total gross carrying amount on
balance sheet
2,165,440
387,915
290,228
23,426
25,049
2,892,058
(10,858)
2,881,200
2,047,487
360,420
268,451
26,706
22,930
2,725,994
(9,874)
2,716,120
Percentage of total credit quality (%)
74.9
13.4
10.0
0.8
0.9
100
75.1
13.2
9.9
1.0
0.8
100
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
In-scope for IFRS 9 ECL
449,176
151,068
96,544
10,632
848
708,268
(366)
707,902
407,485
135,659
81,619
10,393
1,209
636,365
(377)
635,988
Loan and other credit-related
commitments
105,985
81,431
67,475
2,702
252
257,845
\u2014
257,845
96,952
76,340
65,619
2,847
453
242,211
\u2014
242,211
Performance and other guarantees
47,441
33,190
19,857
1,351
845
102,684
(269)
102,415
39,940
32,956
17,339
1,671
817
92,723
(312)
92,411
Out-of-scope for IFRS 9 ECL
153,426
114,621
87,332
4,053
1,097
360,529
(269)
360,260
136,892
109,296
82,958
4,518
1,270
334,934
(312)
334,622
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL
Net
Gross carrying/notional 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
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 stage 1
540,253
194,680
152,578
5,922
\u2014
893,433
(1,201)
892,232
498,415
170,420
150,818
4,767
\u2014
824,420
(1,078)
823,342
\u2013\u00a0 stage 2
5,234
21,101
39,068
15,533
\u2014
80,936
(2,318)
78,618
16,851
22,660
35,598
18,139
\u2014
93,248
(2,546)
90,702
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
24,389
24,389
(7,097)
17,292
\u2014
\u2014
\u2014
\u2014
22,615
22,615
(6,040)
16,575
\u2013\u00a0 POCI
\u2014
\u2014
193
\u2014
140
333
(76)
257
\u2014
\u2014
\u2014
\u2014
90
90
(51)
39
Loans and advances to banks
at amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
\u2013\u00a0 stage 1
97,426
6,215
4,608
87
\u2014
108,336
(4)
108,332
92,528
4,226
4,981
117
\u2014
101,852
(9)
101,843
\u2013\u00a0 stage 2
98
7
5
22
\u2014
132
(2)
130
93
29
59
17
\u2014
198
(2)
196
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
1
1
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
(2)
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial assets
measured at amortised cost
746,697
94,241
48,865
339
184
890,326
(129)
890,197
702,570
85,700
39,660
497
153
828,580
(92)
828,488
\u2013\u00a0 stage 1
746,536
93,759
48,121
75
\u2014
888,491
(76)
888,415
702,373
85,032
38,977
239
\u2014
826,621
(64)
826,557
\u2013\u00a0 stage 2
161
482
744
264
\u2014
1,651
(11)
1,640
197
668
683
258
\u2014
1,806
(5)
1,801
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
184
184
(42)
142
\u2014
\u2014
\u2014
\u2014
153
153
(23)
130
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
\u2013\u00a0 stage 1
437,973
143,849
82,145
5,681
\u2014
669,648
(149)
669,499
398,779
125,956
67,949
4,547
\u2014
597,231
(137)
597,094
\u2013\u00a0 stage 2
3,767
3,074
9,255
4,392
\u2014
20,488
(97)
20,391
1,341
5,440
9,271
5,123
\u2014
21,175
(121)
21,054
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
652
652
(69)
583
\u2014
\u2014
\u2014
\u2014
958
958
(90)
868
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
4
4
\u2014
4
\u2014
\u2014
\u2014
\u2014
3
3
\u2014
3
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
\u2013\u00a0 stage 1
7,430
4,040
4,351
92
\u2014
15,913
(8)
15,905
7,352
4,192
3,625
184
\u2014
15,353
(8)
15,345
\u2013\u00a0 stage 2
6
105
793
467
\u2014
1,371
(17)
1,354
13
71
774
539
\u2014
1,397
(5)
1,392
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
192
192
(26)
166
\u2014
\u2014
\u2014
\u2014
248
248
(16)
232
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,838,884
467,312
341,861
32,535
25,562
2,706,154
(11,194)
2,694,960
1,717,942
418,694
312,735
33,930
24,069
2,507,370
(10,197)
2,497,173
Debt instruments at FVOCI1
\u2013\u00a0 stage 1
375,894
2,592
7,015
3
\u2014
385,504
(28)
385,476
336,264
9,448
7,290
\u2014
\u2014
353,002
(31)
352,971
\u2013\u00a0 stage 2
56
\u2014
557
283
\u2014
896
(2)
894
49
\u2014
478
380
\u2014
907
(23)
884
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Credit-impaired loans
(Audited)
We determine that a financial instrument is credit impaired and in stage
3 by considering relevant objective evidence, primarily whether:
\u2013 contractual payments of either principal or interest are past due for
more than 90 days;
\u2013 there are other indications that the borrower is unlikely to pay, such
as when a concession has been granted to the borrower for
economic or legal reasons relating to the borrower\u2019s financial
condition; and
\u2013 the loan is otherwise considered to be in default. If such unlikeliness
to pay is not identified at an earlier stage, it is deemed to occur
when an exposure is 90 days past due. Therefore, the definitions of
credit impaired and default are aligned as far as possible so that
stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Collateral and other credit enhancements
(Audited)
Although collateral can be an important mitigant of credit risk, it is the
Group\u2019s practice to typically lend on the basis of the customer\u2019s ability
to meet their obligations out of cash flow resources rather than placing
primary reliance on collateral and other credit risk enhancements.
Depending on the customer\u2019s standing and the type of product,
facilities may be provided without any collateral or other credit
enhancements. For other lending, a charge over collateral is obtained
and considered in determining the credit decision and pricing. In the
event of default, the Group may utilise the collateral as a source of
repayment.
Depending on its form, collateral can have a significant financial effect
in mitigating our exposure to credit risk. Where there is sufficient
collateral, an expected credit loss is not recognised. This is the case for
reverse repurchase agreements and for certain loans and advances to
customers where the loan to value (\u2018LTV\u2019) is very low.
Mitigants may include a charge on borrowers\u2019 specific assets, such as
real estate or financial instruments. Other credit risk mitigants include
short positions in securities and financial assets held as part of linked
insurance/investment contracts where the risk is predominantly borne
by the policyholder. Additionally, risk may be managed by employing
other types of collateral and credit risk enhancements, such as second
charges, other liens and unsupported guarantees. Guarantees are
normally taken from corporates and export credit agencies. Corporates
would normally provide guarantees as part of a parent/subsidiary
relationship and span a number of credit grades. The export credit
agencies will normally be investment grade.
Certain credit mitigants are used strategically in portfolio management
activities. Across Corporate and Institutional Banking, risk limits and
utilisations, maturity profiles and risk quality are monitored and
managed proactively. This process is key to the setting of risk appetite
for these larger, more complex, geographically distributed customer
groups. While the principal form of risk management continues to be at
the point of exposure origination, through the lending decision-making
process, Corporate and Institutional Banking also utilises loan sales and
credit default swap (\u2018CDS\u2019) hedges to manage concentrations and
reduce risk.
These transactions are the responsibility of a dedicated Corporate and
Institutional Banking portfolio management team. Hedging activity is
carried out within agreed credit parameters, and is subject to market
risk limits and a robust governance structure. Where applicable, CDSs
are entered into directly with a central clearing house counterparty.
Otherwise, the Group\u2019s exposure to CDS protection providers is
diversified among mainly banking counterparties with strong credit
ratings.
CDS mitigants are held at portfolio level and are not included in the
expected credit loss calculations. CDS mitigants are not reported in the
following tables.
Collateral on loans and advances
Collateral held is analysed separately for CRE and for other corporate,
commercial and financial (non-bank) lending. The following tables
include off-balance sheet loan commitments, primarily undrawn credit
lines.
The collateral measured in the following tables consists of fixed\u00a0first
charges on real estate, and charges over cash and marketable financial
instruments. The values in the tables represent the expected market
value on an open market basis, actual values realised are a function of
market conditions. No adjustment has been made to the collateral for
any expected costs of recovery. Marketable securities are measured at
their fair value.
Other types of collateral, such as unsupported guarantees and floating
charges over the assets of a customer\u2019s business, are not measured in
the following tables. While such mitigants have value, often providing
rights in insolvency, their assignable value is not sufficiently certain and
they are therefore assigned no value for disclosure purposes.
The LTV ratios presented are calculated by directly associating loans
and advances with the collateral that individually and uniquely supports
each facility. When collateral assets are shared by multiple loans and
advances, whether specifically or, more generally, by way of an all
monies charge, the collateral value is pro-rated across the loans and
advances protected by the collateral.
For credit-impaired loans, the collateral values cannot be directly
compared with impairment allowances recognised. The LTV figures use
open market values with no adjustments, actual values realised are a
function of market conditions. Impairment allowances are calculated on
a different basis, by considering other cash flows and adjusting
collateral values for costs of realising collateral as explained further on
page 279.
Mortgage loans
The following table provides a quantification of the value of fixed
charges we hold over specific assets where we have a history
of\u00a0enforcing, and are able to enforce, collateral in satisfying a debt in
the event of the borrower failing to meet its contractual obligations, and
where the collateral is cash or can be realised by sale in an established
market. The collateral valuation excludes any adjustments for obtaining
and selling the collateral and, in particular, loans shown as not
collateralised or partially collateralised may also benefit from other
forms of credit mitigants.
The quality of both our Hong Kong and UK mortgage books remained
strong, with low levels of impairment allowances. The average LTV
ratio on new mortgage lending in Hong Kong was 70%, compared
with an estimated 60% for the overall mortgage portfolio. The
average LTV ratio on new lending in the UK was 69%, compared with
an estimated 55% for the overall mortgage portfolio.
Commercial real estate loans and advances
The value of CRE collateral is determined by\u00a0using a combination of
external and internal valuations and\u00a0physical inspections. For CRE,
where the facility exceeds regulatory threshold requirements, Group
policy requires an independent review of the valuation at least every
three years, or more frequently as the need arises.
In Hong Kong, unsecured lending is typically limited to major property
companies. In Europe, facilities of a working capital nature are generally
not secured by a first fixed charge, and are therefore disclosed as not
collateralised.
Other corporate, commercial and financial (non-bank) loans and
advances
Other corporate, commercial and financial (non-bank) loans are
analysed separately in the following table. For financing activities in
other corporate and commercial lending, collateral value is not strongly
correlated to\u00a0principal repayment performance. Collateral values are
generally refreshed when an obligor\u2019s general credit performance
deteriorates and we have to assess the likely performance of
secondary sources of repayment should it prove necessary to rely on
them.
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2025
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
383,401
18,150
2,573
404,124
\u2014
0.6
10.5
0.1
\u2013\u00a0 less than 50%
159,089
9,161
1,336
169,586
\u2014
0.4
8.3
0.1
\u2013\u00a0 51% to 70%
125,204
5,484
751
131,439
\u2014
0.6
11.2
0.1
\u2013\u00a0 71% to 80%
46,175
1,934
258
48,367
\u2014
0.7
13.8
0.1
\u2013\u00a0 81% to 90%
37,415
971
167
38,553
\u2014
0.9
15.9
0.1
\u2013\u00a0 91% to 100%
15,518
600
61
16,179
\u2014
1.5
20.2
0.1
Partially collateralised (A): LTV > 100%
4,924
138
97
5,159
\u2014
2.2
44.3
0.9
\u2013\u00a0 collateral value on A
4,707
129
66
4,902
of which: UK
Fully collateralised by LTV ratio
190,214
13,257
816
204,287
\u2014
0.3
9.7
0.1
\u2013\u00a0 less than 50%
77,859
7,260
421
85,540
\u2014
0.1
8.2
0.1
\u2013\u00a0 51% to 70%
61,605
4,183
254
66,042
\u2014
0.3
8.7
0.1
\u2013\u00a0 71% to 80%
25,237
1,226
85
26,548
\u2014
0.5
14.0
0.1
\u2013\u00a0 81% to 90%
22,218
548
46
22,812
\u2014
0.7
16.1
0.1
\u2013\u00a0 91% to 100%
3,295
40
10
3,345
\u2014
1.0
27.0
0.1
Partially collateralised (B): LTV > 100%
58
2
8
68
\u2014
0.6
32.5
3.8
\u2013\u00a0 collateral value on B
29
1
7
37
of which: Hong Kong
Fully collateralised by LTV ratio
102,801
1,503
165
104,469
\u2014
\u2014
0.7
\u2014
\u2013\u00a0 less than 50%
40,518
762
83
41,363
\u2014
\u2014
0.2
\u2014
\u2013\u00a0 51% to 70%
31,015
345
41
31,401
\u2014
\u2014
0.5
\u2014
\u2013\u00a0 71% to 80%
6,698
83
17
6,798
\u2014
0.1
1.8
\u2014
\u2013\u00a0 81% to 90%
12,906
132
12
13,050
\u2014
0.2
0.8
\u2014
\u2013\u00a0 91% to 100%
11,664
181
12
11,857
\u2014
0.2
2.5
\u2014
Partially collateralised (C): LTV > 100%
4,781
87
18
4,886
\u2014
0.2
8.3
\u2014
\u2013\u00a0 collateral value on C
4,593
85
16
4,694
Commercial real estate
Not collateralised
36,879
3,792
1,310
6
41,987
0.1
2.7
64.6
\u2014
2.3
Fully collateralised by LTV ratio
26,814
16,633
6,942
13
50,402
0.1
1.7
13.3
\u2014
2.4
\u2013\u00a0 less than 50%
13,415
10,682
2,563
13
26,673
0.1
1.4
11.0
\u2014
1.7
\u2013\u00a0 51% to 75%
9,168
4,770
2,755
\u2014
16,693
0.2
2.2
13.5
\u2014
2.9
\u2013\u00a0 76% to 90%
2,232
915
1,055
\u2014
4,202
0.1
1.9
13.6
\u2014
3.9
\u2013\u00a0 91% to 100%
1,999
266
569
\u2014
2,834
0.1
2.3
21.6
\u2014
4.6
Partially collateralised (A): LTV > 100%
3,635
350
1,093
80
5,158
0.1
3.1
35.4
57.5
8.7
\u2013\u00a0 collateral value on A
2,317
240
780
33
3,370
of which: UK
Not collateralised
8,633
389
56
\u2014
9,078
0.2
8.2
19.6
\u2014
0.7
Fully collateralised by LTV ratio
12,426
1,661
354
\u2014
14,441
0.2
2.6
21.8
\u2014
1.0
\u2013\u00a0 less than 50%
4,606
430
36
\u2014
5,072
0.2
1.4
38.9
\u2014
0.6
\u2013\u00a0 51% to 75%
5,772
914
209
\u2014
6,895
0.2
3.8
24.9
\u2014
1.4
\u2013\u00a0 76% to 90%
1,511
308
107
\u2014
1,926
0.1
1.0
9.3
\u2014
0.7
\u2013\u00a0 91% to 100%
537
9
2
\u2014
548
0.2
5.1
61.2
\u2014
0.4
Partially collateralised (B): LTV > 100%
2,111
115
67
61
2,354
0.1
0.9
17.9
47.5
1.9
\u2013\u00a0 collateral value on B
1,381
109
42
30
1,562
of which: Hong Kong
Not collateralised
14,360
2,691
1,088
6
18,145
\u2014
2.4
66.5
\u2014
4.4
Fully collateralised by LTV ratio
5,588
12,969
5,467
\u2014
24,024
0.1
0.8
10.6
\u2014
2.9
\u2013\u00a0 less than 50%
4,008
9,705
2,284
\u2014
15,997
0.1
0.9
8.2
\u2014
1.8
\u2013\u00a0 51% to 75%
1,167
2,927
2,033
\u2014
6,127
0.2
0.5
10.9
\u2014
3.9
\u2013\u00a0 76% to 90%
59
294
705
\u2014
1,058
\u2014
1.7
8.4
\u2014
6.0
\u2013\u00a0 91% to 100%
354
43
445
\u2014
842
\u2014
2.3
25.2
\u2014
13.4
Partially collateralised (C): LTV > 100%
198
110
1,022
19
1,349
\u2014
0.3
36.7
84.2
29.0
\u2013\u00a0 collateral value on C
149
11
734
3
897
Other corporate, commercial and financial
(non-bank)
Not collateralised
797,344
60,899
6,186
215
864,644
0.1
0.9
43.5
6.5
0.4
Fully collateralised by LTV ratio
88,647
13,101
3,611
29
105,388
0.1
1.6
14.5
55.2
0.8
\u2013\u00a0 less than 50%
37,949
5,009
1,446
\u2014
44,404
0.1
1.2
12.3
\u2014
0.6
\u2013\u00a0 51% to 75%
21,397
4,855
1,249
29
27,530
0.1
2.4
16.7
55.2
1.3
\u2013\u00a0 76% to 90%
8,253
1,318
677
\u2014
10,248
0.1
1.5
14.0
\u2014
1.2
\u2013\u00a0 91% to 100%
21,048
1,919
239
\u2014
23,206
\u2014
0.6
16.7
\u2014
0.3
Partially collateralised (A): LTV > 100%
53,980
6,337
2,130
\u2014
62,447
0.1
0.7
45.6
\u2014
1.7
\u2013\u00a0 collateral value on A
24,763
2,942
1,199
\u2014
28,904
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2024
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
332,641
34,203
2,371
369,215
\u2014
0.4
10.0
0.1
\u2013\u00a0 less than 50%
141,331
18,076
1,238
160,645
\u2014
0.2
7.6
0.1
\u2013\u00a0 51% to 70%
111,963
11,507
698
124,168
\u2014
0.4
11.2
0.1
\u2013\u00a0 71% to 80%
39,374
3,040
242
42,656
\u2014
0.7
13.1
0.1
\u2013\u00a0 81% to 90%
25,514
1,264
131
26,909
\u2014
0.9
15.0
0.1
\u2013\u00a0 91% to 100%
14,459
316
62
14,837
\u2014
1.8
22.4
0.1
Partially collateralised (A): LTV > 100%
12,031
139
103
12,273
\u2014
3.2
46.2
0.4
\u2013\u00a0 collateral value on A
11,274
126
70
11,470
of which: UK
Fully collateralised by LTV ratio
151,264
30,574
747
182,585
\u2014
0.2
8.5
0.1
\u2013\u00a0 less than 50%
62,753
16,689
445
79,887
\u2014
0.1
6.9
0.1
\u2013\u00a0 51% to 70%
50,374
10,456
206
61,036
\u2014
0.2
9.7
0.1
\u2013\u00a0 71% to 80%
20,552
2,423
64
23,039
\u2014
0.4
12.1
0.1
\u2013\u00a0 81% to 90%
15,965
939
23
16,927
\u2014
0.6
13.0
0.1
\u2013\u00a0 91% to 100%
1,620
67
9
1,696
\u2014
0.7
16.7
0.1
Partially collateralised (B): LTV > 100%
146
15
5
166
\u2014
1.0
27.7
0.9
\u2013\u00a0 collateral value on B
109
12
4
125
of which: Hong Kong
Fully collateralised by LTV ratio
95,751
756
138
96,645
\u2014
\u2014
1.3
\u2014
\u2013\u00a0 less than 50%
38,894
372
79
39,345
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 51% to 70%
30,088
227
31
30,346
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 71% to 80%
6,783
47
11
6,841
\u2014
\u2014
5.1
\u2014
\u2013\u00a0 81% to 90%
7,602
42
9
7,653
\u2014
0.2
1.1
\u2014
\u2013\u00a0 91% to 100%
12,384
68
8
12,460
\u2014
0.1
8.8
\u2014
Partially collateralised (C): LTV > 100%
11,744
103
14
11,861
\u2014
0.2
19.1
\u2014
\u2013\u00a0 collateral value on C
11,034
96
12
11,142
Commercial real estate
Not collateralised
36,168
4,709
1,704
\u2014
42,581
0.1
9.0
47.5
\u2014
3.0
Fully collateralised by LTV ratio
37,090
11,909
5,254
\u2014
54,253
0.1
1.7
7.8
\u2014
1.2
\u2013\u00a0 less than 50%
20,522
5,154
2,413
\u2014
28,089
0.1
1.7
5.7
\u2014
0.9
\u2013\u00a0 51% to 75%
11,392
3,840
1,691
\u2014
16,923
0.1
2.2
7.6
\u2014
1.3
\u2013\u00a0 76% to 90%
2,554
2,277
767
\u2014
5,598
0.1
0.9
12.5
\u2014
2.1
\u2013\u00a0 91% to 100%
2,622
638
383
\u2014
3,643
0.2
2.3
12.3
\u2014
1.8
Partially collateralised (A): LTV > 100%
2,119
698
815
64
3,696
0.2
2.8
19.7
45.8
5.8
\u2013\u00a0 collateral value on A
1,255
457
570
29
2,311
of which: UK
Not collateralised
4,487
1,890
127
\u2014
6,504
0.4
3.8
27.8
\u2014
1.9
Fully collateralised by LTV ratio
9,139
3,194
305
\u2014
12,638
0.2
1.1
8.2
\u2014
0.6
\u2013\u00a0 less than 50%
2,903
761
160
\u2014
3,824
0.2
1.5
8.0
\u2014
0.8
\u2013\u00a0 51% to 75%
4,202
1,693
69
\u2014
5,964
0.2
1.2
12.0
\u2014
0.6
\u2013\u00a0 76% to 90%
1,173
732
24
\u2014
1,929
0.1
0.4
10.2
\u2014
0.3
\u2013\u00a0 91% to 100%
861
8
52
\u2014
921
0.1
7.7
2.7
\u2014
0.3
Partially collateralised (B): LTV > 100%
503
565
119
46
1,233
0.2
2.9
21.1
48.6
5.3
\u2013\u00a0 collateral value on B
296
350
69
26
741
of which: Hong Kong
Not collateralised
16,380
2,312
1,404
\u2014
20,096
\u2014
14.3
47.9
\u2014
5.0
Fully collateralised by LTV ratio
17,115
6,045
4,127
\u2014
27,287
0.1
1.4
5.8
\u2014
1.2
\u2013\u00a0 less than 50%
12,935
3,589
2,102
\u2014
18,626
0.1
1.3
3.8
\u2014
0.7
\u2013\u00a0 51% to 75%
3,534
1,059
1,243
\u2014
5,836
0.1
2.2
6.2
\u2014
1.8
\u2013\u00a0 76% to 90%
336
1,050
654
\u2014
2,040
0.1
1.1
11.8
\u2014
4.4
\u2013\u00a0 91% to 100%
310
347
128
\u2014
785
\u2014
0.5
2.4
\u2014
0.6
Partially collateralised (C): LTV > 100%
185
62
562
18
827
\u2014
1.9
17.6
38.1
12.9
\u2013\u00a0 collateral value on C
119
41
397
3
560
Other corporate, commercial and financial (non-
bank)
Not collateralised
713,028
62,844
6,870
5
782,747
0.1
0.9
41.5
14.2
0.5
Fully collateralised by LTV ratio
87,488
11,992
3,394
21
102,895
0.1
2.0
8.0
98.1
0.6
\u2013\u00a0 less than 50%
39,432
4,360
1,703
\u2014
45,495
0.1
1.6
6.9
\u2014
0.5
\u2013\u00a0 51% to 75%
20,169
4,643
778
21
25,611
0.1
2.8
12.0
98.1
1.0
\u2013\u00a0 76% to 90%
9,016
1,515
512
\u2014
11,043
0.1
1.6
7.1
\u2014
0.6
\u2013\u00a0 91% to 100%
18,871
1,474
401
\u2014
20,746
\u2014
0.8
6.3
\u2014
0.2
Partially collateralised (A): LTV > 100%
51,536
5,772
2,411
3
59,722
0.1
0.8
34.3
7.0
1.5
\u2013\u00a0 collateral value on A
22,800
2,519
1,162
1
26,482
Wholesale lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and
customers including loan commitments and financial guarantees
(Audited)
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
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
Transfers of financial instruments:
(35,399)
(267)
27,793
859
7,606
(592)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to stage 2
(93,205)
143
93,205
(143)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to stage 1
58,517
(372)
(58,517)
372
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,210)
4
(7,605)
678
8,815
(682)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
499
(42)
710
(48)
(1,209)
90
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
253
\u2014
(226)
\u2014
(49)
\u2014
\u2014
\u2014
(22)
Net new and further lending/
repayments
66,354
(171)
(27,221)
304
(5,593)
690
238
2
33,778
825
Change to risk parameters \u2013 credit
quality
\u2014
181
\u2014
(826)
\u2014
(2,596)
\u2014
(24)
\u2014
(3,265)
Changes to models used for ECL
calculation
\u2014
(30)
\u2014
277
\u2014
\u2014
\u2014
\u2014
\u2014
247
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,928)
1,928
\u2014
\u2014
(1,928)
1,928
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and others1
29,369
7
2,197
(66)
1,023
(341)
6
(3)
32,595
(403)
At 31 Dec 2025
893,360
(672)
77,057
(1,194)
21,197
(6,298)
337
(76)
991,951
(8,240)
ECL income statement change for
the period
233
(471)
(1,955)
(22)
(2,215)
Recoveries
77
Others
(267)
Total ECL income statement
change for the period
(2,405)
1Total includes $3.3bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $11m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
During the year, there was a net transfer between stage 1 and stage 2 of $34,688m gross carrying/nominal amounts. It was primarily driven by our
entities in Asia ($31,809m) due to credit deterioration and updates to our models used for ECL calculations, in the US ($1,652m) and in Mexico
($1,069m).
\u00d1 A summary of basis of preparation is available on page 125.
Wholesale lending \u2013 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)
(Audited)
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
845,982
(698)
102,129
(1,668)
16,939
(6,207)
85
(30)
965,135
(8,603)
Transfers of financial instruments:
(17,606)
(214)
6,997
825
10,609
(611)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(70,991)
173
70,991
(173)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
55,182
(380)
(55,182)
380
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,056)
7
(9,515)
636
11,571
(643)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
259
(14)
703
(18)
(962)
32
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
214
\u2014
(226)
\u2014
(12)
\u2014
\u2014
\u2014
(24)
Net new and further lending/
repayments
58,044
(151)
(29,842)
311
(4,450)
1,219
7
(7)
23,759
1,372
Changes to risk parameters \u2013 credit
quality
\u2014
112
\u2014
(899)
\u2014
(2,508)
\u2014
(11)
\u2014
(3,306)
Changes to models used for ECL
calculation
\u2014
39
\u2014
105
\u2014
\u2014
\u2014
\u2014
\u2014
144
Assets written off
\u2014
\u2014
\u2014
\u2014
(2,925)
2,925
\u2014
\u2014
(2,925)
2,925
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(53,384)
53
(4,996)
36
4
(153)
1
(3)
(58,375)
(67)
At 31 Dec 2024
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
ECL income statement change for
the period
214
(709)
(1,301)
(18)
(1,814)
Recoveries
40
Others
(126)
Total ECL income statement
change for the period
(1,900)
1Total includes $2.9bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $23m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
2Total includes $28.9bn of nominal amount and $20m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $0.3bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
Mainland China commercial real estate
(Audited)
At 31 Dec 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
2,079
3,474
118
5,671
3,161
3,694
303
7,158
Guarantees issued and others2
105
14
12
131
80
16
5
101
Total mainland China commercial real
estate exposure
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Distribution of mainland China
commercial real estate exposure by
credit quality
Strong
293
1,818
64
2,175
118
1,817
109
2,044
Good
240
583
\u2014
823
578
595
1
1,174
Satisfactory
154
511
8
673
196
899
49
1,144
Sub-standard
87
334
57
478
777
136
149
1,062
Credit impaired
1,410
242
1
1,653
1,572
263
\u2014
1,835
Total
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Allowance for ECL by credit quality
Strong
\u2014
(2)
\u2014
(2)
\u2014
(4)
\u2014
(4)
Good
\u2014
(4)
\u2014
(4)
\u2014
(3)
\u2014
(3)
Satisfactory
\u2014
(5)
\u2014
(5)
\u2014
(13)
\u2014
(13)
Sub-standard
(9)
(99)
(1)
(109)
(261)
(30)
(17)
(308)
Credit impaired
(799)
(99)
\u2014
(898)
(749)
(81)
\u2014
(830)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
Allowance for ECL by stage distribution
Stage 1
\u2014
(4)
\u2014
(4)
\u2014
(9)
\u2014
(9)
Stage 2
(9)
(106)
(1)
(116)
(261)
(41)
(17)
(319)
Stage 3
(783)
(99)
\u2014
(882)
(743)
(81)
\u2014
(824)
POCI
(16)
\u2014
\u2014
(16)
(6)
\u2014
\u2014
(6)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
ECL coverage %
37.0
6.0
0.8
17.6
31.2
3.5
5.5
16.0
1Amounts represent gross carrying amount.
2Amounts represent nominal amount for guarantees and other contingent liabilities.
Personal lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
2025
2024
Non-credit impaired
Credit impaired
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
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
$m
$m
$m
$m
$m
$m
At 1 Jan
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
650,823
(602)
50,955
(1,434)
3,860
(856)
705,638
(2,892)
Transfers of financial instruments:
7,203
(664)
(9,466)
1,242
2,263
(578)
\u2014
\u2014
(2,023)
(1,045)
(345)
1,477
2,368
(432)
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(41,104)
225
41,104
(225)
\u2014
\u2014
\u2014
\u2014
(45,220)
246
45,220
(246)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
48,706
(861)
(48,706)
861
\u2014
\u2014
\u2014
\u2014
43,549
(1,247)
(43,549)
1,247
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(663)
11
(2,655)
756
3,318
(767)
\u2014
\u2014
(743)
9
(2,715)
685
3,458
(694)
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
264
(39)
791
(150)
(1,055)
189
\u2014
\u2014
391
(53)
699
(209)
(1,090)
262
\u2014
\u2014
Net remeasurement of ECL arising from
transfer of stage
\u2014
411
\u2014
(378)
\u2014
(9)
\u2014
24
\u2014
745
\u2014
(605)
\u2014
(132)
\u2014
8
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
(25)
\u2014
Net new and further lending/repayments
41,379
(7)
(8,622)
310
(467)
78
32,290
381
29,789
(17)
(7,889)
278
(796)
470
21,104
731
Change to risk parameters \u2013 credit quality
\u2014
209
\u2014
(1,165)
\u2014
(1,141)
\u2014
(2,097)
\u2014
251
\u2014
(874)
\u2014
(1,437)
\u2014
(2,060)
Changes to models used for ECL calculation
\u2014
(29)
\u2014
(5)
\u2014
(16)
\u2014
(50)
\u2014
29
\u2014
(109)
\u2014
(20)
\u2014
(100)
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,641)
1,641
(1,641)
1,641
\u2014
\u2014
\u2014
\u2014
(1,534)
1,534
(1,534)
1,534
Foreign exchange and others1,2,3,4
13,403
(23)
2,310
(86)
236
(69)
15,949
(178)
(21,938)
52
(1,111)
109
(227)
72
(23,276)
233
At 31 Dec
718,636
(690)
25,832
(1,240)
4,037
(895)
748,505
(2,825)
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
ECL income statement change for the
period
584
(1,238)
(1,088)
(1,742)
1,008
(1,310)
(1,119)
(1,421)
Recoveries
243
220
Others
19
(32)
Total ECL income statement change for
the period
(1,480)
(1,233)
1At 31 December 2025, total includes $2.7bn (31 December 2024: $0.8bn) of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $16m (31 December
2024: $23m), reflecting business disposals, as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page\u00a0329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained portfolio of home and other retail loans in France as disclosed in Note 23 on page
329.
3At 31 December 2024, total includes $6.4bn of nominal amount and $1m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees following the sale of our banking business in Canada
during 2024.
4At December 2024, total includes $2.4bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina during 2024.
HSBC Holdings
(Audited)
Credit risk in HSBC Holdings primarily arises from transactions with
Group subsidiaries.
In HSBC Holdings, the maximum exposure to credit risk arises from
two components:
\u2013 financial assets on the balance sheet, where maximum exposure
equals the carrying amount (see page 271); and
\u2013 financial guarantees and other guarantees, where the maximum
exposure is the maximum that we would have to pay if the
guarantees were called upon (see Note 33).
In the case of our derivative asset balances (see page 271), there is a
legally enforceable right of offset in the event of counterparty default
and where, as a result, there is a net exposure for credit risk purposes.
However, as there is no intention to settle these balances on a net
basis under normal circumstances, they do not qualify for net
presentation for accounting purposes. These offsets also include
collateral received in cash and other financial assets.
The total offset relating to our derivative asset balances was $1.8bn at
31\u00a0December 2025 (2024:\u00a0$3.0bn).
The credit quality of loans and advances and financial investments,
both of which consist of intra-Group lending and US Treasury bills and
bonds, is\u00a0assessed as \u2018strong\u2019, with 100% of the exposure being
neither past due nor impaired (2024: 100%). For further details of credit
quality classification, see page 108.
Approach and policy
(Audited)
We manage treasury risks in order to maintain appropriate levels of
capital, liquidity, funding, foreign exchange and non-traded market risk
to support our business strategy, and meet our regulatory and stress
testing-related requirements.
Our approach to treasury risk management is shaped by our
organisational needs and the regulatory, economic and commercial
environment. We aim to maintain a strong capital and liquidity base to
manage inherent business risks and invest in accordance with our
strategy, adhering to both consolidated and local regulatory
requirements at all times.
Our policy is supported by a risk management framework, with further
details provided on page 98.
\u00d1 For further details, refer to our Pillar 3 Disclosures at 31 December 2025.
Own funds disclosure
(Table audited)
At
31 Dec 2025
31 Dec 2024
Ref*
$m
$m
Common equity tier 1 capital: instruments and reserves
1
Capital instruments and the related share premium accounts
8,699
22,378
\u2013\u00a0 ordinary shares
8,699
22,378
2
Retained earnings
152,936
138,959
3
Accumulated other comprehensive income (and other reserves)
(27)
(8,410)
5
Minority interests (amount allowed in consolidated CET1)
3,303
3,960
5a
Independently reviewed net profits net of any foreseeable charge or dividend
8,076
7,184
6
Common equity tier 1 capital before regulatory adjustments
172,987
164,071
28
Total regulatory adjustments to common equity tier 1
(40,394)
(39,160)
29
Common equity tier 1 capital
132,593
124,911
36
Additional tier 1 capital before regulatory adjustments
20,874
19,286
43
Total regulatory adjustments to additional tier 1 capital
(70)
(70)
44
Additional tier 1 capital
20,804
19,216
45
Tier 1 capital
153,397
144,127
51
Tier 2 capital before regulatory adjustments
30,167
29,334
57
Total regulatory adjustments to tier 2 capital
(1,193)
(1,075)
58
Tier 2 capital
28,974
28,259
59
Total capital
182,371
172,386
*The references identify lines prescribed in the PRA template, which are applicable and where there is a value.
Funding sources
(Audited)
2025
2024
$m
$m
Customer accounts
1,786,828
1,654,955
Deposits by banks
97,952
73,997
Repurchase agreements \u2013 non-trading
204,974
180,880
Debt securities in issue
99,675
105,785
Cash collateral, margin, settlement accounts and
items in course of transmission to other banks
91,087
82,732
Liabilities of disposal groups held for sale
23,382
29,011
Subordinated liabilities
28,406
25,958
Financial liabilities designated at fair value
158,456
138,727
Insurance contract liabilities
122,955
107,629
Trading liabilities
72,122
65,982
\u2013\u00a0 repos
13,113
14,806
\u2013\u00a0 stock lending
6,250
3,525
\u2013\u00a0 other trading liabilities
52,759
47,651
Total equity
205,666
192,273
Other balance sheet liabilities
341,531
359,119
At 31 Dec
3,233,034
3,017,048
Funding uses
(Audited)
2025
2024
$m
$m
Loans and advances to customers
988,399
930,658
Loans and advances to banks
108,462
102,039
Reverse repurchase agreements \u2013 non-trading
298,392
252,549
Cash collateral, margin, settlement accounts and
items in course of collection from other banks
87,667
78,538
Assets held for sale
11,115
27,234
Trading assets
366,153
314,842
\u2013\u00a0 reverse repos
18,449
16,823
\u2013\u00a0 stock borrowing
14,947
8,374
\u2013\u00a0 other trading assets
332,757
289,645
Financial investments
567,211
493,166
Cash and balances with central banks
242,859
267,674
Other balance sheet assets
562,776
550,348
At 31 Dec
3,233,034
3,017,048
The Group non-trading VaR for 2025 is shown in the table below.
Non-trading VaR, 99% 10 day
(Audited)
Interest rate
Credit spread
Portfolio diversification1
Total 2
$m
$m
$m
$m
Balance at 31 Dec 2025
499.6
149.6
(102.5)
546.6
Average
465.2
190.8
(115.8)
540.1
Maximum
575.3
254.6
617.5
Minimum
378.9
93.9
458.0
Balance at 31 Dec 2024
528.4
246.1
(220.7)
553.8
Average
603.7
315.1
(222.9)
695.8
Maximum
1,000.6
369.1
1,097.6
Minimum
292.1
242.4
408.7
1Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in unsystematic
market risk that occurs when combining a number of different risk types \u2013 such as interest rate and credit spreads \u2013 together in\u00a0one portfolio. It is measured as
the difference between the sum of the VaR\u00a0by individual risk type and the combined total VaR. A negative number represents the benefit of portfolio
diversification. As the maximum and minimum occurs on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit
for these measures.
2The total VaR is non-additive across risk types due to diversification effects.
Value at risk
(Audited)
VaR is a technique for estimating potential losses on risk positions as a
result of movements in market rates\u00a0and prices over a specified time
horizon and to a given level of confidence. The use of VaR is integrated
into market risk management and calculated for all trading positions
regardless of how we capitalise them.
Our models are predominantly based on historical simulation that
incorporates the following features:
\u2013 historical market rates and prices, which are calculated with
reference to foreign exchange rates, commodity prices, interest
rates, equity prices and the associated volatilities;
\u2013 potential market movements that are calculated with reference to
data from the past two years; and
\u2013 calculations to a 99% confidence level and using a one-day holding
period.
The models also incorporate the effect of option features on the
underlying exposures. The nature of the VaR models means that an
increase in observed market volatility will lead to an\u00a0increase in VaR
without any changes in the underlying positions.
The Group trading VaR for the year is shown in the table below.
Trading VaR, 99% 1 day1
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Balance
13.9
18.9
17.1
8.5
(19.5)
38.9
14.6
34.9
16.3
8.2
(35.7)
38.3
Average
13.6
27.5
16.3
10.1
(29.1)
38.5
15.2
48.3
14.8
9.9
(35.1)
53.1
Maximum
26.9
54.9
24.6
17.9
57.1
29.8
78.1
20.5
13.1
83.3
Minimum
6.2
17.1
12.3
6.4
27.3
6.9
24.8
12.7
6.6
37.0
1See page 166 for our definition of \u2018Portfolio diversification\u2019.
2The total VaR is non-additive across risk types due to diversification effects.
Key risk management processes
Market risk
(Audited)
All our insurance manufacturing subsidiaries have market risk
mandates and limits that specify the investment instruments in which
they are permitted to invest and the maximum quantum of market risk
that they may retain. They manage market risk by using some or all of
the techniques listed below, among others, depending on the nature of
the contracts written.
\u2013 We are able to adjust bonus rates and other discretionary benefits
to manage the liabilities to policyholders for products with
participating features. The effect is that a significant proportion of
the market risk is shared with the policyholders.
\u2013 We use asset and liability matching where asset portfolios are
structured to support projected liability cash flows.
\u2013 We use derivatives and other financial instruments, along with
reinsurance to protect against adverse market movements.
\u2013 We design new products to mitigate market risk, such as changing
the investment return sharing proportion between policyholders and
the shareholder.
Credit risk
(Audited)
Our insurance manufacturing subsidiaries also have credit risk
mandates and limits within which they are permitted to operate, which
consider the credit risk exposure, quality and performance of their
investment portfolios. Our assessment of the creditworthiness of
issuers and counterparties is based primarily upon internationally
recognised credit ratings and other publicly available information.
Stress testing is performed on investment credit exposures using
credit spread sensitivities and default probabilities.
We use a number of tools to manage and monitor credit risk. These
include a credit report containing a watch-list of investments with
current credit concerns, primarily investments that may be at risk of
future impairment or where high concentrations to counterparties are
present in the investment portfolio. Sensitivities to credit spread risk
are assessed and monitored regularly.
Capital and liquidity risk
(Audited)
Capital risk for our insurance manufacturing subsidiaries is assessed in
the Group\u2019s ICAAP, based on their financial capacity to support the
risks to which they are exposed. Capital adequacy is assessed on both
the relevant local insurance regulatory basis and an internal capital
basis.
Risk appetite buffers are set to ensure that the operations are able to
remain solvent, allowing for business-as-usual volatility and extreme
but plausible stress events.
Liquidity risk is less material for the insurance business. It is managed
by cash flow matching and maintaining sufficient cash resources,
investing in high credit-quality investments with deep and liquid
markets, monitoring investment concentrations and restricting them
where appropriate, and establishing committed contingency borrowing
facilities.
Insurance manufacturing subsidiaries complete quarterly liquidity risk
reports and an annual review of the liquidity risks to which they are
exposed.
Insurance underwriting risk
(Audited)
Our insurance manufacturing subsidiaries primarily use the following
frameworks and processes to manage and mitigate insurance
underwriting risks:
\u2013 a formal approval process for launching new products or making
changes to products to ensure insurance risks are identified and
mitigated;
\u2013 a product pricing and profitability framework, which requires initial
and ongoing assessment of the adequacy of premiums charged on
new insurance contracts to meet the risks associated with them;
\u2013 a framework for customer underwriting;
\u2013 reinsurance, which cedes risks to third-party reinsurers to keep risks
within risk appetite, reduce volatility and improve capital efficiency;
and
\u2013 oversight by actuarial review committees in each of our entities of
the methodology and assumptions that underpin IFRS 17 reporting
to ensure that appropriate reserves are established to cover
insurance underwriting risks.
Balance sheet of insurance manufacturing subsidiaries by type of contract
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2025
$m
$m
$m
$m
$m
Financial assets
111,078
5,277
5,672
5,405
127,432
\u2013 financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
106,705
4,984
4,337
579
116,605
\u2013\u00a0 derivatives
136
8
\u2014
\u2014
144
\u2013\u00a0 financial investments \u2013 at amortised cost
609
115
1,010
3,654
5,388
\u2013\u00a0 financial assets at fair value through other comprehensive income
\u2014
\u2014
3
214
217
\u2013\u00a0 other financial assets
3,628
170
322
958
5,078
Insurance contract assets
12
98
\u2014
\u2014
110
Reinsurance contract assets
\u2014
5,948
\u2014
\u2014
5,948
Assets held for sale1
4,748
258
1,347
271
6,624
Other assets and investment properties
1,785
118
45
2,696
4,644
Total assets
117,623
11,699
7,064
8,372
144,758
Liabilities under investment contracts designated at fair\u00a0value
\u2014
\u2014
5,288
\u2014
5,288
Insurance contract liabilities
117,107
4,761
\u2014
\u2014
121,868
Reinsurance contract liabilities
\u2014
680
\u2014
\u2014
680
Liabilities of disposal groups held for sale1
4,734
234
\u2014
1,418
6,386
Other liabilities
\u2014
\u2014
\u2014
3,821
3,821
Total liabilities
121,841
5,675
5,288
5,239
138,043
Total equity
\u2014
\u2014
\u2014
6,715
6,715
Total liabilities and equity
121,841
5,675
5,288
11,954
144,758
Balance sheet of insurance manufacturing subsidiaries by type of contract (continued)
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2024
$m
$m
$m
$m
$m
Financial assets
98,676
4,452
6,227
5,967
115,322
\u2013\u00a0 financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
94,327
4,233
4,839
690
104,089
\u2013\u00a0 derivatives
207
7
1
\u2014
215
\u2013\u00a0 financial investments \u2013 at amortised cost
545
90
1,060
4,335
6,030
\u2013\u00a0 financial assets at fair value through other comprehensive income
\u2014
\u2014
6
73
79
\u2013\u00a0 other financial assets
3,597
122
321
869
4,909
Insurance contract assets
14
104
\u2014
\u2014
118
Reinsurance contract assets
\u2014
5,013
\u2014
\u2014
5,013
Assets held for sale1
22,855
\u2014
\u2014
1,367
24,222
Other assets and investment properties
1,792
64
36
1,970
3,862
Total assets
123,337
9,633
6,263
9,304
148,537
Liabilities under investment contracts designated at fair\u00a0value
\u2014
\u2014
5,931
\u2014
5,931
Insurance contract liabilities
102,605
4,427
\u2014
\u2014
107,032
Reinsurance contract liabilities
\u2014
701
\u2014
\u2014
701
Liabilities of disposal groups held for sale1
21,772
39
\u2014
1,609
23,420
Other liabilities
\u2014
\u2014
\u2014
4,438
4,438
Total liabilities
124,377
5,167
5,931
6,047
141,522
Total equity
\u2014
\u2014
\u2014
7,015
7,015
Total liabilities and equity
124,377
5,167
5,931
13,062
148,537
1HSBC Life (UK) Limited is classified as held for sale at 31 December 2025. HSBC Assurances Vie (France) was classified as held for sale at 31 December 2024.
Further details are provided on page 329.
Market risk
(Audited)
Description and exposure
Market risk is the risk of changes in market factors affecting HSBC\u2019s
capital or profit. Market factors include interest rates, equity and
growth assets, credit spreads and foreign exchange rates.
Our exposure varies depending on the type of contract issued. Our
most significant life insurance products are contracts with participating
features. These products typically include some form of capital
guarantee or guaranteed return on the sums invested by the
policyholders, to which bonuses are added if allowed by the overall
performance of the funds. For contracts without participating features,
some form of guarantee may still exist but HSBC\u2019s ability to share risks
with policyholders will be reduced. Funds supporting these savings
products are invested in a mix of fixed income assets (to support
guarantees) and other asset classes (to provide customers with the
potential for enhanced returns).
These products expose HSBC to the risk of variation in asset returns,
which will impact our participation in the investment performance.
In certain circumstances, asset returns may be insufficient to meet the
policyholders\u2019 guaranteed benefits. For non-participating contracts, any
resulting shortfall is borne by HSBC.
For unit-linked contracts, market risk is substantially borne by\u00a0the
policyholder, but some market risk exposure typically remains, as fees
earned are typically related to the market value of the linked assets.
Sensitivities
The following table shows the sensitivity of the CSM, profit and total
equity of our insurance manufacturing subsidiaries to changes in
interest rates, credit spreads, growth assets and foreign exchange
rates. These sensitivities are prepared in accordance with current IFRS
Accounting Standards.
Due in part to the nature of the guarantees, and the reinsurance and
hedging strategies which may be in place, the relationship between the
CSM, profit and total equity is not linear. The sensitivities are before
management actions that may mitigate the effect of changes in the
market environment. The lower profit after tax sensitivity to yield curve
shifts is driven by improved asset and liability matching in mainland
China, partly offset by the impact of methodology updates in Hong
Kong.
The 2025 sensitivities below exclude HSBC Assurances Vie (France)
following completion of its sale on 31 October 2025. Further details are
provided on page 329.
Sensitivity of HSBC\u2019s insurance manufacturing subsidiaries to market risk factors
(Audited)
2025
2024
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
$m
$m
$m
$m
$m
$m
+100 basis point parallel shift in yield curves
(370)
36
36
(155)
83
52
-100 basis point parallel shift in yield curves
(51)
(127)
(127)
(249)
(217)
(186)
+100 basis point shift in credit spreads
(918)
(15)
(15)
(907)
(84)
(115)
-100 basis point shift in credit spreads
897
74
74
876
60
91
10% increase in growth assets1
461
64
64
467
73
73
10% decrease in growth assets1
(533)
(75)
(75)
(514)
(79)
(79)
10% appreciation in US dollar exchange rate against local functional currency
102
20
20
71
17
17
10% depreciation in US dollar exchange rate against local functional currency
(75)
(15)
(15)
(26)
(3)
(3)
1\u2018Growth assets\u2019 primarily comprise equity securities and investment properties. Variability in growth asset fair value constitutes a market risk to insurance
manufacturing subsidiaries.
Credit risk
(Audited)
Description and exposure
Credit risk is the risk of financial loss if a customer or counterparty fails
to meet their obligation under a contract. It arises in two main risks for
our insurance manufacturers:
\u2013 the risk associated with credit spread volatility and default by debt
security counterparties after investing premiums to generate a
return for policyholders and shareholders; and
\u2013 the risk of default by reinsurance counterparties and non-
reimbursement for claims made after ceding insurance risk.
The amounts outstanding at the balance sheet date in respect of\u00a0these
items are shown in the table on page 183.
The credit quality of the reinsurers\u2019 share of liabilities under insurance
contracts is assessed as \u2018satisfactory\u2019 or higher (as defined on
page\u00a0107), with none of the exposure being either past due or impaired
(2024: none).
Credit risk on assets supporting unit-linked liabilities is predominantly
borne by the policyholders. Therefore, our exposure is primarily related
to liabilities under non-linked insurance and investment contracts and
shareholders\u2019 funds. The credit quality of insurance financial assets is
included in the\u00a0table on page 128.
The risk associated with credit spread volatility is to a large extent
mitigated by holding debt securities to maturity, and sharing a degree
of credit spread experience with policyholders.
Liquidity risk
(Audited)
Description and exposure
Liquidity risk is the risk that an insurance operation, though solvent,
either does not have sufficient financial resources available to meet its
obligations when they fall due, or can secure them only at excessive
cost. Liquidity risk may be able to be shared with policyholders for
products with participating features.
The remaining maturity of insurance contract liabilities is included in
Note 4 on page 293.
The amounts of insurance contract liabilities that are payable on
demand are set out by the product grouping below and exclude
insurance businesses classified as held for sale (2025: HSBC Life (UK)
Limited; 2024: HSBC Assurances Vie (France). Further details are
provided on page 329.
Amounts payable on demand
(Audited)
2025
2024
Amounts
payable on
demand
Carrying
amount for
these
contracts
Amounts
payable on
demand
Carrying
amount for
these
contracts
$m
$m
$m
$m
Life direct participating
and investment DPF
contracts
108,416
117,107
98,275
102,605
Life other contracts
3,820
4,761
2,960
4,427
At 31 Dec
112,236
121,868
101,235
107,032
Insurance underwriting risk
(Audited)
Description and exposure
Insurance underwriting risk is the risk of loss through adverse
experience, in either timing or amount, of insurance underwriting
parameters (non-economic assumptions). These parameters include
mortality, morbidity, longevity, lapse and expense rates.
The principal risk we face is that, over time, the cost of the contract,
including claims and benefits, may exceed the total amount of
premiums and investment income received.
The tables on page 183 analyse our life insurance underwriting risk
exposures by type of contract.
The insurance underwriting risk profile and related exposures remain
largely consistent with those observed at 31 December 2024.
Sensitivities
(Audited)
The following table shows the sensitivity of the CSM, profit and total
equity of our insurance manufacturing subsidiaries to changes in non-
economic assumptions, after considering the impacts of reinsurance
contracts held as risk mitigation.
These sensitivities are prepared in accordance with current IFRS
Accounting Standards.
Sensitivity to lapse rates depends on the type of contracts
being\u00a0written. An increase in lapse rates typically has a negative effect
on CSM (and therefore expected future profits) due to the loss
of\u00a0future income on the lapsed policies. However, some contract
lapses have a positive effect on profit due to the existence of policy
surrender charges.
Mortality and morbidity risk is typically associated with life insurance
contracts. The effect on profit of an increase in mortality or morbidity
depends on the type of business being written.
Expense rate risk is the exposure to a change in the allocated cost
of\u00a0administering insurance contracts. To the extent that increased
expenses cannot be passed on to policyholders, an\u00a0increase in
expense rates will have a negative effect on CSM and\u00a0profits.
The impact of changing insurance underwriting risk factors is primarily
absorbed within the CSM, unless contracts are onerous in which case
the impact is directly to profit. The impact of changes to the CSM is
released to profits over the expected coverage periods of the related
insurance contracts.
The 2025 sensitivities below exclude HSBC Assurances Vie (France)
following completion of its sale on 31 October 2025. Further details are
provided on page 329.
Sensitivity of HSBC\u2019s insurance manufacturing subsidiaries to
insurance underwriting risk factors
(Audited)
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
At 31 Dec 2025
$m
$m
$m
10% increase in lapse rates
(310)
(6)
(6)
10% decrease in lapse rates
322
3
3
5% increase in mortality and/or
morbidity rates
(85)
(15)
(17)
5% decrease in mortality and/or
morbidity rates
87
12
14
10% increase in expense rates
(48)
(14)
(14)
10% decrease in expense rates
49
12
12
At 31 Dec 2024
10% increase in lapse rates
(282)
(21)
(30)
10% decrease in lapse rates
297
23
36
5% increase in mortality and/or
morbidity rates
(92)
(16)
(20)
5% decrease in mortality and/or
morbidity rates
102
14
23
10% increase in expense rates
(66)
(11)
(15)
10% decrease in expense rates
68
12
15
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-2": { "value": "
Credit Risk sub-function
(Audited)
The Credit Risk sub-function in Group Risk and Compliance is
responsible for the key policies and processes for managing credit risk,
which include formulating Group credit policies and risk rating
frameworks, guiding the Group\u2019s appetite for credit risk exposures,
undertaking independent reviews and objective assessment of credit
risk, and monitoring performance and management of portfolios while
fostering a culture of responsible lending.
Concentration of exposure
(Audited)
Concentration of credit risk occurs when multiple counterparties share
similar economic traits or operate in the same sectors or regions,
making them collectively vulnerable to changes in economic or political
conditions. To mitigate this risk, the Group uses various controls such
as portfolio and counterparty limits, approval and review processes, and
stress testing across industries, countries and businesses.
Credit quality of financial instruments
(Audited)
Our risk rating system facilitates the internal ratings-based approach
under the Basel framework to support the calculation of our minimum
capital requirement. The five credit quality classifications encompass a
range of granular internal credit rating grades assigned to wholesale
and retail customers, and the external ratings attributed by external
agencies to debt securities.
For debt securities and certain other financial instruments, external
ratings have been aligned to the five quality classifications based upon
the mapping of related customer risk rating (\u2018CRR\u2019) to external credit
rating.
Forborne loans and advances
(Audited)
Forbearance measures consist of concessions towards an obligor that
is experiencing, or about to experience, difficulties in meeting its
financial commitments.
We continue to class loans as forborne when we modify the
contractual payment terms due to having concerns about the
borrowers\u2019 ability to meet contractual payments when they were due.
Our definition of forborne captures non-payment-related concessions,
such as covenant waivers.
\u00d1 For details of our policy on forbearance, see Note 1.2(j) in the financial
statements.
Forborne loans and recognition of expected
credit losses
(Audited)
Forborne loans expected credit loss assessments reflect the higher
rates of losses typically experienced with these types of loans; as such
they are categorised as stage 2 and stage 3. The higher rates are more
pronounced in unsecured retail lending requiring further segmentation.
For wholesale lending, forborne loans are typically assessed
individually. Credit risk ratings are intrinsic to the impairment
assessments. The individual impairment assessment takes into
account the higher risk of the future non-payment inherent in forborne
loans.
Impairment assessment
(Audited)
For details of our impairment policies on loans and advances and
financial investments, see Note 1.2(j) on the financial statements.
Write-off of loans and advances
(Audited)
Under IFRS 9, write-off should occur when there is no reasonable
expectation of recovering further cash flows from the financial asset.
This principle does not prohibit early write-off, which is defined in local
policies to ensure effectiveness in the management of customers in
the collections process.
Unsecured personal facilities, including credit cards, are generally
written off at between 150 and 210 days past due. The standard period
runs until the end of the month in which the account becomes 180
days contractually delinquent. However, in exceptional circumstances,
to avoid unfair customer outcomes, deliver customer duty or meet
regulatory expectations, the period may be extended further.
For secured facilities, write-off should occur upon repossession of
collateral, receipt of proceeds via settlement, or determination that
recovery of the collateral will not be pursued. Where these assets are
maintained on the balance sheet beyond 60 months of consecutive
delinquency-driven default, the prospect of recovery is reassessed.
Recovery activity, on both secured and unsecured assets, may
continue after write-off.
Any unsecured exposures that are not written off at 180 days past due,
and any secured exposures that are in \u2018default\u2019 status for 60 months or
greater but are not written off, are subject to additional monitoring via
the appropriate governance forums.
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector
(Audited)
Gross carrying/nominal amount 1
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
893,433
80,936
24,389
333
999,091
(1,201)
(2,318)
(7,097)
(76)
(10,692)
0.1
2.9
29.1
22.8
1.1
\u2013\u00a0 personal
446,696
23,887
3,945
\u2014
474,528
(667)
(1,235)
(895)
\u2014
(2,797)
0.1
5.2
22.7
\u2014
0.6
\u2013\u00a0 corporate and commercial
349,763
54,636
19,966
140
424,505
(478)
(1,064)
(5,909)
(75)
(7,526)
0.1
1.9
29.6
53.6
1.8
\u2013\u00a0 non-bank financial institutions
96,974
2,413
478
193
100,058
(56)
(19)
(293)
(1)
(369)
0.1
0.8
61.3
0.5
0.4
Loans and advances to banks at
amortised cost
108,336
132
1
\u2014
108,469
(4)
(2)
(1)
\u2014
(7)
\u2014
1.5
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
888,491
1,651
184
\u2014
890,326
(76)
(11)
(42)
\u2014
(129)
\u2014
0.7
22.8
\u2014
\u2014
Loan and other credit-related
commitments
669,648
20,488
652
4
690,792
(149)
(97)
(69)
\u2014
(315)
\u2014
0.5
10.6
\u2014
\u2014
\u2013\u00a0 personal
270,494
1,945
92
\u2014
272,531
(22)
(5)
\u2014
\u2014
(27)
\u2014
0.3
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
255,740
14,649
560
4
270,953
(115)
(88)
(69)
\u2014
(272)
\u2014
0.6
12.3
\u2014
0.1
\u2013\u00a0 financial
143,414
3,894
\u2014
\u2014
147,308
(12)
(4)
\u2014
\u2014
(16)
\u2014
0.1
\u2014
\u2014
\u2014
Financial guarantees
15,913
1,371
192
\u2014
17,476
(8)
(17)
(26)
\u2014
(51)
0.1
1.2
13.5
\u2014
0.3
\u2013\u00a0 personal
1,446
\u2014
\u2014
\u2014
1,446
(1)
\u2014
\u2014
\u2014
(1)
0.1
\u2014
\u2014
\u2014
0.1
\u2013\u00a0 corporate and commercial
10,071
1,287
190
\u2014
11,548
(6)
(17)
(26)
\u2014
(49)
0.1
1.3
13.7
\u2014
0.4
\u2013\u00a0 financial
4,396
84
2
\u2014
4,482
(1)
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 Dec 2025
2,575,821
104,578
25,418
337
2,706,154
(1,438)
(2,445)
(7,235)
(76)
(11,194)
0.1
2.3
28.5
22.6
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
\u2013\u00a0 personal
403,746
39,919
3,560
\u2014
447,225
(570)
(1,158)
(796)
\u2014
(2,524)
0.1
2.9
22.4
\u2014
0.6
\u2013 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
\u2013\u00a0 non-bank financial institutions
79,687
2,098
679
\u2014
82,464
(45)
(30)
(361)
\u2014
(436)
0.1
1.4
53.2
\u2014
0.5
Loans and advances to banks at
amortised cost
101,852
198
2
\u2014
102,052
(9)
(2)
(2)
\u2014
(13)
\u2014
1.0
100.0
\u2014
\u2014
Other financial assets measured at
amortised cost
826,621
1,806
153
\u2014
828,580
(64)
(5)
(23)
\u2014
(92)
\u2014
0.3
15.0
\u2014
\u2014
Loan and other credit-related
commitments
597,231
21,175
958
3
619,367
(137)
(121)
(90)
\u2014
(348)
\u2014
0.6
9.4
\u2014
0.1
\u2013\u00a0 personal
251,489
1,680
86
\u2014
253,255
(17)
\u2014
(5)
\u2014
(22)
\u2014
\u2014
5.8
\u2014
\u2014
\u2013\u00a0 corporate and commercial
231,201
17,453
838
3
249,495
(111)
(116)
(83)
\u2014
(310)
\u2014
0.7
9.9
\u2014
0.1
\u2013\u00a0 financial
114,541
2,042
34
\u2014
116,617
(9)
(5)
(2)
\u2014
(16)
\u2014
0.2
5.9
\u2014
\u2014
Financial guarantees
15,353
1,397
248
\u2014
16,998
(8)
(5)
(16)
\u2014
(29)
0.1
0.4
6.5
\u2014
0.2
\u2013\u00a0 personal
1,416
11
\u2014
\u2014
1,427
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 corporate and commercial
10,048
1,232
195
\u2014
11,475
(7)
(5)
(15)
\u2014
(27)
0.1
0.4
7.7
\u2014
0.2
\u2013\u00a0 financial
3,889
154
53
\u2014
4,096
(1)
\u2014
(1)
\u2014
(2)
\u2014
\u2014
1.9
\u2014
\u2014
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
1Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2Purchased or originated credit-impaired (\u2018POCI\u2019).
Unless identified at an earlier stage, all financial assets are deemed to have suffered a significant increase in credit risk when they are 30 days past due (\u2018DPD\u2019) and are transferred from stage 1 to stage 2. The following
disclosure presents the ageing of stage 2 financial assets by those less than 30 DPD and greater than 30 DPD and therefore presents those financial assets classified as stage 2 due to ageing (30 DPD) and those
identified at an earlier stage (less than 30 DPD).
Stage 2 days past due analysis
(Audited)
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
DPD1
30 and >
DPD1
At 31 Dec 2025
$m
$m
$m
$m
$m
$m
$m
$m
%
%
%
%
Loans and advances to
customers at amortised
cost
80,936
77,615
1,894
1,427
(2,318)
(1,837)
(211)
(270)
2.9
2.4
11.1
18.9
\u2013\u00a0 personal
23,887
21,481
1,483
923
(1,235)
(797)
(188)
(250)
5.2
3.7
12.7
27.1
\u2013\u00a0 corporate and
commercial
54,636
53,898
400
338
(1,064)
(1,024)
(23)
(17)
1.9
1.9
5.8
5.0
\u2013\u00a0 non-bank financial
institutions
2,413
2,236
11
166
(19)
(16)
\u2014
(3)
0.8
0.7
\u2014
1.8
Loans and advances to
banks at amortised cost
132
132
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.5
1.5
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,651
1,611
21
19
(11)
(10)
\u2014
(1)
0.7
0.6
\u2014
5.3
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
\u2013\u00a0 personal
39,919
37,676
1,361
882
(1,158)
(799)
(169)
(190)
2.9
2.1
12.4
21.5
\u2013\u00a0 corporate and
commercial
51,231
50,486
506
239
(1,358)
(1,326)
(21)
(11)
2.7
2.6
4.2
4.6
\u2013\u00a0 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
\u2014
\u2014
(2)
(2)
\u2014
\u2014
1.0
1.0
\u2014
\u2014
Other financial assets
measured at amortised
cost
1,806
1,794
3
9
(5)
(5)
\u2014
\u2014
0.3
0.3
\u2014
\u2014
1The days past due amounts presented above are on a contractual basis.
Credit exposure
Maximum exposure to credit risk
(Audited)
This section provides information on balance sheet items and their
offsets as well as loan and other credit-related commitments.
Commentary on consolidated balance sheet movements in 2025
is\u00a0provided on page\u00a073.
Maximum exposure to credit risk
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Maximum exposure
Offset
Net
Maximum exposure
Offset
Net
$m
$m
$m
$m
$m
$m
Loans and advances to customers held at amortised cost
988,399
(25,671)
962,728
930,658
(22,822)
907,836
\u2013\u00a0 personal
471,731
(3,568)
468,163
444,701
(2,256)
442,445
\u2013\u00a0 corporate and commercial
416,979
(20,636)
396,343
403,929
(18,897)
385,032
\u2013\u00a0 non-bank financial institutions
99,689
(1,467)
98,222
82,028
(1,669)
80,359
Loans and advances to banks at amortised cost
108,462
\u2014
108,462
102,039
\u2014
102,039
Other financial assets held at amortised cost
888,882
(5,865)
883,017
827,193
(4,383)
822,810
\u2013\u00a0 cash and balances at central banks
242,859
\u2014
242,859
267,674
\u2014
267,674
\u2013\u00a0 Hong Kong Government certificates of indebtedness
44,063
\u2014
44,063
42,293
\u2014
42,293
\u2013\u00a0 reverse repurchase agreements \u2013 non-trading
298,392
(5,865)
292,527
252,549
(4,383)
248,166
\u2013\u00a0 financial investments
182,089
\u2014
182,089
153,973
\u2014
153,973
\u2013\u00a0 prepayments, accrued income and other assets
121,479
\u2014
121,479
110,704
\u2014
110,704
Assets held for sale
11,115
\u2014
11,115
27,234
\u2014
27,234
Derivatives
237,740
(229,223)
8,517
268,637
(254,257)
14,380
Total on-balance sheet exposure to credit risk
2,234,598
(260,759)
1,973,839
2,155,761
(281,462)
1,874,299
Total off-balance sheet
1,068,162
\u2014
1,068,162
970,610
\u2014
970,610
\u2013\u00a0 financial and other guarantees
119,840
\u2014
119,840
109,380
\u2014
109,380
\u2013\u00a0 loan and other credit-related commitments
948,322
\u2014
948,322
861,230
\u2014
861,230
Total
3,302,760
(260,759)
3,042,001
3,126,371
(281,462)
2,844,909
Credit deterioration of financial
instruments
(Audited)
\u00d1 A summary of our current policies and practices regarding the identification,
treatment and measurement of stage 1, stage 2, stage\u00a03 (credit impaired)
and POCI financial instruments can be found in Note 1.2(j) on the financial
statements.
Measurement uncertainty and sensitivity analysis of ECL estimates
(Audited)
The recognition and measurement of ECL involves the use of
significant judgement and estimation. We form multiple scenarios
based on economic forecasts and distributional estimates and apply
these to credit risk models to estimate future credit losses. The results
are then probability-weighted to determine an unbiased ECL estimate.
Management assessed the current economic environment, reviewed
the latest economic forecasts and discussed key risks before selecting
economic scenarios and their weightings.
Management judgemental adjustments are used where modelled
allowance for ECL does not fully reflect the identified risks and related
uncertainty, or to capture significant late-breaking events.
Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including
loan commitments and financial guarantees
(Audited)
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:
(28,196)
(931)
18,327
2,101
9,869
(1,170)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to
stage 2
(134,309)
368
134,309
(368)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to
stage 1
107,223
(1,233)
(107,223)
1,233
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,873)
15
(10,260)
1,434
12,133
(1,449)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
763
(81)
1,501
(198)
(2,264)
279
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of
stage
\u2014
664
\u2014
(604)
\u2014
(58)
\u2014
\u2014
\u2014
2
Changes due to
modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net new and further
lending/repayments
107,733
(178)
(35,843)
614
(6,060)
768
238
2
66,068
1,206
Changes to risk parameters
\u2013 credit quality
\u2014
390
\u2014
(1,991)
\u2014
(3,737)
\u2014
(24)
\u2014
(5,362)
Changes to models used
for ECL calculation
\u2014
(59)
\u2014
272
\u2014
(16)
\u2014
\u2014
\u2014
197
Assets written off
\u2014
\u2014
\u2014
\u2014
(3,569)
3,569
\u2014
\u2014
(3,569)
3,569
Credit-related modifications
that resulted in
derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and
others1,2
42,772
(16)
4,507
(152)
1,259
(410)
6
(3)
48,544
(581)
At 31 Dec 2025
1,611,996
(1,362)
102,889
(2,434)
25,234
(7,193)
337
(76)
1,740,456
(11,065)
ECL income statement
change for the period
817
(1,709)
(3,043)
(22)
(3,957)
Recoveries
320
Others
(248)
Total ECL income
statement change for the
period
(3,885)
1Total includes $6.0bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $27m, including business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained\u00a0
home and other retail loans in France as disclosed in Note 23 on page 329.
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)
(Audited)
At 31 Dec 2025
12 months ended 31 Dec 2025
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$m
$m
$m
As above
1,740,456
(11,065)
(3,885)
Other financial assets measured at amortised cost
890,326
(129)
(29)
Non-trading reverse purchase agreement commitments
75,372
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
46
Summary of financial instruments to which the impairment requirements
in IFRS 9 are applied/Summary consolidated income statement
2,706,154
(11,194)
(3,868)
Debt instruments measured at FVOCI
383,568
(30)
18
Total allowance for ECL/total income statement ECL change for the period
n/a
(11,224)
(3,850)
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
POCI
Total
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
for ECL
Gross
exposure
Allowance/
provision
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)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to
stage 2
(116,211)
419
116,211
(419)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to
stage 1
98,731
(1,627)
(98,731)
1,627
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,799)
16
(12,230)
1,321
15,029
(1,337)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
650
(67)
1,402
(227)
(2,052)
294
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL
arising from transfer of stage
\u2014
959
\u2014
(831)
\u2014
(144)
\u2014
\u2014
\u2014
(16)
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
\u2014
\u2014
(25)
\u2014
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 \u2013
credit quality
\u2014
363
\u2014
(1,773)
\u2014
(3,945)
\u2014
(11)
\u2014
(5,366)
Changes to models used for ECL
calculation
\u2014
68
\u2014
(4)
\u2014
(20)
\u2014
\u2014
\u2014
44
Assets written off
\u2014
\u2014
\u2014
\u2014
(4,459)
4,459
\u2014
\u2014
(4,459)
4,459
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(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
Others
(158)
Total ECL income statement
change for the period
(3,133)
1Total includes $3.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding
allowance for ECL of $46m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page
329.
2Total includes $35.3bn of nominal amount and $21m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $2.7bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
At 31 Dec 2024
12 months ended 31 Dec 2024
Gross carrying/
nominal amount
Allowance
for ECL
ECL
charge
\u00a0
$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
\u2014
\u2014
Performance and other guarantees not considered for IFRS 9
\u2014
\u2014
(173)
Summary of financial instruments to which the impairment requirements in IFRS 9 are
applied/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
Credit quality of financial instruments
(Audited)
We assess the credit quality of all financial instruments that are subject to credit risk. The credit quality of financial instruments is a point-in-time
assessment of PD, whereas stages 1 and 2 are determined based on relative deterioration of credit quality since initial recognition for the majority
of portfolios. Accordingly, for non-credit-impaired financial instruments, there is no direct relationship between the credit quality assessment and
stages 1 and 2, although typically the lower credit quality bands exhibit a higher proportion in stage 2. The five credit quality classifications provided
below each encompass a range of granular internal credit rating grades assigned to wholesale and personal lending businesses and the external
ratings attributed by external agencies to debt securities, as shown in the table on page\u00a0139.
Distribution of financial instruments by credit quality
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
Net
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
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
In-scope for IFRS 9 ECL
Loans and advances to customers held
at amortised cost
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 personal
380,030
57,064
30,688
2,801
3,945
474,528
(2,797)
471,731
360,317
53,595
27,774
1,979
3,560
447,225
(2,524)
444,701
\u2013\u00a0 corporate and commercial
113,787
132,972
139,599
18,041
20,106
424,505
(7,526)
416,979
114,504
118,785
138,705
20,224
18,466
410,684
(6,755)
403,929
\u2013\u00a0 non-bank financial institutions
51,670
25,745
21,552
613
478
100,058
(369)
99,689
40,445
20,700
19,937
703
679
82,464
(436)
82,028
Loans and advances to banks held at
amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
Cash and balances at central banks
242,187
590
82
\u2014
\u2014
242,859
\u2014
242,859
266,713
949
12
\u2014
\u2014
267,674
\u2014
267,674
Hong Kong Government certificates of
indebtedness
44,063
\u2014
\u2014
\u2014
\u2014
44,063
\u2014
44,063
42,293
\u2014
\u2014
\u2014
\u2014
42,293
\u2014
42,293
Reverse repurchase agreements \u2013 non-
trading
193,352
78,296
26,740
4
\u2014
298,392
\u2014
298,392
155,831
70,877
25,799
42
\u2014
252,549
\u2014
252,549
Financial investments
171,057
654
10,390
\u2014
\u2014
182,101
(12)
182,089
146,970
3,681
3,331
\u2014
\u2014
153,982
(9)
153,973
Assets held for sale
449
2,751
864
\u2014
51
4,115
(27)
4,088
2,425
458
367
1
22
3,273
(4)
3,269
Other assets
95,589
11,950
10,789
335
133
118,796
(90)
118,706
88,338
9,735
10,151
454
131
108,809
(79)
108,730
\u2013\u00a0 endorsements and acceptances
1,504
3,331
3,624
236
11
8,706
(11)
8,695
2,101
2,663
3,090
243
10
8,107
(14)
8,093
\u2013\u00a0 accrued income and other
94,085
8,619
7,165
99
122
110,090
(79)
110,011
86,237
7,072
7,061
211
121
100,702
(65)
100,637
Debt instruments measured at FVOCI1
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
Out-of-scope for IFRS 9 ECL
Trading assets
143,943
22,187
22,943
603
165
189,841
\u2014
189,841
119,546
21,951
15,804
2,300
47
159,648
\u2014
159,648
Other financial assets designated and
otherwise mandatorily measured at fair
value through profit or loss
61,509
13,037
5,014
351
19
79,930
\u2014
79,930
53,282
11,862
4,390
231
11
69,776
\u2014
69,776
Derivatives
194,320
33,752
9,382
283
3
237,740
\u2014
237,740
224,870
34,124
9,373
258
12
268,637
\u2014
268,637
Assets held for sale
10
103
\u2014
\u2014
148
261
\u2014
261
3,019
\u2014
\u2014
\u2014
\u2014
3,019
\u2014
3,019
Total gross carrying amount on
balance sheet
2,165,440
387,915
290,228
23,426
25,049
2,892,058
(10,858)
2,881,200
2,047,487
360,420
268,451
26,706
22,930
2,725,994
(9,874)
2,716,120
Percentage of total credit quality (%)
74.9
13.4
10.0
0.8
0.9
100
75.1
13.2
9.9
1.0
0.8
100
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
In-scope for IFRS 9 ECL
449,176
151,068
96,544
10,632
848
708,268
(366)
707,902
407,485
135,659
81,619
10,393
1,209
636,365
(377)
635,988
Loan and other credit-related
commitments
105,985
81,431
67,475
2,702
252
257,845
\u2014
257,845
96,952
76,340
65,619
2,847
453
242,211
\u2014
242,211
Performance and other guarantees
47,441
33,190
19,857
1,351
845
102,684
(269)
102,415
39,940
32,956
17,339
1,671
817
92,723
(312)
92,411
Out-of-scope for IFRS 9 ECL
153,426
114,621
87,332
4,053
1,097
360,529
(269)
360,260
136,892
109,296
82,958
4,518
1,270
334,934
(312)
334,622
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL
Net
Gross carrying/notional 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
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 stage 1
540,253
194,680
152,578
5,922
\u2014
893,433
(1,201)
892,232
498,415
170,420
150,818
4,767
\u2014
824,420
(1,078)
823,342
\u2013\u00a0 stage 2
5,234
21,101
39,068
15,533
\u2014
80,936
(2,318)
78,618
16,851
22,660
35,598
18,139
\u2014
93,248
(2,546)
90,702
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
24,389
24,389
(7,097)
17,292
\u2014
\u2014
\u2014
\u2014
22,615
22,615
(6,040)
16,575
\u2013\u00a0 POCI
\u2014
\u2014
193
\u2014
140
333
(76)
257
\u2014
\u2014
\u2014
\u2014
90
90
(51)
39
Loans and advances to banks
at amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
\u2013\u00a0 stage 1
97,426
6,215
4,608
87
\u2014
108,336
(4)
108,332
92,528
4,226
4,981
117
\u2014
101,852
(9)
101,843
\u2013\u00a0 stage 2
98
7
5
22
\u2014
132
(2)
130
93
29
59
17
\u2014
198
(2)
196
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
1
1
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
(2)
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial assets
measured at amortised cost
746,697
94,241
48,865
339
184
890,326
(129)
890,197
702,570
85,700
39,660
497
153
828,580
(92)
828,488
\u2013\u00a0 stage 1
746,536
93,759
48,121
75
\u2014
888,491
(76)
888,415
702,373
85,032
38,977
239
\u2014
826,621
(64)
826,557
\u2013\u00a0 stage 2
161
482
744
264
\u2014
1,651
(11)
1,640
197
668
683
258
\u2014
1,806
(5)
1,801
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
184
184
(42)
142
\u2014
\u2014
\u2014
\u2014
153
153
(23)
130
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
\u2013\u00a0 stage 1
437,973
143,849
82,145
5,681
\u2014
669,648
(149)
669,499
398,779
125,956
67,949
4,547
\u2014
597,231
(137)
597,094
\u2013\u00a0 stage 2
3,767
3,074
9,255
4,392
\u2014
20,488
(97)
20,391
1,341
5,440
9,271
5,123
\u2014
21,175
(121)
21,054
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
652
652
(69)
583
\u2014
\u2014
\u2014
\u2014
958
958
(90)
868
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
4
4
\u2014
4
\u2014
\u2014
\u2014
\u2014
3
3
\u2014
3
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
\u2013\u00a0 stage 1
7,430
4,040
4,351
92
\u2014
15,913
(8)
15,905
7,352
4,192
3,625
184
\u2014
15,353
(8)
15,345
\u2013\u00a0 stage 2
6
105
793
467
\u2014
1,371
(17)
1,354
13
71
774
539
\u2014
1,397
(5)
1,392
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
192
192
(26)
166
\u2014
\u2014
\u2014
\u2014
248
248
(16)
232
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,838,884
467,312
341,861
32,535
25,562
2,706,154
(11,194)
2,694,960
1,717,942
418,694
312,735
33,930
24,069
2,507,370
(10,197)
2,497,173
Debt instruments at FVOCI1
\u2013\u00a0 stage 1
375,894
2,592
7,015
3
\u2014
385,504
(28)
385,476
336,264
9,448
7,290
\u2014
\u2014
353,002
(31)
352,971
\u2013\u00a0 stage 2
56
\u2014
557
283
\u2014
896
(2)
894
49
\u2014
478
380
\u2014
907
(23)
884
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Credit-impaired loans
(Audited)
We determine that a financial instrument is credit impaired and in stage
3 by considering relevant objective evidence, primarily whether:
\u2013 contractual payments of either principal or interest are past due for
more than 90 days;
\u2013 there are other indications that the borrower is unlikely to pay, such
as when a concession has been granted to the borrower for
economic or legal reasons relating to the borrower\u2019s financial
condition; and
\u2013 the loan is otherwise considered to be in default. If such unlikeliness
to pay is not identified at an earlier stage, it is deemed to occur
when an exposure is 90 days past due. Therefore, the definitions of
credit impaired and default are aligned as far as possible so that
stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Collateral and other credit enhancements
(Audited)
Although collateral can be an important mitigant of credit risk, it is the
Group\u2019s practice to typically lend on the basis of the customer\u2019s ability
to meet their obligations out of cash flow resources rather than placing
primary reliance on collateral and other credit risk enhancements.
Depending on the customer\u2019s standing and the type of product,
facilities may be provided without any collateral or other credit
enhancements. For other lending, a charge over collateral is obtained
and considered in determining the credit decision and pricing. In the
event of default, the Group may utilise the collateral as a source of
repayment.
Depending on its form, collateral can have a significant financial effect
in mitigating our exposure to credit risk. Where there is sufficient
collateral, an expected credit loss is not recognised. This is the case for
reverse repurchase agreements and for certain loans and advances to
customers where the loan to value (\u2018LTV\u2019) is very low.
Mitigants may include a charge on borrowers\u2019 specific assets, such as
real estate or financial instruments. Other credit risk mitigants include
short positions in securities and financial assets held as part of linked
insurance/investment contracts where the risk is predominantly borne
by the policyholder. Additionally, risk may be managed by employing
other types of collateral and credit risk enhancements, such as second
charges, other liens and unsupported guarantees. Guarantees are
normally taken from corporates and export credit agencies. Corporates
would normally provide guarantees as part of a parent/subsidiary
relationship and span a number of credit grades. The export credit
agencies will normally be investment grade.
Certain credit mitigants are used strategically in portfolio management
activities. Across Corporate and Institutional Banking, risk limits and
utilisations, maturity profiles and risk quality are monitored and
managed proactively. This process is key to the setting of risk appetite
for these larger, more complex, geographically distributed customer
groups. While the principal form of risk management continues to be at
the point of exposure origination, through the lending decision-making
process, Corporate and Institutional Banking also utilises loan sales and
credit default swap (\u2018CDS\u2019) hedges to manage concentrations and
reduce risk.
These transactions are the responsibility of a dedicated Corporate and
Institutional Banking portfolio management team. Hedging activity is
carried out within agreed credit parameters, and is subject to market
risk limits and a robust governance structure. Where applicable, CDSs
are entered into directly with a central clearing house counterparty.
Otherwise, the Group\u2019s exposure to CDS protection providers is
diversified among mainly banking counterparties with strong credit
ratings.
CDS mitigants are held at portfolio level and are not included in the
expected credit loss calculations. CDS mitigants are not reported in the
following tables.
Collateral on loans and advances
Collateral held is analysed separately for CRE and for other corporate,
commercial and financial (non-bank) lending. The following tables
include off-balance sheet loan commitments, primarily undrawn credit
lines.
The collateral measured in the following tables consists of fixed\u00a0first
charges on real estate, and charges over cash and marketable financial
instruments. The values in the tables represent the expected market
value on an open market basis, actual values realised are a function of
market conditions. No adjustment has been made to the collateral for
any expected costs of recovery. Marketable securities are measured at
their fair value.
Other types of collateral, such as unsupported guarantees and floating
charges over the assets of a customer\u2019s business, are not measured in
the following tables. While such mitigants have value, often providing
rights in insolvency, their assignable value is not sufficiently certain and
they are therefore assigned no value for disclosure purposes.
The LTV ratios presented are calculated by directly associating loans
and advances with the collateral that individually and uniquely supports
each facility. When collateral assets are shared by multiple loans and
advances, whether specifically or, more generally, by way of an all
monies charge, the collateral value is pro-rated across the loans and
advances protected by the collateral.
For credit-impaired loans, the collateral values cannot be directly
compared with impairment allowances recognised. The LTV figures use
open market values with no adjustments, actual values realised are a
function of market conditions. Impairment allowances are calculated on
a different basis, by considering other cash flows and adjusting
collateral values for costs of realising collateral as explained further on
page 279.
Mortgage loans
The following table provides a quantification of the value of fixed
charges we hold over specific assets where we have a history
of\u00a0enforcing, and are able to enforce, collateral in satisfying a debt in
the event of the borrower failing to meet its contractual obligations, and
where the collateral is cash or can be realised by sale in an established
market. The collateral valuation excludes any adjustments for obtaining
and selling the collateral and, in particular, loans shown as not
collateralised or partially collateralised may also benefit from other
forms of credit mitigants.
The quality of both our Hong Kong and UK mortgage books remained
strong, with low levels of impairment allowances. The average LTV
ratio on new mortgage lending in Hong Kong was 70%, compared
with an estimated 60% for the overall mortgage portfolio. The
average LTV ratio on new lending in the UK was 69%, compared with
an estimated 55% for the overall mortgage portfolio.
Commercial real estate loans and advances
The value of CRE collateral is determined by\u00a0using a combination of
external and internal valuations and\u00a0physical inspections. For CRE,
where the facility exceeds regulatory threshold requirements, Group
policy requires an independent review of the valuation at least every
three years, or more frequently as the need arises.
In Hong Kong, unsecured lending is typically limited to major property
companies. In Europe, facilities of a working capital nature are generally
not secured by a first fixed charge, and are therefore disclosed as not
collateralised.
Other corporate, commercial and financial (non-bank) loans and
advances
Other corporate, commercial and financial (non-bank) loans are
analysed separately in the following table. For financing activities in
other corporate and commercial lending, collateral value is not strongly
correlated to\u00a0principal repayment performance. Collateral values are
generally refreshed when an obligor\u2019s general credit performance
deteriorates and we have to assess the likely performance of
secondary sources of repayment should it prove necessary to rely on
them.
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2025
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
383,401
18,150
2,573
404,124
\u2014
0.6
10.5
0.1
\u2013\u00a0 less than 50%
159,089
9,161
1,336
169,586
\u2014
0.4
8.3
0.1
\u2013\u00a0 51% to 70%
125,204
5,484
751
131,439
\u2014
0.6
11.2
0.1
\u2013\u00a0 71% to 80%
46,175
1,934
258
48,367
\u2014
0.7
13.8
0.1
\u2013\u00a0 81% to 90%
37,415
971
167
38,553
\u2014
0.9
15.9
0.1
\u2013\u00a0 91% to 100%
15,518
600
61
16,179
\u2014
1.5
20.2
0.1
Partially collateralised (A): LTV > 100%
4,924
138
97
5,159
\u2014
2.2
44.3
0.9
\u2013\u00a0 collateral value on A
4,707
129
66
4,902
of which: UK
Fully collateralised by LTV ratio
190,214
13,257
816
204,287
\u2014
0.3
9.7
0.1
\u2013\u00a0 less than 50%
77,859
7,260
421
85,540
\u2014
0.1
8.2
0.1
\u2013\u00a0 51% to 70%
61,605
4,183
254
66,042
\u2014
0.3
8.7
0.1
\u2013\u00a0 71% to 80%
25,237
1,226
85
26,548
\u2014
0.5
14.0
0.1
\u2013\u00a0 81% to 90%
22,218
548
46
22,812
\u2014
0.7
16.1
0.1
\u2013\u00a0 91% to 100%
3,295
40
10
3,345
\u2014
1.0
27.0
0.1
Partially collateralised (B): LTV > 100%
58
2
8
68
\u2014
0.6
32.5
3.8
\u2013\u00a0 collateral value on B
29
1
7
37
of which: Hong Kong
Fully collateralised by LTV ratio
102,801
1,503
165
104,469
\u2014
\u2014
0.7
\u2014
\u2013\u00a0 less than 50%
40,518
762
83
41,363
\u2014
\u2014
0.2
\u2014
\u2013\u00a0 51% to 70%
31,015
345
41
31,401
\u2014
\u2014
0.5
\u2014
\u2013\u00a0 71% to 80%
6,698
83
17
6,798
\u2014
0.1
1.8
\u2014
\u2013\u00a0 81% to 90%
12,906
132
12
13,050
\u2014
0.2
0.8
\u2014
\u2013\u00a0 91% to 100%
11,664
181
12
11,857
\u2014
0.2
2.5
\u2014
Partially collateralised (C): LTV > 100%
4,781
87
18
4,886
\u2014
0.2
8.3
\u2014
\u2013\u00a0 collateral value on C
4,593
85
16
4,694
Commercial real estate
Not collateralised
36,879
3,792
1,310
6
41,987
0.1
2.7
64.6
\u2014
2.3
Fully collateralised by LTV ratio
26,814
16,633
6,942
13
50,402
0.1
1.7
13.3
\u2014
2.4
\u2013\u00a0 less than 50%
13,415
10,682
2,563
13
26,673
0.1
1.4
11.0
\u2014
1.7
\u2013\u00a0 51% to 75%
9,168
4,770
2,755
\u2014
16,693
0.2
2.2
13.5
\u2014
2.9
\u2013\u00a0 76% to 90%
2,232
915
1,055
\u2014
4,202
0.1
1.9
13.6
\u2014
3.9
\u2013\u00a0 91% to 100%
1,999
266
569
\u2014
2,834
0.1
2.3
21.6
\u2014
4.6
Partially collateralised (A): LTV > 100%
3,635
350
1,093
80
5,158
0.1
3.1
35.4
57.5
8.7
\u2013\u00a0 collateral value on A
2,317
240
780
33
3,370
of which: UK
Not collateralised
8,633
389
56
\u2014
9,078
0.2
8.2
19.6
\u2014
0.7
Fully collateralised by LTV ratio
12,426
1,661
354
\u2014
14,441
0.2
2.6
21.8
\u2014
1.0
\u2013\u00a0 less than 50%
4,606
430
36
\u2014
5,072
0.2
1.4
38.9
\u2014
0.6
\u2013\u00a0 51% to 75%
5,772
914
209
\u2014
6,895
0.2
3.8
24.9
\u2014
1.4
\u2013\u00a0 76% to 90%
1,511
308
107
\u2014
1,926
0.1
1.0
9.3
\u2014
0.7
\u2013\u00a0 91% to 100%
537
9
2
\u2014
548
0.2
5.1
61.2
\u2014
0.4
Partially collateralised (B): LTV > 100%
2,111
115
67
61
2,354
0.1
0.9
17.9
47.5
1.9
\u2013\u00a0 collateral value on B
1,381
109
42
30
1,562
of which: Hong Kong
Not collateralised
14,360
2,691
1,088
6
18,145
\u2014
2.4
66.5
\u2014
4.4
Fully collateralised by LTV ratio
5,588
12,969
5,467
\u2014
24,024
0.1
0.8
10.6
\u2014
2.9
\u2013\u00a0 less than 50%
4,008
9,705
2,284
\u2014
15,997
0.1
0.9
8.2
\u2014
1.8
\u2013\u00a0 51% to 75%
1,167
2,927
2,033
\u2014
6,127
0.2
0.5
10.9
\u2014
3.9
\u2013\u00a0 76% to 90%
59
294
705
\u2014
1,058
\u2014
1.7
8.4
\u2014
6.0
\u2013\u00a0 91% to 100%
354
43
445
\u2014
842
\u2014
2.3
25.2
\u2014
13.4
Partially collateralised (C): LTV > 100%
198
110
1,022
19
1,349
\u2014
0.3
36.7
84.2
29.0
\u2013\u00a0 collateral value on C
149
11
734
3
897
Other corporate, commercial and financial
(non-bank)
Not collateralised
797,344
60,899
6,186
215
864,644
0.1
0.9
43.5
6.5
0.4
Fully collateralised by LTV ratio
88,647
13,101
3,611
29
105,388
0.1
1.6
14.5
55.2
0.8
\u2013\u00a0 less than 50%
37,949
5,009
1,446
\u2014
44,404
0.1
1.2
12.3
\u2014
0.6
\u2013\u00a0 51% to 75%
21,397
4,855
1,249
29
27,530
0.1
2.4
16.7
55.2
1.3
\u2013\u00a0 76% to 90%
8,253
1,318
677
\u2014
10,248
0.1
1.5
14.0
\u2014
1.2
\u2013\u00a0 91% to 100%
21,048
1,919
239
\u2014
23,206
\u2014
0.6
16.7
\u2014
0.3
Partially collateralised (A): LTV > 100%
53,980
6,337
2,130
\u2014
62,447
0.1
0.7
45.6
\u2014
1.7
\u2013\u00a0 collateral value on A
24,763
2,942
1,199
\u2014
28,904
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2024
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
332,641
34,203
2,371
369,215
\u2014
0.4
10.0
0.1
\u2013\u00a0 less than 50%
141,331
18,076
1,238
160,645
\u2014
0.2
7.6
0.1
\u2013\u00a0 51% to 70%
111,963
11,507
698
124,168
\u2014
0.4
11.2
0.1
\u2013\u00a0 71% to 80%
39,374
3,040
242
42,656
\u2014
0.7
13.1
0.1
\u2013\u00a0 81% to 90%
25,514
1,264
131
26,909
\u2014
0.9
15.0
0.1
\u2013\u00a0 91% to 100%
14,459
316
62
14,837
\u2014
1.8
22.4
0.1
Partially collateralised (A): LTV > 100%
12,031
139
103
12,273
\u2014
3.2
46.2
0.4
\u2013\u00a0 collateral value on A
11,274
126
70
11,470
of which: UK
Fully collateralised by LTV ratio
151,264
30,574
747
182,585
\u2014
0.2
8.5
0.1
\u2013\u00a0 less than 50%
62,753
16,689
445
79,887
\u2014
0.1
6.9
0.1
\u2013\u00a0 51% to 70%
50,374
10,456
206
61,036
\u2014
0.2
9.7
0.1
\u2013\u00a0 71% to 80%
20,552
2,423
64
23,039
\u2014
0.4
12.1
0.1
\u2013\u00a0 81% to 90%
15,965
939
23
16,927
\u2014
0.6
13.0
0.1
\u2013\u00a0 91% to 100%
1,620
67
9
1,696
\u2014
0.7
16.7
0.1
Partially collateralised (B): LTV > 100%
146
15
5
166
\u2014
1.0
27.7
0.9
\u2013\u00a0 collateral value on B
109
12
4
125
of which: Hong Kong
Fully collateralised by LTV ratio
95,751
756
138
96,645
\u2014
\u2014
1.3
\u2014
\u2013\u00a0 less than 50%
38,894
372
79
39,345
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 51% to 70%
30,088
227
31
30,346
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 71% to 80%
6,783
47
11
6,841
\u2014
\u2014
5.1
\u2014
\u2013\u00a0 81% to 90%
7,602
42
9
7,653
\u2014
0.2
1.1
\u2014
\u2013\u00a0 91% to 100%
12,384
68
8
12,460
\u2014
0.1
8.8
\u2014
Partially collateralised (C): LTV > 100%
11,744
103
14
11,861
\u2014
0.2
19.1
\u2014
\u2013\u00a0 collateral value on C
11,034
96
12
11,142
Commercial real estate
Not collateralised
36,168
4,709
1,704
\u2014
42,581
0.1
9.0
47.5
\u2014
3.0
Fully collateralised by LTV ratio
37,090
11,909
5,254
\u2014
54,253
0.1
1.7
7.8
\u2014
1.2
\u2013\u00a0 less than 50%
20,522
5,154
2,413
\u2014
28,089
0.1
1.7
5.7
\u2014
0.9
\u2013\u00a0 51% to 75%
11,392
3,840
1,691
\u2014
16,923
0.1
2.2
7.6
\u2014
1.3
\u2013\u00a0 76% to 90%
2,554
2,277
767
\u2014
5,598
0.1
0.9
12.5
\u2014
2.1
\u2013\u00a0 91% to 100%
2,622
638
383
\u2014
3,643
0.2
2.3
12.3
\u2014
1.8
Partially collateralised (A): LTV > 100%
2,119
698
815
64
3,696
0.2
2.8
19.7
45.8
5.8
\u2013\u00a0 collateral value on A
1,255
457
570
29
2,311
of which: UK
Not collateralised
4,487
1,890
127
\u2014
6,504
0.4
3.8
27.8
\u2014
1.9
Fully collateralised by LTV ratio
9,139
3,194
305
\u2014
12,638
0.2
1.1
8.2
\u2014
0.6
\u2013\u00a0 less than 50%
2,903
761
160
\u2014
3,824
0.2
1.5
8.0
\u2014
0.8
\u2013\u00a0 51% to 75%
4,202
1,693
69
\u2014
5,964
0.2
1.2
12.0
\u2014
0.6
\u2013\u00a0 76% to 90%
1,173
732
24
\u2014
1,929
0.1
0.4
10.2
\u2014
0.3
\u2013\u00a0 91% to 100%
861
8
52
\u2014
921
0.1
7.7
2.7
\u2014
0.3
Partially collateralised (B): LTV > 100%
503
565
119
46
1,233
0.2
2.9
21.1
48.6
5.3
\u2013\u00a0 collateral value on B
296
350
69
26
741
of which: Hong Kong
Not collateralised
16,380
2,312
1,404
\u2014
20,096
\u2014
14.3
47.9
\u2014
5.0
Fully collateralised by LTV ratio
17,115
6,045
4,127
\u2014
27,287
0.1
1.4
5.8
\u2014
1.2
\u2013\u00a0 less than 50%
12,935
3,589
2,102
\u2014
18,626
0.1
1.3
3.8
\u2014
0.7
\u2013\u00a0 51% to 75%
3,534
1,059
1,243
\u2014
5,836
0.1
2.2
6.2
\u2014
1.8
\u2013\u00a0 76% to 90%
336
1,050
654
\u2014
2,040
0.1
1.1
11.8
\u2014
4.4
\u2013\u00a0 91% to 100%
310
347
128
\u2014
785
\u2014
0.5
2.4
\u2014
0.6
Partially collateralised (C): LTV > 100%
185
62
562
18
827
\u2014
1.9
17.6
38.1
12.9
\u2013\u00a0 collateral value on C
119
41
397
3
560
Other corporate, commercial and financial (non-
bank)
Not collateralised
713,028
62,844
6,870
5
782,747
0.1
0.9
41.5
14.2
0.5
Fully collateralised by LTV ratio
87,488
11,992
3,394
21
102,895
0.1
2.0
8.0
98.1
0.6
\u2013\u00a0 less than 50%
39,432
4,360
1,703
\u2014
45,495
0.1
1.6
6.9
\u2014
0.5
\u2013\u00a0 51% to 75%
20,169
4,643
778
21
25,611
0.1
2.8
12.0
98.1
1.0
\u2013\u00a0 76% to 90%
9,016
1,515
512
\u2014
11,043
0.1
1.6
7.1
\u2014
0.6
\u2013\u00a0 91% to 100%
18,871
1,474
401
\u2014
20,746
\u2014
0.8
6.3
\u2014
0.2
Partially collateralised (A): LTV > 100%
51,536
5,772
2,411
3
59,722
0.1
0.8
34.3
7.0
1.5
\u2013\u00a0 collateral value on A
22,800
2,519
1,162
1
26,482
Wholesale lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and
customers including loan commitments and financial guarantees
(Audited)
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
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
Transfers of financial instruments:
(35,399)
(267)
27,793
859
7,606
(592)
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 1 to stage 2
(93,205)
143
93,205
(143)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 transfers from stage 2 to stage 1
58,517
(372)
(58,517)
372
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(1,210)
4
(7,605)
678
8,815
(682)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
499
(42)
710
(48)
(1,209)
90
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
253
\u2014
(226)
\u2014
(49)
\u2014
\u2014
\u2014
(22)
Net new and further lending/
repayments
66,354
(171)
(27,221)
304
(5,593)
690
238
2
33,778
825
Change to risk parameters \u2013 credit
quality
\u2014
181
\u2014
(826)
\u2014
(2,596)
\u2014
(24)
\u2014
(3,265)
Changes to models used for ECL
calculation
\u2014
(30)
\u2014
277
\u2014
\u2014
\u2014
\u2014
\u2014
247
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,928)
1,928
\u2014
\u2014
(1,928)
1,928
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
(88)
9
\u2014
\u2014
(88)
9
Foreign exchange and others1
29,369
7
2,197
(66)
1,023
(341)
6
(3)
32,595
(403)
At 31 Dec 2025
893,360
(672)
77,057
(1,194)
21,197
(6,298)
337
(76)
991,951
(8,240)
ECL income statement change for
the period
233
(471)
(1,955)
(22)
(2,215)
Recoveries
77
Others
(267)
Total ECL income statement
change for the period
(2,405)
1Total includes $3.3bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $11m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
During the year, there was a net transfer between stage 1 and stage 2 of $34,688m gross carrying/nominal amounts. It was primarily driven by our
entities in Asia ($31,809m) due to credit deterioration and updates to our models used for ECL calculations, in the US ($1,652m) and in Mexico
($1,069m).
\u00d1 A summary of basis of preparation is available on page 125.
Wholesale lending \u2013 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)
(Audited)
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
845,982
(698)
102,129
(1,668)
16,939
(6,207)
85
(30)
965,135
(8,603)
Transfers of financial instruments:
(17,606)
(214)
6,997
825
10,609
(611)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(70,991)
173
70,991
(173)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
55,182
(380)
(55,182)
380
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(2,056)
7
(9,515)
636
11,571
(643)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
259
(14)
703
(18)
(962)
32
\u2014
\u2014
\u2014
\u2014
Net remeasurement of ECL arising
from transfer of stage
\u2014
214
\u2014
(226)
\u2014
(12)
\u2014
\u2014
\u2014
(24)
Net new and further lending/
repayments
58,044
(151)
(29,842)
311
(4,450)
1,219
7
(7)
23,759
1,372
Changes to risk parameters \u2013 credit
quality
\u2014
112
\u2014
(899)
\u2014
(2,508)
\u2014
(11)
\u2014
(3,306)
Changes to models used for ECL
calculation
\u2014
39
\u2014
105
\u2014
\u2014
\u2014
\u2014
\u2014
144
Assets written off
\u2014
\u2014
\u2014
\u2014
(2,925)
2,925
\u2014
\u2014
(2,925)
2,925
Credit-related modifications that
resulted in derecognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange and others1,2,3
(53,384)
53
(4,996)
36
4
(153)
1
(3)
(58,375)
(67)
At 31 Dec 2024
833,036
(645)
74,288
(1,516)
20,177
(5,347)
93
(51)
927,594
(7,559)
ECL income statement change for
the period
214
(709)
(1,301)
(18)
(1,814)
Recoveries
40
Others
(126)
Total ECL income statement
change for the period
(1,900)
1Total includes $2.9bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a
corresponding allowance for ECL of $23m, reflecting business disposals as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for
sale\u2019 on page 329.
2Total includes $28.9bn of nominal amount and $20m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees
following the sale of our banking business in Canada during 2024.
3Total includes $0.3bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina
during 2024.
Mainland China commercial real estate
(Audited)
At 31 Dec 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
2,079
3,474
118
5,671
3,161
3,694
303
7,158
Guarantees issued and others2
105
14
12
131
80
16
5
101
Total mainland China commercial real
estate exposure
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Distribution of mainland China
commercial real estate exposure by
credit quality
Strong
293
1,818
64
2,175
118
1,817
109
2,044
Good
240
583
\u2014
823
578
595
1
1,174
Satisfactory
154
511
8
673
196
899
49
1,144
Sub-standard
87
334
57
478
777
136
149
1,062
Credit impaired
1,410
242
1
1,653
1,572
263
\u2014
1,835
Total
2,184
3,488
130
5,802
3,241
3,710
308
7,259
Allowance for ECL by credit quality
Strong
\u2014
(2)
\u2014
(2)
\u2014
(4)
\u2014
(4)
Good
\u2014
(4)
\u2014
(4)
\u2014
(3)
\u2014
(3)
Satisfactory
\u2014
(5)
\u2014
(5)
\u2014
(13)
\u2014
(13)
Sub-standard
(9)
(99)
(1)
(109)
(261)
(30)
(17)
(308)
Credit impaired
(799)
(99)
\u2014
(898)
(749)
(81)
\u2014
(830)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
Allowance for ECL by stage distribution
Stage 1
\u2014
(4)
\u2014
(4)
\u2014
(9)
\u2014
(9)
Stage 2
(9)
(106)
(1)
(116)
(261)
(41)
(17)
(319)
Stage 3
(783)
(99)
\u2014
(882)
(743)
(81)
\u2014
(824)
POCI
(16)
\u2014
\u2014
(16)
(6)
\u2014
\u2014
(6)
Total
(808)
(209)
(1)
(1,018)
(1,010)
(131)
(17)
(1,158)
ECL coverage %
37.0
6.0
0.8
17.6
31.2
3.5
5.5
16.0
1Amounts represent gross carrying amount.
2Amounts represent nominal amount for guarantees and other contingent liabilities.
Personal lending \u2013 reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
2025
2024
Non-credit impaired
Credit impaired
Non-credit impaired
Credit impaired
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
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
$m
$m
$m
$m
$m
$m
At 1 Jan
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
650,823
(602)
50,955
(1,434)
3,860
(856)
705,638
(2,892)
Transfers of financial instruments:
7,203
(664)
(9,466)
1,242
2,263
(578)
\u2014
\u2014
(2,023)
(1,045)
(345)
1,477
2,368
(432)
\u2014
\u2014
\u2013\u00a0 transfers from stage 1 to stage 2
(41,104)
225
41,104
(225)
\u2014
\u2014
\u2014
\u2014
(45,220)
246
45,220
(246)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers from stage 2 to stage 1
48,706
(861)
(48,706)
861
\u2014
\u2014
\u2014
\u2014
43,549
(1,247)
(43,549)
1,247
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 transfers to stage 3
(663)
11
(2,655)
756
3,318
(767)
\u2014
\u2014
(743)
9
(2,715)
685
3,458
(694)
\u2014
\u2014
\u2013\u00a0 transfers from stage 3
264
(39)
791
(150)
(1,055)
189
\u2014
\u2014
391
(53)
699
(209)
(1,090)
262
\u2014
\u2014
Net remeasurement of ECL arising from
transfer of stage
\u2014
411
\u2014
(378)
\u2014
(9)
\u2014
24
\u2014
745
\u2014
(605)
\u2014
(132)
\u2014
8
Changes due to modifications not
derecognised
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(25)
\u2014
(25)
\u2014
Net new and further lending/repayments
41,379
(7)
(8,622)
310
(467)
78
32,290
381
29,789
(17)
(7,889)
278
(796)
470
21,104
731
Change to risk parameters \u2013 credit quality
\u2014
209
\u2014
(1,165)
\u2014
(1,141)
\u2014
(2,097)
\u2014
251
\u2014
(874)
\u2014
(1,437)
\u2014
(2,060)
Changes to models used for ECL calculation
\u2014
(29)
\u2014
(5)
\u2014
(16)
\u2014
(50)
\u2014
29
\u2014
(109)
\u2014
(20)
\u2014
(100)
Assets written off
\u2014
\u2014
\u2014
\u2014
(1,641)
1,641
(1,641)
1,641
\u2014
\u2014
\u2014
\u2014
(1,534)
1,534
(1,534)
1,534
Foreign exchange and others1,2,3,4
13,403
(23)
2,310
(86)
236
(69)
15,949
(178)
(21,938)
52
(1,111)
109
(227)
72
(23,276)
233
At 31 Dec
718,636
(690)
25,832
(1,240)
4,037
(895)
748,505
(2,825)
656,651
(587)
41,610
(1,158)
3,646
(801)
701,907
(2,546)
ECL income statement change for the
period
584
(1,238)
(1,088)
(1,742)
1,008
(1,310)
(1,119)
(1,421)
Recoveries
243
220
Others
19
(32)
Total ECL income statement change for
the period
(1,480)
(1,233)
1At 31 December 2025, total includes $2.7bn (31 December 2024: $0.8bn) of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $16m (31 December
2024: $23m), reflecting business disposals, as disclosed in Note 23 \u2018Assets held for sale and liabilities of disposal groups held for sale\u2019 on page\u00a0329.
2This includes $7.2bn of gross carrying loans and advances to customers and corresponding allowance for ECL of $7m in relation to disposal of our retained portfolio of home and other retail loans in France as disclosed in Note 23 on page
329.
3At 31 December 2024, total includes $6.4bn of nominal amount and $1m of corresponding allowance for ECL related to derecognition of loan commitments and financial guarantees following the sale of our banking business in Canada
during 2024.
4At December 2024, total includes $2.4bn of nominal amount related to derecognition of loan commitments and financial guarantees following the sale of our business in Argentina during 2024.
HSBC Holdings
(Audited)
Credit risk in HSBC Holdings primarily arises from transactions with
Group subsidiaries.
In HSBC Holdings, the maximum exposure to credit risk arises from
two components:
\u2013 financial assets on the balance sheet, where maximum exposure
equals the carrying amount (see page 271); and
\u2013 financial guarantees and other guarantees, where the maximum
exposure is the maximum that we would have to pay if the
guarantees were called upon (see Note 33).
In the case of our derivative asset balances (see page 271), there is a
legally enforceable right of offset in the event of counterparty default
and where, as a result, there is a net exposure for credit risk purposes.
However, as there is no intention to settle these balances on a net
basis under normal circumstances, they do not qualify for net
presentation for accounting purposes. These offsets also include
collateral received in cash and other financial assets.
The total offset relating to our derivative asset balances was $1.8bn at
31\u00a0December 2025 (2024:\u00a0$3.0bn).
The credit quality of loans and advances and financial investments,
both of which consist of intra-Group lending and US Treasury bills and
bonds, is\u00a0assessed as \u2018strong\u2019, with 100% of the exposure being
neither past due nor impaired (2024: 100%). For further details of credit
quality classification, see page 108.
Credit risk
(Audited)
Our insurance manufacturing subsidiaries also have credit risk
mandates and limits within which they are permitted to operate, which
consider the credit risk exposure, quality and performance of their
investment portfolios. Our assessment of the creditworthiness of
issuers and counterparties is based primarily upon internationally
recognised credit ratings and other publicly available information.
Stress testing is performed on investment credit exposures using
credit spread sensitivities and default probabilities.
We use a number of tools to manage and monitor credit risk. These
include a credit report containing a watch-list of investments with
current credit concerns, primarily investments that may be at risk of
future impairment or where high concentrations to counterparties are
present in the investment portfolio. Sensitivities to credit spread risk
are assessed and monitored regularly.
Credit risk
(Audited)
Description and exposure
Credit risk is the risk of financial loss if a customer or counterparty fails
to meet their obligation under a contract. It arises in two main risks for
our insurance manufacturers:
\u2013 the risk associated with credit spread volatility and default by debt
security counterparties after investing premiums to generate a
return for policyholders and shareholders; and
\u2013 the risk of default by reinsurance counterparties and non-
reimbursement for claims made after ceding insurance risk.
The amounts outstanding at the balance sheet date in respect of\u00a0these
items are shown in the table on page 183.
The credit quality of the reinsurers\u2019 share of liabilities under insurance
contracts is assessed as \u2018satisfactory\u2019 or higher (as defined on
page\u00a0107), with none of the exposure being either past due or impaired
(2024: none).
Credit risk on assets supporting unit-linked liabilities is predominantly
borne by the policyholders. Therefore, our exposure is primarily related
to liabilities under non-linked insurance and investment contracts and
shareholders\u2019 funds. The credit quality of insurance financial assets is
included in the\u00a0table on page 128.
The risk associated with credit spread volatility is to a large extent
mitigated by holding debt securities to maturity, and sharing a degree
of credit spread experience with policyholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-5": { "value": "
Credit quality
Credit quality of financial instruments
(Audited)
We assess the credit quality of all financial instruments that are subject to credit risk. The credit quality of financial instruments is a point-in-time
assessment of PD, whereas stages 1 and 2 are determined based on relative deterioration of credit quality since initial recognition for the majority
of portfolios. Accordingly, for non-credit-impaired financial instruments, there is no direct relationship between the credit quality assessment and
stages 1 and 2, although typically the lower credit quality bands exhibit a higher proportion in stage 2. The five credit quality classifications provided
below each encompass a range of granular internal credit rating grades assigned to wholesale and personal lending businesses and the external
ratings attributed by external agencies to debt securities, as shown in the table on page\u00a0139.
Distribution of financial instruments by credit quality
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
Net
Gross carrying/notional amount
Allowance
for ECL/
other credit
provisions
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
In-scope for IFRS 9 ECL
Loans and advances to customers held
at amortised cost
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 personal
380,030
57,064
30,688
2,801
3,945
474,528
(2,797)
471,731
360,317
53,595
27,774
1,979
3,560
447,225
(2,524)
444,701
\u2013\u00a0 corporate and commercial
113,787
132,972
139,599
18,041
20,106
424,505
(7,526)
416,979
114,504
118,785
138,705
20,224
18,466
410,684
(6,755)
403,929
\u2013\u00a0 non-bank financial institutions
51,670
25,745
21,552
613
478
100,058
(369)
99,689
40,445
20,700
19,937
703
679
82,464
(436)
82,028
Loans and advances to banks held at
amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
Cash and balances at central banks
242,187
590
82
\u2014
\u2014
242,859
\u2014
242,859
266,713
949
12
\u2014
\u2014
267,674
\u2014
267,674
Hong Kong Government certificates of
indebtedness
44,063
\u2014
\u2014
\u2014
\u2014
44,063
\u2014
44,063
42,293
\u2014
\u2014
\u2014
\u2014
42,293
\u2014
42,293
Reverse repurchase agreements \u2013 non-
trading
193,352
78,296
26,740
4
\u2014
298,392
\u2014
298,392
155,831
70,877
25,799
42
\u2014
252,549
\u2014
252,549
Financial investments
171,057
654
10,390
\u2014
\u2014
182,101
(12)
182,089
146,970
3,681
3,331
\u2014
\u2014
153,982
(9)
153,973
Assets held for sale
449
2,751
864
\u2014
51
4,115
(27)
4,088
2,425
458
367
1
22
3,273
(4)
3,269
Other assets
95,589
11,950
10,789
335
133
118,796
(90)
118,706
88,338
9,735
10,151
454
131
108,809
(79)
108,730
\u2013\u00a0 endorsements and acceptances
1,504
3,331
3,624
236
11
8,706
(11)
8,695
2,101
2,663
3,090
243
10
8,107
(14)
8,093
\u2013\u00a0 accrued income and other
94,085
8,619
7,165
99
122
110,090
(79)
110,011
86,237
7,072
7,061
211
121
100,702
(65)
100,637
Debt instruments measured at FVOCI1
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
Out-of-scope for IFRS 9 ECL
Trading assets
143,943
22,187
22,943
603
165
189,841
\u2014
189,841
119,546
21,951
15,804
2,300
47
159,648
\u2014
159,648
Other financial assets designated and
otherwise mandatorily measured at fair
value through profit or loss
61,509
13,037
5,014
351
19
79,930
\u2014
79,930
53,282
11,862
4,390
231
11
69,776
\u2014
69,776
Derivatives
194,320
33,752
9,382
283
3
237,740
\u2014
237,740
224,870
34,124
9,373
258
12
268,637
\u2014
268,637
Assets held for sale
10
103
\u2014
\u2014
148
261
\u2014
261
3,019
\u2014
\u2014
\u2014
\u2014
3,019
\u2014
3,019
Total gross carrying amount on
balance sheet
2,165,440
387,915
290,228
23,426
25,049
2,892,058
(10,858)
2,881,200
2,047,487
360,420
268,451
26,706
22,930
2,725,994
(9,874)
2,716,120
Percentage of total credit quality (%)
74.9
13.4
10.0
0.8
0.9
100
75.1
13.2
9.9
1.0
0.8
100
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
In-scope for IFRS 9 ECL
449,176
151,068
96,544
10,632
848
708,268
(366)
707,902
407,485
135,659
81,619
10,393
1,209
636,365
(377)
635,988
Loan and other credit-related
commitments
105,985
81,431
67,475
2,702
252
257,845
\u2014
257,845
96,952
76,340
65,619
2,847
453
242,211
\u2014
242,211
Performance and other guarantees
47,441
33,190
19,857
1,351
845
102,684
(269)
102,415
39,940
32,956
17,339
1,671
817
92,723
(312)
92,411
Out-of-scope for IFRS 9 ECL
153,426
114,621
87,332
4,053
1,097
360,529
(269)
360,260
136,892
109,296
82,958
4,518
1,270
334,934
(312)
334,622
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Gross carrying/notional amount
Allowance
for ECL
Net
Gross carrying/notional 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
545,487
215,781
191,839
21,455
24,529
999,091
(10,692)
988,399
515,266
193,080
186,416
22,906
22,705
940,373
(9,715)
930,658
\u2013\u00a0 stage 1
540,253
194,680
152,578
5,922
\u2014
893,433
(1,201)
892,232
498,415
170,420
150,818
4,767
\u2014
824,420
(1,078)
823,342
\u2013\u00a0 stage 2
5,234
21,101
39,068
15,533
\u2014
80,936
(2,318)
78,618
16,851
22,660
35,598
18,139
\u2014
93,248
(2,546)
90,702
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
24,389
24,389
(7,097)
17,292
\u2014
\u2014
\u2014
\u2014
22,615
22,615
(6,040)
16,575
\u2013\u00a0 POCI
\u2014
\u2014
193
\u2014
140
333
(76)
257
\u2014
\u2014
\u2014
\u2014
90
90
(51)
39
Loans and advances to banks
at amortised cost
97,524
6,222
4,613
109
1
108,469
(7)
108,462
92,621
4,255
5,040
134
2
102,052
(13)
102,039
\u2013\u00a0 stage 1
97,426
6,215
4,608
87
\u2014
108,336
(4)
108,332
92,528
4,226
4,981
117
\u2014
101,852
(9)
101,843
\u2013\u00a0 stage 2
98
7
5
22
\u2014
132
(2)
130
93
29
59
17
\u2014
198
(2)
196
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
1
1
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
(2)
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial assets
measured at amortised cost
746,697
94,241
48,865
339
184
890,326
(129)
890,197
702,570
85,700
39,660
497
153
828,580
(92)
828,488
\u2013\u00a0 stage 1
746,536
93,759
48,121
75
\u2014
888,491
(76)
888,415
702,373
85,032
38,977
239
\u2014
826,621
(64)
826,557
\u2013\u00a0 stage 2
161
482
744
264
\u2014
1,651
(11)
1,640
197
668
683
258
\u2014
1,806
(5)
1,801
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
184
184
(42)
142
\u2014
\u2014
\u2014
\u2014
153
153
(23)
130
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loan and other credit-related
commitments
441,740
146,923
91,400
10,073
656
690,792
(315)
690,477
400,120
131,396
77,220
9,670
961
619,367
(348)
619,019
\u2013\u00a0 stage 1
437,973
143,849
82,145
5,681
\u2014
669,648
(149)
669,499
398,779
125,956
67,949
4,547
\u2014
597,231
(137)
597,094
\u2013\u00a0 stage 2
3,767
3,074
9,255
4,392
\u2014
20,488
(97)
20,391
1,341
5,440
9,271
5,123
\u2014
21,175
(121)
21,054
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
652
652
(69)
583
\u2014
\u2014
\u2014
\u2014
958
958
(90)
868
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
4
4
\u2014
4
\u2014
\u2014
\u2014
\u2014
3
3
\u2014
3
Financial guarantees
7,436
4,145
5,144
559
192
17,476
(51)
17,425
7,365
4,263
4,399
723
248
16,998
(29)
16,969
\u2013\u00a0 stage 1
7,430
4,040
4,351
92
\u2014
15,913
(8)
15,905
7,352
4,192
3,625
184
\u2014
15,353
(8)
15,345
\u2013\u00a0 stage 2
6
105
793
467
\u2014
1,371
(17)
1,354
13
71
774
539
\u2014
1,397
(5)
1,392
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
192
192
(26)
166
\u2014
\u2014
\u2014
\u2014
248
248
(16)
232
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,838,884
467,312
341,861
32,535
25,562
2,706,154
(11,194)
2,694,960
1,717,942
418,694
312,735
33,930
24,069
2,507,370
(10,197)
2,497,173
Debt instruments at FVOCI1
\u2013\u00a0 stage 1
375,894
2,592
7,015
3
\u2014
385,504
(28)
385,476
336,264
9,448
7,290
\u2014
\u2014
353,002
(31)
352,971
\u2013\u00a0 stage 2
56
\u2014
557
283
\u2014
896
(2)
894
49
\u2014
478
380
\u2014
907
(23)
884
\u2013\u00a0 stage 3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
375,950
2,592
7,572
286
\u2014
386,400
(30)
386,370
336,313
9,448
7,768
380
\u2014
353,909
(54)
353,855
1For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above
will not reconcile to the balance sheet as it excludes fair value gains and losses.
Balance sheet of insurance manufacturing subsidiaries by type of contract
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2025
$m
$m
$m
$m
$m
Financial assets
111,078
5,277
5,672
5,405
127,432
\u2013 financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
106,705
4,984
4,337
579
116,605
\u2013\u00a0 derivatives
136
8
\u2014
\u2014
144
\u2013\u00a0 financial investments \u2013 at amortised cost
609
115
1,010
3,654
5,388
\u2013\u00a0 financial assets at fair value through other comprehensive income
\u2014
\u2014
3
214
217
\u2013\u00a0 other financial assets
3,628
170
322
958
5,078
Insurance contract assets
12
98
\u2014
\u2014
110
Reinsurance contract assets
\u2014
5,948
\u2014
\u2014
5,948
Assets held for sale1
4,748
258
1,347
271
6,624
Other assets and investment properties
1,785
118
45
2,696
4,644
Total assets
117,623
11,699
7,064
8,372
144,758
Liabilities under investment contracts designated at fair\u00a0value
\u2014
\u2014
5,288
\u2014
5,288
Insurance contract liabilities
117,107
4,761
\u2014
\u2014
121,868
Reinsurance contract liabilities
\u2014
680
\u2014
\u2014
680
Liabilities of disposal groups held for sale1
4,734
234
\u2014
1,418
6,386
Other liabilities
\u2014
\u2014
\u2014
3,821
3,821
Total liabilities
121,841
5,675
5,288
5,239
138,043
Total equity
\u2014
\u2014
\u2014
6,715
6,715
Total liabilities and equity
121,841
5,675
5,288
11,954
144,758
Balance sheet of insurance manufacturing subsidiaries by type of contract (continued)
(Audited)
Life direct participating
and investment DPF
contracts
Life
other
contracts
Other
contracts
Shareholder
assets
and liabilities
Total
At 31 Dec 2024
$m
$m
$m
$m
$m
Financial assets
98,676
4,452
6,227
5,967
115,322
\u2013\u00a0 financial assets designated and otherwise mandatorily measured
at fair value through profit or loss
94,327
4,233
4,839
690
104,089
\u2013\u00a0 derivatives
207
7
1
\u2014
215
\u2013\u00a0 financial investments \u2013 at amortised cost
545
90
1,060
4,335
6,030
\u2013\u00a0 financial assets at fair value through other comprehensive income
\u2014
\u2014
6
73
79
\u2013\u00a0 other financial assets
3,597
122
321
869
4,909
Insurance contract assets
14
104
\u2014
\u2014
118
Reinsurance contract assets
\u2014
5,013
\u2014
\u2014
5,013
Assets held for sale1
22,855
\u2014
\u2014
1,367
24,222
Other assets and investment properties
1,792
64
36
1,970
3,862
Total assets
123,337
9,633
6,263
9,304
148,537
Liabilities under investment contracts designated at fair\u00a0value
\u2014
\u2014
5,931
\u2014
5,931
Insurance contract liabilities
102,605
4,427
\u2014
\u2014
107,032
Reinsurance contract liabilities
\u2014
701
\u2014
\u2014
701
Liabilities of disposal groups held for sale1
21,772
39
\u2014
1,609
23,420
Other liabilities
\u2014
\u2014
\u2014
4,438
4,438
Total liabilities
124,377
5,167
5,931
6,047
141,522
Total equity
\u2014
\u2014
\u2014
7,015
7,015
Total liabilities and equity
124,377
5,167
5,931
13,062
148,537
1HSBC Life (UK) Limited is classified as held for sale at 31 December 2025. HSBC Assurances Vie (France) was classified as held for sale at 31 December 2024.
Further details are provided on page 329.
11Trading assets
2025
2024
$m
$m
Treasury and other eligible bills
34,433
32,022
Debt securities
116,837
97,275
Equity securities
176,312
155,194
Trading securities
327,582
284,491
Loans and advances to banks1
10,913
6,123
Loans and advances to customers1
27,658
24,228
At 31 Dec
366,153
314,842
1Loans and advances to banks and customers include reverse repos, stock borrowing and other accounts.
12Fair values of financial instruments carried at fair value
Control framework
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk
taker.
Where fair values are determined by reference to externally quoted prices or observable pricing inputs to models, independent price determination
or validation is used. For inactive markets, HSBC sources alternative market information, with greater weight given to information that is
considered to be more relevant and reliable. Examples of the factors considered are price observability, instrument comparability, consistency of
data sources, underlying data accuracy and timing of prices.
For fair values determined using valuation models, the control framework includes development or validation by independent support functions of
the model logic, inputs, model outputs and adjustments. Valuation models are subject to a process of due diligence before becoming operational
and are calibrated against external market data on an ongoing basis. Fair value adjustments are applied where additional factors are not
incorporated into the primary product valuation model.
The majority of financial instruments measured at fair value are in MSS. MSS\u2019s fair value governance structure comprises its Finance function and\u00a0
Valuation Committees. Finance is responsible for establishing procedures governing valuation and ensuring fair values are in compliance with
accounting standards. The fair values are reviewed by the Valuation Committees, which consist of independent support functions.
Financial liabilities measured at fair value
In certain circumstances, HSBC records its own debt in issue at fair value, based on quoted prices in an active market for the specific instrument.
When quoted market prices are unavailable, the own debt in issue is valued using valuation techniques, the inputs for which are either based on
quoted prices in an inactive market for the instrument or are estimated by comparison with quoted prices in an active market for similar
instruments. In both cases, the fair value includes the effect of applying the credit spread that is appropriate to HSBC\u2019s liabilities. The change in fair
value of issued debt securities attributable to the Group\u2019s own credit spread is computed as follows: for each security at each reporting date, an
externally verifiable price is obtained or a price is derived using credit spreads for similar securities for the same issuer. Then, using discounted
cash flow, each security is valued using an appropriate market discount curve. The difference in the valuations is attributable to the Group\u2019s own
credit spread. This methodology is applied consistently across all securities.
Structured notes issued and certain other hybrid instruments are reported as financial liabilities designated at fair value. The\u00a0credit spread applied
to these instruments is derived from the spreads at which HSBC issues structured notes.
Gains and losses arising from changes in the credit spread of liabilities issued by HSBC, recorded in other comprehensive income, reverse over the
contractual life of the debt, provided that the debt is not repaid at a premium or a discount.
Fair value hierarchy
Fair values of financial assets and liabilities are determined according to the following hierarchy:
\u2013 Level 1 \u2013 valuation technique using quoted market price. These are financial instruments with quoted prices for identical instruments in active
markets that HSBC can access at the measurement date.
\u2013 Level 2 \u2013 valuation technique using observable inputs. These are financial instruments with quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all
significant inputs are observable.
\u2013 Level 3 \u2013 valuation technique with significant unobservable inputs. These are financial instruments valued using valuation techniques where
one or more significant inputs are unobservable.
Financial instruments carried at fair value and bases of valuation
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
267,638
92,418
6,097
366,153
236,593
71,574
6,675
314,842
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
46,436
61,267
25,360
133,063
39,331
56,694
19,744
115,769
Derivatives
1,798
233,759
2,183
237,740
1,859
264,629
2,149
268,637
Financial investments
300,795
81,522
2,805
385,122
258,371
78,088
2,734
339,193
Liabilities
Trading liabilities
46,579
25,476
67
72,122
42,038
23,160
784
65,982
Financial liabilities designated at fair value
1,370
146,353
10,733
158,456
2,152
127,458
9,117
138,727
Derivatives
1,853
232,559
3,442
237,854
1,088
260,518
2,842
264,448
There were no material transfers between Level 1 and Level 2 during the reporting period.
The table below provides the fair value levelling of assets held for sale and liabilities of disposal groups that have been classified as held for sale in
accordance with IFRS 5. For further details, see Note 23.
Financial instruments carried at fair value and bases of valuation \u2013 assets and liabilities held for sale
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
26
87
\u2014
113
\u2014
\u2014
\u2014
\u2014
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
6,327
24
\u2014
6,351
2,967
9,018
2,575
14,560
Derivatives
\u2014
9
5
14
\u2014
36
\u2014
36
Financial investments
157
44
\u2014
201
2,651
5,345
504
8,500
Liabilities
Trading liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial liabilities designated at fair value
1,345
\u2014
\u2014
1,345
\u2014
130
\u2014
130
Derivatives
\u2014
13
3
16
\u2014
19
\u2014
19
Fair value valuation bases
Financial instruments measured at fair value using a valuation technique with significant unobservable inputs \u2013 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
595
1
20,364
\u2014
20,960
\u2014
1
\u2014
1
Structured notes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,617
\u2014
10,617
Other derivatives
\u2014
\u2014
\u2014
2,183
2,183
\u2014
\u2014
3,442
3,442
Bonds
2,111
3,356
2,008
\u2014
7,475
41
\u2014
\u2014
41
Loans
21
1,667
1,565
\u2014
3,253
11
\u2014
\u2014
11
Other portfolios
78
1,073
1,423
\u2014
2,574
15
115
\u2014
130
At 31 Dec 2025
2,805
6,097
25,360
2,183
36,445
67
10,733
3,442
14,242
Private equity including
strategic investments
552
1
17,705
\u2014
18,258
\u2014
1
\u2014
1
Structured notes
\u2014
\u2014
3
\u2014
3
\u2014
9,113
\u2014
9,113
Other derivatives
\u2014
\u2014
\u2014
2,149
2,149
\u2014
\u2014
2,842
2,842
Bonds
1,978
2,173
758
\u2014
4,909
27
\u2014
\u2014
27
Loans
22
2,383
1,277
\u2014
3,682
3
\u2014
\u2014
3
Other portfolios
182
2,118
1
\u2014
2,301
754
3
\u2014
757
At 31 Dec 2024
2,734
6,675
19,744
2,149
31,302
784
9,117
2,842
12,743
Private equity including strategic investments
The fair value of a private equity investment (including strategic investments) is estimated on the basis of an analysis of the investee\u2019s financial
position and results, risk profile, prospects and other factors; by reference to market valuations for similar entities quoted in an active market; the
price at which similar companies have changed ownership; or from published net asset values (\u2018NAV\u2019) received. If necessary, adjustments are
made to the NAV of funds to obtain the best estimate of fair value.
Structured notes
The fair value of Level 3 structured notes is derived from the fair value of the underlying debt security, and the fair value of the embedded derivative is
determined as described in the paragraph below on derivatives. These structured notes comprise principally equity-linked notes issued by HSBC,
which provide the counterparty with a return linked to the performance of equity securities and other portfolios. Examples of the unobservable
parameters include long-dated equity volatilities and correlations between equity prices, and interest and foreign exchange rates.
Derivatives
OTC derivative valuation models calculate the present value of expected future cash flows, based upon \u2018no arbitrage\u2019 principles. For many vanilla
derivative products, the modelling approaches used are standard across the industry. For more complex derivative products, there may be some
differences in market practice. Inputs to valuation models are determined from observable market data wherever possible, including prices
available from exchanges, dealers, brokers or providers of consensus pricing. Certain inputs may not be observable in the market directly, but can
be determined from observable prices via model calibration procedures or estimated from historical data or other sources.
Bonds and loans
The fair value input for bonds and secondary market loans is price, determined utilising market standard valuation techniques such as price-based,
discounted cash flows, and internal models. Where uncertainty of inputs and assumptions exist in the determination of a fair value price and are
significant, the position will be considered Level 3. Examples of such inputs are credit spreads, interest rate spreads, choice of comparables,
earning projections and liquidity/observability of the underlying currency.
Reconciliation of fair value measurements in Level 3 of the fair value hierarchy
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/(losses) recognised in profit or\u00a0loss
4
154
1,487
1,291
(4)
919
2,210
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
154
\u2014
1,291
(4)
919
2,210
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
1,478
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
4
\u2014
9
\u2014
\u2014
\u2014
\u2014
Total gains/(losses) recognised in other
comprehensive income (\u2018OCI\u2019)1
255
236
84
150
21
608
174
Purchases2
2,100
4,151
4,673
\u2014
83
\u2014
\u2014
New issuances
\u2014
181
\u2014
\u2014
\u2014
8,542
\u2014
Sales
(195)
(2,679)
(389)
\u2014
(19)
\u2014
\u2014
Settlements
(347)
(1,814)
(1,727)
(1,073)
(331)
(5,352)
(1,632)
Transfers out
(2,008)
(2,018)
(1,312)
(901)
(498)
(5,282)
(831)
Transfers in3
262
1,211
2,800
567
31
2,181
679
At 31 Dec 2025
2,805
6,097
25,360
2,183
67
10,733
3,442
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2025
\u2014
309
309
1,320
(19)
(1,034)
(2,304)
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
309
\u2014
1,320
(19)
\u2014
(2,304)
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
302
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
\u2014
\u2014
7
\u2014
\u2014
(1,034)
\u2014
Movement in Level 3 financial instruments (continued)
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 2024
2,618
4,306
19,788
2,069
478
10,928
2,569
Total gains/(losses) recognised in profit or\u00a0loss
(9)
280
896
1,037
18
496
1,268
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
280
\u2014
1,037
18
496
1,268
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
684
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
(9)
\u2014
212
\u2014
\u2014
\u2014
\u2014
Total gains/(losses) recognised in other
comprehensive income (\u2018OCI\u2019)1
(78)
(115)
(39)
(36)
(18)
(45)
(53)
Purchases
1,670
4,170
6,261
\u2014
924
\u2014
\u2014
New issuances
\u2014
\u2014
\u2014
\u2014
\u2014
6,521
\u2014
Sales
(97)
(1,477)
(649)
\u2014
(295)
\u2014
\u2014
Settlements
(1,011)
(967)
(6,476)
(897)
(307)
(4,750)
(568)
Transfers out
(438)
(429)
(278)
(777)
(29)
(6,048)
(1,346)
Transfers in
79
907
241
753
13
2,015
972
At 31 Dec 2024
2,734
6,675
19,744
2,149
784
9,117
2,842
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2024
\u2014
(150)
11
(1,377)
(6)
(94)
(1,343)
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
(150)
\u2014
(1,377)
(6)
\u2014
(1,343)
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
(38)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
\u2014
\u2014
49
\u2014
\u2014
(94)
\u2014
1Included in \u2018financial investments: fair value gains/(losses)\u2019 in the year and \u2018exchange differences\u2019 in the consolidated statement of comprehensive income.
2Purchases were predominantly due to the growth of the Insurance business over the period.
3Includes $2.3bn of transfers in representing enhancements to the application of the levelling methodology, primarily impacting the Insurance business.
Transfers between levels of the fair value hierarchy are deemed to occur at the end of each quarterly reporting period. Transfers are primarily
attributable to changes in price transparency and in the assessment of observability.
Effect of changes in significant unobservable assumptions to reasonably possible
alternatives
Sensitivity of fair values to reasonably possible alternative assumptions
2025
2024
Reflected in profit or loss
Reflected in OCI
Reflected in profit or loss
Reflected in OCI
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
$m
$m
$m
$m
$m
$m
$m
$m
Derivatives, trading assets and trading
liabilities1
483
(295)
\u2014
\u2014
481
(313)
\u2014
\u2014
Financial assets and liabilities designated
and otherwise mandatorily measured at
fair value through profit or loss
1,750
(1,434)
\u2014
\u2014
1,434
(1,141)
\u2014
\u2014
Financial investments
\u2014
\u2014
49
(49)
21
(21)
47
(50)
At 31 Dec
2,233
(1,729)
49
(49)
1,936
(1,475)
47
(50)
1\u2018Derivatives, trading assets and trading liabilities\u2019 are presented as one category to reflect the manner in which these instruments are risk-managed.
The sensitivity analysis aims to measure a range of fair values consistent with the application of a 95% confidence interval. Methodologies take
account of the nature of the valuation technique employed, as well as the availability and reliability of observable proxy and historical data.
When the fair value of a financial instrument is affected by more than one unobservable assumption, the above table reflects the most favourable
or the most unfavourable change from varying the assumptions individually.
Key unobservable inputs to Level 3 financial instruments
The following table lists key unobservable inputs to Level 3 financial instruments and provides the range of those inputs at 31\u00a0December 2025.
Quantitative information about significant unobservable inputs in Level 3 valuations
Fair value
2025
2024
Assets
Liabilities
Key valuation
techniques
Key unobservable
inputs
Full range
of inputs
Full range
of inputs
$m
$m
Lower
Higher
Lower
Higher
Private equity including strategic
investments1
20,960
1
Price \u2013 Net asset value
Current Value/Cost
0
75
0
291
Structured notes
\u2014
10,617
\u2013\u00a0 equity-linked notes
\u2014
7,773
Model \u2013 Option model
Equity volatility
5%
132%
6%
70%
Model \u2013 Option model
Equity correlation
10%
100%
15%
100%
\u2013\u00a0 Foreign exchange-linked notes
\u2014
862
Model \u2013 Option model
Foreign exchange
volatility
3%
56%
3%
35%
\u2013\u00a0 other structured notes
\u2014
1,982
Derivatives
2,183
3,442
\u00a0
\u00a0
\u2013\u00a0 interest rate derivatives
745
966
\u00a0
\u00a0
\u00a0 \u00a0 securitisation swaps
98
358
Model - Discounted cash flow
Prepayment rate
5%
10%
5%
10%
\u00a0 \u00a0 long-dated swaptions
4
3
Model \u2013 Option model
Interest rate
volatility
5%
20%
9%
30%
\u00a0 \u00a0 other interest rate derivatives
643
605
\u2013\u00a0 Foreign exchange derivatives
678
640
\u00a0 \u00a0 Foreign exchange options
320
299
Model \u2013 Option model
Foreign exchange
volatility
0%
22%
1%
26%
\u00a0 \u00a0 other foreign exchange derivatives
358
341
\u2013\u00a0 equity derivatives
584
1,315
\u00a0 \u00a0 long-dated single stock options
110
476
Model \u2013 Option model
Equity volatility
5%
100%
6%
118%
\u00a0 \u00a0 other equity derivatives
474
839
\u2013\u00a0 credit derivatives
146
498
\u00a0 \u00a0 total return swaps
56
345
Market proxy
Price
68
102
0
104
\u00a0 \u00a0 other credit derivatives
90
153
\u2013\u00a0 other derivatives
30
23
Bonds
7,475
41
Market proxy
Price
0
3,342
0
140
Loans
3,253
11
Market proxy
Price
0
112
0
103
Other portfolios2
2,574
130
At 31 Dec 2025
36,445
14,242
1\u2018Private equity including strategic investments\u2019 includes private equity, private credit and private equity fund, primarily held as part of our Insurance business and
for strategic investments.
2\u2018Other portfolios\u2019 includes a range of smaller asset holdings.
The range of values above shows the highest and lowest unobservable inputs that have been used to value significant Level 3 exposures and
reflects the diversity of the underlying financial instruments in scope and subsequent differentiation in pricing.
Private equity including strategic investments
The \u2018private equity\u2019 holdings include private equity investments and private equity funds held as limited partners. The key unobservable input is the
current value of the underlying positions, determined using valuation techniques in line with the International Private Equity and Venture Capital
Valuation Guidelines. The inputs represented are an appropriate range of inputs normalised across different exposure types.
Prepayment rates
Prepayment rates are a measure of the anticipated future speed at which a loan portfolio will be repaid in advance of the due date. They vary
according to the nature of the loan portfolio and expectations of future market conditions, and may be estimated using a variety of evidence, such
as prepayment rates implied from proxy observable security prices, current or historical prepayment rates and macroeconomic modelling.
Market proxy
Market proxy pricing may be used for an instrument when specific market pricing is not available but there is evidence from instruments with
common characteristics. In some cases it might be possible to identify a specific proxy, but more generally evidence across a wider range of
instruments will be used to understand the factors that influence current market pricing and the manner of that influence.
Volatility
Volatility is a measure of the anticipated future variability of a market price. It varies by underlying reference market price, and by strike and
maturity of the option. Certain volatilities, typically those of a longer-dated nature, are unobservable and are estimated from observable data. The
range of unobservable volatilities reflects the wide variation in volatility inputs by reference market price.
Correlation
Correlation is a measure of the inter-relationship between two market variables and is expressed as a number between minus one and one. It is
used to value more complex instruments where the payout is dependent upon more than one market variable. There is a wide range of
instruments for which correlation is an input, and consequently a wide range of both same-asset correlations and cross-asset correlations is used.
In general, the range of same-asset correlations will be narrower than the range of cross-asset correlations.
Unobservable correlations may be estimated based upon a range of evidence, including consensus pricing services, HSBC trade prices, proxy
correlations and examination of historical price relationships. The range of unobservable correlations quoted in the table reflects the wide variation
in correlation inputs by market variable pair.
Inter-relationships between key unobservable inputs
Key unobservable inputs to Level 3 financial instruments may not be independent of each other. As described above, market variables may be
correlated. This correlation typically reflects the manner in which different markets tend to react to macroeconomic or other events. Furthermore,
the effect of changing market variables on the HSBC portfolio will depend on HSBC\u2019s net risk position in respect of each variable.
HSBC Holdings
Basis of valuing HSBC Holdings\u2019 financial assets and liabilities measured at fair value
2025
2024
Level 1
Level 2
Total
Level 1
Level 2
Total
$m
$m
$m
$m
$m
$m
Recurring fair value measurement
Assets at 31 Dec
Trading assets
\u2014
\u2014
\u2014
709
\u2014
709
Financial assets with HSBC undertakings designated and
otherwise mandatorily measured at fair value
\u2014
67,217
67,217
\u2014
61,286
61,286
Derivatives
\u2014
1,942
1,942
\u2014
3,054
3,054
Liabilities at 31 Dec
Financial liabilities designated at fair value
\u2014
52,907
52,907
\u2014
41,582
41,582
Derivatives
\u2014
3,451
3,451
\u2014
5,340
5,340
13
Fair values of financial instruments not carried at fair value
Fair values of financial instruments not carried at fair value and bases of valuation
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
108,462
\u2014
107,906
546
108,452
Loans and advances to customers1
988,399
\u2014
14,363
966,429
980,792
Reverse repurchase agreements \u2013 non-trading
298,392
\u2014
298,545
\u2014
298,545
Financial investments \u2013 at amortised cost
182,089
148,925
31,475
1,283
181,683
Liabilities
Deposits by banks
97,952
\u2014
97,981
\u2014
97,981
Customer accounts
1,786,828
\u2014
1,787,070
\u2014
1,787,070
Repurchase agreements \u2013 non-trading
204,974
\u2014
204,966
\u2014
204,966
Debt securities in issue
99,675
\u2014
99,530
1,490
101,020
Subordinated liabilities
28,406
\u2014
31,617
\u2014
31,617
At 31 Dec 2024
Assets
Loans and advances to banks
102,039
\u2014
101,007
1,048
102,055
Loans and advances to customers
930,658
\u2014
11,435
906,208
917,643
Reverse repurchase agreements \u2013 non-trading
252,549
\u2014
252,598
\u2014
252,598
Financial investments \u2013 at amortised cost
153,973
120,843
29,493
724
151,060
Liabilities
Deposits by banks
73,997
\u2014
74,025
\u2014
74,025
Customer accounts
1,654,955
\u2014
1,655,151
\u2014
1,655,151
Repurchase agreements \u2013 non-trading
180,880
\u2014
180,873
\u2014
180,873
Debt securities in issue
105,785
\u2014
105,689
954
106,643
Subordinated liabilities
25,958
\u2014
28,262
\u2014
28,262
1Includes loans and advances to customers with observable inputs and short maturities.
Fair values of financial instruments not carried at fair value and bases of valuation \u2013 assets and disposal groups held for sale
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
45
\u2014
45
\u2014
45
Loans and advances to customers
3,493
\u2014
1,303
2,190
3,493
Reverse repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments \u2013 at amortised cost
93
84
9
\u2014
93
Liabilities
Deposits by banks
131
\u2014
131
\u2014
131
Customer accounts
16,173
\u2014
16,173
\u2014
16,173
Repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Debt securities in issue
495
\u2014
495
\u2014
495
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 Dec 2024
Assets
Loans and advances to banks
144
\u2014
144
\u2014
144
Loans and advances to customers
977
\u2014
11
966
977
Reverse repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments \u2013 at amortised cost
\u2014
\u2014
\u2014
\u2014
\u2014
Liabilities
Deposits by banks
\u2014
\u2014
\u2014
\u2014
\u2014
Customer accounts
5,399
\u2014
5,399
\u2014
5,399
Repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial instruments not carried at fair value are typically short term in nature and reprice to current market rates frequently. Accordingly,
their carrying amount is a reasonable approximation of fair value. They include cash and balances at central banks, Hong Kong Government
certificates of indebtedness and Hong Kong currency notes in circulation, all of which are measured at amortised cost.
Valuation
Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This may be different from the theoretical economic value attributed from an instrument\u2019s cash flows over
its expected future life. Our valuation methodologies and assumptions in determining fair values for which no observable market prices are
available may differ from those of other companies.
Loans and advances to banks and customers
To determine the fair value of loans and advances to banks and customers, loans are segregated into portfolios of similar characteristics. Fair
values are based on observable market transactions, when available. When they are unavailable, fair values are estimated using valuation models
incorporating a range of input assumptions. These assumptions may include: value estimates from third-party brokers reflecting over-the-counter
trading activity; forward-looking discounted cash flow models, taking account of expected customer prepayment rates, using assumptions that
HSBC believes are consistent with those that would be used by market participants in valuing such loans; recent origination pricing for similar
loans; and trading inputs from other market participants including observed primary and secondary trades. From time to time, we may engage a
third-party valuation specialist to measure the fair value of a pool of loans.
The fair value of loans reflects expected credit losses at the balance sheet date and estimates of market participants\u2019 expectations of credit losses
over the life of the loans, and the fair value effect of repricing between origination and the balance sheet date. For credit-impaired loans, fair value
is estimated by discounting the future cash flows over the time period they are expected to be recovered.
Financial investments
The fair values of listed financial investments are determined using bid market prices. The fair values of unlisted financial investments are
determined using valuation techniques that incorporate the prices and future earnings streams of equivalent quoted securities.
Deposits by banks and customer accounts
The fair values of on-demand deposits are approximated by their carrying amount. For deposits with longer-term maturities, fair values are
estimated using discounted cash flows, applying current rates offered for deposits of similar remaining maturities.
Debt securities in issue and subordinated liabilities
Fair values in debt securities in issue and subordinated liabilities are determined using quoted market prices at the balance sheet date where
available, or by reference to quoted market prices for similar instruments.
Repurchase and reverse repurchase agreements \u2013 non-trading
Carrying amounts of repurchase and reverse repurchase agreements that are held on a non-trading basis provide approximate fair values. This is
due to the fact that balances are generally short dated.
HSBC Holdings
The methods used by HSBC Holdings to determine fair values of financial instruments for the purposes of measurement and disclosure are
described above.
Fair values of HSBC Holdings\u2019 financial instruments not carried at fair value on the balance sheet
2025
2024
Carrying amount
Fair value1
Carrying amount
Fair value1
$m
$m
$m
$m
Assets at 31 Dec
Loans and advances to HSBC undertakings
40,500
41,288
37,677
38,359
Financial investments \u2013 at amortised cost
15,470
15,470
10,328
10,335
Liabilities at 31 Dec
Debt securities in issue
69,024
70,533
64,320
65,123
Subordinated liabilities
26,114
29,073
23,548
25,911
1Fair values (other than Financial investments which are Level 1) were determined using valuation techniques with observable inputs (Level 2).
14Financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
2025
2024
Designated at
fair value
Mandatorily
measured at
fair value
Total
Designated
at fair value
Mandatorily
measured at
fair value
Total
$m
$m
$m
$m
$m
$m
Securities
2,820
119,381
122,201
2,406
104,093
106,499
\u2013\u00a0 treasury and other eligible bills
778
212
990
732
393
1,125
\u2013\u00a0 debt securities
2,042
68,728
70,770
1,674
59,904
61,578
\u2013\u00a0 equity securities
\u2014
50,441
50,441
\u2014
43,796
43,796
Loans and advances to banks and customers
1,122
7,047
8,169
951
6,120
7,071
Other
\u2014
2,693
2,693
\u2014
2,199
2,199
At 31 Dec
3,942
129,121
133,063
3,357
112,412
115,769
15
Derivatives
Notional contract amounts and fair values of derivatives by product contract type held by HSBC
Notional contract amount
Fair value \u2013 Assets
Fair value \u2013 Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
13,639,520
108,585
111,012
1,233
112,245
110,786
662
111,448
Interest rate
17,272,408
423,761
190,296
4,946
195,242
182,569
4,565
187,134
Equities
908,649
\u2014
15,660
\u2014
15,660
21,311
\u2014
21,311
Credit
164,160
\u2014
1,294
\u2014
1,294
2,212
\u2014
2,212
Commodity and other
191,761
\u2014
10,542
\u2014
10,542
12,992
\u2014
12,992
Gross total fair values
32,176,498
532,346
328,804
6,179
334,983
329,870
5,227
335,097
Offset (Note 31)
(97,243)
(97,243)
At 31 Dec 2025
32,176,498
532,346
328,804
6,179
237,740
329,870
5,227
237,854
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
\u2014
17,116
\u2014
17,116
20,643
\u2014
20,643
Credit
143,136
\u2014
1,756
\u2014
1,756
1,769
\u2014
1,769
Commodity and other
118,180
\u2014
3,134
\u2014
3,134
2,887
\u2014
2,887
Gross total fair values
30,052,812
488,270
373,855
7,528
381,383
372,189
5,005
377,194
Offset (Note 31)
(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
The notional contract amounts of derivatives held for trading purposes and derivatives designated in hedge accounting relationships indicate the
nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk.
Notional contract amounts and fair values of derivatives by product contract type held by HSBC Holdings with subsidiaries
Notional contract amount
Assets
Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
48,660
681
570
10
580
941
\u2014
941
Interest rate
21,304
91,600
801
561
1,362
358
2,152
2,510
At 31 Dec 2025
69,964
92,281
1,371
571
1,942
1,299
2,152
3,451
Foreign exchange
51,437
\u2014
796
\u2014
796
1,015
\u2014
1,015
Interest rate
30,535
90,074
1,544
714
2,258
487
3,838
4,325
At 31 Dec 2024
81,972
90,074
2,340
714
3,054
1,502
3,838
5,340
Use of derivatives
For details regarding the use of derivatives, see page 169 under \u2018Market risk\u2019.
Trading derivatives
Most of HSBC\u2019s derivative transactions relate to sales and trading activities. Sales activities include the structuring and marketing of derivative
products to customers to enable them to take, transfer, modify or reduce current or expected risks. Trading activities include market-making and
risk management. Market-making entails quoting bid and offer prices to other market participants for the purpose of generating revenue based on
spread and volume. Risk management activity is undertaken to manage the risk arising from client transactions, with the principal purpose of
retaining client margin. Other derivatives classified as held for trading include non-qualifying hedging derivatives.
Substantially all of HSBC Holdings\u2019 derivatives entered into with subsidiaries are managed in conjunction with financial liabilities.
Hedge accounting derivatives
HSBC applies hedge accounting to manage the following risks: interest rate and foreign exchange risks. Further details of how these risks arise
and how they are managed by the Group can be found in the \u2018Risk review\u2019.
Hedged risk components
HSBC designates a portion of cash flows of a financial instrument or a group of financial instruments for a specific interest rate or foreign currency
risk component in a fair value or cash flow hedge. The designated risks and portions are either contractually specified or otherwise separately
identifiable components of the financial instrument that are reliably measurable. Risk-free or benchmark interest rates generally are regarded as
being both separately identifiable and reliably measurable, except for the Interest Rate Benchmark Reform Phase 2 transition where HSBC
designates alternative benchmark rates as the hedged risk which may not have been separately identifiable upon initial designation, provided
HSBC reasonably expects it will meet the requirement within 24 months from the first designation date. The designated risk components account
for a significant portion of the overall changes in fair value or cash flows of the hedged items.
HSBC uses net investment hedges to hedge the structural foreign exchange risk related to net investments in foreign operations including
subsidiaries and branches whose functional currencies are different from that of the parent. When hedging with foreign exchange forward
contracts, the spot rate component of the foreign exchange risk is designated for an amount of net assets as the hedged risk.
Sources of hedge ineffectiveness may arise from basis risk, including but not limited to the discount rates used for calculating the fair value of
derivatives, hedges using instruments with a non-zero fair value, and notional and timing differences between the hedged items and hedging
instruments.
Fair value hedges
HSBC enters into fixed-for-floating interest rate swaps to manage the exposure to changes in fair value caused by movements in market interest
rates on certain fixed-rate financial instruments that are not measured at fair value through profit or loss, including debt securities held and issued.
HSBC hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Interest rate4
233,741
3,851
4,283
Derivatives
(661)
At 31 Dec 2025
233,741
3,851
4,283
(661)
Interest rate4
190,332
4,180
4,411
Derivatives
(449)
At 31 Dec 2024
190,332
4,180
4,411
(449)
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 The notional amount of non-dynamic fair value hedges is equal to $76,349m (2024: $71,916m), of which the weighted-average maturity date is April\u00a02032 and
the weighted-average swap rate is 3.15% (2024: 3.24%).
3 Used in effectiveness testing, which uses the full fair value change of the hedging instrument not excluding any component.
4 The hedged risk \u2018interest rate\u2019 includes inflation risk.
HSBC hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in fair
value2
Recognised
in profit and
loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Interest rate3
115,156
(1,091)
Financial investments -
measured at fair value
through other
comprehensive income
1,513
(2)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
2,845
31
Financial investments -
measured at amortised
cost
18
26,052
62
\u2014
Loans and advances to
customers
157
\u2014
\u2014
Reverse repurchase
agreements \u2013 non-
trading
\u2014
53,482
(370)
Debt securities in issue
(586)
201
\u2014
Deposits by banks
2
2,237
\u2014
Customer accounts
1
25,818
(610)
Subordinated liabilities4
(446)
At 31 Dec 2025
144,053
81,738
(998)
(980)
659
(2)
Interest rate3
93,055
(2,701)
Financial investments -
measured at fair value
through other
comprehensive income
(728)
(8)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
492
11
Financial investments -
measured at amortised
cost
(14)
13,915
(104)
Loans and advances to
customers
16
\u2014
\u2014
Reverse repurchase
agreements \u2013 non-
trading
\u2014
72,576
(1,800)
Debt securities in issue
1,110
207
\u2014
Customer accounts
\u2014
1,205
(266)
Subordinated liabilities
57
At 31 Dec 2024
107,462
73,988
(2,794)
(2,066)
441
(8)
1 The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were liabilities of $257m (2024: $311m) for FVOCI assets and assets of $733m (2024: $745m) for debt issued.
2 Used in effectiveness testing, which comprise an amount attributable to the designated hedged risk that can be a risk component.
3 The hedged risk \u2018interest rate\u2019 includes inflation risk.
4 From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
HSBC Holdings hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Foreign currency
681
10
\u2014
Derivatives
9
Interest rate
91,600
561
2,152
Derivatives
1,128
At 31 Dec 2025
92,281
571
2,152
1,137
Foreign currency
\u2014
\u2014
\u2014
Derivatives
\u2014
Interest rate
90,074
714
3,838
Derivatives
(1,103)
At 31 Dec 2024
90,074
714
3,838
(1,103)
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 The notional amount of non-dynamic fair value hedges is equal to $92,281m (2024: $90,074m), of which the weighted-average maturity date is July\u00a02031 and
the weighted-average swap rate is 2.76% (2024: 2.78%). The majority of these hedges are internal to the Group.
3 Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
HSBC Holdings hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in
fair value2
Recognised in
profit
and loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
666
\u2014
(9)
\u2014
Investment in
subsidiaries
(9)
Interest rate
\u2014
55,770
\u2014
(710)
Debt securities in
issue
(870)
(7)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
\u2014
24,488
\u2014
(361)
Subordinated
liabilities3
(447)
9,225
\u2014
(39)
\u2014
Loans and
advances to banks
183
At 31 Dec 2025
9,891
80,258
(48)
(1,072)
(1,144)
(7)
Foreign currency
\u2014
\u2014
\u2014
\u2014
Investment in
subsidiaries
\u2014
Interest rate
\u2014
78,402
\u2014
(2,423)
Debt securities
in issue
861
(9)
Net income from
financial instruments
held for trading or
managed on a fair\u00a0 \u00a0
value basis
7,769
\u2014
(244)
\u2014
Loans and
advances to banks
233
At 31 Dec 2024
7,769
78,402
(244)
(2,423)
1,094
(9)
1 The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were assets of $1,142m (2024: $1,216m) for debt issued.
2 Used in effectiveness testing, comprising amount attributable to the designated hedged risk that can be a risk component.
3 From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
For some debt securities held, HSBC manages interest rate risk in a dynamic risk management strategy. The assets in scope of this strategy are
high-quality fixed-rate debt securities, which may be sold to meet liquidity and funding requirements.
The interest rate risk of the HSBC fixed-rate debt securities issued is managed in a non-dynamic risk management strategy.
Cash flow hedges
HSBC\u2019s cash flow hedging instruments consist principally of interest rate swaps and cross-currency swaps that are used to manage the variability
in future interest cash flows of non-trading financial assets and liabilities, arising due to changes in market interest rates and foreign-currency basis.
HSBC applies macro cash flow hedging for interest rate risk exposures on portfolios of replenishing current and forecasted issuances of non-
trading assets and liabilities that bear interest at variable rates, including rolling such instruments. The amounts and timing of future cash flows,
representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities on the basis of their contractual
terms and other relevant factors, including estimates of prepayments and defaults. The aggregate cash flows representing both principal balances
and interest cash flows across all portfolios are used to determine the effectiveness and ineffectiveness. Macro cash flow hedges are considered
to be dynamic hedges.
HSBC also hedges the variability in future cash flows on foreign-denominated financial assets and liabilities arising due to changes in foreign
exchange market rates with cross-currency swaps, which are considered dynamic hedges.
Hedging instrument by hedged risk
Hedging instrument
Hedged item
Ineffectiveness
Carrying amount
Change in
fair value2
Change in fair
value3
Recognised in
profit
and loss
Profit and loss
presentation
Notional
amount1
Assets
Liabilities
Balance sheet
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
62,334
1,138
278
Derivatives
(376)
(376)
\u2014
Net income from
financial
instruments held for
trading or managed
on a fair value basis
Interest rate
190,020
1,095
282
Derivatives
1,256
1,267
(11)
At 31 Dec 2025
252,354
2,233
560
880
891
(11)
Foreign currency
47,194
2,088
68
Derivatives
2,451
2,451
\u2014
Net income from
financial instruments
held for trading or
managed on a fair
value basis
Interest rate
215,777
619
519
Derivatives
(2,954)
(2,964)
10
At 31 Dec 2024
262,971
2,707
587
(503)
(513)
10
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
3 Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
Reconciliation of equity and analysis of other comprehensive income by risk type
Interest
rate
Foreign
currency
$m
$m
Cash flow hedging reserve at 1 Jan 2025
(1,056)
(23)
Fair value gains/(losses)
1,267
(376)
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
807
574
Income taxes
(541)
(31)
Others
(49)
(2)
Cash flow hedging reserve at 31 Dec 2025
428
142
Cash flow hedging reserve at 1 Jan 2024
(901)
(132)
Fair value gains/(losses)
(2,964)
2,451
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
2,529
(2,430)
Income taxes
81
1
Others
199
87
Cash flow hedging reserve at 31 Dec 2024
(1,056)
(23)
1Hedged items that have affected profit or loss are primarily recorded within interest income.
Net investment hedges
The Group applies hedge accounting in respect of certain net investments in non-US dollar functional currency foreign operations for changes in
spot exchange rates only. Hedging could be undertaken for Group structural exposure to changes in the US dollar to foreign currency exchange
rates using forward foreign exchange contracts or by financing with foreign currency borrowings. An economic relationship exists between the
hedged net investment and hedging instrument due to the shared foreign currency risk exposure. For further details of our structural foreign
exchange exposures, see page 163.
The aggregate positions at the reporting date and the performance indicators of both live and de-designated hedges are summarised below.
Hedges of net investment in foreign operations
Carrying amount
Nominal
amount
Amounts
recognised
in OCI1
Change in
fair value2
Hedge ineffectiveness
recognised in income
statement
Derivative
assets
Derivative
liabilities
Description of hedged risk
$m
$m
$m
$m
$m
$m
2025
Pound sterling-denominated structural foreign exchange
58
(188)
17,114
(291)
(1,124)
\u2014
Swiss franc-denominated structural foreign exchange
\u2014
(7)
615
13
(76)
\u2014
Hong Kong dollar-denominated structural foreign exchange
7
\u2014
5,761
(29)
(2)
\u2014
Other structural foreign exchange3
30
(189)
22,761
116
(791)
\u2014
Total
95
(384)
46,251
(191)
(1,993)
\u2014
2024
Pound sterling-denominated structural foreign exchange
397
(1)
15,407
833
229
\u2014
Swiss franc-denominated structural foreign exchange
10
\u2014
556
89
40
\u2014
Hong Kong dollar-denominated structural foreign exchange
1
(3)
5,844
(27)
(26)
\u2014
Other structural foreign exchange3
242
(3)
13,160
907
499
\u2014
Total
650
(7)
34,967
1,803
742
\u2014
1Amount recognised in OCI for Swiss franc includes $110m (2024: $110m) related to de-designated hedge.
2Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
3Other currencies include Euro, New Taiwan dollar, Singapore dollar, Polish zloty, South Korean won, UAE dirham, Indian rupee, Chinese renminbi, Kuwaiti dinar,
Qatari riyal, Indonesian rupiah, Thai baht, Malaysian ringgit and Philippine peso.
16Financial investments
Carrying amount of financial investments
2025
2024
$m
$m
Financial investments measured at fair value through other comprehensive income
385,122
339,193
\u2013\u00a0 treasury and other eligible bills
105,075
112,705
\u2013\u00a0 debt securities
277,867
224,496
\u2013\u00a0 equity securities
1,755
1,569
\u2013\u00a0 other instruments
425
423
Debt instruments measured at amortised cost
182,089
153,973
\u2013\u00a0 treasury and other eligible bills
23,445
22,148
\u2013\u00a0 debt securities
158,644
131,825
At 31 Dec
567,211
493,166
Equity instruments measured at fair value through other comprehensive income
Fair value
Dividends
recognised
Type of equity instruments
$m
$m
Investments required by central institutions
634
27
Business facilitation
1,045
28
Others
76
2
At 31 Dec 2025
1,755
57
Investments required by central institutions
620
29
Business facilitation
886
29
Others
63
2
At 31 Dec 2024
1,569
60
Weighted average yields of investment debt securities
Up to 1
year
1 to 5
years
5 to 10
years
Over 10
years
Yield
Yield
Yield
Yield
%
%
%
%
Debt securities measured at fair value through other comprehensive income
US Treasury
2.9
3.7
2.3
2.3
US Government agencies
\u2014
3.0
4.4
3.5
US Government-sponsored agencies
1.8
1.6
4.1
1.8
UK Government
\u2014
3.8
2.6
1.9
Hong Kong Government
1.4
2.5
2.7
\u2014
Other governments
2.8
4.2
4.3
2.2
Asset-backed securities
\u2014
4.4
3.9
3.3
Corporate debt and other securities
3.2
3.9
4.2
1.3
Debt securities measured at amortised cost
US Treasury
3.2
3.8
3.7
2.0
US Government agencies
4.5
4.3
4.0
4.7
US Government-sponsored agencies
\u2014
2.9
3.7
2.9
UK Government
\u2014
3.3
3.0
\u2014
Hong Kong Government
2.5
2.7
\u2014
\u2014
Other governments
3.2
3.1
2.5
8.0
Asset-backed securities
\u2014
\u2014
7.3
\u2014
Corporate debt and other securities
3.2
3.4
3.8
4.8
The maturity distributions of ABSs are presented in the above table on the basis of contractual maturity dates. The weighted average yield for each
range of maturities is calculated by dividing the annualised interest income for the year ended 31 December 2025 by the book amount of debt
securities at that date. The yields do not include the effect of related derivatives.
HSBC Holdings
HSBC Holdings carrying amount of financial investments
2025
2024
$m
$m
Debt instruments measured at amortised cost
Treasury and other eligible bills
15,470
9,556
Debt securities
\u2014
772
At 31 Dec
15,470
10,328
24Trading liabilities
2025
2024
$m
$m
Deposits by banks1
9,353
7,671
Customer accounts1
10,089
10,709
Other debt securities in issue (Note 26)
40
73
Other liabilities \u2013 net short positions in securities
52,640
47,529
At 31 Dec
72,122
65,982
1 \u2018Deposits by banks\u2019 and \u2018Customer accounts\u2019 include repos, stock lending and other amounts.
25Financial liabilities designated at fair value
HSBC
2025
2024
$m
$m
Deposits by banks and customer accounts1
27,491
23,773
Liabilities to customers under investment contracts
5,288
5,931
Debt securities in issue (Note 26)
116,502
99,706
Subordinated liabilities (Note 29)
9,175
9,317
At 31 Dec
158,456
138,727
1Structured deposits placed at HSBC Bank USA are insured by the Federal Deposit Insurance Corporation, a US government agency, up to $250,000 per
depositor.
The carrying amount of financial liabilities designated at fair value was $2,691m less than the contractual amount at maturity (2024: $4,365m less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $2,252m (2024: loss of $1,655m).
HSBC Holdings\u00a0
2025
2024
$m
$m
Debt securities in issue (Note 26)
44,687
33,268
Subordinated liabilities (Note\u00a0 29)
8,220
8,314
At 31 Dec
52,907
41,582
The carrying amount of financial liabilities designated at fair value was $1,161m more than the contractual amount at maturity (2024:\u00a0$17m\u00a0less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $430m (2024:\u00a0$540m).
30Maturity analysis of assets, liabilities and off-balance sheet commitments
The table on page 335 provides an analysis of consolidated total assets, liabilities and off-balance sheet commitments by residual contractual
maturity at the balance sheet date. These balances are included in the maturity analysis as follows:
\u2013 Trading assets and liabilities (including trading derivatives but excluding reverse repos, repos and debt securities in issue) are included in the
\u2018Due not more than 1 month\u2019 time bucket because trading balances are typically held for short periods of time.
\u2013 Financial assets and liabilities with no contractual maturity (such as equity securities) are included in the \u2018Due over 5\u00a0years\u2019 time bucket.
Undated or perpetual instruments are classified based on the contractual notice period, which the counterparty of the instrument is entitled to
give. Where there is no contractual notice period, undated or perpetual contracts are included in the \u2018Due\u00a0over 5 years\u2019 time bucket.
\u2013 Non-financial assets and liabilities with no contractual maturity are included in the \u2018Due over 5 years\u2019 time bucket.
\u2013 Financial instruments included within assets and liabilities of disposal groups held for sale are classified on the basis of the contractual maturity
of the underlying instruments and not on the basis of the disposal transaction.
\u2013 Liabilities under insurance contracts included in \u2018non-financial liabilities\u2019 are irrespective of contractual maturity included in the \u2018Due over 5
years\u2019 time bucket in the maturity table provided below. An analysis of the present value of expected future cash flows of insurance contract
liabilities and contractual service margin is provided on page 293. Liabilities under investment contracts are\u00a0classified in accordance with their
contractual maturity. Undated investment contracts are included in the \u2018Due over 5 years\u2019 time bucket, although such contracts are subject to
surrender and transfer options by the policyholders.
\u2013 Loan and other credit-related commitments are classified on the basis of the earliest date they can be drawn down.
HSBC
Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
242,859
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
242,859
Hong Kong Government certificates of
indebtedness
44,063
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
44,063
Trading assets
358,864
4,209
1,551
646
349
534
\u2014
\u2014
366,153
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
7,659
1,002
2,061
1,273
1,041
6,097
10,937
102,993
133,063
Derivatives
234,390
149
176
151
79
287
2,339
169
237,740
Loans and advances to banks
74,341
13,842
5,664
4,899
3,056
2,675
3,293
692
108,462
Loans and advances to customers
150,457
70,926
59,646
36,257
36,897
96,320
186,262
351,634
988,399
\u2013\u00a0 personal
50,268
11,938
8,704
7,160
6,295
21,281
55,491
310,594
471,731
\u2013\u00a0 corporate and commercial
86,383
50,794
41,517
19,824
23,073
54,426
108,282
32,680
416,979
\u2013\u00a0 financial
13,806
8,194
9,425
9,273
7,529
20,613
22,489
8,360
99,689
Reverse repurchase agreements \u2013 non-trading
199,154
41,434
20,115
9,474
5,575
12,837
9,803
\u2014
298,392
Financial investments
41,092
75,509
44,525
20,166
17,973
62,079
199,798
106,069
567,211
Assets held for sale1
1,279
559
418
246
737
365
904
6,303
10,811
Accrued income and other financial assets
103,776
7,104
4,989
817
715
350
593
1,664
120,008
Financial assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
569,524
3,117,161
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
115,873
115,873
Total assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
685,397
3,233,034
Off-balance sheet commitments received
Loan and other credit-related commitments
52,535
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
52,535
Financial liabilities
Hong Kong currency notes in circulation
44,063
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
44,063
Deposits by banks
81,954
2,433
972
104
83
6,518
1,653
4,235
97,952
Customer accounts
1,518,208
162,033
62,389
19,424
17,348
5,042
2,249
135
1,786,828
\u2013\u00a0 personal
697,222
110,013
47,005
14,460
12,118
4,128
2,108
\u2014
887,054
\u2013\u00a0 corporate and commercial
623,088
38,493
13,242
3,597
3,146
686
88
134
682,474
\u2013\u00a0 financial
197,898
13,527
2,142
1,367
2,084
228
53
1
217,300
Repurchase agreements \u2013 non-trading
180,780
12,964
10,257
619
174
180
\u2014
\u2014
204,974
Trading liabilities
68,054
2,093
1,975
\u2014
\u2014
\u2014
\u2014
\u2014
72,122
Financial liabilities designated at fair value
23,306
12,208
8,709
4,775
5,877
21,508
39,904
42,169
158,456
\u2013\u00a0 debt securities in issue: unsecured
8,380
7,958
7,169
3,608
3,854
18,928
35,405
30,671
115,973
\u2013\u00a0 subordinated liabilities and preferred
securities
1
\u2014
\u2014
\u2014
895
892
1,185
6,202
9,175
\u2013\u00a0 other
14,925
4,250
1,540
1,167
1,128
1,688
3,314
5,296
33,308
Derivatives
235,555
97
89
13
39
128
245
1,688
237,854
Debt securities in issue
5,912
4,399
6,892
3,999
4,955
8,039
32,934
32,545
99,675
\u2013\u00a0 covered bonds
\u2014
\u2014
\u2014
\u2014
\u2014
670
1,537
\u2014
2,207
\u2013\u00a0 otherwise secured
507
43
62
58
338
201
691
2,401
4,301
\u2013\u00a0 unsecured
5,405
4,356
6,830
3,941
4,617
7,168
30,706
30,144
93,167
Liabilities of disposal groups held for sale2
15,901
404
145
32
98
10
118
1,626
18,334
Accruals and other financial liabilities
110,867
11,030
5,050
1,019
1,037
820
2,230
1,470
133,523
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
2
906
27,498
28,406
Total financial liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
111,366
2,882,187
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
145,181
145,181
Total liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
256,547
3,027,368
Off-balance sheet commitments given
Loan and other credit-related commitments
948,261
67
20
30
43
10
190
16
948,637
\u2013\u00a0 personal
272,532
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
272,532
\u2013\u00a0 corporate and commercial
516,435
67
20
30
43
10
190
16
516,811
\u2013\u00a0 financial
159,294
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
159,294
Maturity analysis of assets, liabilities and off-balance sheet commitments (continued)
Due not
more than
1 month
Due over
1 month
but not
more than
3 months
Due over
3 months
but not
more than
6 months
Due over
6 months
but not
more than
9 months
Due over
9 months
but not
more than
1 year
Due over
1 year
but not
more than
2 years
Due over
2 years
but not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
267,674
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
267,674
Hong Kong Government certificates of
indebtedness
42,293
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
42,293
Trading assets
311,277
1,374
679
337
774
401
\u2014
\u2014
314,842
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
6,329
1,497
1,218
810
1,570
4,010
11,503
88,832
115,769
Derivatives
264,689
401
709
377
164
364
524
1,409
268,637
Loans and advances to banks
69,778
16,300
3,871
4,264
2,922
2,276
2,236
392
102,039
Loans and advances to customers
135,250
69,955
53,557
36,945
38,985
89,061
176,645
330,260
930,658
\u2013\u00a0 personal
45,221
10,236
7,634
6,705
6,197
19,683
53,434
295,588
444,698
\u2013\u00a0 corporate and commercial
78,170
52,618
38,440
22,858
25,292
54,832
102,637
29,102
403,949
\u2013\u00a0 financial
11,859
7,101
7,483
7,382
7,496
14,546
20,574
5,570
82,011
Reverse repurchase agreements \u2013 non-trading
179,590
36,552
15,054
3,715
6,659
7,400
3,579
\u2014
252,549
Financial investments
35,780
74,850
50,650
15,907
20,465
54,125
143,870
97,519
493,166
Assets held for sale1
2,711
170
215
401
711
513
2,465
19,170
26,356
Accrued income and other financial assets
94,803
6,831
4,127
648
579
498
346
1,504
109,336
Financial assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
539,086
2,923,319
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
93,729
93,729
Total assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
632,815
3,017,048
Off-balance sheet commitments received
Loan and other credit-related commitments
41,875
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
41,875
Financial liabilities
Hong Kong currency notes in circulation
42,293
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
42,293
Deposits by banks
54,714
1,595
2,227
653
3,924
507
9,919
458
73,997
Customer accounts
1,382,204
168,423
58,928
19,062
17,389
6,482
2,353
114
1,654,955
\u2013\u00a0 personal
640,031
111,341
41,429
13,429
11,109
3,983
1,981
\u2014
823,303
\u2013\u00a0 corporate and commercial
564,693
45,047
14,708
3,991
4,748
1,968
332
106
635,593
\u2013\u00a0 financial
177,480
12,035
2,791
1,642
1,532
531
40
8
196,059
Repurchase agreements \u2013 non-trading
168,075
10,340
1,176
450
473
171
\u2014
195
180,880
Trading liabilities
58,069
4,933
2,873
7
100
\u2014
\u2014
\u2014
65,982
Financial liabilities designated at fair value
19,037
8,732
5,890
4,765
5,600
17,013
43,274
34,416
138,727
\u2013\u00a0 debt securities in issue: unsecured
8,431
4,148
3,557
2,885
4,362
14,660
38,259
22,866
99,168
\u2013\u00a0 subordinated liabilities and preferred\u00a0
securities
\u2014
\u2014
\u2014
1,011
\u2014
886
1,871
5,548
9,316
\u2013\u00a0 other
10,606
4,584
2,333
869
1,238
1,467
3,144
6,002
30,243
Derivatives
262,928
2
6
3
1
43
192
1,273
264,448
Debt securities in issue
5,761
10,915
10,330
7,332
7,239
14,724
22,311
27,173
105,785
\u2013\u00a0 covered bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,253
\u2014
1,253
\u2013\u00a0 otherwise secured
511
47
67
64
61
664
520
2,236
4,170
\u2013\u00a0 unsecured
5,250
10,868
10,263
7,268
7,178
14,060
20,538
24,937
100,362
Liabilities of disposal groups held for sale2
5,356
223
42
2
107
\u2014
\u2014
1,448
7,178
Accruals and other financial liabilities
99,424
11,827
5,415
1,013
1,241
902
1,489
738
122,049
Subordinated liabilities
\u2014
\u2014
1,719
16
\u2014
\u2014
861
23,362
25,958
Total financial liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
89,177
2,682,252
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
142,523
142,523
Total liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
231,700
2,824,775
Off-balance sheet commitments given
Loan and other credit-related commitments
861,181
74
12
85
49
6
57
114
861,578
\u2013\u00a0 personal
253,522
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
253,522
\u2013\u00a0 corporate and commercial
460,762
74
12
85
49
6
57
114
461,159
\u2013\u00a0 financial
146,897
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
146,897
1Unallocated impairment losses in relation to disposal groups of $0.09bn (2024: $0.03bn) and non-financial assets of $0.26bn (2024: $0.92bn) that are presented
within assets held for sale on the balance sheet have been included within non-financial assets in the table above.
2A total of $5.00bn (2024: $21.83bn) of non-financial liabilities that are presented within liabilities of disposal groups held for sale on the balance sheet have been
included within non-financial liabilities in the table above.
HSBC Holdings
Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash at bank and in hand:
\u2013\u00a0 balances with HSBC undertakings
5,079
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
5,079
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
\u2014
\u2014
\u2014
\u2014
\u2014
4,863
31,702
30,652
67,217
Derivatives
1,371
26
10
\u2014
\u2014
114
118
303
1,942
Loans and advances to HSBC undertakings
6,250
\u2014
1,760
\u2014
\u2014
2,049
7,331
23,110
40,500
Trading assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments
11,736
3,734
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15,470
Accrued income and other financial assets
1,864
803
404
209
5
\u2014
\u2014
\u2014
3,285
Total financial assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
54,065
133,493
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
159,527
159,527
Total assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
213,592
293,020
Financial liabilities
Amounts owed to HSBC undertakings
\u2014
89
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
89
Financial liabilities designated at fair\u00a0value
\u2014
1,760
\u2014
\u2014
895
8,750
15,138
26,364
52,907
\u2013\u00a0 debt securities in issue
\u2014
1,760
\u2014
\u2014
\u2014
7,858
13,953
21,117
44,688
\u2013\u00a0 subordinated liabilities and preferred
securities
\u2014
\u2014
\u2014
\u2014
895
892
1,185
5,247
8,219
Derivatives
1,299
1
86
3
22
175
519
1,346
3,451
Debt securities in issue
\u2014
\u2014
1,535
408
\u2014
2,711
33,550
30,820
69,024
Accruals and other financial liabilities
294
1,109
676
140
34
\u2014
\u2014
21
2,274
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
901
25,213
26,114
Total financial liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,764
153,859
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12
12
Total liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,776
153,871
Financial assets
Cash at bank and in hand:
\u2013\u00a0 balances with HSBC undertakings
2,548
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,548
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
\u2014
\u2014
\u2014
\u2014
\u2014
5,835
31,547
23,904
61,286
Derivatives
2,339
\u2014
24
\u2014
\u2014
243
162
286
3,054
Loans and advances to HSBC undertakings
8,500
\u2014
120
\u2014
13
1,640
6,739
20,665
37,677
Trading assets
709
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
Financial investments
6,141
4,187
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,328
Accrued income and other financial assets
2,719
856
292
203
11
\u2014
\u2014
\u2014
4,081
Total financial assets at 31\u00a0Dec\u00a02024
22,956
5,043
436
203
24
7,718
38,448
44,855
119,683
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
154,574
154,574
Total assets at 31 Dec 2024
22,956
5,043
436
203
24
7,718
38,448
199,429
274,257
Financial liabilities
Amounts owed to HSBC undertakings
\u2014
231
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
231
Financial liabilities designated at fair value
\u2014
\u2014
\u2014
1,012
\u2014
3,641
16,907
20,022
41,582
\u2013\u00a0 debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
2,755
15,036
15,476
33,267
\u2013\u00a0 subordinated liabilities and preferred
securities
\u2014
\u2014
\u2014
1,012
\u2014
886
1,871
4,546
8,315
Derivatives
1,502
89
144
44
45
209
794
2,513
5,340
Debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
14,897
24,395
25,028
64,320
Accruals and other financial liabilities
351
1,713
831
129
31
\u2014
\u2014
20
3,075
Subordinated liabilities
\u2014
\u2014
1,541
\u2014
\u2014
\u2014
836
21,171
23,548
Total financial liabilities at 31\u00a0Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,754
138,096
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
22
Total liabilities at 31 Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,776
138,118
Contractual maturity of financial liabilities
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in our
consolidated balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are\u00a0classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the \u2018Due not more than 1 month\u2019 time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over
1 month but
not more
than
3 months
Due over
3 months but
not more than
1 year
Due over
1 year but
not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Deposits by banks
81,989
2,617
1,582
9,192
4,334
99,714
Customer accounts
1,518,669
164,800
100,734
8,079
135
1,792,417
Repurchase agreements \u2013 non-trading
180,768
13,771
11,169
180
\u2014
205,888
Trading liabilities
72,122
\u2014
\u2014
\u2014
\u2014
72,122
Financial liabilities designated at fair value
23,595
12,871
21,954
72,552
52,326
183,298
Derivatives
235,317
246
395
1,870
2,885
240,713
Debt securities in issue
5,928
5,312
18,421
51,297
38,047
119,005
Subordinated liabilities
39
368
1,424
8,085
38,878
48,794
Other financial liabilities1
153,469
8,753
5,312
2,881
1,838
172,253
2,271,896
208,738
160,991
154,136
138,443
2,934,204
Loan and other credit-related commitments
948,277
66
94
200
\u2014
948,637
Financial guarantees2
17,476
\u2014
\u2014
\u2014
\u2014
17,476
At 31 Dec 2025
3,237,649
208,804
161,085
154,336
138,443
3,900,317
Proportion of cash flows payable in period
83%
5%
4%
4%
4%
Deposits by banks
54,819
1,759
7,381
11,242
511
75,712
Customer accounts
1,382,666
171,917
97,667
10,089
113
1,662,452
Repurchase agreements \u2013 non-trading
168,633
10,425
2,195
188
196
181,637
Trading liabilities
65,982
\u2014
\u2014
\u2014
\u2014
65,982
Financial liabilities designated at fair value
19,139
9,042
18,462
70,587
45,767
162,997
Derivatives
262,014
531
1,008
2,034
2,765
268,352
Debt securities in issue
5,780
11,309
27,103
45,725
32,129
122,046
Subordinated liabilities
39
120
2,959
7,373
35,512
46,003
Other financial liabilities1
138,319
9,754
5,421
2,206
608
156,308
2,097,391
214,857
162,196
149,444
117,601
2,741,489
Loan and other credit-related commitments
861,193
78
146
63
98
861,578
Financial guarantees2
16,998
\u2014
\u2014
\u2014
\u2014
16,998
At 31 Dec 2024
2,975,582
214,935
162,342
149,507
117,699
3,620,065
Proportion of cash flows payable in period
83%
6%
4%
4%
3%
1Excludes financial liabilities of disposal groups.
2Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.
HSBC Holdings
HSBC Holdings\u2019 primary sources of liquidity are dividends received from subsidiaries, interest on and repayment of intra-Group loans and
securities, and interest earned on its own liquid funds. HSBC Holdings also raises funds in the debt capital markets to meet the Group\u2019s minimum
requirement for own funds and eligible liabilities and maintain an appropriate liquidity buffer. HSBC Holdings uses this liquidity to meet its
obligations, including interest and principal repayments on external debt liabilities, operating expenses and collateral on derivative transactions.
HSBC Holdings is also subject to contingent liquidity risk by virtue of credit-related commitments and guarantees and similar contracts issued
relating to its subsidiaries. Such commitments and guarantees are only issued after due consideration of HSBC Holdings\u2019 ability to finance the
commitments and guarantees and the likelihood of the need arising.
HSBC Holdings actively manages the cash flows from its subsidiaries to optimise the amount of cash held at the holding company level. During
2025, consistent with the Group\u2019s capital plan, the Group\u2019s material subsidiaries did not experience any significant restrictions on paying dividends
or repaying loans and advances. Also, there are no foreseen restrictions envisaged with regard to planned dividends or payments from material
subsidiaries. However, the ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things, their
respective local regulatory capital and banking requirements, exchange controls, statutory reserves, and financial and operating performance.
HSBC Holdings currently has sufficient liquidity to meet its present and forecast requirements.
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in HSBC
Holdings balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are\u00a0classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the \u2018Due not more than 1 month\u2019 time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC Holdings under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over 1
month but
not
more than 3
months
Due over 3
months but
not more
than
1 year
Due over 1
year but not
more than 5
years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Amounts owed to HSBC undertakings
\u2014
89
\u2014
\u2014
\u2014
89
Financial liabilities designated at fair value
23
2,230
2,786
30,944
32,214
68,197
Derivatives
796
47
608
857
1,614
3,922
Debt securities in issue
\u2014
796
4,080
45,834
36,373
87,083
Subordinated liabilities
\u2014
353
1,336
7,508
35,087
44,284
Other financial liabilities
274
40
\u2014
\u2014
21
335
At 31 Dec 2025
1,093
3,555
8,810
85,143
105,309
203,910
Amounts owed to HSBC undertakings
\u2014
231
\u2014
\u2014
\u2014
231
Financial liabilities designated at fair value
2
133
2,254
26,335
26,788
55,512
Derivatives
669
202
1,344
2,591
1,658
6,464
Debt securities in issue
\u2014
254
1,697
47,771
29,706
79,428
Subordinated liabilities
\u2014
105
2,627
6,794
31,773
41,299
Other financial liabilities
351
1,735
991
\u2014
20
3,097
At 31 Dec 2024
1,022
2,660
8,913
83,491
89,945
186,031
31Offsetting of financial assets and financial liabilities
In the offsetting of financial assets and financial liabilities, the net amount is reported in the balance sheet when the offset criteria are met. This is
achieved when there is a legally enforceable right to offset the recognised amounts and there is either an intention to settle on a net basis, or
realise the asset and settle the liability simultaneously.
In the following table, the \u2018Amounts not set off in the balance sheet\u2019 include transactions where:
\u2013 the counterparty has an offsetting exposure with HSBC and a master netting or similar arrangement is in place with a right to set off only in the
event of default, insolvency or bankruptcy, or the offset criteria are otherwise not satisfied; and
\u2013 cash and non-cash collateral (debt securities and equities) has been received/pledged for derivatives and reverse repurchase/repurchase, stock
borrowing/lending and similar agreements to cover net exposure in the event of a default or other predetermined events.
The effect of over-collateralisation is excluded.
\u2018Amounts not subject to enforceable netting agreements\u2019 include contracts executed in jurisdictions where the rights of offset may not be upheld
under the local bankruptcy laws, and transactions where a legal opinion evidencing enforceability of the right of offset may not have been sought,
or may have been unable to obtain.
For risk management purposes, the net amounts of loans and advances to customers are subject to limits, which are monitored and the relevant
customer agreements are subject to review and updated, as necessary, to ensure the legal right to set off remains appropriate.
Offsetting of financial assets and financial liabilities
Amounts subject to enforceable netting arrangements
Amounts not
subject to
enforceable
netting
arrangements1
Total
Amounts not set off in the
balance sheet
Gross
amounts
Amounts
offset
Net
amounts
in the
balance
sheet
Financial
instruments,
including non-
cash collateral
Cash
collateral
Net
amount
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Derivatives (Note 15)2
330,338
(97,243)
233,095
(202,744)
(26,074)
4,277
4,645
237,740
Reverse repos, stock borrowing and
similar agreements classified as:3
\u2013\u00a0 trading assets
31,450
(610)
30,840
(30,839)
(1)
\u2014
2,556
33,396
\u2013\u00a0 non-trading assets
504,986
(224,173)
280,813
(279,149)
(207)
1,457
17,640
298,453
Loans and advances to customers4
39,273
(18,826)
20,447
(17,395)
(81)
2,971
2
20,449
At 31 Dec 2025
906,047
(340,852)
565,195
(530,127)
(26,363)
8,705
24,843
590,038
Derivatives (Note 15)2
372,699
(112,746)
259,953
(230,133)
(22,730)
7,090
8,684
268,637
Reverse repos, stock borrowing and
similar agreements classified as:3
\u2013\u00a0 trading assets
25,077
(637)
24,440
(24,428)
(10)
2
757
25,197
\u2013\u00a0 non-trading assets
386,124
(154,133)
231,991
(230,584)
(332)
1,075
20,602
252,593
Loans and advances to customers4
34,582
(16,540)
18,042
(15,313)
(75)
2,654
4
18,046
At 31 Dec 2024
818,482
(284,056)
534,426
(500,458)
(23,147)
10,821
30,047
564,473
Financial liabilities
Derivatives (Note 15)2
329,387
(97,243)
232,144
(201,311)
(28,038)
2,795
5,710
237,854
Repos, stock lending and similar
agreements classified as:3
\u2013\u00a0 trading liabilities
19,691
(329)
19,362
(19,362)
\u2014
\u2014
1
19,363
\u2013\u00a0 non-trading liabilities
375,173
(224,454)
150,719
(145,206)
(224)
5,289
54,255
204,974
Customer accounts5
46,444
(18,826)
27,618
(17,395)
(81)
10,142
12
27,630
At 31 Dec 2025
770,695
(340,852)
429,843
(383,274)
(28,343)
18,226
59,978
489,821
Derivatives (Note 15)2
369,287
(112,746)
256,541
(221,232)
(30,334)
4,975
7,907
264,448
Repos, stock lending and similar
agreements classified as:3
\u2013\u00a0 trading liabilities
18,482
(157)
18,325
(18,326)
\u2014
(1)
6
18,331
\u2013\u00a0 non-trading liabilities
287,648
(154,613)
133,035
(131,719)
(164)
1,152
47,845
180,880
Customer accounts5
41,409
(16,540)
24,869
(15,313)
(75)
9,481
17
24,886
At 31 Dec 2024
716,826
(284,056)
432,770
(386,590)
(30,573)
15,607
55,775
488,545
1These exposures continue to be secured by financial collateral, but we may not have sought or been able to obtain a legal opinion evidencing enforceability of
the right of offset.\u00a0
2At 31 December 2025, the amount of cash margin received that had been offset against the gross derivatives assets was $3.8bn (2024:\u00a0$5.3bn). The amount of
cash margin paid that had been offset against the gross derivatives liabilities was $11.5bn (2024: $5.6bn).
3For the amount of repos, reverse repos, stock lending, stock borrowing and similar agreements recognised on the balance sheet within \u2018Trading assets\u2019 of
$33.4bn (2024: $25.2bn) and \u2018Trading liabilities\u2019 of $19.4bn (2024: $18.3bn), see the \u2018Funding sources and uses\u2019 table on page 162.
4At 31 December 2025, the total amount of \u2018Loans and advances to customers\u2019 was $988.4bn (2024: $930.7bn), of which $20.4bn (2024: $18.0bn) was subject
to offsetting.
5At 31 December 2025, the total amount of \u2018Customer accounts\u2019 was $1,786.8bn (2024: $1,655.0bn), of which $27.6bn (2024:\u00a0$24.9bn) was subject to
offsetting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-6": { "value": "
Collateral and other credit enhancements
(Audited)
Although collateral can be an important mitigant of credit risk, it is the
Group\u2019s practice to typically lend on the basis of the customer\u2019s ability
to meet their obligations out of cash flow resources rather than placing
primary reliance on collateral and other credit risk enhancements.
Depending on the customer\u2019s standing and the type of product,
facilities may be provided without any collateral or other credit
enhancements. For other lending, a charge over collateral is obtained
and considered in determining the credit decision and pricing. In the
event of default, the Group may utilise the collateral as a source of
repayment.
Depending on its form, collateral can have a significant financial effect
in mitigating our exposure to credit risk. Where there is sufficient
collateral, an expected credit loss is not recognised. This is the case for
reverse repurchase agreements and for certain loans and advances to
customers where the loan to value (\u2018LTV\u2019) is very low.
Mitigants may include a charge on borrowers\u2019 specific assets, such as
real estate or financial instruments. Other credit risk mitigants include
short positions in securities and financial assets held as part of linked
insurance/investment contracts where the risk is predominantly borne
by the policyholder. Additionally, risk may be managed by employing
other types of collateral and credit risk enhancements, such as second
charges, other liens and unsupported guarantees. Guarantees are
normally taken from corporates and export credit agencies. Corporates
would normally provide guarantees as part of a parent/subsidiary
relationship and span a number of credit grades. The export credit
agencies will normally be investment grade.
Certain credit mitigants are used strategically in portfolio management
activities. Across Corporate and Institutional Banking, risk limits and
utilisations, maturity profiles and risk quality are monitored and
managed proactively. This process is key to the setting of risk appetite
for these larger, more complex, geographically distributed customer
groups. While the principal form of risk management continues to be at
the point of exposure origination, through the lending decision-making
process, Corporate and Institutional Banking also utilises loan sales and
credit default swap (\u2018CDS\u2019) hedges to manage concentrations and
reduce risk.
These transactions are the responsibility of a dedicated Corporate and
Institutional Banking portfolio management team. Hedging activity is
carried out within agreed credit parameters, and is subject to market
risk limits and a robust governance structure. Where applicable, CDSs
are entered into directly with a central clearing house counterparty.
Otherwise, the Group\u2019s exposure to CDS protection providers is
diversified among mainly banking counterparties with strong credit
ratings.
CDS mitigants are held at portfolio level and are not included in the
expected credit loss calculations. CDS mitigants are not reported in the
following tables.
Collateral on loans and advances
Collateral held is analysed separately for CRE and for other corporate,
commercial and financial (non-bank) lending. The following tables
include off-balance sheet loan commitments, primarily undrawn credit
lines.
The collateral measured in the following tables consists of fixed\u00a0first
charges on real estate, and charges over cash and marketable financial
instruments. The values in the tables represent the expected market
value on an open market basis, actual values realised are a function of
market conditions. No adjustment has been made to the collateral for
any expected costs of recovery. Marketable securities are measured at
their fair value.
Other types of collateral, such as unsupported guarantees and floating
charges over the assets of a customer\u2019s business, are not measured in
the following tables. While such mitigants have value, often providing
rights in insolvency, their assignable value is not sufficiently certain and
they are therefore assigned no value for disclosure purposes.
The LTV ratios presented are calculated by directly associating loans
and advances with the collateral that individually and uniquely supports
each facility. When collateral assets are shared by multiple loans and
advances, whether specifically or, more generally, by way of an all
monies charge, the collateral value is pro-rated across the loans and
advances protected by the collateral.
For credit-impaired loans, the collateral values cannot be directly
compared with impairment allowances recognised. The LTV figures use
open market values with no adjustments, actual values realised are a
function of market conditions. Impairment allowances are calculated on
a different basis, by considering other cash flows and adjusting
collateral values for costs of realising collateral as explained further on
page 279.
Mortgage loans
The following table provides a quantification of the value of fixed
charges we hold over specific assets where we have a history
of\u00a0enforcing, and are able to enforce, collateral in satisfying a debt in
the event of the borrower failing to meet its contractual obligations, and
where the collateral is cash or can be realised by sale in an established
market. The collateral valuation excludes any adjustments for obtaining
and selling the collateral and, in particular, loans shown as not
collateralised or partially collateralised may also benefit from other
forms of credit mitigants.
The quality of both our Hong Kong and UK mortgage books remained
strong, with low levels of impairment allowances. The average LTV
ratio on new mortgage lending in Hong Kong was 70%, compared
with an estimated 60% for the overall mortgage portfolio. The
average LTV ratio on new lending in the UK was 69%, compared with
an estimated 55% for the overall mortgage portfolio.
Commercial real estate loans and advances
The value of CRE collateral is determined by\u00a0using a combination of
external and internal valuations and\u00a0physical inspections. For CRE,
where the facility exceeds regulatory threshold requirements, Group
policy requires an independent review of the valuation at least every
three years, or more frequently as the need arises.
In Hong Kong, unsecured lending is typically limited to major property
companies. In Europe, facilities of a working capital nature are generally
not secured by a first fixed charge, and are therefore disclosed as not
collateralised.
Other corporate, commercial and financial (non-bank) loans and
advances
Other corporate, commercial and financial (non-bank) loans are
analysed separately in the following table. For financing activities in
other corporate and commercial lending, collateral value is not strongly
correlated to\u00a0principal repayment performance. Collateral values are
generally refreshed when an obligor\u2019s general credit performance
deteriorates and we have to assess the likely performance of
secondary sources of repayment should it prove necessary to rely on
them.
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2025
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
383,401
18,150
2,573
404,124
\u2014
0.6
10.5
0.1
\u2013\u00a0 less than 50%
159,089
9,161
1,336
169,586
\u2014
0.4
8.3
0.1
\u2013\u00a0 51% to 70%
125,204
5,484
751
131,439
\u2014
0.6
11.2
0.1
\u2013\u00a0 71% to 80%
46,175
1,934
258
48,367
\u2014
0.7
13.8
0.1
\u2013\u00a0 81% to 90%
37,415
971
167
38,553
\u2014
0.9
15.9
0.1
\u2013\u00a0 91% to 100%
15,518
600
61
16,179
\u2014
1.5
20.2
0.1
Partially collateralised (A): LTV > 100%
4,924
138
97
5,159
\u2014
2.2
44.3
0.9
\u2013\u00a0 collateral value on A
4,707
129
66
4,902
of which: UK
Fully collateralised by LTV ratio
190,214
13,257
816
204,287
\u2014
0.3
9.7
0.1
\u2013\u00a0 less than 50%
77,859
7,260
421
85,540
\u2014
0.1
8.2
0.1
\u2013\u00a0 51% to 70%
61,605
4,183
254
66,042
\u2014
0.3
8.7
0.1
\u2013\u00a0 71% to 80%
25,237
1,226
85
26,548
\u2014
0.5
14.0
0.1
\u2013\u00a0 81% to 90%
22,218
548
46
22,812
\u2014
0.7
16.1
0.1
\u2013\u00a0 91% to 100%
3,295
40
10
3,345
\u2014
1.0
27.0
0.1
Partially collateralised (B): LTV > 100%
58
2
8
68
\u2014
0.6
32.5
3.8
\u2013\u00a0 collateral value on B
29
1
7
37
of which: Hong Kong
Fully collateralised by LTV ratio
102,801
1,503
165
104,469
\u2014
\u2014
0.7
\u2014
\u2013\u00a0 less than 50%
40,518
762
83
41,363
\u2014
\u2014
0.2
\u2014
\u2013\u00a0 51% to 70%
31,015
345
41
31,401
\u2014
\u2014
0.5
\u2014
\u2013\u00a0 71% to 80%
6,698
83
17
6,798
\u2014
0.1
1.8
\u2014
\u2013\u00a0 81% to 90%
12,906
132
12
13,050
\u2014
0.2
0.8
\u2014
\u2013\u00a0 91% to 100%
11,664
181
12
11,857
\u2014
0.2
2.5
\u2014
Partially collateralised (C): LTV > 100%
4,781
87
18
4,886
\u2014
0.2
8.3
\u2014
\u2013\u00a0 collateral value on C
4,593
85
16
4,694
Commercial real estate
Not collateralised
36,879
3,792
1,310
6
41,987
0.1
2.7
64.6
\u2014
2.3
Fully collateralised by LTV ratio
26,814
16,633
6,942
13
50,402
0.1
1.7
13.3
\u2014
2.4
\u2013\u00a0 less than 50%
13,415
10,682
2,563
13
26,673
0.1
1.4
11.0
\u2014
1.7
\u2013\u00a0 51% to 75%
9,168
4,770
2,755
\u2014
16,693
0.2
2.2
13.5
\u2014
2.9
\u2013\u00a0 76% to 90%
2,232
915
1,055
\u2014
4,202
0.1
1.9
13.6
\u2014
3.9
\u2013\u00a0 91% to 100%
1,999
266
569
\u2014
2,834
0.1
2.3
21.6
\u2014
4.6
Partially collateralised (A): LTV > 100%
3,635
350
1,093
80
5,158
0.1
3.1
35.4
57.5
8.7
\u2013\u00a0 collateral value on A
2,317
240
780
33
3,370
of which: UK
Not collateralised
8,633
389
56
\u2014
9,078
0.2
8.2
19.6
\u2014
0.7
Fully collateralised by LTV ratio
12,426
1,661
354
\u2014
14,441
0.2
2.6
21.8
\u2014
1.0
\u2013\u00a0 less than 50%
4,606
430
36
\u2014
5,072
0.2
1.4
38.9
\u2014
0.6
\u2013\u00a0 51% to 75%
5,772
914
209
\u2014
6,895
0.2
3.8
24.9
\u2014
1.4
\u2013\u00a0 76% to 90%
1,511
308
107
\u2014
1,926
0.1
1.0
9.3
\u2014
0.7
\u2013\u00a0 91% to 100%
537
9
2
\u2014
548
0.2
5.1
61.2
\u2014
0.4
Partially collateralised (B): LTV > 100%
2,111
115
67
61
2,354
0.1
0.9
17.9
47.5
1.9
\u2013\u00a0 collateral value on B
1,381
109
42
30
1,562
of which: Hong Kong
Not collateralised
14,360
2,691
1,088
6
18,145
\u2014
2.4
66.5
\u2014
4.4
Fully collateralised by LTV ratio
5,588
12,969
5,467
\u2014
24,024
0.1
0.8
10.6
\u2014
2.9
\u2013\u00a0 less than 50%
4,008
9,705
2,284
\u2014
15,997
0.1
0.9
8.2
\u2014
1.8
\u2013\u00a0 51% to 75%
1,167
2,927
2,033
\u2014
6,127
0.2
0.5
10.9
\u2014
3.9
\u2013\u00a0 76% to 90%
59
294
705
\u2014
1,058
\u2014
1.7
8.4
\u2014
6.0
\u2013\u00a0 91% to 100%
354
43
445
\u2014
842
\u2014
2.3
25.2
\u2014
13.4
Partially collateralised (C): LTV > 100%
198
110
1,022
19
1,349
\u2014
0.3
36.7
84.2
29.0
\u2013\u00a0 collateral value on C
149
11
734
3
897
Other corporate, commercial and financial
(non-bank)
Not collateralised
797,344
60,899
6,186
215
864,644
0.1
0.9
43.5
6.5
0.4
Fully collateralised by LTV ratio
88,647
13,101
3,611
29
105,388
0.1
1.6
14.5
55.2
0.8
\u2013\u00a0 less than 50%
37,949
5,009
1,446
\u2014
44,404
0.1
1.2
12.3
\u2014
0.6
\u2013\u00a0 51% to 75%
21,397
4,855
1,249
29
27,530
0.1
2.4
16.7
55.2
1.3
\u2013\u00a0 76% to 90%
8,253
1,318
677
\u2014
10,248
0.1
1.5
14.0
\u2014
1.2
\u2013\u00a0 91% to 100%
21,048
1,919
239
\u2014
23,206
\u2014
0.6
16.7
\u2014
0.3
Partially collateralised (A): LTV > 100%
53,980
6,337
2,130
\u2014
62,447
0.1
0.7
45.6
\u2014
1.7
\u2013\u00a0 collateral value on A
24,763
2,942
1,199
\u2014
28,904
Loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage) at 31 December 2024
(Audited)
Gross carrying/nominal amount
ECL coverage
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
$m
$m
$m
$m
$m
%
%
%
%
%
Residential mortgages
Fully collateralised by LTV ratio
332,641
34,203
2,371
369,215
\u2014
0.4
10.0
0.1
\u2013\u00a0 less than 50%
141,331
18,076
1,238
160,645
\u2014
0.2
7.6
0.1
\u2013\u00a0 51% to 70%
111,963
11,507
698
124,168
\u2014
0.4
11.2
0.1
\u2013\u00a0 71% to 80%
39,374
3,040
242
42,656
\u2014
0.7
13.1
0.1
\u2013\u00a0 81% to 90%
25,514
1,264
131
26,909
\u2014
0.9
15.0
0.1
\u2013\u00a0 91% to 100%
14,459
316
62
14,837
\u2014
1.8
22.4
0.1
Partially collateralised (A): LTV > 100%
12,031
139
103
12,273
\u2014
3.2
46.2
0.4
\u2013\u00a0 collateral value on A
11,274
126
70
11,470
of which: UK
Fully collateralised by LTV ratio
151,264
30,574
747
182,585
\u2014
0.2
8.5
0.1
\u2013\u00a0 less than 50%
62,753
16,689
445
79,887
\u2014
0.1
6.9
0.1
\u2013\u00a0 51% to 70%
50,374
10,456
206
61,036
\u2014
0.2
9.7
0.1
\u2013\u00a0 71% to 80%
20,552
2,423
64
23,039
\u2014
0.4
12.1
0.1
\u2013\u00a0 81% to 90%
15,965
939
23
16,927
\u2014
0.6
13.0
0.1
\u2013\u00a0 91% to 100%
1,620
67
9
1,696
\u2014
0.7
16.7
0.1
Partially collateralised (B): LTV > 100%
146
15
5
166
\u2014
1.0
27.7
0.9
\u2013\u00a0 collateral value on B
109
12
4
125
of which: Hong Kong
Fully collateralised by LTV ratio
95,751
756
138
96,645
\u2014
\u2014
1.3
\u2014
\u2013\u00a0 less than 50%
38,894
372
79
39,345
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 51% to 70%
30,088
227
31
30,346
\u2014
\u2014
0.4
\u2014
\u2013\u00a0 71% to 80%
6,783
47
11
6,841
\u2014
\u2014
5.1
\u2014
\u2013\u00a0 81% to 90%
7,602
42
9
7,653
\u2014
0.2
1.1
\u2014
\u2013\u00a0 91% to 100%
12,384
68
8
12,460
\u2014
0.1
8.8
\u2014
Partially collateralised (C): LTV > 100%
11,744
103
14
11,861
\u2014
0.2
19.1
\u2014
\u2013\u00a0 collateral value on C
11,034
96
12
11,142
Commercial real estate
Not collateralised
36,168
4,709
1,704
\u2014
42,581
0.1
9.0
47.5
\u2014
3.0
Fully collateralised by LTV ratio
37,090
11,909
5,254
\u2014
54,253
0.1
1.7
7.8
\u2014
1.2
\u2013\u00a0 less than 50%
20,522
5,154
2,413
\u2014
28,089
0.1
1.7
5.7
\u2014
0.9
\u2013\u00a0 51% to 75%
11,392
3,840
1,691
\u2014
16,923
0.1
2.2
7.6
\u2014
1.3
\u2013\u00a0 76% to 90%
2,554
2,277
767
\u2014
5,598
0.1
0.9
12.5
\u2014
2.1
\u2013\u00a0 91% to 100%
2,622
638
383
\u2014
3,643
0.2
2.3
12.3
\u2014
1.8
Partially collateralised (A): LTV > 100%
2,119
698
815
64
3,696
0.2
2.8
19.7
45.8
5.8
\u2013\u00a0 collateral value on A
1,255
457
570
29
2,311
of which: UK
Not collateralised
4,487
1,890
127
\u2014
6,504
0.4
3.8
27.8
\u2014
1.9
Fully collateralised by LTV ratio
9,139
3,194
305
\u2014
12,638
0.2
1.1
8.2
\u2014
0.6
\u2013\u00a0 less than 50%
2,903
761
160
\u2014
3,824
0.2
1.5
8.0
\u2014
0.8
\u2013\u00a0 51% to 75%
4,202
1,693
69
\u2014
5,964
0.2
1.2
12.0
\u2014
0.6
\u2013\u00a0 76% to 90%
1,173
732
24
\u2014
1,929
0.1
0.4
10.2
\u2014
0.3
\u2013\u00a0 91% to 100%
861
8
52
\u2014
921
0.1
7.7
2.7
\u2014
0.3
Partially collateralised (B): LTV > 100%
503
565
119
46
1,233
0.2
2.9
21.1
48.6
5.3
\u2013\u00a0 collateral value on B
296
350
69
26
741
of which: Hong Kong
Not collateralised
16,380
2,312
1,404
\u2014
20,096
\u2014
14.3
47.9
\u2014
5.0
Fully collateralised by LTV ratio
17,115
6,045
4,127
\u2014
27,287
0.1
1.4
5.8
\u2014
1.2
\u2013\u00a0 less than 50%
12,935
3,589
2,102
\u2014
18,626
0.1
1.3
3.8
\u2014
0.7
\u2013\u00a0 51% to 75%
3,534
1,059
1,243
\u2014
5,836
0.1
2.2
6.2
\u2014
1.8
\u2013\u00a0 76% to 90%
336
1,050
654
\u2014
2,040
0.1
1.1
11.8
\u2014
4.4
\u2013\u00a0 91% to 100%
310
347
128
\u2014
785
\u2014
0.5
2.4
\u2014
0.6
Partially collateralised (C): LTV > 100%
185
62
562
18
827
\u2014
1.9
17.6
38.1
12.9
\u2013\u00a0 collateral value on C
119
41
397
3
560
Other corporate, commercial and financial (non-
bank)
Not collateralised
713,028
62,844
6,870
5
782,747
0.1
0.9
41.5
14.2
0.5
Fully collateralised by LTV ratio
87,488
11,992
3,394
21
102,895
0.1
2.0
8.0
98.1
0.6
\u2013\u00a0 less than 50%
39,432
4,360
1,703
\u2014
45,495
0.1
1.6
6.9
\u2014
0.5
\u2013\u00a0 51% to 75%
20,169
4,643
778
21
25,611
0.1
2.8
12.0
98.1
1.0
\u2013\u00a0 76% to 90%
9,016
1,515
512
\u2014
11,043
0.1
1.6
7.1
\u2014
0.6
\u2013\u00a0 91% to 100%
18,871
1,474
401
\u2014
20,746
\u2014
0.8
6.3
\u2014
0.2
Partially collateralised (A): LTV > 100%
51,536
5,772
2,411
3
59,722
0.1
0.8
34.3
7.0
1.5
\u2013\u00a0 collateral value on A
22,800
2,519
1,162
1
26,482
17
Assets pledged, collateral received and assets transferred
Assets pledged1
Financial assets pledged as collateral
2025
2024
$m
$m
Treasury bills and other eligible securities
23,482
17,713
Loans and advances to banks
16,452
14,880
Loans and advances to customers
20,416
24,524
Debt securities
124,971
91,975
Equity securities
51,213
51,642
Other
61,594
63,386
Assets pledged at 31 Dec
298,128
264,120
The value of assets pledged to secure liabilities may be greater than the book value of assets utilised as collateral. For example, in the case of
securitisations and covered bonds, the amount of liabilities issued plus mandatory over-collateralisation is less than the book value of the pool of
assets available for use as collateral. This is also the case where assets are placed with a custodian or a settlement agent that has a floating charge
over all the assets placed to secure any liabilities under settlement accounts.
These transactions are conducted under terms that are usual and customary for collateralised transactions including, where relevant, standard
securities lending and borrowing, repurchase agreements and derivative margining. HSBC places both cash and non-cash collateral in relation to
derivative transactions.
Hong Kong currency notes in circulation are secured by the deposit of funds in respect of which the Hong Kong Government certificates of
indebtedness are held.
Financial assets pledged as collateral which the counterparty has the right to sell or repledge
2025
2024
$m
$m
Trading assets
95,938
84,863
Financial investments
64,163
47,248
At 31 Dec
160,101
132,111
Collateral received1
The fair value of assets accepted as collateral relating primarily to standard securities lending, reverse repurchase agreements, swaps of securities
and derivative margining that HSBC is permitted to sell or repledge in the absence of default was $647.7bn (2024:\u00a0$515.3bn). The fair value of any
such collateral sold or repledged was $378.8bn (2024: $293.5bn).
HSBC is obliged to return equivalent securities. These transactions are conducted under terms that are usual and customary to standard securities
lending, reverse repurchase agreements and derivative margining.
Assets transferred1
The assets pledged include transfers to third parties that do not qualify for derecognition, including secured borrowings such as debt securities
held by counterparties as collateral under repurchase agreements and equity securities lent under securities lending agreements, as well as swaps
of equity and debt securities. For secured borrowings, the transferred asset collateral continues to be recognised in full while a related liability,
reflecting the Group\u2019s obligation to repurchase the assets for a fixed price at a future date, is also recognised on the balance sheet.
Where securities are swapped, the transferred asset continues to be recognised in full. There is no associated liability as the non-cash collateral
received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the duration of the
transaction, and remains exposed to interest rate risk and credit risk on these pledged assets.
Transferred financial assets not qualifying for full derecognition and associated financial liabilities
Carrying amount of:
Transferred
assets
Associated
liabilities
$m
$m
At 31 Dec 2025
Repurchase agreements
109,524
96,980
Securities lending agreements
62,679
2,005
At 31 Dec 2024
Repurchase agreements
83,585
75,625
Securities lending agreements
58,232
4,361
1Excludes assets classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-7": { "value": "
Approach and policy
(Audited)
We manage treasury risks in order to maintain appropriate levels of
capital, liquidity, funding, foreign exchange and non-traded market risk
to support our business strategy, and meet our regulatory and stress
testing-related requirements.
Our approach to treasury risk management is shaped by our
organisational needs and the regulatory, economic and commercial
environment. We aim to maintain a strong capital and liquidity base to
manage inherent business risks and invest in accordance with our
strategy, adhering to both consolidated and local regulatory
requirements at all times.
Our policy is supported by a risk management framework, with further
details provided on page 98.
\u00d1 For further details, refer to our Pillar 3 Disclosures at 31 December 2025.
Own funds disclosure
(Table audited)
At
31 Dec 2025
31 Dec 2024
Ref*
$m
$m
Common equity tier 1 capital: instruments and reserves
1
Capital instruments and the related share premium accounts
8,699
22,378
\u2013\u00a0 ordinary shares
8,699
22,378
2
Retained earnings
152,936
138,959
3
Accumulated other comprehensive income (and other reserves)
(27)
(8,410)
5
Minority interests (amount allowed in consolidated CET1)
3,303
3,960
5a
Independently reviewed net profits net of any foreseeable charge or dividend
8,076
7,184
6
Common equity tier 1 capital before regulatory adjustments
172,987
164,071
28
Total regulatory adjustments to common equity tier 1
(40,394)
(39,160)
29
Common equity tier 1 capital
132,593
124,911
36
Additional tier 1 capital before regulatory adjustments
20,874
19,286
43
Total regulatory adjustments to additional tier 1 capital
(70)
(70)
44
Additional tier 1 capital
20,804
19,216
45
Tier 1 capital
153,397
144,127
51
Tier 2 capital before regulatory adjustments
30,167
29,334
57
Total regulatory adjustments to tier 2 capital
(1,193)
(1,075)
58
Tier 2 capital
28,974
28,259
59
Total capital
182,371
172,386
*The references identify lines prescribed in the PRA template, which are applicable and where there is a value.
Funding sources
(Audited)
2025
2024
$m
$m
Customer accounts
1,786,828
1,654,955
Deposits by banks
97,952
73,997
Repurchase agreements \u2013 non-trading
204,974
180,880
Debt securities in issue
99,675
105,785
Cash collateral, margin, settlement accounts and
items in course of transmission to other banks
91,087
82,732
Liabilities of disposal groups held for sale
23,382
29,011
Subordinated liabilities
28,406
25,958
Financial liabilities designated at fair value
158,456
138,727
Insurance contract liabilities
122,955
107,629
Trading liabilities
72,122
65,982
\u2013\u00a0 repos
13,113
14,806
\u2013\u00a0 stock lending
6,250
3,525
\u2013\u00a0 other trading liabilities
52,759
47,651
Total equity
205,666
192,273
Other balance sheet liabilities
341,531
359,119
At 31 Dec
3,233,034
3,017,048
Funding uses
(Audited)
2025
2024
$m
$m
Loans and advances to customers
988,399
930,658
Loans and advances to banks
108,462
102,039
Reverse repurchase agreements \u2013 non-trading
298,392
252,549
Cash collateral, margin, settlement accounts and
items in course of collection from other banks
87,667
78,538
Assets held for sale
11,115
27,234
Trading assets
366,153
314,842
\u2013\u00a0 reverse repos
18,449
16,823
\u2013\u00a0 stock borrowing
14,947
8,374
\u2013\u00a0 other trading assets
332,757
289,645
Financial investments
567,211
493,166
Cash and balances with central banks
242,859
267,674
Other balance sheet assets
562,776
550,348
At 31 Dec
3,233,034
3,017,048
The Group non-trading VaR for 2025 is shown in the table below.
Non-trading VaR, 99% 10 day
(Audited)
Interest rate
Credit spread
Portfolio diversification1
Total 2
$m
$m
$m
$m
Balance at 31 Dec 2025
499.6
149.6
(102.5)
546.6
Average
465.2
190.8
(115.8)
540.1
Maximum
575.3
254.6
617.5
Minimum
378.9
93.9
458.0
Balance at 31 Dec 2024
528.4
246.1
(220.7)
553.8
Average
603.7
315.1
(222.9)
695.8
Maximum
1,000.6
369.1
1,097.6
Minimum
292.1
242.4
408.7
1Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in unsystematic
market risk that occurs when combining a number of different risk types \u2013 such as interest rate and credit spreads \u2013 together in\u00a0one portfolio. It is measured as
the difference between the sum of the VaR\u00a0by individual risk type and the combined total VaR. A negative number represents the benefit of portfolio
diversification. As the maximum and minimum occurs on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit
for these measures.
2The total VaR is non-additive across risk types due to diversification effects.
Capital and liquidity risk
(Audited)
Capital risk for our insurance manufacturing subsidiaries is assessed in
the Group\u2019s ICAAP, based on their financial capacity to support the
risks to which they are exposed. Capital adequacy is assessed on both
the relevant local insurance regulatory basis and an internal capital
basis.
Risk appetite buffers are set to ensure that the operations are able to
remain solvent, allowing for business-as-usual volatility and extreme
but plausible stress events.
Liquidity risk is less material for the insurance business. It is managed
by cash flow matching and maintaining sufficient cash resources,
investing in high credit-quality investments with deep and liquid
markets, monitoring investment concentrations and restricting them
where appropriate, and establishing committed contingency borrowing
facilities.
Insurance manufacturing subsidiaries complete quarterly liquidity risk
reports and an annual review of the liquidity risks to which they are
exposed.
Liquidity risk
(Audited)
Description and exposure
Liquidity risk is the risk that an insurance operation, though solvent,
either does not have sufficient financial resources available to meet its
obligations when they fall due, or can secure them only at excessive
cost. Liquidity risk may be able to be shared with policyholders for
products with participating features.
The remaining maturity of insurance contract liabilities is included in
Note 4 on page 293.
The amounts of insurance contract liabilities that are payable on
demand are set out by the product grouping below and exclude
insurance businesses classified as held for sale (2025: HSBC Life (UK)
Limited; 2024: HSBC Assurances Vie (France). Further details are
provided on page 329.
Amounts payable on demand
(Audited)
2025
2024
Amounts
payable on
demand
Carrying
amount for
these
contracts
Amounts
payable on
demand
Carrying
amount for
these
contracts
$m
$m
$m
$m
Life direct participating
and investment DPF
contracts
108,416
117,107
98,275
102,605
Life other contracts
3,820
4,761
2,960
4,427
At 31 Dec
112,236
121,868
101,235
107,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-8": { "value": "
Value at risk
(Audited)
VaR is a technique for estimating potential losses on risk positions as a
result of movements in market rates\u00a0and prices over a specified time
horizon and to a given level of confidence. The use of VaR is integrated
into market risk management and calculated for all trading positions
regardless of how we capitalise them.
Our models are predominantly based on historical simulation that
incorporates the following features:
\u2013 historical market rates and prices, which are calculated with
reference to foreign exchange rates, commodity prices, interest
rates, equity prices and the associated volatilities;
\u2013 potential market movements that are calculated with reference to
data from the past two years; and
\u2013 calculations to a 99% confidence level and using a one-day holding
period.
The models also incorporate the effect of option features on the
underlying exposures. The nature of the VaR models means that an
increase in observed market volatility will lead to an\u00a0increase in VaR
without any changes in the underlying positions.
The Group trading VaR for the year is shown in the table below.
Trading VaR, 99% 1 day1
(Audited)
At 31 Dec 2025
At 31 Dec 2024
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
Foreign
exchange and
commodity
Interest
rate
Equity
Credit
spread
Portfolio
diversification1
Total2
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Balance
13.9
18.9
17.1
8.5
(19.5)
38.9
14.6
34.9
16.3
8.2
(35.7)
38.3
Average
13.6
27.5
16.3
10.1
(29.1)
38.5
15.2
48.3
14.8
9.9
(35.1)
53.1
Maximum
26.9
54.9
24.6
17.9
57.1
29.8
78.1
20.5
13.1
83.3
Minimum
6.2
17.1
12.3
6.4
27.3
6.9
24.8
12.7
6.6
37.0
1See page 166 for our definition of \u2018Portfolio diversification\u2019.
2The total VaR is non-additive across risk types due to diversification effects.
Market risk
(Audited)
All our insurance manufacturing subsidiaries have market risk
mandates and limits that specify the investment instruments in which
they are permitted to invest and the maximum quantum of market risk
that they may retain. They manage market risk by using some or all of
the techniques listed below, among others, depending on the nature of
the contracts written.
\u2013 We are able to adjust bonus rates and other discretionary benefits
to manage the liabilities to policyholders for products with
participating features. The effect is that a significant proportion of
the market risk is shared with the policyholders.
\u2013 We use asset and liability matching where asset portfolios are
structured to support projected liability cash flows.
\u2013 We use derivatives and other financial instruments, along with
reinsurance to protect against adverse market movements.
\u2013 We design new products to mitigate market risk, such as changing
the investment return sharing proportion between policyholders and
the shareholder.
Market risk
(Audited)
Description and exposure
Market risk is the risk of changes in market factors affecting HSBC\u2019s
capital or profit. Market factors include interest rates, equity and
growth assets, credit spreads and foreign exchange rates.
Our exposure varies depending on the type of contract issued. Our
most significant life insurance products are contracts with participating
features. These products typically include some form of capital
guarantee or guaranteed return on the sums invested by the
policyholders, to which bonuses are added if allowed by the overall
performance of the funds. For contracts without participating features,
some form of guarantee may still exist but HSBC\u2019s ability to share risks
with policyholders will be reduced. Funds supporting these savings
products are invested in a mix of fixed income assets (to support
guarantees) and other asset classes (to provide customers with the
potential for enhanced returns).
These products expose HSBC to the risk of variation in asset returns,
which will impact our participation in the investment performance.
In certain circumstances, asset returns may be insufficient to meet the
policyholders\u2019 guaranteed benefits. For non-participating contracts, any
resulting shortfall is borne by HSBC.
For unit-linked contracts, market risk is substantially borne by\u00a0the
policyholder, but some market risk exposure typically remains, as fees
earned are typically related to the market value of the linked assets.
Sensitivities
The following table shows the sensitivity of the CSM, profit and total
equity of our insurance manufacturing subsidiaries to changes in
interest rates, credit spreads, growth assets and foreign exchange
rates. These sensitivities are prepared in accordance with current IFRS
Accounting Standards.
Due in part to the nature of the guarantees, and the reinsurance and
hedging strategies which may be in place, the relationship between the
CSM, profit and total equity is not linear. The sensitivities are before
management actions that may mitigate the effect of changes in the
market environment. The lower profit after tax sensitivity to yield curve
shifts is driven by improved asset and liability matching in mainland
China, partly offset by the impact of methodology updates in Hong
Kong.
The 2025 sensitivities below exclude HSBC Assurances Vie (France)
following completion of its sale on 31 October 2025. Further details are
provided on page 329.
Sensitivity of HSBC\u2019s insurance manufacturing subsidiaries to market risk factors
(Audited)
2025
2024
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
Effect on
CSM
Effect on
profit after tax
for the year
Effect on
total equity
$m
$m
$m
$m
$m
$m
+100 basis point parallel shift in yield curves
(370)
36
36
(155)
83
52
-100 basis point parallel shift in yield curves
(51)
(127)
(127)
(249)
(217)
(186)
+100 basis point shift in credit spreads
(918)
(15)
(15)
(907)
(84)
(115)
-100 basis point shift in credit spreads
897
74
74
876
60
91
10% increase in growth assets1
461
64
64
467
73
73
10% decrease in growth assets1
(533)
(75)
(75)
(514)
(79)
(79)
10% appreciation in US dollar exchange rate against local functional currency
102
20
20
71
17
17
10% depreciation in US dollar exchange rate against local functional currency
(75)
(15)
(15)
(26)
(3)
(3)
1\u2018Growth assets\u2019 primarily comprise equity securities and investment properties. Variability in growth asset fair value constitutes a market risk to insurance
manufacturing subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-9": { "value": "
Single total figure of remuneration
(Audited)
The following table shows the single total figure of remuneration of each executive Director for 2025, together with comparative figures. Georges
Elhedery was appointed Group CFO effective from 1 January 2023 and succeeded Sir Noel Quinn as Group CEO on 2 September 2024. Pam Kaur
was appointed Group CFO and executive Director of the Board on 1 January 2025.
Single total figure of remuneration
(\u00a3000)
Base
salary
Fixed pay
allowance
('FPA')
Taxable
benefits
Non-
taxable
benefits
Cash in
lieu of
pension
Total
fixed
Annual
incentive
Notional
returns1
Long-term
incentive2,3
Total
variable4
Total
fixed and
variable
Georges Elhedery
2025
1,479
\u2014
61
108
148
1,796
3,605
5
1,217
4,827
6,623
2024
989
1,288
39
58
99
2,473
1,677
8
1,418
3,103
5,576
Pam Kaur
2025
863
\u2014
71
66
86
1,086
2,100
11
708
2,819
3,905
1Deferred cash awards granted in prior years include a right to receive notional returns for the period between the grant and vesting date. This is determined by
reference to a rate of return specified at the time of grant and paid annually, with the amount disclosed on a paid basis.
2LTI awards were made in February 2023 at a share price of \u00a36.357 for which the performance period ended on 31\u00a0December 2025. The value of the awards has been
computed based on a share price of \u00a310.708, the average share price during the three-month period to 31 December 2025. The LTI granted to Georges Elhedery was
in respect of 2022 performance in his role as Co-CEO, Global Banking and Markets ('GBM'), and for Pam Kaur in her role as Group Chief Risk and Compliance Officer.
See the following section for details of the performance assessment, which resulted in 45.19% vesting, and the award value attributable to share price appreciation.
3The value of the 2022-2024 LTI for Georges Elhedery has been restated based on a share price of \u00a38.442 to reflect the value of the award on 11 March 2025,
when the first tranche of the award vested. In 2024, the value was based on the average share price during the three-month period to 31 December 2024 of
\u00a37.184.
4No malus or clawback was applied to executive Directors' 2025 variable pay awards or outstanding deferred awards from prior years.
Fixed pay
(Audited)
Base pay
As set out in the 2024 report, Group CEO base salary was \u00a31,500,000 and Group CFO base salary was \u00a3875,000, effective 1 March 2025.
Benefits
Taxable benefits include the provision of medical insurance, car benefit
and tax support. Non-taxable benefits include the provision of life
assurance and other insurance cover.
The values of the significant benefits in the single total figure table are
set out in the following table.
Significant benefits
Total
taxable
and non-
taxable
benefits
(\u00a3000)
Group
income
protection
(non-taxable)
Medical
insurance
(taxable)
Car and
driver
(taxable)
Other
benefits
Georges
Elhedery
2025
102
25
18
24
169
2024
49
20
6
22
97
Pam Kaur
2025
62
10
38
27
137
Pensions
As per the approved policy, each executive Director receives a payment of 10% of base salary in lieu of pension contributions.
Annual incentive
(Audited)
Both executive Directors met the minimum standard of conduct and
behaviour for an annual incentive award to be made.
The annual incentive award is awarded 50% in cash and 50% in shares.
The shares portion of the award vests immediately at grant and is
subject to a retention period of one year and clawback provisions.
The award is determined by applying the outcome of their annual
scorecard to the maximum opportunity, set at 300% of base salary.
In assessing performance, the Committee considered, and made no
adjustment for, the impact of interest rates, re-confirming that
variations in the macroeconomic environment and their impact on
business outcomes remain for our executives to manage.
The Committee considered carefully the wider context in which
performance was delivered in 2025, including the strong total return
delivered to shareholders over the year. They judged that the overall
scorecard outcomes for both Georges Elhedery and Pam Kaur were
appropriate against the targets set at the start of the year for financial,
strategic and personal measures, and that the application of the risk
and compliance modifier was not required.
Executive Director 2025 annual incentive award value
(\u00a3000)
Base salary
\u00a3000
Maximum
opportunity
(% of salary)
Scorecard
outcome
Risk & compliance
modifier
Annual incentive
\u00a3000
Georges Elhedery
2025
1,500
300%
80.13%
Nil
3,605
Pam Kaur
2025
875
300%
80.03%
Nil
2,100
Annual incentive scorecard assessment
Weighting
(%)
Minimum
(25% payout)
Maximum
(100% payout)
Performance
Assessment
(%)
Outcome (%)
Financial (60%)1
Group RoTE2
25
13.0%
16.0%
17.2%
100.00
25.00
Target basis operating expenses2
15
3.5%
1.5%
3.0%
43.75
6.56
Profit before tax ($bn)2
10
$28.3
$34.6
$36.6
100.00
10.00
Fee income growth relative to
balance sheet growth3
10
2.0%
6.0%
8.1%
100.00
10.00
Strategic (30%)
Customer satisfaction
15
See strategic measures table for commentary
76.00
11.40
Deliver benefits of announced
organisational changes
8
87.50
7.00
People and culture
7
50.00
3.50
Personal (10%)
10
See personal measures table for commentary
Georges
Elhedery
Pam
Kaur
6.67
6.57
Formulaic scorecard outcome (%)
80.13
80.03
Risk adjustment (%)
\u2014
\u2014
Scorecard outcome after risk adjustment (%)
80.13
80.03
Maximum opportunity (\u00a3000)
4,500
2,625
Annual incentive awarded (\u00a3000)
3,605
2,100
1The CET1 capital ratio of 14.9% exceeded the tolerance level in the risk appetite statement as required by the underpin.
2Excluding notable items.
3FY24 excludes net fee income and net loans and advances to customers from our banking business in Canada and our business in Argentina prior to disposal.
Long-term incentive (\u2019LTI\u2019) awards
LTI awards over 2023 to 2025 performance period
(Audited)
Georges Elhedery and Pam Kaur were each granted a 2023\u20132025 LTI
award in February 2023 in their capacity as Co-CEO GBM and Group
Chief Risk and Compliance Officer respectively, prior to their
appointment as executive Directors. Sir Noel Quinn was also granted a
2023\u20132025 LTI award in February 2023 in his capacity as Group CEO.
At the time of grant, the Committee determined that there were no
windfall gains to consider for this award given the share price at grant
(\u00a36.36) was above the share price at the previous LTI grant (\u00a35.38).
The scorecard delivered an outcome of 45.19%, reflecting strong
shareholder returns across the performance period. The Committee
received input from the GRC who assessed that the performance
targets were delivered with appropriate risk management. On this
basis, the Committee considered that no adjustment for risk matters
should be made.
The value of the 2023\u20132025 LTI shown below is based on the average
share price during the three-month period to 31 December 2025 of
\u00a310.708. The awards will vest in five equal annual instalments
commencing in March 2026. On vesting, shares equivalent to the net
number of shares that have vested (after those sold to cover any
income tax and social security payable) will be held for a retention
period of one year.
Executive Director 2025 LTI values
(\u00a3000)
Award
Ordinary
shares
granted
Prorated for
time in
employment
Performance
outcome
Risk &
compliance
modifier
Shares to
vest
Value of
shares to vest
\u00a3000
Of which:
face value
\u00a3000
Of which: share
appreciation
\u00a3000
Georges Elhedery
2025
2023-25 LTI
251,474
251,474
45.19%
\u2014
113,641
1,217
722
495
Pam Kaur
2025
2023-25 LTI
146,393
146,393
45.19%
\u2014
66,154
708
420
288
Former director
Sir Noel Quinn
2025
2023-25 LTI
861,422
669,995
45.19%
\u2014
302,770
3,242
1,925
1,317
Assessment of the 2023\u20132025 LTI awards
Measures (weighting)1
Minimum\u00a0 \u00a0
(25% payout)
Target\u00a0 \u00a0 \u00a0 \u00a0
(50% payout)
Maximum\u00a0 \u00a0 \u00a0
(100% payout)
Actual
Assessment
Outcome
RoTE with CET1 capital ratio underpin2 (25%)
13.0%
14.3%
15.5%
13.3%
30.8%
7.69%
Capital reallocation to Asia with CET1 capital ratio
underpin3 (25%)
49.0%
50.5%
52.0%
44.8%
0.0%
0.00%
Transition to net
zero 4 (25%)
Carbon reduction (own
emissions)
64.0%
68.0%
72.0%
84.9%
100.0%
12.50%
Sustainable finance and
investment
$588bn
$700bn
$756bn
$496bn
0.0%
0.00%
Relative TSR5 (25%)
At median of the
peer group
Straight-line vesting
between minimum
and maximum
At upper quartile of
the peer group
Above upper
quartile
100.0%
25.00%
Total
45.19%
1Awards vest on a straight-line basis for performance between the minimum, target and maximum levels of performance set out in this table.
2Assessed based on RoTE in the 2025 financial year. The CET1 capital ratio of 14.9% exceeded the level required by the underpin.
3Assessed based on share of Group tangible equity (on a constant currency basis and excluding associates) allocated to Asia by 31 December 2025.
4Carbon reduction assessed on percentage reduction in total energy and travel emissions achieved by 31 December 2025 using 2019 as the baseline. Sustainable
finance and investment assessed on cumulative financing provided over the performance period.
5The peer group was: Bank of China (Hong Kong), Barclays, BNP Paribas, China Merchants Bank, Citigroup, DBS Group Holdings, J.P. Morgan Chase & Co.,
Lloyds Banking Group, OCBC Bank, Standard Chartered and UBS Group. Credit Suisse Group was removed following its acquisition by UBS Group in June 2023.
Scheme interests awarded during 2025
(Audited)
The table below sets out scheme interests granted to executive Directors during 2025 in respect of the 2024 performance year, as disclosed in
the 2024 Directors\u2019 remuneration report. No non-executive Directors received scheme interests during the financial year. Details of immediate
shares are disclosed in compliance with Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited.
Scheme awards in 2025
(Audited)
Type of interest
awarded
Basis on which
award made
Date of award
Face value
awarded
\u00a3000
Percentage
receivable for
minimum
performance
Number of
shares
awarded
End of
performance
period
Georges Elhedery
LTI deferred shares1
% of base salary
7 May 2025
12,407
25
1,367,880
31 December 2027
Immediate shares2
% of base salary
4 March 2025
838
N/A
92,447
31 December 2024
Pam Kaur
LTI deferred shares1
% of base salary
7 May 2025
7,237
25
797,930
31 December 2027
Immediate shares2
% of base salary
4 March 2025
1,687
N/A
186,052
31 December 2024
1 In accordance with the remuneration policy approved at the 2025 AGM, the LTI award was determined at 600% of base salary for Pam Kaur and 600% of base
salary for Georges Elhedery. The number of shares was determined by taking the average closing price of the week commencing 24 February 2025 (\u00a39.070),
being the same price used for other awards granted in respect of the 2024 performance year, and discounting based on HSBC\u2019s expected dividend yield of 6.5%
per annum for the vesting period (\u00a36.580). The fair value of the awards was \u00a33.185 based on IFRS 2 accounting standards. LTI awards are conditional share
awards subject to a three-year forward-looking performance period and vest in five equal annual instalments, between the third and seventh anniversary of the
award date, subject to performance achieved. Awards are subject to clawback for up to 10 years from award date and are not eligible for dividend equivalents.
2 Immediate share awards are granted based on previous years\u2019 performance as part of the annual incentive and are not subject to forward-looking performance
conditions. On vesting, a one-year retention period applies. The face values of the awards was computed using the average closing price of the week
commencing 24 February 2025, \u00a39.070. The fair value of the awards was \u00a39.163 based on IFRS 2 accounting standards. Awards are subject to clawback for up
to 10 years from the award.
Performance conditions for the 2025\u20132027 LTI awards
(Audited)
Measures (weighting)1
Minimum
(25% payout)
Target
(50% payout)
Maximum
(100% payout)
RoTE (excluding notable items) with CET1 capital ratio
underpin2 (40%)
14.0%
16.0%
18.0%
Environment and
sustainability3 (20%)
Carbon reduction
(own emissions) (5%)
71.0%
73.0%
78.0%
Sustainable finance and
investment (15%)
$648.0bn
$720.0bn
$792.0bn
Relative TSR4 (40%)
At median of the
peer group
Straight-line vesting between
minimum and maximum
At upper quartile of
peer group
Subject to risk and compliance modifier
The Group Remuneration Committee retains the discretion to revise down the formulaic outcome taking into account performance against risk and compliance
factors during the performance period.
1 Awards will vest on a straight-line basis for performance between the minimum, target and maximum levels of performance set in this table.
2 To be assessed based on RoTE at the end of the performance period, subject to the CET1 capital ratio underpin.
3 Carbon reduction will be measured based on percentage reduction in total energy and travel emissions achieved by 31 December 2027 using 2019 as the
baseline. The sustainable finance and investment measure will assess the cumulative amount provided and facilitated over the period ending 31\u00a0December 2027.
4 The peer group for the 2025\u20132027 award is: Bank of China (Hong Kong), Barclays, BNP Paribas, China Merchants Bank, Citigroup, DBS Group Holdings,
J.P.\u00a0Morgan Chase & Co., Lloyds Banking Group, OCBC Bank, Standard Chartered and UBS Group.
Other scheme interests held during 2025
The table below details scheme interests held by executive Directors during 2025, in respect of prior performance years. Vesting of deferred share
awards is normally subject to the Director remaining an employee on the vesting date. The awards may vest at an earlier date in some
circumstances. Under the Securities and Futures Ordinance of Hong Kong, interests in conditional share awards are categorised as the interests of
the beneficial owner.
Other scheme interests in 2025
(Audited)
HSBC Holdings ordinary shares
Type of
interest held
Dates of
award
Award
price
(\u00a3)1
Usually vesting
Vested
Tranche
Tranche
vested on
Market
price at
vest (\u00a3)
Closing
price
before
vest date
(\u00a3)
At
1 Jan 25
Vested
in
period
Lapsed
in
period
Cancelled
in
period
At
31\u00a0Dec 25
from
to
Georges Elhedery
LTI
Deferred
shares
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 252
8.4415
8.5480
223,989
33,597
55,998
\u2014
134,394
27 Feb 23
6.357
1 Mar 26
31 Mar 30
\u2014
\u2014
\u2014
\u2014
251,474
\u2014
\u2014
\u2014
251,474
26 Feb 24
5.972
1 Mar 27
31 Mar 31
\u2014
\u2014
\u2014
\u2014
569,177
\u2014
\u2014
\u2014
569,177
Deferred
shares3
24 Feb 20
5.622
1 Mar 23
31 Mar 27
3
10 Mar 25
8.6138
8.7640
88,597
29,532
\u2014
\u2014
59,065
1 Mar 21
4.262
1 Mar 24
31 Mar 28
2
10 Mar 25
8.6138
8.7640
244,419
61,104
\u2014
\u2014
183,315
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 25
8.4415
8.5480
273,163
54,632
\u2014
\u2014
218,531
Pam Kaur
LTI
Deferred
shares
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 252
8.4415
8.5480
168,077
25,211
42,020
\u2014
100,846
27 Feb 23
6.357
1 Mar 26
31 Mar 30
\u2014
\u2014
\u2014
\u2014
146,393
\u2014
\u2014
\u2014
146,393
26 Feb 24
5.972
1 Mar 27
31 Mar 31
\u2014
\u2014
\u2014
\u2014
185,889
\u2014
\u2014
\u2014
185,889
Deferred
shares3
26 Feb 18
7.234
1 Mar 21
31 Mar 25
5
10 Mar 25
8.6138
8.7640
15,633
15,633
\u2014
\u2014
\u2014
25 Feb 19
6.235
1 Mar 22
31 Mar 26
4
10 Mar 25
8.6138
8.7640
37,310
18,655
\u2014
\u2014
18,655
24 Feb 20
5.622
1 Mar 23
31 Mar 27
3
10 Mar 25
8.6138
8.7640
58,909
19,635
\u2014
\u2014
39,274
1 Mar 21
4.262
1 Mar 24
31 Mar 28
2
10 Mar 25
8.6138
8.7640
169,555
42,388
\u2014
\u2014
127,167
28 Feb 22
5.380
1 Mar 25
31 Mar 29
1
11 Mar 25
8.4415
8.5480
210,542
42,108
\u2014
\u2014
168,434
27 Feb 23
6.357
1 Mar 26
31 Mar 30
\u2014
\u2014
\u2014
\u2014
65,843
\u2014
\u2014
\u2014
65,843
26 Feb 24
5.972
1 Mar 27
31 Mar 31
\u2014
\u2014
\u2014
\u2014
100,798
\u2014
\u2014
\u2014
100,798
1 The award price is the closing price on the day before the grant date for awards made in 2024 and prior years. In all cases the purchase price is nil.
2 The performance conditions were assessed and confirmed at 75%. The remaining 25% of the award was forfeited. Shares equivalent in number to those that
vest under the award (net of tax liabilities) must be retained for one year from the vesting date. The award vests in five equal tranches.
3 Shares equivalent in number to those that vest under the award (net of tax liabilities) must be retained for one year from vesting. The awards vest in five equal
tranches.
No Directors held any short position (as defined in the Securities and
Futures Ordinance of Hong Kong) in the shares or debentures of HSBC
Holdings and its associated corporations. Save as stated in the tables
above, none of the Directors had an interest in any shares or
debentures of HSBC Holdings or any associates at the beginning or at
the end of the period, and none of the Directors or members of their
immediate families were awarded or exercised any right to subscribe
for any shares or debentures in any HSBC corporation during the
period.
There have been no changes in the shares or debentures of the
Directors from 31 December 2025 to the date of this report.
Executive Directors\u2019 interests in shares
(Audited)
The shareholdings of executive Directors in 2025, including the
shareholdings of their connected persons, are shown in the table below
at 31 December 2025, alongside their shareholding requirement. There
have been no changes in the shareholdings of the executive Directors
from 31\u00a0December 2025 to the date of this report.
Executive Directors have five years from their appointment to build up
the required level of shareholding. In line with investor guidance,\u00a0
unvested shares that are not subject to forward-looking performance
conditions (on a net of tax basis) can count towards their shareholding
requirement.
The Committee reviews compliance with the shareholding
requirement, taking into account shareholder expectations and
guidelines. The Committee also has full discretion in determining any
penalties for non-compliance.
The weighted average holding period of an LTI award within HSBC is
six years, in excess of the five-year holding period typically
implemented by FTSE-listed companies.
HSBC operates a policy under which individuals are not permitted to
enter into any personal hedging strategies in relation to shares subject
to a vesting and/or retention period.
Shares
(Audited)
Shareholding
guidelines
(% of salary)
Shareholding at
31 Dec 2025 2
(% of salary)
At 31 Dec 2025
Scheme interests
Share interests
(number
of shares)
Share options3
Shares awarded subject to deferral1
without
performance
conditions
with
performance
conditions4
Executive Directors
Georges Elhedery5
600%
792%
1,109,810
\u2014
595,305
2,188,531
Pam Kaur5
600%
1,207%
986,625
\u2014
621,017
1,130,212
1 The gross number of shares is disclosed. A portion will be sold at vesting to cover any income tax and social security that falls due at the time of vesting.
2 The value of the shareholding is calculated using an average of the daily closing share prices in the three months to 31 December 2025, \u00a310.708, and does not
include any unvested interests.
3 At 31 December 2025, Georges Elhedery and Pam Kaur did not hold any options under the HSBC Holdings Savings-Related Share Option Plan (UK).
4 LTI awards are subject to performance measures as set out in the relevant Annual Report and Accounts.\u00a0
5 Executive Directors are expected to meet their shareholding guidelines within five years of the date of their appointment.
Total pension entitlements
(Audited)
No employees who served as executive Directors during the year have
a right to amounts under any HSBC final salary pension scheme for
their services as executive Directors or are entitled to additional
benefits in the event of early retirement. There is no retirement age set
for Directors, but the normal retirement age for colleagues is 65.
Payments to past Directors
(Audited)
In line with the terms of his departure disclosed in our Annual Report
and Accounts 2024, Sir Noel Quinn was granted good leaver status. Sir
Noel Quinn is eligible to receive vesting of the 2023\u20132025 LTI award,
pro-rated for time in employment subject to satisfaction of non-
compete provisions under which he cannot undertake a role with a
defined list of competitor financial services firms for 12 months after
his employment ceases with HSBC. Details of the 2023\u20132025 LTI
outcome are outlined on page 223.
No other payments in scope of the remuneration disclosure
requirements were made to, or in respect of, former Directors in\u00a0the
year in excess of the minimum threshold of \u00a350,000 set for this
purpose.
Payments for loss of office
(Audited)
Sir Noel Quinn left the Group on 30 April 2025.
In accordance with the approved Directors' remuneration policy and
contractual terms agreed for the period between 1 January 2025 and
30 April 2025, Noel received payments totalling \u00a31,232,072. This
included a salary of \u00a3458,667, a pension allowance of \u00a345,867 and a
fixed pay allowance of \u00a3566,658. The fixed pay allowance was awarded
in immediately vested shares, which are subject to a retention period
and released on a pro-rata basis over five years. In accordance with the
approved Directors' remuneration policy, Noel also received cash in lieu
of unused holiday totalling \u00a3123,600 on expiry of his notice period, and
taxable and non-taxable benefits with an aggregate value of \u00a337,280.
Noel's full departure terms were disclosed in the Annual Report and
Accounts 2024. No other payments for loss of office were made to
former or current Directors in the year.
Non-executive Directors
(Audited)
The following table shows the total fees and benefits of non-executive Directors for 2025, together with comparative figures for 2024.
Fees and benefits
(Audited)
Fees 1
Benefits2
Total
(\u00a3000)
2025
2024
2025
2024
2025
2024
Geraldine Buckingham3
283
270
14
3
297
273
Rachel Duan
268
255
13
3
281
258
Dame Carolyn Fairbairn
337
292
15
5
352
297
James Forese4
817
801
34
4
851
805
Ann Godbehere5
737
389
44
\u2014
781
389
Steven Guggenheimer
268
259
22
4
290
263
Jos\u00e9 Antonio Meade Kuribre\u00f1a
268
253
51
7
319
260
Kalpana Morparia
268
248
21
1
289
249
Eileen Murray
386
331
30
\u2014
416
331
Brendan Nelson6
783
329
80
38
863
367
Swee Lian Teo
298
256
28
\u2014
326
256
Sir Mark Tucker7
1,125
1,500
62
145
1,187
1,645
Total (\u00a3000)
5,838
5,183
414
210
6,252
5,393
Total ($000)
7,691
6,828
545
277
8,236
7,104
1 Fees are in line with the Directors' remuneration policy approved by the shareholders at the 2025 AGM.
2 Benefits include taxable expenses such as accommodation, travel and subsistence relating to attendance at Board and other meetings at HSBC Holdings'
registered offices.
3 Stepped down as a member of the Group Remuneration Committee on 31 January 2025.
4 Includes fee of \u00a3418,000 (2024: \u00a3430,000) in relation to his role as Chair of HSBC North America Holdings, Inc.
5 Appointed as a non-executive Director of HSBC Bank plc on 1 January 2025 and received a pro rata annual fee of \u00a3105,000 until 24 April 2025. Ann was
appointed as Chair of HSBC Bank plc Board and the Nomination, Remuneration and Governance Committee on 25 April 2025 and received a pro rata annual fee
of \u00a3300,000.\u00a0
6 Appointed as a non-executive Director of HSBC UK Bank plc on 9 January 2025 and received an annual fee for this appointment of \u00a3135,000 pro rata for the
period 9 January 2025 to 30 September 2025. Following his appointment as Group Chairman on 1 October 2025, Brendan received a single total annual fee of
\u00a31.5m pro rata and no other fees were paid in relation to any of his other Group or HSBC UK Bank plc roles from 1 October 2025.
7 Stepped down as Group Chairman on 30 September 2025.
Non-executive Directors\u2019 interests in shares
(Audited)
The shareholdings of persons who were non-executive Directors in
2025, including the shareholdings of their connected persons, at
31\u00a0December\u00a02025, or date of cessation as a Director if earlier, are set
out below. There have been no changes in the shareholdings of the
non-executive Directors from 31\u00a0December 2025 to the date of this
report. Non-executive Directors are expected to meet the shareholding
guidelines of 15,000 shares within five years of the date of their
appointment. All non-executive Directors who had been appointed for
five years or more at 31 December 2025 met the guidelines.
Shares
Shareholding
guidelines (number of
shares)
Share interests
(number of shares)
Geraldine Buckingham
15,000
15,000
Rachel Duan
15,000
15,000
Dame Carolyn Fairbairn
15,000
15,000
James Forese
15,000
115,000
Ann Godbehere
15,000
15,000
Steven Guggenheimer
15,000
15,000
Jos\u00e9 Antonio Meade Kuribre\u00f1a
15,000
15,000
Kalpana Morparia
15,000
15,000
Eileen Murray
15,000
75,000
Brendan Nelson
15,000
15,000
Swee Lian Teo
15,000
15,200
Sir Mark Tucker (retired on 30 September 2025)
15,000
307,352
Key Management Personnel
Details of Directors\u2019 remuneration and interests in shares are disclosed in the \u2018Directors\u2019 remuneration report\u2019 on pages 216 to 240.
IAS\u00a024\u00a0\u2018Related Party Disclosures\u2019 requires the following additional information for key management compensation.
Compensation of Key Management Personnel
2025
2024
2023
$m
$m
$m
Short-term employee benefits
47
53
51
Post-employment benefits
1
1
1
Other long-term employee benefits
14
12
10
Share-based payments
30
29
29
Year ended 31 Dec
92
95
91
Shareholdings, options and other securities of Key Management Personnel
2025
2024
(000s)
(000s)
Number of options held over HSBC Holdings ordinary shares under employee share plans
\u2014
20
Number of HSBC Holdings ordinary shares held beneficially and non-beneficially
14,817
17,455
Number of other HSBC securities held
\u2014
228
At 31 Dec
14,817
17,703
Advances and credits, guarantees and deposit balances during the year with Key Management Personnel
2025
2024
Balance at
31\u00a0Dec
Highest amounts
outstanding
during year
Balance at
31 Dec
Highest amounts
outstanding
during year
$m
$m
$m
$m
Key Management Personnel
Advances and credits1
11
12
9
12
Guarantees
\u2014
\u2014
\u2014
\u2014
Deposits
67
144
78
191
1Advances and credits entered into by subsidiaries of HSBC Holdings plc during 2025 with Directors and former Directors, disclosed pursuant to section 413 of
the Companies Act 2006, totalled $0.1m (2024: $1.3m) and the total value of guarantees entered into on behalf of the Directors and former Directors was nil
(2024: nil)
Unless previously disclosed, there were no connected transactions during the reporting period that fell outside the exemptions provided by the
Companies Act 2006, the UK Financial Conduct Authority\u2019s Listing Rules and the Rules Governing The Listing of Securities on The Stock Exchange
of Hong Kong Limited. The transactions conducted were in the ordinary course of business and on substantially the same terms, including interest
rates and security, as for comparable transactions with parties of a similar standing or, where applicable, with other employees. These transactions
did not involve more than the normal risk of repayment or present other unfavourable features.
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"3600000000.0", "decimals": -8, "dimensions": { "concept": "group:RepaymentsOfSecurities", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-939": { "value": "2000000000.0", "decimals": -8, "dimensions": { "concept": "group:RepaymentsOfSecurities", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-940": { "value": "2100000000.0", "decimals": -8, "dimensions": { "concept": "group:RepaymentsOfSecurities", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-941": { "value": "1400000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-942": { "value": "1600000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-943": { "value": "-600000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-944": { "value": "-700000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-945": { "value": "-1000000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-946": { "value": "800000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-947": { "value": "66600000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-948": { "value": "50400000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-949": { "value": "61800000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-950": { "value": "9600000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "group:HangSengBankChinaLimitedMember", "unit": "iso4217:USD" } }, "f-951": { "value": "0.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "group:HangSengBankChinaLimitedMember", "unit": "iso4217:USD" } }, "f-952": { "value": "0.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2024-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "group:HangSengBankChinaLimitedMember", "unit": "iso4217:USD" } }, "f-953": { "value": "300000000.0", "decimals": -8, "dimensions": { "concept": 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1.1Basis of preparation
(a)Compliance with International Financial Reporting Standards
The consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings comply with UK-adopted international
accounting standards and with the requirements of the Companies Act 2006, and have also applied international financial reporting standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These financial statements are also prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u2018IFRS Accounting Standards\u2019),
including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS Accounting Standards for
the periods presented. There were no unendorsed standards effective for the year ended 31\u00a0December\u00a02025 affecting these consolidated and
separate financial statements.
IFRS Accounting Standards adopted during the year ended 31 December 2025
There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies
have been applied consistently.
(b)Differences between IFRS Accounting Standards and Hong Kong Financial Reporting
Standards
There are no significant differences between IFRS Accounting Standards and Hong Kong Financial Reporting Standards in terms of their application
to HSBC, and consequently there would be no significant differences had the financial statements been prepared in accordance with Hong Kong
Financial Reporting Standards. The \u2018Notes on the financial statements\u2019, taken together with the \u2018Report of the Directors\u2019, include the aggregate of
all disclosures necessary to satisfy IFRS Accounting Standards and Hong Kong Financial Reporting Standards.
(c)Future accounting developments
Minor amendments to IFRS Accounting Standards
The International Accounting Standards Board (\u2018IASB\u2019) has published a number of minor amendments to IFRS Accounting Standards that are
effective from 1 January 2026. HSBC expects they will have an insignificant effect, when adopted, on the consolidated financial statements of
HSBC and the separate financial statements of HSBC Holdings.
Other amendments and new IFRS Accounting Standards
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019
In May 2024, the IASB issued amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019, effective for annual
reporting periods beginning on, or after, 1 January 2026. In addition to guidance as to when certain financial liabilities can be deemed settled when
using an electronic payment system, the amendments also provide further clarification regarding the classification of financial assets that contain
contractual terms that change the timing or amount of contractual cash flows, including those arising from ESG-related contingencies, and financial
assets with certain non-recourse features. The Group does not expect any material impact from these amendments.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
In April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, effective for annual reporting periods beginning on or
after 1 January 2027. The new accounting standard aims to give users of financial statements more transparent and comparable information about
an entity\u2019s financial performance. It will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but carries over many requirements from that IFRS
Accounting Standard unchanged. In addition, there are three sets of new requirements relating to the structure of the income statement,
management-defined performance measures and the aggregation and disaggregation of financial information.
While IFRS 18 will not change recognition criteria or measurement bases, it will have an impact on presenting information in the financial
statements, in particular the income statement and to a lesser extent the cash flow statement. HSBC are currently evaluating impacts and
ensuring data readiness is adequate in anticipation of implementation.
(d)Foreign currencies
HSBC\u2019s consolidated financial statements are presented in US dollars because the US dollar and currencies linked to it form the major currency
bloc in which HSBC transacts and funds its business. The US dollar is also HSBC Holdings\u2019 functional currency because the US dollar and
currencies linked to it are the most significant currencies relevant to the underlying transactions, events and conditions of its subsidiaries, as well
as representing a significant proportion of its funds generated from financing activities.
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Assets and liabilities denominated in foreign
currencies are translated at the rate of exchange at the balance sheet date, except non-monetary assets and\u00a0liabilities measured at historical cost,
which are translated using the rate of exchange at the initial transaction date. Exchange differences are recognised in the income statement
except where otherwise required such as exchange components of gains and losses on non-monetary items which are recognised in the income
statement or other comprehensive income depending on where the gain or loss on the underlying item is presented.
Except for subsidiaries operating in hyperinflationary economies, in the consolidated financial statements, the assets and liabilities of branches,
subsidiaries, joint ventures and associates whose functional currency is not US dollars are translated into the Group\u2019s presentation currency at the
rate of exchange at the balance sheet date, while their results are translated into US dollars at the average rates of exchange for the reporting
period. Exchange differences arising are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences
previously recognised in other comprehensive income are reclassified to the income statement.
(e)Presentation of information
Certain disclosures required by IFRS Accounting Standards have been included in the sections marked as (\u2018Audited\u2019) in the Annual Report and
Accounts 2025 as follows:
\u2013 Disclosures concerning the nature and extent of risks relating to insurance contracts and financial instruments are included in the \u2018Risk review\u2019
on pages 97 to 185.
\u2013 The \u2018Own funds disclosure\u2019 is included in the \u2018Risk review\u2019 on page 159.
HSBC follows the UK Finance Disclosure Code. The UK Finance Disclosure Code aims to increase the quality and comparability of UK banks\u2019
disclosures and sets out five disclosure principles together with supporting guidance agreed in 2010. In line with the principles of the UK Finance
Disclosure Code, HSBC assesses good practice recommendations issued from time to time by relevant regulators and standard setters, and will
assess the applicability and relevance of such guidance, enhancing disclosures where appropriate.
(f)Critical estimates and judgements
The preparation of financial information requires the use of estimates and judgements about future conditions. In view of the inherent uncertainties
and the high level of subjectivity involved in the recognition or measurement of items, highlighted as the \u2018critical estimates and judgements\u2019 in
section 1.2 below, it is possible that the outcomes in the next financial year could differ from those on which management\u2019s estimates are based.
This could result in materially different estimates and judgements from those reached by management for the purposes of these financial
statements. Management\u2019s selection of HSBC\u2019s accounting policies that contain critical estimates and judgements reflects the materiality of the
items to which the policies are applied and the high degree of judgement and estimation uncertainty involved.
Management has considered the impact of climate-related risks on HSBC\u2019s financial position and performance. While the effects of climate
change are a source of uncertainty, as at 31 December 2025 management did not consider there to be a material impact on our critical judgements
and estimates from the physical, transition and other climate-related risks in the short to medium term. In particular, management has considered
the known and observable potential impacts of climate-related risks of associated judgements and estimates in our value in use calculations.
(g)Going concern
The financial statements are prepared on a going concern basis, as the Directors are satisfied that the Group and parent company have the
resources to continue in business for the foreseeable future. In making this assessment, the Directors have considered a wide range of
information relating to present and future conditions, including future projections of profitability, cash flows, capital requirements and capital
resources.
These considerations include stressed scenarios that reflect the uncertainty in the macroeconomic environment, including ongoing supply chain
disruptions, uncertain inflation, rapidly changing interest rates, the impact of the Russia-Ukraine war and further conflict or military action in the
Middle East, Venezuela or elsewhere; uncertainty around Hong Kong and mainland China\u2019s CRE sectors; heightened strategic competition
between the US and China, ongoing and potential cross-border investment and trade restrictions, changes to tariff rates, as well as the potential
impacts from other top and emerging risks, including climate change, as well as the related impacts on profitability, capital and liquidity.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-966": { "value": "
(a)Compliance with International Financial Reporting Standards
The consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings comply with UK-adopted international
accounting standards and with the requirements of the Companies Act 2006, and have also applied international financial reporting standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These financial statements are also prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u2018IFRS Accounting Standards\u2019),
including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS Accounting Standards for
the periods presented. There were no unendorsed standards effective for the year ended 31\u00a0December\u00a02025 affecting these consolidated and
separate financial statements.
IFRS Accounting Standards adopted during the year ended 31 December 2025
There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies
have been applied consistently.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-968": { "value": "
IFRS Accounting Standards adopted during the year ended 31 December 2025
There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies
have been applied consistently.", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-967": { "value": "
IFRS Accounting Standards adopted during the year ended 31 December 2025
There were no new standards, amendments to standards or interpretations that had an effect on these financial statements. Accounting policies
have been applied consistently.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-969": { "value": "Future accounting developments
Minor amendments to IFRS Accounting Standards
The International Accounting Standards Board (\u2018IASB\u2019) has published a number of minor amendments to IFRS Accounting Standards that are
effective from 1 January 2026. HSBC expects they will have an insignificant effect, when adopted, on the consolidated financial statements of
HSBC and the separate financial statements of HSBC Holdings.
Other amendments and new IFRS Accounting Standards
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019
In May 2024, the IASB issued amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019, effective for annual
reporting periods beginning on, or after, 1 January 2026. In addition to guidance as to when certain financial liabilities can be deemed settled when
using an electronic payment system, the amendments also provide further clarification regarding the classification of financial assets that contain
contractual terms that change the timing or amount of contractual cash flows, including those arising from ESG-related contingencies, and financial
assets with certain non-recourse features. The Group does not expect any material impact from these amendments.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
In April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, effective for annual reporting periods beginning on or
after 1 January 2027. The new accounting standard aims to give users of financial statements more transparent and comparable information about
an entity\u2019s financial performance. It will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but carries over many requirements from that IFRS
Accounting Standard unchanged. In addition, there are three sets of new requirements relating to the structure of the income statement,
management-defined performance measures and the aggregation and disaggregation of financial information.
While IFRS 18 will not change recognition criteria or measurement bases, it will have an impact on presenting information in the financial
statements, in particular the income statement and to a lesser extent the cash flow statement. HSBC are currently evaluating impacts and
ensuring data readiness is adequate in anticipation of implementation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-970": { "value": "
(d)Foreign currencies
HSBC\u2019s consolidated financial statements are presented in US dollars because the US dollar and currencies linked to it form the major currency
bloc in which HSBC transacts and funds its business. The US dollar is also HSBC Holdings\u2019 functional currency because the US dollar and
currencies linked to it are the most significant currencies relevant to the underlying transactions, events and conditions of its subsidiaries, as well
as representing a significant proportion of its funds generated from financing activities.
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Assets and liabilities denominated in foreign
currencies are translated at the rate of exchange at the balance sheet date, except non-monetary assets and\u00a0liabilities measured at historical cost,
which are translated using the rate of exchange at the initial transaction date. Exchange differences are recognised in the income statement
except where otherwise required such as exchange components of gains and losses on non-monetary items which are recognised in the income
statement or other comprehensive income depending on where the gain or loss on the underlying item is presented.
Except for subsidiaries operating in hyperinflationary economies, in the consolidated financial statements, the assets and liabilities of branches,
subsidiaries, joint ventures and associates whose functional currency is not US dollars are translated into the Group\u2019s presentation currency at the
rate of exchange at the balance sheet date, while their results are translated into US dollars at the average rates of exchange for the reporting
period. Exchange differences arising are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences
previously recognised in other comprehensive income are reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-971": { "value": "
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Assets and liabilities denominated in foreign
currencies are translated at the rate of exchange at the balance sheet date, except non-monetary assets and\u00a0liabilities measured at historical cost,
which are translated using the rate of exchange at the initial transaction date. Exchange differences are recognised in the income statement
except where otherwise required such as exchange components of gains and losses on non-monetary items which are recognised in the income
statement or other comprehensive income depending on where the gain or loss on the underlying item is presented.
Except for subsidiaries operating in hyperinflationary economies, in the consolidated financial statements, the assets and liabilities of branches,
subsidiaries, joint ventures and associates whose functional currency is not US dollars are translated into the Group\u2019s presentation currency at the
rate of exchange at the balance sheet date, while their results are translated into US dollars at the average rates of exchange for the reporting
period. Exchange differences arising are recognised in other comprehensive income. On disposal of a foreign operation, exchange differences
previously recognised in other comprehensive income are reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-972": { "value": "
(f)Critical estimates and judgements
The preparation of financial information requires the use of estimates and judgements about future conditions. In view of the inherent uncertainties
and the high level of subjectivity involved in the recognition or measurement of items, highlighted as the \u2018critical estimates and judgements\u2019 in
section 1.2 below, it is possible that the outcomes in the next financial year could differ from those on which management\u2019s estimates are based.
This could result in materially different estimates and judgements from those reached by management for the purposes of these financial
statements. Management\u2019s selection of HSBC\u2019s accounting policies that contain critical estimates and judgements reflects the materiality of the
items to which the policies are applied and the high degree of judgement and estimation uncertainty involved.
Management has considered the impact of climate-related risks on HSBC\u2019s financial position and performance. While the effects of climate
change are a source of uncertainty, as at 31 December 2025 management did not consider there to be a material impact on our critical judgements
and estimates from the physical, transition and other climate-related risks in the short to medium term. In particular, management has considered
the known and observable potential impacts of climate-related risks of associated judgements and estimates in our value in use calculations.
Critical estimates and judgements
Investments in subsidiaries are tested for impairment when there is an indication that the investment may be impaired, which involves estimations of value in use
reflecting management\u2019s best estimate of the future cash flows of the investment and the rates used to discount these cash flows, both of which are subject to
uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a high
degree of uncertainty in volatile market conditions.
Where such circumstances are determined to exist,
management re-tests for impairment or reversal more
frequently than once a year when indicators exist. This
ensures that the assumptions on which the cash flow
forecasts are based continue to reflect current market
conditions and management\u2019s best estimate of future
business prospects.
\u2013 The future cash flows of each investment are sensitive to the cash flows projected for the periods
for which detailed forecasts are available and to assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable
economic data, but they reflect management\u2019s view of future business prospects at the time of the
assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their
valuation, and are based on the costs of equity assigned to the investment. The cost of equity
percentage is generally derived from a capital asset pricing model and the market implied cost of
equity, which incorporates inputs reflecting a number of financial and economic variables, including
the risk-free interest rate in the country concerned and a premium for the risk of the business being
evaluated. These variables are subject to fluctuations in external market rates and economic
conditions beyond management\u2019s control.
\u2013 Key assumptions used in estimating impairment in subsidiaries and their reversal where relevant are
described in Note 19.\u00a0
Critical estimates and judgements
The most significant critical estimates relate to the assessment of impairment or its reversal of our investment in Bank of Communications Co., Limited
(\u2018BoCom\u2019), which involves estimations of value in use:
Judgements
Estimates
\u2013 The value in use calculation uses discounted cash flow projections based on management\u2019s best
estimate of future earnings available to ordinary shareholders prepared in accordance with IAS 36
\u2018Impairment of Assets\u2019. Those cash flows use estimates based on BoCom\u2019s current condition and
so do not include estimated cash flows arising from uncommitted future actions that may affect
the performance of the investment which will be considered at the relevant time should they
arise.
\u2013 Key assumptions used in estimating BoCom\u2019s value in use and the sensitivity of the value in use
calculations to different assumptions are described in Note 18.
Critical estimates and judgements
The review of goodwill and non-financial assets for impairment reflects management\u2019s best estimate of the future cash flows of the CGUs and the rates used to
discount these cash flows, both of which are subject to uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a
high degree of uncertainty in volatile market
conditions. Where such circumstances are
determined to exist, management re-tests goodwill
for impairment more frequently than once a year
when indicators of impairment exist. This ensures
that the assumptions on which the cash flow
forecasts are based continue to reflect current
market conditions and management\u2019s best estimate
of future business prospects.
\u2013 The future cash flows of the CGUs are sensitive to the cash flows projected for the periods for which
detailed forecasts are available and to assumptions regarding the long-term pattern of sustainable cash
flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but
they reflect management\u2019s view of future business prospects at the time of the assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their valuation,
and are based on the costs of equity assigned to individual CGUs. The cost of equity percentage is
generally derived from a capital asset pricing model and market implied cost of equity, which
incorporates inputs reflecting a number of financial and economic variables, including the risk-free
interest rate in the country concerned and a premium for the risk of the business being evaluated.
These variables are subject to fluctuations in external market rates and economic conditions beyond
management\u2019s control.
\u2013 Key assumptions used in estimating goodwill and non-financial asset impairment are described in
Note\u00a021.
Critical estimates and judgements
The majority of valuation techniques employ only observable market data. However, certain financial instruments are classified on the basis of valuation techniques
that feature one or more significant market inputs that are unobservable, and for them, the measurement of fair value is more judgemental:
Judgements
Estimates
\u2013 An instrument in its entirety is classified as valued using significant unobservable
inputs if, in the opinion of management, greater than 5% of the instrument\u2019s valuation
is driven by unobservable inputs.
\u2013 \u2018Unobservable\u2019 in this context means that there is little or no current market data
available from which to determine the price at which an arm\u2019s length transaction would
be likely to occur. It generally does not mean that there is no data available at all upon
which to base a determination of fair value (consensus pricing data may, for example,
be used).
\u2013 Details on the Group\u2019s Level 3 financial instruments and the
sensitivity of their valuation to the effect of applying reasonably
possible alternative assumptions in determining their fair value are
set out in Note 12.
Critical estimates and judgements
The calculation of the Group\u2019s ECL under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set
out below:
Judgements
Estimates
\u2013 Defining what is considered to be a significant increase in credit risk
\u2013 Determining the lifetime and point of initial recognition of overdrafts and credit cards
\u2013 Selecting and calibrating the PD, LGD and EAD models, which support the calculations, including
making reasonable and supportable judgements about how models react to current and future
economic conditions
\u2013 Selecting model inputs and economic forecasts, including determining whether sufficient and
appropriately weighted economic forecasts are incorporated to calculate unbiased expected credit loss
\u2013 Making management adjustments to account for late-breaking events, model and data limitations and
deficiencies, and expert credit judgements
\u2013 Selecting applicable recovery strategies for certain wholesale credit-impaired loans
\u2013 The section \u2018Measurement uncertainty and
sensitivity analysis of ECL estimates\u2019, marked as
audited from page 115, sets out the assumptions
used in determining ECL, and provides an indication
of the sensitivity of the result to the application of
different weightings being applied to different
economic assumptions
Critical estimates and judgements
The most significant critical estimates relate to the determination of key assumptions applied in calculating the defined benefit pension obligation for the principal
plan.
Judgements
Estimates
\u2013 A range of assumptions could be applied, and different assumptions could
significantly alter the defined benefit obligation and the amounts
recognised in profit or loss or OCI.
\u2013 The calculation of the defined benefit pension obligation includes
assumptions with regard to the discount rate, inflation rate, pension
payments and deferred pensions, pay and mortality. Management
determines these assumptions in consultation with the plan\u2019s actuaries.
\u2013 Key assumptions used in calculating the defined benefit pension
obligation for the principal plan and the sensitivity of the calculation to
different assumptions are described in Note 5.
Critical estimates and judgements
The recognition of deferred tax assets depends on judgements and estimates.
Judgements
Estimates
\u2013 Specific judgements supporting deferred tax assets are described in Note\u00a07.
\u2013 The recognition of deferred tax assets is sensitive to estimates of future
cash flows projected for periods for which detailed forecasts are available
and to assumptions regarding the long-term pattern of cash flows
thereafter, on which forecasts of future taxable profit are based, and
which affect the expected recovery periods and the pattern of utilisation
of tax losses and tax credits. See Note 7 for further detail.
Critical estimates and judgements
The recognition and measurement of provisions requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out
below:
Judgements
Estimates
\u2013 Determining whether a present obligation exists. Professional advice is taken on
the assessment of litigation and similar obligations.
\u2013 Provisions for legal proceedings and regulatory matters typically require a higher
degree of judgement than other types of provisions. When matters are at an
early stage, accounting judgements can be difficult because of the high degree of
uncertainty associated with determining whether a present obligation exists, and
estimating the probability and amount of any outflows that may arise. As matters
progress, management and legal advisers evaluate on an ongoing basis whether
provisions should be recognised, revising previous estimates as appropriate. At
more advanced stages, it is typically easier to make estimates around a better
defined set of possible outcomes.
\u2013 Provisions for legal proceedings and regulatory matters remain very
sensitive to the assumptions used in the estimate. There could be a wider
range of possible outcomes for any pending legal proceedings,
investigations or inquiries. As a result it is often not practicable to quantify
a range of possible outcomes for individual matters. It is also not
practicable to meaningfully quantify ranges of potential outcomes in
aggregate for these types of provisions because of the diverse nature and
circumstances of such matters and the wide range of uncertainties
involved.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-973": { "value": "
(g)Going concern
The financial statements are prepared on a going concern basis, as the Directors are satisfied that the Group and parent company have the
resources to continue in business for the foreseeable future. In making this assessment, the Directors have considered a wide range of
information relating to present and future conditions, including future projections of profitability, cash flows, capital requirements and capital
resources.
These considerations include stressed scenarios that reflect the uncertainty in the macroeconomic environment, including ongoing supply chain
disruptions, uncertain inflation, rapidly changing interest rates, the impact of the Russia-Ukraine war and further conflict or military action in the
Middle East, Venezuela or elsewhere; uncertainty around Hong Kong and mainland China\u2019s CRE sectors; heightened strategic competition
between the US and China, ongoing and potential cross-border investment and trade restrictions, changes to tariff rates, as well as the potential
impacts from other top and emerging risks, including climate change, as well as the related impacts on profitability, capital and liquidity.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-974": { "value": "
1.2Summary of material ac counting policies
(a)Consolidation and related policies
Consolidation
HSBC consolidates entities that it controls as demonstrated by power over the investee, exposure to variable returns, and the ability to use its
power to affect the amount of its returns. Where an entity is governed by voting rights, HSBC generally has power leading to control when it holds
\u2013 directly or indirectly \u2013 the necessary voting rights to pass resolutions by the governing body. In all other cases, the assessment of control is more
complex and requires judgement of other factors, including contractual arrangements.
Business combinations are accounted for using the acquisition method. The amount of non-controlling interest is measured either at\u00a0fair value or at
the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. This election is made for\u00a0each business combination.
Investments in subsidiaries
HSBC Holdings\u2019 investments in subsidiaries are stated at cost less impairment losses. Where the investment in a subsidiary is designated in a fair
value hedging relationship for foreign currency risk, the carrying value is adjusted for any associated hedge adjustment arising therefrom.
Impairment testing of investments in subsidiaries is performed where there is an indication of impairment. Indicators of impairment include both
external and internal sources of information. Similarly, assessments are made as to whether an impairment loss recognised in prior periods may no
longer exist or may have decreased. Where this is the case, such an impairment loss is reversed if there has been a change in the estimate used
to determine the relevant recoverable amount since the last impairment loss was recognised.
Critical estimates and judgements
Investments in subsidiaries are tested for impairment when there is an indication that the investment may be impaired, which involves estimations of value in use
reflecting management\u2019s best estimate of the future cash flows of the investment and the rates used to discount these cash flows, both of which are subject to
uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a high
degree of uncertainty in volatile market conditions.
Where such circumstances are determined to exist,
management re-tests for impairment or reversal more
frequently than once a year when indicators exist. This
ensures that the assumptions on which the cash flow
forecasts are based continue to reflect current market
conditions and management\u2019s best estimate of future
business prospects.
\u2013 The future cash flows of each investment are sensitive to the cash flows projected for the periods
for which detailed forecasts are available and to assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable
economic data, but they reflect management\u2019s view of future business prospects at the time of the
assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their
valuation, and are based on the costs of equity assigned to the investment. The cost of equity
percentage is generally derived from a capital asset pricing model and the market implied cost of
equity, which incorporates inputs reflecting a number of financial and economic variables, including
the risk-free interest rate in the country concerned and a premium for the risk of the business being
evaluated. These variables are subject to fluctuations in external market rates and economic
conditions beyond management\u2019s control.
\u2013 Key assumptions used in estimating impairment in subsidiaries and their reversal where relevant are
described in Note 19.\u00a0
Interests in associates and joint arrangements
Joint arrangements are investments in which HSBC, together with one or more parties, has joint control. Depending on HSBC\u2019s rights and
obligations, the joint arrangement is classified as either a joint operation or a joint venture.
HSBC classifies investments in\u00a0entities over which it has significant influence but not control or joint control as associates and accounts for them
using the equity method. Under this method, the attributable share of net assets, results and reserves are included in the consolidated financial
statements based on either financial statements made up to 31 December or pro-rated amounts adjusted for any material transactions or events
occurring between the date the financial statements are available and 31 December.
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that the
investment may be impaired, by comparing the recoverable amount of the relevant investment to its carrying amount. Goodwill on acquisition of
interests in joint ventures and associates is not tested separately for impairment, but is assessed as part of the carrying amount of the investment.
Previously recognised impairments are assessed for reversal when there are indicators that they may no longer exist or have decreased. Any
reversal, which may arise only from changes in estimates used to determine the prior impairment loss, is recognised to the extent that it does not
increase the carrying amount above that had no impairment loss been previously recognised.
Critical estimates and judgements
The most significant critical estimates relate to the assessment of impairment or its reversal of our investment in Bank of Communications Co., Limited
(\u2018BoCom\u2019), which involves estimations of value in use:
Judgements
Estimates
\u2013 The value in use calculation uses discounted cash flow projections based on management\u2019s best
estimate of future earnings available to ordinary shareholders prepared in accordance with IAS 36
\u2018Impairment of Assets\u2019. Those cash flows use estimates based on BoCom\u2019s current condition and
so do not include estimated cash flows arising from uncommitted future actions that may affect
the performance of the investment which will be considered at the relevant time should they
arise.
\u2013 Key assumptions used in estimating BoCom\u2019s value in use and the sensitivity of the value in use
calculations to different assumptions are described in Note 18.
(b)Impairment of goodwill and other non-financial assets
Goodwill
Goodwill is allocated to cash-generating units (\u2019CGUs\u2019) for the purpose of impairment testing, which is undertaken at the lowest level at which
goodwill is monitored for internal management purposes.
Impairment testing is performed at least once a year, or whenever there is an indication of impairment, by comparing the recoverable amount of a
CGU with its carrying amount.
Goodwill is included in a disposal group if the disposal group is a CGU to which goodwill has been allocated or it is an operation within such a CGU.
The amount of goodwill included in a disposal group is measured on the basis of the relative values of the operation disposed of and the portion of
the CGU retained.
Other non-financial assets
Software under development is tested for impairment at least annually. Other non-financial assets are property, plant and equipment, intangible
assets (excluding goodwill) and right-of-use assets. They are tested for impairment at the individual asset level when there is indication of
impairment at that level, or at the CGU level for assets that do not have a recoverable amount at the individual asset level. In addition, impairment
is also tested at the CGU level when there is indication of impairment at that level.
Impairment testing compares the carrying amount of the non-financial asset or CGU with its recoverable amount, which is the higher of the fair
value less costs of disposal or the value in use. The carrying amount of a CGU comprises the carrying amount of its assets and liabilities, including
non-financial assets that are directly attributable to it and non-financial assets that can be allocated to it on a reasonable and consistent basis. Non-
financial assets that cannot be allocated to an individual CGU are tested for impairment at an appropriate grouping of CGUs. The recoverable
amount of the CGU is the higher of the fair value less costs of disposal of the CGU, which is determined by independent and qualified valuers
where relevant, and the value in use, which is calculated based on appropriate inputs (see Note 21).
When the recoverable amount of a CGU is less than its carrying amount, an impairment loss is recognised in the income statement to the extent
that the impairment can be allocated on a pro-rata basis to the non-financial assets by reducing their carrying amounts to the higher of their
respective individual recoverable amount or nil. Impairment is not allocated to the financial assets in a CGU.
Impairment losses recognised in prior periods for non-financial assets are reversed when there has been a change in the estimate used to
determine the recoverable amount. The impairment loss is reversed to the extent that the carrying amount of the non-financial assets would not
exceed the amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised in prior
periods.
Critical estimates and judgements
The review of goodwill and non-financial assets for impairment reflects management\u2019s best estimate of the future cash flows of the CGUs and the rates used to
discount these cash flows, both of which are subject to uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a
high degree of uncertainty in volatile market
conditions. Where such circumstances are
determined to exist, management re-tests goodwill
for impairment more frequently than once a year
when indicators of impairment exist. This ensures
that the assumptions on which the cash flow
forecasts are based continue to reflect current
market conditions and management\u2019s best estimate
of future business prospects.
\u2013 The future cash flows of the CGUs are sensitive to the cash flows projected for the periods for which
detailed forecasts are available and to assumptions regarding the long-term pattern of sustainable cash
flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but
they reflect management\u2019s view of future business prospects at the time of the assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their valuation,
and are based on the costs of equity assigned to individual CGUs. The cost of equity percentage is
generally derived from a capital asset pricing model and market implied cost of equity, which
incorporates inputs reflecting a number of financial and economic variables, including the risk-free
interest rate in the country concerned and a premium for the risk of the business being evaluated.
These variables are subject to fluctuations in external market rates and economic conditions beyond
management\u2019s control.
\u2013 Key assumptions used in estimating goodwill and non-financial asset impairment are described in
Note\u00a021.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental.
(c)Net operating income
Interest income and expense
Interest income and expense for all financial instruments, excluding those classified as held for trading or designated at fair value, is recognised in
\u2018Interest income\u2019 and \u2018Interest expense\u2019 in the income statement using the effective interest method. However, as an exception to this, interest
on debt instruments issued by HSBC for funding purposes that are designated under the fair value option to reduce an accounting mismatch and
on derivatives managed in conjunction with those debt instruments is included in interest expense.
Interest on credit-impaired financial assets is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount of
the asset less allowance for expected credit losses).
Non-interest income and expense
HSBC generates fee income from services provided over time, such as account service and card fees, or when HSBC delivers a specific
transaction at a point in time, such as broking services and import/export services. Where fees are variable, for example certain fund management
and performance fees, such fees are recognised when the associated uncertainties are resolved and to the extent that it is highly probable that a
significant reversal will not occur.
HSBC acts as principal in the majority of contracts with customers, with the exception of broking services. For most brokerage trades, HSBC acts
as agent in the transaction and recognises broking income net of fees payable to other parties in the arrangement.
HSBC recognises fees earned on transaction-based arrangements at a point in time when it has provided the service to the customer. Where the
contract requires services to be provided over time, income is recognised on a systematic basis over the life of the agreement.
Where HSBC offers a package of services that contains multiple non-distinct performance obligations, such as those included in account service
packages, the promised services are treated as a single performance obligation. If a package of services contains distinct performance obligations,
the corresponding transaction price is allocated to each performance obligation based on the estimated stand-alone selling prices.
Dividend income is recognised when the right to receive payment is established.
Gains and losses from financial instruments measured as at fair value through profit or loss includes the following:
\u2013 \u2018Net income from financial instruments held for trading or managed on a fair value basis\u2019: This comprises net trading activities, which includes
all gains and losses from changes in the fair value of financial assets and financial liabilities held for trading and other financial instruments
managed on a fair value basis, together with the related interest income, interest expense and dividend income, excluding the effect of
changes in the credit risk of liabilities managed on a fair value basis. It also includes all gains and losses from changes in the fair value of
derivatives that are managed in conjunction with financial assets and liabilities measured at fair value through profit or loss.
\u2013 \u2018Net income/(expense) from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or
loss\u2019: This includes all gains and losses from changes in the fair value, together with related interest income, interest expense and dividend
income in respect of financial assets and liabilities measured at fair value through profit or loss, and those derivatives managed in conjunction
with the above that can be separately identifiable from other trading derivatives.
\u2013 Other gains and losses from financial instruments measured as at fair value through profit or loss include changes in the fair value of
designated debt instruments under the fair value option and related derivatives where such designation reduces an accounting mismatch.
Interest on such debt instruments and interest cash flows on related derivatives is presented in interest expense. Also included are the
changes in fair value of other financial instruments mandatorily measured as at fair value through profit or loss which includes interest on
instruments that fail the solely payments of principal and interest test, see (e) below.
Insurance income and expense
Insurance service result
Insurance revenue reflects the consideration to which the Group expects to be entitled in exchange for the provision of coverage and other insurance
contract services (excluding any investment components). Insurance service expenses comprise the incurred claims and other incurred insurance
service expenses (excluding any investment components), and losses on onerous groups of contracts and reversals of such losses.
Insurance finance income and expenses
Insurance finance income and expense comprises the change in the carrying amount of the group of insurance contracts arising from the effects
of the time value of money, financial risk and changes therein. For contracts using the variable fee approach (\u2018VFA\u2019) measurement model, changes
in the fair value of underlying items (excluding additions and withdrawals) are recognised in insurance finance income or expenses.
(d)Valuation of financial instruments
Financial instruments are initially recognised at fair value. Fair value is the price that would be received to sell an asset or paid to\u00a0transfer a liability in
an orderly transaction between market participants at the measurement date and on initial recognition is generally the transaction price. However, if
there is a difference between the transaction price and the fair value of financial instruments whose fair value is based on\u00a0a quoted price in an active
market or a valuation technique that uses only data from observable markets, HSBC recognises the difference as a trading gain or loss at inception
(a \u2018day 1 gain or loss\u2019). In all other cases, the entire day 1 gain or loss is deferred and recognised in the income statement over the life of the
transaction until the transaction matures, is closed out, the valuation inputs become observable or HSBC enters into an offsetting transaction.
The fair value of financial instruments is generally measured on an individual basis. However, in cases where HSBC manages a group of financial
assets and liabilities according to its net market or credit risk exposure, the fair value of the group of financial instruments is measured on a net basis
but the underlying financial assets and liabilities are presented separately in the financial statements, unless they satisfy the IFRS offsetting criteria.
Financial instruments are classified into one of three fair value hierarchy levels, described in Note 12, \u2018Fair values of financial instruments carried at
fair value\u2018.
Critical estimates and judgements
The majority of valuation techniques employ only observable market data. However, certain financial instruments are classified on the basis of valuation techniques
that feature one or more significant market inputs that are unobservable, and for them, the measurement of fair value is more judgemental:
Judgements
Estimates
\u2013 An instrument in its entirety is classified as valued using significant unobservable
inputs if, in the opinion of management, greater than 5% of the instrument\u2019s valuation
is driven by unobservable inputs.
\u2013 \u2018Unobservable\u2019 in this context means that there is little or no current market data
available from which to determine the price at which an arm\u2019s length transaction would
be likely to occur. It generally does not mean that there is no data available at all upon
which to base a determination of fair value (consensus pricing data may, for example,
be used).
\u2013 Details on the Group\u2019s Level 3 financial instruments and the
sensitivity of their valuation to the effect of applying reasonably
possible alternative assumptions in determining their fair value are
set out in Note 12.
(e)Financial instruments measured at amortised cost
Financial assets that are held to collect the contractual cash flows and which contain contractual terms that give rise on specified dates to cash
flows that are solely payments of principal and interest are measured at amortised cost. Such financial assets include most loans and advances to
banks and customers and some debt securities. In addition, most financial liabilities are measured at amortised cost. HSBC accounts for regular
way amortised cost financial instruments using trade date accounting. The carrying amount of these financial assets at initial recognition includes
any directly attributable transactions costs.
HSBC may commit to underwriting loans on fixed contractual terms for specified periods of time. When the loan arising from the lending
commitment is expected to be sold shortly after origination, the commitment to lend is recorded as a derivative. When HSBC intends to\u00a0hold the
loan, the loan commitment is generally not recognised but is subject to expected credit loss considerations.
Financial assets are reclassified only when the business model for their management changes. Such changes, which are expected to be
infrequent, are determined by senior management as a result of external or internal changes and must be significant to operations and
demonstrable to external parties. Reclassifications are applied prospectively from the first day of the first reporting period following the change of
business model. Where a financial asset is reclassified out of the amortised cost measurement category and into the fair value through other
comprehensive income measurement category its fair value is measured at the date of reclassification. Any gain or loss arising from a difference
between the previous amortised cost and fair value is recognised in other comprehensive income. The effective interest rate and the
measurement of expected credit losses are not adjusted as a result of the reclassification.
Non-trading reverse repurchase, repurchase and similar agreements
When securities are sold subject to a commitment to repurchase them at a predetermined price (\u2018repos\u2019), they remain on the balance sheet and a
liability is recorded in respect of the consideration received. Securities purchased under commitments to resell (\u2018reverse repos\u2019) are not recognised
on the balance sheet and an asset is recorded in respect of the initial consideration paid. Non-trading repos and reverse repos are measured at
amortised cost. The difference between the sale and repurchase price or between the purchase and resale price is treated as interest and
recognised in net interest income over the life of the agreement.
Contracts that are economically equivalent to reverse repo or repo agreements (such as sales or purchases of securities entered into together with
total return swaps with the same counterparty) are accounted for similarly to, and presented together with, reverse repo or repo agreements.
(f)Financial assets measured at fair value through other comprehensive income
Financial assets managed within a business model that is achieved by both collecting contractual cash flows and selling and which contain
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at fair value
through other comprehensive income (\u2018FVOCI\u2019). These comprise primarily debt securities. They are generally recognised on trade date when
HSBC enters into contractual arrangements to purchase and are generally derecognised when they are either sold or redeemed. They are
subsequently remeasured at fair value with changes therein (except for those relating to impairment, interest income and foreign currency
exchange gains and losses) recognised in other comprehensive income until the assets are sold. Upon disposal, the cumulative gains or losses in
other comprehensive income are recognised in the income statement. Financial assets measured at FVOCI are included in impairment calculations
and impairment is recognised in profit or loss.
(g)Equity securities measured at fair value with fair value movements presented in other
comprehensive income
Equity securities for which fair value movements are shown in other comprehensive income are business facilitation and other similar investments
where HSBC holds the investments other than to generate a capital return. Dividends from such investments are recognised in profit or loss.
Gains or losses on the derecognition of these equity securities are not transferred to profit or loss. Otherwise, equity securities are measured at
fair value through profit or loss.
(h)Financial instruments designated at fair value through profit or loss
Financial instruments, other than those held for trading, are classified in this category if they meet one or more of the criteria set out below and are
so designated irrevocably at inception:
\u2013 The use of the designation removes or significantly reduces an accounting mismatch.
\u2013 A group of financial assets and liabilities or a group of financial liabilities is managed and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment strategy.
\u2013 A financial liability that contains one or more non-closely related embedded derivatives.
Designated financial assets are recognised when HSBC enters into contracts with counterparties, which is generally on trade date, and are
normally derecognised when the rights to the cash flows expire or are transferred.
Designated financial liabilities are recognised when HSBC enters into contracts with counterparties, which is generally on settlement date, and are
normally derecognised when extinguished. Subsequent changes in fair values are recognised in the income statement except for the effect of
changes in the liabilities\u2019 credit risk, which is presented in \u2018Other comprehensive income\u2019, unless that treatment would create or enlarge an
accounting mismatch in profit or loss.
Under the above criteria, the main classes of financial instruments designated by HSBC are:
\u2013 Debt instruments for funding purposes that are designated to reduce an accounting mismatch: The interest and/or foreign exchange exposure
on certain fixed-rate debt securities issued has been matched with the interest and/or foreign exchange exposure on certain swaps as part of a
documented risk management strategy.
\u2013 Financial assets and financial liabilities under unit-linked and non-linked investment contracts: A contract under which HSBC does not accept
significant insurance risk from another party is not classified as an insurance contract, other than investment contracts with discretionary
participation features (\u2018DPF\u2019), but is accounted for as a financial liability. Customer liabilities under linked and certain non-linked investment
contracts issued by insurance subsidiaries are determined based on the fair value of the assets held in the linked funds or by a valuation
method. The related financial assets and liabilities are managed and reported to management on a fair value basis. Designation at fair value of
the financial assets and related liabilities allows changes in fair values to be recorded in the income statement and presented in the same line.
\u2013 Financial liabilities that contain both deposit and derivative components: These financial liabilities are managed and their performance evaluated
on a fair value basis.
(i)Derivatives
Derivatives are financial instruments that derive their value from the price of underlying items such as equities, interest rates or other indices.
Derivatives are recognised initially and are subsequently measured at fair value through profit or loss. Derivatives are classified as assets when
their fair value is positive or as liabilities when their fair value is negative. This includes embedded derivatives in financial liabilities, which are
bifurcated from the host contract when they meet the definition of a derivative on a stand-alone basis.
Where the derivatives are managed with debt securities issued by HSBC that are designated at fair value where doing so reduces an accounting
mismatch, the contractual interest is shown in \u2018Interest expense\u2019 together with the interest payable on the issued debt.
Hedge accounting
When derivatives are not part of fair value designated relationships, if held for risk management purposes they are designated in hedge accounting
relationships where the required criteria for documentation and hedge effectiveness are met. HSBC uses these derivatives or, where allowed,
other non-derivative hedging instruments in fair value hedges, cash flow hedges or hedges of net investments in foreign operations as appropriate
to the risk being hedged.
Fair value hedge
Fair value hedge accounting does not change the recording of gains and losses on derivatives and other hedging instruments, but results in
recognising changes in the fair value of the hedged assets or liabilities attributable to the hedged risk that would not otherwise be recognised in
the income statement. If a hedge relationship no longer meets the criteria for hedge accounting, hedge accounting is discontinued and the
cumulative adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortised to the income
statement on a recalculated effective interest rate, unless the hedged item has been derecognised, in which case it is recognised in the income
statement immediately.
Cash flow hedge
The effective portion of gains and losses on hedging instruments is recognised in other comprehensive income and the ineffective portion of the
change in fair value of derivative hedging instruments that are part of a cash flow hedge relationship is recognised immediately in the income
statement. The accumulated gains and losses recognised in other comprehensive income are reclassified to the income statement in the same
periods in which the hedged item affects profit or loss. When a hedge relationship is discontinued, or partially discontinued, any cumulative gain or
loss recognised in other comprehensive income remains in equity until the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is
reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses
on the hedging instrument is recognised in other comprehensive income and other gains and losses are recognised immediately in the income
statement. Gains and losses previously recognised in other comprehensive income are reclassified to the income statement on the disposal, or
part-disposal, of the foreign operation.
(j)Impairment of amortised cost and FVOCI financial assets
Expected credit losses (\u2018ECL\u2019) are recognised for loans and advances to banks and customers, non-trading reverse repurchase agreements, other
financial assets held at amortised cost, debt instruments measured at FVOCI, and certain loan commitments and financial guarantee contracts. At
initial recognition, an allowance (or provision in the case of some loan commitments and financial guarantees) is recognised for ECL resulting from
possible default events within the next 12 months, or less, where the remaining life is less than 12 months (\u201912-month ECL\u2019). In the event of a
significant increase in credit risk, an allowance (or provision) is recognised for ECL resulting from all possible default events over the expected life
of the financial instrument (\u2018lifetime ECL\u2019). Financial assets where 12-month ECL is recognised are considered to be \u2018stage 1\u2019; financial assets
which are considered to have experienced a significant increase in credit risk are in \u2018stage 2\u2019; and financial assets for which there is objective
evidence of impairment, and so are considered to be in default or otherwise credit impaired are in \u2018stage 3\u2019. Purchased or originated credit-
impaired financial assets (\u2018POCI\u2019) are treated differently as set out below.
Unimpaired and without significant increase in credit risk (stage 1)
ECL resulting from default events that are possible within the next 12 months (\u201812-month ECL\u2019) are recognised for financial instruments that
remain in stage 1.
Significant increase in credit risk (stage 2)
An assessment of whether credit risk has increased significantly since initial recognition is performed at each reporting period by considering the
change in the risk of default occurring over the remaining life of the financial instrument.
The assessment explicitly or implicitly compares the risk of default occurring at the reporting date compared with that at initial recognition, taking
into account reasonable and supportable information, including information about past events, current conditions and future economic conditions.
The assessment is unbiased, probability-weighted, and to the extent relevant, uses forward-looking information consistent with that used in the
measurement of ECL. The analysis of credit risk is multifactor. The determination of whether a specific factor is relevant and its weight compared
with other factors depends on the type of product, the characteristics of the financial instrument and the borrower, and the geographical region.
Therefore, it is not possible to provide a single set of criteria that will determine what is considered to be a significant increase in credit risk, and
these criteria will differ for different types of lending, particularly between retail and wholesale. However, unless identified at an earlier stage, all
financial assets are deemed to have suffered a significant increase in credit risk when 30 days past due. In addition, wholesale loans that are
individually assessed, which are typically corporate and commercial customers, and included on a watch or worry list, are included in stage 2.
For wholesale portfolios, the quantitative comparison assesses default risk using a lifetime probability of default (\u2018PD\u2019), which encompasses a wide
range of information including the obligor\u2019s customer risk rating (\u2018CRR\u2019), macroeconomic condition forecasts and credit transition probabilities. For
origination CRRs up to 3.3, significant increase in credit risk is measured by comparing the average PD for the remaining term estimated at
origination with the equivalent estimation at the reporting date.
The quantitative measure of significance varies depending on the credit quality at origination as follows:
Origination CRR
Significance trigger \u2013 PD to increase by
0.1\u20131.2
15bps
2.1\u20133.3
30bps
For CRRs greater than 3.3 that are not impaired, a significant increase in credit risk is considered to have occurred when the origination PD has
doubled. The significance of changes in PD was informed by expert credit risk judgement, referenced to historical credit migrations and to relative
changes in external market rates.
For loans originated prior to the implementation of IFRS 9, the origination PD does not include adjustments to reflect expectations of future
macroeconomic conditions since these are not available without the use of hindsight. In the absence of this data, origination PD must be
approximated assuming through-the-cycle PDs and through-the-cycle migration probabilities, consistent with the instrument\u2019s underlying modelling
approach and the CRR at origination.
The quantitative comparison is supplemented with additional CRR deterioration-based thresholds, as set out in the table below:
Origination CRR
Additional significance criteria \u2013 number of CRR grade notches
deterioration required to identify as significant credit deterioration\u00a0(stage
2) (> or equal to)
0.1
5 notches
1.1\u20134.2
4 notches
4.3\u20135.1
3 notches
5.2\u20137.1
2 notches
7.2\u20138.2
1 notch
8.3
0 notches
For retail portfolios, default risk is assessed using a reporting date 12-month PD derived from internal models, which incorporate all available
information about the customer. This PD is adjusted for the effect of macroeconomic forecasts for periods longer than 12\u00a0months and is
considered to be a reasonable approximation of a lifetime PD measure. Retail exposures are first segmented into homogenous portfolios, generally
by country, product and brand. Within each portfolio, the stage 2 accounts include accounts with an adjusted 12-month PD greater than the
average 12-month PD of loans in that portfolio 12 months before they become 30 days past due. The expert credit risk judgement is that no prior
increase in credit risk is significant. This portfolio-specific threshold therefore identifies loans with a PD higher than would be expected from loans
that are performing as originally expected and higher than that which would have been acceptable at origination. It therefore approximates a
comparison of origination to reporting date PDs.
We have implemented in the UK and continue to refine the retail transfer criteria approach to utilise a more relative approach for certain portfolios
as additional data becomes available. These enhancements take advantage of the increase in origination-related data in the assessment of
significant increases in credit risk by comparing remaining lifetime PD to the comparable remaining term lifetime PD at origination based on
portfolio-specific origination segments.
Credit impaired (stage 3)
HSBC determines that a financial instrument is credit impaired and in stage 3 by considering relevant objective evidence, primarily whether
contractual payments of either principal or interest are past due for more than 90 days, there are other indications that the borrower is unlikely to
pay such as that a concession has been granted to the borrower for economic or legal reasons relating to the borrower\u2019s financial condition, or the
loan is otherwise considered to be in default.
If such unlikeliness to pay is not identified at an earlier stage, it is deemed to occur when an exposure is 90 days past due. Therefore, the
definitions of credit impaired and default are aligned as far as possible so that stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Interest income is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount less allowance for ECL).
Write-off
Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of
recovery. Where loans are secured, this is generally after receipt of any proceeds from the realisation of security. In circumstances where the net
realisable value of any collateral has been determined and there is no reasonable expectation of further recovery, write-off may be earlier.
Forbearance
Loans are identified as forborne and classified as either performing or non-performing when HSBC modifies the contractual terms due to financial
difficulty of the borrower. Non-performing forborne loans are stage 3 and classified as non-performing until they meet the curing criteria, as
specified by applicable credit risk policy (for example, when the loan is no longer in default and no other indicators of default have been present for
at least 12 months). Any amount written off as a result of any modification of contractual terms upon entering forbearance would not be reversed.
The Group applies the EBA Guidelines on the application of definition of default for our retail portfolios, which affect credit risk policies and our
reporting in respect of the status of loans as credit impaired principally due to forbearance (or curing thereof). Further details are provided under
\u2018Forborne loans and advances\u2019 on page 107.
Performing forborne loans are initially stage 2 and remain classified as forborne until they meet applicable curing criteria (for example, they
continue to not be in default and no other indicators of default are present for a period of at least 24 months). At this point, the loan is either stage
1 or stage 2 as determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk
of a default occurring at initial recognition (based on the original, unmodified contractual terms).
A forborne loan is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms, or if the
terms of an existing agreement are modified such that the forborne loan is a substantially different financial instrument. Any new loans that arise
following derecognition events in these circumstances would generally be classified as POCI and will continue to be disclosed as forborne.
Loan modifications other than forborne loans
Loan modifications that are not identified as forborne are considered to be commercial restructurings. Where a commercial restructuring results in
a modification (whether legalised through an amendment to the existing terms or the issuance of a new loan contract) such that HSBC\u2019s rights to
the cash flows under the original contract have expired, the old loan is derecognised and the new loan is recognised at fair value. The rights to
cash flows are generally considered to have expired if the commercial restructuring is at market rates and no payment-related concession has
been provided. Modifications of certain higher credit risk wholesale loans are assessed for derecognition, having regard to changes in contractual
terms that either individually or in combination are judged to result in a substantially different financial instrument. Mandatory and general offer loan
modifications that are not borrower specific, for example market-wide customer relief programmes, generally do not result in derecognition, but
their stage allocation is determined considering all available and supportable information under our ECL impairment policy.
Purchased or originated credit impaired (\u2018POCI\u2019)
Financial assets that are purchased or originated at a deep discount that reflects the incurred credit losses are considered to be POCI. This
population includes new financial instruments recognised in most cases following the derecognition of forborne loans. The amount of change in
lifetime ECL for a POCI loan is recognised in profit or loss until the POCI loan is derecognised, even if the lifetime ECL are less than the amount of
ECL included in the estimated cash flows on initial recognition.
Movement between stages
Financial assets can be transferred between the different categories (other than POCI) depending on their relative increase in credit risk since initial
recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial
recognition based on the assessments described above. In the case of non-performing forborne loans, such financial instruments are transferred
out of stage 3 when they no longer exhibit any evidence of credit impairment and meet the curing criteria as described above.
Measurement of ECL
The assessment of credit risk and the estimation of ECL are unbiased and probability-weighted, and incorporate all available information which is
relevant to the assessment including information about past events, current conditions and reasonable and supportable forecasts of future events
and economic conditions at the reporting date. In addition, the estimation of ECL takes into account the time value of money and considers other
factors such as climate-related risks.
In general, HSBC calculates ECL using three main components: a probability of default (\u2018PD\u2019), a loss given default (\u2019LGD\u2019) and the exposure at
default (\u2018EAD\u2019).
The 12-month ECL is calculated by multiplying the 12-month PD, LGD and EAD. Lifetime ECL is calculated using the lifetime PD instead. The 12-
month and lifetime PDs represent the probability of default occurring over the next 12 months and the remaining maturity of the instrument
respectively.
The EAD represents the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to
the default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the
event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and
the time value of money.
HSBC makes use of the IRB framework where possible, with recalibration to meet the differing IFRS 9 requirements as set out in the following
table:
Model
Regulatory capital
IFRS 9
PD
\u2013 Represents long-run average PD throughout a full economic cycle
(for mortgage portfolios a hybrid approach, which sits between the
extremes of point in time and through the cycle, is used for
calculating long-run averages as required by the PRA)
\u2013 Default backstop of\u00a090+ days past due for all portfolios (includes
unlikely to pay (\u2018UTP\u2019) criteria in line with internal policy)
\u2013 May be subject to a sovereign cap
\u2013 Represents current portfolio quality and performance, adjusted for
the impact of multiple forward-looking macroeconomic scenarios
\u2013 Default backstop of 90+ days past due for all portfolios (includes
UTP criteria in line with internal policy)
EAD
\u2013 Cannot be lower than current balance
\u2013 Amortisation captured for term products
\u2013 Future drawdown captured for revolving products
LGD
\u2013 Downturn LGD (consistent with losses we would expect to suffer
during a severe but plausible economic downturn)
\u2013 Regulatory floors may apply to mitigate risk of underestimating
downturn LGD due to lack of historical data
\u2013 Discounted using appropriate index (minimum 9%)
\u2013 All collection costs included
\u2013 LGD based on recent portfolio performance data and includes the
expected impact of future economic conditions such as change in
the value of collateral
\u2013 No floors applied, discounted using the original effective interest rate
\u2013 Only costs associated with selling collateral and certain third-party
costs are included
Other
\u2013 Discounted back from point of default to balance sheet date
While 12-month PDs are recalibrated from IRB models where possible, the lifetime PDs are determined by projecting the 12-month PD using a
term structure. For the wholesale methodology, the lifetime PD also takes into account credit migration, i.e. a customer migrating through the CRR
bands over its life.
The ECL for wholesale stage 3 is determined primarily on an individual basis using a discounted cash flow (\u2018DCF\u2019) methodology. The expected
future cash flows are based on estimates as of the reporting date, reflecting reasonable and supportable assumptions and projections of future
recoveries and expected future receipts of interest.
Collateral is taken into account if it is likely that the recovery of the outstanding amount will include realisation of collateral based on its estimated
fair value of collateral at the time of expected realisation, less costs for obtaining and selling the collateral.
The cash flows are discounted at the original effective interest rate. For significant cases, cash flows under up to four different scenarios are
probability-weighted by reference to the status of the borrower, economic scenarios applied more generally by the Group and judgement in
relation to the likelihood of the work-out strategy succeeding or receivership being required. For less significant cases where an individual
assessment is undertaken, the effect of different economic scenarios and work-out strategies results in an ECL calculation based on a most likely
outcome which is adjusted to capture losses resulting from less likely but possible outcomes. For certain less significant cases, the bank may use
an LGD-based modelled approach to ECL assessment, which factors in a range of economic scenarios.
Period over which ECL is measured
Expected credit loss is measured from the initial recognition of the financial asset. The maximum period considered when measuring ECL (be it 12-
month or lifetime ECL) is the maximum contractual period over which HSBC is exposed to credit risk. However, where the financial instrument
includes both a drawn and undrawn commitment and the contractual ability to demand repayment and cancel the undrawn commitment does not
serve to limit HSBC\u2019s exposure to credit risk to the contractual notice period, the contractual period does not determine the maximum period
considered. Instead, ECL is measured over the period HSBC remains exposed to credit risk that is not mitigated by credit risk management
actions. This applies to retail overdrafts and credit cards, where the period is the average time taken to realise the material losses for an account,
determined on a portfolio basis. In addition, for these facilities it is not possible to identify the ECL on the loan commitment component separately
from the financial asset component. As a result, the total ECL is recognised in the loss allowance for the financial asset unless the total ECL
exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision. For wholesale overdraft facilities,
credit risk management actions are taken no less frequently than on an annual basis.
Forward-looking economic inputs
HSBC applies multiple forward-looking global economic scenarios determined with reference to external forecast distributions representative of its
view of forecast economic conditions. This approach is considered sufficient to calculate unbiased expected credit losses in most economic
environments. In certain economic environments, additional analysis may be necessary and may result in additional scenarios or adjustments, to
reflect a range of possible economic outcomes sufficient for an unbiased estimate. The detailed methodology is disclosed in \u2018Measurement
uncertainty and sensitivity analysis of ECL estimates\u2019 on page 115.
Critical estimates and judgements
The calculation of the Group\u2019s ECL under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set
out below:
Judgements
Estimates
\u2013 Defining what is considered to be a significant increase in credit risk
\u2013 Determining the lifetime and point of initial recognition of overdrafts and credit cards
\u2013 Selecting and calibrating the PD, LGD and EAD models, which support the calculations, including
making reasonable and supportable judgements about how models react to current and future
economic conditions
\u2013 Selecting model inputs and economic forecasts, including determining whether sufficient and
appropriately weighted economic forecasts are incorporated to calculate unbiased expected credit loss
\u2013 Making management adjustments to account for late-breaking events, model and data limitations and
deficiencies, and expert credit judgements
\u2013 Selecting applicable recovery strategies for certain wholesale credit-impaired loans
\u2013 The section \u2018Measurement uncertainty and
sensitivity analysis of ECL estimates\u2019, marked as
audited from page 115, sets out the assumptions
used in determining ECL, and provides an indication
of the sensitivity of the result to the application of
different weightings being applied to different
economic assumptions
(k)Insurance contracts
A contract is classified as an insurance contract where the Group accepts significant insurance risk from another party by agreeing to compensate
that party if it is adversely affected by a specified uncertain future event. An insurance contract may also transfer financial risk, but is accounted for
as an insurance contract if the insurance risk is significant. In addition, the Group issues investment contracts with discretionary participation
features ('DPF\u2019), which are also accounted under IFRS 17 \u2019Insurance Contracts\u2019.
Aggregation of insurance contracts
Individual insurance contracts that are managed together and subject to similar risks are identified as a portfolio. Contracts that are managed
together usually belong to the same product group, and have similar characteristics such as being subject to a similar pricing framework or similar
product management, and are issued by the same legal entity. If a contract is exposed to more than one risk, the dominant risk of the contract is
used to assess whether the contract features similar risks. Each portfolio is further separated by the contract\u2019s expected profitability. The portfolios
are split by their profitability into: (i) contracts that are onerous at initial recognition; (ii) contracts that at initial recognition have no significant
possibility of becoming onerous subsequently; and (iii) the remaining contracts. These profitability groups are then divided by issue date, with most
contracts the Group issues after the transition date being grouped into calendar quarter cohorts. For multi-currency groups of contracts, the Group
considers its groups of contracts as being denominated in a single currency.
The measurement of the insurance contract liability is based on groups of insurance contracts as established at initial recognition, and will include
fulfilment cash flows as well as the contractual service margin (\u2018CSM\u2019) representing the unearned profit. The Group\u2019s accounting policy is to
update the estimates used in the measurement on a year-to-date basis.
Fulfilment cash flows
The fulfilment cash flows comprise the following:
Best estimates of future cash flows
The cash flows within the contract boundary of each contract in the Group include amounts expected to be collected from premiums and payouts
for claims, benefits and expenses, and are projected using a range of scenarios and assumptions in an unbiased way based on the Group\u2019s
demographic and operating experience along with external mortality data where the Group\u2019s own experience data is not sufficiently large in size to
be credible.
Adjustment for the time value of money and financial risks associated with the future cash flows
The estimates of future cash flows are adjusted to reflect the time value of money (i.e. discounting) and the financial risks to derive an expected
present value. The Group generally makes use of stochastic modelling techniques in the estimation for products with options and guarantees.
A bottom-up approach is used to determine the discount rate to be applied to a given set of expected future cash flows. This is derived as the sum
of the risk-free yield and an illiquidity premium. The risk-free yield is determined based on observable market data, where such markets are
considered to be deep, liquid and transparent. When information is not available, management judgement is applied to determine the appropriate
risk-free yield. Illiquidity premiums reflect the liquidity characteristics of the associated insurance contracts.
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation required for bearing the uncertainty about the amount and timing of future cash flows that arises
from non-financial risk.
The Group does not disaggregate changes in the risk adjustment between insurance service result (comprising insurance revenue and insurance
service expense) and insurance finance income or expenses. All changes are included in the insurance service result.
Measurement models
The variable fee approach (\u2018VFA\u2019) measurement model is used for most of the contracts issued by the Group, which is mandatory upon meeting
the following eligibility criteria at inception:\u00a0
\u2013 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items;
\u2013 the Group expects to pay to the policyholder a substantial share of the fair value returns on the underlying items. The Group considers that a
substantial share is a majority of returns; and
\u2013 the Group expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of
the underlying items. The Group considers that a substantial proportion is a majority proportion of change on a present value probability-
weighted average of all scenarios.
For some contracts measured under VFA, the other comprehensive income (\u2018OCI\u2019) option is used. The OCI option is applied where the underlying
items held by the Group are not accounted for at fair value through profit or loss. Under this option, only the amount that matches income or
expenses recognised in profit or loss on underlying items is included in finance income or expenses for these insurance contracts, and hence
results in the elimination of accounting mismatches. The remaining amount of finance income or expenses for these insurance contracts issued
for the period is recognised in OCI. In addition, the risk mitigation option is used for a number of economic offsets against the instruments that
meet specific requirements.
The remaining contracts issued and the reinsurance contracts held are accounted for under the general measurement model (\u2018GMM\u2019).
CSM and coverage units
The CSM represents the unearned profit and results in no income or expense at initial recognition when the group of contracts is profitable. The
CSM is adjusted at each subsequent reporting period for changes in fulfilment cash flows relating to future service (for example, changes in non-
economic assumptions, including mortality and morbidity rates). For initial recognition of onerous groups of contracts and when groups of
contracts become onerous subsequently, losses are recognised in insurance service expense immediately.
For groups of contracts measured using the VFA, changes in the Group\u2019s share of the underlying items, and economic experience and economic
assumption changes adjust the CSM. However, under the risk mitigation option for VFA contracts, the changes in the fulfilment cash flows and
the changes in the Group\u2019s share in the fair value return on underlying items that the instruments mitigate are not adjusted in CSM but recognised
in profit or loss. The risk mitigating instruments are primarily reinsurance contracts held.
For groups of contracts measured using the GMM, changes in economic experience and economic assumption do not adjust the CSM, but are
recognised in profit or loss as they arise.
The CSM is systematically recognised in insurance revenue to reflect the insurance contract services provided, based on the coverage units of the
group of contracts. Coverage units are determined by the quantity of benefits and the expected coverage period of the contracts.
The Group identifies the quantity of the benefits provided as follows:
\u2013 Insurance coverage: This is based on the expected net policyholder insurance benefit at each period after allowance for decrements, where net
policyholder insurance benefit refers to the amount of sum assured less the fund value or surrender value.
\u2013 Investment services (including both investment-return service and investment-related service): This is based on a constant measure basis
which reflects the provision of access for the policyholder to the facility.
For contracts that provide both insurance coverage and investment services, coverage units are weighted according to the expected present value
of the future cash outflows for each service.
(l)Employee compensation and benefits
Share-based payments
HSBC enters into both equity-settled and cash-settled share-based payment arrangements with its employees as compensation for the provision
of their services.
The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of
the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are
recognised when the employee starts to render service to which the award relates.
Cancellations result from the failure to meet a non-vesting condition during the vesting period, and are treated as an acceleration of vesting
recognised immediately in the income statement. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the
amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest.
Post-employment benefit plans
HSBC operates a number of pension schemes including defined benefit, defined contribution and other post-employment benefit schemes.
Payments to defined contribution schemes are charged as an expense as the employees render service.
Defined benefit pension obligations are calculated using the projected unit credit method. The net charge to the income statement mainly
comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in operating expenses.
Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains and losses, return on plan assets (excluding interest)
and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income. The net defined benefit
asset or liability represents the present value of defined benefit obligations reduced by the fair value of plan assets, after applying the asset ceiling
test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan.
The costs of obligations arising from other post-employment plans are accounted for on the same basis as defined benefit pension plans.
Critical estimates and judgements
The most significant critical estimates relate to the determination of key assumptions applied in calculating the defined benefit pension obligation for the principal
plan.
Judgements
Estimates
\u2013 A range of assumptions could be applied, and different assumptions could
significantly alter the defined benefit obligation and the amounts
recognised in profit or loss or OCI.
\u2013 The calculation of the defined benefit pension obligation includes
assumptions with regard to the discount rate, inflation rate, pension
payments and deferred pensions, pay and mortality. Management
determines these assumptions in consultation with the plan\u2019s actuaries.
\u2013 Key assumptions used in calculating the defined benefit pension
obligation for the principal plan and the sensitivity of the calculation to
different assumptions are described in Note 5.
(m)Tax
Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item
appears.
Current tax is the tax expected to be payable on the taxable profit for the year and on any adjustment to tax payable in respect of previous years.
HSBC provides for potential current tax liabilities that may arise on the basis of the amounts expected to be paid to the tax authorities.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the balance sheet, and the amounts
attributed to such assets and liabilities for tax purposes. Deferred tax is calculated using the tax rates expected to apply in the periods in which the
assets will be realised or the liabilities settled.
In assessing the probability and sufficiency of future taxable profit, management considers the availability of evidence to support the recognition of
deferred tax assets, taking into account the inherent risks in long-term forecasting, including climate change-related, and drivers of recent history of
tax losses where applicable. Management also considers the future reversal of existing taxable temporary differences and tax planning strategies,
including corporate reorganisations. The Group has applied the exception available under IAS 12 to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current and deferred tax are calculated based on tax rates and laws enacted, or substantively enacted, by the balance sheet date.
Critical estimates and judgements
The recognition of deferred tax assets depends on judgements and estimates.
Judgements
Estimates
\u2013 Specific judgements supporting deferred tax assets are described in Note\u00a07.
\u2013 The recognition of deferred tax assets is sensitive to estimates of future
cash flows projected for periods for which detailed forecasts are available
and to assumptions regarding the long-term pattern of cash flows
thereafter, on which forecasts of future taxable profit are based, and
which affect the expected recovery periods and the pattern of utilisation
of tax losses and tax credits. See Note 7 for further detail.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of deferred tax assets in the next
financial year, but does consider this to be an area that is inherently judgemental.
(n)Provisions, contingent liabilities and guarantees
Provisions
Provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a present legal or constructive
obligation that has arisen as a result of past events and for which a reliable estimate can be made.
Critical estimates and judgements
The recognition and measurement of provisions requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out
below:
Judgements
Estimates
\u2013 Determining whether a present obligation exists. Professional advice is taken on
the assessment of litigation and similar obligations.
\u2013 Provisions for legal proceedings and regulatory matters typically require a higher
degree of judgement than other types of provisions. When matters are at an
early stage, accounting judgements can be difficult because of the high degree of
uncertainty associated with determining whether a present obligation exists, and
estimating the probability and amount of any outflows that may arise. As matters
progress, management and legal advisers evaluate on an ongoing basis whether
provisions should be recognised, revising previous estimates as appropriate. At
more advanced stages, it is typically easier to make estimates around a better
defined set of possible outcomes.
\u2013 Provisions for legal proceedings and regulatory matters remain very
sensitive to the assumptions used in the estimate. There could be a wider
range of possible outcomes for any pending legal proceedings,
investigations or inquiries. As a result it is often not practicable to quantify
a range of possible outcomes for individual matters. It is also not
practicable to meaningfully quantify ranges of potential outcomes in
aggregate for these types of provisions because of the diverse nature and
circumstances of such matters and the wide range of uncertainties
involved.
Contingent liabilities, contractual commitments and guarantees
Contingent liabilities
Contingent liabilities, which include certain guarantees and letters of credit pledged as collateral security, and contingent liabilities related to legal
proceedings or regulatory matters, are not recognised in the financial statements but are disclosed unless the probability of settlement is remote.
Financial guarantee contracts
Liabilities under financial guarantee contracts that are not classified as insurance contracts are recorded initially at their fair value, which is generally
the fee received or present value of the fee receivable. Subsequently, they are measured at the higher of the amount determined in accordance
with IFRS 9 for ECL and the amount initially recognised less, where appropriate, any cumulative income recognised in accordance with IFRS 15.
(o)Non-current assets and disposal groups held for sale
HSBC classifies non-current assets or disposal groups (including assets and liabilities) as held for sale when their carrying amounts will be
recovered principally through sale rather than through continuing use. To be classified as held for sale, the non-current asset or disposal group
must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or
disposal groups), and the sale must be highly probable. For a sale to be highly probable, the appropriate level of management must be committed
to a plan to sell the asset (or disposal group) and an active programme to locate a buyer and complete the plan must have been initiated. Further,
the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale
should be expected to qualify as a completed sale within one year from the date of classification and actions required to complete the plan should
indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.\u00a0
Held for sale assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell except for those
assets and liabilities that are not within the scope of the measurement requirements of IFRS 5. If the carrying amount of the non-current asset (or
disposal group) is greater than the fair value less costs to sell, an impairment loss for any initial or subsequent write-down of the asset or disposal
group to fair value less costs to sell is recognised. Any such impairment loss is first allocated against the non-current assets that are in scope of
IFRS 5 for measurement. This first reduces the carrying amount of any goodwill allocated to the disposal group, and then to the other non-current
assets of the disposal group pro rata on the basis of the carrying amount of each asset in the disposal group. Thereafter, any impairment loss in
excess of the carrying amount of the non-current assets in scope of IFRS 5 for measurement is recognised against the total assets of the disposal
group.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-975": { "value": "
(a)Consolidation and related policies
Consolidation
HSBC consolidates entities that it controls as demonstrated by power over the investee, exposure to variable returns, and the ability to use its
power to affect the amount of its returns. Where an entity is governed by voting rights, HSBC generally has power leading to control when it holds
\u2013 directly or indirectly \u2013 the necessary voting rights to pass resolutions by the governing body. In all other cases, the assessment of control is more
complex and requires judgement of other factors, including contractual arrangements.
Business combinations are accounted for using the acquisition method. The amount of non-controlling interest is measured either at\u00a0fair value or at
the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. This election is made for\u00a0each business combination.
Investments in subsidiaries
HSBC Holdings\u2019 investments in subsidiaries are stated at cost less impairment losses. Where the investment in a subsidiary is designated in a fair
value hedging relationship for foreign currency risk, the carrying value is adjusted for any associated hedge adjustment arising therefrom.
Impairment testing of investments in subsidiaries is performed where there is an indication of impairment. Indicators of impairment include both
external and internal sources of information. Similarly, assessments are made as to whether an impairment loss recognised in prior periods may no
longer exist or may have decreased. Where this is the case, such an impairment loss is reversed if there has been a change in the estimate used
to determine the relevant recoverable amount since the last impairment loss was recognised.
Critical estimates and judgements
Investments in subsidiaries are tested for impairment when there is an indication that the investment may be impaired, which involves estimations of value in use
reflecting management\u2019s best estimate of the future cash flows of the investment and the rates used to discount these cash flows, both of which are subject to
uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a high
degree of uncertainty in volatile market conditions.
Where such circumstances are determined to exist,
management re-tests for impairment or reversal more
frequently than once a year when indicators exist. This
ensures that the assumptions on which the cash flow
forecasts are based continue to reflect current market
conditions and management\u2019s best estimate of future
business prospects.
\u2013 The future cash flows of each investment are sensitive to the cash flows projected for the periods
for which detailed forecasts are available and to assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable
economic data, but they reflect management\u2019s view of future business prospects at the time of the
assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their
valuation, and are based on the costs of equity assigned to the investment. The cost of equity
percentage is generally derived from a capital asset pricing model and the market implied cost of
equity, which incorporates inputs reflecting a number of financial and economic variables, including
the risk-free interest rate in the country concerned and a premium for the risk of the business being
evaluated. These variables are subject to fluctuations in external market rates and economic
conditions beyond management\u2019s control.
\u2013 Key assumptions used in estimating impairment in subsidiaries and their reversal where relevant are
described in Note 19.\u00a0
Interests in associates and joint arrangements
Joint arrangements are investments in which HSBC, together with one or more parties, has joint control. Depending on HSBC\u2019s rights and
obligations, the joint arrangement is classified as either a joint operation or a joint venture.
HSBC classifies investments in\u00a0entities over which it has significant influence but not control or joint control as associates and accounts for them
using the equity method. Under this method, the attributable share of net assets, results and reserves are included in the consolidated financial
statements based on either financial statements made up to 31 December or pro-rated amounts adjusted for any material transactions or events
occurring between the date the financial statements are available and 31 December.
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that the
investment may be impaired, by comparing the recoverable amount of the relevant investment to its carrying amount. Goodwill on acquisition of
interests in joint ventures and associates is not tested separately for impairment, but is assessed as part of the carrying amount of the investment.
Previously recognised impairments are assessed for reversal when there are indicators that they may no longer exist or have decreased. Any
reversal, which may arise only from changes in estimates used to determine the prior impairment loss, is recognised to the extent that it does not
increase the carrying amount above that had no impairment loss been previously recognised.
Critical estimates and judgements
The most significant critical estimates relate to the assessment of impairment or its reversal of our investment in Bank of Communications Co., Limited
(\u2018BoCom\u2019), which involves estimations of value in use:
Judgements
Estimates
\u2013 The value in use calculation uses discounted cash flow projections based on management\u2019s best
estimate of future earnings available to ordinary shareholders prepared in accordance with IAS 36
\u2018Impairment of Assets\u2019. Those cash flows use estimates based on BoCom\u2019s current condition and
so do not include estimated cash flows arising from uncommitted future actions that may affect
the performance of the investment which will be considered at the relevant time should they
arise.
\u2013 Key assumptions used in estimating BoCom\u2019s value in use and the sensitivity of the value in use
calculations to different assumptions are described in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-976": { "value": "
Investments in subsidiaries
HSBC Holdings\u2019 investments in subsidiaries are stated at cost less impairment losses. Where the investment in a subsidiary is designated in a fair
value hedging relationship for foreign currency risk, the carrying value is adjusted for any associated hedge adjustment arising therefrom.
Impairment testing of investments in subsidiaries is performed where there is an indication of impairment. Indicators of impairment include both
external and internal sources of information. Similarly, assessments are made as to whether an impairment loss recognised in prior periods may no
longer exist or may have decreased. Where this is the case, such an impairment loss is reversed if there has been a change in the estimate used
to determine the relevant recoverable amount since the last impairment loss was recognised.
Critical estimates and judgements
Investments in subsidiaries are tested for impairment when there is an indication that the investment may be impaired, which involves estimations of value in use
reflecting management\u2019s best estimate of the future cash flows of the investment and the rates used to discount these cash flows, both of which are subject to
uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a high
degree of uncertainty in volatile market conditions.
Where such circumstances are determined to exist,
management re-tests for impairment or reversal more
frequently than once a year when indicators exist. This
ensures that the assumptions on which the cash flow
forecasts are based continue to reflect current market
conditions and management\u2019s best estimate of future
business prospects.
\u2013 The future cash flows of each investment are sensitive to the cash flows projected for the periods
for which detailed forecasts are available and to assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable
economic data, but they reflect management\u2019s view of future business prospects at the time of the
assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their
valuation, and are based on the costs of equity assigned to the investment. The cost of equity
percentage is generally derived from a capital asset pricing model and the market implied cost of
equity, which incorporates inputs reflecting a number of financial and economic variables, including
the risk-free interest rate in the country concerned and a premium for the risk of the business being
evaluated. These variables are subject to fluctuations in external market rates and economic
conditions beyond management\u2019s control.
\u2013 Key assumptions used in estimating impairment in subsidiaries and their reversal where relevant are
described in Note 19.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-977": { "value": "
Interests in associates and joint arrangements
Joint arrangements are investments in which HSBC, together with one or more parties, has joint control. Depending on HSBC\u2019s rights and
obligations, the joint arrangement is classified as either a joint operation or a joint venture.
HSBC classifies investments in\u00a0entities over which it has significant influence but not control or joint control as associates and accounts for them
using the equity method. Under this method, the attributable share of net assets, results and reserves are included in the consolidated financial
statements based on either financial statements made up to 31 December or pro-rated amounts adjusted for any material transactions or events
occurring between the date the financial statements are available and 31 December.
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that the
investment may be impaired, by comparing the recoverable amount of the relevant investment to its carrying amount. Goodwill on acquisition of
interests in joint ventures and associates is not tested separately for impairment, but is assessed as part of the carrying amount of the investment.
Previously recognised impairments are assessed for reversal when there are indicators that they may no longer exist or have decreased. Any
reversal, which may arise only from changes in estimates used to determine the prior impairment loss, is recognised to the extent that it does not
increase the carrying amount above that had no impairment loss been previously recognised.
Critical estimates and judgements
The most significant critical estimates relate to the assessment of impairment or its reversal of our investment in Bank of Communications Co., Limited
(\u2018BoCom\u2019), which involves estimations of value in use:
Judgements
Estimates
\u2013 The value in use calculation uses discounted cash flow projections based on management\u2019s best
estimate of future earnings available to ordinary shareholders prepared in accordance with IAS 36
\u2018Impairment of Assets\u2019. Those cash flows use estimates based on BoCom\u2019s current condition and
so do not include estimated cash flows arising from uncommitted future actions that may affect
the performance of the investment which will be considered at the relevant time should they
arise.
\u2013 Key assumptions used in estimating BoCom\u2019s value in use and the sensitivity of the value in use
calculations to different assumptions are described in Note 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-978": { "value": "
Goodwill
Goodwill is allocated to cash-generating units (\u2019CGUs\u2019) for the purpose of impairment testing, which is undertaken at the lowest level at which
goodwill is monitored for internal management purposes.
Impairment testing is performed at least once a year, or whenever there is an indication of impairment, by comparing the recoverable amount of a
CGU with its carrying amount.
Goodwill is included in a disposal group if the disposal group is a CGU to which goodwill has been allocated or it is an operation within such a CGU.
The amount of goodwill included in a disposal group is measured on the basis of the relative values of the operation disposed of and the portion of
the CGU retained.
Critical estimates and judgements
The review of goodwill and non-financial assets for impairment reflects management\u2019s best estimate of the future cash flows of the CGUs and the rates used to
discount these cash flows, both of which are subject to uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a
high degree of uncertainty in volatile market
conditions. Where such circumstances are
determined to exist, management re-tests goodwill
for impairment more frequently than once a year
when indicators of impairment exist. This ensures
that the assumptions on which the cash flow
forecasts are based continue to reflect current
market conditions and management\u2019s best estimate
of future business prospects.
\u2013 The future cash flows of the CGUs are sensitive to the cash flows projected for the periods for which
detailed forecasts are available and to assumptions regarding the long-term pattern of sustainable cash
flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but
they reflect management\u2019s view of future business prospects at the time of the assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their valuation,
and are based on the costs of equity assigned to individual CGUs. The cost of equity percentage is
generally derived from a capital asset pricing model and market implied cost of equity, which
incorporates inputs reflecting a number of financial and economic variables, including the risk-free
interest rate in the country concerned and a premium for the risk of the business being evaluated.
These variables are subject to fluctuations in external market rates and economic conditions beyond
management\u2019s control.
\u2013 Key assumptions used in estimating goodwill and non-financial asset impairment are described in
Note\u00a021.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-979": { "value": "
Other non-financial assets
Software under development is tested for impairment at least annually. Other non-financial assets are property, plant and equipment, intangible
assets (excluding goodwill) and right-of-use assets. They are tested for impairment at the individual asset level when there is indication of
impairment at that level, or at the CGU level for assets that do not have a recoverable amount at the individual asset level. In addition, impairment
is also tested at the CGU level when there is indication of impairment at that level.
Impairment testing compares the carrying amount of the non-financial asset or CGU with its recoverable amount, which is the higher of the fair
value less costs of disposal or the value in use. The carrying amount of a CGU comprises the carrying amount of its assets and liabilities, including
non-financial assets that are directly attributable to it and non-financial assets that can be allocated to it on a reasonable and consistent basis. Non-
financial assets that cannot be allocated to an individual CGU are tested for impairment at an appropriate grouping of CGUs. The recoverable
amount of the CGU is the higher of the fair value less costs of disposal of the CGU, which is determined by independent and qualified valuers
where relevant, and the value in use, which is calculated based on appropriate inputs (see Note 21).
When the recoverable amount of a CGU is less than its carrying amount, an impairment loss is recognised in the income statement to the extent
that the impairment can be allocated on a pro-rata basis to the non-financial assets by reducing their carrying amounts to the higher of their
respective individual recoverable amount or nil. Impairment is not allocated to the financial assets in a CGU.
Impairment losses recognised in prior periods for non-financial assets are reversed when there has been a change in the estimate used to
determine the recoverable amount. The impairment loss is reversed to the extent that the carrying amount of the non-financial assets would not
exceed the amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised in prior
periods.
Critical estimates and judgements
The review of goodwill and non-financial assets for impairment reflects management\u2019s best estimate of the future cash flows of the CGUs and the rates used to
discount these cash flows, both of which are subject to uncertain factors as follows:
Judgements
Estimates
\u2013 The accuracy of forecast cash flows is subject to a
high degree of uncertainty in volatile market
conditions. Where such circumstances are
determined to exist, management re-tests goodwill
for impairment more frequently than once a year
when indicators of impairment exist. This ensures
that the assumptions on which the cash flow
forecasts are based continue to reflect current
market conditions and management\u2019s best estimate
of future business prospects.
\u2013 The future cash flows of the CGUs are sensitive to the cash flows projected for the periods for which
detailed forecasts are available and to assumptions regarding the long-term pattern of sustainable cash
flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but
they reflect management\u2019s view of future business prospects at the time of the assessment.
\u2013 The rates used to discount future expected cash flows can have a significant effect on their valuation,
and are based on the costs of equity assigned to individual CGUs. The cost of equity percentage is
generally derived from a capital asset pricing model and market implied cost of equity, which
incorporates inputs reflecting a number of financial and economic variables, including the risk-free
interest rate in the country concerned and a premium for the risk of the business being evaluated.
These variables are subject to fluctuations in external market rates and economic conditions beyond
management\u2019s control.
\u2013 Key assumptions used in estimating goodwill and non-financial asset impairment are described in
Note\u00a021.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-980": { "value": "
(c)Net operating income
Interest income and expense
Interest income and expense for all financial instruments, excluding those classified as held for trading or designated at fair value, is recognised in
\u2018Interest income\u2019 and \u2018Interest expense\u2019 in the income statement using the effective interest method. However, as an exception to this, interest
on debt instruments issued by HSBC for funding purposes that are designated under the fair value option to reduce an accounting mismatch and
on derivatives managed in conjunction with those debt instruments is included in interest expense.
Interest on credit-impaired financial assets is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount of
the asset less allowance for expected credit losses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-981": { "value": "
Non-interest income and expense
HSBC generates fee income from services provided over time, such as account service and card fees, or when HSBC delivers a specific
transaction at a point in time, such as broking services and import/export services. Where fees are variable, for example certain fund management
and performance fees, such fees are recognised when the associated uncertainties are resolved and to the extent that it is highly probable that a
significant reversal will not occur.
HSBC acts as principal in the majority of contracts with customers, with the exception of broking services. For most brokerage trades, HSBC acts
as agent in the transaction and recognises broking income net of fees payable to other parties in the arrangement.
HSBC recognises fees earned on transaction-based arrangements at a point in time when it has provided the service to the customer. Where the
contract requires services to be provided over time, income is recognised on a systematic basis over the life of the agreement.
Where HSBC offers a package of services that contains multiple non-distinct performance obligations, such as those included in account service
packages, the promised services are treated as a single performance obligation. If a package of services contains distinct performance obligations,
the corresponding transaction price is allocated to each performance obligation based on the estimated stand-alone selling prices.
Dividend income is recognised when the right to receive payment is established.
Gains and losses from financial instruments measured as at fair value through profit or loss includes the following:
\u2013 \u2018Net income from financial instruments held for trading or managed on a fair value basis\u2019: This comprises net trading activities, which includes
all gains and losses from changes in the fair value of financial assets and financial liabilities held for trading and other financial instruments
managed on a fair value basis, together with the related interest income, interest expense and dividend income, excluding the effect of
changes in the credit risk of liabilities managed on a fair value basis. It also includes all gains and losses from changes in the fair value of
derivatives that are managed in conjunction with financial assets and liabilities measured at fair value through profit or loss.
\u2013 \u2018Net income/(expense) from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or
loss\u2019: This includes all gains and losses from changes in the fair value, together with related interest income, interest expense and dividend
income in respect of financial assets and liabilities measured at fair value through profit or loss, and those derivatives managed in conjunction
with the above that can be separately identifiable from other trading derivatives.
\u2013 Other gains and losses from financial instruments measured as at fair value through profit or loss include changes in the fair value of
designated debt instruments under the fair value option and related derivatives where such designation reduces an accounting mismatch.
Interest on such debt instruments and interest cash flows on related derivatives is presented in interest expense. Also included are the
changes in fair value of other financial instruments mandatorily measured as at fair value through profit or loss which includes interest on
instruments that fail the solely payments of principal and interest test, see (e) below.
Insurance income and expense
Insurance service result
Insurance revenue reflects the consideration to which the Group expects to be entitled in exchange for the provision of coverage and other insurance
contract services (excluding any investment components). Insurance service expenses comprise the incurred claims and other incurred insurance
service expenses (excluding any investment components), and losses on onerous groups of contracts and reversals of such losses.
Insurance finance income and expenses
Insurance finance income and expense comprises the change in the carrying amount of the group of insurance contracts arising from the effects
of the time value of money, financial risk and changes therein. For contracts using the variable fee approach (\u2018VFA\u2019) measurement model, changes
in the fair value of underlying items (excluding additions and withdrawals) are recognised in insurance finance income or expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-983": { "value": "
(d)Valuation of financial instruments
Financial instruments are initially recognised at fair value. Fair value is the price that would be received to sell an asset or paid to\u00a0transfer a liability in
an orderly transaction between market participants at the measurement date and on initial recognition is generally the transaction price. However, if
there is a difference between the transaction price and the fair value of financial instruments whose fair value is based on\u00a0a quoted price in an active
market or a valuation technique that uses only data from observable markets, HSBC recognises the difference as a trading gain or loss at inception
(a \u2018day 1 gain or loss\u2019). In all other cases, the entire day 1 gain or loss is deferred and recognised in the income statement over the life of the
transaction until the transaction matures, is closed out, the valuation inputs become observable or HSBC enters into an offsetting transaction.
The fair value of financial instruments is generally measured on an individual basis. However, in cases where HSBC manages a group of financial
assets and liabilities according to its net market or credit risk exposure, the fair value of the group of financial instruments is measured on a net basis
but the underlying financial assets and liabilities are presented separately in the financial statements, unless they satisfy the IFRS offsetting criteria.
Financial instruments are classified into one of three fair value hierarchy levels, described in Note 12, \u2018Fair values of financial instruments carried at
fair value\u2018.
Critical estimates and judgements
The majority of valuation techniques employ only observable market data. However, certain financial instruments are classified on the basis of valuation techniques
that feature one or more significant market inputs that are unobservable, and for them, the measurement of fair value is more judgemental:
Judgements
Estimates
\u2013 An instrument in its entirety is classified as valued using significant unobservable
inputs if, in the opinion of management, greater than 5% of the instrument\u2019s valuation
is driven by unobservable inputs.
\u2013 \u2018Unobservable\u2019 in this context means that there is little or no current market data
available from which to determine the price at which an arm\u2019s length transaction would
be likely to occur. It generally does not mean that there is no data available at all upon
which to base a determination of fair value (consensus pricing data may, for example,
be used).
\u2013 Details on the Group\u2019s Level 3 financial instruments and the
sensitivity of their valuation to the effect of applying reasonably
possible alternative assumptions in determining their fair value are
set out in Note 12.
(e)Financial instruments measured at amortised cost
Financial assets that are held to collect the contractual cash flows and which contain contractual terms that give rise on specified dates to cash
flows that are solely payments of principal and interest are measured at amortised cost. Such financial assets include most loans and advances to
banks and customers and some debt securities. In addition, most financial liabilities are measured at amortised cost. HSBC accounts for regular
way amortised cost financial instruments using trade date accounting. The carrying amount of these financial assets at initial recognition includes
any directly attributable transactions costs.
HSBC may commit to underwriting loans on fixed contractual terms for specified periods of time. When the loan arising from the lending
commitment is expected to be sold shortly after origination, the commitment to lend is recorded as a derivative. When HSBC intends to\u00a0hold the
loan, the loan commitment is generally not recognised but is subject to expected credit loss considerations.
Financial assets are reclassified only when the business model for their management changes. Such changes, which are expected to be
infrequent, are determined by senior management as a result of external or internal changes and must be significant to operations and
demonstrable to external parties. Reclassifications are applied prospectively from the first day of the first reporting period following the change of
business model. Where a financial asset is reclassified out of the amortised cost measurement category and into the fair value through other
comprehensive income measurement category its fair value is measured at the date of reclassification. Any gain or loss arising from a difference
between the previous amortised cost and fair value is recognised in other comprehensive income. The effective interest rate and the
measurement of expected credit losses are not adjusted as a result of the reclassification.
Non-trading reverse repurchase, repurchase and similar agreements
When securities are sold subject to a commitment to repurchase them at a predetermined price (\u2018repos\u2019), they remain on the balance sheet and a
liability is recorded in respect of the consideration received. Securities purchased under commitments to resell (\u2018reverse repos\u2019) are not recognised
on the balance sheet and an asset is recorded in respect of the initial consideration paid. Non-trading repos and reverse repos are measured at
amortised cost. The difference between the sale and repurchase price or between the purchase and resale price is treated as interest and
recognised in net interest income over the life of the agreement.
Contracts that are economically equivalent to reverse repo or repo agreements (such as sales or purchases of securities entered into together with
total return swaps with the same counterparty) are accounted for similarly to, and presented together with, reverse repo or repo agreements.
(f)Financial assets measured at fair value through other comprehensive income
Financial assets managed within a business model that is achieved by both collecting contractual cash flows and selling and which contain
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at fair value
through other comprehensive income (\u2018FVOCI\u2019). These comprise primarily debt securities. They are generally recognised on trade date when
HSBC enters into contractual arrangements to purchase and are generally derecognised when they are either sold or redeemed. They are
subsequently remeasured at fair value with changes therein (except for those relating to impairment, interest income and foreign currency
exchange gains and losses) recognised in other comprehensive income until the assets are sold. Upon disposal, the cumulative gains or losses in
other comprehensive income are recognised in the income statement. Financial assets measured at FVOCI are included in impairment calculations
and impairment is recognised in profit or loss.
(g)Equity securities measured at fair value with fair value movements presented in other
comprehensive income
Equity securities for which fair value movements are shown in other comprehensive income are business facilitation and other similar investments
where HSBC holds the investments other than to generate a capital return. Dividends from such investments are recognised in profit or loss.
Gains or losses on the derecognition of these equity securities are not transferred to profit or loss. Otherwise, equity securities are measured at
fair value through profit or loss.
(h)Financial instruments designated at fair value through profit or loss
Financial instruments, other than those held for trading, are classified in this category if they meet one or more of the criteria set out below and are
so designated irrevocably at inception:
\u2013 The use of the designation removes or significantly reduces an accounting mismatch.
\u2013 A group of financial assets and liabilities or a group of financial liabilities is managed and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment strategy.
\u2013 A financial liability that contains one or more non-closely related embedded derivatives.
Designated financial assets are recognised when HSBC enters into contracts with counterparties, which is generally on trade date, and are
normally derecognised when the rights to the cash flows expire or are transferred.
Designated financial liabilities are recognised when HSBC enters into contracts with counterparties, which is generally on settlement date, and are
normally derecognised when extinguished. Subsequent changes in fair values are recognised in the income statement except for the effect of
changes in the liabilities\u2019 credit risk, which is presented in \u2018Other comprehensive income\u2019, unless that treatment would create or enlarge an
accounting mismatch in profit or loss.
Under the above criteria, the main classes of financial instruments designated by HSBC are:
\u2013 Debt instruments for funding purposes that are designated to reduce an accounting mismatch: The interest and/or foreign exchange exposure
on certain fixed-rate debt securities issued has been matched with the interest and/or foreign exchange exposure on certain swaps as part of a
documented risk management strategy.
\u2013 Financial assets and financial liabilities under unit-linked and non-linked investment contracts: A contract under which HSBC does not accept
significant insurance risk from another party is not classified as an insurance contract, other than investment contracts with discretionary
participation features (\u2018DPF\u2019), but is accounted for as a financial liability. Customer liabilities under linked and certain non-linked investment
contracts issued by insurance subsidiaries are determined based on the fair value of the assets held in the linked funds or by a valuation
method. The related financial assets and liabilities are managed and reported to management on a fair value basis. Designation at fair value of
the financial assets and related liabilities allows changes in fair values to be recorded in the income statement and presented in the same line.
\u2013 Financial liabilities that contain both deposit and derivative components: These financial liabilities are managed and their performance evaluated
on a fair value basis.
(i)Derivatives
Derivatives are financial instruments that derive their value from the price of underlying items such as equities, interest rates or other indices.
Derivatives are recognised initially and are subsequently measured at fair value through profit or loss. Derivatives are classified as assets when
their fair value is positive or as liabilities when their fair value is negative. This includes embedded derivatives in financial liabilities, which are
bifurcated from the host contract when they meet the definition of a derivative on a stand-alone basis.
Where the derivatives are managed with debt securities issued by HSBC that are designated at fair value where doing so reduces an accounting
mismatch, the contractual interest is shown in \u2018Interest expense\u2019 together with the interest payable on the issued debt.
Hedge accounting
When derivatives are not part of fair value designated relationships, if held for risk management purposes they are designated in hedge accounting
relationships where the required criteria for documentation and hedge effectiveness are met. HSBC uses these derivatives or, where allowed,
other non-derivative hedging instruments in fair value hedges, cash flow hedges or hedges of net investments in foreign operations as appropriate
to the risk being hedged.
Fair value hedge
Fair value hedge accounting does not change the recording of gains and losses on derivatives and other hedging instruments, but results in
recognising changes in the fair value of the hedged assets or liabilities attributable to the hedged risk that would not otherwise be recognised in
the income statement. If a hedge relationship no longer meets the criteria for hedge accounting, hedge accounting is discontinued and the
cumulative adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortised to the income
statement on a recalculated effective interest rate, unless the hedged item has been derecognised, in which case it is recognised in the income
statement immediately.
Cash flow hedge
The effective portion of gains and losses on hedging instruments is recognised in other comprehensive income and the ineffective portion of the
change in fair value of derivative hedging instruments that are part of a cash flow hedge relationship is recognised immediately in the income
statement. The accumulated gains and losses recognised in other comprehensive income are reclassified to the income statement in the same
periods in which the hedged item affects profit or loss. When a hedge relationship is discontinued, or partially discontinued, any cumulative gain or
loss recognised in other comprehensive income remains in equity until the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is
reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses
on the hedging instrument is recognised in other comprehensive income and other gains and losses are recognised immediately in the income
statement. Gains and losses previously recognised in other comprehensive income are reclassified to the income statement on the disposal, or
part-disposal, of the foreign operation.
(j)Impairment of amortised cost and FVOCI financial assets
Expected credit losses (\u2018ECL\u2019) are recognised for loans and advances to banks and customers, non-trading reverse repurchase agreements, other
financial assets held at amortised cost, debt instruments measured at FVOCI, and certain loan commitments and financial guarantee contracts. At
initial recognition, an allowance (or provision in the case of some loan commitments and financial guarantees) is recognised for ECL resulting from
possible default events within the next 12 months, or less, where the remaining life is less than 12 months (\u201912-month ECL\u2019). In the event of a
significant increase in credit risk, an allowance (or provision) is recognised for ECL resulting from all possible default events over the expected life
of the financial instrument (\u2018lifetime ECL\u2019). Financial assets where 12-month ECL is recognised are considered to be \u2018stage 1\u2019; financial assets
which are considered to have experienced a significant increase in credit risk are in \u2018stage 2\u2019; and financial assets for which there is objective
evidence of impairment, and so are considered to be in default or otherwise credit impaired are in \u2018stage 3\u2019. Purchased or originated credit-
impaired financial assets (\u2018POCI\u2019) are treated differently as set out below.
Unimpaired and without significant increase in credit risk (stage 1)
ECL resulting from default events that are possible within the next 12 months (\u201812-month ECL\u2019) are recognised for financial instruments that
remain in stage 1.
Significant increase in credit risk (stage 2)
An assessment of whether credit risk has increased significantly since initial recognition is performed at each reporting period by considering the
change in the risk of default occurring over the remaining life of the financial instrument.
The assessment explicitly or implicitly compares the risk of default occurring at the reporting date compared with that at initial recognition, taking
into account reasonable and supportable information, including information about past events, current conditions and future economic conditions.
The assessment is unbiased, probability-weighted, and to the extent relevant, uses forward-looking information consistent with that used in the
measurement of ECL. The analysis of credit risk is multifactor. The determination of whether a specific factor is relevant and its weight compared
with other factors depends on the type of product, the characteristics of the financial instrument and the borrower, and the geographical region.
Therefore, it is not possible to provide a single set of criteria that will determine what is considered to be a significant increase in credit risk, and
these criteria will differ for different types of lending, particularly between retail and wholesale. However, unless identified at an earlier stage, all
financial assets are deemed to have suffered a significant increase in credit risk when 30 days past due. In addition, wholesale loans that are
individually assessed, which are typically corporate and commercial customers, and included on a watch or worry list, are included in stage 2.
For wholesale portfolios, the quantitative comparison assesses default risk using a lifetime probability of default (\u2018PD\u2019), which encompasses a wide
range of information including the obligor\u2019s customer risk rating (\u2018CRR\u2019), macroeconomic condition forecasts and credit transition probabilities. For
origination CRRs up to 3.3, significant increase in credit risk is measured by comparing the average PD for the remaining term estimated at
origination with the equivalent estimation at the reporting date.
The quantitative measure of significance varies depending on the credit quality at origination as follows:
Origination CRR
Significance trigger \u2013 PD to increase by
0.1\u20131.2
15bps
2.1\u20133.3
30bps
For CRRs greater than 3.3 that are not impaired, a significant increase in credit risk is considered to have occurred when the origination PD has
doubled. The significance of changes in PD was informed by expert credit risk judgement, referenced to historical credit migrations and to relative
changes in external market rates.
For loans originated prior to the implementation of IFRS 9, the origination PD does not include adjustments to reflect expectations of future
macroeconomic conditions since these are not available without the use of hindsight. In the absence of this data, origination PD must be
approximated assuming through-the-cycle PDs and through-the-cycle migration probabilities, consistent with the instrument\u2019s underlying modelling
approach and the CRR at origination.
The quantitative comparison is supplemented with additional CRR deterioration-based thresholds, as set out in the table below:
Origination CRR
Additional significance criteria \u2013 number of CRR grade notches
deterioration required to identify as significant credit deterioration\u00a0(stage
2) (> or equal to)
0.1
5 notches
1.1\u20134.2
4 notches
4.3\u20135.1
3 notches
5.2\u20137.1
2 notches
7.2\u20138.2
1 notch
8.3
0 notches
For retail portfolios, default risk is assessed using a reporting date 12-month PD derived from internal models, which incorporate all available
information about the customer. This PD is adjusted for the effect of macroeconomic forecasts for periods longer than 12\u00a0months and is
considered to be a reasonable approximation of a lifetime PD measure. Retail exposures are first segmented into homogenous portfolios, generally
by country, product and brand. Within each portfolio, the stage 2 accounts include accounts with an adjusted 12-month PD greater than the
average 12-month PD of loans in that portfolio 12 months before they become 30 days past due. The expert credit risk judgement is that no prior
increase in credit risk is significant. This portfolio-specific threshold therefore identifies loans with a PD higher than would be expected from loans
that are performing as originally expected and higher than that which would have been acceptable at origination. It therefore approximates a
comparison of origination to reporting date PDs.
We have implemented in the UK and continue to refine the retail transfer criteria approach to utilise a more relative approach for certain portfolios
as additional data becomes available. These enhancements take advantage of the increase in origination-related data in the assessment of
significant increases in credit risk by comparing remaining lifetime PD to the comparable remaining term lifetime PD at origination based on
portfolio-specific origination segments.
Credit impaired (stage 3)
HSBC determines that a financial instrument is credit impaired and in stage 3 by considering relevant objective evidence, primarily whether
contractual payments of either principal or interest are past due for more than 90 days, there are other indications that the borrower is unlikely to
pay such as that a concession has been granted to the borrower for economic or legal reasons relating to the borrower\u2019s financial condition, or the
loan is otherwise considered to be in default.
If such unlikeliness to pay is not identified at an earlier stage, it is deemed to occur when an exposure is 90 days past due. Therefore, the
definitions of credit impaired and default are aligned as far as possible so that stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Interest income is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount less allowance for ECL).
Write-off
Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of
recovery. Where loans are secured, this is generally after receipt of any proceeds from the realisation of security. In circumstances where the net
realisable value of any collateral has been determined and there is no reasonable expectation of further recovery, write-off may be earlier.
Forbearance
Loans are identified as forborne and classified as either performing or non-performing when HSBC modifies the contractual terms due to financial
difficulty of the borrower. Non-performing forborne loans are stage 3 and classified as non-performing until they meet the curing criteria, as
specified by applicable credit risk policy (for example, when the loan is no longer in default and no other indicators of default have been present for
at least 12 months). Any amount written off as a result of any modification of contractual terms upon entering forbearance would not be reversed.
The Group applies the EBA Guidelines on the application of definition of default for our retail portfolios, which affect credit risk policies and our
reporting in respect of the status of loans as credit impaired principally due to forbearance (or curing thereof). Further details are provided under
\u2018Forborne loans and advances\u2019 on page 107.
Performing forborne loans are initially stage 2 and remain classified as forborne until they meet applicable curing criteria (for example, they
continue to not be in default and no other indicators of default are present for a period of at least 24 months). At this point, the loan is either stage
1 or stage 2 as determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk
of a default occurring at initial recognition (based on the original, unmodified contractual terms).
A forborne loan is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms, or if the
terms of an existing agreement are modified such that the forborne loan is a substantially different financial instrument. Any new loans that arise
following derecognition events in these circumstances would generally be classified as POCI and will continue to be disclosed as forborne.
Loan modifications other than forborne loans
Loan modifications that are not identified as forborne are considered to be commercial restructurings. Where a commercial restructuring results in
a modification (whether legalised through an amendment to the existing terms or the issuance of a new loan contract) such that HSBC\u2019s rights to
the cash flows under the original contract have expired, the old loan is derecognised and the new loan is recognised at fair value. The rights to
cash flows are generally considered to have expired if the commercial restructuring is at market rates and no payment-related concession has
been provided. Modifications of certain higher credit risk wholesale loans are assessed for derecognition, having regard to changes in contractual
terms that either individually or in combination are judged to result in a substantially different financial instrument. Mandatory and general offer loan
modifications that are not borrower specific, for example market-wide customer relief programmes, generally do not result in derecognition, but
their stage allocation is determined considering all available and supportable information under our ECL impairment policy.
Purchased or originated credit impaired (\u2018POCI\u2019)
Financial assets that are purchased or originated at a deep discount that reflects the incurred credit losses are considered to be POCI. This
population includes new financial instruments recognised in most cases following the derecognition of forborne loans. The amount of change in
lifetime ECL for a POCI loan is recognised in profit or loss until the POCI loan is derecognised, even if the lifetime ECL are less than the amount of
ECL included in the estimated cash flows on initial recognition.
Movement between stages
Financial assets can be transferred between the different categories (other than POCI) depending on their relative increase in credit risk since initial
recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial
recognition based on the assessments described above. In the case of non-performing forborne loans, such financial instruments are transferred
out of stage 3 when they no longer exhibit any evidence of credit impairment and meet the curing criteria as described above.
Measurement of ECL
The assessment of credit risk and the estimation of ECL are unbiased and probability-weighted, and incorporate all available information which is
relevant to the assessment including information about past events, current conditions and reasonable and supportable forecasts of future events
and economic conditions at the reporting date. In addition, the estimation of ECL takes into account the time value of money and considers other
factors such as climate-related risks.
In general, HSBC calculates ECL using three main components: a probability of default (\u2018PD\u2019), a loss given default (\u2019LGD\u2019) and the exposure at
default (\u2018EAD\u2019).
The 12-month ECL is calculated by multiplying the 12-month PD, LGD and EAD. Lifetime ECL is calculated using the lifetime PD instead. The 12-
month and lifetime PDs represent the probability of default occurring over the next 12 months and the remaining maturity of the instrument
respectively.
The EAD represents the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to
the default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the
event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and
the time value of money.
HSBC makes use of the IRB framework where possible, with recalibration to meet the differing IFRS 9 requirements as set out in the following
table:
Model
Regulatory capital
IFRS 9
PD
\u2013 Represents long-run average PD throughout a full economic cycle
(for mortgage portfolios a hybrid approach, which sits between the
extremes of point in time and through the cycle, is used for
calculating long-run averages as required by the PRA)
\u2013 Default backstop of\u00a090+ days past due for all portfolios (includes
unlikely to pay (\u2018UTP\u2019) criteria in line with internal policy)
\u2013 May be subject to a sovereign cap
\u2013 Represents current portfolio quality and performance, adjusted for
the impact of multiple forward-looking macroeconomic scenarios
\u2013 Default backstop of 90+ days past due for all portfolios (includes
UTP criteria in line with internal policy)
EAD
\u2013 Cannot be lower than current balance
\u2013 Amortisation captured for term products
\u2013 Future drawdown captured for revolving products
LGD
\u2013 Downturn LGD (consistent with losses we would expect to suffer
during a severe but plausible economic downturn)
\u2013 Regulatory floors may apply to mitigate risk of underestimating
downturn LGD due to lack of historical data
\u2013 Discounted using appropriate index (minimum 9%)
\u2013 All collection costs included
\u2013 LGD based on recent portfolio performance data and includes the
expected impact of future economic conditions such as change in
the value of collateral
\u2013 No floors applied, discounted using the original effective interest rate
\u2013 Only costs associated with selling collateral and certain third-party
costs are included
Other
\u2013 Discounted back from point of default to balance sheet date
While 12-month PDs are recalibrated from IRB models where possible, the lifetime PDs are determined by projecting the 12-month PD using a
term structure. For the wholesale methodology, the lifetime PD also takes into account credit migration, i.e. a customer migrating through the CRR
bands over its life.
The ECL for wholesale stage 3 is determined primarily on an individual basis using a discounted cash flow (\u2018DCF\u2019) methodology. The expected
future cash flows are based on estimates as of the reporting date, reflecting reasonable and supportable assumptions and projections of future
recoveries and expected future receipts of interest.
Collateral is taken into account if it is likely that the recovery of the outstanding amount will include realisation of collateral based on its estimated
fair value of collateral at the time of expected realisation, less costs for obtaining and selling the collateral.
The cash flows are discounted at the original effective interest rate. For significant cases, cash flows under up to four different scenarios are
probability-weighted by reference to the status of the borrower, economic scenarios applied more generally by the Group and judgement in
relation to the likelihood of the work-out strategy succeeding or receivership being required. For less significant cases where an individual
assessment is undertaken, the effect of different economic scenarios and work-out strategies results in an ECL calculation based on a most likely
outcome which is adjusted to capture losses resulting from less likely but possible outcomes. For certain less significant cases, the bank may use
an LGD-based modelled approach to ECL assessment, which factors in a range of economic scenarios.
Period over which ECL is measured
Expected credit loss is measured from the initial recognition of the financial asset. The maximum period considered when measuring ECL (be it 12-
month or lifetime ECL) is the maximum contractual period over which HSBC is exposed to credit risk. However, where the financial instrument
includes both a drawn and undrawn commitment and the contractual ability to demand repayment and cancel the undrawn commitment does not
serve to limit HSBC\u2019s exposure to credit risk to the contractual notice period, the contractual period does not determine the maximum period
considered. Instead, ECL is measured over the period HSBC remains exposed to credit risk that is not mitigated by credit risk management
actions. This applies to retail overdrafts and credit cards, where the period is the average time taken to realise the material losses for an account,
determined on a portfolio basis. In addition, for these facilities it is not possible to identify the ECL on the loan commitment component separately
from the financial asset component. As a result, the total ECL is recognised in the loss allowance for the financial asset unless the total ECL
exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision. For wholesale overdraft facilities,
credit risk management actions are taken no less frequently than on an annual basis.
Forward-looking economic inputs
HSBC applies multiple forward-looking global economic scenarios determined with reference to external forecast distributions representative of its
view of forecast economic conditions. This approach is considered sufficient to calculate unbiased expected credit losses in most economic
environments. In certain economic environments, additional analysis may be necessary and may result in additional scenarios or adjustments, to
reflect a range of possible economic outcomes sufficient for an unbiased estimate. The detailed methodology is disclosed in \u2018Measurement
uncertainty and sensitivity analysis of ECL estimates\u2019 on page 115.
Critical estimates and judgements
The calculation of the Group\u2019s ECL under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set
out below:
Judgements
Estimates
\u2013 Defining what is considered to be a significant increase in credit risk
\u2013 Determining the lifetime and point of initial recognition of overdrafts and credit cards
\u2013 Selecting and calibrating the PD, LGD and EAD models, which support the calculations, including
making reasonable and supportable judgements about how models react to current and future
economic conditions
\u2013 Selecting model inputs and economic forecasts, including determining whether sufficient and
appropriately weighted economic forecasts are incorporated to calculate unbiased expected credit loss
\u2013 Making management adjustments to account for late-breaking events, model and data limitations and
deficiencies, and expert credit judgements
\u2013 Selecting applicable recovery strategies for certain wholesale credit-impaired loans
\u2013 The section \u2018Measurement uncertainty and
sensitivity analysis of ECL estimates\u2019, marked as
audited from page 115, sets out the assumptions
used in determining ECL, and provides an indication
of the sensitivity of the result to the application of
different weightings being applied to different
economic assumptions
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-982": { "value": "
(d)Valuation of financial instruments
Financial instruments are initially recognised at fair value. Fair value is the price that would be received to sell an asset or paid to\u00a0transfer a liability in
an orderly transaction between market participants at the measurement date and on initial recognition is generally the transaction price. However, if
there is a difference between the transaction price and the fair value of financial instruments whose fair value is based on\u00a0a quoted price in an active
market or a valuation technique that uses only data from observable markets, HSBC recognises the difference as a trading gain or loss at inception
(a \u2018day 1 gain or loss\u2019). In all other cases, the entire day 1 gain or loss is deferred and recognised in the income statement over the life of the
transaction until the transaction matures, is closed out, the valuation inputs become observable or HSBC enters into an offsetting transaction.
The fair value of financial instruments is generally measured on an individual basis. However, in cases where HSBC manages a group of financial
assets and liabilities according to its net market or credit risk exposure, the fair value of the group of financial instruments is measured on a net basis
but the underlying financial assets and liabilities are presented separately in the financial statements, unless they satisfy the IFRS offsetting criteria.
Financial instruments are classified into one of three fair value hierarchy levels, described in Note 12, \u2018Fair values of financial instruments carried at
fair value\u2018.
Critical estimates and judgements
The majority of valuation techniques employ only observable market data. However, certain financial instruments are classified on the basis of valuation techniques
that feature one or more significant market inputs that are unobservable, and for them, the measurement of fair value is more judgemental:
Judgements
Estimates
\u2013 An instrument in its entirety is classified as valued using significant unobservable
inputs if, in the opinion of management, greater than 5% of the instrument\u2019s valuation
is driven by unobservable inputs.
\u2013 \u2018Unobservable\u2019 in this context means that there is little or no current market data
available from which to determine the price at which an arm\u2019s length transaction would
be likely to occur. It generally does not mean that there is no data available at all upon
which to base a determination of fair value (consensus pricing data may, for example,
be used).
\u2013 Details on the Group\u2019s Level 3 financial instruments and the
sensitivity of their valuation to the effect of applying reasonably
possible alternative assumptions in determining their fair value are
set out in Note 12.
(h)Financial instruments designated at fair value through profit or loss
Financial instruments, other than those held for trading, are classified in this category if they meet one or more of the criteria set out below and are
so designated irrevocably at inception:
\u2013 The use of the designation removes or significantly reduces an accounting mismatch.
\u2013 A group of financial assets and liabilities or a group of financial liabilities is managed and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment strategy.
\u2013 A financial liability that contains one or more non-closely related embedded derivatives.
Designated financial assets are recognised when HSBC enters into contracts with counterparties, which is generally on trade date, and are
normally derecognised when the rights to the cash flows expire or are transferred.
Designated financial liabilities are recognised when HSBC enters into contracts with counterparties, which is generally on settlement date, and are
normally derecognised when extinguished. Subsequent changes in fair values are recognised in the income statement except for the effect of
changes in the liabilities\u2019 credit risk, which is presented in \u2018Other comprehensive income\u2019, unless that treatment would create or enlarge an
accounting mismatch in profit or loss.
Under the above criteria, the main classes of financial instruments designated by HSBC are:
\u2013 Debt instruments for funding purposes that are designated to reduce an accounting mismatch: The interest and/or foreign exchange exposure
on certain fixed-rate debt securities issued has been matched with the interest and/or foreign exchange exposure on certain swaps as part of a
documented risk management strategy.
\u2013 Financial assets and financial liabilities under unit-linked and non-linked investment contracts: A contract under which HSBC does not accept
significant insurance risk from another party is not classified as an insurance contract, other than investment contracts with discretionary
participation features (\u2018DPF\u2019), but is accounted for as a financial liability. Customer liabilities under linked and certain non-linked investment
contracts issued by insurance subsidiaries are determined based on the fair value of the assets held in the linked funds or by a valuation
method. The related financial assets and liabilities are managed and reported to management on a fair value basis. Designation at fair value of
the financial assets and related liabilities allows changes in fair values to be recorded in the income statement and presented in the same line.
\u2013 Financial liabilities that contain both deposit and derivative components: These financial liabilities are managed and their performance evaluated
on a fair value basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-984": { "value": "
Non-trading reverse repurchase, repurchase and similar agreements
When securities are sold subject to a commitment to repurchase them at a predetermined price (\u2018repos\u2019), they remain on the balance sheet and a
liability is recorded in respect of the consideration received. Securities purchased under commitments to resell (\u2018reverse repos\u2019) are not recognised
on the balance sheet and an asset is recorded in respect of the initial consideration paid. Non-trading repos and reverse repos are measured at
amortised cost. The difference between the sale and repurchase price or between the purchase and resale price is treated as interest and
recognised in net interest income over the life of the agreement.
Contracts that are economically equivalent to reverse repo or repo agreements (such as sales or purchases of securities entered into together with
total return swaps with the same counterparty) are accounted for similarly to, and presented together with, reverse repo or repo agreements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-985": { "value": "
(f)Financial assets measured at fair value through other comprehensive income
Financial assets managed within a business model that is achieved by both collecting contractual cash flows and selling and which contain
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at fair value
through other comprehensive income (\u2018FVOCI\u2019). These comprise primarily debt securities. They are generally recognised on trade date when
HSBC enters into contractual arrangements to purchase and are generally derecognised when they are either sold or redeemed. They are
subsequently remeasured at fair value with changes therein (except for those relating to impairment, interest income and foreign currency
exchange gains and losses) recognised in other comprehensive income until the assets are sold. Upon disposal, the cumulative gains or losses in
other comprehensive income are recognised in the income statement. Financial assets measured at FVOCI are included in impairment calculations
and impairment is recognised in profit or loss.
(g)Equity securities measured at fair value with fair value movements presented in other
comprehensive income
Equity securities for which fair value movements are shown in other comprehensive income are business facilitation and other similar investments
where HSBC holds the investments other than to generate a capital return. Dividends from such investments are recognised in profit or loss.
Gains or losses on the derecognition of these equity securities are not transferred to profit or loss. Otherwise, equity securities are measured at
fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-986": { "value": "
(i)Derivatives
Derivatives are financial instruments that derive their value from the price of underlying items such as equities, interest rates or other indices.
Derivatives are recognised initially and are subsequently measured at fair value through profit or loss. Derivatives are classified as assets when
their fair value is positive or as liabilities when their fair value is negative. This includes embedded derivatives in financial liabilities, which are
bifurcated from the host contract when they meet the definition of a derivative on a stand-alone basis.
Where the derivatives are managed with debt securities issued by HSBC that are designated at fair value where doing so reduces an accounting
mismatch, the contractual interest is shown in \u2018Interest expense\u2019 together with the interest payable on the issued debt.
Hedge accounting
When derivatives are not part of fair value designated relationships, if held for risk management purposes they are designated in hedge accounting
relationships where the required criteria for documentation and hedge effectiveness are met. HSBC uses these derivatives or, where allowed,
other non-derivative hedging instruments in fair value hedges, cash flow hedges or hedges of net investments in foreign operations as appropriate
to the risk being hedged.
Fair value hedge
Fair value hedge accounting does not change the recording of gains and losses on derivatives and other hedging instruments, but results in
recognising changes in the fair value of the hedged assets or liabilities attributable to the hedged risk that would not otherwise be recognised in
the income statement. If a hedge relationship no longer meets the criteria for hedge accounting, hedge accounting is discontinued and the
cumulative adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortised to the income
statement on a recalculated effective interest rate, unless the hedged item has been derecognised, in which case it is recognised in the income
statement immediately.
Cash flow hedge
The effective portion of gains and losses on hedging instruments is recognised in other comprehensive income and the ineffective portion of the
change in fair value of derivative hedging instruments that are part of a cash flow hedge relationship is recognised immediately in the income
statement. The accumulated gains and losses recognised in other comprehensive income are reclassified to the income statement in the same
periods in which the hedged item affects profit or loss. When a hedge relationship is discontinued, or partially discontinued, any cumulative gain or
loss recognised in other comprehensive income remains in equity until the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is
reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses
on the hedging instrument is recognised in other comprehensive income and other gains and losses are recognised immediately in the income
statement. Gains and losses previously recognised in other comprehensive income are reclassified to the income statement on the disposal, or
part-disposal, of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-987": { "value": "
Hedge accounting
When derivatives are not part of fair value designated relationships, if held for risk management purposes they are designated in hedge accounting
relationships where the required criteria for documentation and hedge effectiveness are met. HSBC uses these derivatives or, where allowed,
other non-derivative hedging instruments in fair value hedges, cash flow hedges or hedges of net investments in foreign operations as appropriate
to the risk being hedged.
Fair value hedge
Fair value hedge accounting does not change the recording of gains and losses on derivatives and other hedging instruments, but results in
recognising changes in the fair value of the hedged assets or liabilities attributable to the hedged risk that would not otherwise be recognised in
the income statement. If a hedge relationship no longer meets the criteria for hedge accounting, hedge accounting is discontinued and the
cumulative adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortised to the income
statement on a recalculated effective interest rate, unless the hedged item has been derecognised, in which case it is recognised in the income
statement immediately.
Cash flow hedge
The effective portion of gains and losses on hedging instruments is recognised in other comprehensive income and the ineffective portion of the
change in fair value of derivative hedging instruments that are part of a cash flow hedge relationship is recognised immediately in the income
statement. The accumulated gains and losses recognised in other comprehensive income are reclassified to the income statement in the same
periods in which the hedged item affects profit or loss. When a hedge relationship is discontinued, or partially discontinued, any cumulative gain or
loss recognised in other comprehensive income remains in equity until the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is
reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses
on the hedging instrument is recognised in other comprehensive income and other gains and losses are recognised immediately in the income
statement. Gains and losses previously recognised in other comprehensive income are reclassified to the income statement on the disposal, or
part-disposal, of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-988": { "value": "
(j)Impairment of amortised cost and FVOCI financial assets
Expected credit losses (\u2018ECL\u2019) are recognised for loans and advances to banks and customers, non-trading reverse repurchase agreements, other
financial assets held at amortised cost, debt instruments measured at FVOCI, and certain loan commitments and financial guarantee contracts. At
initial recognition, an allowance (or provision in the case of some loan commitments and financial guarantees) is recognised for ECL resulting from
possible default events within the next 12 months, or less, where the remaining life is less than 12 months (\u201912-month ECL\u2019). In the event of a
significant increase in credit risk, an allowance (or provision) is recognised for ECL resulting from all possible default events over the expected life
of the financial instrument (\u2018lifetime ECL\u2019). Financial assets where 12-month ECL is recognised are considered to be \u2018stage 1\u2019; financial assets
which are considered to have experienced a significant increase in credit risk are in \u2018stage 2\u2019; and financial assets for which there is objective
evidence of impairment, and so are considered to be in default or otherwise credit impaired are in \u2018stage 3\u2019. Purchased or originated credit-
impaired financial assets (\u2018POCI\u2019) are treated differently as set out below.
Unimpaired and without significant increase in credit risk (stage 1)
ECL resulting from default events that are possible within the next 12 months (\u201812-month ECL\u2019) are recognised for financial instruments that
remain in stage 1.
Significant increase in credit risk (stage 2)
An assessment of whether credit risk has increased significantly since initial recognition is performed at each reporting period by considering the
change in the risk of default occurring over the remaining life of the financial instrument.
The assessment explicitly or implicitly compares the risk of default occurring at the reporting date compared with that at initial recognition, taking
into account reasonable and supportable information, including information about past events, current conditions and future economic conditions.
The assessment is unbiased, probability-weighted, and to the extent relevant, uses forward-looking information consistent with that used in the
measurement of ECL. The analysis of credit risk is multifactor. The determination of whether a specific factor is relevant and its weight compared
with other factors depends on the type of product, the characteristics of the financial instrument and the borrower, and the geographical region.
Therefore, it is not possible to provide a single set of criteria that will determine what is considered to be a significant increase in credit risk, and
these criteria will differ for different types of lending, particularly between retail and wholesale. However, unless identified at an earlier stage, all
financial assets are deemed to have suffered a significant increase in credit risk when 30 days past due. In addition, wholesale loans that are
individually assessed, which are typically corporate and commercial customers, and included on a watch or worry list, are included in stage 2.
For wholesale portfolios, the quantitative comparison assesses default risk using a lifetime probability of default (\u2018PD\u2019), which encompasses a wide
range of information including the obligor\u2019s customer risk rating (\u2018CRR\u2019), macroeconomic condition forecasts and credit transition probabilities. For
origination CRRs up to 3.3, significant increase in credit risk is measured by comparing the average PD for the remaining term estimated at
origination with the equivalent estimation at the reporting date.
The quantitative measure of significance varies depending on the credit quality at origination as follows:
Origination CRR
Significance trigger \u2013 PD to increase by
0.1\u20131.2
15bps
2.1\u20133.3
30bps
For CRRs greater than 3.3 that are not impaired, a significant increase in credit risk is considered to have occurred when the origination PD has
doubled. The significance of changes in PD was informed by expert credit risk judgement, referenced to historical credit migrations and to relative
changes in external market rates.
For loans originated prior to the implementation of IFRS 9, the origination PD does not include adjustments to reflect expectations of future
macroeconomic conditions since these are not available without the use of hindsight. In the absence of this data, origination PD must be
approximated assuming through-the-cycle PDs and through-the-cycle migration probabilities, consistent with the instrument\u2019s underlying modelling
approach and the CRR at origination.
The quantitative comparison is supplemented with additional CRR deterioration-based thresholds, as set out in the table below:
Origination CRR
Additional significance criteria \u2013 number of CRR grade notches
deterioration required to identify as significant credit deterioration\u00a0(stage
2) (> or equal to)
0.1
5 notches
1.1\u20134.2
4 notches
4.3\u20135.1
3 notches
5.2\u20137.1
2 notches
7.2\u20138.2
1 notch
8.3
0 notches
For retail portfolios, default risk is assessed using a reporting date 12-month PD derived from internal models, which incorporate all available
information about the customer. This PD is adjusted for the effect of macroeconomic forecasts for periods longer than 12\u00a0months and is
considered to be a reasonable approximation of a lifetime PD measure. Retail exposures are first segmented into homogenous portfolios, generally
by country, product and brand. Within each portfolio, the stage 2 accounts include accounts with an adjusted 12-month PD greater than the
average 12-month PD of loans in that portfolio 12 months before they become 30 days past due. The expert credit risk judgement is that no prior
increase in credit risk is significant. This portfolio-specific threshold therefore identifies loans with a PD higher than would be expected from loans
that are performing as originally expected and higher than that which would have been acceptable at origination. It therefore approximates a
comparison of origination to reporting date PDs.
We have implemented in the UK and continue to refine the retail transfer criteria approach to utilise a more relative approach for certain portfolios
as additional data becomes available. These enhancements take advantage of the increase in origination-related data in the assessment of
significant increases in credit risk by comparing remaining lifetime PD to the comparable remaining term lifetime PD at origination based on
portfolio-specific origination segments.
Credit impaired (stage 3)
HSBC determines that a financial instrument is credit impaired and in stage 3 by considering relevant objective evidence, primarily whether
contractual payments of either principal or interest are past due for more than 90 days, there are other indications that the borrower is unlikely to
pay such as that a concession has been granted to the borrower for economic or legal reasons relating to the borrower\u2019s financial condition, or the
loan is otherwise considered to be in default.
If such unlikeliness to pay is not identified at an earlier stage, it is deemed to occur when an exposure is 90 days past due. Therefore, the
definitions of credit impaired and default are aligned as far as possible so that stage 3 represents all loans that are considered defaulted or
otherwise credit impaired.
Interest income is recognised by applying the effective interest rate to the amortised cost (i.e. gross carrying amount less allowance for ECL).
Write-off
Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of
recovery. Where loans are secured, this is generally after receipt of any proceeds from the realisation of security. In circumstances where the net
realisable value of any collateral has been determined and there is no reasonable expectation of further recovery, write-off may be earlier.
Forbearance
Loans are identified as forborne and classified as either performing or non-performing when HSBC modifies the contractual terms due to financial
difficulty of the borrower. Non-performing forborne loans are stage 3 and classified as non-performing until they meet the curing criteria, as
specified by applicable credit risk policy (for example, when the loan is no longer in default and no other indicators of default have been present for
at least 12 months). Any amount written off as a result of any modification of contractual terms upon entering forbearance would not be reversed.
The Group applies the EBA Guidelines on the application of definition of default for our retail portfolios, which affect credit risk policies and our
reporting in respect of the status of loans as credit impaired principally due to forbearance (or curing thereof). Further details are provided under
\u2018Forborne loans and advances\u2019 on page 107.
Performing forborne loans are initially stage 2 and remain classified as forborne until they meet applicable curing criteria (for example, they
continue to not be in default and no other indicators of default are present for a period of at least 24 months). At this point, the loan is either stage
1 or stage 2 as determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk
of a default occurring at initial recognition (based on the original, unmodified contractual terms).
A forborne loan is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms, or if the
terms of an existing agreement are modified such that the forborne loan is a substantially different financial instrument. Any new loans that arise
following derecognition events in these circumstances would generally be classified as POCI and will continue to be disclosed as forborne.
Loan modifications other than forborne loans
Loan modifications that are not identified as forborne are considered to be commercial restructurings. Where a commercial restructuring results in
a modification (whether legalised through an amendment to the existing terms or the issuance of a new loan contract) such that HSBC\u2019s rights to
the cash flows under the original contract have expired, the old loan is derecognised and the new loan is recognised at fair value. The rights to
cash flows are generally considered to have expired if the commercial restructuring is at market rates and no payment-related concession has
been provided. Modifications of certain higher credit risk wholesale loans are assessed for derecognition, having regard to changes in contractual
terms that either individually or in combination are judged to result in a substantially different financial instrument. Mandatory and general offer loan
modifications that are not borrower specific, for example market-wide customer relief programmes, generally do not result in derecognition, but
their stage allocation is determined considering all available and supportable information under our ECL impairment policy.
Purchased or originated credit impaired (\u2018POCI\u2019)
Financial assets that are purchased or originated at a deep discount that reflects the incurred credit losses are considered to be POCI. This
population includes new financial instruments recognised in most cases following the derecognition of forborne loans. The amount of change in
lifetime ECL for a POCI loan is recognised in profit or loss until the POCI loan is derecognised, even if the lifetime ECL are less than the amount of
ECL included in the estimated cash flows on initial recognition.
Movement between stages
Financial assets can be transferred between the different categories (other than POCI) depending on their relative increase in credit risk since initial
recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial
recognition based on the assessments described above. In the case of non-performing forborne loans, such financial instruments are transferred
out of stage 3 when they no longer exhibit any evidence of credit impairment and meet the curing criteria as described above.
Measurement of ECL
The assessment of credit risk and the estimation of ECL are unbiased and probability-weighted, and incorporate all available information which is
relevant to the assessment including information about past events, current conditions and reasonable and supportable forecasts of future events
and economic conditions at the reporting date. In addition, the estimation of ECL takes into account the time value of money and considers other
factors such as climate-related risks.
In general, HSBC calculates ECL using three main components: a probability of default (\u2018PD\u2019), a loss given default (\u2019LGD\u2019) and the exposure at
default (\u2018EAD\u2019).
The 12-month ECL is calculated by multiplying the 12-month PD, LGD and EAD. Lifetime ECL is calculated using the lifetime PD instead. The 12-
month and lifetime PDs represent the probability of default occurring over the next 12 months and the remaining maturity of the instrument
respectively.
The EAD represents the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to
the default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the
event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and
the time value of money.
HSBC makes use of the IRB framework where possible, with recalibration to meet the differing IFRS 9 requirements as set out in the following
table:
Model
Regulatory capital
IFRS 9
PD
\u2013 Represents long-run average PD throughout a full economic cycle
(for mortgage portfolios a hybrid approach, which sits between the
extremes of point in time and through the cycle, is used for
calculating long-run averages as required by the PRA)
\u2013 Default backstop of\u00a090+ days past due for all portfolios (includes
unlikely to pay (\u2018UTP\u2019) criteria in line with internal policy)
\u2013 May be subject to a sovereign cap
\u2013 Represents current portfolio quality and performance, adjusted for
the impact of multiple forward-looking macroeconomic scenarios
\u2013 Default backstop of 90+ days past due for all portfolios (includes
UTP criteria in line with internal policy)
EAD
\u2013 Cannot be lower than current balance
\u2013 Amortisation captured for term products
\u2013 Future drawdown captured for revolving products
LGD
\u2013 Downturn LGD (consistent with losses we would expect to suffer
during a severe but plausible economic downturn)
\u2013 Regulatory floors may apply to mitigate risk of underestimating
downturn LGD due to lack of historical data
\u2013 Discounted using appropriate index (minimum 9%)
\u2013 All collection costs included
\u2013 LGD based on recent portfolio performance data and includes the
expected impact of future economic conditions such as change in
the value of collateral
\u2013 No floors applied, discounted using the original effective interest rate
\u2013 Only costs associated with selling collateral and certain third-party
costs are included
Other
\u2013 Discounted back from point of default to balance sheet date
While 12-month PDs are recalibrated from IRB models where possible, the lifetime PDs are determined by projecting the 12-month PD using a
term structure. For the wholesale methodology, the lifetime PD also takes into account credit migration, i.e. a customer migrating through the CRR
bands over its life.
The ECL for wholesale stage 3 is determined primarily on an individual basis using a discounted cash flow (\u2018DCF\u2019) methodology. The expected
future cash flows are based on estimates as of the reporting date, reflecting reasonable and supportable assumptions and projections of future
recoveries and expected future receipts of interest.
Collateral is taken into account if it is likely that the recovery of the outstanding amount will include realisation of collateral based on its estimated
fair value of collateral at the time of expected realisation, less costs for obtaining and selling the collateral.
The cash flows are discounted at the original effective interest rate. For significant cases, cash flows under up to four different scenarios are
probability-weighted by reference to the status of the borrower, economic scenarios applied more generally by the Group and judgement in
relation to the likelihood of the work-out strategy succeeding or receivership being required. For less significant cases where an individual
assessment is undertaken, the effect of different economic scenarios and work-out strategies results in an ECL calculation based on a most likely
outcome which is adjusted to capture losses resulting from less likely but possible outcomes. For certain less significant cases, the bank may use
an LGD-based modelled approach to ECL assessment, which factors in a range of economic scenarios.
Period over which ECL is measured
Expected credit loss is measured from the initial recognition of the financial asset. The maximum period considered when measuring ECL (be it 12-
month or lifetime ECL) is the maximum contractual period over which HSBC is exposed to credit risk. However, where the financial instrument
includes both a drawn and undrawn commitment and the contractual ability to demand repayment and cancel the undrawn commitment does not
serve to limit HSBC\u2019s exposure to credit risk to the contractual notice period, the contractual period does not determine the maximum period
considered. Instead, ECL is measured over the period HSBC remains exposed to credit risk that is not mitigated by credit risk management
actions. This applies to retail overdrafts and credit cards, where the period is the average time taken to realise the material losses for an account,
determined on a portfolio basis. In addition, for these facilities it is not possible to identify the ECL on the loan commitment component separately
from the financial asset component. As a result, the total ECL is recognised in the loss allowance for the financial asset unless the total ECL
exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision. For wholesale overdraft facilities,
credit risk management actions are taken no less frequently than on an annual basis.
Forward-looking economic inputs
HSBC applies multiple forward-looking global economic scenarios determined with reference to external forecast distributions representative of its
view of forecast economic conditions. This approach is considered sufficient to calculate unbiased expected credit losses in most economic
environments. In certain economic environments, additional analysis may be necessary and may result in additional scenarios or adjustments, to
reflect a range of possible economic outcomes sufficient for an unbiased estimate. The detailed methodology is disclosed in \u2018Measurement
uncertainty and sensitivity analysis of ECL estimates\u2019 on page 115.
Critical estimates and judgements
The calculation of the Group\u2019s ECL under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set
out below:
Judgements
Estimates
\u2013 Defining what is considered to be a significant increase in credit risk
\u2013 Determining the lifetime and point of initial recognition of overdrafts and credit cards
\u2013 Selecting and calibrating the PD, LGD and EAD models, which support the calculations, including
making reasonable and supportable judgements about how models react to current and future
economic conditions
\u2013 Selecting model inputs and economic forecasts, including determining whether sufficient and
appropriately weighted economic forecasts are incorporated to calculate unbiased expected credit loss
\u2013 Making management adjustments to account for late-breaking events, model and data limitations and
deficiencies, and expert credit judgements
\u2013 Selecting applicable recovery strategies for certain wholesale credit-impaired loans
\u2013 The section \u2018Measurement uncertainty and
sensitivity analysis of ECL estimates\u2019, marked as
audited from page 115, sets out the assumptions
used in determining ECL, and provides an indication
of the sensitivity of the result to the application of
different weightings being applied to different
economic assumptions
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-989": { "value": "
(k)Insurance contracts
A contract is classified as an insurance contract where the Group accepts significant insurance risk from another party by agreeing to compensate
that party if it is adversely affected by a specified uncertain future event. An insurance contract may also transfer financial risk, but is accounted for
as an insurance contract if the insurance risk is significant. In addition, the Group issues investment contracts with discretionary participation
features ('DPF\u2019), which are also accounted under IFRS 17 \u2019Insurance Contracts\u2019.
Aggregation of insurance contracts
Individual insurance contracts that are managed together and subject to similar risks are identified as a portfolio. Contracts that are managed
together usually belong to the same product group, and have similar characteristics such as being subject to a similar pricing framework or similar
product management, and are issued by the same legal entity. If a contract is exposed to more than one risk, the dominant risk of the contract is
used to assess whether the contract features similar risks. Each portfolio is further separated by the contract\u2019s expected profitability. The portfolios
are split by their profitability into: (i) contracts that are onerous at initial recognition; (ii) contracts that at initial recognition have no significant
possibility of becoming onerous subsequently; and (iii) the remaining contracts. These profitability groups are then divided by issue date, with most
contracts the Group issues after the transition date being grouped into calendar quarter cohorts. For multi-currency groups of contracts, the Group
considers its groups of contracts as being denominated in a single currency.
The measurement of the insurance contract liability is based on groups of insurance contracts as established at initial recognition, and will include
fulfilment cash flows as well as the contractual service margin (\u2018CSM\u2019) representing the unearned profit. The Group\u2019s accounting policy is to
update the estimates used in the measurement on a year-to-date basis.
Fulfilment cash flows
The fulfilment cash flows comprise the following:
Best estimates of future cash flows
The cash flows within the contract boundary of each contract in the Group include amounts expected to be collected from premiums and payouts
for claims, benefits and expenses, and are projected using a range of scenarios and assumptions in an unbiased way based on the Group\u2019s
demographic and operating experience along with external mortality data where the Group\u2019s own experience data is not sufficiently large in size to
be credible.
Adjustment for the time value of money and financial risks associated with the future cash flows
The estimates of future cash flows are adjusted to reflect the time value of money (i.e. discounting) and the financial risks to derive an expected
present value. The Group generally makes use of stochastic modelling techniques in the estimation for products with options and guarantees.
A bottom-up approach is used to determine the discount rate to be applied to a given set of expected future cash flows. This is derived as the sum
of the risk-free yield and an illiquidity premium. The risk-free yield is determined based on observable market data, where such markets are
considered to be deep, liquid and transparent. When information is not available, management judgement is applied to determine the appropriate
risk-free yield. Illiquidity premiums reflect the liquidity characteristics of the associated insurance contracts.
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation required for bearing the uncertainty about the amount and timing of future cash flows that arises
from non-financial risk.
The Group does not disaggregate changes in the risk adjustment between insurance service result (comprising insurance revenue and insurance
service expense) and insurance finance income or expenses. All changes are included in the insurance service result.
Measurement models
The variable fee approach (\u2018VFA\u2019) measurement model is used for most of the contracts issued by the Group, which is mandatory upon meeting
the following eligibility criteria at inception:\u00a0
\u2013 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items;
\u2013 the Group expects to pay to the policyholder a substantial share of the fair value returns on the underlying items. The Group considers that a
substantial share is a majority of returns; and
\u2013 the Group expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of
the underlying items. The Group considers that a substantial proportion is a majority proportion of change on a present value probability-
weighted average of all scenarios.
For some contracts measured under VFA, the other comprehensive income (\u2018OCI\u2019) option is used. The OCI option is applied where the underlying
items held by the Group are not accounted for at fair value through profit or loss. Under this option, only the amount that matches income or
expenses recognised in profit or loss on underlying items is included in finance income or expenses for these insurance contracts, and hence
results in the elimination of accounting mismatches. The remaining amount of finance income or expenses for these insurance contracts issued
for the period is recognised in OCI. In addition, the risk mitigation option is used for a number of economic offsets against the instruments that
meet specific requirements.
The remaining contracts issued and the reinsurance contracts held are accounted for under the general measurement model (\u2018GMM\u2019).
CSM and coverage units
The CSM represents the unearned profit and results in no income or expense at initial recognition when the group of contracts is profitable. The
CSM is adjusted at each subsequent reporting period for changes in fulfilment cash flows relating to future service (for example, changes in non-
economic assumptions, including mortality and morbidity rates). For initial recognition of onerous groups of contracts and when groups of
contracts become onerous subsequently, losses are recognised in insurance service expense immediately.
For groups of contracts measured using the VFA, changes in the Group\u2019s share of the underlying items, and economic experience and economic
assumption changes adjust the CSM. However, under the risk mitigation option for VFA contracts, the changes in the fulfilment cash flows and
the changes in the Group\u2019s share in the fair value return on underlying items that the instruments mitigate are not adjusted in CSM but recognised
in profit or loss. The risk mitigating instruments are primarily reinsurance contracts held.
For groups of contracts measured using the GMM, changes in economic experience and economic assumption do not adjust the CSM, but are
recognised in profit or loss as they arise.
The CSM is systematically recognised in insurance revenue to reflect the insurance contract services provided, based on the coverage units of the
group of contracts. Coverage units are determined by the quantity of benefits and the expected coverage period of the contracts.
The Group identifies the quantity of the benefits provided as follows:
\u2013 Insurance coverage: This is based on the expected net policyholder insurance benefit at each period after allowance for decrements, where net
policyholder insurance benefit refers to the amount of sum assured less the fund value or surrender value.
\u2013 Investment services (including both investment-return service and investment-related service): This is based on a constant measure basis
which reflects the provision of access for the policyholder to the facility.
For contracts that provide both insurance coverage and investment services, coverage units are weighted according to the expected present value
of the future cash outflows for each service.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-990": { "value": "
(l)Employee compensation and benefits
Share-based payments
HSBC enters into both equity-settled and cash-settled share-based payment arrangements with its employees as compensation for the provision
of their services.
The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of
the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are
recognised when the employee starts to render service to which the award relates.
Cancellations result from the failure to meet a non-vesting condition during the vesting period, and are treated as an acceleration of vesting
recognised immediately in the income statement. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the
amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest.
Post-employment benefit plans
HSBC operates a number of pension schemes including defined benefit, defined contribution and other post-employment benefit schemes.
Payments to defined contribution schemes are charged as an expense as the employees render service.
Defined benefit pension obligations are calculated using the projected unit credit method. The net charge to the income statement mainly
comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in operating expenses.
Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains and losses, return on plan assets (excluding interest)
and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income. The net defined benefit
asset or liability represents the present value of defined benefit obligations reduced by the fair value of plan assets, after applying the asset ceiling
test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan.
The costs of obligations arising from other post-employment plans are accounted for on the same basis as defined benefit pension plans.
Critical estimates and judgements
The most significant critical estimates relate to the determination of key assumptions applied in calculating the defined benefit pension obligation for the principal
plan.
Judgements
Estimates
\u2013 A range of assumptions could be applied, and different assumptions could
significantly alter the defined benefit obligation and the amounts
recognised in profit or loss or OCI.
\u2013 The calculation of the defined benefit pension obligation includes
assumptions with regard to the discount rate, inflation rate, pension
payments and deferred pensions, pay and mortality. Management
determines these assumptions in consultation with the plan\u2019s actuaries.
\u2013 Key assumptions used in calculating the defined benefit pension
obligation for the principal plan and the sensitivity of the calculation to
different assumptions are described in Note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-991": { "value": "
Share-based payments
HSBC enters into both equity-settled and cash-settled share-based payment arrangements with its employees as compensation for the provision
of their services.
The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of
the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are
recognised when the employee starts to render service to which the award relates.
Cancellations result from the failure to meet a non-vesting condition during the vesting period, and are treated as an acceleration of vesting
recognised immediately in the income statement. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the
amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-993": { "value": "
(m)Tax
Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item
appears.
Current tax is the tax expected to be payable on the taxable profit for the year and on any adjustment to tax payable in respect of previous years.
HSBC provides for potential current tax liabilities that may arise on the basis of the amounts expected to be paid to the tax authorities.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the balance sheet, and the amounts
attributed to such assets and liabilities for tax purposes. Deferred tax is calculated using the tax rates expected to apply in the periods in which the
assets will be realised or the liabilities settled.
In assessing the probability and sufficiency of future taxable profit, management considers the availability of evidence to support the recognition of
deferred tax assets, taking into account the inherent risks in long-term forecasting, including climate change-related, and drivers of recent history of
tax losses where applicable. Management also considers the future reversal of existing taxable temporary differences and tax planning strategies,
including corporate reorganisations. The Group has applied the exception available under IAS 12 to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current and deferred tax are calculated based on tax rates and laws enacted, or substantively enacted, by the balance sheet date.
Critical estimates and judgements
The recognition of deferred tax assets depends on judgements and estimates.
Judgements
Estimates
\u2013 Specific judgements supporting deferred tax assets are described in Note\u00a07.
\u2013 The recognition of deferred tax assets is sensitive to estimates of future
cash flows projected for periods for which detailed forecasts are available
and to assumptions regarding the long-term pattern of cash flows
thereafter, on which forecasts of future taxable profit are based, and
which affect the expected recovery periods and the pattern of utilisation
of tax losses and tax credits. See Note 7 for further detail.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of deferred tax assets in the next
financial year, but does consider this to be an area that is inherently judgemental.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-992": { "value": "
(m)Tax
Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item
appears.
Current tax is the tax expected to be payable on the taxable profit for the year and on any adjustment to tax payable in respect of previous years.
HSBC provides for potential current tax liabilities that may arise on the basis of the amounts expected to be paid to the tax authorities.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the balance sheet, and the amounts
attributed to such assets and liabilities for tax purposes. Deferred tax is calculated using the tax rates expected to apply in the periods in which the
assets will be realised or the liabilities settled.
In assessing the probability and sufficiency of future taxable profit, management considers the availability of evidence to support the recognition of
deferred tax assets, taking into account the inherent risks in long-term forecasting, including climate change-related, and drivers of recent history of
tax losses where applicable. Management also considers the future reversal of existing taxable temporary differences and tax planning strategies,
including corporate reorganisations. The Group has applied the exception available under IAS 12 to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current and deferred tax are calculated based on tax rates and laws enacted, or substantively enacted, by the balance sheet date.
Critical estimates and judgements
The recognition of deferred tax assets depends on judgements and estimates.
Judgements
Estimates
\u2013 Specific judgements supporting deferred tax assets are described in Note\u00a07.
\u2013 The recognition of deferred tax assets is sensitive to estimates of future
cash flows projected for periods for which detailed forecasts are available
and to assumptions regarding the long-term pattern of cash flows
thereafter, on which forecasts of future taxable profit are based, and
which affect the expected recovery periods and the pattern of utilisation
of tax losses and tax credits. See Note 7 for further detail.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of deferred tax assets in the next
financial year, but does consider this to be an area that is inherently judgemental.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-994": { "value": "
Provisions
Provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a present legal or constructive
obligation that has arisen as a result of past events and for which a reliable estimate can be made.
Critical estimates and judgements
The recognition and measurement of provisions requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out
below:
Judgements
Estimates
\u2013 Determining whether a present obligation exists. Professional advice is taken on
the assessment of litigation and similar obligations.
\u2013 Provisions for legal proceedings and regulatory matters typically require a higher
degree of judgement than other types of provisions. When matters are at an
early stage, accounting judgements can be difficult because of the high degree of
uncertainty associated with determining whether a present obligation exists, and
estimating the probability and amount of any outflows that may arise. As matters
progress, management and legal advisers evaluate on an ongoing basis whether
provisions should be recognised, revising previous estimates as appropriate. At
more advanced stages, it is typically easier to make estimates around a better
defined set of possible outcomes.
\u2013 Provisions for legal proceedings and regulatory matters remain very
sensitive to the assumptions used in the estimate. There could be a wider
range of possible outcomes for any pending legal proceedings,
investigations or inquiries. As a result it is often not practicable to quantify
a range of possible outcomes for individual matters. It is also not
practicable to meaningfully quantify ranges of potential outcomes in
aggregate for these types of provisions because of the diverse nature and
circumstances of such matters and the wide range of uncertainties
involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-995": { "value": "
Contingent liabilities, contractual commitments and guarantees
Contingent liabilities
Contingent liabilities, which include certain guarantees and letters of credit pledged as collateral security, and contingent liabilities related to legal
proceedings or regulatory matters, are not recognised in the financial statements but are disclosed unless the probability of settlement is remote.
Financial guarantee contracts
Liabilities under financial guarantee contracts that are not classified as insurance contracts are recorded initially at their fair value, which is generally
the fee received or present value of the fee receivable. Subsequently, they are measured at the higher of the amount determined in accordance
with IFRS 9 for ECL and the amount initially recognised less, where appropriate, any cumulative income recognised in accordance with IFRS 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-996": { "value": "
Financial guarantee contracts
Liabilities under financial guarantee contracts that are not classified as insurance contracts are recorded initially at their fair value, which is generally
the fee received or present value of the fee receivable. Subsequently, they are measured at the higher of the amount determined in accordance
with IFRS 9 for ECL and the amount initially recognised less, where appropriate, any cumulative income recognised in accordance with IFRS 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-997": { "value": "
(o)Non-current assets and disposal groups held for sale
HSBC classifies non-current assets or disposal groups (including assets and liabilities) as held for sale when their carrying amounts will be
recovered principally through sale rather than through continuing use. To be classified as held for sale, the non-current asset or disposal group
must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or
disposal groups), and the sale must be highly probable. For a sale to be highly probable, the appropriate level of management must be committed
to a plan to sell the asset (or disposal group) and an active programme to locate a buyer and complete the plan must have been initiated. Further,
the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale
should be expected to qualify as a completed sale within one year from the date of classification and actions required to complete the plan should
indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.\u00a0
Held for sale assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell except for those
assets and liabilities that are not within the scope of the measurement requirements of IFRS 5. If the carrying amount of the non-current asset (or
disposal group) is greater than the fair value less costs to sell, an impairment loss for any initial or subsequent write-down of the asset or disposal
group to fair value less costs to sell is recognised. Any such impairment loss is first allocated against the non-current assets that are in scope of
IFRS 5 for measurement. This first reduces the carrying amount of any goodwill allocated to the disposal group, and then to the other non-current
assets of the disposal group pro rata on the basis of the carrying amount of each asset in the disposal group. Thereafter, any impairment loss in
excess of the carrying amount of the non-current assets in scope of IFRS 5 for measurement is recognised against the total assets of the disposal
group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-998": { "value": "
2Net fee income
Net fee income by global business
2025
Hong Kong
UK
CIB
IWPB
Corporate
Centre
Total
$m
$m
$m
$m
$m
$m
Funds under management
122
68
612
2,008
\u2014
2,810
Cards
933
812
174
1,009
\u2014
2,928
Credit facilities
54
239
1,098
62
\u2014
1,453
Broking income
587
34
674
237
\u2014
1,532
Account services
181
338
732
218
\u2014
1,469
Unit trusts
424
\u2014
2
936
\u2014
1,362
Underwriting
\u2014
\u2014
752
\u2014
\u2014
752
Global custody
104
\u2014
823
37
\u2014
964
Remittances
214
40
586
41
\u2014
881
Imports/exports
158
43
374
\u2014
\u2014
575
Insurance agency commission
64
18
2
331
\u2014
415
Other
858
699
3,469
1,093
(3,652)
2,467
Fee income
3,699
2,291
9,298
5,972
(3,652)
17,608
Less: fee expense
(923)
(487)
(4,809)
(1,709)
3,663
(4,265)
Net fee income
2,776
1,804
4,489
4,263
11
13,343
2024
Funds under management
108
68
511
1,752
\u2014
2,439
Cards
907
754
156
1,026
\u2014
2,843
Credit facilities
62
207
1,093
66
\u2014
1,428
Broking income
322
33
723
212
\u2014
1,290
Account services
177
354
721
247
\u2014
1,499
Unit trusts
382
\u2014
1
688
\u2014
1,071
Underwriting
\u2014
\u2014
691
\u2014
\u2014
691
Global custody
90
\u2014
707
34
\u2014
831
Remittances
196
43
544
42
\u2014
825
Imports/exports
158
38
449
\u2014
\u2014
645
Insurance agency commission
66
20
2
259
\u2014
347
Other
699
728
3,199
899
(3,168)
2,357
Fee income
3,167
2,245
8,797
5,225
(3,168)
16,266
Less: fee expense
(862)
(424)
(4,452)
(1,368)
3,141
(3,965)
Net fee income
2,305
1,821
4,345
3,857
(27)
12,301
2023
Funds under management
98
64
551
1,660
\u2014
2,373
Cards
888
724
152
1,012
\u2014
2,776
Credit facilities
83
182
1,240
69
\u2014
1,574
Broking income
271
34
609
163
\u2014
1,077
Account services
173
337
728
299
\u2014
1,537
Unit trusts
281
\u2014
1
456
\u2014
738
Underwriting
\u2014
\u2014
586
\u2014
\u2014
586
Global custody
86
\u2014
732
46
\u2014
864
Remittances
183
40
544
55
1
823
Imports/exports
155
35
434
\u2014
\u2014
624
Insurance agency commission
76
13
2
207
\u2014
298
Other
555
696
2,893
908
(2,706)
2,346
Fee income
2,849
2,125
8,472
4,875
(2,705)
15,616
Less: fee expense
(818)
(353)
(3,988)
(1,325)
2,713
(3,771)
Net fee income
2,031
1,772
4,484
3,550
8
11,845
Net fee income included $6.8bn of fees earned on financial assets that were not at fair value through profit or loss, other than amounts included in
determining the effective interest rate (2024: $6.8bn; 2023: $7.0bn), $2.0bn of fees payable on financial liabilities that were not at fair value through
profit or loss, other than amounts included in determining the effective interest rate (2024: $2.0bn; 2023:\u00a0$1.9bn), $4.0bn of fees earned on trust
and other fiduciary activities (2024: $3.5bn; 2023: $3.5bn) and $0.5bn of fees payable relating to trust and other fiduciary activities (2024: $0.4bn;
2023: $0.3bn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-999": { "value": "
3Net income/(expense) from financial instruments measured at fair value
through profit or loss
2025
2024
2023
$m
$m
$m
Net income/(expense) arising on:
Net trading activities
24,345
23,186
20,391
Other instruments managed on a fair value basis
(4,663)
(2,070)
(3,730)
Net income from financial instruments held for trading or managed on a fair value basis
19,682
21,116
16,661
Financial assets held to meet liabilities under insurance and investment contracts
11,612
6,210
8,086
Liabilities to customers under investment contracts
(437)
(309)
(199)
Net income/(expense) from assets and liabilities of insurance businesses, including related
derivatives, measured at fair value through profit or loss
11,175
5,901
7,887
HSBC Holdings
2025
2024
2023
$m
$m
$m
Net income/(expense) arising on:
Net trading activities
(1,709)
984
(546)
Other instruments managed on a fair value basis
1,891
1,915
1,609
Net income from financial instruments held for trading or managed on a fair value basis
182
2,899
1,063
Derivatives managed in conjunction with HSBC Holdings-issued debt securities
212
93
426
Other changes in fair value
(1,253)
(218)
(1,894)
Changes in fair value of designated debt and related derivatives
(1,041)
(125)
(1,468)
Changes in fair value of other financial instruments mandatorily measured at fair value through profit
or loss
2,835
2,086
3,692
Year ended 31 Dec
1,976
4,860
3,287
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1000": { "value": "
4
Insurance business
Insurance service result
2025
2024
2023
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Insurance revenue
Amounts relating to changes in
liabilities for remaining coverage
2,212
619
2,831
1,890
566
2,456
1,626
470
2,096
\u2013\u00a0 Contractual service margin
recognised for services provided
1,428
165
1,593
1,143
188
1,331
975
151
1,126
\u2013\u00a0 Change in risk adjustment for
non-financial risk for risk expired
46
19
65
46
20
66
21
15
36
\u2013\u00a0 Expected incurred claims and
other insurance service expenses
734
435
1,169
698
358
1,056
594
304
898
\u2013\u00a0 Other
4
\u2014
4
3
\u2014
3
36
\u2014
36
Recovery of insurance acquisition
cash flows
285
112
397
195
101
296
109
54
163
Total insurance revenue
2,497
731
3,228
2,085
667
2,752
1,735
524
2,259
Insurance service expenses
Incurred claims and other insurance
service expenses
(488)
(418)
(906)
(616)
(428)
(1,044)
(615)
(292)
(907)
Losses and reversal of losses on
onerous contracts
(36)
(51)
(87)
(50)
(73)
(123)
(32)
(77)
(109)
Amortisation of insurance
acquisition cash flows
(285)
(112)
(397)
(195)
(101)
(296)
(109)
(54)
(163)
Adjustments to liabilities for incurred
claims
(7)
(6)
(13)
(6)
27
21
(1)
(1)
(2)
Total insurance service expenses
(816)
(587)
(1,403)
(867)
(575)
(1,442)
(757)
(424)
(1,181)
Total insurance service result3
1,681
144
1,825
1,218
92
1,310
978
100
1,078
1\u2018Life direct participating and investment DPF contracts\u2019 are substantially measured under the variable fee approach measurement model.
2\u2018Life other contracts\u2019 are measured under the general measurement model.
3\u2018Total insurance service result\u2019 includes $0.2bn (2024: nil; 2023: nil) earned by HSBC Life (UK) Limited and HSBC Assurances Vie (France) while they were
classified as held for sale. For further details, see Note 23.
Net investment return
2025
2024
2023
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Investment return
Amounts recognised in profit or loss1
11,097
79
11,176
5,644
273
5,917
7,663
214
7,877
Amounts recognised in OCI
(7)
\u2014
(7)
185
\u2014
185
493
\u2014
493
Total investment return
(memorandum)
11,090
79
11,169
5,829
273
6,102
8,156
214
8,370
Net finance expense
Changes in fair value of underlying
items of direct participating contracts
(11,020)
\u2014
(11,020)
(5,805)
\u2014
(5,805)
(7,995)
\u2014
(7,995)
Effect of risk mitigation option
(175)
\u2014
(175)
44
\u2014
44
(35)
\u2014
(35)
Interest accreted
\u2014
(112)
(112)
\u2014
(110)
(110)
\u2014
(127)
(127)
Effect of changes in interest rates and
other financial assumptions
\u2014
124
124
\u2014
(298)
(298)
(12)
(121)
(133)
Effect of measuring changes in
estimates at current rates and adjusting
the CSM at rates on initial recognition
\u2014
(7)
(7)
\u2014
\u2014
\u2014
\u2014
(10)
(10)
Total net finance expense from
insurance contracts2
(11,195)
5
(11,190)
(5,761)
(408)
(6,169)
(8,042)
(258)
(8,300)
Represented by:
Amounts recognised in profit or loss
(11,202)
5
(11,197)
(5,570)
(408)
(5,978)
(7,551)
(258)
(7,809)
Amounts recognised in OCI
7
\u2014
7
(191)
\u2014
(191)
(491)
\u2014
(491)
Total net investment return
(105)
84
(21)
68
(135)
(67)
114
(44)
70
Represented by:
Amounts recognised in profit or loss
(105)
84
(21)
74
(135)
(61)
112
(44)
68
Amounts recognised in OCI
\u2014
\u2014
\u2014
(6)
\u2014
(6)
2
\u2014
2
1Total Group \u2018Net income/(expense) from assets and liabilities of insurance business, including related derivatives, measured at fair value through profit or loss\u2019 of
$11.2bn gain (2024: $5.9bn gain; 2023: $7.9bn gain) includes returns on assets and liabilities supporting insurance policies of $11.0bn (2024: $5.7bn gain; 2023:
$7.6bn gain) and on shareholder assets of $0.2bn (2024: $0.2bn gain; 2023: $0.3bn gain).
2\u2018Total net finance expense from insurance contracts\u2019 includes $1.4bn (2024: nil; 2023: nil) incurred by HSBC Life (UK) Limited and HSBC Assurances Vie (France)
while they were classified as held for sale. For further details, see Note 23.
Reconciliation of amounts included in other comprehensive income for financial assets measured at fair value through other comprehensive
income \u2013 assets supporting contracts measured under the modified retrospective approach
2025
2024
$m
$m
Balance at 1 Jan
(736)
(670)
Net change in fair value
(13)
(153)
Net amount reclassified to profit or loss
\u2014
3
Related income tax
4
39
Disposal of subsidiary1
592
\u2014
Foreign exchange and other
153
45
Balance at 31 Dec
\u2014
(736)
1HSBC Assurances Vie (France) was sold on 31 October 2025. For further details, see Note 23.
Movements in carrying amounts of insurance contracts \u2013 analysis by remaining coverage and incurred claims
2025
Life direct participating and investment DPF
contracts
Life other contracts
Liabilities for remaining
coverage:
Liabilities for remaining
coverage:
Excluding
loss
component
Loss
component
Incurred
claims
Total
Excluding
loss
component
Loss
component
Incurred
claims
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(16)
1
1
(14)
(177)
(13)
72
(118)
(132)
Opening liabilities
103,045
146
223
103,414
3,748
224
243
4,215
107,629
Net opening balance at 1 Jan
103,029
147
224
103,400
3,571
211
315
4,097
107,497
Changes in the consolidated income
statement and statement of
comprehensive income1
Insurance revenue
Contracts under the fair value approach2
(668)
\u2014
\u2014
(668)
(153)
\u2014
\u2014
(153)
(821)
Contracts under the modified
retrospective approach
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other contracts3
(1,573)
\u2014
\u2014
(1,573)
(478)
\u2014
\u2014
(478)
(2,051)
Total insurance revenue
(2,241)
\u2014
\u2014
(2,241)
(631)
\u2014
\u2014
(631)
(2,872)
Insurance service expenses
Incurred claims and other insurance
service expenses
\u2014
(8)
413
405
\u2014
(34)
377
343
748
Amortisation of insurance acquisition
cash flows
281
\u2014
\u2014
281
103
\u2014
\u2014
103
384
Losses and reversal of losses on
onerous contracts
\u2014
39
\u2014
39
\u2014
41
\u2014
41
80
Adjustments to liabilities for incurred
claims
\u2014
\u2014
7
7
\u2014
\u2014
18
18
25
Total insurance service expenses
281
31
420
732
103
7
395
505
1,237
Investment components
(7,864)
\u2014
7,864
\u2014
(893)
\u2014
893
\u2014
\u2014
Insurance service result
(9,824)
31
8,284
(1,509)
(1,421)
7
1,288
(126)
(1,635)
Net finance expense from insurance
contracts4
9,812
\u2014
\u2014
9,812
(7)
2
\u2014
(5)
9,807
Effect of movements in exchange rates
999
10
8
1,017
115
10
27
152
1,169
Total changes in the consolidated
income statement and statement of
comprehensive income
987
41
8,292
9,320
(1,313)
19
1,315
21
9,341
Cash flows
Premiums received
19,125
\u2014
\u2014
19,125
2,001
\u2014
\u2014
2,001
21,126
Claims, other insurance service
expenses paid and other cash flows
53
\u2014
(8,430)
(8,377)
3
\u2014
(1,278)
(1,275)
(9,652)
Insurance acquisition cash flows
(1,109)
\u2014
\u2014
(1,109)
(106)
\u2014
\u2014
(106)
(1,215)
Total cash flows
18,069
\u2014
(8,430)
9,639
1,898
\u2014
(1,278)
620
10,259
Other movements5
(4,128)
(13)
4
(4,137)
(48)
(3)
(72)
(123)
(4,260)
Net closing balance at 31 Dec
117,957
175
90
118,222
4,108
227
280
4,615
122,837
Closing assets
(12)
\u2014
\u2014
(12)
(193)
47
40
(106)
(118)
Closing liabilities
117,969
175
90
118,234
4,301
180
240
4,721
122,955
Net closing balance at 31 Dec
117,957
175
90
118,222
4,108
227
280
4,615
122,837
Movements in carrying amounts of insurance contracts \u2013 analysis by remaining coverage and incurred claims (continued)
2024
Life direct participating and investment DPF
contracts
Life other contracts
Liabilities for remaining
coverage:
Liabilities for remaining
coverage:
Excluding
loss
component
Loss
component
Incurred
claims
Total
Excluding
loss
component
Loss
component
Incurred
claims
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(15)
1
1
(13)
(279)
(16)
56
(239)
(252)
Opening liabilities
116,546
121
370
117,037
3,400
191
223
3,814
120,851
Net opening balance at 1 Jan
116,531
122
371
117,024
3,121
175
279
3,575
120,599
Changes in the consolidated income
statement and statement of comprehensive
income1
Insurance revenue
Contracts under the fair value approach2
(715)
\u2014
\u2014
(715)
(217)
\u2014
\u2014
(217)
(932)
Contracts under the modified retrospective
approach
(141)
\u2014
\u2014
(141)
(18)
\u2014
\u2014
(18)
(159)
Other contracts3
(1,229)
\u2014
\u2014
(1,229)
(432)
\u2014
\u2014
(432)
(1,661)
Total insurance revenue
(2,085)
\u2014
\u2014
(2,085)
(667)
\u2014
\u2014
(667)
(2,752)
Insurance service expenses
Incurred claims and other insurance service
expenses
\u2014
(7)
623
616
\u2014
(49)
477
428
1,044
Amortisation of insurance acquisition cash
flows
195
\u2014
\u2014
195
101
\u2014
\u2014
101
296
Losses and reversal of losses on onerous
contracts
\u2014
50
\u2014
50
\u2014
73
\u2014
73
123
Adjustments to liabilities for incurred claims
\u2014
\u2014
6
6
\u2014
\u2014
(27)
(27)
(21)
Total insurance service expenses
195
43
629
867
101
24
450
575
1,442
Investment components
(8,284)
\u2014
8,284
\u2014
(1,058)
\u2014
1,058
\u2014
\u2014
Insurance service result
(10,174)
43
8,913
(1,218)
(1,624)
24
1,508
(92)
(1,310)
Net finance expense from insurance
contracts4
5,720
41
\u2014
5,761
405
3
\u2014
408
6,169
Effect of movements in exchange rates
(1,162)
(5)
(9)
(1,176)
(76)
1
(24)
(99)
(1,275)
Total changes in the consolidated income
statement and statement of comprehensive
income
(5,616)
79
8,904
3,367
(1,295)
28
1,484
217
3,584
Cash flows
Premiums received
16,442
\u2014
\u2014
16,442
1,950
\u2014
\u2014
1,950
18,392
Claims, other insurance service expenses
paid and other cash flows
2
\u2014
(9,020)
(9,018)
2
\u2014
(1,508)
(1,506)
(10,524)
Insurance acquisition cash flows
(835)
\u2014
\u2014
(835)
(260)
\u2014
\u2014
(260)
(1,095)
Total cash flows
15,609
\u2014
(9,020)
6,589
1,692
\u2014
(1,508)
184
6,773
Other movements5
(23,495)
(54)
(31)
(23,580)
53
8
60
121
(23,459)
Net closing balance at 31 Dec
103,029
147
224
103,400
3,571
211
315
4,097
107,497
Closing assets
(16)
1
1
(14)
(177)
(13)
72
(118)
(132)
Closing liabilities
103,045
146
223
103,414
3,748
224
243
4,215
107,629
Net closing balance at 31 Dec
103,029
147
224
103,400
3,571
211
315
4,097
107,497
1\u2018Changes in the consolidated income statement and statement of comprehensive income\u2019 excludes \u2018insurance service result\u2019 gains of $0.2bn (2024: nil) and \u2018net
insurance finance expense\u2019 losses of $1.4bn (2024: nil) reported in the consolidated income statement and statement of comprehensive income in respect of
businesses classified as held for sale.
2On transition to IFRS 17 the Group applied the full retrospective approach to new business written from 2018 at the earliest. Where applying the full
retrospective approach was impracticable, the Group primarily applied the fair value approach.
3\u2018Other contracts\u2019 are those contracts measured by applying IFRS 17 from inception of the contracts. These include contracts measured under the full
retrospective approach at transition and contracts incepted after transition.
4\u2018Net finance expense from insurance contracts\u2019 expense of $9.8bn (2024: $6.2bn expense) comprises expense of $9.8bn (2024: $6.0bn expense) recognised in
the income statement and expense of nil (2024: $0.2bn expense) recognised in other comprehensive income.
5The \u2018Other movements\u2018 reduction of $4.3bn (2024: $23.5bn reduction) in insurance contracts includes $4.4bn in respect of HSBC Life (UK) Limited which was
classified as held for sale in 2025 (2024: $21.8bn in respect of HSBC Assurances Vie (France), which was classified as held for sale in 2024 with the sale
completing on 31 October 2025). For further details, see Note 23.
Movements in carrying amounts of insurance contracts \u2013 analysis by measurement component
2025
Life direct participating and investment DPF contracts
Life other contracts
Estimates of
present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Estimates of
present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(27)
3
\u2014
10
(14)
(359)
73
\u2014
168
(118)
(132)
Opening liabilities
91,498
4,500
\u2014
7,416
103,414
3,669
280
\u2014
266
4,215
107,629
Net opening balance at
1\u00a0Jan
91,471
4,503
\u2014
7,426
103,400
3,310
353
\u2014
434
4,097
107,497
Changes in the
consolidated income
statement and statement
of comprehensive income
Changes that relate to
current services
Contractual service margin
recognised for services
provided
\u2014
(502)
\u2014
(846)
(1,348)
\u2014
(38)
\u2014
(106)
(144)
(1,492)
Change in risk adjustment for
non-financial risk expired
(36)
\u2014
\u2014
\u2014
(36)
(17)
\u2014
\u2014
\u2014
(17)
(53)
Experience adjustments
(167)
\u2014
\u2014
\u2014
(167)
(24)
\u2014
\u2014
\u2014
(24)
(191)
Other movements
recognised in insurance
service result
\u2014
17
\u2014
(21)
(4)
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
Changes that relate to
future services
\u2014
\u2014
Contracts initially recognised
in the year
(3,556)
\u2014
\u2014
3,564
8
(183)
\u2014
\u2014
189
6
14
Changes in estimates that
adjust the contractual service
margin1
(578)
285
\u2014
293
\u2014
(31)
(20)
\u2014
51
\u2014
\u2014
Changes in estimates that
result in losses and reversal
of losses on onerous
contracts
31
\u2014
\u2014
\u2014
31
35
\u2014
\u2014
\u2014
35
66
Changes that relate to past
services
Adjustments to liabilities for
incurred claims
7
\u2014
\u2014
\u2014
7
18
\u2014
\u2014
\u2014
18
25
Insurance service result
(4,299)
(200)
\u2014
2,990
(1,509)
(202)
(58)
\u2014
134
(126)
(1,635)
Net finance expense from
insurance contracts
9,812
\u2014
\u2014
\u2014
9,812
(35)
6
\u2014
24
(5)
9,807
Other movements
recognised in the statement
of profit or loss
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in
exchange rates
934
43
\u2014
40
1,017
106
17
\u2014
29
152
1,169
Total changes in the
consolidated income
statement and statement
of comprehensive income
6,447
(157)
\u2014
3,030
9,320
(131)
(35)
\u2014
187
21
9,341
Cash flows
Premiums received
19,125
\u2014
\u2014
\u2014
19,125
2,001
\u2014
\u2014
\u2014
2,001
21,126
Claims, other insurance
service expenses paid and
other cash flows
(8,377)
\u2014
\u2014
\u2014
(8,377)
(1,275)
\u2014
\u2014
\u2014
(1,275)
(9,652)
Insurance acquisition cash
flows
(1,109)
\u2014
\u2014
\u2014
(1,109)
(106)
\u2014
\u2014
\u2014
(106)
(1,215)
Total cash flows
9,639
\u2014
\u2014
\u2014
9,639
620
\u2014
\u2014
\u2014
620
10,259
Other movements
(4,058)
4
\u2014
(83)
(4,137)
(1)
(71)
\u2014
(51)
(123)
(4,260)
Net closing balance at
31\u00a0Dec
103,499
4,350
\u2014
10,373
118,222
3,798
247
\u2014
570
4,615
122,837
Closing assets
(21)
2
\u2014
7
(12)
(253)
27
\u2014
120
(106)
(118)
Closing liabilities
103,520
4,348
\u2014
10,366
118,234
4,051
220
\u2014
450
4,721
122,955
Net closing balance at
31\u00a0Dec
103,499
4,350
\u2014
10,373
118,222
3,798
247
\u2014
570
4,615
122,837
Movements in carrying amounts of insurance contracts \u2013 analysis by measurement component (continued)
2024
Life direct participating and investment DPF contracts
Life other contracts
Estimates
of present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Estimates
of present
value of
future cash
flows and
risk
adjustment
Contractual service margin
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Contracts
under the
fair value
approach
Contracts
under the
modified
retros-
pective
approach
Other
contracts
Total
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Opening assets
(30)
3
\u2014
14
(13)
(339)
36
\u2014
64
(239)
(252)
Opening liabilities
106,440
4,679
715
5,203
117,037
3,113
361
19
321
3,814
120,851
Net opening balance at 1 Jan
106,410
4,682
715
5,217
117,024
2,774
397
19
385
3,575
120,599
Changes in the consolidated income
statement and statement of
comprehensive income
Changes that relate to current
services
Contractual service margin
recognised for services provided
\u2014
(488)
(59)
(596)
(1,143)
\u2014
(77)
(6)
(105)
(188)
(1,331)
Change in risk adjustment for non-
financial risk expired
(46)
\u2014
\u2014
\u2014
(46)
(20)
\u2014
\u2014
\u2014
(20)
(66)
Experience adjustments
(82)
\u2014
\u2014
\u2014
(82)
70
\u2014
\u2014
\u2014
70
(12)
Other movements recognised in
insurance service result
\u2014
52
\u2014
(55)
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
Changes that relate to future
services
\u2014
\u2014
Contracts initially recognised in the
year
(2,384)
\u2014
\u2014
2,400
16
(201)
\u2014
\u2014
220
19
35
Changes in estimates that adjust
contractual service margin1
(914)
229
(6)
691
\u2014
(7)
30
7
(30)
\u2014
\u2014
Changes in estimates that result in
losses and reversal of losses on
onerous contracts
34
\u2014
\u2014
\u2014
34
54
\u2014
\u2014
\u2014
54
88
Changes that relate to past services
Adjustments to liabilities for incurred
claims
6
\u2014
\u2014
\u2014
6
(27)
\u2014
\u2014
\u2014
(27)
(21)
Insurance service result
(3,386)
(207)
(65)
2,440
(1,218)
(131)
(47)
1
85
(92)
(1,310)
Net finance expense from insurance
contracts
5,761
\u2014
\u2014
\u2014
5,761
380
12
\u2014
16
408
6,169
Other movements recognised in the
statement of profit or loss
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in exchange
rates
(1,167)
51
(24)
(36)
(1,176)
(50)
(11)
\u2014
(38)
(99)
(1,275)
Total changes in the consolidated
income statement and statement of
comprehensive income
1,208
(156)
(89)
2,404
3,367
199
(46)
1
63
217
3,584
Cash flows
Premiums received
16,442
\u2014
\u2014
\u2014
16,442
1,950
\u2014
\u2014
\u2014
1,950
18,392
Claims, other insurance service
expenses paid and other cash flows
(9,018)
\u2014
\u2014
\u2014
(9,018)
(1,506)
\u2014
\u2014
\u2014
(1,506)
(10,524)
Insurance acquisition cash flows
(835)
\u2014
\u2014
\u2014
(835)
(260)
\u2014
\u2014
\u2014
(260)
(1,095)
Total cash flows
6,589
\u2014
\u2014
\u2014
6,589
184
\u2014
\u2014
\u2014
184
6,773
Other movements
(22,736)
(23)
(626)
(195)
(23,580)
153
2
(20)
(14)
121
(23,459)
Net closing balance at 31 Dec
91,471
4,503
\u2014
7,426
103,400
3,310
353
\u2014
434
4,097
107,497
Closing assets
(27)
3
\u2014
10
(14)
(359)
73
\u2014
168
(118)
(132)
Closing liabilities
91,498
4,500
\u2014
7,416
103,414
3,669
280
\u2014
266
4,215
107,629
Net closing balance at 31 Dec
91,471
4,503
\u2014
7,426
103,400
3,310
353
\u2014
434
4,097
107,497
1\u2018Changes in estimates that adjust contractual service margin\u2019 increase of $0.6bn (2024: $0.9bn increase) includes an increase of $1.0bn (2024: $0.7bn increase)
from economic factors and a decrease of $0.4bn (2024: $0.3bn increase) from non-economic factors.
Effect of insurance contracts initially recognised in the year
2025
2024
Profitable
contracts
issued
Onerous
contracts
issued
Total
Profitable
contracts
issued
Onerous
contracts
issued
Total
$m
$m
$m
$m
$m
$m
Life direct participating and investment DPF contracts
Estimates of present value of cash outflows
19,675
295
19,970
16,878
495
17,373
\u2013\u00a0 insurance acquisition cash flows
984
29
1,013
805
38
843
\u2013\u00a0 claims and other insurance service expenses payable
18,691
266
18,957
16,073
457
16,530
Estimates of present value of cash inflows
(23,290)
(288)
(23,578)
(19,326)
(481)
(19,807)
Risk adjustment for non-financial risk
51
1
52
48
2
50
Contractual service margin
3,564
\u2014
3,564
2,400
\u2014
2,400
Losses recognised on initial recognition
\u2014
(8)
(8)
\u2014
(16)
(16)
Life other contracts
Estimates of present value of cash outflows
1,465
183
1,648
1,484
476
1,960
\u2013\u00a0 insurance acquisition cash flows
48
19
67
125
65
190
\u2013\u00a0 claims and other insurance service expenses payable
1,417
164
1,581
1,359
411
1,770
Estimates of present value of cash inflows
(1,669)
(180)
(1,849)
(1,731)
(460)
(2,191)
Risk adjustment for non-financial risk
15
3
18
27
3
30
Contractual service margin
189
\u2014
189
220
\u2014
220
Losses recognised on initial recognition
\u2014
(6)
(6)
\u2014
(19)
(19)
Present value of expected future cash flows of insurance contract liabilities and contractual service margin
Less than
1 year
1\u20132
years
2\u20133
years
3\u20134
years
4\u20135
years
5\u201310
years
10\u201320
years
Over 20
years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
2025
Insurance liability future cash flows1
Life direct participating and investment DPF contracts
(3,766)
(197)
3,701
3,086
3,567
12,420
17,439
66,799
103,049
Life other contracts
70
164
252
45
680
184
103
2,476
3,974
Insurance liability future cash flows at 31 Dec 2025
(3,696)
(33)
3,953
3,131
4,247
12,604
17,542
69,275
107,023
Remaining contractual service margin1
Life direct participating and investment DPF contracts
1,312
1,205
1,112
1,024
941
3,631
3,602
1,896
14,723
Life other contracts
121
94
77
65
54
173
150
83
817
Remaining contractual service margin at 31 Dec 2025
1,433
1,299
1,189
1,089
995
3,804
3,752
1,979
15,540
2024
Insurance liability future cash flows
Life direct participating and investment DPF contracts
(3,526)
(455)
2,464
2,968
3,219
11,332
22,005
53,120
91,127
Life other contracts
971
(96)
(101)
(53)
7
63
279
2,529
3,599
Insurance liability future cash flows at 31 Dec 2024
(2,555)
(551)
2,363
2,915
3,226
11,395
22,284
55,649
94,726
Remaining contractual service margin
Life direct participating and investment DPF contracts
1,052
961
880
810
746
2,892
2,954
1,634
11,929
Life other contracts
128
104
85
69
53
159
127
62
787
Remaining contractual service margin at 31 Dec 2024
1,180
1,065
965
879
799
3,051
3,081
1,696
12,716
1\u2018Insurance liability future cash flows\u2019 and \u2018Remaining contractual service margin\u2019 exclude insurance businesses classified as held for sale (2025: HSBC Life (UK)
Limited; 2024: HSBC Assurances Vie (France)). For further details, see Note 23.
Discount rates
The discount rates applied to expected future cash flows are determined through a bottom-up approach as set out in Note 1.2(k) \u2018Summary of
material accounting policies \u2013 Insurance contracts\u2019 on page 275. The blended average of discount rates used within our most material
manufacturing entities are as follows:
HSBC Life (International) Ltd
Hang Seng Insurance Co Ltd
HK$
$
HK$
$
At 31 Dec 2025
10-year discount rate (%)
3.74
4.78
3.85
4.82
20-year discount rate (%)
4.09
5.54
4.20
5.59
At 31 Dec 2024
10-year discount rate (%)
4.32
5.16
4.43
5.25
20-year discount rate (%)
4.42
5.51
4.53
5.60
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation required for bearing the uncertainty about the amount and timing of future cash flows that arise
from non-financial risk. It is calculated as a 75th percentile level of stress over a one-year period. The level of the stress is determined with
reference to external regulatory stresses and internal economic capital stresses.
For the main insurance manufacturing entity in these locations, the one-year 75th percentile level of stress corresponds to the following
percentiles based on an ultimate view of risk over all future years:
\u2013 Asia-Pacific (Hong Kong): 59th percentile (2024: 60th percentile).
\u2013 Europe (UK): 64th percentile (2024: 60th percentile, for HSBC Assurances Vie (France) that was sold during 2025).
\u2013 Latin America (Mexico): 63rd percentile (2024: 64th percentile).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1001": { "value": "
Insurance service result
2025
2024
2023
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
Life direct
participating
and
investment
DPF contracts1
Life other
contracts2
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Insurance revenue
Amounts relating to changes in
liabilities for remaining coverage
2,212
619
2,831
1,890
566
2,456
1,626
470
2,096
\u2013\u00a0 Contractual service margin
recognised for services provided
1,428
165
1,593
1,143
188
1,331
975
151
1,126
\u2013\u00a0 Change in risk adjustment for
non-financial risk for risk expired
46
19
65
46
20
66
21
15
36
\u2013\u00a0 Expected incurred claims and
other insurance service expenses
734
435
1,169
698
358
1,056
594
304
898
\u2013\u00a0 Other
4
\u2014
4
3
\u2014
3
36
\u2014
36
Recovery of insurance acquisition
cash flows
285
112
397
195
101
296
109
54
163
Total insurance revenue
2,497
731
3,228
2,085
667
2,752
1,735
524
2,259
Insurance service expenses
Incurred claims and other insurance
service expenses
(488)
(418)
(906)
(616)
(428)
(1,044)
(615)
(292)
(907)
Losses and reversal of losses on
onerous contracts
(36)
(51)
(87)
(50)
(73)
(123)
(32)
(77)
(109)
Amortisation of insurance
acquisition cash flows
(285)
(112)
(397)
(195)
(101)
(296)
(109)
(54)
(163)
Adjustments to liabilities for incurred
claims
(7)
(6)
(13)
(6)
27
21
(1)
(1)
(2)
Total insurance service expenses
(816)
(587)
(1,403)
(867)
(575)
(1,442)
(757)
(424)
(1,181)
Total insurance service result3
1,681
144
1,825
1,218
92
1,310
978
100
1,078
1\u2018Life direct participating and investment DPF contracts\u2019 are substantially measured under the variable fee approach measurement model.
2\u2018Life other contracts\u2019 are measured under the general measurement model.
3\u2018Total insurance service result\u2019 includes $0.2bn (2024: nil; 2023: nil) earned by HSBC Life (UK) Limited and HSBC Assurances Vie (France) while they were
classified as held for sale. For further details, see Note 23.
Net investment return
2025
2024
2023
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
Life direct
participating
and
investment
DPF contracts
Life other
contracts
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Investment return
Amounts recognised in profit or loss1
11,097
79
11,176
5,644
273
5,917
7,663
214
7,877
Amounts recognised in OCI
(7)
\u2014
(7)
185
\u2014
185
493
\u2014
493
Total investment return
(memorandum)
11,090
79
11,169
5,829
273
6,102
8,156
214
8,370
Net finance expense
Changes in fair value of underlying
items of direct participating contracts
(11,020)
\u2014
(11,020)
(5,805)
\u2014
(5,805)
(7,995)
\u2014
(7,995)
Effect of risk mitigation option
(175)
\u2014
(175)
44
\u2014
44
(35)
\u2014
(35)
Interest accreted
\u2014
(112)
(112)
\u2014
(110)
(110)
\u2014
(127)
(127)
Effect of changes in interest rates and
other financial assumptions
\u2014
124
124
\u2014
(298)
(298)
(12)
(121)
(133)
Effect of measuring changes in
estimates at current rates and adjusting
the CSM at rates on initial recognition
\u2014
(7)
(7)
\u2014
\u2014
\u2014
\u2014
(10)
(10)
Total net finance expense from
insurance contracts2
(11,195)
5
(11,190)
(5,761)
(408)
(6,169)
(8,042)
(258)
(8,300)
Represented by:
Amounts recognised in profit or loss
(11,202)
5
(11,197)
(5,570)
(408)
(5,978)
(7,551)
(258)
(7,809)
Amounts recognised in OCI
7
\u2014
7
(191)
\u2014
(191)
(491)
\u2014
(491)
Total net investment return
(105)
84
(21)
68
(135)
(67)
114
(44)
70
Represented by:
Amounts recognised in profit or loss
(105)
84
(21)
74
(135)
(61)
112
(44)
68
Amounts recognised in OCI
\u2014
\u2014
\u2014
(6)
\u2014
(6)
2
\u2014
2
1Total Group \u2018Net income/(expense) from assets and liabilities of insurance business, including related derivatives, measured at fair value through profit or loss\u2019 of
$11.2bn gain (2024: $5.9bn gain; 2023: $7.9bn gain) includes returns on assets and liabilities supporting insurance policies of $11.0bn (2024: $5.7bn gain; 2023:
$7.6bn gain) and on shareholder assets of $0.2bn (2024: $0.2bn gain; 2023: $0.3bn gain).
2\u2018Total net finance expense from insurance contracts\u2019 includes $1.4bn (2024: nil; 2023: nil) incurred by HSBC Life (UK) Limited and HSBC Assurances Vie (France)
while they were classified as held for sale. For further details, see Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1002": { "value": "Employee compensation and benefits
2025
2024
2023
$m
$m
$m
Employee compensation and benefits1
19,553
18,465
18,220
Capitalised wages and salaries2
1,959
1,688
1,403
Gross employee compensation and benefits for the year ended 31 Dec
21,512
20,153
19,623
Consists of:
Wages and salaries
19,048
17,815
17,359
Social security costs
1,638
1,487
1,507
Post-employment benefits
826
851
757
Year ended 31 Dec
21,512
20,153
19,623
1Employee compensation and benefits are presented in the income statement net of software capitalisation costs and costs included in the insurance contract
fulfilment cash flow liabilities under IFRS 17.
2Comprises $1.4bn (2024: $1.1bn; 2023: $1.0bn) software capitalisation costs and $0.6bn (2024: $0.6bn; 2023: $0.4bn) costs included in the insurance contract
fulfilment cash flow liabilities under IFRS 17.
Average number of persons employed by HSBC during the year by business segment1
2025
2024
2023
Hong Kong
33,111
33,820
34,818
UK
32,177
32,791
32,391
Corporate and Institutional Banking
81,940
75,327
75,141
International Wealth and Premier Banking
70,674
78,616
84,855
Corporate Centre
369
374
347
Year ended 31 Dec
218,271
220,928
227,552
Average number of persons employed by HSBC during the year by legal entity1
2025
2024
2023
HSBC UK Bank plc
19,841
20,034
20,415
HSBC Bank plc
10,210
11,456
14,809
The Hongkong and Shanghai Banking Corporation Limited
52,756
54,478
54,321
HSBC Bank Middle East Limited
3,424
3,344
3,316
HSBC North America Holdings Inc.
5,680
5,928
6,046
HSBC Bank Canada
\u2014
758
4,354
Grupo Financiero HSBC, S.A. de C.V.
13,382
13,928
14,412
Other trading entities2
5,419
8,393
9,247
Holding companies, shared service centres and intra-Group eliminations
107,559
102,609
100,632
Year ended 31 Dec
218,271
220,928
227,552
1Average number of persons employed represents the number of persons with contracts of service with the Group. This includes an average number of
temporary persons employed of 6,147 (2024: 6,390; 2023: 7,207). Persons employed comprises individuals in front-line roles, those providing dedicated support
services managed by business segments and an allocation of Corporate Centre individuals in proportion to business usage of shared support services and global
infrastructure. During 2025, certain Operations individuals were transferred from Corporate Centre to business segments for which they provide dedicated
services.
2Other trading entities includes entities located in T\u00fcrkiye, Egypt and Saudi Arabia.
Reconciliation of total incentive awards granted to income statement charge
2025
2024
2023
$m
$m
$m
Total incentive awards approved for the current year
3,930
3,800
3,774
Less: deferred bonuses awarded, expected to be recognised in future periods
(430)
(381)
(353)
Total incentives awarded and recognised in the current year
3,500
3,419
3,421
Add: current year charges for deferred bonuses from previous years
478
439
375
Other
(11)
(97)
(56)
Income statement charge for incentive awards
3,967
3,761
3,740
Share-based payments
\u2018Wages and salaries\u2019 includes the effect of share-based payments arrangements, of which $608m (2024: $529m; 2023:\u00a0$482m) was equity
settled, as follows:
2025
2024
2023
$m
$m
$m
Conditional share awards
650
551
499
Savings-related and other share award option plans
18
27
23
Year ended 31 Dec
668
578
522
HSBC share awards
Award
Policy
Deferred share awards
(including annual incentive
awards, long-term incentive
(\u2018LTI\u2019) awards delivered in
shares)
An assessment of performance over the relevant period ending on 31 December is used to determine the amount of\u00a0the award
to be granted.
\u2013 Deferred awards generally require employees to remain in employment over the vesting period and are generally not subject
to performance conditions after the grant date. An exception to these are LTI awards, which are subject to performance
conditions.
\u2013 Deferred share awards generally vest over a period of three, four, five or seven years.
\u2013 Vested shares may be subject to a retention requirement post-vesting.
\u2013 Awards are generally subject to malus and clawback provisions.
\u2013 LTI is subject to performance conditions.
International Employee Share
Purchase Plan (\u2018ShareMatch\u2019)
The plan was first introduced in Hong Kong in 2013 and now includes employees based in 30 jurisdictions.
\u2013 Shares are purchased in the market each quarter up to a maximum value of \u00a3750, or the equivalent in local currency.
\u2013 Matching awards are added at a ratio of one free share for every three purchased. In mainland China, matching awards are
settled in cash.
\u2013 Matching awards vest subject to continued employment and the retention of the purchased shares for a maximum period of
two years and nine months.
Movement on HSBC share awards
2025
2024
Number
Number
(000s)
(000s)
Conditional share awards outstanding at 1 Jan
133,643
125,023
Additions during the year
55,411
84,930
Released in the year
(63,652)
(71,849)
Forfeited in the year
(5,756)
(4,461)
Conditional share awards outstanding at 31 Dec
119,646
133,643
Weighted average fair value of awards granted ($)
7.11
6.08
HSBC share option plans
Main plans
Policy
Savings-related share option
plans (\u2018Sharesave\u2019)
\u2013 From 2014, employees eligible for the UK plan could save up to \u00a3 500 per month with the option to use the savings to acquire
shares.
\u2013 These are generally exercisable within six months following either the third or fifth anniversary of the commencement of a
three-year or five-year contract, respectively.
\u2013 The exercise price is set at a 20% (2024: 20%) discount to the market value immediately preceding the date of invitation.
Calculation of fair values
The fair value of a share award is based on the share price at the grant date, adjusted for expected dividend yield (2025: 6.5%; 2024: 6.25%), risk-
free rate (2025: 4.2% p.a.; 2024: 4.2% p.a.) and a simulated market condition factor. The fair values of share options are calculated using a Black-
Scholes model.
Movement on HSBC share option plans
Savings-related
share option plans
Number
WAEP 1
(000s)
\u00a3
Outstanding at 1 Jan 2025
75,335
3.81
Granted during the year2
11,901
7.61
Exercised during the year3
(25,388)
3.00
Expired during the year
(1,633)
4.85
Forfeited during the year
(1,313)
4.37
Outstanding at 31 Dec 2025
58,902
4.84
\u2013\u00a0 of which exercisable
13,352
2.90
Weighted average remaining contractual life (years)
1.93
Outstanding at 1 Jan 2024
83,994
3.42
Granted during the year2
11,845
5.30
Exercised during the year3
(16,776)
2.94
Expired during the year
(2,454)
4.20
Forfeited during the year
(1,274)
3.48
Outstanding at 31 Dec 2024
75,335
3.81
\u2013\u00a0 of which exercisable
1,446
3.34
Weighted average remaining contractual life (years)
2.10
1Weighted average exercise price.
2The weighted average fair value of options granted during the year was $1.90 (2024: $1.66).
3The weighted average share price at the date the options were exercised was $13.88 (2024: $8.54).
Post-employment benefit plans
The Group operates pension plans throughout the world for its employees. \u2018Pension risk management processes\u2019 on page 158 contains details of
the policies and practices associated with these pension plans, some of which are defined benefit plans. The largest defined benefit plan is the
HSBC UK section of the HSBC Bank (UK) Pension Scheme (\u2018the principal plan\u2019), created as a result of the HSBC Bank (UK) Pension Scheme being
fully sectionalised in 2018 to meet the requirements of the Banking Reform Act. For further details of how the trustee of the HSBC Bank (UK)
Pension Scheme manages climate risk, see \u2019Managing climate risk\u2019 on page 50.
HSBC holds on its balance sheet the net surplus or deficit, which is the difference between the fair value of plan assets and the discounted value
of scheme liabilities at the balance sheet date for each plan. Surpluses are only recognised to the extent that they are recoverable through reduced
contributions in the future or through potential future refunds from the schemes. In assessing whether a surplus is recoverable, HSBC has
considered its current right to obtain a future refund or a reduction in future contributions together with the rights of third parties such as trustees.
The principal plan
The principal plan has a defined benefit section and a defined contribution section. The defined benefit section was closed to future benefit accrual
in 2015, with defined benefits earned by employees at that date continuing to be linked to their salary while they remain employed by HSBC. The
plan is overseen by an independent corporate trustee, who has a fiduciary responsibility for the operation of the plan. Its assets are held separately
from the assets of the Group.
The investment strategy of the plan is to hold the majority of assets in bonds, with the remainder in a diverse range of investments. It also
includes some interest rate swaps to reduce interest rate risk, inflation swaps to reduce inflation risk and longevity swaps to reduce the impact of
longer life expectancy.
The principal plan is subject to the statutory funding objective requirements of the UK Pensions Act 2004, which requires that it be funded to at
least the level of technical provisions (an actuarial estimate of the assets needed to provide for the benefits already built up under the plan). Where
a funding valuation is carried out and identifies a deficit, the employer and trustee are required to agree to a deficit recovery plan.
The latest funding valuation of the plan at 31 December 2022 was carried out by Towers Watson Limited, using the projected unit credit method.
At that date, the market value of the plan\u2019s assets was \u00a323.9bn ($28.8bn) and this exceeded the value placed on its liabilities on an ongoing basis
by \u00a33.7bn ($4.4bn), giving a funding level of 118%. These figures include defined contribution assets amounting to \u00a33.0bn ($3.6bn). The main
differences between the assumptions used for assessing the defined benefit liabilities for this funding valuation and those used for IAS 19 are that
an element of prudence is contained in the funding valuation assumptions for discount rate, inflation rate and life expectancy. The funding valuation
is used to judge the amount of cash contributions the Group needs to put into the pension scheme. It will always be different to the IAS 19
accounting surplus, which is an accounting rule concerning employee benefits and shown on the balance sheet of our financial statements. The
next funding valuation will be performed in 2026, with an effective date of 31 December 2025.
The actuary also assessed the value of the liabilities if the plan were to have been stopped and an insurance company asked to secure all future
pension payments. This is generally larger than the amount needed on the ongoing basis described above because an insurance company would
use more prudent assumptions, which would allow for reserves and include an explicit allowance for the future administrative expenses of\u00a0the
plan. Under this approach, the amount of assets needed was estimated to be \u00a321.3bn ($25.7bn) at 31 December 2022.
The trust deed gives the ability for HSBC UK to take a refund of surplus assets after the plan has been run down such that no further beneficiaries
remain. In assessing whether a surplus is recoverable, HSBC UK has considered its right to obtain a future refund together with the rights of third
parties such as trustees. On this basis, any net surplus in the HSBC UK section of the plan is recognised in HSBC UK\u2019s financial statements and
the Group\u2019s financial statements.
Income statement charge/(credit)
2025
2024
2023
$m
$m
$m
Defined benefit pension plans
(227)
(116)
(151)
Defined contribution pension plans
1,015
933
874
Pension plans
788
817
723
Defined benefit and contribution healthcare plans
38
34
34
Year ended 31 Dec
826
851
757
Net assets/(liabilities) recognised on the balance sheet in respect of defined benefit plans
Fair value of
plan assets
Present value of defined
benefit obligations
Effect of limit on plan
surpluses
Total
$m
$m
$m
$m
Defined benefit pension plans
32,352
(24,858)
\u2014
7,494
Defined benefit healthcare plans
120
(439)
\u2014
(319)
At 31 Dec 2025
32,472
(25,297)
\u2014
7,175
Total employee benefit liabilities (within Note 27 \u2018Accruals, deferred
income and other liabilities\u2019)
(1,071)
Total employee benefit assets (within Note 22 \u2018Prepayments,
accrued income and other assets\u2019)
8,246
Defined benefit pension plans
30,758
(23,959)
\u2014
6,799
Defined benefit healthcare plans
80
(348)
\u2014
(268)
At 31 Dec 2024
30,838
(24,307)
\u2014
6,531
Total employee benefit liabilities (within Note 27 \u2018Accruals, deferred
income and other liabilities\u2019)
(1,017)
Total employee benefit assets (within Note 22 \u2018Prepayments,
accrued income and other assets\u2019)
7,548
HSBC Holdings
Employee compensation and benefit expense in respect of HSBC Holdings\u2019 employees in 2025 amounted to $31m (2024: $29m ; 2023: $15m). The
average number of persons employed during 2025 was 23 (2024: 28; 2023: 29). One employee is a member of a defined benefit pension plan. This
employee is a member of the HSBC Bank (UK) Pension Scheme. HSBC Holdings pays contributions to this plan for its own employee in accordance
with the schedules of contributions determined by the trustees of the plan and recognises these contributions as an expense as they fall due.
Defined benefit pension plans
Net asset/(liability) under defined benefit pension plans
Fair value of plan
assets
Present value of
defined benefit
obligations
Effect of the asset
ceiling
Net defined benefit
asset/(liability)
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
23,652
7,106
(17,223)
(6,736)
\u2014
\u2014
6,429
370
Service cost
\u2014
\u2014
(12)
(127)
\u2014
\u2014
(12)
(127)
\u2013\u00a0 current service cost
\u2014
\u2014
(11)
(112)
\u2014
\u2014
(11)
(112)
\u2013\u00a0 past service cost and gains/(losses) from\u00a0settlements
\u2014
\u2014
(1)
(15)
\u2014
\u2014
(1)
(15)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,344
312
(970)
(281)
\u2014
\u2014
374
31
Remeasurement effects recognised in other
comprehensive income
(469)
75
324
(65)
\u2014
\u2014
(145)
10
\u2013\u00a0 return on plan assets (excluding interest income)
(469)
75
\u2014
\u2014
\u2014
\u2014
(469)
75
\u2013\u00a0 actuarial gains/(losses) financial assumptions
\u2014
\u2014
464
(57)
\u2014
\u2014
464
(57)
\u2013\u00a0 actuarial gains/(losses) demographic assumptions
\u2014
\u2014
22
3
\u2014
\u2014
22
3
\u2013\u00a0 actuarial gains/(losses) experience adjustments
\u2014
\u2014
(162)
(11)
\u2014
\u2014
(162)
(11)
\u2013\u00a0 other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
1,631
241
(1,183)
(218)
\u2014
\u2014
448
23
Benefits paid
(1,116)
(530)
1,116
608
\u2014
\u2014
\u2014
78
Other movements2
(19)
125
(20)
(71)
\u2014
\u2014
(39)
54
At 31 Dec 2025
25,023
7,329
(17,968)
(6,890)
\u2014
\u2014
7,055
439
At 1 Jan 2024
26,590
7,307
(19,782)
(7,229)
\u2014
\u2014
6,808
78
Service cost
\u2014
(1)
(35)
(144)
\u2014
\u2014
(35)
(145)
\u2013\u00a0 current service cost
\u2014
\u2014
(9)
(140)
\u2014
\u2014
(9)
(140)
\u2013\u00a0 past service cost and losses from\u00a0settlements
\u2014
(1)
(26)
(4)
\u2014
\u2014
(26)
(5)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,213
277
(896)
(265)
\u2014
\u2014
317
12
Remeasurement effects recognised in other
comprehensive income
(2,665)
(6)
2,156
186
\u2014
\u2014
(509)
180
\u2013\u00a0 return on plan assets (excluding interest income)
(2,665)
(6)
\u2014
\u2014
\u2014
\u2014
(2,665)
(6)
\u2013\u00a0 actuarial gains/(losses) financial assumptions
\u2014
\u2014
1,771
204
\u2014
\u2014
1,771
204
\u2013\u00a0 actuarial gains/(losses) demographic assumptions
\u2014
\u2014
161
(5)
\u2014
\u2014
161
(5)
\u2013\u00a0 actuarial gains/(losses) experience adjustments
\u2014
\u2014
224
(13)
\u2014
\u2014
224
(13)
\u2013\u00a0 other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
(387)
(145)
281
191
\u2014
\u2014
(106)
46
Benefits paid
(1,082)
(496)
1,082
561
\u2014
\u2014
\u2014
65
Other movements2
(17)
170
(29)
(36)
\u2014
\u2014
(46)
134
At 31 Dec 2024
23,652
7,106
(17,223)
(6,736)
\u2014
\u2014
6,429
370
1For further details of the principal plan, see page 296.
2Other movements include contributions by HSBC, contributions by employees, administrative costs and taxes paid by plan.
HSBC expects to make $109m of contributions to defined benefit pension plans during 2026, consisting of $nil for the principal plan and $109m for
other plans. Benefits expected to be paid from the plans to retirees over each of the next five years, and in aggregate for the five years thereafter,
are as follows:
Benefits expected to be paid from plans
2026
2027
2028
2029
2030
2031-2035
$m
$m
$m
$m
$m
$m
The principal plan1,2
1,170
1,203
1,239
1,275
1,313
7,175
Other plans1
436
436
437
433
437
2,259
1The duration of the defined benefit obligation is 11.4 years for the principal plan under the disclosure assumptions adopted (2024: 11.8 years) and 9.7 years for
all other plans combined (2024: 9.8 years).
2For further details of the principal plan, see page 296.
Fair value of plan assets by asset classes
31 Dec 2025
31 Dec 2024
Value
Quoted
market price
in active
market
No quoted
market price
in active
market
Thereof
HSBC1
Value
Quoted
market price
in active
market
No quoted
market price
in active
market
Thereof
HSBC1
$m
$m
$m
$m
$m
$m
$m
$m
The principal plan2
Fair value of plan assets
25,023
13,768
11,255
350
23,652
13,903
9,749
421
\u2013\u00a0 equities
58
\u2014
58
\u2014
65
\u2014
65
\u2014
\u2013\u00a0 bonds fixed income
5,964
5,471
493
\u2014
5,864
5,372
492
\u2014
\u2013\u00a0 bonds index-linked
7,863
7,863
\u2014
\u2014
8,253
8,253
\u2014
\u2014
\u2013\u00a0 bonds other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 derivatives
300
\u2014
300
350
295
\u2014
295
421
\u2013\u00a0 property
855
\u2014
855
\u2014
833
\u2014
833
\u2014
\u2013\u00a0 pooled investment vehicles
9,549
\u2014
9,549
\u2014
8,064
\u2014
8,064
\u2014
\u2013\u00a0 other
434
434
\u2014
\u2014
278
278
\u2014
\u2014
Other plans
Fair value of plan assets
7,329
5,717
1,612
16
7,106
6,407
699
19
\u2013\u00a0 equities
608
608
\u2014
4
587
587
\u2014
4
\u2013\u00a0 bonds fixed income
3,742
3,741
1
3
3,671
3,671
\u2014
4
\u2013\u00a0 bonds index-linked
47
47
\u2014
\u2014
33
33
\u2014
\u2014
\u2013\u00a0 bonds other
561
534
27
\u2014
473
473
\u2014
\u2014
\u2013\u00a0 derivatives
(61)
\u2014
(61)
\u2014
2
(3)
5
\u2014
\u2013\u00a0 property
140
135
5
\u2014
103
98
5
\u2014
\u2013\u00a0 other
2,292
652
1,640
9
2,237
1,548
689
11
1The fair value of plan assets includes derivatives entered into with HSBC Bank plc as detailed in Note 36.
2For further details of the principal plan, see page 296.
Post-employment defined benefit plans\u2019 principal actuarial financial assumptions
HSBC determines the discount rates to be applied to its obligations in consultation with the plans\u2019 local actuaries, on the basis of current average
yields of high-quality (AA-rated or equivalent) debt instruments with maturities consistent with those of the defined benefit obligations.
Key actuarial assumptions for the principal plan1
Discount
rate
Inflation
rate (RPI)
Inflation
rate (CPI)
Rate of increase
for pensions
Rate of pay
increase
%
%
%
%
%
UK
At 31 Dec 2025
5.51
3.02
2.34
2.96
3.09
At 31 Dec 2024
5.54
3.33
2.88
3.22
3.63
1For further details of the principal plan, see page 296.
Mortality tables and average life expectancy at age 60 for the principal plan1
Mortality
table
Life expectancy at age 60 for
a male member currently:
Life expectancy at age 60 for
a female member currently:
Aged 60
Aged 40
Aged 60
Aged 40
UK
At 31 Dec 2025
SAPS S32
26.4
28.0
28.4
30.0
At 31 Dec 2024
SAPS S33
26.1
27.7
28.3
29.9
1For further details of the principal plan, see page 296.
2\u00a0 \u00a0 Self-administered pension scheme (\u2018SAPS\u2019) S3 table, with different tables and multipliers adopted based on gender, pension amount and member status,
reflecting the Scheme\u2019s actual mortality experience. Improvements are projected in accordance with the Continuous Mortality Investigation\u2019s CMI 2024 core
projection model with an initial addition to improvement of 0.25% per annum, and a long-term rate of improvement of 1.25% per annum, with other parameters
set in line with the model default values.
3\u00a0 \u00a0 Self-administered pension scheme (\u2018SAPS\u2019) S3 table, with different tables and multipliers adopted based on gender, pension amount and member status,
reflecting the Scheme\u2019s actual mortality experience. Improvements are projected in accordance with the Continuous Mortality Investigation\u2019s CMI 2023 core
projection model with an initial addition to improvement of 0.25% per annum and a long-term rate of improvement of 1.25% per annum and with a 0%
weighting to 2020 and 2021, mortality experience and a 15% weighting to 2022 and 2023, reflecting long-term view on mortality improvements post-pandemic.
The effect of changes in key assumptions on the principal plan1
Impact on HSBC UK section of the
HSBC Bank (UK) Pension Scheme obligation
Financial impact of increase
Financial impact of decrease
2025
2024
2025
2024
$m
$m
$m
$m
Discount rate \u2013 increase/decrease of 0.25%
(477)
(473)
496
496
Inflation rate (RPI and CPI) \u2013 increase/decrease of 0.25%
408
389
(391)
(391)
Pension payments and deferred pensions \u2013 increase/decrease of 0.25%
504
487
(478)
(478)
Pay \u2013 increase/decrease of 0.25%
7
6
(6)
(6)
Change in mortality \u2013 increase/decrease of 1 year
486
483
(464)
(464)
1For further details of the principal plan, see page 296.
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to
occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end
of the reporting period) has been applied as when calculating the defined benefit asset recognised in the balance sheet. The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared with the prior period.
Directors\u2019 emoluments
Details of Directors\u2019 emoluments, pensions and their interests are disclosed in the Directors\u2019 remuneration report on page 216.
Post-employment benefit plans
At 31 December 2025, $3.8bn (2024: $3.4bn) of HSBC post-employment benefit plan assets were under management by HSBC companies,
earning management fees of $15m in 2025 (2024: $14m). At 31 December 2025, HSBC\u2019s post-employment benefit plans had placed deposits of
$0.4bn (2024:\u00a0$0.4bn) with its banking subsidiaries, earning interest payable to the schemes of $5m (2024: $2m). The above outstanding balances
arose from the ordinary course of business and on substantially the same terms, including interest rates and security, as for comparable
transactions with third-party counterparties.
The combined HSBC Bank (UK) Pension Scheme enters into swap transactions with HSBC to manage inflation and interest rate sensitivity of its
liabilities and selected assets. At 31 December 2025, the gross notional value of the swaps was $6.6bn (2024: $6.4bn). These swaps had a
positive fair value to the scheme of $0.4bn (2024: $0.4bn); and HSBC had delivered collateral of $0.3bn (2024: $0.4bn) to the scheme in respect of
these arrangements. All swaps were executed at prevailing market rates and within standard market bid/offer spreads.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1003": { "value": "
Average number of persons employed by HSBC during the year by business segment1
2025
2024
2023
Hong Kong
33,111
33,820
34,818
UK
32,177
32,791
32,391
Corporate and Institutional Banking
81,940
75,327
75,141
International Wealth and Premier Banking
70,674
78,616
84,855
Corporate Centre
369
374
347
Year ended 31 Dec
218,271
220,928
227,552
Average number of persons employed by HSBC during the year by legal entity1
2025
2024
2023
HSBC UK Bank plc
19,841
20,034
20,415
HSBC Bank plc
10,210
11,456
14,809
The Hongkong and Shanghai Banking Corporation Limited
52,756
54,478
54,321
HSBC Bank Middle East Limited
3,424
3,344
3,316
HSBC North America Holdings Inc.
5,680
5,928
6,046
HSBC Bank Canada
\u2014
758
4,354
Grupo Financiero HSBC, S.A. de C.V.
13,382
13,928
14,412
Other trading entities2
5,419
8,393
9,247
Holding companies, shared service centres and intra-Group eliminations
107,559
102,609
100,632
Year ended 31 Dec
218,271
220,928
227,552
1Average number of persons employed represents the number of persons with contracts of service with the Group. This includes an average number of
temporary persons employed of 6,147 (2024: 6,390; 2023: 7,207). Persons employed comprises individuals in front-line roles, those providing dedicated support
services managed by business segments and an allocation of Corporate Centre individuals in proportion to business usage of shared support services and global
infrastructure. During 2025, certain Operations individuals were transferred from Corporate Centre to business segments for which they provide dedicated
services.
2Other trading entities includes entities located in T\u00fcrkiye, Egypt and Saudi Arabia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1004": { "value": "
Share-based payments
\u2018Wages and salaries\u2019 includes the effect of share-based payments arrangements, of which $608m (2024: $529m; 2023:\u00a0$482m) was equity
settled, as follows:
2025
2024
2023
$m
$m
$m
Conditional share awards
650
551
499
Savings-related and other share award option plans
18
27
23
Year ended 31 Dec
668
578
522
HSBC share awards
Award
Policy
Deferred share awards
(including annual incentive
awards, long-term incentive
(\u2018LTI\u2019) awards delivered in
shares)
An assessment of performance over the relevant period ending on 31 December is used to determine the amount of\u00a0the award
to be granted.
\u2013 Deferred awards generally require employees to remain in employment over the vesting period and are generally not subject
to performance conditions after the grant date. An exception to these are LTI awards, which are subject to performance
conditions.
\u2013 Deferred share awards generally vest over a period of three, four, five or seven years.
\u2013 Vested shares may be subject to a retention requirement post-vesting.
\u2013 Awards are generally subject to malus and clawback provisions.
\u2013 LTI is subject to performance conditions.
International Employee Share
Purchase Plan (\u2018ShareMatch\u2019)
The plan was first introduced in Hong Kong in 2013 and now includes employees based in 30 jurisdictions.
\u2013 Shares are purchased in the market each quarter up to a maximum value of \u00a3750, or the equivalent in local currency.
\u2013 Matching awards are added at a ratio of one free share for every three purchased. In mainland China, matching awards are
settled in cash.
\u2013 Matching awards vest subject to continued employment and the retention of the purchased shares for a maximum period of
two years and nine months.
Movement on HSBC share awards
2025
2024
Number
Number
(000s)
(000s)
Conditional share awards outstanding at 1 Jan
133,643
125,023
Additions during the year
55,411
84,930
Released in the year
(63,652)
(71,849)
Forfeited in the year
(5,756)
(4,461)
Conditional share awards outstanding at 31 Dec
119,646
133,643
Weighted average fair value of awards granted ($)
7.11
6.08
HSBC share option plans
Main plans
Policy
Savings-related share option
plans (\u2018Sharesave\u2019)
\u2013 From 2014, employees eligible for the UK plan could save up to \u00a3 500 per month with the option to use the savings to acquire
shares.
\u2013 These are generally exercisable within six months following either the third or fifth anniversary of the commencement of a
three-year or five-year contract, respectively.
\u2013 The exercise price is set at a 20% (2024: 20%) discount to the market value immediately preceding the date of invitation.
Calculation of fair values
The fair value of a share award is based on the share price at the grant date, adjusted for expected dividend yield (2025: 6.5%; 2024: 6.25%), risk-
free rate (2025: 4.2% p.a.; 2024: 4.2% p.a.) and a simulated market condition factor. The fair values of share options are calculated using a Black-
Scholes model.
Movement on HSBC share option plans
Savings-related
share option plans
Number
WAEP 1
(000s)
\u00a3
Outstanding at 1 Jan 2025
75,335
3.81
Granted during the year2
11,901
7.61
Exercised during the year3
(25,388)
3.00
Expired during the year
(1,633)
4.85
Forfeited during the year
(1,313)
4.37
Outstanding at 31 Dec 2025
58,902
4.84
\u2013\u00a0 of which exercisable
13,352
2.90
Weighted average remaining contractual life (years)
1.93
Outstanding at 1 Jan 2024
83,994
3.42
Granted during the year2
11,845
5.30
Exercised during the year3
(16,776)
2.94
Expired during the year
(2,454)
4.20
Forfeited during the year
(1,274)
3.48
Outstanding at 31 Dec 2024
75,335
3.81
\u2013\u00a0 of which exercisable
1,446
3.34
Weighted average remaining contractual life (years)
2.10
1Weighted average exercise price.
2The weighted average fair value of options granted during the year was $1.90 (2024: $1.66).
3The weighted average share price at the date the options were exercised was $13.88 (2024: $8.54).
Net asset/(liability) under defined benefit pension plans
Fair value of plan
assets
Present value of
defined benefit
obligations
Effect of the asset
ceiling
Net defined benefit
asset/(liability)
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
Principal1
plan
Other
plans
$m
$m
$m
$m
$m
$m
$m
$m
At 1 Jan 2025
23,652
7,106
(17,223)
(6,736)
\u2014
\u2014
6,429
370
Service cost
\u2014
\u2014
(12)
(127)
\u2014
\u2014
(12)
(127)
\u2013\u00a0 current service cost
\u2014
\u2014
(11)
(112)
\u2014
\u2014
(11)
(112)
\u2013\u00a0 past service cost and gains/(losses) from\u00a0settlements
\u2014
\u2014
(1)
(15)
\u2014
\u2014
(1)
(15)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,344
312
(970)
(281)
\u2014
\u2014
374
31
Remeasurement effects recognised in other
comprehensive income
(469)
75
324
(65)
\u2014
\u2014
(145)
10
\u2013\u00a0 return on plan assets (excluding interest income)
(469)
75
\u2014
\u2014
\u2014
\u2014
(469)
75
\u2013\u00a0 actuarial gains/(losses) financial assumptions
\u2014
\u2014
464
(57)
\u2014
\u2014
464
(57)
\u2013\u00a0 actuarial gains/(losses) demographic assumptions
\u2014
\u2014
22
3
\u2014
\u2014
22
3
\u2013\u00a0 actuarial gains/(losses) experience adjustments
\u2014
\u2014
(162)
(11)
\u2014
\u2014
(162)
(11)
\u2013\u00a0 other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
1,631
241
(1,183)
(218)
\u2014
\u2014
448
23
Benefits paid
(1,116)
(530)
1,116
608
\u2014
\u2014
\u2014
78
Other movements2
(19)
125
(20)
(71)
\u2014
\u2014
(39)
54
At 31 Dec 2025
25,023
7,329
(17,968)
(6,890)
\u2014
\u2014
7,055
439
At 1 Jan 2024
26,590
7,307
(19,782)
(7,229)
\u2014
\u2014
6,808
78
Service cost
\u2014
(1)
(35)
(144)
\u2014
\u2014
(35)
(145)
\u2013\u00a0 current service cost
\u2014
\u2014
(9)
(140)
\u2014
\u2014
(9)
(140)
\u2013\u00a0 past service cost and losses from\u00a0settlements
\u2014
(1)
(26)
(4)
\u2014
\u2014
(26)
(5)
Net interest income/(cost) on the net defined benefit asset/
(liability)
1,213
277
(896)
(265)
\u2014
\u2014
317
12
Remeasurement effects recognised in other
comprehensive income
(2,665)
(6)
2,156
186
\u2014
\u2014
(509)
180
\u2013\u00a0 return on plan assets (excluding interest income)
(2,665)
(6)
\u2014
\u2014
\u2014
\u2014
(2,665)
(6)
\u2013\u00a0 actuarial gains/(losses) financial assumptions
\u2014
\u2014
1,771
204
\u2014
\u2014
1,771
204
\u2013\u00a0 actuarial gains/(losses) demographic assumptions
\u2014
\u2014
161
(5)
\u2014
\u2014
161
(5)
\u2013\u00a0 actuarial gains/(losses) experience adjustments
\u2014
\u2014
224
(13)
\u2014
\u2014
224
(13)
\u2013\u00a0 other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
(387)
(145)
281
191
\u2014
\u2014
(106)
46
Benefits paid
(1,082)
(496)
1,082
561
\u2014
\u2014
\u2014
65
Other movements2
(17)
170
(29)
(36)
\u2014
\u2014
(46)
134
At 31 Dec 2024
23,652
7,106
(17,223)
(6,736)
\u2014
\u2014
6,429
370
1For further details of the principal plan, see page 296.
2Other movements include contributions by HSBC, contributions by employees, administrative costs and taxes paid by plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1005": { "value": "
6
Auditor\u2019s remuneration
2025
2024
2023
$m
$m
$m
Audit fees payable to PwC1
108.9
102.8
109.8
Other audit fees payable
2.8
1.6
2.2
Year ended 31 Dec
111.7
104.4
112.0
Fees payable by HSBC to PwC
2025
2024
2023
$m
$m
$m
Fees for HSBC Holdings\u2019 statutory audit2
25.1
22.0
24.1
Fees for other services provided to HSBC
134.0
124.6
131.8
\u2013\u00a0 audit of HSBC\u2019s subsidiaries
83.8
80.8
85.7
\u2013\u00a0 audit-related assurance services3
28.2
25.0
26.0
\u2013\u00a0 other assurance services4,5
22.0
18.8
20.1
Year ended 31 Dec
159.1
146.6
155.9
1Audit fees payable to PwC in 2025 included adjustments made to the prior year audit fee after finalisation of the 2024 financial statements. In addition, $2.1m in
expenses were reimbursed to PwC in 2025.
2Fees payable to PwC for the statutory audit of the consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings. They
include amounts payable for services relating to the consolidation returns of HSBC Holdings\u2019 subsidiaries, which are clearly identifiable as being in support of the
Group audit opinion.
3Including services for assurance and other services that relate to statutory and regulatory filings, including interim reviews.
4Including permitted services relating to attestation reports on internal controls of a service organisation primarily prepared for and used by third-party end users,
including comfort letters.
5Includes reviews of PRA regulatory reporting returns.
No fees were payable by HSBC to PwC as principal auditor for the following types of services: internal audit services and services related to
litigation, recruitment and remuneration.
Fees payable by HSBC\u2019s associated pension schemes to PwC
2025
2024
2023
$000
$000
$000
Audit of HSBC\u2019s associated pension schemes
256
320
297
Year ended 31 Dec
256
320
297
No fees were payable by HSBC\u2019s associated pension schemes to PwC as principal auditor for the following types of services: internal audit
services, other assurance services, services related to corporate finance transactions, valuation and actuarial services, litigation, recruitment and
remuneration, and information technology.
In addition to the above, the estimated fees paid to PwC by third parties associated with HSBC amounted to $7.1m (2024: $9.9m; 2023:\u00a0$12.3m).
In these cases, HSBC was connected with the contracting party and may therefore have been involved in appointing PwC. These fees arose from
services such as auditing mutual funds managed by HSBC and reviewing the financial position of corporate concerns that borrow from HSBC.
Fees payable for non-audit services for HSBC Holdings are not disclosed separately because such fees are disclosed on a consolidated basis for
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1006": { "value": "
7
Tax
Tax expense
2025
2024
2023
$m
$m
$m
Current tax1
6,978
6,115
5,718
\u2013\u00a0 for this year
6,606
5,863
5,737
\u2013\u00a0 adjustments in respect of prior periods3
324
31
(19)
\u2013\u00a0 Pillar 2 and qualifying domestic top-up taxes
48
221
\u2014
Deferred tax
(202)
1,195
71
\u2013\u00a0 origination and reversal of temporary differences
173
1,288
19
\u2013\u00a0 effect of changes in tax rates
35
(2)
17
\u2013\u00a0 adjustments in respect of prior periods3
(410)
(91)
35
Year ended 31 Dec2
6,776
7,310
5,789
1Current tax included Hong Kong profits tax of $2,351m (2024: $1,615m; 2023: $1,328m). The Hong Kong tax rate applying to the profits of subsidiaries
assessable in Hong Kong was 16.5% (2024: 16.5% ; 2023: 16.5%).
2In addition to amounts recorded in the income statement, a tax charge of $136m (2024: credit of $12m) was recorded directly to equity.
3Adjustments in respect of prior periods includes deferred tax credits in Hong Kong arising on temporary differences between IFRS and the regulatory basis of
accounting on which the tax returns are prepared, and in the UK on tax losses, both of which arise from the finalisation of 2024 tax returns and are offset by
corresponding charges in current tax.
Tax reconciliation
The tax charged to the income statement differs from the tax charge that would apply if all profits had been taxed at the UK corporation tax rate as
follows:
2025
2024
2023
$m
%
$m
%
$m
%
Profit before tax
29,907
32,309
30,348
Tax expense
Taxation at UK corporation tax rate of 25.0% (2024: 25.0%, 2023: 23.5%)
7,477
25.0
8,077
25.0
7,132
23.5
Impact of differently taxed overseas profits in overseas locations
(1,316)
(4.4)
(1,351)
(4.2)
(612)
(2.0)
UK banking surcharge
179
0.6
215
0.7
350
1.2
Items increasing tax charge in 2025:
\u2013\u00a0 local taxes and overseas withholding taxes
692
2.3
584
1.8
419
1.4
\u2013\u00a0 movements in unrecognised deferred tax
314
1.0
259
0.7
(22)
(0.1)
\u2013\u00a0 fines and provisions for legal settlements
294
1.0
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 impairment of investment in BoCom
250
0.8
\u2014
\u2014
705
2.3
\u2013\u00a0 other permanent disallowables
237
0.8
344
1.0
227
0.7
\u2013\u00a0 dilution loss on the Group\u2019s investment in BoCom
128
0.4
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 movements in provisions for uncertain tax positions
118
0.4
38
0.1
(472)
(1.6)
\u2013\u00a0 impact of business disposals
100
0.3
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 non-deductible bank levy expense
75
0.3
73
0.2
112
0.4
\u2013\u00a0 impact of global and domestic minimum taxes
48
0.2
221
0.7
\u2014
\u2014
\u2013\u00a0 impact of changes in tax rates
35
0.1
6
\u2014
17
0.1
\u2013\u00a0 impact of hyperinflation
32
0.1
327
1.0
348
1.1
\u2013\u00a0 tax impact of sale of HSBC Argentina
\u2014
\u2014
1,536
4.8
\u2014
\u2014
Items reducing tax charge in 2025:
\u2013\u00a0 non-taxable income and gains
(970)
(3.2)
(1,079)
(3.3)
(1,189)
(3.9)
\u2013\u00a0 effect of profits in associates and joint ventures
(582)
(1.9)
(456)
(1.4)
(571)
(1.9)
\u2013\u00a0 deductions for AT1 coupon payments
(249)
(0.8)
(249)
(0.8)
(229)
(0.7)
\u2013\u00a0 adjustments in respect of prior periods
(86)
(0.3)
(46)
(0.1)
16
0.1
\u2013\u00a0 non-taxable gain on disposal of HSBC Canada
\u2014
\u2014
(1,174)
(3.6)
\u2014
\u2014
\u2013\u00a0 impact of sale of French retail banking business
\u2014
\u2014
(15)
\u2014
\u2014
\u2014
\u2013\u00a0 accounting gain on acquisition of SVB UK
\u2014
\u2014
\u2014
\u2014
(442)
(1.5)
Year ended 31 Dec
6,776
22.7
7,310
22.6
5,789
19.1
The Group\u2019s profits are taxed at different rates depending on the country or territory in which the profits arise. The key applicable tax rates for 2025
include Hong Kong (16.5%), the US (21.0%) and the UK (25.0%). If the Group\u2019s profits were taxed at the statutory rates of the countries in which
the profits arose, then the tax rate for the year would have been 21.2% (2024: 21.4%).
The effective tax rate for the year of 22.7% was higher than in the previous year (2024: 22.6%). The effective tax rate for the year was increased
by 1.2% by the dilution loss and non-deductible impairment of the Group\u2019s investment in BoCom, increased by 1.0% by movements in
unrecognised deferred tax, primarily relating to French tax losses, and increased by 1.0% by the impact of fines and provisions for legal
settlements on which no tax benefit is recorded. The effective tax rate for the year was reduced by 0.3% by adjustments in respect of prior
periods, mainly arising from the finalisation of prior year tax returns in India and Hong Kong. The effective tax rate for 2024 was reduced by 3.6%
by the non-taxable gain arising on the disposal of HSBC Canada, increased by 4.8% by the non-deductible loss arising on the disposal of HSBC
Argentina, increased by 0.7% by movements in unrecognised deferred tax, primarily relating to French tax losses, and increased by 0.7% by the
Group\u2019s Pillar 2 global minimum tax charge.
The UK adopted the \u2018Pillar Two\u2019 global minimum tax model rules of the OECD\u2019s Inclusive Framework on Base Erosion and Profit-Shifting (\u2018BEPS\u2019)
with effect from 1 January 2024. Many jurisdictions adopted similar rules, as well as domestic minimum tax regimes, from 1 January 2025 and
some jurisdictions, such as Bermuda, introduced new or amended corporate income tax regimes effective from that date. These changes have the
effect of increasing local overseas tax liabilities in 2025 and reducing the UK top-up tax liability.
Accounting for taxes involves some estimation because tax law is uncertain and its application requires a degree of judgement, which authorities
may dispute. Liabilities are recognised based on best estimates of the probable outcome, taking into account external advice where appropriate.
Exposures to additional tax liabilities arising from uncertain tax positions were reassessed during 2025, resulting in a charge of $118m to the
income statement. We do not expect significant liabilities to arise in excess of the amounts provided. HSBC only recognises current and deferred
tax assets where recovery is probable.
Movement of deferred tax assets and liabilities
Loan
impairment
provisions
Unused tax
losses and
tax credits
Financial
assets at
FVOCI
Cash flow
hedges
Retirement
obligations
Other
Total
$m
$m
$m
$m
$m
$m
$m
Assets
1,070
3,864
616
442
\u2014
2,906
8,898
Liabilities
\u2014
\u2014
\u2014
\u2014
(1,767)
(1,607)
(3,374)
At 1 Jan 2025
1,070
3,864
616
442
(1,767)
1,299
5,524
Income statement
11
(466)
226
10
(96)
517
202
Other comprehensive income
\u2014
\u2014
(564)
(587)
6
161
(984)
Foreign exchange and other adjustments
(25)
74
221
23
(100)
200
393
At 31 Dec 2025
1,056
3,472
499
(112)
(1,957)
2,177
5,135
Assets1
1,056
3,472
499
\u2014
\u2014
3,503
8,530
Liabilities1
\u2014
\u2014
\u2014
(112)
(1,957)
(1,326)
(3,395)
Assets
1,158
4,544
876
419
\u2014
2,933
9,930
Liabilities
\u2014
\u2014
\u2014
\u2014
(1,814)
(1,600)
(3,414)
At 1 Jan 2024
1,158
4,544
876
419
(1,814)
1,333
6,516
Income statement
(74)
(640)
100
\u2014
(85)
(431)
(1,130)
Other comprehensive income
\u2014
\u2014
(49)
84
114
189
338
Foreign exchange and other adjustments
(14)
(40)
(311)
(61)
18
208
(200)
At 31 Dec 2024
1,070
3,864
616
442
(1,767)
1,299
5,524
Assets1
1,070
3,864
616
442
\u2014
2,906
8,898
Liabilities1
\u2014
\u2014
\u2014
\u2014
(1,767)
(1,607)
(3,374)
1After netting off balances within countries, the balances as disclosed in the accounts are as follows: deferred tax assets of $7,235m (2024: $6,841m) and
deferred tax liabilities of $2,100m (2024: $1,317m).
In applying judgement in recognising deferred tax assets, management has assessed all relevant information, including future business profit
projections and the track record of meeting forecasts. Management\u2019s assessment of the likely availability of future taxable profits against which to
recover deferred tax assets is based on the most recent financial forecasts approved by management, which cover a five-year period and are
extrapolated where necessary, and takes into consideration the reversal of existing taxable temporary differences and past business performance.
When forecasts are extrapolated beyond five years, a number of different scenarios are considered, reflecting different downward risk
adjustments, in order to assess the sensitivity of our recognition and measurement conclusions in the context of such longer-term forecasts.
The Group\u2019s net deferred tax asset of $5.1bn (2024: $5.5bn) included $1.5bn (2024: $2.6bn) of deferred tax assets relating to the UK, $2.8bn
(2024: $3.0bn) of deferred tax assets relating to the US and a net deferred asset of $0.8bn (2024: $0.5bn) in France.
The UK deferred tax asset of $1.5bn excluded a $2.0bn deferred tax liability arising on the UK pension scheme surplus, the reversal of which is not
taken into account when estimating future taxable profit due to the level of uncertainty as to the timing and manner of its reversal. The UK
deferred tax assets are supported by forecasts of taxable profit, also taking into consideration the history of profitability in the relevant businesses.
The majority of the deferred tax asset relates to tax attributes which do not expire and are forecast to be recovered within two years and as such
are less sensitive to changes in long-term profit forecasts.
The net US deferred tax asset of $2.8bn included $1.0bn related to US tax losses, of which $0.7bn expire in 9 to 12 years. Management expects
the US deferred tax asset to be substantially recovered within 13 years, with the majority recovered in the first five years.
The net deferred tax asset in France of $0.8bn included $0.7bn related to tax losses, which are expected to be substantially recovered within 10
years. An additional $0.1bn of deferred tax asset relating to French tax losses was recognised during the year, supported by the business\u2019s
improved performance and outlook. Unused tax losses with a tax value of $0.3bn have not been recognised due to the absence of convincing
evidence regarding the availability of sufficient future taxable profits against which to recover them.
Unrecognised deferred tax
The amount of gross temporary differences, unused tax losses and tax credits for which no deferred tax asset is recognised in the balance sheet
was $13.8bn (2024: $11.0bn). This amount included unused US state tax losses of $3.8bn (2024: $3.8bn) which are forecast to expire before they
are recovered, unused French tax losses of $1.4bn (2024: $0.7bn) for which there is insufficient evidence of future taxable profits to support
recognition, and unused UK tax losses of $3.4bn (2024: $3.5bn), which arose prior to 1 April 2017 and can only be recovered against future taxable
profits of HSBC Holdings. No deferred tax was recognised on these losses due to the absence of convincing evidence regarding the availability of
sufficient future taxable profits against which to recover them. Deferred tax asset recognition is reassessed at each balance sheet date based on
the available evidence. Of the total amounts on which deferred tax was not recognised, $7.6bn (2024: $6.0bn) had no expiry date, $1.3bn (2024:
$1.0bn) was scheduled to expire within 10 years and the remaining balance is expected to expire after 10 years.
Deferred tax is not recognised in respect of the Group\u2019s investments in subsidiaries and branches where HSBC is able to control the timing of
remittance or other realisation and where remittance or realisation is not probable in the foreseeable future. The aggregate temporary differences
relating to unrecognised deferred tax liabilities arising on investments in subsidiaries and branches was $15.9bn (2024: $15.2bn) and the
corresponding unrecognised deferred tax liability was $0.8bn (2024: $0.7bn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1007": { "value": "
Movement of deferred tax assets and liabilities
Loan
impairment
provisions
Unused tax
losses and
tax credits
Financial
assets at
FVOCI
Cash flow
hedges
Retirement
obligations
Other
Total
$m
$m
$m
$m
$m
$m
$m
Assets
1,070
3,864
616
442
\u2014
2,906
8,898
Liabilities
\u2014
\u2014
\u2014
\u2014
(1,767)
(1,607)
(3,374)
At 1 Jan 2025
1,070
3,864
616
442
(1,767)
1,299
5,524
Income statement
11
(466)
226
10
(96)
517
202
Other comprehensive income
\u2014
\u2014
(564)
(587)
6
161
(984)
Foreign exchange and other adjustments
(25)
74
221
23
(100)
200
393
At 31 Dec 2025
1,056
3,472
499
(112)
(1,957)
2,177
5,135
Assets1
1,056
3,472
499
\u2014
\u2014
3,503
8,530
Liabilities1
\u2014
\u2014
\u2014
(112)
(1,957)
(1,326)
(3,395)
Assets
1,158
4,544
876
419
\u2014
2,933
9,930
Liabilities
\u2014
\u2014
\u2014
\u2014
(1,814)
(1,600)
(3,414)
At 1 Jan 2024
1,158
4,544
876
419
(1,814)
1,333
6,516
Income statement
(74)
(640)
100
\u2014
(85)
(431)
(1,130)
Other comprehensive income
\u2014
\u2014
(49)
84
114
189
338
Foreign exchange and other adjustments
(14)
(40)
(311)
(61)
18
208
(200)
At 31 Dec 2024
1,070
3,864
616
442
(1,767)
1,299
5,524
Assets1
1,070
3,864
616
442
\u2014
2,906
8,898
Liabilities1
\u2014
\u2014
\u2014
\u2014
(1,767)
(1,607)
(3,374)
1After netting off balances within countries, the balances as disclosed in the accounts are as follows: deferred tax assets of $7,235m (2024: $6,841m) and
deferred tax liabilities of $2,100m (2024: $1,317m).
In applying judgement in recognising deferred tax assets, management has assessed all relevant information, including future business profit
projections and the track record of meeting forecasts. Management\u2019s assessment of the likely availability of future taxable profits against which to
recover deferred tax assets is based on the most recent financial forecasts approved by management, which cover a five-year period and are
extrapolated where necessary, and takes into consideration the reversal of existing taxable temporary differences and past business performance.
When forecasts are extrapolated beyond five years, a number of different scenarios are considered, reflecting different downward risk
adjustments, in order to assess the sensitivity of our recognition and measurement conclusions in the context of such longer-term forecasts.
The Group\u2019s net deferred tax asset of $5.1bn (2024: $5.5bn) included $1.5bn (2024: $2.6bn) of deferred tax assets relating to the UK, $2.8bn
(2024: $3.0bn) of deferred tax assets relating to the US and a net deferred asset of $0.8bn (2024: $0.5bn) in France.
The UK deferred tax asset of $1.5bn excluded a $2.0bn deferred tax liability arising on the UK pension scheme surplus, the reversal of which is not
taken into account when estimating future taxable profit due to the level of uncertainty as to the timing and manner of its reversal. The UK
deferred tax assets are supported by forecasts of taxable profit, also taking into consideration the history of profitability in the relevant businesses.
The majority of the deferred tax asset relates to tax attributes which do not expire and are forecast to be recovered within two years and as such
are less sensitive to changes in long-term profit forecasts.
The net US deferred tax asset of $2.8bn included $1.0bn related to US tax losses, of which $0.7bn expire in 9 to 12 years. Management expects
the US deferred tax asset to be substantially recovered within 13 years, with the majority recovered in the first five years.
The net deferred tax asset in France of $0.8bn included $0.7bn related to tax losses, which are expected to be substantially recovered within 10
years. An additional $0.1bn of deferred tax asset relating to French tax losses was recognised during the year, supported by the business\u2019s
improved performance and outlook. Unused tax losses with a tax value of $0.3bn have not been recognised due to the absence of convincing
evidence regarding the availability of sufficient future taxable profits against which to recover them.
Unrecognised deferred tax
The amount of gross temporary differences, unused tax losses and tax credits for which no deferred tax asset is recognised in the balance sheet
was $13.8bn (2024: $11.0bn). This amount included unused US state tax losses of $3.8bn (2024: $3.8bn) which are forecast to expire before they
are recovered, unused French tax losses of $1.4bn (2024: $0.7bn) for which there is insufficient evidence of future taxable profits to support
recognition, and unused UK tax losses of $3.4bn (2024: $3.5bn), which arose prior to 1 April 2017 and can only be recovered against future taxable
profits of HSBC Holdings. No deferred tax was recognised on these losses due to the absence of convincing evidence regarding the availability of
sufficient future taxable profits against which to recover them. Deferred tax asset recognition is reassessed at each balance sheet date based on
the available evidence. Of the total amounts on which deferred tax was not recognised, $7.6bn (2024: $6.0bn) had no expiry date, $1.3bn (2024:
$1.0bn) was scheduled to expire within 10 years and the remaining balance is expected to expire after 10 years.
Deferred tax is not recognised in respect of the Group\u2019s investments in subsidiaries and branches where HSBC is able to control the timing of
remittance or other realisation and where remittance or realisation is not probable in the foreseeable future. The aggregate temporary differences
relating to unrecognised deferred tax liabilities arising on investments in subsidiaries and branches was $15.9bn (2024: $15.2bn) and the
corresponding unrecognised deferred tax liability was $0.8bn (2024: $0.7bn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1008": { "value": "
8
Dividends
Dividends to shareholders of the parent company
2025
2024
2023
Per
share
Total
Per
share
Total
Per
share
Total
$
$m
$
$m
$
$m
Dividends paid on ordinary shares
In respect of previous year:
\u2013\u00a0 second interim dividend
\u2014
\u2014
\u2014
\u2014
0.23
4,589
\u2013\u00a0 fourth interim dividend
0.36
6,397
0.31
5,872
\u2014
\u2014
In respect of current year:
\u2013\u00a0 first interim dividend
0.10
1,750
0.10
1,877
0.10
2,001
\u2013\u00a0 special dividend
\u2014
\u2014
0.21
3,942
\u2014
\u2014
\u2013\u00a0 second interim dividend
0.10
1,717
0.10
1,852
0.10
1,956
\u2013\u00a0 third interim dividend
0.10
1,717
0.10
1,805
0.10
1,946
Total
0.66
11,581
0.82
15,348
0.53
10,492
Total coupons on capital securities classified as equity
1,183
1,062
1,101
Dividends to shareholders
12,764
16,410
11,593
Total coupons on capital securities classified as equity
2025
2024
2023
Per
security
Total
Total
Total
First call date
$m
$m
$m
Perpetual subordinated contingent convertible securities1
$2,250m issued at 6.375%2
Sep 2024
$63.750
\u2014
122
143
$2,450m issued at 6.375%3
Mar 2025
$63.750
55
156
156
$3,000m issued at 6.000%
May 2027
$60.000
180
180
180
$2,350m issued at 6.250%4
Mar 2023
$62.500
\u2014
\u2014
52
$1,800m issued at 6.500%
Mar 2028
$65.000
117
117
117
$1,500m issued at 4.600%
Dec 2030
$46.000
69
69
69
$1,000m issued at 4.000%
Mar 2026
$40.000
40
40
40
$1,000m issued at 4.700%
Mar 2031
$47.000
47
47
47
$2,000m issued at 8.000%5
Mar 2028
$80.000
160
160
80
$1,350m issued at 6.875%6
Sep 2029
$68.750
93
\u2014
\u2014
$1,150m issued at 6.950%7
Mar 2034
$69.500
80
\u2014
\u2014
$1,500m issued at 6.950%8
Aug 2031
$69.500
52
\u2014
\u2014
$2,000m issued at 7.050%9
Jun 2030
$70.500
71
\u2014
\u2014
\u20ac1,000m issued at 6.000%10
Sep 2023
\u20ac60.000
\u2014
\u2014
56
\u20ac1,250m issued at 4.750%
Jul 2029
\u20ac47.500
65
65
64
\u00a31,000m issued at 5.875%
Sep 2026
\u00a358.750
77
77
72
SGD750m issued at 5.000%11
Sep 2023
SGD50.000
\u2014
\u2014
25
SGD1,500m issued at 5.250%12
Jun 2029
SGD52.500
61
29
\u2014
SGD800m issued at 5.000%13
Mar 2030
SGD50.000
16
\u2014
\u2014
Total
1,183
1,062
1,101
1 Discretionary coupons are paid semi-annually, based on the denominations of each security.
2 This security was called by HSBC Holdings on 23 July 2024 and was redeemed and cancelled on 17 September 2024.
3 This security was called by HSBC Holdings on 7 February 2025 and was redeemed and cancelled on 31 March 2025.
4 This security was called by HSBC Holdings on 30 January 2023 and was redeemed and cancelled on 23 March 2023.
5 This security was issued by HSBC Holdings on 7 March 2023. The first call period commences six calendar months prior to the reset date of 7\u00a0September 2028.
6 This security was issued by HSBC Holdings on 11 September 2024. The first call period commences six calendar months prior to the reset date of
11\u00a0March\u00a02030.
7 This security was issued by HSBC Holdings on 11 September 2024. The first call period commences six calendar months prior to the reset date of
11\u00a0September 2034.
8 This security was issued by HSBC Holdings on 27 February 2025. The first call period commences six calendar months prior to the reset date of
27\u00a0February\u00a02032.
9 This security was issued by HSBC Holdings on 5 June 2025. The first call period commences six calendar months prior to the reset date of 5 December 2030.
10 This security was called by HSBC Holdings on 3 August 2023 and was redeemed and cancelled on 29 September 2023.
11 This security was called by HSBC Holdings on 3 August 2023 and was redeemed and cancelled on 25 September 2023.
12 This security was issued by HSBC Holdings on 14 June 2024. The first call period commences six calendar months prior to the reset date of 14 December 2029.
13 This security was issued by HSBC Holdings on 24 March 2025. The first call period commences six calendar months prior to the reset date of 24 September
2030.
On 25 February 2026, the Directors approved a fourth interim dividend in respect of the financial year ended 31 December 2025 of $0.45 per
ordinary share (the \u2018dividend\u2019), an expected distribution of approximately $7.71bn. The dividend will be payable on 30 April 2026 to holders of
record on the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register on
13\u00a0March\u00a02026. No liability was recorded in the financial statements in respect of the fourth interim dividend for 2025.
On 5 January 2026, HSBC paid a coupon on its \u20ac1,250m subordinated capital securities, representing a total distribution of \u20ac30m ($35m).\u00a0No
liability was recorded on the balance sheet at 31 December 2025 in respect of this coupon payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1009": { "value": "0.45", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-1010": { "value": "7710000000.0", "decimals": -7, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-1011": { "value": "
9Earnings per share
Basic earnings per ordinary share is calculated by dividing the profit attributable to ordinary shareholders of the parent company by the weighted
average number of ordinary shares outstanding, after deducting own shares held. Diluted earnings per ordinary share is calculated by dividing the
basic earnings, which require no adjustment for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary
shares outstanding, excluding own shares held, plus the weighted average number of ordinary shares that would be issued on conversion of
dilutive potential ordinary shares.
Basic and diluted earnings per share
2025
2024
2023
Profit
Number
of shares
Per
share
Profit
Number
of shares
Per
share
Profit
Number
of shares
Per
share
$m
(millions)
$
$m
(millions)
$
$m
(millions)
$
Basic1
21,102
17,427
1.21
22,917
18,357
1.25
22,432
19,478
1.15
Effect of dilutive potential
ordinary shares
120
128
122
Diluted1
21,102
17,547
1.20
22,917
18,485
1.24
22,432
19,600
1.14
1 Weighted average number of ordinary shares outstanding (basic) or assuming dilution (diluted) after deducting own shares held.
The number of anti-dilutive employee share options excluded from the weighted average number of dilutive potential ordinary shares was
12 million (2024: Nil; 2023: 23\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1012": { "value": "
10
Segmental analysis
The Group Operating Committee is considered to be the Chief Operating Decision Maker (\u2018CODM\u2019) for the purposes of identifying the Group\u2019s
reportable segments. Business segments results were assessed by the CODM on the basis of constant currency performance that removes the
effects of currency translation from reported results. Therefore, we disclose these results on a constant currency basis as required by IFRS
Accounting Standards. The 2024 and 2023 income statements are converted at the average rates of exchange for 2025, and the balance sheets at
31 December 2024 and 31 December 2023 at the prevailing rates of exchange on 31\u00a0December 2025.
Our operations are closely integrated and, accordingly, the presentation of data includes internal allocations of certain items of income and
expense. These allocations include the costs of certain support services and global infrastructures to the extent that they can be meaningfully
attributed to business segments. While such allocations have been made on a systematic and consistent basis, they involve a certain degree of
subjectivity. Costs that are not allocated to global businesses are included in Corporate Centre.
Interest income is reported net as the CODM primarily relies on the net amount as a performance measure. Where relevant, income and expense
amounts presented include the results of inter-segment funding along with inter-company and inter-business line transactions. All such
transactions are undertaken on arm\u2019s length terms. Measurement of segmental assets, liabilities, income and expenses is in accordance with the
Group\u2019s accounting policies. Shared costs are included in segments on the basis of actual recharges. The intra-group elimination items for the
business segments are presented in Corporate Centre.
Our business segments
Following our organisational announcement in October 2024, effective from 1 January 2025, the Group\u2019s reportable segments under IFRS 8
\u2018Operating Segments\u2019 comprise four business along with Corporate Centre. These replace our previously reported operating segments up to
31\u00a0December 2024. All segmental comparative data have been re-presented to reflect the Group\u2019s revised segment structure.
\u2013 Hong Kong: The Hong Kong business comprises Retail Banking and Wealth and Commercial Banking of HSBC Hong Kong and Hang Seng
Bank.
\u2013 UK: The UK business comprises UK Personal Banking (including first direct and M&S Bank) and UK Commercial Banking including HSBC
Innovation Bank.
\u2013 Corporate and Institutional Banking (\u2018CIB\u2019): CIB is formed from the integration of our Commercial Banking business (outside the UK and Hong
Kong) with our Global Banking and Markets business.
\u2013 International Wealth and Premier Banking (\u2018IWPB\u2019): IWPB comprises Premier banking outside of Hong Kong and the UK, our Private Bank, and
our wealth manufacturing businesses of Asset Management and Insurance.
HSBC constant currency profit before tax and balance sheet data
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
15,878
12,938
27,637
14,520
(2,699)
68,274
\u2013\u00a0 external
10,157
13,856
39,098
12,458
(7,295)
68,274
\u2013\u00a0 inter-segment
5,721
(918)
(11,461)
2,062
4,596
\u2014
\u2013\u00a0 of which: net interest income/(expense)2
12,082
11,096
14,532
7,397
(10,313)
34,794
Change in expected credit losses and other credit impairment
charges
(1,476)
(696)
(696)
(892)
(90)
(3,850)
Net operating income/(expense)
14,402
12,242
26,941
13,628
(2,789)
64,424
Total operating expenses
(4,826)
(5,537)
(15,556)
(9,285)
(1,224)
(36,428)
Operating profit/(loss)
9,576
6,705
11,385
4,343
(4,013)
27,996
Share of profit in associates and joint ventures less impairment3
\u2014
\u2014
1
24
1,886
1,911
Constant currency profit before tax
9,576
6,705
11,386
4,367
(2,127)
29,907
%
%
%
%
%
%
Share of HSBC\u2019s constant currency profit before tax
32.0
22.4
38.1
14.6
(7.1)
100.0
Constant currency cost efficiency ratio
30.4
42.8
56.3
63.9
(45.4)
53.4
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
229,491
303,698
305,022
150,047
141
988,399
Interests in associates and joint ventures
\u2014
\u2014
83
522
28,972
29,577
Total external assets
437,933
451,492
1,793,162
416,332
134,115
3,233,034
Customer accounts
543,381
364,323
597,719
281,058
347
1,786,828
2024
Net operating income/(expense) before change in expected
credit losses and other credit impairment charges
15,047
12,342
26,772
13,817
(1,969)
66,009
\u2013\u00a0 external
9,704
13,060
39,012
11,175
(6,942)
66,009
\u2013\u00a0 inter-segment
5,343
(718)
(12,240)
2,642
4,973
\u2014
\u2013\u00a0 of which: net interest income/(expense)2
11,997
10,355
14,519
8,081
(12,497)
32,455
Change in expected credit losses and other credit impairment
charges
(1,077)
(415)
(878)
(993)
(29)
(3,392)
Net operating income/(expense)
13,970
11,927
25,894
12,824
(1,998)
62,617
Total operating expenses
(4,841)
(5,104)
(14,612)
(8,900)
311
(33,146)
Operating profit/(loss)
9,129
6,823
11,282
3,924
(1,687)
29,471
Share of profit/(loss) in associates and joint ventures
\u2014
\u2014
1
45
2,867
2,913
Constant currency profit/(loss) before tax
9,129
6,823
11,283
3,969
1,180
32,384
%
%
%
%
%
%
Share of HSBC\u2019s constant currency profit before tax
28.2
21.1
34.8
12.3
3.6
100.0
Constant currency cost efficiency ratio
32.2
41.4
54.6
64.4
15.8
50.2
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
235,053
285,778
297,877
144,027
8,043
970,778
Interests in associates and joint ventures
\u2014
\u2014
132
557
29,039
29,728
Total external assets
433,588
432,683
1,729,531
414,734
129,265
3,139,801
Customer accounts
506,557
352,833
587,926
271,588
336
1,719,240
2023
Net operating income/(expense) before change in expected
credit losses and other credit impairment charges
14,532
13,439
24,723
12,385
(39)
65,040
\u2013\u00a0 external
10,093
13,749
36,111
10,112
(5,025)
65,040
\u2013\u00a0 inter-segment
4,439
(310)
(11,388)
2,273
4,986
\u2014
\u2013\u00a0 of which: net interest income/(expense)2
12,108
9,903
13,399
7,753
(8,951)
34,212
Change in expected credit losses and other credit impairment
charges
(1,494)
(545)
(524)
(686)
(1)
(3,250)
Net operating income/(expense)
13,038
12,894
24,199
11,699
(40)
61,790
Total operating expenses
(4,514)
(4,829)
(13,755)
(8,549)
(44)
(31,691)
Operating profit/(loss)
8,524
8,065
10,444
3,150
(84)
30,099
Share of profit/(loss) in associates and joint ventures4
\u2014
\u2014
(1)
62
(358)
(297)
Constant currency profit/(loss) before tax
8,524
8,065
10,443
3,212
(442)
29,802
%
%
%
%
%
%
Share of HSBC\u2019s constant currency profit before tax
28.6
27.1
35.0
10.8
(1.5)
100.0
Constant currency cost efficiency ratio
31.1
35.9
55.6
69.0
(112.8)
48.7
Constant currency balance sheet data
$m
$m
$m
$m
$m
$m
Loans and advances to customers (net)
240,173
278,225
290,227
146,805
276
955,706
Interests in associates and joint ventures
\u2014
\u2014
128
539
26,965
27,632
Total external assets
419,890
423,648
1,648,421
460,545
142,628
3,095,132
Customer accounts
486,873
347,570
548,275
257,664
618
1,641,000
1Includes a loss of $1.1bn\u00a0 inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. See Note 18 on pages 319 to 322.
2Includes $9.7bn (2024: $11.4bn; 2023: $8.7bn) of interest expense in Corporate Centre for the internal cost to fund our Markets Treasury function.
3Includes an impairment loss of $1.0bn recognised in respect of the Group\u2019s investment in BoCom. See Note 18 on pages 319 to 322.
4Includes an impairment loss of $3.0bn recognised in respect of the Group\u2019s investment in BoCom.
Reported external net operating income is attributed to countries and territories on the basis of the location of the branch responsible for reporting
the results or advancing the funds:
2025
2024
2023
$m
$m
$m
Reported external net operating income by country/territory
68,274
65,854
66,058
\u2013\u00a0 UK1
13,677
12,307
11,027
\u2013\u00a0 Hong Kong
22,527
20,811
20,185
\u2013\u00a0 US
4,797
4,233
3,816
\u2013\u00a0 France
1,839
3,804
4,208
\u2013\u00a0 other countries/territories
25,434
24,699
26,822
1UK includes HSBC UK Bank plc (ring-fenced bank), HSBC Bank plc (non-ring-fenced bank), the ultimate holding company, HSBC Holdings plc, and the separately
incorporated group of service companies (\u2018ServCo Group\u2019).
Constant currency results reconciliation
2025
2024
2023
Reported and
constant currency
Constant
currency
Currency
translation
Reported
Constant
currency
Currency
translation
Reported
$m
$m
$m
$m
$m
$m
$m
Revenue
68,274
66,009
155
65,854
65,040
(1,018)
66,058
ECL
(3,850)
(3,392)
22
(3,414)
(3,250)
197
(3,447)
Operating expenses
(36,428)
(33,146)
(103)
(33,043)
(31,691)
379
(32,070)
Share of profit/(loss) in associates and
joint ventures less impairment
1,911
2,913
1
2,912
(297)
(104)
(193)
Profit before tax
29,907
32,384
75
32,309
29,802
(546)
30,348
Constant currency balance sheet reconciliation
2025
2024
2023
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)
988,399
970,778
40,120
930,658
955,706
17,171
938,535
Interests in associates and joint ventures
29,577
29,728
819
28,909
27,632
288
27,344
Total external assets
3,233,034
3,139,801
122,753
3,017,048
3,095,132
56,455
3,038,677
Customer accounts
1,786,828
1,719,240
64,285
1,654,955
1,641,000
29,353
1,611,647
Notable items
2025
2024
2023
$m
$m
$m
Year ended 31 Dec
Notable items
Revenue
Disposals, wind-downs, acquisitions and related costs1,2,3
(1,642)
(1,343)
1,298
Dilution loss of interest in BoCom associate4
(1,104)
\u2014
\u2014
Fair value movements on financial instruments5
\u2014
\u2014
14
Disposal losses on Markets Treasury repositioning
\u2014
\u2014
(977)
Early redemption of legacy securities
\u2014
(237)
\u2014
Operating expenses
Disposals, wind-downs, acquisitions and related costs
(502)
(199)
(321)
Restructuring and other related costs6
(1,030)
(34)
136
Legal provision7
(1,432)
\u2014
\u2014
Impairment losses of interest in BoCom associate4
(1,000)
\u2014
(3,000)
1Includes recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans following the completion of its sale
to a consortium comprising Rothesay Life plc and CCF.
2Amounts in 2024 include a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves arising on
sale of our business in Argentina. This was partly offset by a $4.8bn gain on disposal of our banking business in Canada, inclusive of foreign exchange hedging
of the sales proceeds and the recycling of reserves losses.
3Amounts in 2023 include the gain of $1.6bn recognised in respect of the acquisition of SVB UK, and the impact of the sale of our retail banking operations in
France.
4Includes a loss of $1.1bn inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment
loss following an impairment test on the carrying value of the Group\u2019s investment in BoCom in \u2018Impairment losses of interest in BoCom associate\u2019. See Note 18
on pages 319 to 322.
5Fair value movements on non-qualifying hedges in HSBC Holdings.
6Amounts in 2025 include restructuring provisions recognised in 2025. Amounts in 2024 relate to restructuring provisions recognised in 2024 and reversals of
restructuring provisions recognised during 2022. Amounts in 2023 relate to reversals of restructuring provisions recognised during 2022.
7Includes a $1.1bn provision in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard L. Madoff
Investment Securities LLC fraud and a $0.3bn provision in connection with certain historical trading activities in HSBC Bank plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1013": { "value": "1100000000.0", "decimals": -8, "dimensions": { "concept": "group:ReclassificationAdjustmentsOfOtherReservesLossesOfNetInvestmentsInForeignOperationsBeforeTax", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInAssociatesAxis": "group:BankOfCommunicationsCo.LimitedMember", "unit": "iso4217:USD" } }, "f-1014": { "value": "1000000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInAssociatesAxis": "group:BankOfCommunicationsCo.LimitedMember", "unit": "iso4217:USD" } }, "f-1015": { "value": "1000000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInAssociatesAxis": "group:BankOfCommunicationsCo.LimitedMember", "unit": "iso4217:USD" } }, "f-1016": { "value": "-1500000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "group:HSBCContinentalEuropeMember", "unit": "iso4217:USD" } }, "f-1017": { "value": "
11Trading assets
2025
2024
$m
$m
Treasury and other eligible bills
34,433
32,022
Debt securities
116,837
97,275
Equity securities
176,312
155,194
Trading securities
327,582
284,491
Loans and advances to banks1
10,913
6,123
Loans and advances to customers1
27,658
24,228
At 31 Dec
366,153
314,842
1Loans and advances to banks and customers include reverse repos, stock borrowing and other accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1018": { "value": "
12Fair values of financial instruments carried at fair value
Control framework
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk
taker.
Where fair values are determined by reference to externally quoted prices or observable pricing inputs to models, independent price determination
or validation is used. For inactive markets, HSBC sources alternative market information, with greater weight given to information that is
considered to be more relevant and reliable. Examples of the factors considered are price observability, instrument comparability, consistency of
data sources, underlying data accuracy and timing of prices.
For fair values determined using valuation models, the control framework includes development or validation by independent support functions of
the model logic, inputs, model outputs and adjustments. Valuation models are subject to a process of due diligence before becoming operational
and are calibrated against external market data on an ongoing basis. Fair value adjustments are applied where additional factors are not
incorporated into the primary product valuation model.
The majority of financial instruments measured at fair value are in MSS. MSS\u2019s fair value governance structure comprises its Finance function and\u00a0
Valuation Committees. Finance is responsible for establishing procedures governing valuation and ensuring fair values are in compliance with
accounting standards. The fair values are reviewed by the Valuation Committees, which consist of independent support functions.
Financial liabilities measured at fair value
In certain circumstances, HSBC records its own debt in issue at fair value, based on quoted prices in an active market for the specific instrument.
When quoted market prices are unavailable, the own debt in issue is valued using valuation techniques, the inputs for which are either based on
quoted prices in an inactive market for the instrument or are estimated by comparison with quoted prices in an active market for similar
instruments. In both cases, the fair value includes the effect of applying the credit spread that is appropriate to HSBC\u2019s liabilities. The change in fair
value of issued debt securities attributable to the Group\u2019s own credit spread is computed as follows: for each security at each reporting date, an
externally verifiable price is obtained or a price is derived using credit spreads for similar securities for the same issuer. Then, using discounted
cash flow, each security is valued using an appropriate market discount curve. The difference in the valuations is attributable to the Group\u2019s own
credit spread. This methodology is applied consistently across all securities.
Structured notes issued and certain other hybrid instruments are reported as financial liabilities designated at fair value. The\u00a0credit spread applied
to these instruments is derived from the spreads at which HSBC issues structured notes.
Gains and losses arising from changes in the credit spread of liabilities issued by HSBC, recorded in other comprehensive income, reverse over the
contractual life of the debt, provided that the debt is not repaid at a premium or a discount.
Fair value hierarchy
Fair values of financial assets and liabilities are determined according to the following hierarchy:
\u2013 Level 1 \u2013 valuation technique using quoted market price. These are financial instruments with quoted prices for identical instruments in active
markets that HSBC can access at the measurement date.
\u2013 Level 2 \u2013 valuation technique using observable inputs. These are financial instruments with quoted prices for similar instruments in active
markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all
significant inputs are observable.
\u2013 Level 3 \u2013 valuation technique with significant unobservable inputs. These are financial instruments valued using valuation techniques where
one or more significant inputs are unobservable.
Financial instruments carried at fair value and bases of valuation
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
267,638
92,418
6,097
366,153
236,593
71,574
6,675
314,842
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
46,436
61,267
25,360
133,063
39,331
56,694
19,744
115,769
Derivatives
1,798
233,759
2,183
237,740
1,859
264,629
2,149
268,637
Financial investments
300,795
81,522
2,805
385,122
258,371
78,088
2,734
339,193
Liabilities
Trading liabilities
46,579
25,476
67
72,122
42,038
23,160
784
65,982
Financial liabilities designated at fair value
1,370
146,353
10,733
158,456
2,152
127,458
9,117
138,727
Derivatives
1,853
232,559
3,442
237,854
1,088
260,518
2,842
264,448
There were no material transfers between Level 1 and Level 2 during the reporting period.
The table below provides the fair value levelling of assets held for sale and liabilities of disposal groups that have been classified as held for sale in
accordance with IFRS 5. For further details, see Note 23.
Financial instruments carried at fair value and bases of valuation \u2013 assets and liabilities held for sale
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$m
$m
$m
$m
$m
$m
$m
$m
Recurring fair value measurements at 31 Dec
Assets
Trading assets
26
87
\u2014
113
\u2014
\u2014
\u2014
\u2014
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
6,327
24
\u2014
6,351
2,967
9,018
2,575
14,560
Derivatives
\u2014
9
5
14
\u2014
36
\u2014
36
Financial investments
157
44
\u2014
201
2,651
5,345
504
8,500
Liabilities
Trading liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial liabilities designated at fair value
1,345
\u2014
\u2014
1,345
\u2014
130
\u2014
130
Derivatives
\u2014
13
3
16
\u2014
19
\u2014
19
Fair value valuation bases
Financial instruments measured at fair value using a valuation technique with significant unobservable inputs \u2013 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
595
1
20,364
\u2014
20,960
\u2014
1
\u2014
1
Structured notes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,617
\u2014
10,617
Other derivatives
\u2014
\u2014
\u2014
2,183
2,183
\u2014
\u2014
3,442
3,442
Bonds
2,111
3,356
2,008
\u2014
7,475
41
\u2014
\u2014
41
Loans
21
1,667
1,565
\u2014
3,253
11
\u2014
\u2014
11
Other portfolios
78
1,073
1,423
\u2014
2,574
15
115
\u2014
130
At 31 Dec 2025
2,805
6,097
25,360
2,183
36,445
67
10,733
3,442
14,242
Private equity including
strategic investments
552
1
17,705
\u2014
18,258
\u2014
1
\u2014
1
Structured notes
\u2014
\u2014
3
\u2014
3
\u2014
9,113
\u2014
9,113
Other derivatives
\u2014
\u2014
\u2014
2,149
2,149
\u2014
\u2014
2,842
2,842
Bonds
1,978
2,173
758
\u2014
4,909
27
\u2014
\u2014
27
Loans
22
2,383
1,277
\u2014
3,682
3
\u2014
\u2014
3
Other portfolios
182
2,118
1
\u2014
2,301
754
3
\u2014
757
At 31 Dec 2024
2,734
6,675
19,744
2,149
31,302
784
9,117
2,842
12,743
Private equity including strategic investments
The fair value of a private equity investment (including strategic investments) is estimated on the basis of an analysis of the investee\u2019s financial
position and results, risk profile, prospects and other factors; by reference to market valuations for similar entities quoted in an active market; the
price at which similar companies have changed ownership; or from published net asset values (\u2018NAV\u2019) received. If necessary, adjustments are
made to the NAV of funds to obtain the best estimate of fair value.
Structured notes
The fair value of Level 3 structured notes is derived from the fair value of the underlying debt security, and the fair value of the embedded derivative is
determined as described in the paragraph below on derivatives. These structured notes comprise principally equity-linked notes issued by HSBC,
which provide the counterparty with a return linked to the performance of equity securities and other portfolios. Examples of the unobservable
parameters include long-dated equity volatilities and correlations between equity prices, and interest and foreign exchange rates.
Derivatives
OTC derivative valuation models calculate the present value of expected future cash flows, based upon \u2018no arbitrage\u2019 principles. For many vanilla
derivative products, the modelling approaches used are standard across the industry. For more complex derivative products, there may be some
differences in market practice. Inputs to valuation models are determined from observable market data wherever possible, including prices
available from exchanges, dealers, brokers or providers of consensus pricing. Certain inputs may not be observable in the market directly, but can
be determined from observable prices via model calibration procedures or estimated from historical data or other sources.
Bonds and loans
The fair value input for bonds and secondary market loans is price, determined utilising market standard valuation techniques such as price-based,
discounted cash flows, and internal models. Where uncertainty of inputs and assumptions exist in the determination of a fair value price and are
significant, the position will be considered Level 3. Examples of such inputs are credit spreads, interest rate spreads, choice of comparables,
earning projections and liquidity/observability of the underlying currency.
Reconciliation of fair value measurements in Level 3 of the fair value hierarchy
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/(losses) recognised in profit or\u00a0loss
4
154
1,487
1,291
(4)
919
2,210
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
154
\u2014
1,291
(4)
919
2,210
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
1,478
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
4
\u2014
9
\u2014
\u2014
\u2014
\u2014
Total gains/(losses) recognised in other
comprehensive income (\u2018OCI\u2019)1
255
236
84
150
21
608
174
Purchases2
2,100
4,151
4,673
\u2014
83
\u2014
\u2014
New issuances
\u2014
181
\u2014
\u2014
\u2014
8,542
\u2014
Sales
(195)
(2,679)
(389)
\u2014
(19)
\u2014
\u2014
Settlements
(347)
(1,814)
(1,727)
(1,073)
(331)
(5,352)
(1,632)
Transfers out
(2,008)
(2,018)
(1,312)
(901)
(498)
(5,282)
(831)
Transfers in3
262
1,211
2,800
567
31
2,181
679
At 31 Dec 2025
2,805
6,097
25,360
2,183
67
10,733
3,442
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2025
\u2014
309
309
1,320
(19)
(1,034)
(2,304)
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
309
\u2014
1,320
(19)
\u2014
(2,304)
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
302
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
\u2014
\u2014
7
\u2014
\u2014
(1,034)
\u2014
Movement in Level 3 financial instruments (continued)
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 2024
2,618
4,306
19,788
2,069
478
10,928
2,569
Total gains/(losses) recognised in profit or\u00a0loss
(9)
280
896
1,037
18
496
1,268
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
280
\u2014
1,037
18
496
1,268
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
684
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
(9)
\u2014
212
\u2014
\u2014
\u2014
\u2014
Total gains/(losses) recognised in other
comprehensive income (\u2018OCI\u2019)1
(78)
(115)
(39)
(36)
(18)
(45)
(53)
Purchases
1,670
4,170
6,261
\u2014
924
\u2014
\u2014
New issuances
\u2014
\u2014
\u2014
\u2014
\u2014
6,521
\u2014
Sales
(97)
(1,477)
(649)
\u2014
(295)
\u2014
\u2014
Settlements
(1,011)
(967)
(6,476)
(897)
(307)
(4,750)
(568)
Transfers out
(438)
(429)
(278)
(777)
(29)
(6,048)
(1,346)
Transfers in
79
907
241
753
13
2,015
972
At 31 Dec 2024
2,734
6,675
19,744
2,149
784
9,117
2,842
Unrealised gains/(losses) recognised in profit or loss
relating to assets and liabilities held at 31 Dec 2024
\u2014
(150)
11
(1,377)
(6)
(94)
(1,343)
\u2013\u00a0 net income/(losses) from financial instruments
held for trading or managed on a fair value basis
\u2014
(150)
\u2014
(1,377)
(6)
\u2014
(1,343)
\u2013\u00a0 net income from assets and liabilities of insurance
businesses, including related derivatives,
measured at fair value through profit or loss
\u2014
\u2014
(38)
\u2014
\u2014
\u2014
\u2014
\u2013\u00a0 other income/(losses)
\u2014
\u2014
49
\u2014
\u2014
(94)
\u2014
1Included in \u2018financial investments: fair value gains/(losses)\u2019 in the year and \u2018exchange differences\u2019 in the consolidated statement of comprehensive income.
2Purchases were predominantly due to the growth of the Insurance business over the period.
3Includes $2.3bn of transfers in representing enhancements to the application of the levelling methodology, primarily impacting the Insurance business.
Transfers between levels of the fair value hierarchy are deemed to occur at the end of each quarterly reporting period. Transfers are primarily
attributable to changes in price transparency and in the assessment of observability.
Effect of changes in significant unobservable assumptions to reasonably possible
alternatives
Sensitivity of fair values to reasonably possible alternative assumptions
2025
2024
Reflected in profit or loss
Reflected in OCI
Reflected in profit or loss
Reflected in OCI
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
Favourable
changes
Un-
favourable
changes
$m
$m
$m
$m
$m
$m
$m
$m
Derivatives, trading assets and trading
liabilities1
483
(295)
\u2014
\u2014
481
(313)
\u2014
\u2014
Financial assets and liabilities designated
and otherwise mandatorily measured at
fair value through profit or loss
1,750
(1,434)
\u2014
\u2014
1,434
(1,141)
\u2014
\u2014
Financial investments
\u2014
\u2014
49
(49)
21
(21)
47
(50)
At 31 Dec
2,233
(1,729)
49
(49)
1,936
(1,475)
47
(50)
1\u2018Derivatives, trading assets and trading liabilities\u2019 are presented as one category to reflect the manner in which these instruments are risk-managed.
The sensitivity analysis aims to measure a range of fair values consistent with the application of a 95% confidence interval. Methodologies take
account of the nature of the valuation technique employed, as well as the availability and reliability of observable proxy and historical data.
When the fair value of a financial instrument is affected by more than one unobservable assumption, the above table reflects the most favourable
or the most unfavourable change from varying the assumptions individually.
Key unobservable inputs to Level 3 financial instruments
The following table lists key unobservable inputs to Level 3 financial instruments and provides the range of those inputs at 31\u00a0December 2025.
Quantitative information about significant unobservable inputs in Level 3 valuations
Fair value
2025
2024
Assets
Liabilities
Key valuation
techniques
Key unobservable
inputs
Full range
of inputs
Full range
of inputs
$m
$m
Lower
Higher
Lower
Higher
Private equity including strategic
investments1
20,960
1
Price \u2013 Net asset value
Current Value/Cost
0
75
0
291
Structured notes
\u2014
10,617
\u2013\u00a0 equity-linked notes
\u2014
7,773
Model \u2013 Option model
Equity volatility
5%
132%
6%
70%
Model \u2013 Option model
Equity correlation
10%
100%
15%
100%
\u2013\u00a0 Foreign exchange-linked notes
\u2014
862
Model \u2013 Option model
Foreign exchange
volatility
3%
56%
3%
35%
\u2013\u00a0 other structured notes
\u2014
1,982
Derivatives
2,183
3,442
\u00a0
\u00a0
\u2013\u00a0 interest rate derivatives
745
966
\u00a0
\u00a0
\u00a0 \u00a0 securitisation swaps
98
358
Model - Discounted cash flow
Prepayment rate
5%
10%
5%
10%
\u00a0 \u00a0 long-dated swaptions
4
3
Model \u2013 Option model
Interest rate
volatility
5%
20%
9%
30%
\u00a0 \u00a0 other interest rate derivatives
643
605
\u2013\u00a0 Foreign exchange derivatives
678
640
\u00a0 \u00a0 Foreign exchange options
320
299
Model \u2013 Option model
Foreign exchange
volatility
0%
22%
1%
26%
\u00a0 \u00a0 other foreign exchange derivatives
358
341
\u2013\u00a0 equity derivatives
584
1,315
\u00a0 \u00a0 long-dated single stock options
110
476
Model \u2013 Option model
Equity volatility
5%
100%
6%
118%
\u00a0 \u00a0 other equity derivatives
474
839
\u2013\u00a0 credit derivatives
146
498
\u00a0 \u00a0 total return swaps
56
345
Market proxy
Price
68
102
0
104
\u00a0 \u00a0 other credit derivatives
90
153
\u2013\u00a0 other derivatives
30
23
Bonds
7,475
41
Market proxy
Price
0
3,342
0
140
Loans
3,253
11
Market proxy
Price
0
112
0
103
Other portfolios2
2,574
130
At 31 Dec 2025
36,445
14,242
1\u2018Private equity including strategic investments\u2019 includes private equity, private credit and private equity fund, primarily held as part of our Insurance business and
for strategic investments.
2\u2018Other portfolios\u2019 includes a range of smaller asset holdings.
The range of values above shows the highest and lowest unobservable inputs that have been used to value significant Level 3 exposures and
reflects the diversity of the underlying financial instruments in scope and subsequent differentiation in pricing.
Private equity including strategic investments
The \u2018private equity\u2019 holdings include private equity investments and private equity funds held as limited partners. The key unobservable input is the
current value of the underlying positions, determined using valuation techniques in line with the International Private Equity and Venture Capital
Valuation Guidelines. The inputs represented are an appropriate range of inputs normalised across different exposure types.
Prepayment rates
Prepayment rates are a measure of the anticipated future speed at which a loan portfolio will be repaid in advance of the due date. They vary
according to the nature of the loan portfolio and expectations of future market conditions, and may be estimated using a variety of evidence, such
as prepayment rates implied from proxy observable security prices, current or historical prepayment rates and macroeconomic modelling.
Market proxy
Market proxy pricing may be used for an instrument when specific market pricing is not available but there is evidence from instruments with
common characteristics. In some cases it might be possible to identify a specific proxy, but more generally evidence across a wider range of
instruments will be used to understand the factors that influence current market pricing and the manner of that influence.
Volatility
Volatility is a measure of the anticipated future variability of a market price. It varies by underlying reference market price, and by strike and
maturity of the option. Certain volatilities, typically those of a longer-dated nature, are unobservable and are estimated from observable data. The
range of unobservable volatilities reflects the wide variation in volatility inputs by reference market price.
Correlation
Correlation is a measure of the inter-relationship between two market variables and is expressed as a number between minus one and one. It is
used to value more complex instruments where the payout is dependent upon more than one market variable. There is a wide range of
instruments for which correlation is an input, and consequently a wide range of both same-asset correlations and cross-asset correlations is used.
In general, the range of same-asset correlations will be narrower than the range of cross-asset correlations.
Unobservable correlations may be estimated based upon a range of evidence, including consensus pricing services, HSBC trade prices, proxy
correlations and examination of historical price relationships. The range of unobservable correlations quoted in the table reflects the wide variation
in correlation inputs by market variable pair.
Inter-relationships between key unobservable inputs
Key unobservable inputs to Level 3 financial instruments may not be independent of each other. As described above, market variables may be
correlated. This correlation typically reflects the manner in which different markets tend to react to macroeconomic or other events. Furthermore,
the effect of changing market variables on the HSBC portfolio will depend on HSBC\u2019s net risk position in respect of each variable.
HSBC Holdings
Basis of valuing HSBC Holdings\u2019 financial assets and liabilities measured at fair value
2025
2024
Level 1
Level 2
Total
Level 1
Level 2
Total
$m
$m
$m
$m
$m
$m
Recurring fair value measurement
Assets at 31 Dec
Trading assets
\u2014
\u2014
\u2014
709
\u2014
709
Financial assets with HSBC undertakings designated and
otherwise mandatorily measured at fair value
\u2014
67,217
67,217
\u2014
61,286
61,286
Derivatives
\u2014
1,942
1,942
\u2014
3,054
3,054
Liabilities at 31 Dec
Financial liabilities designated at fair value
\u2014
52,907
52,907
\u2014
41,582
41,582
Derivatives
\u2014
3,451
3,451
\u2014
5,340
5,340
13
Fair values of financial instruments not carried at fair value
Fair values of financial instruments not carried at fair value and bases of valuation
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
108,462
\u2014
107,906
546
108,452
Loans and advances to customers1
988,399
\u2014
14,363
966,429
980,792
Reverse repurchase agreements \u2013 non-trading
298,392
\u2014
298,545
\u2014
298,545
Financial investments \u2013 at amortised cost
182,089
148,925
31,475
1,283
181,683
Liabilities
Deposits by banks
97,952
\u2014
97,981
\u2014
97,981
Customer accounts
1,786,828
\u2014
1,787,070
\u2014
1,787,070
Repurchase agreements \u2013 non-trading
204,974
\u2014
204,966
\u2014
204,966
Debt securities in issue
99,675
\u2014
99,530
1,490
101,020
Subordinated liabilities
28,406
\u2014
31,617
\u2014
31,617
At 31 Dec 2024
Assets
Loans and advances to banks
102,039
\u2014
101,007
1,048
102,055
Loans and advances to customers
930,658
\u2014
11,435
906,208
917,643
Reverse repurchase agreements \u2013 non-trading
252,549
\u2014
252,598
\u2014
252,598
Financial investments \u2013 at amortised cost
153,973
120,843
29,493
724
151,060
Liabilities
Deposits by banks
73,997
\u2014
74,025
\u2014
74,025
Customer accounts
1,654,955
\u2014
1,655,151
\u2014
1,655,151
Repurchase agreements \u2013 non-trading
180,880
\u2014
180,873
\u2014
180,873
Debt securities in issue
105,785
\u2014
105,689
954
106,643
Subordinated liabilities
25,958
\u2014
28,262
\u2014
28,262
1Includes loans and advances to customers with observable inputs and short maturities.
Fair values of financial instruments not carried at fair value and bases of valuation \u2013 assets and disposal groups held for sale
Fair value
Carrying
amount
Quoted market
price Level 1
Observable
inputs Level 2
Significant
unobservable
inputs Level 3
Total
$m
$m
$m
$m
$m
At 31 Dec 2025
Assets
Loans and advances to banks
45
\u2014
45
\u2014
45
Loans and advances to customers
3,493
\u2014
1,303
2,190
3,493
Reverse repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments \u2013 at amortised cost
93
84
9
\u2014
93
Liabilities
Deposits by banks
131
\u2014
131
\u2014
131
Customer accounts
16,173
\u2014
16,173
\u2014
16,173
Repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Debt securities in issue
495
\u2014
495
\u2014
495
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 Dec 2024
Assets
Loans and advances to banks
144
\u2014
144
\u2014
144
Loans and advances to customers
977
\u2014
11
966
977
Reverse repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments \u2013 at amortised cost
\u2014
\u2014
\u2014
\u2014
\u2014
Liabilities
Deposits by banks
\u2014
\u2014
\u2014
\u2014
\u2014
Customer accounts
5,399
\u2014
5,399
\u2014
5,399
Repurchase agreements \u2013 non-trading
\u2014
\u2014
\u2014
\u2014
\u2014
Debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial instruments not carried at fair value are typically short term in nature and reprice to current market rates frequently. Accordingly,
their carrying amount is a reasonable approximation of fair value. They include cash and balances at central banks, Hong Kong Government
certificates of indebtedness and Hong Kong currency notes in circulation, all of which are measured at amortised cost.
Valuation
Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This may be different from the theoretical economic value attributed from an instrument\u2019s cash flows over
its expected future life. Our valuation methodologies and assumptions in determining fair values for which no observable market prices are
available may differ from those of other companies.
Loans and advances to banks and customers
To determine the fair value of loans and advances to banks and customers, loans are segregated into portfolios of similar characteristics. Fair
values are based on observable market transactions, when available. When they are unavailable, fair values are estimated using valuation models
incorporating a range of input assumptions. These assumptions may include: value estimates from third-party brokers reflecting over-the-counter
trading activity; forward-looking discounted cash flow models, taking account of expected customer prepayment rates, using assumptions that
HSBC believes are consistent with those that would be used by market participants in valuing such loans; recent origination pricing for similar
loans; and trading inputs from other market participants including observed primary and secondary trades. From time to time, we may engage a
third-party valuation specialist to measure the fair value of a pool of loans.
The fair value of loans reflects expected credit losses at the balance sheet date and estimates of market participants\u2019 expectations of credit losses
over the life of the loans, and the fair value effect of repricing between origination and the balance sheet date. For credit-impaired loans, fair value
is estimated by discounting the future cash flows over the time period they are expected to be recovered.
Financial investments
The fair values of listed financial investments are determined using bid market prices. The fair values of unlisted financial investments are
determined using valuation techniques that incorporate the prices and future earnings streams of equivalent quoted securities.
Deposits by banks and customer accounts
The fair values of on-demand deposits are approximated by their carrying amount. For deposits with longer-term maturities, fair values are
estimated using discounted cash flows, applying current rates offered for deposits of similar remaining maturities.
Debt securities in issue and subordinated liabilities
Fair values in debt securities in issue and subordinated liabilities are determined using quoted market prices at the balance sheet date where
available, or by reference to quoted market prices for similar instruments.
Repurchase and reverse repurchase agreements \u2013 non-trading
Carrying amounts of repurchase and reverse repurchase agreements that are held on a non-trading basis provide approximate fair values. This is
due to the fact that balances are generally short dated.
HSBC Holdings
The methods used by HSBC Holdings to determine fair values of financial instruments for the purposes of measurement and disclosure are
described above.
Fair values of HSBC Holdings\u2019 financial instruments not carried at fair value on the balance sheet
2025
2024
Carrying amount
Fair value1
Carrying amount
Fair value1
$m
$m
$m
$m
Assets at 31 Dec
Loans and advances to HSBC undertakings
40,500
41,288
37,677
38,359
Financial investments \u2013 at amortised cost
15,470
15,470
10,328
10,335
Liabilities at 31 Dec
Debt securities in issue
69,024
70,533
64,320
65,123
Subordinated liabilities
26,114
29,073
23,548
25,911
1Fair values (other than Financial investments which are Level 1) were determined using valuation techniques with observable inputs (Level 2).
14Financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
2025
2024
Designated at
fair value
Mandatorily
measured at
fair value
Total
Designated
at fair value
Mandatorily
measured at
fair value
Total
$m
$m
$m
$m
$m
$m
Securities
2,820
119,381
122,201
2,406
104,093
106,499
\u2013\u00a0 treasury and other eligible bills
778
212
990
732
393
1,125
\u2013\u00a0 debt securities
2,042
68,728
70,770
1,674
59,904
61,578
\u2013\u00a0 equity securities
\u2014
50,441
50,441
\u2014
43,796
43,796
Loans and advances to banks and customers
1,122
7,047
8,169
951
6,120
7,071
Other
\u2014
2,693
2,693
\u2014
2,199
2,199
At 31 Dec
3,942
129,121
133,063
3,357
112,412
115,769
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1020": { "value": "
14Financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
2025
2024
Designated at
fair value
Mandatorily
measured at
fair value
Total
Designated
at fair value
Mandatorily
measured at
fair value
Total
$m
$m
$m
$m
$m
$m
Securities
2,820
119,381
122,201
2,406
104,093
106,499
\u2013\u00a0 treasury and other eligible bills
778
212
990
732
393
1,125
\u2013\u00a0 debt securities
2,042
68,728
70,770
1,674
59,904
61,578
\u2013\u00a0 equity securities
\u2014
50,441
50,441
\u2014
43,796
43,796
Loans and advances to banks and customers
1,122
7,047
8,169
951
6,120
7,071
Other
\u2014
2,693
2,693
\u2014
2,199
2,199
At 31 Dec
3,942
129,121
133,063
3,357
112,412
115,769
16Financial investments
Carrying amount of financial investments
2025
2024
$m
$m
Financial investments measured at fair value through other comprehensive income
385,122
339,193
\u2013\u00a0 treasury and other eligible bills
105,075
112,705
\u2013\u00a0 debt securities
277,867
224,496
\u2013\u00a0 equity securities
1,755
1,569
\u2013\u00a0 other instruments
425
423
Debt instruments measured at amortised cost
182,089
153,973
\u2013\u00a0 treasury and other eligible bills
23,445
22,148
\u2013\u00a0 debt securities
158,644
131,825
At 31 Dec
567,211
493,166
Equity instruments measured at fair value through other comprehensive income
Fair value
Dividends
recognised
Type of equity instruments
$m
$m
Investments required by central institutions
634
27
Business facilitation
1,045
28
Others
76
2
At 31 Dec 2025
1,755
57
Investments required by central institutions
620
29
Business facilitation
886
29
Others
63
2
At 31 Dec 2024
1,569
60
Weighted average yields of investment debt securities
Up to 1
year
1 to 5
years
5 to 10
years
Over 10
years
Yield
Yield
Yield
Yield
%
%
%
%
Debt securities measured at fair value through other comprehensive income
US Treasury
2.9
3.7
2.3
2.3
US Government agencies
\u2014
3.0
4.4
3.5
US Government-sponsored agencies
1.8
1.6
4.1
1.8
UK Government
\u2014
3.8
2.6
1.9
Hong Kong Government
1.4
2.5
2.7
\u2014
Other governments
2.8
4.2
4.3
2.2
Asset-backed securities
\u2014
4.4
3.9
3.3
Corporate debt and other securities
3.2
3.9
4.2
1.3
Debt securities measured at amortised cost
US Treasury
3.2
3.8
3.7
2.0
US Government agencies
4.5
4.3
4.0
4.7
US Government-sponsored agencies
\u2014
2.9
3.7
2.9
UK Government
\u2014
3.3
3.0
\u2014
Hong Kong Government
2.5
2.7
\u2014
\u2014
Other governments
3.2
3.1
2.5
8.0
Asset-backed securities
\u2014
\u2014
7.3
\u2014
Corporate debt and other securities
3.2
3.4
3.8
4.8
The maturity distributions of ABSs are presented in the above table on the basis of contractual maturity dates. The weighted average yield for each
range of maturities is calculated by dividing the annualised interest income for the year ended 31 December 2025 by the book amount of debt
securities at that date. The yields do not include the effect of related derivatives.
HSBC Holdings
HSBC Holdings carrying amount of financial investments
2025
2024
$m
$m
Debt instruments measured at amortised cost
Treasury and other eligible bills
15,470
9,556
Debt securities
\u2014
772
At 31 Dec
15,470
10,328
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1019": { "value": "
14Financial assets designated and otherwise mandatorily measured at fair
value through profit or loss
2025
2024
Designated at
fair value
Mandatorily
measured at
fair value
Total
Designated
at fair value
Mandatorily
measured at
fair value
Total
$m
$m
$m
$m
$m
$m
Securities
2,820
119,381
122,201
2,406
104,093
106,499
\u2013\u00a0 treasury and other eligible bills
778
212
990
732
393
1,125
\u2013\u00a0 debt securities
2,042
68,728
70,770
1,674
59,904
61,578
\u2013\u00a0 equity securities
\u2014
50,441
50,441
\u2014
43,796
43,796
Loans and advances to banks and customers
1,122
7,047
8,169
951
6,120
7,071
Other
\u2014
2,693
2,693
\u2014
2,199
2,199
At 31 Dec
3,942
129,121
133,063
3,357
112,412
115,769
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1021": { "value": "
15
Derivatives
Notional contract amounts and fair values of derivatives by product contract type held by HSBC
Notional contract amount
Fair value \u2013 Assets
Fair value \u2013 Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
13,639,520
108,585
111,012
1,233
112,245
110,786
662
111,448
Interest rate
17,272,408
423,761
190,296
4,946
195,242
182,569
4,565
187,134
Equities
908,649
\u2014
15,660
\u2014
15,660
21,311
\u2014
21,311
Credit
164,160
\u2014
1,294
\u2014
1,294
2,212
\u2014
2,212
Commodity and other
191,761
\u2014
10,542
\u2014
10,542
12,992
\u2014
12,992
Gross total fair values
32,176,498
532,346
328,804
6,179
334,983
329,870
5,227
335,097
Offset (Note 31)
(97,243)
(97,243)
At 31 Dec 2025
32,176,498
532,346
328,804
6,179
237,740
329,870
5,227
237,854
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
\u2014
17,116
\u2014
17,116
20,643
\u2014
20,643
Credit
143,136
\u2014
1,756
\u2014
1,756
1,769
\u2014
1,769
Commodity and other
118,180
\u2014
3,134
\u2014
3,134
2,887
\u2014
2,887
Gross total fair values
30,052,812
488,270
373,855
7,528
381,383
372,189
5,005
377,194
Offset (Note 31)
(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
The notional contract amounts of derivatives held for trading purposes and derivatives designated in hedge accounting relationships indicate the
nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk.
Notional contract amounts and fair values of derivatives by product contract type held by HSBC Holdings with subsidiaries
Notional contract amount
Assets
Liabilities
Trading
Hedging
Trading
Hedging
Total
Trading
Hedging
Total
$m
$m
$m
$m
$m
$m
$m
$m
Foreign exchange
48,660
681
570
10
580
941
\u2014
941
Interest rate
21,304
91,600
801
561
1,362
358
2,152
2,510
At 31 Dec 2025
69,964
92,281
1,371
571
1,942
1,299
2,152
3,451
Foreign exchange
51,437
\u2014
796
\u2014
796
1,015
\u2014
1,015
Interest rate
30,535
90,074
1,544
714
2,258
487
3,838
4,325
At 31 Dec 2024
81,972
90,074
2,340
714
3,054
1,502
3,838
5,340
Use of derivatives
For details regarding the use of derivatives, see page 169 under \u2018Market risk\u2019.
Trading derivatives
Most of HSBC\u2019s derivative transactions relate to sales and trading activities. Sales activities include the structuring and marketing of derivative
products to customers to enable them to take, transfer, modify or reduce current or expected risks. Trading activities include market-making and
risk management. Market-making entails quoting bid and offer prices to other market participants for the purpose of generating revenue based on
spread and volume. Risk management activity is undertaken to manage the risk arising from client transactions, with the principal purpose of
retaining client margin. Other derivatives classified as held for trading include non-qualifying hedging derivatives.
Substantially all of HSBC Holdings\u2019 derivatives entered into with subsidiaries are managed in conjunction with financial liabilities.
Hedge accounting derivatives
HSBC applies hedge accounting to manage the following risks: interest rate and foreign exchange risks. Further details of how these risks arise
and how they are managed by the Group can be found in the \u2018Risk review\u2019.
Hedged risk components
HSBC designates a portion of cash flows of a financial instrument or a group of financial instruments for a specific interest rate or foreign currency
risk component in a fair value or cash flow hedge. The designated risks and portions are either contractually specified or otherwise separately
identifiable components of the financial instrument that are reliably measurable. Risk-free or benchmark interest rates generally are regarded as
being both separately identifiable and reliably measurable, except for the Interest Rate Benchmark Reform Phase 2 transition where HSBC
designates alternative benchmark rates as the hedged risk which may not have been separately identifiable upon initial designation, provided
HSBC reasonably expects it will meet the requirement within 24 months from the first designation date. The designated risk components account
for a significant portion of the overall changes in fair value or cash flows of the hedged items.
HSBC uses net investment hedges to hedge the structural foreign exchange risk related to net investments in foreign operations including
subsidiaries and branches whose functional currencies are different from that of the parent. When hedging with foreign exchange forward
contracts, the spot rate component of the foreign exchange risk is designated for an amount of net assets as the hedged risk.
Sources of hedge ineffectiveness may arise from basis risk, including but not limited to the discount rates used for calculating the fair value of
derivatives, hedges using instruments with a non-zero fair value, and notional and timing differences between the hedged items and hedging
instruments.
Fair value hedges
HSBC enters into fixed-for-floating interest rate swaps to manage the exposure to changes in fair value caused by movements in market interest
rates on certain fixed-rate financial instruments that are not measured at fair value through profit or loss, including debt securities held and issued.
HSBC hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Interest rate4
233,741
3,851
4,283
Derivatives
(661)
At 31 Dec 2025
233,741
3,851
4,283
(661)
Interest rate4
190,332
4,180
4,411
Derivatives
(449)
At 31 Dec 2024
190,332
4,180
4,411
(449)
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 The notional amount of non-dynamic fair value hedges is equal to $76,349m (2024: $71,916m), of which the weighted-average maturity date is April\u00a02032 and
the weighted-average swap rate is 3.15% (2024: 3.24%).
3 Used in effectiveness testing, which uses the full fair value change of the hedging instrument not excluding any component.
4 The hedged risk \u2018interest rate\u2019 includes inflation risk.
HSBC hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in fair
value2
Recognised
in profit and
loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Interest rate3
115,156
(1,091)
Financial investments -
measured at fair value
through other
comprehensive income
1,513
(2)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
2,845
31
Financial investments -
measured at amortised
cost
18
26,052
62
\u2014
Loans and advances to
customers
157
\u2014
\u2014
Reverse repurchase
agreements \u2013 non-
trading
\u2014
53,482
(370)
Debt securities in issue
(586)
201
\u2014
Deposits by banks
2
2,237
\u2014
Customer accounts
1
25,818
(610)
Subordinated liabilities4
(446)
At 31 Dec 2025
144,053
81,738
(998)
(980)
659
(2)
Interest rate3
93,055
(2,701)
Financial investments -
measured at fair value
through other
comprehensive income
(728)
(8)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
492
11
Financial investments -
measured at amortised
cost
(14)
13,915
(104)
Loans and advances to
customers
16
\u2014
\u2014
Reverse repurchase
agreements \u2013 non-
trading
\u2014
72,576
(1,800)
Debt securities in issue
1,110
207
\u2014
Customer accounts
\u2014
1,205
(266)
Subordinated liabilities
57
At 31 Dec 2024
107,462
73,988
(2,794)
(2,066)
441
(8)
1 The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were liabilities of $257m (2024: $311m) for FVOCI assets and assets of $733m (2024: $745m) for debt issued.
2 Used in effectiveness testing, which comprise an amount attributable to the designated hedged risk that can be a risk component.
3 The hedged risk \u2018interest rate\u2019 includes inflation risk.
4 From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
HSBC Holdings hedging instrument by hedged risk
Hedging instrument
Carrying amount
Notional amount1,2
Assets
Liabilities
Balance sheet
presentation
Change in fair value3
Hedged risk
$m
$m
$m
$m
Foreign currency
681
10
\u2014
Derivatives
9
Interest rate
91,600
561
2,152
Derivatives
1,128
At 31 Dec 2025
92,281
571
2,152
1,137
Foreign currency
\u2014
\u2014
\u2014
Derivatives
\u2014
Interest rate
90,074
714
3,838
Derivatives
(1,103)
At 31 Dec 2024
90,074
714
3,838
(1,103)
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 The notional amount of non-dynamic fair value hedges is equal to $92,281m (2024: $90,074m), of which the weighted-average maturity date is July\u00a02031 and
the weighted-average swap rate is 2.76% (2024: 2.78%). The majority of these hedges are internal to the Group.
3 Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
HSBC Holdings hedged item by hedged risk
Hedged item
Ineffectiveness
Carrying amount
Accumulated fair value
hedge adjustments included
in carrying amount1
Change in
fair value2
Recognised in
profit
and loss
Assets
Liabilities
Assets
Liabilities
Balance sheet
presentation
Profit and loss
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
666
\u2014
(9)
\u2014
Investment in
subsidiaries
(9)
Interest rate
\u2014
55,770
\u2014
(710)
Debt securities in
issue
(870)
(7)
Net income from
financial instruments
held for trading or
managed on a fair
value basis
\u2014
24,488
\u2014
(361)
Subordinated
liabilities3
(447)
9,225
\u2014
(39)
\u2014
Loans and
advances to banks
183
At 31 Dec 2025
9,891
80,258
(48)
(1,072)
(1,144)
(7)
Foreign currency
\u2014
\u2014
\u2014
\u2014
Investment in
subsidiaries
\u2014
Interest rate
\u2014
78,402
\u2014
(2,423)
Debt securities
in issue
861
(9)
Net income from
financial instruments
held for trading or
managed on a fair\u00a0 \u00a0
value basis
7,769
\u2014
(244)
\u2014
Loans and
advances to banks
233
At 31 Dec 2024
7,769
78,402
(244)
(2,423)
1,094
(9)
1 The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged items that have ceased to be adjusted for
hedging gains and losses were assets of $1,142m (2024: $1,216m) for debt issued.
2 Used in effectiveness testing, comprising amount attributable to the designated hedged risk that can be a risk component.
3 From 2025, HSBC Holdings is presenting separately the carrying amount of 'Subordinated liabilities' hedged items from 'Debt securities in issue'.
For some debt securities held, HSBC manages interest rate risk in a dynamic risk management strategy. The assets in scope of this strategy are
high-quality fixed-rate debt securities, which may be sold to meet liquidity and funding requirements.
The interest rate risk of the HSBC fixed-rate debt securities issued is managed in a non-dynamic risk management strategy.
Cash flow hedges
HSBC\u2019s cash flow hedging instruments consist principally of interest rate swaps and cross-currency swaps that are used to manage the variability
in future interest cash flows of non-trading financial assets and liabilities, arising due to changes in market interest rates and foreign-currency basis.
HSBC applies macro cash flow hedging for interest rate risk exposures on portfolios of replenishing current and forecasted issuances of non-
trading assets and liabilities that bear interest at variable rates, including rolling such instruments. The amounts and timing of future cash flows,
representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities on the basis of their contractual
terms and other relevant factors, including estimates of prepayments and defaults. The aggregate cash flows representing both principal balances
and interest cash flows across all portfolios are used to determine the effectiveness and ineffectiveness. Macro cash flow hedges are considered
to be dynamic hedges.
HSBC also hedges the variability in future cash flows on foreign-denominated financial assets and liabilities arising due to changes in foreign
exchange market rates with cross-currency swaps, which are considered dynamic hedges.
Hedging instrument by hedged risk
Hedging instrument
Hedged item
Ineffectiveness
Carrying amount
Change in
fair value2
Change in fair
value3
Recognised in
profit
and loss
Profit and loss
presentation
Notional
amount1
Assets
Liabilities
Balance sheet
presentation
Hedged risk
$m
$m
$m
$m
$m
$m
Foreign currency
62,334
1,138
278
Derivatives
(376)
(376)
\u2014
Net income from
financial
instruments held for
trading or managed
on a fair value basis
Interest rate
190,020
1,095
282
Derivatives
1,256
1,267
(11)
At 31 Dec 2025
252,354
2,233
560
880
891
(11)
Foreign currency
47,194
2,088
68
Derivatives
2,451
2,451
\u2014
Net income from
financial instruments
held for trading or
managed on a fair
value basis
Interest rate
215,777
619
519
Derivatives
(2,954)
(2,964)
10
At 31 Dec 2024
262,971
2,707
587
(503)
(513)
10
1 The notional contract amounts of derivatives designated in qualifying hedge accounting relationships indicate the nominal value of transactions outstanding at
the balance sheet date. They do not represent amounts at risk.
2 Used in effectiveness testing, comprising the full fair value change of the hedging instrument not excluding any component.
3 Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
Reconciliation of equity and analysis of other comprehensive income by risk type
Interest
rate
Foreign
currency
$m
$m
Cash flow hedging reserve at 1 Jan 2025
(1,056)
(23)
Fair value gains/(losses)
1,267
(376)
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
807
574
Income taxes
(541)
(31)
Others
(49)
(2)
Cash flow hedging reserve at 31 Dec 2025
428
142
Cash flow hedging reserve at 1 Jan 2024
(901)
(132)
Fair value gains/(losses)
(2,964)
2,451
Fair value (gains)/losses reclassified from the cash flow hedge reserve to the income statement in respect of:
Hedged items that have affected profit or loss1
2,529
(2,430)
Income taxes
81
1
Others
199
87
Cash flow hedging reserve at 31 Dec 2024
(1,056)
(23)
1Hedged items that have affected profit or loss are primarily recorded within interest income.
Net investment hedges
The Group applies hedge accounting in respect of certain net investments in non-US dollar functional currency foreign operations for changes in
spot exchange rates only. Hedging could be undertaken for Group structural exposure to changes in the US dollar to foreign currency exchange
rates using forward foreign exchange contracts or by financing with foreign currency borrowings. An economic relationship exists between the
hedged net investment and hedging instrument due to the shared foreign currency risk exposure. For further details of our structural foreign
exchange exposures, see page 163.
The aggregate positions at the reporting date and the performance indicators of both live and de-designated hedges are summarised below.
Hedges of net investment in foreign operations
Carrying amount
Nominal
amount
Amounts
recognised
in OCI1
Change in
fair value2
Hedge ineffectiveness
recognised in income
statement
Derivative
assets
Derivative
liabilities
Description of hedged risk
$m
$m
$m
$m
$m
$m
2025
Pound sterling-denominated structural foreign exchange
58
(188)
17,114
(291)
(1,124)
\u2014
Swiss franc-denominated structural foreign exchange
\u2014
(7)
615
13
(76)
\u2014
Hong Kong dollar-denominated structural foreign exchange
7
\u2014
5,761
(29)
(2)
\u2014
Other structural foreign exchange3
30
(189)
22,761
116
(791)
\u2014
Total
95
(384)
46,251
(191)
(1,993)
\u2014
2024
Pound sterling-denominated structural foreign exchange
397
(1)
15,407
833
229
\u2014
Swiss franc-denominated structural foreign exchange
10
\u2014
556
89
40
\u2014
Hong Kong dollar-denominated structural foreign exchange
1
(3)
5,844
(27)
(26)
\u2014
Other structural foreign exchange3
242
(3)
13,160
907
499
\u2014
Total
650
(7)
34,967
1,803
742
\u2014
1Amount recognised in OCI for Swiss franc includes $110m (2024: $110m) related to de-designated hedge.
2Used in effectiveness assessment, comprising amount attributable to the designated hedged risk that can be a risk component.
3Other currencies include Euro, New Taiwan dollar, Singapore dollar, Polish zloty, South Korean won, UAE dirham, Indian rupee, Chinese renminbi, Kuwaiti dinar,
Qatari riyal, Indonesian rupiah, Thai baht, Malaysian ringgit and Philippine peso.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1023": { "value": "
18
Interests in associates and joint ventures
Carrying amount of HSBC\u2019s interests in associates and joint ventures
2025
2024
$m
$m
Interests in associates
29,469
28,777
Interests in joint ventures
108
132
Interests in associates and joint ventures
29,577
28,909
Principal associates of HSBC
2025
2024
Carrying amount
Fair value1
Carrying amount
Fair value1
$m
$m
$m
$m
Bank of Communications Co., Limited
22,456
11,713
22,367
11,631
Saudi Awwal Bank
5,511
5,499
5,027
5,705
1 Principal associates are listed on recognised stock exchanges. The fair values are based on the quoted market prices of the shares held (Level 1 in the fair value
hierarchy).
Principal associates of HSBC (continued)
At 31 Dec 2025
Jurisdiction of incorporation
and principal place of business
Principal activity
HSBC\u2019s interest1
%
Bank of Communications Co., Limited
Mainland China
Banking services
16.00
Saudi Awwal Bank
Saudi Arabia
Banking services
31.00
1The Group\u2019s interest in Bank of Communications Co., Limited (\u2018BoCom\u2019) reduced from 19.03% to 16.00% following the completion of a capital issuance by
BoCom on 17 June 2025. There has been no percentage change in HSBC\u2019s shareholding interest in the Saudi Awwal Bank when compared with 2024.
Share of profit in associates and joint ventures
2025
2024
2023
$m
$m
$m
Bank of Communications Co., Limited
2,132
2,241
2,250
Saudi Awwal Bank
665
596
538
Other associates and joint ventures
114
75
19
Share of profit in associates and joint ventures
2,911
2,912
2,807
Less: Impairment of interest in BoCom
(1,000)
\u2014
(3,000)
A list of all associates and joint ventures is set out in Note 38.
Bank of Communications Co., Limited
The results for the period ended 31 December 2025 included a $1.1bn loss from the dilution of our shareholding and a $1.0bn impairment to
the carrying amount of the Group\u2019s interest in BoCom.
The Group\u2019s interest in BoCom reduced from 19.03% to 16.00% following the completion of a capital issuance by BoCom on 17 June 2025. The
dilution of the Group\u2019s interest resulted in a pre-tax loss of $1.1bn, recognised in 'Other operating income/(expense)' in the Group\u2019s consolidated
income statement. The loss is not deductible for tax purposes as a consequence of our shareholding in BoCom being held for long-term
investment purposes.
In addition, the Group\u2019s impairment test on the carrying amount at 30 June 2025 resulted in an impairment of $1.0bn, as the recoverable amount
as determined by a value-in-use calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in
associate'. Consistent with prior periods, our value-in-use (\u2018VIU\u2019) calculation uses both historical experience and market participant views to
estimate future cash flows, relevant discount rates and associated capital assumptions. No further impairment (or reversal) was required for the
period from 1 July 2025 to 31 December 2025 based on results of the quarterly impairment tests performed.
The impacts of the capital issuance have been incorporated in both the carrying amount and the VIU. The VIU assumptions incorporate updated
expectations, taking into account both the impact of the capital issuance on BoCom\u2019s financial position, and the latest macroeconomic, policy
and industry factors in mainland China.
We remain strategically committed to mainland China and continue our valued, strategic partnership with BoCom.
HSBC\u2019s Interest
The Group\u2019s investment in BoCom continues to be classified as an associate. Significant influence in BoCom was established with consideration of
all relevant factors, including the Group\u2019s latest shareholding, representation on BoCom\u2019s Board of Directors, and participation in a resource and
experience sharing agreement (\u2018RES\u2019). Under the RES, HSBC staff have been seconded to assist in the maintenance of BoCom\u2019s financial and
operating policies. Investments in associates are recognised using the equity method of accounting in accordance with IAS 28 \u2018Investments in
Associates and Joint Ventures\u2019, whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the
Group\u2019s share of associate\u2019s net assets. An impairment test is required if there is any indication of impairment or reversal.
The fair value of the Group\u2019s investment in BoCom had been below its carrying amount. No impairment (or reversal) was required for the year
ended 31 December 2024.
If the Group did not have significant influence in BoCom, the investment would be carried at fair value rather than the current carrying amount.
Impairment testing
The Group\u2019s impairment test at 30 June 2025 concluded that there were indications of impairment. As part of this assessment, an impairment test
on the carrying amount with an updated VIU calculation was performed which resulted in an impairment of $1.0bn, as the recoverable amount as
determined by the VIU calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in
associate'. The impairment loss is not deductible for tax purposes.
At 31 December 2025, no further impairment (or reversal) was required and the investment had a carrying amount of $22.5bn (2024: $22.4bn) and
a fair value of $11.7bn (2024: $11.6bn).
Basis of recoverable amount
The VIU calculation uses discounted cash flow projections based on management\u2019s best estimates of future earnings available to ordinary
shareholders prepared in accordance with IAS 36 \u2019Impairment of Assets\u2019. Those cash flows used estimates based on BoCom\u2019s current condition
and so do not include estimated cash flows arising from uncommitted future actions that may affect the performance of the investment which will
be considered at the relevant time should they arise. Significant management judgement is required in arriving at the best estimate.
The VIU may increase or decrease depending on the effect of changes to model inputs. The main model inputs are described below and are based
on factors observed at period-end. The factors that could result in increases or reductions in the VIU include changes in BoCom\u2019s short-term
performance, a change in regulatory capital requirements or revisions to the forecast of BoCom\u2019s future profitability.
There are two main components to the VIU calculation. The first component is management\u2019s best estimate of BoCom\u2019s earnings. Forecast
earnings growth over the short to medium term continues to be lower than recent (within the last five years) actual growth, and reflects the impact
of recent macroeconomic, policy and industry factors in mainland China. As a result of management\u2018s intent to continue to retain its investment for
the long term, earnings beyond the short to medium term are extrapolated into perpetuity using a long-term growth rate to derive a terminal value,
which comprises the majority of the VIU. The second component is the capital maintenance charge (\u2018CMC\u2019), which is management\u2019s forecast of
the earnings that need to be withheld in order for BoCom to meet capital requirements over the forecast period, meaning that CMC is deducted
when arriving at management\u2019s estimate of future earnings available to ordinary shareholders. The CMC reflects the revised capital requirements
arising from revisions of the ratio of risk-weighted assets to total assets assumption. The principal inputs to the CMC calculation include estimates
of asset growth, the ratio of risk-weighted assets to total assets and the expected capital requirements. An increase in the CMC as a result of a
change to these principal inputs would reduce VIU. Additionally, management considers other qualitative factors, to ensure that the inputs to the
VIU calculation remain appropriate.
Key assumptions in value in use calculation
We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36:
\u2013 Long-term profit growth rate: 3.00% (2024: 3.00%) for periods after 2029, which does not exceed forecast GDP growth in mainland China and
is similar to forecasts by external analysts.
\u2013 Long-term asset growth rate: 3.25% (2024: 3.25%) for periods after 2029, which is the rate that assets are expected to grow to achieve long-
term profit growth of 3.00%.
\u2013 Discount rate: 8.08% (2024: 8.53%), which is based on a capital asset pricing model (\u2018CAPM\u2019), using market data. The discount rate used is
within the range of 7.1% to 8.7% (2024: 7.1% to 8.8%) indicated by the CAPM, and decreased primarily as a consequence of a market-driven
reduction in the risk-free rate.
\u2013 Expected credit losses (\u2018ECL\u2019) as a percentage of loans and advances to customers: ranges from 0.67% to 0.87% (2024: 0.74% to 0.93%) in
the short to medium term, reflecting reported credit experience in mainland China. For periods after 2029, the ratio is 0.87% (2024: 0.97%),
reflecting the anticipated continuation of BoCom\u2019s lower average ECL as a percentage of loans and advances to customers experienced in
recent years.
\u2013 Risk-weighted assets as a percentage of total assets: ranges from 62.0% to 64.2% (2024: 62.0% to 62.5%) in the short to medium term,
reflecting higher risk-weights in the short term followed by an expected reversion to recent historical levels. For periods after 2029, the ratio is
62.0% (2024: 62.0%), which continues to be similar to BoCom\u2019s actual results in recent years.
\u2013 Loans and advances to customers growth rate: ranges from 7.5% to 8.0% (2024: 7.5% to 9.5%) in the short to medium term, which is similar
to BoCom\u2019s actual results in recent years. Decreases in the forecast growth rate of loans and advances to customers result in lower forecast
ECL.
\u2013 Operating income growth rate: ranges from 0.5% to 7.4% (2024: 0.1% to 9.9%) in the short to medium term, which is similar to BoCom\u2019s
actual results in recent years. The projected net interest income over the short to medium term reduced to reflect expected pressure on net
interest margin compared with the prior period, which led to a net reduction in the VIU.
\u2013 Cost-income ratio: ranges from 34.8% to 40.0% (2024: 34.6% to 39.8%) in the short to medium term. These ratios are similar to BoCom\u2019s
actual results in recent years.
\u2013 Long-term effective tax rate: 15.0% (2024:\u00a015.0%) for periods after 2029, which is higher than the recent historical average, and aligned to the
minimum tax rate as proposed by the OECD/Group of 20 (\u2018G20\u2019) Inclusive Framework on Base Erosion and Profit Shifting.
\u2013 Capital requirements: capital adequacy ratio of 12.5% (2024: 12.5%) and tier 1 capital adequacy ratio of 9.5% (2024: 9.5%), based on BoCom\u2019s
capital risk appetite and capital requirements respectively.
The following table illustrates the impact on the carrying amount of reasonably possible changes to key assumptions used in the VIU calculation.
This reflects the sensitivity of each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may
occur at the same time. The selected rates of reasonably possible changes to key assumptions are based on external analysts\u2019 forecasts, statutory
requirements and other relevant external data sources, which can change period to period. Unless specified, favourable and unfavourable changes
are consistently applied throughout short-to-medium and long-term forecast years, based on a straight-line average of the base case assumption.
Sensitivity of the carrying amount to the key VIU assumptions
Favourable change
Unfavourable change
Reversal of impairment/
VIU headroom
Impairment
bps
$bn
bps
$bn
At 31 Dec 2025
Long-term profit growth rate
30
2.1
(104)
(6.0)
Long-term asset growth rate
(129)
9.1
5
(0.5)
Discount rate
(98)
4.6
232
(5.5)
Expected credit losses as a percentage of loans and advances to
customers1
2025 to 2029: 64
2030 onwards: 84
1.8
2025 to 2029: 90
2030 onwards: 98
(4.7)
Risk-weighted assets as a percentage of total assets
(184)
0.8
182
(1.7)
Loans and advances to customers growth rate
(138)
1.8
455
(7.1)
Operating income growth rate
101
3.7
(100)
(3.8)
Cost-income ratio
(281)
0.4
292
(6.4)
Long-term effective tax rate
(426)
1.7
1,000
(4.0)
Capital requirements \u2013 capital adequacy ratio
\u2014
\u2014
363
(13.0)
Capital requirements \u2013 tier 1 capital adequacy ratio
\u2014
\u2014
333
(6.9)
At 31 Dec 2024
Long-term profit growth rate
55
4.0
(96)
(5.4)
Long-term asset growth rate
(121)
8.6
30
(2.8)
Discount rate
(143)
5.4
287
(6.4)
Expected credit losses as a percentage of loans and advances to
customers1
2024 to 2028: 66
2029 onwards: 91
4.0
2024 to 2028: 108
2029 onwards: 104
(4.3)
Risk-weighted assets as a percentage of total assets
(132)
0.8
234
(1.7)
Loans and advances to customers growth rate
(217)
3.4
340
(6.1)
Operating income growth rate
76
2.7
(81)
(3.3)
Cost-income ratio
(190)
0.2
380
(7.1)
Long-term effective tax rate
(426)
1.6
1,000
(4.0)
Capital requirements \u2013 capital adequacy ratio
\u2014
\u2014
372
(14.3)
Capital requirements \u2013 tier 1 capital adequacy ratio
\u2014
\u2014
270
(6.7)
1The expected credit losses as a percentage of loans and advances to customers reflect selected favourable and unfavourable rates.
Considering the interrelationship of the changes set out in the table above, management estimates that the reasonably possible range of VIU is
$13.4bn to $31.0bn (2024: $13.5bn to $30.8bn), acknowledging that the fair value of the Group\u2019s investment has ranged from $7.5bn to $13.1bn
over the last five years as at the date of the impairment tests. The possible range of VIU is based on impacts set out in the table above arising
from the favourable/unfavourable change in the operating income in the short to medium term, the expected credit losses as a percentage of loans
and advances to customers, and a 50bps increase/decrease in the discount rate. All other long-term assumptions, and the basis of the CMC have
been kept unchanged when determining the reasonably possible range of the VIU.
Selected financial information of BoCom
The statutory accounting reference date of BoCom is 31 December. For the year ended 31 December 2025, HSBC included the associate\u2019s results
on the basis of the financial statements for the 12 months ended 30 September 2025, taking into account any known changes in the subsequent
period from 1 October 2025 to 31 December 2025 that would have materially affected the results.
Selected balance sheet information of BoCom
At 30 Sep
2025
2024
$m
$m
Cash and balances at central banks
104,220
99,663
Due from and placements with banks and other financial institutions
123,034
122,607
Loans and advances to customers
1,265,800
1,128,603
Other financial assets
657,196
587,721
Other assets
66,665
61,086
Total assets
2,216,915
1,999,680
Due to and placements from banks and other financial institutions
346,808
326,742
Deposits from customers
1,324,734
1,195,590
Other financial liabilities
320,154
282,894
Other liabilities
40,284
38,082
Total liabilities
2,031,980
1,843,308
Total equity
184,935
156,372
Reconciliation of BoCom\u2019s total shareholders\u2019 equity to the carrying amount in HSBC\u2019s consolidated financial statements
At 30 Sep
2025
2024
$m
$m
Equity attributable to shareholders
183,347
154,748
Other equity instruments
(20,708)
(23,946)
Equity attributable to shareholders less other equity instruments
162,639
130,802
The Group's share of equity1
26,595
25,284
Impairment2
(4,139)
(2,917)
Carrying amount\u00a0
22,456
22,367
1This balance includes goodwill originally arising on acquisition and reflects the impacts from the dilution of our shareholding in BoCom as well as BoCom's
interim dividend for the six months ended 30 June 2025.
2This balance includes the impact of foreign exchange movements.
Selected income statement information of BoCom
For the 12 months ended 30 Sep
2025
2024
$m
$m
Net interest income
23,886
23,180
Net fee and commission income
5,142
5,315
Credit and impairment losses
(7,056)
(7,410)
Depreciation and amortisation
(2,772)
(2,589)
Tax expense
(1,402)
(835)
Profit for the year
13,319
12,922
Other comprehensive income
292
1,361
Total comprehensive income
13,611
14,283
Dividends received from BoCom
744
745
Saudi Awwal Bank
The Group\u2019s investment in Saudi Awwal Bank (\u2018SAB\u2019) is classified as an associate. HSBC is the largest shareholder in SAB with a shareholding of
31%. Significant influence in SAB is established via representation on the Board of Directors. Investments in associates are recognised using the
equity method of accounting in accordance with IAS 28, as described previously for BoCom.
Impairment testing
The fair value of the Group\u2019s investment in SAB was marginally below the carrying amount as at 31 December 2025. An impairment test on the
carrying amount with a VIU calculation was performed. The recoverable amount as determined by the VIU calculation was higher than the carrying
amount using discounted cash flow projections. SAB has also had increasing profits each year. On that basis, the Group has concluded there is no
indication of impairment.
The VIU calculation was based on management\u2019s best estimates of future earnings available to ordinary shareholders prepared in accordance with
IAS 36 \u2018Impairment of Assets\u2019. Those cash flows used estimates based on SAB\u2019s current condition and so do not include estimated cash flows
arising from uncommitted future actions that may affect the performance of the investment, which will be considered at the relevant time should
they arise.
Associates and joint ventures
The Group provides certain banking and financial services to associates and joint ventures including loans, overdrafts, interest and non-interest
bearing deposits and current accounts. Details of the interests in associates and joint ventures are given in Note 18.
Transactions and balances during the year with associates and joint ventures
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Unsubordinated amounts due from joint ventures
253
229
104
72
Unsubordinated amounts due from associates
9,945
4,760
8,097
5,011
Amounts due to associates
2,990
1,344
2,992
1,844
Amounts due to joint ventures
212
153
101
85
Fair value of derivative assets with associates
902
673
919
763
Fair value of derivative liabilities with associates
2,660
1,480
3,718
2,641
Guarantees and commitments
992
777
569
577
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
Associates
The undertakings below are associates and equity accounted.
Associates
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Aiera, Inc.
2.90
4, 173
Bank of Communications Co., Ltd.
16.00
2, 141
Barrowgate Limited
24.64
(15.63)
142
BGF Group plc
24.62
143
Bud Financial Limited
6.20
4, 144
CANARA HSBC LIFE INSURANCE
COMPANY LIMITED
25.50
145
Dowsure Inc.
10.12
2, 4, 147
Episode Six Inc.
5.68
4, 148
EPS Company (Hong Kong) Limited
42.03
(38.65)
19
Future Forward Holdings LLC
N/A
1, 24
HQLAX S.\u00e0 r.l.
6.09
4, 149
HSBC Jintrust Fund Management Company
Limited
N/A
1, 2, 10,
150
HSBC UK Covered Bonds (LM) Limited
20.00
2, 151
Intelligent Processing Solution Limited
10.00
2, 174
Lightico Ltd
3.19
4, 152
LiquidityMatch LLC
N/A
1, 153
London Precious Metals Clearing Limited
30.00
2, 154
Marketnode PTE. Ltd.
12.64
4, 155
MENA Infrastructure Fund (GP) Ltd
33.33
156
Quantexa Limited
8.92
4, 157
Radiant Global Investors LLC
N/A
1, 2, 158
Saudi Awwal Bank
31.00
159
The London Gold Market Fixing Limited
N/A
1, 139
Threadneedle Software Holdings Limited
7.80
4, 160
Topaz Consultation LLC
N/A
1, 24
Trade Information Network Limited (In
Liquidation)
12.76
161
Trinkaus Europa Immobilien-Fonds Nr. 7
Frankfurt Mertonviertel KG
N/A
1, 77
We Trade Innovation Designated Activity
Company (In Liquidation)
9.88
2, 162
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1022": { "value": "
18
Interests in associates and joint ventures
Carrying amount of HSBC\u2019s interests in associates and joint ventures
2025
2024
$m
$m
Interests in associates
29,469
28,777
Interests in joint ventures
108
132
Interests in associates and joint ventures
29,577
28,909
Associates and joint ventures
The Group provides certain banking and financial services to associates and joint ventures including loans, overdrafts, interest and non-interest
bearing deposits and current accounts. Details of the interests in associates and joint ventures are given in Note 18.
Transactions and balances during the year with associates and joint ventures
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Unsubordinated amounts due from joint ventures
253
229
104
72
Unsubordinated amounts due from associates
9,945
4,760
8,097
5,011
Amounts due to associates
2,990
1,344
2,992
1,844
Amounts due to joint ventures
212
153
101
85
Fair value of derivative assets with associates
902
673
919
763
Fair value of derivative liabilities with associates
2,660
1,480
3,718
2,641
Guarantees and commitments
992
777
569
577
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties
Joint ventures
The undertakings below are joint ventures and equity accounted.
Joint ventures
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Climate Asset Management Limited
40.00
135
MK HoldCo Limited
50.32
2, 136
Pentagreen Capital Pte. Ltd
50.00
137
ProServe Bermuda Limited
50.00
138
The London Silver Market Fixing Limited
N/A
1, 2, 139
Vaultex UK Limited
50.00
2, 140
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1024": { "value": "
Impairment testing
The Group\u2019s impairment test at 30 June 2025 concluded that there were indications of impairment. As part of this assessment, an impairment test
on the carrying amount with an updated VIU calculation was performed which resulted in an impairment of $1.0bn, as the recoverable amount as
determined by the VIU calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in
associate'. The impairment loss is not deductible for tax purposes.
At 31 December 2025, no further impairment (or reversal) was required and the investment had a carrying amount of $22.5bn (2024: $22.4bn) and
a fair value of $11.7bn (2024: $11.6bn).
Basis of recoverable amount
The VIU calculation uses discounted cash flow projections based on management\u2019s best estimates of future earnings available to ordinary
shareholders prepared in accordance with IAS 36 \u2019Impairment of Assets\u2019. Those cash flows used estimates based on BoCom\u2019s current condition
and so do not include estimated cash flows arising from uncommitted future actions that may affect the performance of the investment which will
be considered at the relevant time should they arise. Significant management judgement is required in arriving at the best estimate.
The VIU may increase or decrease depending on the effect of changes to model inputs. The main model inputs are described below and are based
on factors observed at period-end. The factors that could result in increases or reductions in the VIU include changes in BoCom\u2019s short-term
performance, a change in regulatory capital requirements or revisions to the forecast of BoCom\u2019s future profitability.
There are two main components to the VIU calculation. The first component is management\u2019s best estimate of BoCom\u2019s earnings. Forecast
earnings growth over the short to medium term continues to be lower than recent (within the last five years) actual growth, and reflects the impact
of recent macroeconomic, policy and industry factors in mainland China. As a result of management\u2018s intent to continue to retain its investment for
the long term, earnings beyond the short to medium term are extrapolated into perpetuity using a long-term growth rate to derive a terminal value,
which comprises the majority of the VIU. The second component is the capital maintenance charge (\u2018CMC\u2019), which is management\u2019s forecast of
the earnings that need to be withheld in order for BoCom to meet capital requirements over the forecast period, meaning that CMC is deducted
when arriving at management\u2019s estimate of future earnings available to ordinary shareholders. The CMC reflects the revised capital requirements
arising from revisions of the ratio of risk-weighted assets to total assets assumption. The principal inputs to the CMC calculation include estimates
of asset growth, the ratio of risk-weighted assets to total assets and the expected capital requirements. An increase in the CMC as a result of a
change to these principal inputs would reduce VIU. Additionally, management considers other qualitative factors, to ensure that the inputs to the
VIU calculation remain appropriate.
Key assumptions in value in use calculation
We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36:
\u2013 Long-term profit growth rate: 3.00% (2024: 3.00%) for periods after 2029, which does not exceed forecast GDP growth in mainland China and
is similar to forecasts by external analysts.
\u2013 Long-term asset growth rate: 3.25% (2024: 3.25%) for periods after 2029, which is the rate that assets are expected to grow to achieve long-
term profit growth of 3.00%.
\u2013 Discount rate: 8.08% (2024: 8.53%), which is based on a capital asset pricing model (\u2018CAPM\u2019), using market data. The discount rate used is
within the range of 7.1% to 8.7% (2024: 7.1% to 8.8%) indicated by the CAPM, and decreased primarily as a consequence of a market-driven
reduction in the risk-free rate.
\u2013 Expected credit losses (\u2018ECL\u2019) as a percentage of loans and advances to customers: ranges from 0.67% to 0.87% (2024: 0.74% to 0.93%) in
the short to medium term, reflecting reported credit experience in mainland China. For periods after 2029, the ratio is 0.87% (2024: 0.97%),
reflecting the anticipated continuation of BoCom\u2019s lower average ECL as a percentage of loans and advances to customers experienced in
recent years.
\u2013 Risk-weighted assets as a percentage of total assets: ranges from 62.0% to 64.2% (2024: 62.0% to 62.5%) in the short to medium term,
reflecting higher risk-weights in the short term followed by an expected reversion to recent historical levels. For periods after 2029, the ratio is
62.0% (2024: 62.0%), which continues to be similar to BoCom\u2019s actual results in recent years.
\u2013 Loans and advances to customers growth rate: ranges from 7.5% to 8.0% (2024: 7.5% to 9.5%) in the short to medium term, which is similar
to BoCom\u2019s actual results in recent years. Decreases in the forecast growth rate of loans and advances to customers result in lower forecast
ECL.
\u2013 Operating income growth rate: ranges from 0.5% to 7.4% (2024: 0.1% to 9.9%) in the short to medium term, which is similar to BoCom\u2019s
actual results in recent years. The projected net interest income over the short to medium term reduced to reflect expected pressure on net
interest margin compared with the prior period, which led to a net reduction in the VIU.
\u2013 Cost-income ratio: ranges from 34.8% to 40.0% (2024: 34.6% to 39.8%) in the short to medium term. These ratios are similar to BoCom\u2019s
actual results in recent years.
\u2013 Long-term effective tax rate: 15.0% (2024:\u00a015.0%) for periods after 2029, which is higher than the recent historical average, and aligned to the
minimum tax rate as proposed by the OECD/Group of 20 (\u2018G20\u2019) Inclusive Framework on Base Erosion and Profit Shifting.
\u2013 Capital requirements: capital adequacy ratio of 12.5% (2024: 12.5%) and tier 1 capital adequacy ratio of 9.5% (2024: 9.5%), based on BoCom\u2019s
capital risk appetite and capital requirements respectively.
The following table illustrates the impact on the carrying amount of reasonably possible changes to key assumptions used in the VIU calculation.
This reflects the sensitivity of each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may
occur at the same time. The selected rates of reasonably possible changes to key assumptions are based on external analysts\u2019 forecasts, statutory
requirements and other relevant external data sources, which can change period to period. Unless specified, favourable and unfavourable changes
are consistently applied throughout short-to-medium and long-term forecast years, based on a straight-line average of the base case assumption.
Sensitivity of the carrying amount to the key VIU assumptions
Favourable change
Unfavourable change
Reversal of impairment/
VIU headroom
Impairment
bps
$bn
bps
$bn
At 31 Dec 2025
Long-term profit growth rate
30
2.1
(104)
(6.0)
Long-term asset growth rate
(129)
9.1
5
(0.5)
Discount rate
(98)
4.6
232
(5.5)
Expected credit losses as a percentage of loans and advances to
customers1
2025 to 2029: 64
2030 onwards: 84
1.8
2025 to 2029: 90
2030 onwards: 98
(4.7)
Risk-weighted assets as a percentage of total assets
(184)
0.8
182
(1.7)
Loans and advances to customers growth rate
(138)
1.8
455
(7.1)
Operating income growth rate
101
3.7
(100)
(3.8)
Cost-income ratio
(281)
0.4
292
(6.4)
Long-term effective tax rate
(426)
1.7
1,000
(4.0)
Capital requirements \u2013 capital adequacy ratio
\u2014
\u2014
363
(13.0)
Capital requirements \u2013 tier 1 capital adequacy ratio
\u2014
\u2014
333
(6.9)
At 31 Dec 2024
Long-term profit growth rate
55
4.0
(96)
(5.4)
Long-term asset growth rate
(121)
8.6
30
(2.8)
Discount rate
(143)
5.4
287
(6.4)
Expected credit losses as a percentage of loans and advances to
customers1
2024 to 2028: 66
2029 onwards: 91
4.0
2024 to 2028: 108
2029 onwards: 104
(4.3)
Risk-weighted assets as a percentage of total assets
(132)
0.8
234
(1.7)
Loans and advances to customers growth rate
(217)
3.4
340
(6.1)
Operating income growth rate
76
2.7
(81)
(3.3)
Cost-income ratio
(190)
0.2
380
(7.1)
Long-term effective tax rate
(426)
1.6
1,000
(4.0)
Capital requirements \u2013 capital adequacy ratio
\u2014
\u2014
372
(14.3)
Capital requirements \u2013 tier 1 capital adequacy ratio
\u2014
\u2014
270
(6.7)
1The expected credit losses as a percentage of loans and advances to customers reflect selected favourable and unfavourable rates.
Considering the interrelationship of the changes set out in the table above, management estimates that the reasonably possible range of VIU is
$13.4bn to $31.0bn (2024: $13.5bn to $30.8bn), acknowledging that the fair value of the Group\u2019s investment has ranged from $7.5bn to $13.1bn
over the last five years as at the date of the impairment tests. The possible range of VIU is based on impacts set out in the table above arising
from the favourable/unfavourable change in the operating income in the short to medium term, the expected credit losses as a percentage of loans
and advances to customers, and a 50bps increase/decrease in the discount rate. All other long-term assumptions, and the basis of the CMC have
been kept unchanged when determining the reasonably possible range of the VIU.
Selected financial information of BoCom
The statutory accounting reference date of BoCom is 31 December. For the year ended 31 December 2025, HSBC included the associate\u2019s results
on the basis of the financial statements for the 12 months ended 30 September 2025, taking into account any known changes in the subsequent
period from 1 October 2025 to 31 December 2025 that would have materially affected the results.
Impairment testing
The fair value of the Group\u2019s investment in SAB was marginally below the carrying amount as at 31 December 2025. An impairment test on the
carrying amount with a VIU calculation was performed. The recoverable amount as determined by the VIU calculation was higher than the carrying
amount using discounted cash flow projections. SAB has also had increasing profits each year. On that basis, the Group has concluded there is no
indication of impairment.
The VIU calculation was based on management\u2019s best estimates of future earnings available to ordinary shareholders prepared in accordance with
IAS 36 \u2018Impairment of Assets\u2019. Those cash flows used estimates based on SAB\u2019s current condition and so do not include estimated cash flows
arising from uncommitted future actions that may affect the performance of the investment, which will be considered at the relevant time should
they arise.
Goodwill
Impairment testing
The Group\u2019s impairment test in respect of goodwill allocated to each cash-generating unit (\u2018CGU\u2019) is performed at 1 October each year. A review
for indicators of impairment is undertaken at each subsequent quarter-end and at 31 December 2025. No indicators of impairment were identified
as part of these reviews.
Basis of the recoverable amount
The recoverable amount of all CGUs to which goodwill has been allocated was equal to its value in use (\u2018VIU\u2019) at each respective testing date. The
VIU is calculated by discounting management\u2019s cash flow projections for the CGU. The key assumptions used in the VIU calculation for each
individually significant CGU that is not impaired are discussed below.
Key assumptions in VIU calculation \u2013 significant CGUs at 1 October 20251
Carrying
amount at
1\u00a0Oct 2025
of which
goodwill
Value in
use at 1\u00a0Oct
2025
Discount
rate
Growth
rate beyond
initial
cash flow
Carrying
amount at
1\u00a0Oct \u00a02024
of which
goodwill
Value in
use at 1\u00a0Oct
2024
Discount
rate
Growth
rate beyond
initial cash flow
projections
$m
$m
$m
%
%
$m
$m
$m
%
%
HSBC UK
Bank plc \u2013 UK
29,022
2,639
82,529
9.3
2.1
N/A
N/A
N/A
N/A
N/A
HSBC UK
Bank plc \u2013
WPB
N/A
N/A
N/A
N/A
N/A
12,785
2,843
27,118
10.6
2.0
1Following change in the Group\u2019s reportable segments effective from 1 January 2025 the Group\u2019s CGUs are the Group\u2019s reportable segments subdivided by
main legal entities.
At 1 October 2025, aggregate goodwill of $1.8bn (1 October 2024: $1.5bn) had been allocated to CGUs that were not considered individually
significant. The Group\u2019s CGUs do not carry on their balance sheets any significant intangible assets with indefinite useful lives, other than goodwill.
Management\u2019s judgement in estimating the cash flows of a CGU
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental. The cash flow projections for each CGU are based on forecast profitability plans
approved by the Board and minimum capital levels required to support the business operations of a CGU. The Board challenges and endorses
planning assumptions in light of internal capital allocation decisions necessary to support our strategy, current market conditions and
macroeconomic outlook. For the 1 October 2025 impairment test, cash flow projections until the end of 2030 were considered, in line with our
internal planning horizon. Key assumptions underlying cash flow projections reflect management\u2019s outlook on interest rates and inflation, as well
as business strategy, including the scale of investment in technology and automation. Our cash flow projections include known and observable
climate-related opportunities and costs associated with our sustainable products and operating model. As required by IFRS Accounting Standards,
estimates of future cash flows exclude estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity
has a constructive obligation to carry out the plan, and would therefore have recognised a provision for restructuring costs.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model
(\u2018CAPM\u2019) and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the
economic variables and management\u2019s judgement. The discount rates for each CGU are refined to reflect the rates of inflation for the countries
within which the CGU operates. In addition, for the purposes of testing goodwill for impairment, management supplements this process by
comparing the discount rates derived using the internally generated CAPM, with the cost of equity rates produced by external sources for
businesses operating in similar markets. The impacts of climate risk are included to the extent that they are observable in discount rates and asset
prices.
Long-term growth rate
The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective within the Group of business
units making up the CGUs. These growth rates reflect inflation for the countries within which the CGU operates or from which it derives revenue.
Sensitivities of key assumptions in calculating VIU
At 1 October 2025, given the extent by which VIU exceeds carrying amount, HSBC UK Bank plc CGU was not sensitive to reasonably possible
adverse changes in key assumptions supporting the recoverable amount. In making an estimate of reasonably possible changes to assumptions,
management considers the available evidence in respect of each input to the VIU calculation, such as the external range of discount rates
observable, historical performance against forecast and risks attaching to the key assumptions underlying cash flow projections. None of the
remaining CGUs are individually significant.
Other intangible assets
Impairment testing
Impairment of other intangible assets is assessed in accordance with our policy explained in Note 1.2(b) by comparing the net carrying amount of
CGUs containing intangible assets with their recoverable amounts. Recoverable amounts are determined by calculating an estimated VIU or fair
value, as appropriate, for each CGU. No significant impairment was recognised during the year.
Key assumptions in VIU calculation
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of other intangible assets in the next
financial year, but does consider this to be an area that is inherently judgemental. We used a number of assumptions in our VIU calculation, in
accordance with the requirements of IAS 36:
\u2013 Management\u2019s judgement in estimating future cash flows: We considered past business performance, current market conditions and our
macroeconomic outlook to estimate future earnings. As required by IFRS Accounting Standards, estimates of future cash flows exclude
estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity has a constructive obligation to carry
out the plan, and would therefore have recognised a provision for restructuring costs. For some businesses, this means that the benefit of
certain strategic actions may not be included in the impairment assessment, including capital releases. Our cash flow projections include
known and observable climate-related opportunities and costs associated with our sustainable products and operating model.
\u2013 Long-term growth rates: The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
the businesses within the Group.
\u2013 Discount rates: Rates are based on a combination of CAPM and market-implied calculations considering market data for the businesses and
geographies in which the Group operates. The impacts of climate risk are included to the extent that they are observable in discount rates and
asset prices.
Sensitivity of estimates relating to non-financial assets
As explained in Note 1.2(b), estimates of future cash flows for CGUs are made in the review of goodwill and non-financial assets for impairment.
Non-financial assets include other intangible assets shown above, and owned property, plant and equipment and right-of-use assets (see Note\u00a022).
The most significant sources of estimation uncertainty are in respect of the goodwill balances disclosed above. There are no non-financial asset
balances relating to individual CGUs which involve estimation uncertainty that represents a significant risk of resulting in a material adjustment to
the results and financial position of the Group within the next financial year.
Non-financial assets are widely distributed across CGUs within the legal entities of the Group, including Corporate Centre assets that cannot be
allocated to CGUs and are therefore tested for impairment at consolidated level. The recoverable amounts of other intangible assets, owned
property, plant and equipment, and right-of-use assets cannot be lower than individual asset fair values less costs to dispose, where relevant. At
31 December 2025 none of the CGUs were sensitive to reasonably possible adverse changes in key assumptions supporting the recoverable
amount. In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each
input to the VIU calculation, such as the external range of discount rates observable, historical performance against forecast and risks attaching to
the key assumptions underlying cash flow projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1025": { "value": "
19
Investments in subsidiaries\u00a0
Main subsidiaries of HSBC Holdings1
At 31 Dec 2025
Place of
incorporation or
registration
HSBC\u2019s
interest %
Share class
Europe
HSBC Bank plc
England and Wales
100
\u00a31 Ordinary, $0.01 Non-Cumulative Third Dollar
Preference
HSBC UK Bank plc
England and Wales
100
\u00a31 Ordinary
HSBC Continental Europe
France
99.99
\u20ac5 Actions
Asia
Hang Seng Bank Limited2,3
Hong Kong
63.43
HK$5 Ordinary
HSBC Bank (China) Company Limited4
People\u2019s Republic of
China
100
CNY1 Ordinary
HSBC Bank Malaysia Berhad
Malaysia
100
Ordinary no par value
HSBC Life (International) Limited
Bermuda
100
HK$1 Ordinary
The Hongkong and Shanghai Banking Corporation Limited
Hong Kong
100
Ordinary no par value
Middle East, North Africa and T\u00fcrkiye
HSBC Bank Middle East Limited
United Arab Emirates
100
$1 Ordinary and $1 Preference shares
North America
HSBC Bank USA, N.A.
US
100
$100 Common and $0.01 Preference
Latin America
HSBC Mexico, S.A., Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero HSBC
Mexico
99.99
MXN2 Ordinary
1Main subsidiaries are either held directly or indirectly via intermediate holding companies. There has been no material percentage change in HSBC\u2019s
shareholding for its existing main subsidiaries since 2024.
2In addition to the strategic holding disclosed above, the Group held 0.07% (2024: 0.06%) shareholding as part of its trading books.
3Based on the latest corporate substantial shareholding notice filed with Hong Kong Exchange and Clearing Limited on 21 June 2024, the Group\u2019s shareholding in
Hang Seng Bank on 18 June 2024 was 63.04%. Movements in our shareholding since 18 June 2024 are reflected in the above table. Hang Seng Bank became a
wholly owned subsidiary of the Group following the completion of the privatisation on 26 January 2026. See Note 37 for further details.
4Represents a wholly foreign owned limited liability company registered under the laws of People\u2019s Republic of China.
Details of the debt, subordinated debt and preference shares issued by the main subsidiaries to parties external to the Group are included in Note
26 \u2018Debt securities in issue\u2019 and Note 29 \u2018Subordinated liabilities\u2019, respectively.
A list of all related undertakings is set out in Note 38. The principal countries and territories of operation are the same as the countries and
territories of incorporation except for HSBC Life (International) Limited, which operates mainly in Hong Kong.
HSBC is structured as a network of regional banks and locally incorporated regulated banking entities. Each bank is separately capitalised in
accordance with applicable prudential requirements and maintains a capital buffer consistent with the Group\u2019s risk appetite for the relevant country
or region. HSBC\u2019s capital management process is incorporated in the financial resource plan, which is approved by the Board.
HSBC Holdings is the primary provider of equity capital to its subsidiaries and also provides them with non-equity capital where necessary. These
investments are substantially funded by HSBC Holdings\u2019 issuance of equity and non-equity capital, and by profit retention.
As part of its capital management process, HSBC Holdings seeks to maintain a balance between the composition of its capital and its investment
in subsidiaries. Subject to this, there is no current or foreseen impediment to HSBC Holdings\u2019 ability to provide funding for such investments.
During 2025, consistent with the Group\u2019s capital plan, the Group\u2019s material subsidiaries did not experience any significant restrictions on paying
dividends or repaying loans and advances. Also, there are no foreseen restrictions envisaged with regard to planned dividends or payments from
material subsidiaries. However, the ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things,
their respective local regulatory capital and banking requirements, exchange controls, statutory reserves, and financial and operating performance.
The amount of guarantees by HSBC Holdings in favour of other Group entities is set out in Note 33.
Information on structured entities consolidated by HSBC where HSBC owns less than 50% of the voting rights is included in Note 20 \u2018Structured
entities\u2019. In each of these cases, HSBC controls and consolidates an entity when it is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Impairment testing of investments in subsidiaries
At each reporting period end, HSBC Holdings reviews investments in subsidiaries for indicators of impairment. An impairment is recognised when
the carrying amount exceeds the recoverable amount for that investment. The recoverable amount is the higher of the investment\u2019s fair value less
costs of disposal and its VIU, in accordance with the requirements of IAS 36. The VIU is calculated by discounting management\u2019s cash flow
projections for the investment. The cash flows represent the free cash flows based on the subsidiary\u2019s binding capital requirements.
We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36:
\u2013 Management\u2019s judgement in estimating future cash flows: The cash flow projections for each investment are based on the latest approved
plans, which include forecast capital available for distribution based on the capital requirements of the subsidiary, taking into account minimum
and core capital requirements and factoring in reasonably possible uncertainties. For the impairment test as at 31 December 2025, cash flow
projections until the end of 2030 were considered in line with our internal planning horizon. Our cash flow projections include known and
observable climate-related opportunities and costs associated with our sustainable products and operating model.
\u2013 Long-term growth rates: The long-term growth rate is used to extrapolate the free cash flows in perpetuity because of the long-term
perspective of the legal entity. The growth rate reflects long-term inflation for the country or territory within which the investment operates.
\u2013 Discount rates: The rate used to discount the cash flows is based on the cost of capital assigned to each investment, which is derived using a
CAPM and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated as well as leverage. These variables are based on the
market\u2019s assessment of the economic variables and management\u2019s judgement. The discount rates for each investment are refined to reflect
the rates of inflation for the countries or territories within which the investment operates. In addition, for the purposes of testing investments
for impairment, management supplements this process by comparing the discount rates derived using the internally generated CAPM, with
cost of capital rates produced by external sources for businesses operating in similar markets. The impacts from climate risk are included to the
extent that they are observable in discount rates and asset prices.
The carrying amount of HSBC Holdings\u2019 investments in subsidiaries was $157.7bn at 31 December 2025 (2024: $152.3bn), an increase of $5.4bn
during the year, primarily reflecting additional capital contributions of $1.9bn to HSBC Asia Holdings Limited and $0.7bn to HSBC UK Bank plc,
together with a $2.8bn impairment reversal relating to HSBC Overseas Holdings (UK) Limited. The impairment reversal was driven by improved
business performance, revenue growth and continued cost discipline, which strengthened the outlook of its principal subsidiary HSBC North
America Holdings Inc. Cumulative impairment losses recognised for HSBC Overseas Holdings (UK) Limited were $18.8bn (2024: $21.6bn), with
the carrying amount increasing to $16.8bn (2024: $14bn).
Impairment test results
Investments
Recoverable
amount
Discount
rate
Long-term
growth rate
$m
%
%
HSBC North America Holdings Inc.
At 31 Dec 2025
16,016
10.91
2.30
At 31 Dec 2024
13,264
11.00
2.25
Sensitivities of key assumptions in calculating VIU
At 31 December 2025, the recoverable amount of HSBC Overseas Holdings (UK) Limited remained sensitive to reasonably possible changes in
key assumptions impacting its principal subsidiary, HSBC North America Holdings Inc.
In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each input to
the model. These include the external range of observable discount rates, historical performance against forecast, and risks attached to the key
assumptions underlying cash flow.
The following table presents a summary of the key assumptions underlying the most sensitive inputs to the model for HSBC North America
Holdings Inc., the key risks attached to each, and details of a reasonably possible change to assumptions where, in the opinion of management,
these could result in a change in VIU.
Reasonably possible changes in key assumptions
Input
Key assumptions
Associated risks
Reasonably possible
change
Investment
HSBC North America Holdings Inc.
(subsidiary of HSBC Overseas
Holdings (UK) Limited)
Free cash flows projections
\u2013 Level of interest rates and
yield curves.
\u2013 Competitors\u2019 positions
within the market.
\u2013 Strategic actions
relating to revenue and
costs are not achieved.
\u2013 Free cash flow
projections decrease
by 10%.
Discount rate
\u2013 Discount rate used is a
reasonable estimate of a
suitable market rate for
the profile of the
business.
\u2013 External evidence arises
to suggest that the rate
used is not appropriate
to the business.
\u2013 Discount rate
decreases by 1%.
Sensitivity of VIU to reasonably possible changes in key assumptions
In $bn (unless otherwise stated)
At 31 Dec 2025
At 31 Dec 2024
HSBC North America Holdings Inc.
VIU
16.0
13.3
Impact on VIU
100bps decrease in the discount rate \u2013 single variable1
1.8
1.5
10% decrease in forecast profitability \u2013 single variable1
(1.6)
(1.3)
1The recoverable amount of HSBC Overseas Holdings (UK) Limited represents the aggregate of recoverable amounts of the underlying subsidiaries. Single
variable sensitivity analysis on a single subsidiary may therefore not be representative of the aggregate impact of the change in the variable.
Subsidiaries with significant non-controlling interests
2025
2024
Hang Seng Bank Limited
Proportion of ownership interests and voting rights held by non-controlling interests (%)1
36.57
36.88
Place of business
Hong Kong
Hong Kong
$m
$m
Profit attributable to non-controlling interests
770
905
Accumulated non-controlling interests of the subsidiary
7,001
6,879
Dividends paid to non-controlling interests
627
620
Summarised financial information:
\u2013\u00a0 total assets
231,786
229,069
\u2013\u00a0 total liabilities
211,124
208,908
\u2013\u00a0 net operating income before changes in expected credit losses and other credit impairment charges
5,336
5,249
\u2013\u00a0 profit for the year
2,097
2,434
\u2013\u00a0 total comprehensive income for the year
2,509
2,482
1This includes the Group\u2019s shareholding held under trading books 0.07% (2024: 0.06%).
HSBC Holdings
Details of HSBC Holdings\u2019 subsidiaries are shown in Note 38.
Transactions and balances during the year with subsidiaries
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Assets
Cash and balances with HSBC undertakings
7,613
5,079
9,342
2,548
Financial assets with HSBC undertakings designated and otherwise mandatorily
measured at fair value
70,015
67,217
66,030
61,286
Derivatives
3,102
1,942
3,391
3,054
Loans and advances to HSBC undertakings
40,500
40,500
37,677
37,677
Prepayments, accrued income and other assets
6,126
3,416
7,108
4,216
Investments in subsidiaries
157,728
157,728
160,805
152,337
Total related party assets at 31 Dec
285,084
275,882
284,353
261,118
Liabilities
Amounts owed to HSBC undertakings
192
89
231
231
Derivatives
5,412
3,451
7,944
5,340
Accruals, deferred income and other liabilities
2,184
53
399
194
Subordinated liabilities
\u2014
\u2014
1,202
\u2014
Total related party liabilities at 31 Dec
7,788
3,593
9,776
5,765
Guarantees and commitments
7,318
6,983
7,440
7,327
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
One employee of HSBC Holdings is a member of the HSBC Bank (UK) Pension Scheme, which is sponsored by a separate Group company. HSBC
Holdings incurs a charge for this employee, equal to the contributions paid into the scheme on his behalf. Disclosure in relation to the scheme is
made in Note 5.
Subsidiaries
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
AI Nominees (UK) One Limited
100.00
11
AI Nominees (UK) Two Limited
100.00
11
Almacenadora Banpacifico S.A. (In
Liquidation)
N/A
1, 12
Assetfinance December (F) Limited
100.00
13
Assetfinance December (H) Limited (In
Liquidation)
100.00
14
Assetfinance December (P) Limited
100.00
11
Assetfinance December (R) Limited (In
Liquidation)
100.00
14
Assetfinance June (A) Limited
100.00
11
Assetfinance June (D) Limited (In Liquidation)
100.00
14
Assetfinance March (B) Limited
100.00
15
Assetfinance March (D) Limited
100.00
13
Assetfinance March (F) Limited (In
Liquidation)
100.00
14
Assetfinance September (F) Limited
100.00
11
Assetfinance September (G) Limited (In
Liquidation)
100.00
14
B&Q Financial Services Limited (In
Liquidation)
100.00
14
Banco HSBC S.A.
100.00
16
Banco Nominees (Guernsey) Limited
100.00
17
Banco Nominees 2 (Guernsey) Limited
100.00
17
Banco Nominees Limited
100.00
18
Beau Soleil Limited Partnership
N/A
1, 19
Beijing HSBC Real Estate Leasing Company
Limited
N/A
1, 10, 20
Beijing Miyun HSBC Rural Bank Company
Limited
N/A
1, 10, 21
BentallGreenOak China Real Estate
Investments, L.P.
N/A
1, 22
Canada Square Nominees (UK) Limited
100.00
11
Capco/Cove, Inc.
100.00
23
Card-Flo #3, Inc.
100.00
24
CCF & Partners Asset Management Limited
(In Liquidation)
100.00
(99.99)
14
CCF Holding (Liban) S.A.L. (In Liquidation)
74.99
2, 25
Charterhouse Administrators (D.T.) Limited
100.00
(99.99)
11
Charterhouse Management Services Limited
100.00
(99.99)
11
Charterhouse Pensions Limited
100.00
11
Chongqing Dazu HSBC Rural Bank Company
Limited
N/A
1, 10, 26
Chongqing Fengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 27
Chongqing Rongchang HSBC Rural Bank
Company Limited (In Liquidation)
N/A
1, 10, 28
COIF Nominees (UK) Two Limited
100.00
11
COIF Nominees Limited
N/A
1, 11
Corsair IV Financial Services Capital Partners -
B L.P
N/A
1, 29
Dalian Pulandian HSBC Rural Bank Company
Limited
N/A
1, 10, 30
Decision One Mortgage Company, LLC
N/A
1, 31
Desarrollo Turistico, S.A. de C.V. (In
Liquidation)
100.00
(99.99)
12
Electronic Data Process M\u00e9xico, S.A. de C.V.
100.00
32
Eton Corporate Services Limited
100.00
17
Flandres Contentieux S.A.
100.00
(99.99)
5, 33
Fonci\u00e8re Elys\u00e9es
100.00
(99.99)
5, 33
Fujian Yongan HSBC Rural Bank Company
Limited
N/A
1, 10, 34
Fulcher Enterprises Company Limited (In
Liquidation)
100.00
(63.43)
35
Fundacion HSBC, A.C.
100.00
(99.99)
2, 8, 12
Giller Ltd.
100.00
23
Griffin International Limited (In Liquidation)
100.00
14
Grupo Financiero HSBC, S. A. de C. V.
99.99
12
Guangdong Enping HSBC Rural Bank
Company Limited
N/A
1, 10, 36
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
Guangzhou HSBC Real Estate Company Ltd
N/A
1, 10, 37
Hang Seng (Nominee) Limited
100.00
(63.43)
38
Hang Seng Bank (China) Limited
N/A
1, 10, 39
Hang Seng Bank (Trustee) Limited
100.00
(63.43)
38
Hang Seng Bank Limited
63.43
38
Hang Seng Bullion Company Limited
100.00
(63.43)
38
Hang Seng Credit Limited (In Liquidation)
100.00
(63.43)
35
Hang Seng Data Services Limited
100.00
(63.43)
38
Hang Seng Finance Limited
100.00
(63.43)
38
Hang Seng Financial Information Limited
100.00
(63.43)
38
Hang Seng Indexes (Netherlands) B.V.
100.00
(63.43)
40
Hang Seng Indexes Company Limited
100.00
(63.43)
38
Hang Seng Insurance Company Limited
100.00
(63.43)
38
Hang Seng Investment Management Limited
100.00
(63.43)
38
Hang Seng Investment Services Limited
100.00
(63.43)
38
Hang Seng Qianhai Fund Management
Company Limited
N/A
1, 10, 41
Hang Seng Real Estate Management Limited
100.00
(63.43)
38
Hang Seng Securities Limited
100.00
(63.43)
38
Hang Seng Security Management Limited
100.00
(63.43)
38
HASE Wealth Limited
100.00
(63.43)
38
Haseba Investment Company Limited
100.00
(63.43)
38
HBPH Corporation (In Liquidation)
99.99
42
HFC Bank Limited (In Liquidation)
100.00
43
High Time Investments Limited
100.00
(63.43)
38
HLF
100.00
(99.99)
5, 33
Honey Blue Enterprises Limited
100.00
19
Honey Green Enterprises Ltd.
100.00
44
Honey Grey Enterprises Limited
100.00
19
Honey Silver Enterprises Limited
100.00
19
Household International Europe Limited (In
Liquidation)
100.00
43
Household Pooling Corporation
100.00
45
Housing (USA) Inc.
100.00
24
HSBC (BGF) Investments Limited
100.00
11
HSBC (Kuala Lumpur) Nominees Sdn Bhd
100.00
46
HSBC (Malaysia) Trustee Berhad
100.00
47
HSBC (Singapore) Nominees Pte Ltd
100.00
48
HSBC Agency (India) Private Limited
100.00
49
HSBC Amanah Malaysia Berhad
100.00
46
HSBC Americas Corporation (Delaware)
100.00
24
HSBC Asia Holdings B.V.
100.00
11
HSBC Asia Holdings Limited
100.00
3, 19
HSBC Asia Pacific Holdings (UK) Limited
100.00
6, 11
HSBC Asset Finance (UK) Limited
100.00
11
HSBC Asset Finance M.O.G. Holdings (UK)
Limited
100.00
11
HSBC Australia Holdings Pty Limited
100.00
4, 6, 52
HSBC BANK (CHILE)
100.00
53
HSBC Bank (China) Company Limited
N/A
1, 10, 54
HSBC Bank (General Partner) Limited
100.00
55
HSBC Bank (Mauritius) Limited
100.00
56
HSBC Bank (Singapore) Limited
100.00
48
HSBC Bank (Taiwan) Limited
100.00
57
HSBC Bank (Uruguay) S.A.
100.00
58
HSBC Bank (Vietnam) Ltd.
100.00
59
HSBC Bank A.S.
100.00
60
HSBC Bank Australia Limited
100.00
52
HSBC Bank Bermuda Limited
100.00
18
HSBC Bank Capital Funding (Sterling 1) LP
N/A
1, 55
HSBC Bank Egypt S.A.E
94.54
61
HSBC Bank Malaysia Berhad
100.00
4, 46
HSBC Bank Malta p.l.c.
70.03
62
HSBC Bank Middle East Limited
100.00
4, 63
HSBC Bank Pension Trust (UK) Limited
100.00
11
HSBC Bank plc
100.00
3, 4, 11
HSBC Bank USA, National Association
100.00
4, 64
HSBC Branch Nominee (UK) Limited
100.00
13
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Brasil Holding S.A.
100.00
16
HSBC Broking Forex (Asia) Limited
100.00
19
HSBC Broking Futures (Asia) Limited
100.00
19
HSBC Broking Futures (Hong Kong) Limited
100.00
19
HSBC Broking Securities (Asia) Limited
100.00
19
HSBC Broking Securities (Hong Kong) Limited
100.00
19
HSBC Broking Services (Asia) Limited
100.00
19
HSBC Capital (USA), Inc.
100.00
24
HSBC Card Services Inc.
100.00
24
HSBC Casa de Bolsa, S.A. de C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC Cayman Limited (In Liquidation)
100.00
65
HSBC Cayman Services Limited
100.00
65
HSBC Client Holdings Nominee (UK) Limited
100.00
11
HSBC Client Nominee (Jersey) Limited
100.00
2, 66
HSBC Continental Europe
99.99
5, 33
HSBC Corporate Advisory (Malaysia) Sdn Bhd
100.00
46
HSBC Corporate Finance (Hong Kong) Limited
100.00
19
HSBC Corporate Secretary (UK) Limited
100.00
3, 11
HSBC Corporate Services (Shanghai) Co., Ltd.
N/A
1, 10, 67
HSBC Corporate Trustee Company (UK)
Limited
100.00
11
HSBC Custody Nominees (Australia) Limited
100.00
52
HSBC Custody Services (Guernsey) Limited
100.00
17
HSBC Electronic Data Processing
(Guangdong) Limited
N/A
1, 10, 69
HSBC Electronic Data Processing (Malaysia)
Sdn Bhd
100.00
70
HSBC Electronic Data Processing
(Philippines), Inc.
99.99
71
HSBC Electronic Data Processing India
Private Limited
100.00
72
HSBC Electronic Data Processing Lanka
(Private) Limited
100.00
73
HSBC Electronic Data Service Delivery
(Egypt) S.A.E
100.00
74
HSBC Equipment Finance (UK) Limited
100.00
13
HSBC Equity (UK) Limited (In Liquidation)
100.00
14
HSBC Europe B.V.
100.00
11
HSBC Express Finance Data Services Limited
100.00
19
HSBC Factoring (France)
100.00
(99.99)
5, 33
HSBC Finance (Netherlands)
100.00
3, 11
HSBC Finance Corporation
100.00
24
HSBC Finance Limited (In Liquidation)
100.00
14
HSBC Finance Transformation (UK) Limited
100.00
11
HSBC Financial Advisors Singapore Pte. Ltd.
100.00
2, 48
HSBC Financial Services (Lebanon) S.A.L (In
Liquidation)
99.83
75
HSBC FinTech Services (Shanghai) Company
Limited
N/A
1, 10, 76
HSBC Global Custody Nominee (UK) Limited
100.00
11
HSBC Global Custody Proprietary Nominee
(UK) Limited
100.00
11
HSBC Global Services (Canada) Limited
100.00
85
HSBC Global Services (China) Holdings
Limited
100.00
11
HSBC Global Services (Hong Kong) Limited
100.00
19
HSBC Global Services (UK) Limited
100.00
11
HSBC Global Services Limited
100.00
3, 11
HSBC Group Management Services Limited
100.00
11
HSBC Group Nominees UK Limited
100.00
3, 11
HSBC Holdings B.V.
100.00
11
HSBC Innovation Bank Limited
100.00
87
HSBC Institutional Trust Services (Asia)
Limited
100.00
19
HSBC Institutional Trust Services (Bermuda)
Limited
100.00
18
HSBC Institutional Trust Services (Mauritius)
Limited
100.00
88
HSBC Institutional Trust Services (Singapore)
Limited
100.00
48
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Insurance (Asia) Limited
100.00
89
HSBC Insurance (Asia-Pacific) Holdings
Limited
100.00
79
HSBC Insurance (Bermuda) Limited
100.00
18
HSBC Insurance Agency (USA) Inc.
100.00
90
HSBC Insurance Brokerage Company Limited
N/A
1, 10, 91
HSBC Insurance Brokers Greater China
Limited
100.00
79
HSBC Insurance SAC 1 (Bermuda) Limited
100.00
18
HSBC Insurance SAC 2 (Bermuda) Limited
100.00
18
HSBC International Finance Corporation
(Delaware)
100.00
92
HSBC International Trustee (BVI) Limited
100.00
9, 93
HSBC International Trustee (Holdings) Pte.
Limited
100.00
48
HSBC International Trustee Limited
100.00
94
HSBC Inversiones S.A.
100.00
53
HSBC InvestDirect (India) Private Limited
99.99
50
HSBC InvestDirect Financial Services (India)
Limited
99.99
50
HSBC InvestDirect Sales & Marketing (India)
Private Limited
98.99
(98.98)
49
HSBC InvestDirect Securities (India) Private
Limited
99.99
50
HSBC Investment and Insurance Brokerage,
Philippines Inc.
99.99
95
HSBC Investment Bank Holdings B.V.
100.00
11
HSBC Investment Bank Holdings Limited
100.00
11
HSBC Investment Company Limited
100.00
3, 11
HSBC Invoice Finance (UK) Limited
100.00
13
HSBC Issuer Services Common Depositary
Nominee (UK) Limited
100.00
11
HSBC Latin America B.V.
100.00
11
HSBC Latin America Holdings (UK) Limited
100.00
3, 11
HSBC Leasing (Asia) Limited
100.00
19
HSBC Life (Bermuda) Limited
100.00
18
HSBC Life (Cornell Centre) Limited
100.00
89
HSBC Life (Edwick Centre) Limited
100.00
89
HSBC Life (International) Limited
100.00
18
HSBC Life (Property) Limited
100.00
89
HSBC Life (Singapore) Pte. Ltd.
100.00
48
HSBC Life (Tsing Yi Industrial) Limited
100.00
89
HSBC Life (UK) Limited
100.00
11
HSBC Life (Workshop) Limited
100.00
89
HSBC Life Assurance (Malta) Ltd.
100.00
(70.03)
80
HSBC Life Insurance Company Limited
N/A
1, 10, 97
HSBC LU Nominees Limited
100.00
11
HSBC Markets (USA) Inc.
100.00
24
HSBC Marking Name Nominee (UK) Limited
100.00
11
HSBC Master Trust Trustee Limited (In
Liquidation)
100.00
14
HSBC Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero HSBC
99.99
12
HSBC Middle East Asset CO. LLC
100.00
100
HSBC Middle East Holdings B.V.
100.00
3, 4, 63
HSBC Middle East Leasing Partnership
N/A
1, 101
HSBC Middle East Securities L.L.C (In
Liquidation)
100.00
102
HSBC Mortgage Corporation (USA)
100.00
24
HSBC Nominees (Asing) Sdn Bhd
100.00
46
HSBC Nominees (Hong Kong) Limited
100.00
19
HSBC Nominees (New Zealand) Limited
100.00
103
HSBC Nominees (Tempatan) Sdn Bhd
100.00
46
HSBC North America Holdings Inc.
100.00
4, 24
HSBC Overseas Holdings (UK) Limited
100.00
3, 11
HSBC Overseas Investments Corporation
(New York)
100.00
104
HSBC Overseas Nominee (UK) Limited
100.00
11
HSBC PB Corporate Services 1 Limited
100.00
105
HSBC PB Services (Suisse) SA
100.00
106
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Pension Trust (Ireland) DAC (In
Liquidation)
100.00
107
HSBC Pensiones, S.A. (In Liquidation)
100.00
(99.99)
12
HSBC PI Holdings (Mauritius) Limited
100.00
88
HSBC Preferential LP (UK)
100.00
11
HSBC Private Bank (Luxembourg) S.A.
100.00
(99.99)
96
HSBC Private Bank (Suisse) SA
100.00
106
HSBC Private Bank (UK) Limited
100.00
11
HSBC Private Banking Holdings (Suisse) SA
100.00
106
HSBC Private Banking Nominee 3 (Jersey)
Limited
100.00
105
HSBC Private Equity Investments (UK)
Limited
100.00
11
HSBC Private Markets Management SARL
N/A
1, 2, 108
HSBC Private Trustee (Hong Kong) Limited
100.00
19
HSBC Professional Services (India) Private
Limited
100.00
109
HSBC Property (UK) Limited
100.00
11
HSBC Property Funds (Holding) Limited
100.00
11
HSBC Provident Fund Trustee (Hong Kong)
Limited
100.00
19
HSBC Qianhai Securities Limited
N/A
1, 10, 110
HSBC Real Estate Leasing (France)
100.00
(99.99)
5, 33
HSBC REGIO Fund General Partner S.\u00e0 r.l.
100.00
86
HSBC Retirement Benefits Trustee (UK)
Limited
100.00
3, 11
HSBC Retirement Services Limited (In
Liquidation)
100.00
2, 14
HSBC Saudi Arabia, Closed Joint Stock
Company
100.00
(66.19)
111
HSBC Securities (Egypt) S.A.E. (In
Liquidation)
100.00
(94.65)
112
HSBC Securities (Japan) Co., Ltd.
100.00
51
HSBC Securities (Singapore) Pte Limited
100.00
48
HSBC Securities (South Africa) (Pty) Limited
100.00
113
HSBC Securities (Taiwan) Corporation Limited
100.00
57
HSBC Securities (USA) Inc.
100.00
24
HSBC Securities and Capital Markets (India)
Private Limited
99.99
6, 49
HSBC Securities Brokers (Asia) Limited
100.00
19
HSBC Securities Investments (Asia) Limited
100.00
19
HSBC Securities Services (Bermuda) Limited
100.00
18
HSBC Securities Services (Guernsey) Limited
100.00
17
HSBC Securities Services (Ireland) DAC
100.00
107
HSBC Securities Services (Luxembourg) S.A.
100.00
96
HSBC Securities Services Holdings (Ireland)
DAC
100.00
107
HSBC Securities Services Nominees Limited
100.00
19
HSBC Seguros, S.A de C.V., Grupo Financiero
HSBC
100.00
(99.99)
12
HSBC Semfi Limited
75.00
11
HSBC Service Company Germany GmbH
100.00
(99.99)
7, 77
HSBC Service Delivery (Polska) Sp. z o.o.
100.00
114
HSBC Services (France)
100.00
(99.99)
5, 33
HSBC Services Japan Limited
100.00
84
HSBC Services USA Inc.
100.00
115
HSBC Servicios Financieros, S.A. de C.V
100.00
(99.99)
12
HSBC Servicios, S.A. DE C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC SFT (C.I.) Limited
100.00
17
HSBC Software Development (Guangdong)
Limited
N/A
1, 10, 116
HSBC Software Development (India) Private
Limited
100.00
117
HSBC Software Development (Malaysia) Sdn
Bhd
100.00
70
HSBC Specialist Investments Limited
100.00
11
HSBC Technology & Services (USA) Inc.
100.00
24
HSBC Transaction Services GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt (International)
S.A.
100.00
(99.99)
96
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Trinkaus & Burkhardt Gesellschaft fur
Bankbeteiligungen mbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus Real Estate GmbH
100.00
(99.99)
7, 77
HSBC Trust Company (Delaware), National
Association
100.00
92
HSBC Trustee (C.I.) Limited
100.00
105
HSBC Trustee (Cayman) Limited
100.00
65
HSBC Trustee (Guernsey) Limited
100.00
17
HSBC Trustee (Hong Kong) Limited
100.00
19
HSBC Trustee (Singapore) Limited
100.00
48
HSBC UK Bank plc
100.00
3, 13
HSBC UK Client Nominee Limited
100.00
13
HSBC UK Covered Bonds LLP
N/A
1, 13
HSBC UK Societal Projects Limited (In
Dissolution)
N/A
1, 13
HSBC USA Inc.
100.00
4, 104
HSBC Ventures USA Inc.
100.00
24
HSBC Violet Investments (Mauritius) Limited
100.00
118
HSBC Wealth Client Nominee Limited
100.00
13
HSBC Yatirim Menkul Degerler A.S.
100.00
60
HSI Asset Securitization Corporation
100.00
24
HSI International Limited
100.00
(63.43)
38
HSIL Investments Limited
100.00
11
Hubei Macheng HSBC Rural Bank Company
Limited
N/A
1, 10, 119
Hubei Suizhou Cengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 120
Hubei Tianmen HSBC Rural Bank Company
Limited
N/A
1, 10, 121
Hunan Pingjiang HSBC Rural Bank Company
Limited
N/A
1, 10, 122
Imenson Limited
100.00
(63.43)
38
Inmobiliaria Bisa, S.A. de C.V.
99.99
(99.98)
12
Inmobiliaria Grufin, S.A. de C.V.
100.00
(99.99)
12
Inmobiliaria Guatusi, S.A. de C.V.
100.00
(99.99)
12
Internationale Kapitalanlagegesellschaft mit
beschr\u00e4nkter Haftung
100.00
(99.99)
7, 77
James Capel (Nominees) Limited
100.00
11
James Capel (Taiwan) Nominees Limited
100.00
11
Keyser Ullmann Limited
100.00
(99.99)
11
Lion Corporate Services Limited
100.00
19
Lion International Corporate Services Limited
100.00
94
Lion International Management Limited
100.00
94
Lion Management (Hong Kong) Limited
100.00
19
Lyndholme Limited
100.00
19
Marks and Spencer Financial Services plc
100.00
123
Marks and Spencer Unit Trust Management
Limited
100.00
123
Midcorp Limited (In Liquidation)
100.00
14
Midland Bank (Branch Nominees) Limited
100.00
13
Midland Nominees Limited
100.00
13
MP Payments Group Limited
100.00
11
MP Payments Middle East AE L.L.C. (In
Liquidation)
100.00
124
MP Payments Operations Limited
100.00
11
MP Payments Singapore Pte. Ltd. (In
Liquidation)
100.00
48
MP Payments UK Limited
100.00
11
Prudential Client HSBC GIS Nominee (UK)
Limited
100.00
11
PT Bank HSBC Indonesia
98.94
125
PT HSBC Sekuritas Indonesia
99.00
126
R/CLIP Corp.
100.00
24
Real Estate Collateral Management Company
100.00
24
Republic Nominees Limited
100.00
17
RLUKREF Nominees (UK) One Limited
100.00
11
RLUKREF Nominees (UK) Two Limited
100.00
11
S.A.P.C. - Ufipro Recouvrement
99.99
8, 33
Saf Baiyun
100.00
(99.99)
5, 33
Saf Guangzhou
100.00
(99.99)
5, 33
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
SFM
100.00
(99.99)
5, 33
SFSS Nominees (Pty) Limited
100.00
113
Shandong Rongcheng HSBC Rural Bank
Company Limited
N/A
1, 10, 127
Shenzhen HSBC Development Company Ltd
N/A
1, 10, 128
Sico Limited
100.00
129
SNC Les Oliviers D'Antibes
60.00
(59.99)
8, 78
SNCB/M6-2007 A
100.00
(99.99)
2, 5, 33
SNCB/M6-2007 B
100.00
(99.99)
2, 5, 33
SNCB/M6-2008 A
100.00
(99.99)
2, 5, 33
Soci\u00e9t\u00e9 Fran\u00e7aise et Suisse
100.00
(99.99)
5, 33
Somers Dublin DAC
100.00
(99.99)
107
Somers Nominees (Far East) Limited
100.00
18
Sopingest
100.00
(99.99)
2, 5, 33
St Cross Trustees Limited
100.00
13
Sun Hung Kai Development (Lujiazui III)
Limited
N/A
1, 10, 134
The Hongkong and Shanghai Banking
Corporation Limited
100.00
19
Tooley Street View Limited
100.00
3, 11
Trinkaus Europa Immobilien-Fonds Nr.3
Objekt Utrecht Verwaltungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds
Geschaeftsfuehrungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds Verwaltungs-
GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Management GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Verwaltungs GmbH
100.00
(99.99)
7, 77
Turnsonic (Nominees) Limited
100.00
13
Valeurs Mobili\u00e8res Elys\u00e9es
100.00
(99.99)
5, 33
WARDLEY LIMITED
100.00
19
Wayfoong (Asia) Limited
100.00
79
Wayfoong Nominees Limited
100.00
19
Westminster House, LLC
N/A
1, 24
Woodex Limited
100.00
18
Yan Nin Development Company Limited
100.00
(63.43)
38
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1026": { "value": "
20Structured entities
HSBC is mainly involved with both consolidated and unconsolidated structured entities through the securitisation of financial assets, conduits and
investment funds, established either by HSBC or a third party.
Consolidated structured entities
Total assets of HSBC\u2019s consolidated structured entities, split by entity type
Conduits
Securitisations
HSBC managed
funds
Other
Total
$bn
$bn
$bn
$bn
$bn
At 31 Dec 2025
1.8
8.6
3.5
5.9
19.8
At 31 Dec 2024
2.4
7.0
7.2
1.8
18.4
Conduits
HSBC has established and manages two types of conduits: securities investment conduits (\u2018SICs\u2019) and multi-seller conduits.
Securities investment conduits
The SICs purchase highly rated ABSs to facilitate tailored investment opportunities. At 31 December 2025, HSBC\u2019s principal SIC, Solitaire, did not
hold any ABSs (2024: $0.7bn). Solitaire was previously funded entirely by commercial paper (\u2018CP\u2019) issued to HSBC. At 31 December 2025, no CP
was held by HSBC (2024: $1.0bn).
Multi-seller conduit
HSBC\u2019s multi-seller conduit was established to provide access to flexible market-based sources of finance for its clients. Currently, HSBC bears
risk equal to the transaction-specific facility offered to the multi-seller conduit, amounting to $6.4bn at 31\u00a0December 2025 (2024:\u00a0$5.2bn). First loss
protection is provided by the originator of the assets, and not by HSBC, through transaction-specific credit enhancements. A layer of loss
protection is provided by HSBC in the form of a programme-wide enhancement facility.
Securitisations
HSBC uses structured entities to securitise customer loans and advances it originates in order to diversify its sources of funding for asset
origination and capital efficiency purposes. The loans and advances are transferred by HSBC to the structured entities for cash or synthetically, and
the structured entities issue debt securities to investors. Where synthetic securitisations are used, the credit risk associated with the loan portfolio
of assets is transferred to the structured entities through loan portfolio financial guarantees.
HSBC managed funds
HSBC has established a number of money market and non-money market funds. Where it is deemed to be acting as principal rather than agent in
its role as investment manager, HSBC controls these funds.
Other
HSBC has entered into a number of transactions in the normal course of business, which include asset and structured finance transactions where
it has control of the structured entity. In addition, HSBC is deemed to control a\u00a0number of third-party managed funds through its involvement as a
principal in the funds.
Unconsolidated structured entities
The term \u2018unconsolidated structured entities\u2019 refers to all structured entities not controlled by HSBC. The Group enters\u00a0into transactions with
unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities.
Nature and risks associated with HSBC interests in unconsolidated structured entities
Total asset values of the entities ($m)
Securitisations
HSBC managed
funds
Non-HSBC
managed funds
Other
Total
0\u2013500
207
323
1,062
57
1,649
500\u20132,000
2
71
910
1
984
2,000\u20135,000
\u2014
35
403
1
439
5,000\u201325,000
\u2014
24
237
\u2014
261
25,000+
\u2014
6
41
\u2014
47
Number of entities at 31 Dec 2025
209
459
2,653
59
3,380
$bn
$bn
$bn
$bn
$bn
Total assets in relation to HSBC\u2019s interests in the unconsolidated
structured entities
9.4
12.4
21.8
2.8
46.4
\u2013\u00a0 trading assets
\u2014
0.2
\u2014
\u2014
0.2
\u2013\u00a0 financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
\u2014
7.9
19.5
\u2014
27.4
\u2013\u00a0 loans and advances to customers
9.4
\u2014
\u2014
1.5
10.9
\u2013\u00a0 financial investments
\u2014
\u2014
0.4
\u2014
0.4
\u2013\u00a0 assets held for sale
\u2014
4.3
1.9
\u2014
6.2
\u2013\u00a0 other assets
\u2014
\u2014
\u2014
1.3
1.3
Total liabilities in relation to HSBC\u2019s interests in the
unconsolidated structured entities
\u2014
\u2014
\u2014
0.7
0.7
\u2013\u00a0 other liabilities
\u2014
\u2014
\u2014
0.7
0.7
Other off-balance sheet commitments
\u2014
0.3
6.5
1.3
8.1
HSBC\u2019s maximum exposure at 31 Dec 2025
9.4
12.7
28.3
3.4
53.8
Total asset values of the entities ($m)
0\u2013500
167
344
1,215
46
1,772
500\u20132,000
2
75
911
2
990
2,000\u20135,000
\u2014
30
348
1
379
5,000\u201325,000
\u2014
21
212
\u2014
233
25,000+
\u2014
2
33
\u2014
35
Number of entities at 31 Dec 2024
169
472
2,719
49
3,409
$bn
$bn
$bn
$bn
$bn
Total assets in relation to HSBC\u2019s interests in the unconsolidated
structured entities
5.4
12.1
25.4
2.4
45.3
\u2013\u00a0 trading assets
\u2014
0.1
\u2014
\u2014
0.1
\u2013\u00a0 financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
\u2014
7.8
22.2
\u2014
30.0
\u2013\u00a0 loans and advances to customers
5.4
\u2014
0.7
1.5
7.6
\u2013\u00a0 financial investments
\u2014
0.2
0.4
\u2014
0.6
\u2013\u00a0 assets held for sale
\u2014
4.0
2.1
\u2014
6.1
\u2013\u00a0 other assets
\u2014
\u2014
\u2014
0.9
0.9
Total liabilities in relation to HSBC\u2019s interests in the
unconsolidated structured entities
\u2014
\u2014
\u2014
0.4
0.4
\u2013\u00a0 other liabilities
\u2014
\u2014
\u2014
0.4
0.4
Other off-balance sheet commitments
\u2014
1.0
8.1
1.3
10.4
HSBC\u2019s maximum exposure at 31 Dec 2024
5.4
13.1
33.5
3.3
55.3
The maximum exposure to loss from HSBC\u2019s interests in unconsolidated structured entities represents the maximum loss it could incur as a result
of its involvement with these entities regardless of the probability of the loss being incurred.
\u2013 For commitments, guarantees and written credit default swaps, the maximum exposure to loss is the notional amount of potential future
losses.
\u2013 For retained and purchased investments and loans to unconsolidated structured entities, the maximum exposure to loss is the carrying amount
of these interests at the balance sheet reporting date.
The maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements that HSBC has entered into in order to
mitigate the Group\u2019s exposure to loss.
Securitisations
HSBC has interests in unconsolidated securitisation vehicles through holding notes issued by these entities. In addition, HSBC has investments in
ABSs issued by third-party structured entities.
HSBC managed funds
HSBC establishes and manages money market funds and non-money market investment funds to provide customers with investment
opportunities. Further information on funds under management is provided on page 82.
HSBC, as fund manager, may be entitled to receive management and performance fees based on the assets under management. HSBC may also
retain units in these funds.
Non-HSBC managed funds
HSBC purchases and holds units of third-party managed funds in order to facilitate business and meet customer needs.
Other
HSBC has established structured entities in the normal course of business, such as structured credit transactions for customers, to provide finance
to public and private sector infrastructure projects, and for asset and structured finance transactions.
In addition to the interests disclosed above, HSBC enters into derivative contracts, reverse repos and stock borrowing transactions with structured
entities. These interests arise in the normal course of business for the facilitation of third-party transactions and risk management solutions.
HSBC sponsored structured entities
The amount of assets transferred to and income received from such sponsored structured entities during 2025 and 2024 was not significant.
38HSBC Holdings\u2019 subsidiaries, funds, joint ventures and associates
In accordance with section 409 of the Companies Act 2006 a list of HSBC Holdings plc subsidiaries, funds, joint ventures and associates, the
registered office addresses and the effective percentages of equity owned at 31 December 2025 are disclosed below.
Unless otherwise stated, the share capital comprises ordinary or common shares that are held by Group subsidiaries. The ownership percentage is
provided for each undertaking. The undertakings below are consolidated by HSBC unless otherwise indicated.
Subsidiaries
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
AI Nominees (UK) One Limited
100.00
11
AI Nominees (UK) Two Limited
100.00
11
Almacenadora Banpacifico S.A. (In
Liquidation)
N/A
1, 12
Assetfinance December (F) Limited
100.00
13
Assetfinance December (H) Limited (In
Liquidation)
100.00
14
Assetfinance December (P) Limited
100.00
11
Assetfinance December (R) Limited (In
Liquidation)
100.00
14
Assetfinance June (A) Limited
100.00
11
Assetfinance June (D) Limited (In Liquidation)
100.00
14
Assetfinance March (B) Limited
100.00
15
Assetfinance March (D) Limited
100.00
13
Assetfinance March (F) Limited (In
Liquidation)
100.00
14
Assetfinance September (F) Limited
100.00
11
Assetfinance September (G) Limited (In
Liquidation)
100.00
14
B&Q Financial Services Limited (In
Liquidation)
100.00
14
Banco HSBC S.A.
100.00
16
Banco Nominees (Guernsey) Limited
100.00
17
Banco Nominees 2 (Guernsey) Limited
100.00
17
Banco Nominees Limited
100.00
18
Beau Soleil Limited Partnership
N/A
1, 19
Beijing HSBC Real Estate Leasing Company
Limited
N/A
1, 10, 20
Beijing Miyun HSBC Rural Bank Company
Limited
N/A
1, 10, 21
BentallGreenOak China Real Estate
Investments, L.P.
N/A
1, 22
Canada Square Nominees (UK) Limited
100.00
11
Capco/Cove, Inc.
100.00
23
Card-Flo #3, Inc.
100.00
24
CCF & Partners Asset Management Limited
(In Liquidation)
100.00
(99.99)
14
CCF Holding (Liban) S.A.L. (In Liquidation)
74.99
2, 25
Charterhouse Administrators (D.T.) Limited
100.00
(99.99)
11
Charterhouse Management Services Limited
100.00
(99.99)
11
Charterhouse Pensions Limited
100.00
11
Chongqing Dazu HSBC Rural Bank Company
Limited
N/A
1, 10, 26
Chongqing Fengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 27
Chongqing Rongchang HSBC Rural Bank
Company Limited (In Liquidation)
N/A
1, 10, 28
COIF Nominees (UK) Two Limited
100.00
11
COIF Nominees Limited
N/A
1, 11
Corsair IV Financial Services Capital Partners -
B L.P
N/A
1, 29
Dalian Pulandian HSBC Rural Bank Company
Limited
N/A
1, 10, 30
Decision One Mortgage Company, LLC
N/A
1, 31
Desarrollo Turistico, S.A. de C.V. (In
Liquidation)
100.00
(99.99)
12
Electronic Data Process M\u00e9xico, S.A. de C.V.
100.00
32
Eton Corporate Services Limited
100.00
17
Flandres Contentieux S.A.
100.00
(99.99)
5, 33
Fonci\u00e8re Elys\u00e9es
100.00
(99.99)
5, 33
Fujian Yongan HSBC Rural Bank Company
Limited
N/A
1, 10, 34
Fulcher Enterprises Company Limited (In
Liquidation)
100.00
(63.43)
35
Fundacion HSBC, A.C.
100.00
(99.99)
2, 8, 12
Giller Ltd.
100.00
23
Griffin International Limited (In Liquidation)
100.00
14
Grupo Financiero HSBC, S. A. de C. V.
99.99
12
Guangdong Enping HSBC Rural Bank
Company Limited
N/A
1, 10, 36
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
Guangzhou HSBC Real Estate Company Ltd
N/A
1, 10, 37
Hang Seng (Nominee) Limited
100.00
(63.43)
38
Hang Seng Bank (China) Limited
N/A
1, 10, 39
Hang Seng Bank (Trustee) Limited
100.00
(63.43)
38
Hang Seng Bank Limited
63.43
38
Hang Seng Bullion Company Limited
100.00
(63.43)
38
Hang Seng Credit Limited (In Liquidation)
100.00
(63.43)
35
Hang Seng Data Services Limited
100.00
(63.43)
38
Hang Seng Finance Limited
100.00
(63.43)
38
Hang Seng Financial Information Limited
100.00
(63.43)
38
Hang Seng Indexes (Netherlands) B.V.
100.00
(63.43)
40
Hang Seng Indexes Company Limited
100.00
(63.43)
38
Hang Seng Insurance Company Limited
100.00
(63.43)
38
Hang Seng Investment Management Limited
100.00
(63.43)
38
Hang Seng Investment Services Limited
100.00
(63.43)
38
Hang Seng Qianhai Fund Management
Company Limited
N/A
1, 10, 41
Hang Seng Real Estate Management Limited
100.00
(63.43)
38
Hang Seng Securities Limited
100.00
(63.43)
38
Hang Seng Security Management Limited
100.00
(63.43)
38
HASE Wealth Limited
100.00
(63.43)
38
Haseba Investment Company Limited
100.00
(63.43)
38
HBPH Corporation (In Liquidation)
99.99
42
HFC Bank Limited (In Liquidation)
100.00
43
High Time Investments Limited
100.00
(63.43)
38
HLF
100.00
(99.99)
5, 33
Honey Blue Enterprises Limited
100.00
19
Honey Green Enterprises Ltd.
100.00
44
Honey Grey Enterprises Limited
100.00
19
Honey Silver Enterprises Limited
100.00
19
Household International Europe Limited (In
Liquidation)
100.00
43
Household Pooling Corporation
100.00
45
Housing (USA) Inc.
100.00
24
HSBC (BGF) Investments Limited
100.00
11
HSBC (Kuala Lumpur) Nominees Sdn Bhd
100.00
46
HSBC (Malaysia) Trustee Berhad
100.00
47
HSBC (Singapore) Nominees Pte Ltd
100.00
48
HSBC Agency (India) Private Limited
100.00
49
HSBC Amanah Malaysia Berhad
100.00
46
HSBC Americas Corporation (Delaware)
100.00
24
HSBC Asia Holdings B.V.
100.00
11
HSBC Asia Holdings Limited
100.00
3, 19
HSBC Asia Pacific Holdings (UK) Limited
100.00
6, 11
HSBC Asset Finance (UK) Limited
100.00
11
HSBC Asset Finance M.O.G. Holdings (UK)
Limited
100.00
11
HSBC Australia Holdings Pty Limited
100.00
4, 6, 52
HSBC BANK (CHILE)
100.00
53
HSBC Bank (China) Company Limited
N/A
1, 10, 54
HSBC Bank (General Partner) Limited
100.00
55
HSBC Bank (Mauritius) Limited
100.00
56
HSBC Bank (Singapore) Limited
100.00
48
HSBC Bank (Taiwan) Limited
100.00
57
HSBC Bank (Uruguay) S.A.
100.00
58
HSBC Bank (Vietnam) Ltd.
100.00
59
HSBC Bank A.S.
100.00
60
HSBC Bank Australia Limited
100.00
52
HSBC Bank Bermuda Limited
100.00
18
HSBC Bank Capital Funding (Sterling 1) LP
N/A
1, 55
HSBC Bank Egypt S.A.E
94.54
61
HSBC Bank Malaysia Berhad
100.00
4, 46
HSBC Bank Malta p.l.c.
70.03
62
HSBC Bank Middle East Limited
100.00
4, 63
HSBC Bank Pension Trust (UK) Limited
100.00
11
HSBC Bank plc
100.00
3, 4, 11
HSBC Bank USA, National Association
100.00
4, 64
HSBC Branch Nominee (UK) Limited
100.00
13
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Brasil Holding S.A.
100.00
16
HSBC Broking Forex (Asia) Limited
100.00
19
HSBC Broking Futures (Asia) Limited
100.00
19
HSBC Broking Futures (Hong Kong) Limited
100.00
19
HSBC Broking Securities (Asia) Limited
100.00
19
HSBC Broking Securities (Hong Kong) Limited
100.00
19
HSBC Broking Services (Asia) Limited
100.00
19
HSBC Capital (USA), Inc.
100.00
24
HSBC Card Services Inc.
100.00
24
HSBC Casa de Bolsa, S.A. de C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC Cayman Limited (In Liquidation)
100.00
65
HSBC Cayman Services Limited
100.00
65
HSBC Client Holdings Nominee (UK) Limited
100.00
11
HSBC Client Nominee (Jersey) Limited
100.00
2, 66
HSBC Continental Europe
99.99
5, 33
HSBC Corporate Advisory (Malaysia) Sdn Bhd
100.00
46
HSBC Corporate Finance (Hong Kong) Limited
100.00
19
HSBC Corporate Secretary (UK) Limited
100.00
3, 11
HSBC Corporate Services (Shanghai) Co., Ltd.
N/A
1, 10, 67
HSBC Corporate Trustee Company (UK)
Limited
100.00
11
HSBC Custody Nominees (Australia) Limited
100.00
52
HSBC Custody Services (Guernsey) Limited
100.00
17
HSBC Electronic Data Processing
(Guangdong) Limited
N/A
1, 10, 69
HSBC Electronic Data Processing (Malaysia)
Sdn Bhd
100.00
70
HSBC Electronic Data Processing
(Philippines), Inc.
99.99
71
HSBC Electronic Data Processing India
Private Limited
100.00
72
HSBC Electronic Data Processing Lanka
(Private) Limited
100.00
73
HSBC Electronic Data Service Delivery
(Egypt) S.A.E
100.00
74
HSBC Equipment Finance (UK) Limited
100.00
13
HSBC Equity (UK) Limited (In Liquidation)
100.00
14
HSBC Europe B.V.
100.00
11
HSBC Express Finance Data Services Limited
100.00
19
HSBC Factoring (France)
100.00
(99.99)
5, 33
HSBC Finance (Netherlands)
100.00
3, 11
HSBC Finance Corporation
100.00
24
HSBC Finance Limited (In Liquidation)
100.00
14
HSBC Finance Transformation (UK) Limited
100.00
11
HSBC Financial Advisors Singapore Pte. Ltd.
100.00
2, 48
HSBC Financial Services (Lebanon) S.A.L (In
Liquidation)
99.83
75
HSBC FinTech Services (Shanghai) Company
Limited
N/A
1, 10, 76
HSBC Global Custody Nominee (UK) Limited
100.00
11
HSBC Global Custody Proprietary Nominee
(UK) Limited
100.00
11
HSBC Global Services (Canada) Limited
100.00
85
HSBC Global Services (China) Holdings
Limited
100.00
11
HSBC Global Services (Hong Kong) Limited
100.00
19
HSBC Global Services (UK) Limited
100.00
11
HSBC Global Services Limited
100.00
3, 11
HSBC Group Management Services Limited
100.00
11
HSBC Group Nominees UK Limited
100.00
3, 11
HSBC Holdings B.V.
100.00
11
HSBC Innovation Bank Limited
100.00
87
HSBC Institutional Trust Services (Asia)
Limited
100.00
19
HSBC Institutional Trust Services (Bermuda)
Limited
100.00
18
HSBC Institutional Trust Services (Mauritius)
Limited
100.00
88
HSBC Institutional Trust Services (Singapore)
Limited
100.00
48
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Insurance (Asia) Limited
100.00
89
HSBC Insurance (Asia-Pacific) Holdings
Limited
100.00
79
HSBC Insurance (Bermuda) Limited
100.00
18
HSBC Insurance Agency (USA) Inc.
100.00
90
HSBC Insurance Brokerage Company Limited
N/A
1, 10, 91
HSBC Insurance Brokers Greater China
Limited
100.00
79
HSBC Insurance SAC 1 (Bermuda) Limited
100.00
18
HSBC Insurance SAC 2 (Bermuda) Limited
100.00
18
HSBC International Finance Corporation
(Delaware)
100.00
92
HSBC International Trustee (BVI) Limited
100.00
9, 93
HSBC International Trustee (Holdings) Pte.
Limited
100.00
48
HSBC International Trustee Limited
100.00
94
HSBC Inversiones S.A.
100.00
53
HSBC InvestDirect (India) Private Limited
99.99
50
HSBC InvestDirect Financial Services (India)
Limited
99.99
50
HSBC InvestDirect Sales & Marketing (India)
Private Limited
98.99
(98.98)
49
HSBC InvestDirect Securities (India) Private
Limited
99.99
50
HSBC Investment and Insurance Brokerage,
Philippines Inc.
99.99
95
HSBC Investment Bank Holdings B.V.
100.00
11
HSBC Investment Bank Holdings Limited
100.00
11
HSBC Investment Company Limited
100.00
3, 11
HSBC Invoice Finance (UK) Limited
100.00
13
HSBC Issuer Services Common Depositary
Nominee (UK) Limited
100.00
11
HSBC Latin America B.V.
100.00
11
HSBC Latin America Holdings (UK) Limited
100.00
3, 11
HSBC Leasing (Asia) Limited
100.00
19
HSBC Life (Bermuda) Limited
100.00
18
HSBC Life (Cornell Centre) Limited
100.00
89
HSBC Life (Edwick Centre) Limited
100.00
89
HSBC Life (International) Limited
100.00
18
HSBC Life (Property) Limited
100.00
89
HSBC Life (Singapore) Pte. Ltd.
100.00
48
HSBC Life (Tsing Yi Industrial) Limited
100.00
89
HSBC Life (UK) Limited
100.00
11
HSBC Life (Workshop) Limited
100.00
89
HSBC Life Assurance (Malta) Ltd.
100.00
(70.03)
80
HSBC Life Insurance Company Limited
N/A
1, 10, 97
HSBC LU Nominees Limited
100.00
11
HSBC Markets (USA) Inc.
100.00
24
HSBC Marking Name Nominee (UK) Limited
100.00
11
HSBC Master Trust Trustee Limited (In
Liquidation)
100.00
14
HSBC Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero HSBC
99.99
12
HSBC Middle East Asset CO. LLC
100.00
100
HSBC Middle East Holdings B.V.
100.00
3, 4, 63
HSBC Middle East Leasing Partnership
N/A
1, 101
HSBC Middle East Securities L.L.C (In
Liquidation)
100.00
102
HSBC Mortgage Corporation (USA)
100.00
24
HSBC Nominees (Asing) Sdn Bhd
100.00
46
HSBC Nominees (Hong Kong) Limited
100.00
19
HSBC Nominees (New Zealand) Limited
100.00
103
HSBC Nominees (Tempatan) Sdn Bhd
100.00
46
HSBC North America Holdings Inc.
100.00
4, 24
HSBC Overseas Holdings (UK) Limited
100.00
3, 11
HSBC Overseas Investments Corporation
(New York)
100.00
104
HSBC Overseas Nominee (UK) Limited
100.00
11
HSBC PB Corporate Services 1 Limited
100.00
105
HSBC PB Services (Suisse) SA
100.00
106
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Pension Trust (Ireland) DAC (In
Liquidation)
100.00
107
HSBC Pensiones, S.A. (In Liquidation)
100.00
(99.99)
12
HSBC PI Holdings (Mauritius) Limited
100.00
88
HSBC Preferential LP (UK)
100.00
11
HSBC Private Bank (Luxembourg) S.A.
100.00
(99.99)
96
HSBC Private Bank (Suisse) SA
100.00
106
HSBC Private Bank (UK) Limited
100.00
11
HSBC Private Banking Holdings (Suisse) SA
100.00
106
HSBC Private Banking Nominee 3 (Jersey)
Limited
100.00
105
HSBC Private Equity Investments (UK)
Limited
100.00
11
HSBC Private Markets Management SARL
N/A
1, 2, 108
HSBC Private Trustee (Hong Kong) Limited
100.00
19
HSBC Professional Services (India) Private
Limited
100.00
109
HSBC Property (UK) Limited
100.00
11
HSBC Property Funds (Holding) Limited
100.00
11
HSBC Provident Fund Trustee (Hong Kong)
Limited
100.00
19
HSBC Qianhai Securities Limited
N/A
1, 10, 110
HSBC Real Estate Leasing (France)
100.00
(99.99)
5, 33
HSBC REGIO Fund General Partner S.\u00e0 r.l.
100.00
86
HSBC Retirement Benefits Trustee (UK)
Limited
100.00
3, 11
HSBC Retirement Services Limited (In
Liquidation)
100.00
2, 14
HSBC Saudi Arabia, Closed Joint Stock
Company
100.00
(66.19)
111
HSBC Securities (Egypt) S.A.E. (In
Liquidation)
100.00
(94.65)
112
HSBC Securities (Japan) Co., Ltd.
100.00
51
HSBC Securities (Singapore) Pte Limited
100.00
48
HSBC Securities (South Africa) (Pty) Limited
100.00
113
HSBC Securities (Taiwan) Corporation Limited
100.00
57
HSBC Securities (USA) Inc.
100.00
24
HSBC Securities and Capital Markets (India)
Private Limited
99.99
6, 49
HSBC Securities Brokers (Asia) Limited
100.00
19
HSBC Securities Investments (Asia) Limited
100.00
19
HSBC Securities Services (Bermuda) Limited
100.00
18
HSBC Securities Services (Guernsey) Limited
100.00
17
HSBC Securities Services (Ireland) DAC
100.00
107
HSBC Securities Services (Luxembourg) S.A.
100.00
96
HSBC Securities Services Holdings (Ireland)
DAC
100.00
107
HSBC Securities Services Nominees Limited
100.00
19
HSBC Seguros, S.A de C.V., Grupo Financiero
HSBC
100.00
(99.99)
12
HSBC Semfi Limited
75.00
11
HSBC Service Company Germany GmbH
100.00
(99.99)
7, 77
HSBC Service Delivery (Polska) Sp. z o.o.
100.00
114
HSBC Services (France)
100.00
(99.99)
5, 33
HSBC Services Japan Limited
100.00
84
HSBC Services USA Inc.
100.00
115
HSBC Servicios Financieros, S.A. de C.V
100.00
(99.99)
12
HSBC Servicios, S.A. DE C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC SFT (C.I.) Limited
100.00
17
HSBC Software Development (Guangdong)
Limited
N/A
1, 10, 116
HSBC Software Development (India) Private
Limited
100.00
117
HSBC Software Development (Malaysia) Sdn
Bhd
100.00
70
HSBC Specialist Investments Limited
100.00
11
HSBC Technology & Services (USA) Inc.
100.00
24
HSBC Transaction Services GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt (International)
S.A.
100.00
(99.99)
96
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Trinkaus & Burkhardt Gesellschaft fur
Bankbeteiligungen mbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus Real Estate GmbH
100.00
(99.99)
7, 77
HSBC Trust Company (Delaware), National
Association
100.00
92
HSBC Trustee (C.I.) Limited
100.00
105
HSBC Trustee (Cayman) Limited
100.00
65
HSBC Trustee (Guernsey) Limited
100.00
17
HSBC Trustee (Hong Kong) Limited
100.00
19
HSBC Trustee (Singapore) Limited
100.00
48
HSBC UK Bank plc
100.00
3, 13
HSBC UK Client Nominee Limited
100.00
13
HSBC UK Covered Bonds LLP
N/A
1, 13
HSBC UK Societal Projects Limited (In
Dissolution)
N/A
1, 13
HSBC USA Inc.
100.00
4, 104
HSBC Ventures USA Inc.
100.00
24
HSBC Violet Investments (Mauritius) Limited
100.00
118
HSBC Wealth Client Nominee Limited
100.00
13
HSBC Yatirim Menkul Degerler A.S.
100.00
60
HSI Asset Securitization Corporation
100.00
24
HSI International Limited
100.00
(63.43)
38
HSIL Investments Limited
100.00
11
Hubei Macheng HSBC Rural Bank Company
Limited
N/A
1, 10, 119
Hubei Suizhou Cengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 120
Hubei Tianmen HSBC Rural Bank Company
Limited
N/A
1, 10, 121
Hunan Pingjiang HSBC Rural Bank Company
Limited
N/A
1, 10, 122
Imenson Limited
100.00
(63.43)
38
Inmobiliaria Bisa, S.A. de C.V.
99.99
(99.98)
12
Inmobiliaria Grufin, S.A. de C.V.
100.00
(99.99)
12
Inmobiliaria Guatusi, S.A. de C.V.
100.00
(99.99)
12
Internationale Kapitalanlagegesellschaft mit
beschr\u00e4nkter Haftung
100.00
(99.99)
7, 77
James Capel (Nominees) Limited
100.00
11
James Capel (Taiwan) Nominees Limited
100.00
11
Keyser Ullmann Limited
100.00
(99.99)
11
Lion Corporate Services Limited
100.00
19
Lion International Corporate Services Limited
100.00
94
Lion International Management Limited
100.00
94
Lion Management (Hong Kong) Limited
100.00
19
Lyndholme Limited
100.00
19
Marks and Spencer Financial Services plc
100.00
123
Marks and Spencer Unit Trust Management
Limited
100.00
123
Midcorp Limited (In Liquidation)
100.00
14
Midland Bank (Branch Nominees) Limited
100.00
13
Midland Nominees Limited
100.00
13
MP Payments Group Limited
100.00
11
MP Payments Middle East AE L.L.C. (In
Liquidation)
100.00
124
MP Payments Operations Limited
100.00
11
MP Payments Singapore Pte. Ltd. (In
Liquidation)
100.00
48
MP Payments UK Limited
100.00
11
Prudential Client HSBC GIS Nominee (UK)
Limited
100.00
11
PT Bank HSBC Indonesia
98.94
125
PT HSBC Sekuritas Indonesia
99.00
126
R/CLIP Corp.
100.00
24
Real Estate Collateral Management Company
100.00
24
Republic Nominees Limited
100.00
17
RLUKREF Nominees (UK) One Limited
100.00
11
RLUKREF Nominees (UK) Two Limited
100.00
11
S.A.P.C. - Ufipro Recouvrement
99.99
8, 33
Saf Baiyun
100.00
(99.99)
5, 33
Saf Guangzhou
100.00
(99.99)
5, 33
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
SFM
100.00
(99.99)
5, 33
SFSS Nominees (Pty) Limited
100.00
113
Shandong Rongcheng HSBC Rural Bank
Company Limited
N/A
1, 10, 127
Shenzhen HSBC Development Company Ltd
N/A
1, 10, 128
Sico Limited
100.00
129
SNC Les Oliviers D'Antibes
60.00
(59.99)
8, 78
SNCB/M6-2007 A
100.00
(99.99)
2, 5, 33
SNCB/M6-2007 B
100.00
(99.99)
2, 5, 33
SNCB/M6-2008 A
100.00
(99.99)
2, 5, 33
Soci\u00e9t\u00e9 Fran\u00e7aise et Suisse
100.00
(99.99)
5, 33
Somers Dublin DAC
100.00
(99.99)
107
Somers Nominees (Far East) Limited
100.00
18
Sopingest
100.00
(99.99)
2, 5, 33
St Cross Trustees Limited
100.00
13
Sun Hung Kai Development (Lujiazui III)
Limited
N/A
1, 10, 134
The Hongkong and Shanghai Banking
Corporation Limited
100.00
19
Tooley Street View Limited
100.00
3, 11
Trinkaus Europa Immobilien-Fonds Nr.3
Objekt Utrecht Verwaltungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds
Geschaeftsfuehrungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds Verwaltungs-
GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Management GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Verwaltungs GmbH
100.00
(99.99)
7, 77
Turnsonic (Nominees) Limited
100.00
13
Valeurs Mobili\u00e8res Elys\u00e9es
100.00
(99.99)
5, 33
WARDLEY LIMITED
100.00
19
Wayfoong (Asia) Limited
100.00
79
Wayfoong Nominees Limited
100.00
19
Westminster House, LLC
N/A
1, 24
Woodex Limited
100.00
18
Yan Nin Development Company Limited
100.00
(63.43)
38
Funds
The undertakings below are part of our fund management structure.
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Amber 2022 Direct Lending Fund SCA
SICAV-RAIF
N/A
1, 175
AMGB International Long-Term Equity
Strategy Mandate
N/A
1, 11
Blackthorn Diversified Credit 2024 LP
N/A
1, 186
CI 10 LP Inc
N/A
1, 98
Cinnabar 2021 Direct Lending Cell 1 PC
N/A
1, 176
Copper Direct Lending L.P.
N/A
1, 177
D9 LP Inc
N/A
1, 98
Deerpath Capital VII (Cayman), LP
N/A
1, 187
Diversified Loan Fund \u2013 Direct Lending A
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund \u2013 Direct Lending B
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund \u2013 Syndicated Loan A
S.a.r.l
100.00
(48.00)
68
Diversified Loan Fund \u2013 Syndicated Loan C
S.a.r.l
100.00
(48.00)
68
DRC European Real Estate Debt Fund IV
(EUR) L.P.
N/A
1, 178
Elys\u00e9es Grand Large
N/A
1, 78
ESDLF 2023 Carry L.P
N/A
1, 98
GTIDF Fund Carry L.P.
N/A
1, 98
H.I.G. Heliodor 2021 PC
N/A
1, 179
H5 LP Inc
N/A
1, 98
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
H8 LP Inc
N/A
1, 98
H9 LP Inc
N/A
1, 98
Hayfin Garnet Feeder Fund S.C.A. SICAV-
RAIF
N/A
1, 180
Hayfin Garnet II Feeder Fund S.C.A. SICAV-
RAIF
N/A
1, 180
HSBC (Guernsey) Aggregator PCC Limited
100.00
98
HSBC (Guernsey) Focus PCC Limited
100.00
98
HSBC (Guernsey) GP PCC Limited
100.00
17
HSBC Alternative Investments Limited
100.00
11
HSBC ASIA LIVING REAL ESTATE GP S.\u00c0
R.L.
100.00
164
HSBC Asset Management (Fund Services
UK) Limited
100.00
11
HSBC Asset Management (India) Private
Limited
99.99
50
HSBC Asset Management (Japan) Limited
100.00
51
HSBC Climate Growth Partners Fund SCSp
N/A
1, 165
HSBC Climate Growth Partners GP S.\u00e0 r.l.
100.00
165
HSBC Climate Growth Partners VC Carry
L.P.
N/A
1, 98
HSBC Diversified Loan Fund \u2013 Master S.a.r.l.
100.00
(48.00)
68
HSBC Diversified Loan Fund General Partner
S.\u00e0 r.l.
100.00
68
HSBC Diversified Loan Fund SCSp-RAIF
N/A
1, 68
HSBC Equity Partners USA, LP
N/A
1, 83
HSBC European Senior Direct Lending 2023
HoldCo S.\u00e0 r.l.
100.00
(99.60)
86
HSBC EUROPEAN SENIOR DIRECT
LENDING AIF OFS
N/A
1, 165
HSBC European Senior Direct Lending Fund
2023 RAIF SICAV-S.A.
99.60
86
HSBC Financial Technology Venture Capital
Fund SCSp
N/A
1, 165
HSBC Financial Technology Venture Capital
GP S.\u00e0 r.l.
100.00
165
HSBC Fintech VC Carry L.P.
N/A
1, 98
HSBC GH Luxembourg Fund
N/A
1, 165
HSBC Global Asset Management (Bermuda)
Limited
100.00
4, 18
HSBC Global Asset Management
(Deutschland) GmbH
100.00
(99.99)
7, 77
HSBC Global Asset Management (France)
100.00
(99.99)
5, 78
HSBC Global Asset Management (Hong
Kong) Limited
100.00
79
HSBC Global Asset Management (Malta)
Limited
100.00
(70.03)
80
HSBC Global Asset Management (M\u00e9xico),
S.A. de C.V., Sociedad Operadora de Fondos
de Inversi\u00f3n, Grupo Financiero HSBC
100.00
(99.99)
12
HSBC Global Asset Management
(Singapore) Limited
100.00
48
HSBC Global Asset Management
(Switzerland) AG
100.00
5, 81
HSBC Global Asset Management (Taiwan)
Limited
100.00
82
HSBC Global Asset Management (UK)
Limited
100.00
11
HSBC Global Asset Management (USA) Inc.
100.00
83
HSBC Global Asset Management Holdings
(Bahamas) Limited
100.00
84
HSBC Global Asset Management Limited
100.00
3, 11
HSBC Global Infrastucture Debt Fund SCSp
N/A
1, 86
HSBC Global Transition Infrastructure Debt
Fund RAIF SICAV-S.A.
N/A
1, 86
HSBC Infrastructure Debt GP 1 S.\u00e0 r.l.
N/A
1, 86
HSBC Infrastructure Debt GP 2 S.\u00e0 r.l.
N/A
1, 86
HSBC Investment Funds (Hong Kong)
Limited
100.00
79
HSBC Investment Funds (Luxembourg) SA
100.00
96
HSBC Latin America Coinvestments
Partners, LP
N/A
1, 83
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
HSBC Management (Guernsey) Limited
100.00
98
HSBC Management Consultancy (Shanghai)
Company Limited
N/A
1, 10, 99
HSBC Portfoy Yonetimi A.S.
100.00
60
HSBC Private Markets GP S.\u00e0 r.l.
100.00
165
HSBC RCF HoldCo S.\u00e0 r.l.
100.00
86
HSBC RCF Partnership Fund RAIF SICAV-
S.A.
N/A
1, 86
HSBC RCF SPV S.\u00e0 r.l.
100.00
86
HSBC REIM (France)
100.00
(99.99)
5, 78
HSBC SDL UK 2020 HoldCo S.\u00e0 r.l
100.00
(32.60)
96
HSBC SDL UK 2020 LendCo S.\u00e0 r.l.B137
100.00
(32.60)
96
HSBC SDL UK II HoldCo S.\u00e0 r.l.
100.00
(48.90)
86
HSBC SDLF II Carry L.P.
N/A
1, 98
HSBC Senior UK Direct Lending 2020 RAIF
SICAV-S.A.
N/A
1, 96
HSBC Senior UK Direct Lending Fund II
RAIF SICAV-S.A.
N/A
1, 86
HSBC Trustees (India) Private Limited
99.99
49
HSBC USD Senior Direct Lending Carry L.P.
N/A
1, 98
HSBC USD Senior Direct Lending GP S.\u00e0.r.l
100.00
86
HVDF US LLC
N/A
1, 24
HVDF US, L.P.
N/A
1, 2, 24
I3 LP Inc
N/A
1, 98
ICG Credit Strategies S.C.A SICAV-RAIF -
ICG Mandate 2023 Direct Lending Fund
N/A
1, 181
ICG Credit Strategies S.C.A. SICAV-RAIF -
ICG Mandate 2020 Direct Lending Fund
N/A
1, 181
Idinvest Growth Secondary Feeder SCA
SICAV-RAIF
N/A
1, 182
INHK IE LP Inc
N/A
1, 98
INHK Orca Carry L.P.
N/A
1, 98
INHK PC LP Inc
N/A
1, 98
INHK PE LP Inc
N/A
1, 98
J6 LP Inc
N/A
1, 98
KKR-LON Credit Strategies SCA SICAV-RAIF
N/A
1, 183
Korea Nova Solar 1 Inc
100.00
(66.70)
166
Korea Nova Solar 2 Inc
100.00
(66.70)
166
L1 LP Inc
N/A
1, 98
Lohas ECE Brown KK
N/A
1, 167
NAV Financing Partnership Fund Carry L.P.
N/A
1, 98
Nova Solar 1 GK
N/A
1, 168
Nova Solar 2 GK
N/A
1, 168
Nova Solar 3 GK
N/A
1, 168
Nova Solar 4 GK
N/A
1, 168
P2 LP Inc
N/A
1, 98
PE Opps II Carry L.P
N/A
1, 98
PE Opps III Carry L.P
N/A
1, 98
PPDP Peridot 2022 Feeder SCA SICAV-RAIF
N/A
1, 180
RCF Partnership Fund Carry L.P.
N/A
1, 98
Red Hexagon Energy Transition Asia Carry
L.P.
N/A
1, 98
Red Hexagon Energy Transition Asia Fund
SCSp
N/A
1, 86
Red Hexagon Energy Transition Asia GP S.\u00e0
r.l.
100.00
86
Red Hexagon ETA Master HoldCo Limited
100.00
169
Red Hexagon ETA Tekoma Japan Limited
100.00
(66.70)
169
Red Hexagon ETA Tekoma Operation
Limited
100.00
(66.70)
169
Red Hexagon ETA Tekoma Taiwan Limited
100.00
(66.70)
169
SilkRoad Fund Management S.\u00e0.r.l
100.00
130
Silkroad GP II Limited
100.00
2, 131
Silkroad GP II S.a.r.l.
100.00
130
Silkroad GP Limited
100.00
65
Silkroad GP SC S.a r.l
100.00
132
Silkroad Property Partners PTE. LTD.
100.00
133
Solar Field 13 GK
N/A
1, 168
SSOF IV Overage SMA H, L.P.
N/A
1, 184
Sunpower Americas Co-Invest I SCS
N/A
1, 185
Taiwan Nova Solar 1 Limited
100.00
(66.70)
170
Funds
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Tekoma Energy Group Holdings Limited
66.70
169
Tekoma Energy Holdings Limited
100.00
(66.70)
170
Tekoma Energy Inc
100.00
(66.70)
171
Tekoma Energy KK
100.00
(66.70)
1, 168
Tekoma Energy Korea Inc
100.00
(66.70)
172
Tekoma Korea Holdings Limited
100.00
(66.70)
166
Tekoma Korea Limited
100.00
(66.70)
169
Vision 2023 Carry L.P
N/A
1, 98
Vision 2024 Carry L.P.
N/A
1, 98
Vision 2025 Carry L.P.
N/A
1, 98
Vision Apex 2025 Carry L.P.
N/A
1, 98
Vision Impact Carry L.P.
N/A
1, 98
Vision Infrastructure Carry L.P.
N/A
1, 98
W4 LP Inc
N/A
1, 98
Joint ventures
The undertakings below are joint ventures and equity accounted.
Joint ventures
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Climate Asset Management Limited
40.00
135
MK HoldCo Limited
50.32
2, 136
Pentagreen Capital Pte. Ltd
50.00
137
ProServe Bermuda Limited
50.00
138
The London Silver Market Fixing Limited
N/A
1, 2, 139
Vaultex UK Limited
50.00
2, 140
Non-Profit Foundation
The undertakings below are Non-Profit Foundation.
Non-Profit Foundation
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
HSBC Philanthropy Foundation Beijing
N/A
1, 163
Associates
The undertakings below are associates and equity accounted.
Associates
% of share class
held by immediate
parent company
(or by the Group
where this varies)
Footnotes
Aiera, Inc.
2.90
4, 173
Bank of Communications Co., Ltd.
16.00
2, 141
Barrowgate Limited
24.64
(15.63)
142
BGF Group plc
24.62
143
Bud Financial Limited
6.20
4, 144
CANARA HSBC LIFE INSURANCE
COMPANY LIMITED
25.50
145
Dowsure Inc.
10.12
2, 4, 147
Episode Six Inc.
5.68
4, 148
EPS Company (Hong Kong) Limited
42.03
(38.65)
19
Future Forward Holdings LLC
N/A
1, 24
HQLAX S.\u00e0 r.l.
6.09
4, 149
HSBC Jintrust Fund Management Company
Limited
N/A
1, 2, 10,
150
HSBC UK Covered Bonds (LM) Limited
20.00
2, 151
Intelligent Processing Solution Limited
10.00
2, 174
Lightico Ltd
3.19
4, 152
LiquidityMatch LLC
N/A
1, 153
London Precious Metals Clearing Limited
30.00
2, 154
Marketnode PTE. Ltd.
12.64
4, 155
MENA Infrastructure Fund (GP) Ltd
33.33
156
Quantexa Limited
8.92
4, 157
Radiant Global Investors LLC
N/A
1, 2, 158
Saudi Awwal Bank
31.00
159
The London Gold Market Fixing Limited
N/A
1, 139
Threadneedle Software Holdings Limited
7.80
4, 160
Topaz Consultation LLC
N/A
1, 24
Trade Information Network Limited (In
Liquidation)
12.76
161
Trinkaus Europa Immobilien-Fonds Nr. 7
Frankfurt Mertonviertel KG
N/A
1, 77
We Trade Innovation Designated Activity
Company (In Liquidation)
9.88
2, 162
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1027": { "value": "
21Goodwill and intangible assets
2025
2024
$m
$m
Goodwill
4,419
4,118
Other intangible assets1
8,688
8,266
At 31 Dec
13,107
12,384
1Included within other intangible assets is internally generated software with a net carrying amount of $7.5bn (2024: $7.1bn). During the year, capitalisation of
internally generated software was $ 3.0bn (2024: $2.5bn), impairment was $0.4bn (2024: impairment of $67m) and amortisation was $2.4bn (2024: $2.0bn).
Movement analysis of goodwill
2025
2024
$m
$m
Gross amount
At 1 Jan
18,626
19,560
Exchange differences
1,438
(962)
Reclassified to held for sale and additions1
(78)
28
At 31 Dec
19,986
18,626
Accumulated impairment losses
At 1 Jan
(14,508)
(15,237)
Exchange differences
(1,059)
716
Reclassified to held for sale1
\u2014
13
At 31 Dec
(15,567)
(14,508)
Net carrying amount at 31 Dec
4,419
4,118
1 For the year ended 31 December 2025, this includes goodwill reclassified to held for sale associated with the sale of HSBC Life (UK) Limited, the sale of HSBC
Assurance Vie (France), the sale of the retail banking business of The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka branch, and the sale of
the custody business and private banking business in Germany. For the year ended 31 December 2024, this includes goodwill arising from the acquisition of
Silkroad, offset by goodwill reclassified to held for sale associated with the sales of HSBC Bank Armenia, the private banking business in Germany, and the
planned sale of HSBC Assurances Vie (France). For further details, see Note\u00a023.
Goodwill
Impairment testing
The Group\u2019s impairment test in respect of goodwill allocated to each cash-generating unit (\u2018CGU\u2019) is performed at 1 October each year. A review
for indicators of impairment is undertaken at each subsequent quarter-end and at 31 December 2025. No indicators of impairment were identified
as part of these reviews.
Basis of the recoverable amount
The recoverable amount of all CGUs to which goodwill has been allocated was equal to its value in use (\u2018VIU\u2019) at each respective testing date. The
VIU is calculated by discounting management\u2019s cash flow projections for the CGU. The key assumptions used in the VIU calculation for each
individually significant CGU that is not impaired are discussed below.
Key assumptions in VIU calculation \u2013 significant CGUs at 1 October 20251
Carrying
amount at
1\u00a0Oct 2025
of which
goodwill
Value in
use at 1\u00a0Oct
2025
Discount
rate
Growth
rate beyond
initial
cash flow
Carrying
amount at
1\u00a0Oct \u00a02024
of which
goodwill
Value in
use at 1\u00a0Oct
2024
Discount
rate
Growth
rate beyond
initial cash flow
projections
$m
$m
$m
%
%
$m
$m
$m
%
%
HSBC UK
Bank plc \u2013 UK
29,022
2,639
82,529
9.3
2.1
N/A
N/A
N/A
N/A
N/A
HSBC UK
Bank plc \u2013
WPB
N/A
N/A
N/A
N/A
N/A
12,785
2,843
27,118
10.6
2.0
1Following change in the Group\u2019s reportable segments effective from 1 January 2025 the Group\u2019s CGUs are the Group\u2019s reportable segments subdivided by
main legal entities.
At 1 October 2025, aggregate goodwill of $1.8bn (1 October 2024: $1.5bn) had been allocated to CGUs that were not considered individually
significant. The Group\u2019s CGUs do not carry on their balance sheets any significant intangible assets with indefinite useful lives, other than goodwill.
Management\u2019s judgement in estimating the cash flows of a CGU
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental. The cash flow projections for each CGU are based on forecast profitability plans
approved by the Board and minimum capital levels required to support the business operations of a CGU. The Board challenges and endorses
planning assumptions in light of internal capital allocation decisions necessary to support our strategy, current market conditions and
macroeconomic outlook. For the 1 October 2025 impairment test, cash flow projections until the end of 2030 were considered, in line with our
internal planning horizon. Key assumptions underlying cash flow projections reflect management\u2019s outlook on interest rates and inflation, as well
as business strategy, including the scale of investment in technology and automation. Our cash flow projections include known and observable
climate-related opportunities and costs associated with our sustainable products and operating model. As required by IFRS Accounting Standards,
estimates of future cash flows exclude estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity
has a constructive obligation to carry out the plan, and would therefore have recognised a provision for restructuring costs.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model
(\u2018CAPM\u2019) and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the
economic variables and management\u2019s judgement. The discount rates for each CGU are refined to reflect the rates of inflation for the countries
within which the CGU operates. In addition, for the purposes of testing goodwill for impairment, management supplements this process by
comparing the discount rates derived using the internally generated CAPM, with the cost of equity rates produced by external sources for
businesses operating in similar markets. The impacts of climate risk are included to the extent that they are observable in discount rates and asset
prices.
Long-term growth rate
The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective within the Group of business
units making up the CGUs. These growth rates reflect inflation for the countries within which the CGU operates or from which it derives revenue.
Sensitivities of key assumptions in calculating VIU
At 1 October 2025, given the extent by which VIU exceeds carrying amount, HSBC UK Bank plc CGU was not sensitive to reasonably possible
adverse changes in key assumptions supporting the recoverable amount. In making an estimate of reasonably possible changes to assumptions,
management considers the available evidence in respect of each input to the VIU calculation, such as the external range of discount rates
observable, historical performance against forecast and risks attaching to the key assumptions underlying cash flow projections. None of the
remaining CGUs are individually significant.
Other intangible assets
Impairment testing
Impairment of other intangible assets is assessed in accordance with our policy explained in Note 1.2(b) by comparing the net carrying amount of
CGUs containing intangible assets with their recoverable amounts. Recoverable amounts are determined by calculating an estimated VIU or fair
value, as appropriate, for each CGU. No significant impairment was recognised during the year.
Key assumptions in VIU calculation
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of other intangible assets in the next
financial year, but does consider this to be an area that is inherently judgemental. We used a number of assumptions in our VIU calculation, in
accordance with the requirements of IAS 36:
\u2013 Management\u2019s judgement in estimating future cash flows: We considered past business performance, current market conditions and our
macroeconomic outlook to estimate future earnings. As required by IFRS Accounting Standards, estimates of future cash flows exclude
estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity has a constructive obligation to carry
out the plan, and would therefore have recognised a provision for restructuring costs. For some businesses, this means that the benefit of
certain strategic actions may not be included in the impairment assessment, including capital releases. Our cash flow projections include
known and observable climate-related opportunities and costs associated with our sustainable products and operating model.
\u2013 Long-term growth rates: The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
the businesses within the Group.
\u2013 Discount rates: Rates are based on a combination of CAPM and market-implied calculations considering market data for the businesses and
geographies in which the Group operates. The impacts of climate risk are included to the extent that they are observable in discount rates and
asset prices.
Sensitivity of estimates relating to non-financial assets
As explained in Note 1.2(b), estimates of future cash flows for CGUs are made in the review of goodwill and non-financial assets for impairment.
Non-financial assets include other intangible assets shown above, and owned property, plant and equipment and right-of-use assets (see Note\u00a022).
The most significant sources of estimation uncertainty are in respect of the goodwill balances disclosed above. There are no non-financial asset
balances relating to individual CGUs which involve estimation uncertainty that represents a significant risk of resulting in a material adjustment to
the results and financial position of the Group within the next financial year.
Non-financial assets are widely distributed across CGUs within the legal entities of the Group, including Corporate Centre assets that cannot be
allocated to CGUs and are therefore tested for impairment at consolidated level. The recoverable amounts of other intangible assets, owned
property, plant and equipment, and right-of-use assets cannot be lower than individual asset fair values less costs to dispose, where relevant. At
31 December 2025 none of the CGUs were sensitive to reasonably possible adverse changes in key assumptions supporting the recoverable
amount. In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each
input to the VIU calculation, such as the external range of discount rates observable, historical performance against forecast and risks attaching to
the key assumptions underlying cash flow projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1028": { "value": "
Movement analysis of goodwill
2025
2024
$m
$m
Gross amount
At 1 Jan
18,626
19,560
Exchange differences
1,438
(962)
Reclassified to held for sale and additions1
(78)
28
At 31 Dec
19,986
18,626
Accumulated impairment losses
At 1 Jan
(14,508)
(15,237)
Exchange differences
(1,059)
716
Reclassified to held for sale1
\u2014
13
At 31 Dec
(15,567)
(14,508)
Net carrying amount at 31 Dec
4,419
4,118
1 For the year ended 31 December 2025, this includes goodwill reclassified to held for sale associated with the sale of HSBC Life (UK) Limited, the sale of HSBC
Assurance Vie (France), the sale of the retail banking business of The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka branch, and the sale of
the custody business and private banking business in Germany. For the year ended 31 December 2024, this includes goodwill arising from the acquisition of
Silkroad, offset by goodwill reclassified to held for sale associated with the sales of HSBC Bank Armenia, the private banking business in Germany, and the
planned sale of HSBC Assurances Vie (France). For further details, see Note\u00a023.
Goodwill
Impairment testing
The Group\u2019s impairment test in respect of goodwill allocated to each cash-generating unit (\u2018CGU\u2019) is performed at 1 October each year. A review
for indicators of impairment is undertaken at each subsequent quarter-end and at 31 December 2025. No indicators of impairment were identified
as part of these reviews.
Basis of the recoverable amount
The recoverable amount of all CGUs to which goodwill has been allocated was equal to its value in use (\u2018VIU\u2019) at each respective testing date. The
VIU is calculated by discounting management\u2019s cash flow projections for the CGU. The key assumptions used in the VIU calculation for each
individually significant CGU that is not impaired are discussed below.
Key assumptions in VIU calculation \u2013 significant CGUs at 1 October 20251
Carrying
amount at
1\u00a0Oct 2025
of which
goodwill
Value in
use at 1\u00a0Oct
2025
Discount
rate
Growth
rate beyond
initial
cash flow
Carrying
amount at
1\u00a0Oct \u00a02024
of which
goodwill
Value in
use at 1\u00a0Oct
2024
Discount
rate
Growth
rate beyond
initial cash flow
projections
$m
$m
$m
%
%
$m
$m
$m
%
%
HSBC UK
Bank plc \u2013 UK
29,022
2,639
82,529
9.3
2.1
N/A
N/A
N/A
N/A
N/A
HSBC UK
Bank plc \u2013
WPB
N/A
N/A
N/A
N/A
N/A
12,785
2,843
27,118
10.6
2.0
1Following change in the Group\u2019s reportable segments effective from 1 January 2025 the Group\u2019s CGUs are the Group\u2019s reportable segments subdivided by
main legal entities.
At 1 October 2025, aggregate goodwill of $1.8bn (1 October 2024: $1.5bn) had been allocated to CGUs that were not considered individually
significant. The Group\u2019s CGUs do not carry on their balance sheets any significant intangible assets with indefinite useful lives, other than goodwill.
Management\u2019s judgement in estimating the cash flows of a CGU
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial year, but
does consider this to be an area that is inherently judgemental. The cash flow projections for each CGU are based on forecast profitability plans
approved by the Board and minimum capital levels required to support the business operations of a CGU. The Board challenges and endorses
planning assumptions in light of internal capital allocation decisions necessary to support our strategy, current market conditions and
macroeconomic outlook. For the 1 October 2025 impairment test, cash flow projections until the end of 2030 were considered, in line with our
internal planning horizon. Key assumptions underlying cash flow projections reflect management\u2019s outlook on interest rates and inflation, as well
as business strategy, including the scale of investment in technology and automation. Our cash flow projections include known and observable
climate-related opportunities and costs associated with our sustainable products and operating model. As required by IFRS Accounting Standards,
estimates of future cash flows exclude estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity
has a constructive obligation to carry out the plan, and would therefore have recognised a provision for restructuring costs.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model
(\u2018CAPM\u2019) and market implied cost of equity. CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-
free rate and a premium to reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the
economic variables and management\u2019s judgement. The discount rates for each CGU are refined to reflect the rates of inflation for the countries
within which the CGU operates. In addition, for the purposes of testing goodwill for impairment, management supplements this process by
comparing the discount rates derived using the internally generated CAPM, with the cost of equity rates produced by external sources for
businesses operating in similar markets. The impacts of climate risk are included to the extent that they are observable in discount rates and asset
prices.
Long-term growth rate
The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective within the Group of business
units making up the CGUs. These growth rates reflect inflation for the countries within which the CGU operates or from which it derives revenue.
Sensitivities of key assumptions in calculating VIU
At 1 October 2025, given the extent by which VIU exceeds carrying amount, HSBC UK Bank plc CGU was not sensitive to reasonably possible
adverse changes in key assumptions supporting the recoverable amount. In making an estimate of reasonably possible changes to assumptions,
management considers the available evidence in respect of each input to the VIU calculation, such as the external range of discount rates
observable, historical performance against forecast and risks attaching to the key assumptions underlying cash flow projections. None of the
remaining CGUs are individually significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1029": { "value": "
Other intangible assets
Impairment testing
Impairment of other intangible assets is assessed in accordance with our policy explained in Note 1.2(b) by comparing the net carrying amount of
CGUs containing intangible assets with their recoverable amounts. Recoverable amounts are determined by calculating an estimated VIU or fair
value, as appropriate, for each CGU. No significant impairment was recognised during the year.
Key assumptions in VIU calculation
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of other intangible assets in the next
financial year, but does consider this to be an area that is inherently judgemental. We used a number of assumptions in our VIU calculation, in
accordance with the requirements of IAS 36:
\u2013 Management\u2019s judgement in estimating future cash flows: We considered past business performance, current market conditions and our
macroeconomic outlook to estimate future earnings. As required by IFRS Accounting Standards, estimates of future cash flows exclude
estimated cash inflows or outflows that are expected to arise from restructuring initiatives before an entity has a constructive obligation to carry
out the plan, and would therefore have recognised a provision for restructuring costs. For some businesses, this means that the benefit of
certain strategic actions may not be included in the impairment assessment, including capital releases. Our cash flow projections include
known and observable climate-related opportunities and costs associated with our sustainable products and operating model.
\u2013 Long-term growth rates: The long-term growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
the businesses within the Group.
\u2013 Discount rates: Rates are based on a combination of CAPM and market-implied calculations considering market data for the businesses and
geographies in which the Group operates. The impacts of climate risk are included to the extent that they are observable in discount rates and
asset prices.
Sensitivity of estimates relating to non-financial assets
As explained in Note 1.2(b), estimates of future cash flows for CGUs are made in the review of goodwill and non-financial assets for impairment.
Non-financial assets include other intangible assets shown above, and owned property, plant and equipment and right-of-use assets (see Note\u00a022).
The most significant sources of estimation uncertainty are in respect of the goodwill balances disclosed above. There are no non-financial asset
balances relating to individual CGUs which involve estimation uncertainty that represents a significant risk of resulting in a material adjustment to
the results and financial position of the Group within the next financial year.
Non-financial assets are widely distributed across CGUs within the legal entities of the Group, including Corporate Centre assets that cannot be
allocated to CGUs and are therefore tested for impairment at consolidated level. The recoverable amounts of other intangible assets, owned
property, plant and equipment, and right-of-use assets cannot be lower than individual asset fair values less costs to dispose, where relevant. At
31 December 2025 none of the CGUs were sensitive to reasonably possible adverse changes in key assumptions supporting the recoverable
amount. In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each
input to the VIU calculation, such as the external range of discount rates observable, historical performance against forecast and risks attaching to
the key assumptions underlying cash flow projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1030": { "value": "
22Prepayments, accrued income and other assets
2025
2024
$m
$m
Prepayments and accrued income
15,778
13,781
Settlement accounts and items in course of collection from other banks
29,961
19,050
Cash collateral and margin receivables
57,706
59,488
Bullion
34,917
16,841
Endorsements and acceptances
8,695
8,093
Insurance contract assets (Note 4)
118
132
Reinsurance contract assets
5,886
4,798
Employee benefit assets (Note 5)
8,246
7,548
Right-of-use assets
2,991
2,205
Owned property, plant and equipment
9,615
9,407
Other accounts
10,881
11,397
At 31 Dec1
184,794
152,740
Prepayments, accrued income and other assets include $120.0bn (2024: $109.3bn) of financial assets, the majority of which are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1031": { "value": "
23Assets held for sale, liabilities of disposal groups held for sale and
business acquisitions
2025
2024
$m
$m
Held for sale at 31 Dec
Disposal groups
9,713
27,126
Unallocated impairment losses1
(93)
(31)
Non-current assets held for sale
1,495
139
Assets held for sale
11,115
27,234
Liabilities of disposal groups held for sale
23,382
29,011
1This represents impairment losses in excess of the carrying value of the non-current assets in scope of IFRS 5 for measurement, recognised against the total
assets of the disposal group.
Disposal groups
Retained portfolio of home and certain other loans in France
Following the sale of our French retail banking operations on 1 January 2024, HSBC Continental Europe retained a portfolio of home and certain
other loans, with a carrying value of \u20ac7.1bn ($8.3bn) at the time of sale.\u00a0 On 31 October 2025, HSBC Continental Europe completed the sale of its
retained portfolio to a consortium comprising Rothesay Life plc and CCF. Prior to their derecognition at completion, as at 30 September 2025,
related balances stood at $6.0bn in loans. The completion of the transaction resulted in the recycling of cumulative fair value losses of $1.5bn to
the income statement that were previously recognised through other comprehensive income. For the year ended 31 December 2025, we
additionally recognised a $0.1bn mark-to-market gain in \u2018net income from financial instruments held for trading or managed on a fair value basis\u2019
arising on certain non-qualifying economic hedges that were used to hedge interest rate risk on the portfolio. These non-qualifying economic
hedges were derecognised following completion of the transaction.
Other disposals
On 30 January 2026, HSBC Bank plc completed the sale of its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. Prior to
completion, as at 31 December 2025, the balances that remained classified as held for sale were $6.6bn in assets and $6.4bn in liabilities. For the
year ended 31 December 2025, we recognised a loss on disposal of $0.1bn. In the first quarter of 2026, we will recycle foreign currency translation
reserves to the income statement. These stood at a cumulative $0.2bn loss as at 31 December 2025.
On 27 November 2025, HSBC Bank Middle East Limited, Bahrain branch, completed the sale of its retail banking operations in Bahrain to Bank of
Bahrain and Kuwait B.S.C., recognising a pre-tax gain on disposal of $0.1bn.
On 31 October 2025, HSBC Continental Europe completed the sale of its French life insurance business, HSBC Assurances Vie (France), to
Matmut Soci\u00e9t\u00e9 d\u2019Assurance Mutuelle. Prior to their derecognition at completion, as at 30 September 2025, related balances stood at $28.2bn in
assets and $27.2bn in liabilities. For the year ended 31 December 2025, we recognised a $0.2bn pre-tax loss inclusive of migration costs and the
recycling of related reserves.
On 3 October 2025, HSBC Continental Europe completed the sale of its private banking business in Germany to BNP Paribas at which point we
recognised a pre-tax gain on disposal of $0.2bn. Prior to their derecognition at completion, as at 30 September 2025, related balances stood at
$1.5bn in assets and $1.5bn in liabilities.
On 24 September 2025, The Hongkong and Shanghai Banking Corporation Limited, Sri Lanka branch, entered into a binding agreement to sell its
retail banking business to Nations Trust Bank PLC. Regulatory approvals for the transaction have now been received, and completion is expected
in the first half 2026, at which point an estimated immaterial pre-tax gain on disposal will be recognised.
On 16 September 2025, HSBC Continental Europe signed a put option agreement with CrediaBank S.A. regarding the potential sale of its majority
shareholding of 70.03% in HSBC Bank Malta plc. On 22 December 2025, pursuant to the terms of the put option agreement and following
completion of HSBC Continental Europe's employee information and consultation process in France, a Sale and Purchase Agreement for the
transaction was signed. The transaction, which remains subject to regulatory approvals, did not meet the criteria for held for sale in the fourth
quarter of 2025, given completion is now expected in the first half of 2027. The sale is expected to generate an estimated pre-tax loss of $0.4bn,
inclusive of migration costs, which we expect to recognise largely in the first half of 2026 upon classification of the disposal group as held for sale.
On 27 July 2025, HSBC Latin America Holdings (UK) Limited entered into a binding agreement to sell HSBC Bank (Uruguay) S.A. to a subsidiary of
BTG Pactual Holding SA. The disposal group met the held for sale criteria and an immaterial loss on disposal was recognised in the third quarter of
2025, with balances remaining classified as held for sale at 31 December 2025 of $2.1bn in assets and $2.0bn in liabilities. The transaction, which
is subject to regulatory approvals, is expected to complete in the second half of 2026.
On 11 July 2025, HSBC Continental Europe, a wholly-owned subsidiary of HSBC Bank plc, reached an agreement to sell its fund administration
business, Internationale Kapitalanlagegesellschaft mbH, to BlackFin Capital Partners S.A.S. The disposal group met the held for sale criteria in the
third quarter of 2025, with immaterial balances remaining classified as held for sale at 31 December 2025. This transaction, which remains subject
to regulatory approval, is expected to complete in the second half of 2026, at which point an immaterial gain on disposal will be recognised.
On 27 June 2025, HSBC Continental Europe reached an agreement to sell its custody business in Germany to BNP Paribas. This transaction is
anticipated to be completed in a phased manner, starting in the first quarter of 2026. While client consent and related operational requirements
may extend the timing for completion of all client transfers, given the signing of a sale and purchase agreement, the disposal group met the held
for sale criteria in the second quarter of 2025, with balances remaining classified as held for sale at 31 December 2025 of $0.4bn in assets and
$12.5bn in liabilities. The sale is expected to generate an estimated pre-tax gain on disposal of $0.1bn, which will be recognised in line with
completion of client transfers.
On 25 September 2024, HSBC Bank plc reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd. The
disposal group met held for sale criteria in the fourth quarter of 2024, with balances remaining classified as held for sale at 31 December 2025 of
$0.4bn in assets and $2.1bn in liabilities. The transaction is expected to complete in the first quarter of 2026. Upon subsequent wind-down of the
entity, expected in the second half of 2026, cumulative foreign currency translation reserves and other reserves will recycle to the income
statement. At 31 December 2025, foreign currency translation reserve and other reserve losses stood at $0.1bn.
At 31 December 2025, the major classes of assets and associated liabilities of disposal groups held for sale, excluding allocated impairment losses,
were as follows:
South
Africa1
German
custody
business2
Uruguay
UK life
insurance
business
Sri Lanka
retail
banking
business
Other
Total
$m
$m
$m
$m
$m
$m
$m
Assets of disposal groups held for sale
Cash and balances at central banks
\u2014
\u2014
335
\u2014
2
\u2014
337
Trading assets
\u2014
\u2014
113
\u2014
\u2014
\u2014
113
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
\u2014
\u2014
\u2014
6,351
\u2014
\u2014
6,351
Derivatives
8
\u2014
6
\u2014
\u2014
\u2014
14
Loans and advances to banks
\u2014
16
29
\u2014
\u2014
\u2014
45
Loans and advances to customers\u00a0
431
323
1,314
\u2014
101
21
2,190
Financial investments
\u2014
\u2014
294
\u2014
\u2014
\u2014
294
Goodwill
\u2014
\u2014
\u2014
\u2014
3
\u2014
3
Prepayments, accrued income and other assets
3
17
51
273
15
7
366
Total assets at 31 Dec 2025
442
356
2,142
6,624
121
28
9,713
Liabilities of disposal groups held for sale
Deposits by banks
\u2014
116
15
\u2014
\u2014
\u2014
131
Customer accounts\u00a0
2,056
12,316
1,369
\u2014
430
2
16,173
Financial liabilities designated at fair value
\u2014
\u2014
\u2014
1,345
\u2014
\u2014
1,345
Derivatives
13
\u2014
3
\u2014
\u2014
\u2014
16
Debt securities in issue\u00a0
\u2014
\u2014
495
\u2014
\u2014
\u2014
495
Insurance contract liabilities
\u2014
\u2014
\u2014
4,925
\u2014
\u2014
4,925
Accruals, deferred income and other liabilities
13
33
77
116
40
18
297
Total liabilities at 31 Dec 2025
2,082
12,465
1,959
6,386
470
20
23,382
Expected date of completion
First quarter
of 2026
First half of
2027
Second half
of 2026
First quarter
of 2026
First half of
2026
Operating segment
CIB and
Corporate
Centre
CIB
Corporate
Centre
IWPB
IWPB
At 31 December 2024, the major classes of assets and associated liabilities of disposal groups held for sale, excluding allocated impairment losses,
were as follows:
French life
insurance business
Germany 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
\u2014
1,896
\u2014
\u2014
1,896
Financial assets designated and otherwise mandatorily
measured at fair value through profit or loss
14,560
\u2014
\u2014
\u2014
14,560
Derivatives
26
\u2014
10
\u2014
36
Loans and advances to banks
144
\u2014
\u2014
\u2014
144
Loans and advances to customers\u00a0
\u2014
309
656
\u2014
965
Financial investments
8,500
\u2014
\u2014
\u2014
8,500
Goodwill
\u2014
5
\u2014
\u2014
5
Prepayments, accrued income and other assets
992
21
7
\u2014
1,020
Total assets at 31 Dec 2024
24,222
2,231
673
\u2014
27,126
Liabilities of disposal groups held for sale
Customer accounts\u00a0
\u2014
2,085
3,294
20
5,399
Financial liabilities designated at fair value
11
119
\u2014
\u2014
130
Derivatives
\u2014
\u2014
19
\u2014
19
Insurance contract liabilities
21,811
\u2014
\u2014
\u2014
21,811
Accruals, deferred income and other liabilities
1,598
22
32
\u2014
1,652
Total liabilities at 31 Dec 2024
23,420
2,226
3,345
20
29,011
Date of completion
31 October 2025
31 October 2025
First quarter
of 2026
Operating segment
IWPB
IWPB
CIB and
Corporate
Centre
1Under the financial terms of the sale of our South Africa business, HSBC Bank plc will transfer the business with a net nil asset value at book value less any
provisions. The purchase price for the asset value of $0.4bn will be satisfied by the transfer of agreed liabilities of $2.1bn. Any required increase to the net asset
value of the business to achieve this will be satisfied by the inclusion of additional cash. Based upon the net liabilities of the disposal group at 31 December
2025, HSBC Bank plc would be expected to include a cash contribution of $1.7bn.
2\u00a0 \u00a0 Under the financial terms of the sale of our German custody business, HSBC Continental Europe will transfer a nil net asset value for each client transferred, by
way of inclusion of additional cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1032": { "value": "
24Trading liabilities
2025
2024
$m
$m
Deposits by banks1
9,353
7,671
Customer accounts1
10,089
10,709
Other debt securities in issue (Note 26)
40
73
Other liabilities \u2013 net short positions in securities
52,640
47,529
At 31 Dec
72,122
65,982
1 \u2018Deposits by banks\u2019 and \u2018Customer accounts\u2019 include repos, stock lending and other amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1033": { "value": "
25Financial liabilities designated at fair value
HSBC
2025
2024
$m
$m
Deposits by banks and customer accounts1
27,491
23,773
Liabilities to customers under investment contracts
5,288
5,931
Debt securities in issue (Note 26)
116,502
99,706
Subordinated liabilities (Note 29)
9,175
9,317
At 31 Dec
158,456
138,727
1Structured deposits placed at HSBC Bank USA are insured by the Federal Deposit Insurance Corporation, a US government agency, up to $250,000 per
depositor.
The carrying amount of financial liabilities designated at fair value was $2,691m less than the contractual amount at maturity (2024: $4,365m less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $2,252m (2024: loss of $1,655m).
HSBC Holdings\u00a0
2025
2024
$m
$m
Debt securities in issue (Note 26)
44,687
33,268
Subordinated liabilities (Note\u00a0 29)
8,220
8,314
At 31 Dec
52,907
41,582
The carrying amount of financial liabilities designated at fair value was $1,161m more than the contractual amount at maturity (2024:\u00a0$17m\u00a0less).
The cumulative amount of change in fair value attributable to changes in credit risk was a loss of $430m (2024:\u00a0$540m).
29Subordinated liabilities
HSBC\u2019s subordinated liabilities
2025
2024
$m
$m
At amortised cost
28,406
25,958
\u2013\u00a0 subordinated liabilities
27,467
25,080
\u2013\u00a0 preferred securities
939
878
Designated at fair value (Note 25)
9,175
9,317
\u2013\u00a0 subordinated liabilities
9,175
9,317
At 31 Dec
37,581
35,275
Issued by HSBC subsidiaries
2,978
3,144
Issued by HSBC Holdings
34,603
32,131
Subordinated liabilities rank behind senior obligations and generally count towards the capital base of HSBC. Capital securities may be called and
redeemed by HSBC subject to prior notification to the PRA and, where relevant, the consent of the local banking regulator. If not redeemed at the
first call date, coupons payable may reset or become floating rate based on relevant market rates. On\u00a0subordinated liabilities other than floating
rate notes, interest is payable at fixed rates of up to 8.201%.
The balance sheet amounts disclosed in the following table are presented on an IFRS basis and do not reflect the amount that the instruments
contribute to regulatory capital, principally due to regulatory amortisation and regulatory eligibility limits.
HSBC\u2019s subordinated liabilities: subsidiaries
2025
2024
$m
$m
Additional tier 1 capital securities issued by HSBC subsidiaries
819
732
Tier 2 securities issued by HSBC subsidiaries
\u2013\u00a0 Tier 2 securities issued by HSBC Bank plc
497
715
\u2013\u00a0 Tier 2 securities issued by HSBC Bank USA Inc
224
223
\u2013\u00a0 Tier 2 securities issued by HSBC Bank USA N.A.
1,438
1,431
Securities issued by other HSBC subsidiaries
\u2014
43
Subordinated liabilities issued by HSBC subsidiaries at 31 Dec
2,978
3,144
1This includes Tier 2 securities.
Guaranteed by HSBC Bank plc
Capital securities guaranteed by HSBC Bank plc were issued by a Jersey limited partnership. The proceeds of these were lent to the guarantor by
the limited partnership in the form of subordinated notes. These capital securities qualified as additional tier 1 capital for HSBC and HSBC Bank plc
(on a solo and a consolidated basis) under CRR II until 31 December 2021 by virtue of the grandfathering provision. Since 31 December 2021,
these securities have no longer qualified as regulatory capital for HSBC or HSBC Bank plc.
As at 31 December 2025 the preferred securities are intended to provide investors with rights to income and capital distributions, as well as
distributions upon liquidation of the issuer that are equivalent to the rights that they would have had if they had purchased non-cumulative
perpetual preference shares of the issuer. There are limitations on the payment of distributions if such payments are prohibited under UK banking
regulations or other requirements, if a payment would cause a breach of HSBC Bank plc\u2019s capital adequacy requirements, or if HSBC Bank plc has
insufficient distributable reserves (as defined).
HSBC Bank plc have covenanted that, if prevented under certain circumstances from paying distributions on the preferred securities in full, they
will not pay dividends or other distributions in respect of their ordinary shares, or repurchase or redeem their ordinary shares, until the distribution
on the preferred securities has been paid in full.
If the preferred securities are outstanding in November 2048, or if the total capital ratio of HSBC Bank plc (on a solo or consolidated basis) falls
below the regulatory minimum required, or if the Directors expect it to do so in the near term, provided that proceedings have not been
commenced for the liquidation, dissolution or winding up of HSBC Bank plc, the holders\u2019 interests in the preferred security will be exchanged for
interests in preference shares issued by HSBC Bank plc that have economic terms which are in all material respects equivalent to the preferred
security and its guarantee.
Tier 2 securities
Tier 2 capital securities are dated subordinated securities on which there is an obligation to pay coupons. These capital securities are included
within HSBC\u2019s regulatory capital base as tier 2 capital under CRR II. CRR II grandfathering provisions expired on 26 June 2025 and previously
grandfathered securities are now ineligible as regulatory capital for HSBC. In accordance with CRR II, the capital contribution of all tier 2 securities
is amortised for regulatory purposes in their final five years before maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1034": { "value": "
26Debt securities in issue
HSBC
2025
2024
$m
$m
Bonds and medium-term notes
185,974
163,903
Other debt securities in issue
30,243
41,661
Total debt securities in issue
216,217
205,564
Included within:
\u2013\u00a0 trading liabilities (Note 24)
(40)
(73)
\u2013\u00a0 financial liabilities designated at fair value (Note 25)
(116,502)
(99,706)
At 31 Dec
99,675
105,785
HSBC Holdings
2025
2024
$m
$m
Debt securities
113,711
97,588
Included within:
\u2013\u00a0 financial liabilities designated at fair value (Note 25)
(44,687)
(33,268)
At 31 Dec
69,024
64,320
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1036": { "value": "
27Accruals, deferred income and other liabilities
2025
2024
$m
$m
Accruals and deferred income
16,143
16,277
Settlement accounts and items in course of transmission to other banks
30,246
24,692
Cash collateral and margin payables
60,841
58,040
Endorsements and acceptances
8,708
8,102
Employee benefit liabilities (Note 5)
1,071
1,017
Reinsurance contract liabilities
682
701
Lease liabilities
3,320
2,459
Other liabilities
21,112
19,052
At 31 Dec1
142,123
130,340
Accruals, deferred income and other liabilities include $133.5bn (2024: $122.1bn) of financial liabilities, the majority of which are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1035": { "value": "
27Accruals, deferred income and other liabilities
2025
2024
$m
$m
Accruals and deferred income
16,143
16,277
Settlement accounts and items in course of transmission to other banks
30,246
24,692
Cash collateral and margin payables
60,841
58,040
Endorsements and acceptances
8,708
8,102
Employee benefit liabilities (Note 5)
1,071
1,017
Reinsurance contract liabilities
682
701
Lease liabilities
3,320
2,459
Other liabilities
21,112
19,052
At 31 Dec1
142,123
130,340
Accruals, deferred income and other liabilities include $133.5bn (2024: $122.1bn) of financial liabilities, the majority of which are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1037": { "value": "
28 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
991
1,580
39
174
2,784
Amounts utilised
(525)
(194)
(25)
(64)
(808)
Unused amounts reversed
(108)
(47)
(34)
(68)
(257)
Exchange and other movements
21
28
4
(2)
51
At 31 Dec 2025
578
1,662
69
497
2,806
Contractual commitments1
At 1 Jan 2025
688
Net change in expected credit loss provision and other movements
(53)
At 31 Dec 2025
635
Total provisions
At 31 Dec 2024
1,724
At 31 Dec 2025
3,441
Provisions (excluding contractual commitments)
At 1 Jan 2024
284
380
130
420
1,214
Additions
181
205
36
203
625
Amounts utilised
(193)
(228)
(48)
(105)
(574)
Unused amounts reversed
(63)
(63)
(35)
(82)
(243)
Exchange and other movements
(10)
1
2
21
14
At 31 Dec 2024
199
295
85
457
1,036
Contractual commitments1
At 1 Jan 2024
527
Net change in expected credit loss provision and other movements
161
At 31 Dec 2024
688
Total provisions
At 31 Dec 2023
1,741
At 31 Dec 2024
1,724
1Contractual commitments include the expected credit loss provision in relation to off-balance sheet financial guarantee contracts and commitments to which the
impairment requirements in IFRS 9 are applied; and provisions for performance and other guarantee contracts.
Further details of \u2018Legal proceedings and regulatory matters\u2019 are set out in Note 35. Legal proceedings include civil court, arbitration or tribunal
proceedings brought against HSBC companies (whether by way of claim or counterclaim); or civil disputes that may, if not settled, result in court,
arbitration or tribunal proceedings. \u2018Regulatory matters\u2019 refers to investigations, reviews and other actions carried out by, or in response to, the
actions of regulators or law enforcement agencies in connection with alleged wrongdoing by HSBC.
Customer remediation refers to HSBC\u2019s activities to compensate customers for losses or damages associated with a failure to comply with
regulations or to treat customers fairly. Customer remediation is often initiated by HSBC in response to customer complaints and/or industry
developments in sales practices, and is not necessarily initiated by regulatory action.
For further details of the impact of IFRS 9 on undrawn loan commitments and financial guarantees, presented in \u2018Contractual commitments\u2019, see
Note 33. Further analysis of the movement in the expected credit loss provision is disclosed within the \u2018Reconciliation of changes in gross carrying/
nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees\u2018 table on
page 125.
Brazil PIS and COFINS tax matters
Beginning in the late 1990s, HSBC Bank Brasil S.A. \u2013 Banco M\u00faltiplo (\u2018HSBC Brazil\u2019) and other financial services firms brought legal proceedings in
Brazil challenging the assessment of Contribution to the Social Integration Programme (\u2018PIS\u2019) and Contribution for the Financing of Social Security
(\u2018COFINS\u2019) taxes, which are federal taxes imposed on gross revenues earned by legal entities in Brazil. The Supreme Court of Brazil selected three
cases \u2013 one involving an insurer, in 2007, and two involving other banks, in 2011 \u2013 to set standards that would apply to all of these proceedings. In
June 2023, the court ruled against the financial services firms in all three cases. The standards set by the court in this ruling have not yet been
applied to HSBC Brazil\u2019s legacy cases, liability for which remained with HSBC after the sale of HSBC\u2019s operations in Brazil to Bradesco in 2016. In
May 2025, the first instance judicial court delivered a favourable judgment in HSBC Brazil\u2019s second largest legacy PIS and COFINS case, which has
been appealed by the Brazilian Tax Authority. There are many factors that may affect the range of outcomes and any resulting financial impact for
HSBC. Based upon the information currently available, a provision was recognised in respect of one legacy case. The remaining additional tax
liability subject to challenge on all legacy PIS and COFINS cases is up to $0.4bn. As at 31 December 2025, no provision has been booked for this
amount.
Bernard L. Madoff Investment Securities LLC
In a 2009 lawsuit in Luxembourg relating to the Bernard L. Madoff Investment Securities LLC fraud, HSBC Securities Services Luxembourg
(\u2018HSSL\u2019) is defending a claim brought by Herald Fund SPC (\u2018Herald\u2019) for restitution of securities and $521m in cash (plus interest) or, alternatively
damages in the amount of $5.6bn (plus interest). On 24 October 2025, the Luxembourg Court of Cassation denied HSSL\u2019s appeal in respect of
Herald\u2019s securities restitution claim, but accepted HSSL\u2019s appeal in respect of Herald\u2019s cash restitution claim. HSSL will now pursue a second
appeal before the Luxembourg Court of Appeal. If HSSL is unsuccessful in that second appeal, it will contest the amount HSSL is required to pay
in subsequent proceedings before the Court of Appeal. Following this development, we recognised a $1.1bn provision. Given the pendency of the
second appeal and the complexities and uncertainties associated with determining the quantum of restitution, the eventual financial impact could
be significantly different.
Tax-related investigations
Since 2023 the French National Financial Prosecutor (\u2018PNF\u2019) had been investigating HSBC Continental Europe and the Paris branch of HSBC Bank
plc in connection with the dividend withholding tax treatment of certain historical trading activities. During the year a provision of $0.3bn was
recognised, and in January 2026 HSBC Bank plc reached an agreement with the PNF to resolve its investigation. HSBC Bank plc paid a total of
\u20ac302m and the matter is now closed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1038": { "value": "
29Subordinated liabilities
HSBC\u2019s subordinated liabilities
2025
2024
$m
$m
At amortised cost
28,406
25,958
\u2013\u00a0 subordinated liabilities
27,467
25,080
\u2013\u00a0 preferred securities
939
878
Designated at fair value (Note 25)
9,175
9,317
\u2013\u00a0 subordinated liabilities
9,175
9,317
At 31 Dec
37,581
35,275
Issued by HSBC subsidiaries
2,978
3,144
Issued by HSBC Holdings
34,603
32,131
Subordinated liabilities rank behind senior obligations and generally count towards the capital base of HSBC. Capital securities may be called and
redeemed by HSBC subject to prior notification to the PRA and, where relevant, the consent of the local banking regulator. If not redeemed at the
first call date, coupons payable may reset or become floating rate based on relevant market rates. On\u00a0subordinated liabilities other than floating
rate notes, interest is payable at fixed rates of up to 8.201%.
The balance sheet amounts disclosed in the following table are presented on an IFRS basis and do not reflect the amount that the instruments
contribute to regulatory capital, principally due to regulatory amortisation and regulatory eligibility limits.
HSBC\u2019s subordinated liabilities: subsidiaries
2025
2024
$m
$m
Additional tier 1 capital securities issued by HSBC subsidiaries
819
732
Tier 2 securities issued by HSBC subsidiaries
\u2013\u00a0 Tier 2 securities issued by HSBC Bank plc
497
715
\u2013\u00a0 Tier 2 securities issued by HSBC Bank USA Inc
224
223
\u2013\u00a0 Tier 2 securities issued by HSBC Bank USA N.A.
1,438
1,431
Securities issued by other HSBC subsidiaries
\u2014
43
Subordinated liabilities issued by HSBC subsidiaries at 31 Dec
2,978
3,144
HSBC Holdings\u2019 subordinated liabilities
2025
2024
$m
$m
At amortised cost
26,114
23,548
Designated at fair value (Note 25)
8,220
8,314
At 31 Dec1
34,334
31,862
Guaranteed by HSBC Bank plc
Capital securities guaranteed by HSBC Bank plc were issued by a Jersey limited partnership. The proceeds of these were lent to the guarantor by
the limited partnership in the form of subordinated notes. These capital securities qualified as additional tier 1 capital for HSBC and HSBC Bank plc
(on a solo and a consolidated basis) under CRR II until 31 December 2021 by virtue of the grandfathering provision. Since 31 December 2021,
these securities have no longer qualified as regulatory capital for HSBC or HSBC Bank plc.
As at 31 December 2025 the preferred securities are intended to provide investors with rights to income and capital distributions, as well as
distributions upon liquidation of the issuer that are equivalent to the rights that they would have had if they had purchased non-cumulative
perpetual preference shares of the issuer. There are limitations on the payment of distributions if such payments are prohibited under UK banking
regulations or other requirements, if a payment would cause a breach of HSBC Bank plc\u2019s capital adequacy requirements, or if HSBC Bank plc has
insufficient distributable reserves (as defined).
HSBC Bank plc have covenanted that, if prevented under certain circumstances from paying distributions on the preferred securities in full, they
will not pay dividends or other distributions in respect of their ordinary shares, or repurchase or redeem their ordinary shares, until the distribution
on the preferred securities has been paid in full.
If the preferred securities are outstanding in November 2048, or if the total capital ratio of HSBC Bank plc (on a solo or consolidated basis) falls
below the regulatory minimum required, or if the Directors expect it to do so in the near term, provided that proceedings have not been
commenced for the liquidation, dissolution or winding up of HSBC Bank plc, the holders\u2019 interests in the preferred security will be exchanged for
interests in preference shares issued by HSBC Bank plc that have economic terms which are in all material respects equivalent to the preferred
security and its guarantee.
Tier 2 securities
Tier 2 capital securities are dated subordinated securities on which there is an obligation to pay coupons. These capital securities are included
within HSBC\u2019s regulatory capital base as tier 2 capital under CRR II. CRR II grandfathering provisions expired on 26 June 2025 and previously
grandfathered securities are now ineligible as regulatory capital for HSBC. In accordance with CRR II, the capital contribution of all tier 2 securities
is amortised for regulatory purposes in their final five years before maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1039": { "value": "
30Maturity analysis of assets, liabilities and off-balance sheet commitments
The table on page 335 provides an analysis of consolidated total assets, liabilities and off-balance sheet commitments by residual contractual
maturity at the balance sheet date. These balances are included in the maturity analysis as follows:
\u2013 Trading assets and liabilities (including trading derivatives but excluding reverse repos, repos and debt securities in issue) are included in the
\u2018Due not more than 1 month\u2019 time bucket because trading balances are typically held for short periods of time.
\u2013 Financial assets and liabilities with no contractual maturity (such as equity securities) are included in the \u2018Due over 5\u00a0years\u2019 time bucket.
Undated or perpetual instruments are classified based on the contractual notice period, which the counterparty of the instrument is entitled to
give. Where there is no contractual notice period, undated or perpetual contracts are included in the \u2018Due\u00a0over 5 years\u2019 time bucket.
\u2013 Non-financial assets and liabilities with no contractual maturity are included in the \u2018Due over 5 years\u2019 time bucket.
\u2013 Financial instruments included within assets and liabilities of disposal groups held for sale are classified on the basis of the contractual maturity
of the underlying instruments and not on the basis of the disposal transaction.
\u2013 Liabilities under insurance contracts included in \u2018non-financial liabilities\u2019 are irrespective of contractual maturity included in the \u2018Due over 5
years\u2019 time bucket in the maturity table provided below. An analysis of the present value of expected future cash flows of insurance contract
liabilities and contractual service margin is provided on page 293. Liabilities under investment contracts are\u00a0classified in accordance with their
contractual maturity. Undated investment contracts are included in the \u2018Due over 5 years\u2019 time bucket, although such contracts are subject to
surrender and transfer options by the policyholders.
\u2013 Loan and other credit-related commitments are classified on the basis of the earliest date they can be drawn down.
HSBC
Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
242,859
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
242,859
Hong Kong Government certificates of
indebtedness
44,063
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
44,063
Trading assets
358,864
4,209
1,551
646
349
534
\u2014
\u2014
366,153
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
7,659
1,002
2,061
1,273
1,041
6,097
10,937
102,993
133,063
Derivatives
234,390
149
176
151
79
287
2,339
169
237,740
Loans and advances to banks
74,341
13,842
5,664
4,899
3,056
2,675
3,293
692
108,462
Loans and advances to customers
150,457
70,926
59,646
36,257
36,897
96,320
186,262
351,634
988,399
\u2013\u00a0 personal
50,268
11,938
8,704
7,160
6,295
21,281
55,491
310,594
471,731
\u2013\u00a0 corporate and commercial
86,383
50,794
41,517
19,824
23,073
54,426
108,282
32,680
416,979
\u2013\u00a0 financial
13,806
8,194
9,425
9,273
7,529
20,613
22,489
8,360
99,689
Reverse repurchase agreements \u2013 non-trading
199,154
41,434
20,115
9,474
5,575
12,837
9,803
\u2014
298,392
Financial investments
41,092
75,509
44,525
20,166
17,973
62,079
199,798
106,069
567,211
Assets held for sale1
1,279
559
418
246
737
365
904
6,303
10,811
Accrued income and other financial assets
103,776
7,104
4,989
817
715
350
593
1,664
120,008
Financial assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
569,524
3,117,161
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
115,873
115,873
Total assets at 31 Dec 2025
1,457,934
214,734
139,145
73,929
66,422
181,544
413,929
685,397
3,233,034
Off-balance sheet commitments received
Loan and other credit-related commitments
52,535
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
52,535
Financial liabilities
Hong Kong currency notes in circulation
44,063
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
44,063
Deposits by banks
81,954
2,433
972
104
83
6,518
1,653
4,235
97,952
Customer accounts
1,518,208
162,033
62,389
19,424
17,348
5,042
2,249
135
1,786,828
\u2013\u00a0 personal
697,222
110,013
47,005
14,460
12,118
4,128
2,108
\u2014
887,054
\u2013\u00a0 corporate and commercial
623,088
38,493
13,242
3,597
3,146
686
88
134
682,474
\u2013\u00a0 financial
197,898
13,527
2,142
1,367
2,084
228
53
1
217,300
Repurchase agreements \u2013 non-trading
180,780
12,964
10,257
619
174
180
\u2014
\u2014
204,974
Trading liabilities
68,054
2,093
1,975
\u2014
\u2014
\u2014
\u2014
\u2014
72,122
Financial liabilities designated at fair value
23,306
12,208
8,709
4,775
5,877
21,508
39,904
42,169
158,456
\u2013\u00a0 debt securities in issue: unsecured
8,380
7,958
7,169
3,608
3,854
18,928
35,405
30,671
115,973
\u2013\u00a0 subordinated liabilities and preferred
securities
1
\u2014
\u2014
\u2014
895
892
1,185
6,202
9,175
\u2013\u00a0 other
14,925
4,250
1,540
1,167
1,128
1,688
3,314
5,296
33,308
Derivatives
235,555
97
89
13
39
128
245
1,688
237,854
Debt securities in issue
5,912
4,399
6,892
3,999
4,955
8,039
32,934
32,545
99,675
\u2013\u00a0 covered bonds
\u2014
\u2014
\u2014
\u2014
\u2014
670
1,537
\u2014
2,207
\u2013\u00a0 otherwise secured
507
43
62
58
338
201
691
2,401
4,301
\u2013\u00a0 unsecured
5,405
4,356
6,830
3,941
4,617
7,168
30,706
30,144
93,167
Liabilities of disposal groups held for sale2
15,901
404
145
32
98
10
118
1,626
18,334
Accruals and other financial liabilities
110,867
11,030
5,050
1,019
1,037
820
2,230
1,470
133,523
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
2
906
27,498
28,406
Total financial liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
111,366
2,882,187
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
145,181
145,181
Total liabilities at 31 Dec 2025
2,284,600
207,661
96,478
29,985
29,611
42,247
80,239
256,547
3,027,368
Off-balance sheet commitments given
Loan and other credit-related commitments
948,261
67
20
30
43
10
190
16
948,637
\u2013\u00a0 personal
272,532
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
272,532
\u2013\u00a0 corporate and commercial
516,435
67
20
30
43
10
190
16
516,811
\u2013\u00a0 financial
159,294
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
159,294
Maturity analysis of assets, liabilities and off-balance sheet commitments (continued)
Due not
more than
1 month
Due over
1 month
but not
more than
3 months
Due over
3 months
but not
more than
6 months
Due over
6 months
but not
more than
9 months
Due over
9 months
but not
more than
1 year
Due over
1 year
but not
more than
2 years
Due over
2 years
but not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash and balances at central banks
267,674
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
267,674
Hong Kong Government certificates of
indebtedness
42,293
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
42,293
Trading assets
311,277
1,374
679
337
774
401
\u2014
\u2014
314,842
Financial assets designated and otherwise
mandatorily measured at fair value through profit
or loss
6,329
1,497
1,218
810
1,570
4,010
11,503
88,832
115,769
Derivatives
264,689
401
709
377
164
364
524
1,409
268,637
Loans and advances to banks
69,778
16,300
3,871
4,264
2,922
2,276
2,236
392
102,039
Loans and advances to customers
135,250
69,955
53,557
36,945
38,985
89,061
176,645
330,260
930,658
\u2013\u00a0 personal
45,221
10,236
7,634
6,705
6,197
19,683
53,434
295,588
444,698
\u2013\u00a0 corporate and commercial
78,170
52,618
38,440
22,858
25,292
54,832
102,637
29,102
403,949
\u2013\u00a0 financial
11,859
7,101
7,483
7,382
7,496
14,546
20,574
5,570
82,011
Reverse repurchase agreements \u2013 non-trading
179,590
36,552
15,054
3,715
6,659
7,400
3,579
\u2014
252,549
Financial investments
35,780
74,850
50,650
15,907
20,465
54,125
143,870
97,519
493,166
Assets held for sale1
2,711
170
215
401
711
513
2,465
19,170
26,356
Accrued income and other financial assets
94,803
6,831
4,127
648
579
498
346
1,504
109,336
Financial assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
539,086
2,923,319
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
93,729
93,729
Total assets at 31 Dec 2024
1,410,174
207,930
130,080
63,404
72,829
158,648
341,168
632,815
3,017,048
Off-balance sheet commitments received
Loan and other credit-related commitments
41,875
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
41,875
Financial liabilities
Hong Kong currency notes in circulation
42,293
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
42,293
Deposits by banks
54,714
1,595
2,227
653
3,924
507
9,919
458
73,997
Customer accounts
1,382,204
168,423
58,928
19,062
17,389
6,482
2,353
114
1,654,955
\u2013\u00a0 personal
640,031
111,341
41,429
13,429
11,109
3,983
1,981
\u2014
823,303
\u2013\u00a0 corporate and commercial
564,693
45,047
14,708
3,991
4,748
1,968
332
106
635,593
\u2013\u00a0 financial
177,480
12,035
2,791
1,642
1,532
531
40
8
196,059
Repurchase agreements \u2013 non-trading
168,075
10,340
1,176
450
473
171
\u2014
195
180,880
Trading liabilities
58,069
4,933
2,873
7
100
\u2014
\u2014
\u2014
65,982
Financial liabilities designated at fair value
19,037
8,732
5,890
4,765
5,600
17,013
43,274
34,416
138,727
\u2013\u00a0 debt securities in issue: unsecured
8,431
4,148
3,557
2,885
4,362
14,660
38,259
22,866
99,168
\u2013\u00a0 subordinated liabilities and preferred\u00a0
securities
\u2014
\u2014
\u2014
1,011
\u2014
886
1,871
5,548
9,316
\u2013\u00a0 other
10,606
4,584
2,333
869
1,238
1,467
3,144
6,002
30,243
Derivatives
262,928
2
6
3
1
43
192
1,273
264,448
Debt securities in issue
5,761
10,915
10,330
7,332
7,239
14,724
22,311
27,173
105,785
\u2013\u00a0 covered bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,253
\u2014
1,253
\u2013\u00a0 otherwise secured
511
47
67
64
61
664
520
2,236
4,170
\u2013\u00a0 unsecured
5,250
10,868
10,263
7,268
7,178
14,060
20,538
24,937
100,362
Liabilities of disposal groups held for sale2
5,356
223
42
2
107
\u2014
\u2014
1,448
7,178
Accruals and other financial liabilities
99,424
11,827
5,415
1,013
1,241
902
1,489
738
122,049
Subordinated liabilities
\u2014
\u2014
1,719
16
\u2014
\u2014
861
23,362
25,958
Total financial liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
89,177
2,682,252
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
142,523
142,523
Total liabilities at 31 Dec 2024
2,097,861
216,990
88,606
33,303
36,074
39,842
80,399
231,700
2,824,775
Off-balance sheet commitments given
Loan and other credit-related commitments
861,181
74
12
85
49
6
57
114
861,578
\u2013\u00a0 personal
253,522
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
253,522
\u2013\u00a0 corporate and commercial
460,762
74
12
85
49
6
57
114
461,159
\u2013\u00a0 financial
146,897
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
146,897
1Unallocated impairment losses in relation to disposal groups of $0.09bn (2024: $0.03bn) and non-financial assets of $0.26bn (2024: $0.92bn) that are presented
within assets held for sale on the balance sheet have been included within non-financial assets in the table above.
2A total of $5.00bn (2024: $21.83bn) of non-financial liabilities that are presented within liabilities of disposal groups held for sale on the balance sheet have been
included within non-financial liabilities in the table above.
HSBC Holdings
Maturity analysis of assets, liabilities and off-balance sheet commitments
Due not
more
than
1 month
Due over
1 month
but not
more
than
3 months
Due over
3 months
but not
more
than
6 months
Due over
6 months
but not
more
than
9 months
Due over
9 months
but not
more
than
1 year
Due over
1 year
but not
more
than
2 years
Due over
2 years
but not
more
than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Cash at bank and in hand:
\u2013\u00a0 balances with HSBC undertakings
5,079
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
5,079
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
\u2014
\u2014
\u2014
\u2014
\u2014
4,863
31,702
30,652
67,217
Derivatives
1,371
26
10
\u2014
\u2014
114
118
303
1,942
Loans and advances to HSBC undertakings
6,250
\u2014
1,760
\u2014
\u2014
2,049
7,331
23,110
40,500
Trading assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial investments
11,736
3,734
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15,470
Accrued income and other financial assets
1,864
803
404
209
5
\u2014
\u2014
\u2014
3,285
Total financial assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
54,065
133,493
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
159,527
159,527
Total assets at 31 Dec 2025
26,300
4,563
2,174
209
5
7,026
39,151
213,592
293,020
Financial liabilities
Amounts owed to HSBC undertakings
\u2014
89
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
89
Financial liabilities designated at fair\u00a0value
\u2014
1,760
\u2014
\u2014
895
8,750
15,138
26,364
52,907
\u2013\u00a0 debt securities in issue
\u2014
1,760
\u2014
\u2014
\u2014
7,858
13,953
21,117
44,688
\u2013\u00a0 subordinated liabilities and preferred
securities
\u2014
\u2014
\u2014
\u2014
895
892
1,185
5,247
8,219
Derivatives
1,299
1
86
3
22
175
519
1,346
3,451
Debt securities in issue
\u2014
\u2014
1,535
408
\u2014
2,711
33,550
30,820
69,024
Accruals and other financial liabilities
294
1,109
676
140
34
\u2014
\u2014
21
2,274
Subordinated liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
901
25,213
26,114
Total financial liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,764
153,859
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12
12
Total liabilities at 31 Dec 2025
1,593
2,959
2,297
551
951
11,636
50,108
83,776
153,871
Financial assets
Cash at bank and in hand:
\u2013\u00a0 balances with HSBC undertakings
2,548
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,548
Financial assets with HSBC undertakings
designated and otherwise mandatorily
measured at fair value
\u2014
\u2014
\u2014
\u2014
\u2014
5,835
31,547
23,904
61,286
Derivatives
2,339
\u2014
24
\u2014
\u2014
243
162
286
3,054
Loans and advances to HSBC undertakings
8,500
\u2014
120
\u2014
13
1,640
6,739
20,665
37,677
Trading assets
709
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
Financial investments
6,141
4,187
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,328
Accrued income and other financial assets
2,719
856
292
203
11
\u2014
\u2014
\u2014
4,081
Total financial assets at 31\u00a0Dec\u00a02024
22,956
5,043
436
203
24
7,718
38,448
44,855
119,683
Non-financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
154,574
154,574
Total assets at 31 Dec 2024
22,956
5,043
436
203
24
7,718
38,448
199,429
274,257
Financial liabilities
Amounts owed to HSBC undertakings
\u2014
231
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
231
Financial liabilities designated at fair value
\u2014
\u2014
\u2014
1,012
\u2014
3,641
16,907
20,022
41,582
\u2013\u00a0 debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
2,755
15,036
15,476
33,267
\u2013\u00a0 subordinated liabilities and preferred
securities
\u2014
\u2014
\u2014
1,012
\u2014
886
1,871
4,546
8,315
Derivatives
1,502
89
144
44
45
209
794
2,513
5,340
Debt securities in issue
\u2014
\u2014
\u2014
\u2014
\u2014
14,897
24,395
25,028
64,320
Accruals and other financial liabilities
351
1,713
831
129
31
\u2014
\u2014
20
3,075
Subordinated liabilities
\u2014
\u2014
1,541
\u2014
\u2014
\u2014
836
21,171
23,548
Total financial liabilities at 31\u00a0Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,754
138,096
Non-financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
22
Total liabilities at 31 Dec 2024
1,853
2,033
2,516
1,185
76
18,747
42,932
68,776
138,118
Contractual maturity of financial liabilities
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in our
consolidated balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are\u00a0classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the \u2018Due not more than 1 month\u2019 time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over
1 month but
not more
than
3 months
Due over
3 months but
not more than
1 year
Due over
1 year but
not
more than
5 years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Deposits by banks
81,989
2,617
1,582
9,192
4,334
99,714
Customer accounts
1,518,669
164,800
100,734
8,079
135
1,792,417
Repurchase agreements \u2013 non-trading
180,768
13,771
11,169
180
\u2014
205,888
Trading liabilities
72,122
\u2014
\u2014
\u2014
\u2014
72,122
Financial liabilities designated at fair value
23,595
12,871
21,954
72,552
52,326
183,298
Derivatives
235,317
246
395
1,870
2,885
240,713
Debt securities in issue
5,928
5,312
18,421
51,297
38,047
119,005
Subordinated liabilities
39
368
1,424
8,085
38,878
48,794
Other financial liabilities1
153,469
8,753
5,312
2,881
1,838
172,253
2,271,896
208,738
160,991
154,136
138,443
2,934,204
Loan and other credit-related commitments
948,277
66
94
200
\u2014
948,637
Financial guarantees2
17,476
\u2014
\u2014
\u2014
\u2014
17,476
At 31 Dec 2025
3,237,649
208,804
161,085
154,336
138,443
3,900,317
Proportion of cash flows payable in period
83%
5%
4%
4%
4%
Deposits by banks
54,819
1,759
7,381
11,242
511
75,712
Customer accounts
1,382,666
171,917
97,667
10,089
113
1,662,452
Repurchase agreements \u2013 non-trading
168,633
10,425
2,195
188
196
181,637
Trading liabilities
65,982
\u2014
\u2014
\u2014
\u2014
65,982
Financial liabilities designated at fair value
19,139
9,042
18,462
70,587
45,767
162,997
Derivatives
262,014
531
1,008
2,034
2,765
268,352
Debt securities in issue
5,780
11,309
27,103
45,725
32,129
122,046
Subordinated liabilities
39
120
2,959
7,373
35,512
46,003
Other financial liabilities1
138,319
9,754
5,421
2,206
608
156,308
2,097,391
214,857
162,196
149,444
117,601
2,741,489
Loan and other credit-related commitments
861,193
78
146
63
98
861,578
Financial guarantees2
16,998
\u2014
\u2014
\u2014
\u2014
16,998
At 31 Dec 2024
2,975,582
214,935
162,342
149,507
117,699
3,620,065
Proportion of cash flows payable in period
83%
6%
4%
4%
3%
1Excludes financial liabilities of disposal groups.
2Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.
HSBC Holdings
HSBC Holdings\u2019 primary sources of liquidity are dividends received from subsidiaries, interest on and repayment of intra-Group loans and
securities, and interest earned on its own liquid funds. HSBC Holdings also raises funds in the debt capital markets to meet the Group\u2019s minimum
requirement for own funds and eligible liabilities and maintain an appropriate liquidity buffer. HSBC Holdings uses this liquidity to meet its
obligations, including interest and principal repayments on external debt liabilities, operating expenses and collateral on derivative transactions.
HSBC Holdings is also subject to contingent liquidity risk by virtue of credit-related commitments and guarantees and similar contracts issued
relating to its subsidiaries. Such commitments and guarantees are only issued after due consideration of HSBC Holdings\u2019 ability to finance the
commitments and guarantees and the likelihood of the need arising.
HSBC Holdings actively manages the cash flows from its subsidiaries to optimise the amount of cash held at the holding company level. During
2025, consistent with the Group\u2019s capital plan, the Group\u2019s material subsidiaries did not experience any significant restrictions on paying dividends
or repaying loans and advances. Also, there are no foreseen restrictions envisaged with regard to planned dividends or payments from material
subsidiaries. However, the ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things, their
respective local regulatory capital and banking requirements, exchange controls, statutory reserves, and financial and operating performance.
HSBC Holdings currently has sufficient liquidity to meet its present and forecast requirements.
The following table shows, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities
and derivatives not treated as hedging derivatives). For this reason, balances in the following table do not agree directly with those in HSBC
Holdings balance sheet. Undiscounted cash flows payable in relation to hedging derivative liabilities are\u00a0classified according to their contractual
maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the \u2018Due not more than 1 month\u2019 time bucket and
not by contractual maturity.
In addition, loan and other credit-related commitments and financial guarantees are generally not recognised on our balance sheet. The
undiscounted cash flows potentially payable under loan and other credit-related commitments and financial guarantees are classified on the basis
of the earliest date they can be called.
Cash flows payable by HSBC Holdings under financial liabilities by remaining contractual maturities
Due not
more
than 1
month
Due over 1
month but
not
more than 3
months
Due over 3
months but
not more
than
1 year
Due over 1
year but not
more than 5
years
Due over
5 years
Total
$m
$m
$m
$m
$m
$m
Amounts owed to HSBC undertakings
\u2014
89
\u2014
\u2014
\u2014
89
Financial liabilities designated at fair value
23
2,230
2,786
30,944
32,214
68,197
Derivatives
796
47
608
857
1,614
3,922
Debt securities in issue
\u2014
796
4,080
45,834
36,373
87,083
Subordinated liabilities
\u2014
353
1,336
7,508
35,087
44,284
Other financial liabilities
274
40
\u2014
\u2014
21
335
At 31 Dec 2025
1,093
3,555
8,810
85,143
105,309
203,910
Amounts owed to HSBC undertakings
\u2014
231
\u2014
\u2014
\u2014
231
Financial liabilities designated at fair value
2
133
2,254
26,335
26,788
55,512
Derivatives
669
202
1,344
2,591
1,658
6,464
Debt securities in issue
\u2014
254
1,697
47,771
29,706
79,428
Subordinated liabilities
\u2014
105
2,627
6,794
31,773
41,299
Other financial liabilities
351
1,735
991
\u2014
20
3,097
At 31 Dec 2024
1,022
2,660
8,913
83,491
89,945
186,031
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32
Called up share capital and other equity instruments
Called up share capital and share premium
HSBC Holdings ordinary shares of $0.50 each, issued and fully paid
2025
2024
Number
$m
Number
$m
At 1 Jan
17,946,950,582
8,973
19,262,728,193
9,631
Shares issued under HSBC employee share plans
9,937,366
5
10,283,430
5
Less: shares repurchased and cancelled
781,648,086
390
1,326,061,041
663
At 31 Dec1
17,175,239,862
8,588
17,946,950,582
8,973
1All HSBC Holdings ordinary shares in issue confer identical rights, including in respect of capital, dividends and voting.
HSBC Holdings share premium
2025
2024
$m
$m
At 31 Dec1
111
14,810
1On 24 June 2025, the High Court of Justice in England and Wales confirmed the cancellation of $14.8bn standing to the credit of the HSBC Holdings\u2019 share
premium account and $1.8bn standing to the credit of its capital redemption reserve, following approval at HSBC Holdings\u2019 Annual General Meeting held on
2\u00a0May 2025 (the \u2018Capital Reduction\u2019). The Court Order confirming the Capital Reduction was registered by the Registrar of Companies on 10 July 2025, resulting
in a combined total of $16.6bn being reclassified to retained earnings with no impact on total equity.
Total called up share capital and share premium
2025
2024
$m
$m
At 31 Dec
8,699
23,783
HSBC Holdings non-cumulative preference share of \u00a30.01
The one non-cumulative sterling preference share of \u00a30.01 (\u2018sterling preference share\u2019) has been in issue since 29 December 2010 and is held by a
subsidiary of HSBC Holdings. Dividends are paid quarterly at the sole and absolute discretion of the Board. The sterling preference share carries no
rights of conversion into ordinary shares of HSBC Holdings and no right to attend or vote at shareholder meetings of HSBC Holdings. These
securities can be redeemed by HSBC Holdings at any time, subject to prior approval by the PRA.
Other equity instruments
HSBC Holdings\u2019 contingent convertible securities are described below. These are accounted for as equity because HSBC does not have an
obligation to transfer cash or a variable number of its own ordinary shares to holders under any circumstances outside its control.
Additional tier 1 capital \u2013 contingent convertible securities
HSBC Holdings continues to issue contingent convertible securities that are included in its capital base as fully CRR II-compliant additional tier 1
capital securities. These securities are marketed principally and subsequently allotted to corporate investors and fund managers. The net proceeds
of the issuances are typically used for HSBC Holdings\u2019 general corporate purposes and to maintain or further strengthen its capital base to meet
requirements under CRR II. These securities bear a fixed rate of interest until their initial reset dates (unless previously redeemed in accordance
with their terms). If not redeemed, the securities will bear interest at a rate fixed on each reset date for the subsequent five-year period, equal to
the sum of the applicable reference rate at the time of reset and a credit spread set at issuance. Interest on the contingent convertible securities
will be due and payable only at the sole discretion of HSBC Holdings, and HSBC Holdings has sole and absolute discretion at all times to cancel for
any reason (in whole or part) any interest payment that would otherwise be payable on any payment date. Distributions will not be paid if they are
prohibited under UK banking regulations or if the Group has insufficient reserves or fails to meet the solvency conditions defined in the securities\u2019
terms.
The contingent convertible securities are undated and are repayable at the option of HSBC Holdings in whole typically at the initial call date or on
any fifth anniversary after this date. In addition, the securities are repayable at the option of HSBC in whole for certain regulatory or tax reasons.
Any repayments require the prior consent of the PRA. These securities rank pari passu with HSBC Holdings\u2019 sterling preference shares and
therefore rank ahead of ordinary shares. The contingent convertible securities will be converted into fully paid ordinary shares of HSBC Holdings at
a predetermined price, should HSBC\u2019s consolidated CET1 ratio fall below 7.0%. Therefore, in accordance with the terms of the securities, if
HSBC\u2019s consolidated CET1 ratio breaches the 7.0% trigger, the securities will convert into ordinary shares at fixed contractual conversion prices in
the currency of the relevant securities, subject to anti-dilution adjustments.
Original nominal
amount (LCY)
Description of security
Issue
Date
First call
date
Reset Date
2025
2024
$m
$m
$2,450m
6.375% Perpetual Subordinated Contingent Convertible Securities1
Mar 2015
Mar 2025
Mar 2025
\u2014
2,450
$3,000m
6.000% Perpetual Subordinated Contingent Convertible Securities
May 2017
May 2027
May 2027
3,000
3,000
\u20ac1,250m
4.750% Perpetual Subordinated Contingent Convertible Securities
Jul 2017
Jul 2029
Jul 2029
1,421
1,422
$1,800m
6.500% Perpetual Subordinated Contingent Convertible Securities
Mar 2018
Mar 2028
Mar 2028
1,800
1,800
\u00a31,000m
5.875% Perpetual Subordinated Contingent Convertible Securities
Sep 2018
Sep 2026
Sep 2026
1,301
1,301
$1,500m
4.600% Perpetual Subordinated Contingent Convertible Securities
Dec 2020
Dec 2030
Jun 2031
1,500
1,500
$1,000m
4.000% Perpetual Subordinated Contingent Convertible Securities
Mar 2021
Mar 2026
Sep 2026
1,000
1,000
$1,000m
4.700% Perpetual Subordinated Contingent Convertible Securities
Mar 2021
Mar 2031
Sep 2031
1,000
1,000
$2,000m
8.000% Perpetual Subordinated Contingent Convertible Securities2
Mar 2023
Mar 2028
Sep 2028
1,980
1,980
SGD1,500m
5.250% Perpetual Subordinated Contingent Convertible Securities2
Jun 2024
Jun 2029
Dec 2029
1,096
1,096
$1,350m
6.875% Perpetual Subordinated Contingent Convertible Securities2
Sep 2024
Sep 2029
Mar 2030
1,337
1,337
$1,150m
6.950% Perpetual Subordinated Contingent Convertible Securities2
Sep 2024
Mar 2034
Sep 2034
1,139
1,138
$1,500m
6.950% Perpetual Subordinated Contingent Convertible Securities2
Feb 2025
Aug 2031
Feb 2032
1,485
\u2014
SGD800m
5.000% Perpetual Subordinated Contingent Convertible Securities2
Mar 2025
Mar 2030
Sep 2030
596
\u2014
$2,000m
7.050% Perpetual Subordinated Contingent Convertible Securities2
Jun 2025
Jun 2030
Dec 2030
1,980
\u2014
At 31 Dec
20,635
19,024
1This security was called by HSBC Holdings on 7 February 2025 and was redeemed and cancelled on 31 March 2025.
2These securities have been accounted for net of directly attributable transaction costs.
Shares under option
For details of the options outstanding to subscribe for HSBC Holdings ordinary shares under the HSBC Holdings Savings-Related Share Option
Plan (UK), see Note 5.
Aggregate options outstanding under these plans
31 Dec 2025
31 Dec 2024
Number of
HSBC Holdings
ordinary shares
Usual period
of exercise
Exercise price
Number of
HSBC Holdings
ordinary shares
Usual period
of exercise
Exercise price
58,902,349
2024 to 2031
\u00a32.6270\u2013\u00a37.6110
75,335,399
2023 to 2030
\u00a32.6270\u20135.4490
Maximum obligation to deliver HSBC Holdings ordinary shares
At 31 December 2025, the maximum obligation to deliver HSBC Holdings ordinary shares under all of the above option arrangements and the
HSBC International Employee Share Purchase Plan, together with long-term incentive awards and deferred share awards granted under the HSBC
Share Plan 2011, was 178,823,734 (2024: 209,683,768). The total number of shares at 31\u00a0December 2025 held by employee benefit trusts that
may be used to satisfy such obligations to deliver HSBC Holdings ordinary shares was 35,354,337 (2024: 9,305,925).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1041": { "value": "
Called up share capital and share premium
HSBC Holdings ordinary shares of $0.50 each, issued and fully paid
2025
2024
Number
$m
Number
$m
At 1 Jan
17,946,950,582
8,973
19,262,728,193
9,631
Shares issued under HSBC employee share plans
9,937,366
5
10,283,430
5
Less: shares repurchased and cancelled
781,648,086
390
1,326,061,041
663
At 31 Dec1
17,175,239,862
8,588
17,946,950,582
8,973
1All HSBC Holdings ordinary shares in issue confer identical rights, including in respect of capital, dividends and voting.
Total called up share capital and share premium
2025
2024
$m
$m
At 31 Dec
8,699
23,783
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1042": { "value": "
33Contingent liabilities, contractual commitments and guarantees
HSBC
HSBC Holdings1
2025
2024
2025
2024
$m
$m
$m
$m
Guarantees and other contingent liabilities:
\u2013\u00a0 financial guarantees
17,476
16,998
\u2014
\u2014
\u2013\u00a0 performance and other guarantees
102,684
92,723
6,983
7,327
\u2013\u00a0 other contingent liabilities
164
298
\u2014
\u2014
At 31 Dec
120,324
110,019
6,983
7,327
Commitments:2
\u2013\u00a0 documentary credits and short-term trade-related transactions
6,959
7,096
\u2014
\u2014
\u2013\u00a0 forward asset purchases and forward deposits placed
84,978
61,017
\u2014
\u2014
\u2013\u00a0 standby facilities, credit lines and other commitments to lend
856,700
793,465
\u2014
\u2014
At 31 Dec
948,637
861,578
\u2014
\u2014
1Guarantees by HSBC Holdings are in favour of other Group entities. These include contracts that provide protection against credit risk on a specified exposure
but do not meet the definition of financial guarantees.
2Includes $690.8bn of commitments at 31 December 2025 (31 December 2024: $619.4bn), to which the impairment requirements in IFRS 9 are applied.
The preceding table discloses the nominal principal amounts of off-balance sheet liabilities and commitments for the Group, which represent the
maximum amounts at risk should the contracts be fully drawn upon and the clients default. As a significant portion of guarantees and
commitments are expected to expire without being drawn upon, the total of the nominal principal amounts is not indicative of future liquidity
requirements. The expected credit loss provision relating to guarantees and commitments under IFRS 9 is disclosed in Note 28.
The majority of the guarantees have a term of less than one year. All guarantees are subject to HSBC\u2019s annual credit review process.
Contingent liabilities arising from legal proceedings, regulatory and other matters against Group companies are excluded from this note but are
disclosed in Notes 28 and 35.
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (\u2018FSCS\u2019) provides compensation, up to certain limits, to eligible customers of financial services firms
that are unable, or likely to be unable, to pay claims against them. The FSCS may impose a further levy on the Group to the extent the industry
levies imposed to date are not sufficient to cover the compensation due to customers in any future possible collapse. The ultimate FSCS levy to
the industry as a result of a collapse cannot be estimated reliably. It is dependent on various uncertain factors including the potential recovery of
assets by the FSCS, changes in the level of protected products (including deposits and investments) and the population of FSCS members at the
time.
Associates
HSBC\u2019s share of associates\u2019 contingent liabilities, contractual commitments and guarantees amounted to $70.9bn at 31 December 2025 (2024:
$74.5bn). No matters arose where HSBC was severally liable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1043": { "value": "
34Finance lease receivables
HSBC leases a variety of assets to third parties under finance leases, including transport assets (such as aircraft), property and general plant and
machinery. At the end of lease terms, assets may be sold to third parties or leased for further terms. Rentals are calculated to recover the cost of
assets less their residual value, and earn finance income.
The table below excludes finance lease receivables reclassified on the balance sheet to \u2018Assets held for sale\u2019 in accordance with IFRS 5. Net
investment in finance leases of $2m was reclassified to \u2018Assets held for sale\u2019 in 2025 as a result of the planned sale of HSBC Bank (Uruguay) S.A.
There was no net investment in finance leases classified as held-for-sale at 31 December 2024.
2025
2024
Total future
minimum
payments
Unearned
finance
income
Present
value
Total future
minimum
payments
Unearned
finance
income
Present
value
$m
$m
$m
$m
$m
$m
Lease receivables:
No later than one year
2,507
(293)
2,214
2,331
(295)
2,036
One to two years
1,830
(224)
1,606
1,787
(226)
1,561
Two to three years
1,335
(167)
1,168
1,290
(171)
1,119
Three to four years
884
(127)
757
839
(134)
705
Four to five years
629
(102)
527
766
(147)
619
Later than one year and no later than five\u00a0years
4,678
(620)
4,058
4,682
(678)
4,004
Later than five years
3,553
(578)
2,975
3,518
(639)
2,879
At 31 Dec
10,738
(1,491)
9,247
10,531
(1,612)
8,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1044": { "value": "
35Legal proceedings and regulatory matters
HSBC is party to legal proceedings and regulatory matters in a number of jurisdictions arising out of its normal business operations. Apart from the
matters described below, HSBC considers that none of these matters are material. The recognition of provisions is determined in accordance with
the accounting policies set out in Note 1. While the outcomes of legal proceedings and regulatory matters are inherently uncertain, management
believes that, based on the information available to it, appropriate provisions have been made in respect of these matters as at 31 December 2025
(see Note 28). Where an individual provision is material, the fact that a provision has been made is stated and quantified, except to the extent that
doing so would be seriously prejudicial. Any provision recognised does not constitute an admission of wrongdoing or legal liability. It is not
practicable to provide an aggregate estimate of\u00a0potential liability for our legal proceedings and regulatory matters as a class of contingent liabilities.
Bernard L. Madoff Investment Securities LLC
Various HSBC companies that provided custodial, administration and similar services to a number of funds whose assets were invested with
Bernard L. Madoff Investment Securities LLC (\u2018Madoff Securities\u2019) have been named as defendants in lawsuits arising out of Madoff Securities\u2019
fraud.
Trustee litigation: The Madoff Securities trustee (the \u2018Trustee\u2019) has brought lawsuits in the US against various HSBC companies and others
seeking recovery of alleged transfers from Madoff Securities to the HSBC companies in the amount of $508m (plus interest). In September 2025,
the US Bankruptcy Court for the Southern District of New York dismissed all claims against HSBC Private Bank (Suisse) SA in the amount of
$292m and certain claims against HSBC Bank USA N.A. (\u2018HSBC Bank USA\u2019) in the amount of $32m. The Trustee has appealed. The Trustee\u2019s
remaining claims, which amount to $184m, are pending.
The Trustee has filed a claim against various HSBC companies in the High Court of England and Wales seeking recovery of alleged transfers from
Madoff Securities to the HSBC companies. The claim has not yet been served and the amount claimed has not been specified.
Fairfield Funds litigation: Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited (each in liquidation and together, the
\u2018Fairfield Funds\u2019) have brought lawsuits in the US against various HSBC companies and others seeking recovery of alleged transfers from the
Fairfield Funds to the HSBC companies (that acted as nominees for clients) in the amount of $382m (plus interest). In August 2025, the US Court
of Appeals for the Second Circuit confirmed the dismissal of Fairfield Funds\u2019 claims against all HSBC companies. Fairfield Funds may appeal.
Herald Fund SPC (\u2018Herald\u2019) litigation: HSBC Securities Services Luxembourg (\u2018HSSL\u2019) and HSBC Bank plc are defending an action brought by
Herald (in liquidation) before the Luxembourg District Court seeking restitution of securities (the amount of which would be determined by further
proceedings, if Herald is successful in its claim) and $521m in cash (plus interest) or, alternatively, damages in the amount of $5.6bn (plus interest).
Herald\u2019s damages claim against HSSL and HSBC Bank plc has been stayed. In December 2024, the Luxembourg Court of Appeal determined that
Herald\u2019s claims for restitution of securities and cash against HSSL were founded in principle. HSSL appealed this decision and, in October 2025,
the Luxembourg Court of Cassation denied HSSL\u2019s appeal in respect of Herald\u2019s securities restitution claim, but accepted HSSL\u2019s appeal in
respect of Herald\u2019s cash restitution claim, which has been returned to the Luxembourg District Court for determination. HSSL is pursuing a second
appeal on the securities restitution claim before the Luxembourg Court of Appeal. Following the Court of Cassation\u2019s decision, HSSL has
recognised a $1.1bn provision in connection with this matter. Given the pendency of the second appeal and the complexities and uncertainties
associated with determining the quantum of restitution, the eventual financial impact could be significantly different.
Alpha Prime Fund Limited (\u2018Alpha Prime\u2019) litigation: Various HSBC companies are defending an action brought by Alpha Prime in the
Luxembourg District Court seeking restitution of securities and $1bn (plus interest) in supplementary damages or, alternatively, damages in the
amount of $3.3bn (plus interest). This matter is currently pending before the Luxembourg District Court.
In November 2024, Alpha Prime served various HSBC companies with a lawsuit filed in the Bermuda Supreme Court seeking damages for
unspecified amounts for alleged breach of contract and negligence. This claim is currently stayed.\u00a0
Senator Fund SPC (\u2018Senator\u2019) litigation: HSSL and the Luxembourg branch of HSBC Bank plc are defending an action brought by Senator before
the Luxembourg District Court seeking restitution of securities or, alternatively, damages in the amount of $1.4bn (plus interest). This matter is
currently pending before the Luxembourg District Court.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
US Anti-Terrorism Act litigation
Since November 2014, a number of lawsuits have been filed in federal courts in the US against various HSBC companies and others on behalf of
plaintiffs who are, or are related to, alleged victims of terrorist attacks in the Middle East. In each case, it is alleged that the defendants aided and
abetted the unlawful conduct of various sanctioned parties in violation of the US Anti-Terrorism Act, or provided banking services to customers
alleged to have connections to terrorism financing. Six actions, which seek damages for unspecified amounts, remain pending. One of these
actions has been dismissed but may be appealed. The other five actions remain at an early procedural stage.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
US dollar Libor litigation
Various HSBC companies are defending two individual actions which allege that the HSBC defendants violated various US federal and state laws,
including antitrust laws, related to the setting of US dollar Libor, and seek damages for unspecified amounts. In September 2025, the US District
Court for the Southern District of New York granted the defendants\u2019 joint motion for summary judgment and dismissed these actions. The
plaintiffs have appealed.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Foreign exchange-related investigations and litigation
In December 2016, Brazil\u2019s Administrative Council of Economic Defense initiated an investigation into the onshore foreign exchange market and
identified a number of banks, including HSBC, as subjects of its investigation. This investigation is ongoing. Lawsuits alleging foreign exchange-
related misconduct remain pending against HSBC and other banks in courts in Brazil.
Since 2017, HSBC Bank plc, among other financial institutions, has been defending a complaint filed by the Competition Commission of South
Africa before the South African Competition Tribunal for alleged anti-competitive behaviour in the South African foreign exchange market. In 2020,
a revised complaint was filed which also named HSBC Bank USA as a defendant. In January 2024, the South African Competition Appeal Court
dismissed HSBC Bank USA from the revised complaint but denied HSBC Bank plc\u2019s application to dismiss. Both the Competition Commission and
HSBC Bank plc have appealed to the Constitutional Court of South Africa.
HSBC Bank plc and HSBC Holdings have reached a settlement with plaintiffs in Israel to resolve a class action filed in the local courts alleging
foreign exchange-related misconduct. The settlement, the impact of which is not significant and is fully provisioned, remains subject to court
approval.
In February 2024, HSBC Bank plc and HSBC Holdings were joined to an existing claim brought in the UK Competition Appeals Tribunal (\u2018UK CAT\u2019)
against various other banks alleging historical anti-competitive behaviour in the foreign exchange market and seeking approximately \u00a33bn in
damages from all the defendants. In December 2025, the UK Supreme Court upheld an earlier ruling of the UK CAT refusing certification as an opt-
out claim. This matter remains pending before the UK CAT.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Precious metals fix-related litigation
US litigation: Various HSBC companies and other members of The London Silver Market Fixing Limited are defending a class action pending in
the US District Court for the Southern District of New York alleging that, from January 2007 to December 2013, the defendants conspired to
manipulate the price of silver and silver derivatives for their collective benefit in violation of US antitrust laws, the US Commodity Exchange Act
and New York state law. In May 2023, this action, which seeks damages for unspecified amounts, was dismissed but remains pending on appeal.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or
any possible impact on HSBC, which could be significant.
Canada litigation: Various HSBC companies and other financial institutions have been defending putative class actions filed in the Ontario and
Quebec Superior Courts of Justice alleging that the defendants conspired to manipulate the price of silver, gold and related derivatives in violation
of the Canadian Competition Act and common law. These actions each seek CA$1bn in damages plus CA$250m in punitive damages. The HSBC
defendants have reached a settlement with the plaintiffs to resolve these matters. The settlement, the impact of which is not significant and is
fully provisioned, is subject to court approval.
Tax-related investigations
Since 2023, the French National Financial Prosecutor (\u2018PNF\u2019) had been investigating HSBC Continental Europe and the Paris branch of HSBC Bank
plc, in connection with alleged tax fraud related to the dividend withholding tax treatment of certain trading activities. In January 2026, HSBC Bank
plc reached an agreement with the PNF to resolve its investigation. HSBC Bank plc paid a total of \u20ac302m and this matter is now closed. The
investigation into HSBC Continental Europe was closed with no further action.\u00a0 \u00a0
HSBC Bank plc and the German branch of HSBC Continental Europe continue to cooperate with investigations by the German public prosecutor
into numerous financial institutions and their employees, in connection with the dividend withholding tax treatment of certain trading activities.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
Gilts trading litigation
In June 2023, HSBC Bank plc and HSBC Securities (USA) Inc., among other banks, were named as defendants in a putative class action filed in the
US District Court for the Southern District of New York by plaintiffs alleging anti-competitive conduct in the gilts market and seeking damages for
unspecified amounts. Certain of the defendants, including HSBC Bank plc and HSBC Securities (USA) Inc., have reached a settlement with the
plaintiffs to resolve this matter. The settlement, the impact of which is not significant and has been paid, remains subject to final court approval.
Korean short selling indictment
In March 2024, the Korean Prosecutors\u2019 Office issued a criminal indictment against The Hongkong and Shanghai Banking Corporation Limited
(\u2018HBAP\u2019) and three current and former employees for breaching short selling rules under the Financial Investment Services and Capital Markets Act
in connection with trades carried out between August 2021 and December 2021. In September 2025, the Korean appellate court confirmed the
acquittal of HBAP of all charges. The Korean Prosecutors\u2019 Office has further appealed to the Korean Supreme Court.
Investigations involving HSBC Private Bank (Suisse) SA
Law enforcement authorities in Switzerland and France are conducting criminal investigations into HSBC Private Bank (Suisse) SA in connection
with alleged money laundering offences in respect of two historical banking relationships. These investigations are ongoing.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
First Citizens litigation
In May 2023, First-Citizens Bank & Trust Company (\u2018First Citizens\u2019) brought a lawsuit in the US District Court for the Northern District of California
against various HSBC companies and seven US-based HSBC employees who had previously worked for Silicon Valley Bank (\u2018SVB\u2019). The lawsuit
seeks $1bn in damages and alleges, among other things, that the various HSBC companies conspired with the individual defendants to solicit
employees from First Citizens and that the individual defendants took confidential information belonging to SVB and/or First Citizens. In January
2026, First Citizens amended its complaint to add claims purportedly assigned by the Federal Deposit Insurance Corporation (\u2018FDIC\u2019). These
include claims concerning the period between SVB\u2019s entry into FDIC receivership and First Citizens\u2019 purchase of SVB\u2019s US assets. First Citizens
also seeks to bring certain claims and defendants dismissed by the court in July 2024 back into the litigation. The defendants have filed a motion to
dismiss the amended complaint.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
US mortgage securitisation litigation
Beginning in 2014, a number of lawsuits were filed in various state and federal courts in the US against HSBC Bank USA, as a trustee of more than
280 mortgage securitisation trusts, seeking unspecified damages for losses in collateral value allegedly sustained by the trusts. Nearly all of these
lawsuits have either been settled or dismissed; one action remains pending in a New York state court.
HSBC Bank USA and certain of its affiliates are named as defendants in a mortgage loan repurchase action brought by the trustee of a mortgage
securitisation trust in New York state court and seeking unspecified damages and specific performance. The plaintiff has appealed the dismissal of
this action, and the appeal is pending.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any
possible impact on HSBC, which could be significant.
Mexican government bond litigation
HSBC Mexico S.A. and other banks are named as defendants in a consolidated putative class action pending in the US District Court for the
Southern District of New York alleging anti-competitive conduct related to Mexican government bond transactions between 2010 and 2014 and
seeking unspecified damages. In January 2025, the court denied the defendants\u2019 motion to dismiss the plaintiffs\u2019 third amended complaint, and
this action is proceeding.
Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing or any
possible impact on HSBC, which could be significant.
Other regulatory investigations, reviews and litigation
HSBC Holdings and/or certain of its affiliates are also subject to a number of other enquiries and examinations, requests for information,
investigations and reviews by various tax authorities, regulators, competition and law enforcement authorities, as well as legal proceedings
including litigation, arbitration and other contentious proceedings, in connection with various matters arising out of their businesses and operations.
At the present time, HSBC does not expect the ultimate resolution of any of these matters to be material to the Group\u2019s financial position;
however, given the uncertainties involved in legal proceedings and regulatory matters, there can be no assurance regarding the eventual outcome
of a particular matter or matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1045": { "value": "
36Related party transactions
Related parties of the Group and HSBC Holdings include subsidiaries, associates, joint ventures, fund-related entities, post-employment benefit
plans for HSBC employees, Key Management Personnel (\u2018KMP\u2019) as defined by IAS 24, close family members of KMP and entities that are
controlled or jointly controlled by KMP or their close family members. KMP are defined as those persons having authority and responsibility for
planning, directing and controlling the activities of HSBC Holdings. These individuals also constitute \u2018senior management\u2019 for the purposes of the
Hong Kong Listing Rules. In applying IAS 24, it was determined that for this financial reporting period KMP included Directors, former Directors and
senior management listed on pages 187 to 191 except for the roles of Group Chief Legal Officer, Group Head of Internal Audit, Group Chief People
& Governance Officer and Group Company Secretary who do not meet the criteria for KMP as provided for in the standard.
Particulars of transactions with related parties are tabulated below. The disclosure of the year-end balance and the highest amounts outstanding during
the year is considered to be the most meaningful information to represent the amount of the transactions and outstanding balances during the year.
Key Management Personnel
Details of Directors\u2019 remuneration and interests in shares are disclosed in the \u2018Directors\u2019 remuneration report\u2019 on pages 216 to 240.
IAS\u00a024\u00a0\u2018Related Party Disclosures\u2019 requires the following additional information for key management compensation.
Compensation of Key Management Personnel
2025
2024
2023
$m
$m
$m
Short-term employee benefits
47
53
51
Post-employment benefits
1
1
1
Other long-term employee benefits
14
12
10
Share-based payments
30
29
29
Year ended 31 Dec
92
95
91
Shareholdings, options and other securities of Key Management Personnel
2025
2024
(000s)
(000s)
Number of options held over HSBC Holdings ordinary shares under employee share plans
\u2014
20
Number of HSBC Holdings ordinary shares held beneficially and non-beneficially
14,817
17,455
Number of other HSBC securities held
\u2014
228
At 31 Dec
14,817
17,703
Advances and credits, guarantees and deposit balances during the year with Key Management Personnel
2025
2024
Balance at
31\u00a0Dec
Highest amounts
outstanding
during year
Balance at
31 Dec
Highest amounts
outstanding
during year
$m
$m
$m
$m
Key Management Personnel
Advances and credits1
11
12
9
12
Guarantees
\u2014
\u2014
\u2014
\u2014
Deposits
67
144
78
191
1Advances and credits entered into by subsidiaries of HSBC Holdings plc during 2025 with Directors and former Directors, disclosed pursuant to section 413 of
the Companies Act 2006, totalled $0.1m (2024: $1.3m) and the total value of guarantees entered into on behalf of the Directors and former Directors was nil
(2024: nil).
Unless previously disclosed, there were no connected transactions during the reporting period that fell outside the exemptions provided by the
Companies Act 2006, the UK Financial Conduct Authority\u2019s Listing Rules and the Rules Governing The Listing of Securities on The Stock Exchange
of Hong Kong Limited. The transactions conducted were in the ordinary course of business and on substantially the same terms, including interest
rates and security, as for comparable transactions with parties of a similar standing or, where applicable, with other employees. These transactions
did not involve more than the normal risk of repayment or present other unfavourable features.
Associates and joint ventures
The Group provides certain banking and financial services to associates and joint ventures including loans, overdrafts, interest and non-interest
bearing deposits and current accounts. Details of the interests in associates and joint ventures are given in Note 18.
Transactions and balances during the year with associates and joint ventures
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Unsubordinated amounts due from joint ventures
253
229
104
72
Unsubordinated amounts due from associates
9,945
4,760
8,097
5,011
Amounts due to associates
2,990
1,344
2,992
1,844
Amounts due to joint ventures
212
153
101
85
Fair value of derivative assets with associates
902
673
919
763
Fair value of derivative liabilities with associates
2,660
1,480
3,718
2,641
Guarantees and commitments
992
777
569
577
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
Post-employment benefit plans
At 31 December 2025, $3.8bn (2024: $3.4bn) of HSBC post-employment benefit plan assets were under management by HSBC companies,
earning management fees of $15m in 2025 (2024: $14m). At 31 December 2025, HSBC\u2019s post-employment benefit plans had placed deposits of
$0.4bn (2024:\u00a0$0.4bn) with its banking subsidiaries, earning interest payable to the schemes of $5m (2024: $2m). The above outstanding balances
arose from the ordinary course of business and on substantially the same terms, including interest rates and security, as for comparable
transactions with third-party counterparties.
The combined HSBC Bank (UK) Pension Scheme enters into swap transactions with HSBC to manage inflation and interest rate sensitivity of its
liabilities and selected assets. At 31 December 2025, the gross notional value of the swaps was $6.6bn (2024: $6.4bn). These swaps had a
positive fair value to the scheme of $0.4bn (2024: $0.4bn); and HSBC had delivered collateral of $0.3bn (2024: $0.4bn) to the scheme in respect of
these arrangements. All swaps were executed at prevailing market rates and within standard market bid/offer spreads.
HSBC Holdings
Details of HSBC Holdings\u2019 subsidiaries are shown in Note 38.
Transactions and balances during the year with subsidiaries
2025
2024
Highest balance
during the year
Balance at
31 Dec
Highest balance
during the year
Balance at
31 Dec
$m
$m
$m
$m
Assets
Cash and balances with HSBC undertakings
7,613
5,079
9,342
2,548
Financial assets with HSBC undertakings designated and otherwise mandatorily
measured at fair value
70,015
67,217
66,030
61,286
Derivatives
3,102
1,942
3,391
3,054
Loans and advances to HSBC undertakings
40,500
40,500
37,677
37,677
Prepayments, accrued income and other assets
6,126
3,416
7,108
4,216
Investments in subsidiaries
157,728
157,728
160,805
152,337
Total related party assets at 31 Dec
285,084
275,882
284,353
261,118
Liabilities
Amounts owed to HSBC undertakings
192
89
231
231
Derivatives
5,412
3,451
7,944
5,340
Accruals, deferred income and other liabilities
2,184
53
399
194
Subordinated liabilities
\u2014
\u2014
1,202
\u2014
Total related party liabilities at 31 Dec
7,788
3,593
9,776
5,765
Guarantees and commitments
7,318
6,983
7,440
7,327
The above outstanding balances arose in the ordinary course of business and on substantially the same terms, including interest rates and security,
as for comparable transactions with third-party counterparties.
One employee of HSBC Holdings is a member of the HSBC Bank (UK) Pension Scheme, which is sponsored by a separate Group company. HSBC
Holdings incurs a charge for this employee, equal to the contributions paid into the scheme on his behalf. Disclosure in relation to the scheme is
made in Note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:MLU0ZO3ML4LN2LL2TL39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1046": { "value": "
37Events after the balance sheet date
On 8 January 2026, the proposal to privatise Hang Seng Bank Limited (\u2018Hang Seng Bank\u2019) through a scheme of arrangement was approved by
Hang Seng Bank shareholders. On approval, a financial liability was recognised in the Group\u2019s consolidated financial statements for the present
value of the proposed HK$106bn ($13.7bn) purchase consideration. A corresponding adjustment to equity, net of derecognising the non-controlling
interest, which stood at $7.0bn as at 31 December 2025, was also recognised. On 26 January 2026, the scheme of arrangement became effective
and Hang Seng Bank was subsequently delisted from The Stock Exchange of Hong Kong Limited on 27 January 2026. To demonstrate funding
availability for the proposal, securities of HK$129.3bn ($16.6bn) were segregated and reported as encumbered on the balance sheet as at 31
December 2025. These assets were designated to demonstrate that sufficient resources were available at all times to settle the acquisition
consideration and to provide a buffer against potential mark-to-market movements. The transaction was settled on 4 February 2026. At that point,
all payment obligations under the scheme of arrangement were met, and the segregation of assets ceased.\u00a0
On 30 January 2026, HSBC Bank plc completed the sale of its UK life insurance entity, HSBC Life (UK) Limited, to Chesnara plc. Prior to
completion, as at 31 December 2025, the balances that were classified as held for sale were $6.6bn in assets and $6.4bn in liabilities. For the year
ended 31 December 2025, we recognised a loss on disposal of $0.1bn. In the first quarter of 2026, we will recycle foreign currency translation
reserves to the income statement. These stood at a cumulative $0.2bn loss as at 31 December 2025.
A fourth interim dividend for 2025 of $0.45 per ordinary share (a distribution of approximately $7.71bn) was approved by the Directors after
31\u00a0December 2025. On 11 February 2026, HSBC Holdings called $1,000m 4.000% perpetual subordinated contingent convertible securities,
which are expected to be redeemed and cancelled on 9 March 2026. The accounts were approved by the Board of Directors on 25 February
2026 and authorised for issue.
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