HSBC (HSBA LN / 5 HK) Q1 (USD): Revenue 18.6bln (exp. 18.49bln). CET1 ratio 14% (exp. 14%), Pretax profit 9.38bln (exp. 9.59bln). Raises FY26 NII to USD 46bln (prev. "at least USD 45bln"); Declares first interim dividend of USD 0.10/shr
- Net interest income 8.945bln (prev. 8.302bln Y/Y)
- Net fee income 3.719bln (prev. 3.324bln Y/Y)
- Net income from financial instruments 5.450bln (prev. 5.356bln Y/Y)
- Insurance service result 491mln (prev. 37mln Y/Y)
- Net operating income 17.323bln (prev. 16.773bln Y/Y)
- Operating profit 8.602bln (prev. 8.671bln Y/Y)
- Profit before tax 9.376bln (prev. 9.484bln Y/Y)
- Profit after tax 7.394bln (prev. 7.570bln Y/Y)
- EPS 0.41 (prev. 0.39 Y/Y)
- RoTE 17.3% (prev. 17.9% Y/Y)
- Cost efficiency ratio 46.8% (prev. 45.9% Y/Y)
Context
HSBC's Q1 results reflect a stronger revenue performance, beating expectations, while pre-tax profits fell slightly short. The increase in net interest income is positive and the raised guidance for FY26 NII indicates confidence in future earnings, although some profitability metrics are down year-on-year, suggesting margin pressure. The interim dividend declaration also signals robust cash flow, which may attract income-focused investors.
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