v3.25.4
Segmental analysis (Tables)
 12 Months Ended
Dec. 31, 2025
Operating Segments [Abstract]  
Constant currency profit before tax and balance sheet data
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
–  external
10,157
13,856
39,098
12,458
(7,295)
68,274
–  inter-segment
5,721
(918)
(11,461)
2,062
4,596
—
–  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
—
—
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’s 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
—
—
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
–  external
9,704
13,060
39,012
11,175
(6,942)
66,009
–  inter-segment
5,343
(718)
(12,240)
2,642
4,973
—
–  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
—
—
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’s 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
—
—
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
–  external
10,093
13,749
36,111
10,112
(5,025)
65,040
–  inter-segment
4,439
(310)
(11,388)
2,273
4,986
—
–  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
—
—
(1)
62
(358)
(297)
Constant currency profit/(loss) before tax
8,524
8,065
10,443
3,212
(442)
29,802
%
%
%
%
%
%
Share of HSBC’s 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
—
—
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  inclusive of reserves recycling as a result of the dilution of our shareholding in BoCom. See Note 18 on pages 345 to 348.
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’s investment in BoCom. See Note 18 on pages 345 to 348.
4Includes an impairment loss of $3.0bn recognised in respect of the Group’s investment in BoCom.
External net operating income by country 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
–  UK1
13,677
12,307
11,027
–  Hong Kong
22,527
20,811
20,185
–  US
4,797
4,233
3,816
–  France
1,839
3,804
4,208
–  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 (‘ServCo Group’).
Reconciliation of reported and adjusted items
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)
—
—
Fair value movements on financial instruments5
—
—
14
Disposal losses on Markets Treasury repositioning
—
—
(977)
Early redemption of legacy securities
—
(237)
—
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)
—
—
Impairment losses of interest in BoCom associate4
(1,000)
—
(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’s investment in BoCom in ‘Impairment losses of interest in BoCom associate’. See Note 18
on pages 345 to 348.
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.