7Baggers

HSBC Holdings plc
(NYSE:HSBC) 

HSBC stock logo

HSBC Holdings plc provides banking and financial products and services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retail banking products and services, such as curren...

Founded: 1865
Full Time Employees: 219,199 (Jun 2022)
Sector: Financial Services
Industry: Banks-Diversified
Commercial BanksFinancial Services
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• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
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• Target Price High:
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• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-10-28 2025-09-30 2025-07-30 
       
      m
    		   
      net interest income
    		8,777 8,777 16,821 
      net fee income
    		3,506 3,506 6,643 
      net income from financial instruments held for trading or managed on a fair value basis1
    		4,513 4,513 10,547 
      net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss
    		4,443 4,443 5,113 
      insurance finance expense
    		-4,212 -4,212 -5,329 
      insurance service result
    		601 601 785 
      gains recognised on sale of business operations2
    		-147 -147  
      other operating income3
    		307 307  
      net operating income before change in expected credit losses and other credit impairment charges4
    		17,788 17,788 34,122 
      change in expected credit losses and other credit impairment charges
    		-1,008 -1,008 -1,941 
      net operating income
    		16,780 16,780 32,181 
      total operating expenses excluding amortisation and impairment of intangible assets
    		-9,120 -9,120  
      amortisation and impairment of intangible assets
    		-956 -956 -1,270 
      operating profit
    		6,704 6,704 15,159 
      yoy
    		   
      qoq
    		0.00% -55.78%  
      operating margin %
    		848.61% 848.61% Infinity% 
      share of profit in associates and joint ventures
    		591 591 1,651 
      impairment of interest in associate3
    		  -1,000 
      profit before tax
    		7,295 7,295 15,810 
      tax expense
    		-1,792 -1,792 -3,369 
      profit after tax
    		5,503 5,503 12,441 
      attributable to:
    		   
      -  ordinary shareholders of the parent company
    		4,873  19,917 
      -  other equity holders
    		411  547 
      -  non-controlling interests
    		219  517 
      basic earnings per share
    		0.28 0.28  
      diluted earnings per share
    		0.28 0.28  
      dividend per ordinary share (paid in the period)5
    		0.1 0.1  
      %
    		   
      return on average ordinary shareholders' equity
    		11.3   
      return on average tangible equity
    		12.3 12.3  
      cost efficiency ratio
    		56.6 56.6  
      movement in reported profit compared with 3q24
    		   
      revenue
    		790 790  
      yoy
    		   
      qoq
    		0.00%   
      -  of which: net interest income
    		1,140   
      ecl
    		-22 -22  
      operating expenses
    		-1,933 -1,933  
      share of profit from associates and joint ventures
    		-16 -16  
      revenue excluding notable items
    		691 691  
      profit before tax excluding notable items
    		371 371  
      supplementary management view of revenue
    		   
      banking nii2
    		182 182  
      fee and other income
    		509 509  
      -  wealth
    		621   
      -  wholesale transaction banking
    		-66   
      -  other
    		-46   
      revenue excluding notable items3
    		691 691  
      notable items
    		99 99  
      – ordinary shareholders of the parent company
    		 4,873  
      – other equity holders
    		 411  
      – non-controlling interests
    		 219  
      return on average ordinary shareholders’ equity
    		 11.3  
      – of which: net interest income
    		 1,140  
      – wealth
    		 621  
      – wholesale transaction banking
    		 -66  
      – other
    		 -46  
      -  interest income
    		  49,008 
      -  interest expense
    		  -32,187 
      -  fee income
    		  8,640 
      -  fee expense
    		  -1,997 
      -  insurance service revenue
    		  1,511 
      -  insurance service expense
    		  -726 
      gain less impairment relating to sale of business operations2
    		  -34 
      other operating (expense)/income3
    		  -424 
      employee compensation and benefits
    		  -9,903 
      general and administrative expenses
    		  -4,894 
      depreciation and impairment of property, plant and equipment and right-of-use assets
    		  -955 
      total operating expenses
    		  -17,022 
      -  ordinary shareholders of the parent company
    		  11,510 
      -  other equity holders
    		  547 
      -  non-controlling interests
    		  384 
      basic earnings per ordinary share
    		  0.65 
      diluted earnings per ordinary share
    		  0.65 
      consolidated statement of comprehensive income
    		   
      profit for the period
    		  12,441 
      other comprehensive income/
    		   
      items that will be reclassified subsequently to profit or loss when specific conditions are met:
    		   
      debt instruments at fair value through other comprehensive income1
    		  205 
      -  fair value gains/
    		  640 
      -  fair value gains transferred to the income statement on disposal
    		  -83 
      -  expected credit losses recognised in the income statement
    		  2 
      -  disposal of subsidiary
    		   
      -  income taxes
    		  -354 
      cash flow hedges
    		  1,891 
      -  fair value losses
    		  -568 
      -  fair value losses/(gains) reclassified to the income statement
    		  3,037 
      share of other comprehensive (expense)/income of associates and joint ventures
    		  -59 
      -  share for the period
    		   
      -  other comprehensive income reclassified to the income statement on dilution of interest in an associate
    		  -56 
      net finance income from insurance contracts
    		  16 
      -  before income taxes
    		  21 
      exchange differences
    		  6,404 
      -  foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation2
    		  224 
      -  other exchange differences
    		  6,180 
      items that will not be reclassified subsequently to profit or loss:
    		   
      fair value gains on property revaluation
    		  14 
      remeasurement of defined benefit (liability)/asset
    		  -347 
      changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk
    		  242 
      equity instruments designated at fair value through other comprehensive income
    		  93 
      -  fair value gains
    		  88 
      effects of hyperinflation
    		  81 
      other comprehensive income/(expense) for the period, net of tax
    		  8,540 
      total comprehensive income for the period
    		  20,981 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-10-28 2025-09-30 2025-07-30 2025-04-29 2025-03-31 2025-02-19 2024-09-30 2024-07-31 2024-04-30 2024-03-31 2024-02-21 2023-10-30 2023-09-30 2023-08-01 2023-05-02 2023-03-31 2023-02-21 2022-09-30 
                        
        assets
      		                  
        cash and balances at central banks
      		246,821 246,821 246,360 254,660 254,660 267,674 252,310 277,112 275,943 275,943 285,868 298,779 298,779 307,733 327,554 327,554 327,002 309,505 
        trading assets
      		357,418 357,418 333,745 318,579 318,579 314,842 349,904 331,307 321,540 321,540 289,159 249,189 249,189 255,387 228,429 228,429 218,093 201,929 
        financial assets designated and otherwise mandatorily measured at fair value through profit or loss
      		134,408 134,408 128,942 120,340 120,340 115,769 126,372 117,014 113,478 113,478 110,643 102,778 102,778 104,303 103,659 103,659 45,063 44,013 
        derivatives
      		213,903 213,903 249,672 214,148 214,148 268,637 232,439 219,269 229,713 229,713 229,714 273,070 273,070 272,595 237,200 237,200 284,146 350,584 
        loans and advances to banks
      		105,202 105,202 107,582 100,843 100,843 102,039 117,514 102,057 121,456 121,456 112,902 107,103 107,103 100,921 110,721 110,721 104,882 99,023 
        loans and advances to customers
      		982,886 982,886 981,722 944,708 944,708 930,658 968,653 938,257 933,125 933,125 938,535 935,750 935,750 959,558 963,394 963,394 924,854 967,522 
        reverse repurchase agreements - non-trading
      		278,615  283,204 278,216  252,549   250,496  252,217 249,092  258,056 260,688  253,754  
        financial investments
      		563,159 563,159 547,955 522,298 522,298 493,166 490,503 467,356 457,592 457,592 442,763 427,575 427,575 407,933 390,351 390,351 425,564 413,874 
        assets held for sale
      		46,026 46,026 38,978 28,131 28,131 27,234 9,182 5,821 5,158 5,158 114,134 85,833 85,833 95,480 90,059 90,059  24,901 
        other assets
      		305,785 305,785  272,438 272,438  288,357  292,016 292,016  291,442 291,442  277,641 277,641  298,918 
        total assets
      		3,234,223 3,234,223 3,214,371 3,054,361 3,054,361 3,017,048 3,098,621 2,975,003 3,000,517 3,000,517 3,038,677 3,020,611 3,020,611 3,041,476 2,989,696 2,989,696 2,966,530 2,991,965 
        liabilities
      		                  
        deposits by banks
      		98,126 98,126 97,782 88,186 88,186 73,997 89,337 82,435 77,982 77,982 73,163 72,219 72,219 68,709 75,513 75,513 66,722 97,528 
        customer accounts
      		1,737,247 1,737,247 1,718,604 1,666,485 1,666,485 1,654,955 1,660,715 1,593,834 1,570,164 1,570,164 1,611,647 1,563,127 1,563,127 1,595,769 1,604,099 1,604,099 1,570,303 1,567,267 
        repurchase agreements - non-trading
      		215,308  195,532 197,979  180,880   226,168  172,100 181,146  170,110 139,694  127,747  
        trading liabilities
      		73,182 73,182 70,653 72,402 72,402 65,982 75,917 77,455 77,263 77,263 73,150 79,810 79,810 81,228 77,340 77,340 72,353 82,830 
        financial liabilities designated at fair value
      		162,914 162,914 163,589 149,195 149,195 138,727 146,600 140,800 144,803 144,803 141,426 141,482 141,482 139,618 146,617 146,617 127,327 119,041 
        debt securities in issue
      		98,240 98,240 102,129 100,051 100,051 105,785 103,414 98,158 101,444 101,444 93,917 89,107 89,107 85,471 85,351 85,351 78,149 87,527 
        insurance contract liabilities
      		120,169 120,169 118,297 112,541 112,541 107,629 133,155 125,252 122,496 122,496 120,851 112,963 112,963 115,756 114,626 114,626   
        liabilities of disposal groups held for sale
      		52,616 52,616 46,165 30,000 30,000 29,011 8,202 5,041 4,588 4,588 108,406 78,299 78,299 87,241 84,057 84,057  28,840 
        other liabilities
      		260,295 260,295  226,821 226,821  238,910  246,014 246,014  246,939 246,939  227,383 227,383  248,708 
        total liabilities
      		3,035,535 3,035,535 3,014,502 2,856,244 2,856,244 2,824,775 2,898,596 2,784,589 2,802,140 2,802,140 2,846,067 2,830,771 2,830,771 2,849,825 2,792,173 2,792,173 2,770,502 2,805,972 
        equity
      		                  
        total shareholders' equity
      		191,430  192,554 190,810  184,973   191,186  185,329 182,720  184,170 190,095  187,484  
        non-controlling interests
      		7,258 7,258 7,315 7,307 7,307 7,300 7,271 7,121 7,191 7,191 7,281 7,120 7,120 7,481 7,428 7,428 8,544 8,334 
        total equity
      		198,688 198,688 199,869 198,117 198,117 192,273 200,025 190,414 198,377 198,377 192,610 189,840 189,840 191,651 197,523 197,523 196,028 185,993 
        total liabilities and equity
      		3,234,223 3,234,223 3,214,371 3,054,361 3,054,361 3,017,048 3,098,621 2,975,003 3,000,517 3,000,517 3,038,677 3,020,611 3,020,611 3,041,476 2,989,696 2,989,696 2,966,530 2,991,965 
        reverse repurchase agreements – non-trading
      		 278,615   278,216  263,387 230,189  250,496   249,092   260,688  281,696 
        repurchase agreements – non-trading
      		 215,308   197,979  202,510 202,770  226,168   181,146   139,694  122,962 
        total shareholders’ equity
      		 191,430   190,810  192,754 183,293  191,186   182,720   190,095  177,659 
        hong kong government certificates of indebtedness
      		  42,592   42,293  43,026   42,024   42,407   43,787  
        prepayments, accrued income and other assets
      		  204,370     184,303   165,255   175,473   156,866  
        current tax assets
      		  1,364   1,313  1,308   1,536   1,262   1,230  
        interests in associates and joint ventures
      		  28,202   28,909  28,465   27,344   29,546   29,254  
        goodwill and intangible assets
      		  13,022   12,384  12,161   12,487   11,925   21,321  
        deferred tax assets
      		  6,661   6,841  7,381   7,754   8,248   7,498  
        hong kong currency notes in circulation
      		  42,592   42,293  43,026   42,024   42,407   43,787  
        accruals, deferred income and other liabilities
      		  167,062     157,171   136,606   155,275   133,240  
        current tax liabilities
      		  3,232   1,729  2,837   2,777   1,921   1,135  
        provisions
      		  2,125   1,724  1,536   1,741   1,722   1,958  
        deferred tax liabilities
      		  1,570   1,317  1,186   1,238   976   2,422  
        subordinated liabilities
      		  27,569   25,958  25,510   24,954   23,286   22,290  
        called up share capital
      		  8,739   8,973  9,310   9,631   10,073   10,147  
        share premium account
      		  14,918   14,810  14,808   14,738   14,737   14,664  
        other equity instruments
      		  20,716   19,070  18,825   17,719   19,392   19,746  
        other reserves
      		  -1,556   -10,282  -14,930   -8,907   -9,935   -9,141  
        retained earnings
      		  149,737   152,402  155,280   152,148   149,903   152,068  
        prepayments, accrued income and other assets1
      		     152,740             
        accruals, deferred income and other liabilities1
      		     130,340             
        items in the course of collection from other banks
      		       9,977   6,342   10,649   7,297  
        items in the course of transmission to other banks
      		       10,482   7,295   10,776   7,864  
        liabilities and equity
      		                  
        assets held for sale1
      		                115,919  
        liabilities of disposal groups held for sale1
      		                114,597  
        liabilities under insurance contracts
      		                114,844 110,647 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2024-07-31 2023-08-01 
          
          profit before tax
        		21,556 21,657 
          adjustments for non-cash items:
        		  
          depreciation, amortisation and impairment
        		1,969 1,591 
          net income/(gain) from investing activities1
        		  
          share of profit in associates and joint ventures
        		-1,626  
          impairment of interest in associate2
        		  
          net income/(gain) on acquisition/disposal of subsidiaries, businesses, associates and joint ventures
        		  
          change in expected credit losses gross of recoveries and other credit impairment charges
        		1,192 1,482 
          provisions including pensions
        		15 148 
          share-based payment expense
        		274 228 
          other non-cash items included in profit before tax
        		-4,237 -1,661 
          elimination of exchange differences3
        		  
          change in operating assets4
        		  
          change in operating liabilities
        		36,486 72,836 
          dividends received from associates
        		130 124 
          contributions paid to defined benefit plans
        		-76 -87 
          tax paid
        		-2,664 -1,664 
          net cash from operating activities
        		26,699 30,123 
          capital expenditures
        		0 0 
          free cash flows
        		26,699 30,123 
          purchase of financial investments
        		-259,999 -298,182 
          proceeds from the sale and maturity of financial investments
        		223,443 263,838 
          net cash flows from the purchase and sale of property, plant and equipment
        		-464 -329 
          net investment in intangible assets
        		-1,058 -1,123 
          net cash inflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures5
        		  
          net cash outflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures5
        		  
          net cash from investing activities
        		-38,799 -34,568 
          issue of ordinary share capital and other equity instruments
        		1,106 1,996 
          share buy-backs
        		  
          net sales/(purchases) of own shares for market-making and investment purposes
        		-494 -823 
          redemption of preference shares and other equity instruments
        		 -2,350 
          subordinated loan capital issued
        		2,611 2,744 
          subordinated loan capital repaid
        		-2,000 -1,044 
          dividends paid to shareholders of the parent company and non-controlling interests
        		-12,685 -7,508 
          net cash from financing activities
        		-16,792 -8,258 
          net decrease in cash and cash equivalents
        		-28,892  
          cash and cash equivalents at the beginning of the period
        		490,933 521,671 
          exchange differences in respect of cash and cash equivalents
        		-13,057 8,565 
          cash and cash equivalents at the end of the period6
        		  
          net loss from investing activities
        		 -41 
          impairment of interest in associate
        		  
          loss on acquisition/disposal of subsidiaries, businesses, associates and joint ventures
        		  
          elimination of exchange differences1
        		18,406  
          changes in operating assets and liabilities
        		  
          change in net trading securities and derivatives
        		  
          change in loans and advances to banks and customers
        		  
          change in reverse repurchase agreements - non-trading
        		  
          change in financial assets designated and otherwise mandatorily measured at fair value
        		  
          change in other assets
        		  
          change in deposits by banks and customer accounts
        		  
          change in repurchase agreements - non-trading
        		  
          change in debt securities in issue
        		  
          change in financial liabilities designated at fair value
        		  
          change in other liabilities
        		  
          net cash flows from disposal of loan portfolio and customer accounts
        		  
          net cash inflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures2
        		  
          net cash outflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures3
        		-10,612  
          cancellation of shares
        		-5,330 -1,273 
          net purchases of own shares for market-making and investment purposes
        		  
          net cash flow from change in stake of subsidiaries
        		  
          subordinated loan capital repaid4
        		  
          cash and cash equivalents at 1 jan
        		  
          cash and cash equivalents at 31 dec5
        		  
          cash and cash equivalents comprise:
        		  
          -  cash and balances at central banks
        		  
          -  loans and advances to banks of one month or less
        		  
          -  reverse repurchase agreements with banks of one month or less
        		  
          -  treasury bills, other bills and certificates of deposit less than three months7
        		  
          -  cash collateral, net settlement accounts and items in course of collection from/transmission to other banks
        		  
          -  cash and cash equivalents held for sale6
        		  
          net gain from investing activities
        		-34  
          net gain on acquisition/disposal of subsidiaries, businesses, associates and joint ventures
        		-3,199  
          change in operating assets2
        		-41,493  
          net cash inflow on acquisition/disposal of subsidiaries, businesses, associates and joint ventures3
        		9,891  
          cash and cash equivalents at the end of the period4
        		448,984  
          elimination of exchange differences2
        		 -6,558 
          change in other assets3
        		  
          purchase of financial investments3
        		  
          proceeds from the sale and maturity of financial investments3
        		  
          net cash flow from (acquisition)/disposal of subsidiaries, businesses, associates and joint ventures4
        		  
          subordinated loan capital repaid5
        		  
          net increase in cash and cash equivalents
        		 -12,703 
          cash and cash equivalents at 31 dec6
        		  
          -  items in the course of collection from other banks
        		  
          -  treasury bills, other bills and certificates of deposit less than three months
        		  
          -  cash collateral and net settlement accounts
        		  
          -  cash and cash equivalents held for sale7
        		  
          -  less: items in the course of transmission to other banks
        		  
          share of profits in associates and joint ventures
        		 -1,583 
          loss on disposal of subsidiaries, businesses, associates and joint ventures
        		 -3,604 
          change in operating assets
        		 -52,745 
          net cash flows from purchase/(disposal) of customer deposits and loan portfolios
        		  
          net cash flow on (acquisition)/disposal of subsidiaries, businesses, associates and joint ventures3
        		 1,228 
          net cash flow from change in stakes of subsidiaries
        		  
          cash and cash equivalents at the end of the period
        		 517,533 
          net cash flows from purchase/(disposal) of customer and loan portfolios
        		  
          net cash flow from acquisition and disposal of subsidiaries, businesses, associates and joint ventures
        		  
          subordinated loan capital repaid2
        		  
          cash and cash equivalents at 31 dec3
        		  
          -  cash and cash equivalents held for sale4