Who we are
For the year ended 31 December 2025
Our ambition is to become the most trusted bank globally, putting customers at the heart of everything we do. We are creating a simple, agile, growing bank built to generate high returns.
We are focused on three strategic priorities:
- Be simple and agile - we aim to make fast, safe decisions - adapting to change by staying relevant, driving simplification and being future ready through technology and digitisation.
- Drive customer-centricity - we are intensely focused on our customers - helping to deliver excellent outcomes, drive loyalty, and serve our customers for the long term through the depth of what we offer as a franchise.
- Deliver focused sustainable growth - as a leading international bank, we aim to drive long-term, sustainable growth, focused on areas of competitive strength.
Simple, more agile, focused
In 2025, we introduced a simplified organisational structure to help accelerate our strategic execution. This will:
- Allow us to focus on increasing leadership and market share where we have a competitive advantage and the greatest opportunities to grow
- Enable us to deliver best-in-class products and service excellence to our customers
- Facilitate a simpler, more dynamic, agile organisation with clarity of accountability and faster decision-making
We are targeting a RoTE of 17% or better for 2026, 2027 and 2028, excluding notable items, reflecting momentum in our earnings and the positive progress we are making in our strategic execution.
We expect year on year revenue growth from 2026 to 2028, rising to 5% YoY growth by 2028, excluding notable items.
We maintain our dividend payout ratio target basis of 50% in 2026, 2027 and 2028. Our target basis payout ratio is calculated as a percentage of earnings per share excluding material notable items and related impacts.
Our two home markets
UK
Top 3 franchise with >$360bn in customer deposits.
Hong Kong
We have the leading banking franchise in Hong Kong, with >$540bn in customer deposits and market leadership in a number of product areas.
Our international network businesses
Corporate and Institutional Banking
A market leader in cross-border transaction banking and capital markets, with >$595bn in customer deposits.
International Wealth and Premier Banking
Premier banking outside of Hong Kong and the UK, our Private Bank, Asset Management and Insurance businesses, with >$280bn in customer deposits.
Organisational simplification
- Committed to deliver around $1.5bn of simplification-related cost savings to the bottom line by year-end 2026 (annualised). Achieved $1.2bn of annualised savings by YE25, with remaining $0.3bn of savings to be actioned in 1H26
- Expecting to re-deploy around $1.5bn of costs from non-strategic or low-returning activities, and a further $0.3bn of expected cost synergies following the privatisation of Hang Seng Bank, to areas of competitive strength where we can generate accretive returns
- Creating investment capacity for our priority growth areas
Hallmark financial strength
Recurring, predictable revenue streams
- Over 90% of our FY25 revenue was from Banking NII, Wholesale Transaction Banking and Wealth
- Unique deposit franchise – our $1.8 trillion deposit base drives the lion’s share of our Banking NII
- We expect year on year revenue growth from 2026 to 2028, rising to 5% YoY growth by 2028, excluding notable items
Strong liquidity position
- 55% loan to deposit ratio
- We have a surplus of deposits in each of our major functional currencies and our major operating entities
Capital discipline
- 14.9% CET1 ratio
- Dividend payout ratio of 50% of EPS excluding material notable items for each of 2026, 2027 and 2028
Unless otherwise stated, financial information is as of 31 December 2025.
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Annual Results 2025
HSBC Holdings plc announced its Annual Results 2025 on Wednesday, 25 February at 4 am GMT / 12 pm HKT. Get the Zoom meeting details and view our reporting archives.