HSBC stock falls nearly 7% as Q3 profit rises 32% but misses estimates

What happened. On 27 October 2026 HSBC Holdings reported third-quarter results. Profit before tax rose $2.3 billion, or 32%, to $9.6 billion. The bank says this is mainly because a year ago it booked $1.4 billion of legal provisions that did not repeat. Excluding one-off items, profit before tax rose $0.9 billion to $10.0 billion. Profit after tax rose 38% to $7.6 billion.

Why the shares fell. Per Investing.com, analysts polled by Bloomberg expected $9.7 billion of pre-tax profit, and HSBC delivered $9.63 billion. Revenue of $18.62 billion also missed the $19 billion expected. The Hong Kong shares fell 5.56% to HK$134.30 and touched HK$132.60 during the day, the lowest since 2 April. In London the shares lost nearly 7%.

Where the money came from. Net interest income, the gap between what the bank earns on loans and pays on deposits, rose 6% to $9.3 billion. Charges for bad loans fell 17% to $0.8 billion. Return on tangible equity (RoTE) was 17.7%, up from 12.3% a year ago.

What shareholders get. The board approved a third interim dividend of $0.10 per share. HSBC finished its previous $1 billion buyback on 28 September and plans a new one of up to $1 billion before its full-year results. The CET1 capital ratio fell 0.2 points to 13.9%.

Outlook. HSBC kept its targets: RoTE of 17% or better in 2026, 2027 and 2028 excluding one-off items, banking net interest income of at least $46 billion in 2026, and cost growth of about 1%.

What is not known. We do not know where the shares will close or what management told analysts on the call. This is not advice to buy or sell anything.

已确认的事实

• On 27 October 2026 HSBC Holdings reported its third-quarter 2026 results.^[1]
• Profit before tax rose $2.3 billion, or 32%, to $9.6 billion compared with 3Q25.^[1][2]
• The rise mainly reflected the non-recurrence of $1.4 billion of legal provisions booked in 3Q25.^[1]
• Constant currency profit before tax excluding notable items rose $0.9 billion to $10.0 billion.^[1]
• Profit after tax rose 38% to $7.6 billion.^[1][2]
• Revenue rose $0.8 billion to $18.6 billion.^[1]
• Per Investing.com, pre-tax profit of $9.63 billion missed Bloomberg estimates of $9.7 billion, and revenue of $18.62 billion missed estimates of $19 billion.^[2]
• HSBC's Hong Kong shares fell 5.56% to HK$134.30 after touching HK$132.60, the lowest since 2 April; London shares slumped nearly 7%.^[2]
• Net interest income rose 6% to $9.3 billion and expected credit losses fell 17% to $0.8 billion.^[1]
• Annualised RoTE in 3Q26 was 17.7%, up from 12.3% in 3Q25.^[1][2]
• The board approved a third interim dividend of $0.10 per share.^[1][2]
• HSBC intends to start a share buyback of up to $1 billion and complete it by its 2026 full-year results.^[1][2]
• The CET1 capital ratio fell 0.2 percentage points to 13.9% from 30 June 2026.^[1]
• HSBC reiterated a RoTE target of 17% or better for 2026, 2027 and 2028 excluding notable items, and expects banking net interest income of at least $46 billion in 2026.^[1]

影响

• 已确认Profit grew, but the market judges it against estimates, not last year, so the shares fell.
• 已确认Much of the profit jump comes from one-off costs a year ago, not only from business growth.
• 我们的解读HSBC's drop may weigh on the FTSE 100 and Hang Seng, where the bank has a big weight.

仍未知

• Where HSBC shares close on 27 October.
• What management said on the analyst call: we did not review it.
• When exactly the new buyback starts.

影响到谁

UK, Hong Kong, Worldwide. People who hold HSBC shares or funds on the FTSE 100 and Hang Seng

来源

1. HSBC Holdings plc: HSBC Holdings plc 3Q 2026 Earnings Release 2026年10月27日 · 官方
2. Investing.com (via Yahoo Finance): HSBC shares hit 6-month low as Q3 results miss estimates; announces $1bn buyback 2026年10月27日 · 媒体