HSBC reported a profit before tax, excluding notable items, of $10.1 billion for the first quarter of 2026. This figure was broadly stable compared to the first quarter of 2025. On a constant currency basis, the profit before tax (excluding notable items) was also $10.1 billion. However, the reported profit before tax, on a constant currency basis, was $9.4 billion, a 4% decrease compared to 1Q25, which included a $0.2 billion loss from the sale of a business and a $0.1 billion adverse impact from notable items.
The revenue growth in the quarter was attributed to a strong performance in Wealth management and an increase in banking net interest income (NII). Banking NII alone increased by $0.3 billion year-on-year. This revenue growth was largely offset by higher expected credit losses (ECL) and increased operating expenses. All four of HSBC's businesses saw revenue growth during this period.
The company also highlighted an annualized return on average tangible equity (RoTE) of 17.3%, or 18.7%, for the quarter. HSBC emphasized its financial strength and disciplined progress in simplifying its operations. The bank's CET1 capital ratio was reported at 14.0%.
