REG - Standard Chrtrd PLC - 1st Quarter Results
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RNS Number : 4932C Standard Chartered PLC 30 April 2026
Standard Chartered PLC
Q1'26 Results
30 April 2026
Registered in England under company No. 966425
Registered Office: 1 Basinghall Avenue, London, EC2V 5DD, UK
Page 01
Table of contents
Performance highlights 03
Statement of results 04
Group Chief Financial Officer's review 05
Financial review 07
Supplementary financial information 12
Risk review 20
Capital review 24
Financial statements 28
Other supplementary financial information 33
Shareholder information 34
Unless another currency is specified, the word 'dollar' or symbol '$' in this
document means US dollar and the word 'cent' or symbol 'c' means one-hundredth
of one US dollar.
Unless the context requires, within this document, 'China' refers to the
People's Republic of China and, for the purposes of this document only,
excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special
Administrative Region (Macau) and Taiwan. 'Korea' or 'South Korea' refers to
the Republic of Korea.
Within the tables in this report, blank spaces indicate that the number is not
disclosed, dashes indicate that the number is zero and nm stands for not
meaningful. Standard Chartered PLC is incorporated in England and Wales with
limited liability. Standard Chartered PLC is headquartered in London.
The Group's head office provides guidance on governance and regulatory
standards. Standard Chartered PLC stock codes are: HKSE 02888 and LSE STAN.LN
Page 02
Standard Chartered PLC - Results for the first quarter ended 31 March 2026
All figures are presented on a reported basis and comparisons are made to 2025
on a constant currency basis, unless otherwise stated.
Bill Winters, Group Chief Executive, said:
"We delivered a record first quarter performance in 2026, with double digit
growth in Wealth Solutions and Global Banking. Despite ongoing geopolitical
tensions and global economic uncertainty, our advantaged market presence and
disciplined risk management give us confidence in our ability to perform. We
continue to support our clients as they manage their businesses and wealth
across borders, and we look forward to setting out our next phase of growth at
our Investor Event next month."
Selected information on Q1'26 financial performance with comparisons to Q1'25 unless otherwise stated
• Operating income of $5.9bn up 9%; a record quarter
- Net interest income(1) (NII) up 1% to $2.9bn
- Non-interest income(1) up 16% to $3.0bn largely driven by Wealth
Solutions and Global Banking
- Record quarter in Wealth Solutions with income up 32%, with strong
performance in Investment Products and Bancassurance
- Global Banking up 19%, driven by higher origination volumes, and
increased capital markets activity
• Operating expenses up 1% to $3.1bn; driven by targeted investments for
business growth partly offset by efficiency saves
• Credit impairment charge of $296m up $79m, mostly driven by $190m of
precautionary management overlays relating to the Middle East conflict, partly
offset by releases and recoveries in Corporate & Investment Banking and
reduction in other overlays
• Record profit before tax of $2.5bn, up 17% at ccy
• Return on Tangible Equity (RoTE) of 17.4%, up 260bps
• Balance sheet remains strong, liquid and well diversified with
underlying loans and advances to customers up 3% and underlying customer
deposits up 3% quarter-on-quarter
• Risk-weighted assets (RWA) of $266bn up $8.2bn since 31.12.25; Credit
risk RWA up $5.3bn, Market risk RWA up $3bn, and Operational RWA was broadly
unchanged
• The Group remains strongly capitalised with a Common Equity Tier 1
(CET1) ratio of 13.4%, down 16bps quarter-on-quarter excluding the impact of
the share buyback of 58bps
• Earnings per share of 74.2 cents, up 17.6 cents or 31% year-on-year
• Tangible net asset value per share of $17.20, up 159 cents or 10%
year-on-year
Guidance
Our 2026 guidance remains unchanged and is as follows:
• Reported operating income growth year-on-year to be around the bottom
end of 5-7 per cent range at constant currency
- Within which, net interest income1 expected to be broadly flat
year-on-year at constant currency
• Reported cost to be broadly flat at constant currency including the
final year of Fit for Growth charges
• Statutory RoTE to be greater than 12 per cent
1 Net interest income and non-interest income are adjusted for trading book
funding cost, treasury currency management activities, interest from cash
collateral from trading businesses and from prime services activities
Page 03
Statement of results
Q1'26 Q1'25 Change1
$million $million %
Financial performance7
Operating income 5,902 5,379 10
Operating expenses (3,140) (3,046) (3)
Credit impairment (296) (217) (36)
Other impairment (2) (15) 87
Profit from associates and joint ventures (14) 2 nm
Profit before taxation 2,450 2,103 17
Taxation (540) (511) (6)
Profit for the period 1,910 1,592 20
Profit attributable to parent company shareholders 1,900 1,590 19
Profit attributable to ordinary shareholders2 1,660 1,357 22
Return on ordinary shareholders' tangible equity (%) 17.4 14.8 260bps
Cost to income ratio (%) 53.2 56.6 340bps
Net interest margin (%) (adjusted)6 2.05 2.12 (7)bps
Balance sheet and capital
Total assets 972,907 874,446 11
Total equity 54,685 52,468 4
Average tangible equity attributable to ordinary shareholders² 38,602 37,165 4
Loans and advances to customers 293,561 281,788 4
Customer accounts 542,223 490,921 10
Risk weighted assets 266,186 253,596 5
Total capital 52,759 53,111 (1)
Total capital (%) 19.8 20.9 (112)
Common Equity Tier 1 35,616 35,122 1
Common Equity Tier 1 ratio (%) 13.4 13.8 (47)
Advances-to-deposits ratio (%)3 51.1 51.8 (1.4)
Liquidity coverage ratio (%) 151 147 2.8
Leverage ratio (%) 4.6 4.7 (10)bps
Information per ordinary share
Earnings per share4 (cents) 74.2 56.6 31
Net asset value per share5 (cents) 2,001 1,806 11
Tangible net asset value per share5 (cents) 1,720 1,561 10
Number of ordinary shares at period end (millions) 2,229 2,384 (7)
1 Variance is better/(worse) other than assets, liabilities and
risk-weighted assets. Change is the basis points (bps) difference between the
two periods rather than the percentage change for total capital ratio (%),
common equity tier 1 ratio (%), net interest margin (%), advances-to-deposits
ratio (%), liquidity coverage ratio (%), leverage ratio (%), cost-to-income
ratio (%) and return on ordinary shareholders' tangible equity (%)
2 Profit/(loss) attributable to ordinary shareholders is after the
deduction of dividends payable to the holders of non-cumulative redeemable
preference shares and Additional Tier 1 securities classified as equity
3 When calculating this ratio, total loans and advances to customers
excludes reverse repurchase agreements and other similar secured lending,
excludes approved balances held with central banks, confirmed as repayable at
the point of stress and includes loans and advances to customers held at fair
value through profit and loss. Total customer accounts include customer
accounts held at fair value through profit or loss
4 Represents the earnings divided by the basic weighted average number of
shares. Results represent three months ended the reporting period
5 Calculated on period end net asset value, tangible net asset value and
number of shares
6 Net interest margin is calculated as adjusted net interest income divided
by average interest-earning assets, annualised
7 Performance/results within this interim financial report means amounts
reported under UK-adopted International Accounting Standards and International
Financial Reporting Standards
Page 04
Group Chief Financial Officer's review
Summary of financial performance
All commentary that follows is on reported basis and comparisons are made to
the equivalent period in 2025 on a constant currency basis, unless otherwise
stated.
We delivered strong performance in the first quarter of 2026 amidst ongoing
uncertainty in macro environment. Record operating income of $5.9 billion grew
9 per cent driven by record quarterly performances in both Wealth Solutions
and Global Banking. Operating expenses grew by 1 per cent year-on-year as
disciplined cost management enabled us to generate positive income-to-cost
jaws of 8 per cent. Credit impairment charges of $296 million were equivalent
to an annualised loan-loss rate of 32 basis points including a precautionary
management overlay of $190 million reflecting uncertainty related to the
Middle East conflict. This resulted in a reported profit before tax of $2.5
billion, up 17 per cent and earnings per share of 74 cents, up 31 per cent
including the benefit from a reduction in share count as well as the increase
in profitability.
The Group remains well capitalised and highly liquid with a diverse and stable
deposit base. The Common Equity Tier 1 (CET1) ratio of 13.4 per cent remains
well within the 13 per cent to 14 per cent target range. The liquidity
coverage ratio of 151 per cent reflects disciplined asset and liability
management.
Adjusted net interest income (NII) increased 1 per cent, as the benefit from
higher volumes and improved mix was partly offset by the impact of lower
interest rates and margin compression.
Adjusted non-interest income grew 16 per cent. Wealth Solutions income grew
strongly as a result of client activity across multiple asset classes within
Investment Products and from record affluent net new money accumulation. A
strong performance in Global Banking resulted from higher origination volumes
and strong Capital Markets activity.
Operating expenses were well controlled, with modest growth of 1 per cent.
This growth was primarily driven by targeted investments into key business
initiatives across Wealth and Retail Banking (WRB) and Corporate and
Investment Banking (CIB), as well as cost to achieve relating to the ongoing
Fit for Growth programme. This increase was partially offset by savings from
our Fit for Growth programme. The cost to income ratio improved by 3
percentage point to 53 per cent.
Credit impairment of $296 million was up $79 million year-on-year. The first
quarter charge includes a precautionary management overlay of $190 million
driven by an increase in non-linearity as well as overlays for certain
sectoral and sovereign risks. This was partly offset by recoveries and
releases in CIB and portfolio de-risking actions in WRB.
Profit from associates and joint ventures was a loss of $14 million,
reflecting our share of losses in certain minority investments.
Taxation was $540 million, with an effective tax rate of 22.0 per cent, down
2.3 per cent on the prior year, primarily due to improved performance in the
UK entity reducing unrecognised deferred tax assets partly offset by
non-recurring beneficial adjustments in respect of prior periods.
RoTE of 17.4 per cent was up 260 basis points, reflecting an increase in
reported profits and a lower effective tax rate partly offset by higher
average tangible equity.
Basic earnings per share (EPS) increased 17.6 cents or 31 per cent to 74.2
cents reflecting both the increase in profits and the reduction in share count
following the execution of successive share buyback programmes.
Pete Burrill
Interim Group Chief Financial Officer
30 April 2026
Page 05
Group Chief Financial Officer's review continued
Reported financial performance summary
Q1'26 Q1'25 Change Constant currency change¹ Q4'25 Change Constant currency change¹
$million $million % % $million % %
Adjusted net interest income2 2,869 2,797 3 1 2,948 (3) (3)
Adjusted non-interest income2 3,033 2,582 17 16 1,978 53 53
Operating income 5,902 5,379 10 9 4,926 20 20
Operating expenses (3,140) (3,046) (3) (1) (3,913) 20 20
Operating profit before impairment and taxation 2,762 2,333 18 19 1,013 173 174
Credit impairment (296) (217) (36) (33) (148) (100) (103)
Other impairment (2) (15) 87 87 (24) 92 92
Profit/(loss) from associates and joint ventures (14) 2 nm nm (27) 48 50
Profit before taxation 2,450 2,103 17 17 814 nm nm
Taxation (540) (511) (6) (3) (341) (58) (65)
Profit for the period 1,910 1,592 20 22 473 nm nm
Return on tangible equity (%)3 17.4 14.8 260 4.8 1,260
Basic earnings per share (cents) 74.2 56.6 31 20.4 nm
1 Comparisons presented on the basis of the current period's
transactional currency rate, ensuring like-for-like currency rates between the
two periods
2 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
3 Change is the basis points (bps) difference between the two periods
rather than the percentage change
Net interest income and non-interest income
Q1'26 Q1'25 Q4'25
Adjusted1 Adjustment for Trading book funding cost and Others Reported Adjusted1 Adjustment for Trading book funding cost and Others Reported Adjusted1 Adjustment for Trading book funding cost and Others Reported
$million $million $million $million $million $million $million $million $million
Adjusted net interest income 2,869 (1,338) 1,531 2,797 (1,216) 1,581 2,948 (1,445) 1,503
Adjusted non-interest income 3,033 1,338 4,371 2,582 1,216 3,798 1,978 1,445 3,423
Total income 5,902 - 5,902 5,379 - 5,379 4,926 - 4,926
1 Adjusted net interest income and adjusted non-interest income
reflect specified reclassification between reported net interest income and
reported non-interest income, including trading book funding cost, treasury
currency management activities, interest from cash collateral from trading
businesses and from prime services activities
Page 06
Financial review
Operating income by product
Q1'26 Q1'251 Change Constant currency change² Q4'251 Change Constant currency change²
$million $million % % $million % %
Transaction Services 1,512 1,529 (1) (2) 1,521 (1) (1)
Payments & Liquidity 1,037 1,063 (2) (3) 1,064 (3) (3)
Securities & Prime Services 177 151 17 18 173 2 2
Trade & Working Capital 298 315 (5) (7) 284 5 5
Global Banking 663 546 21 19 547 21 21
Lending & Financial Solutions 511 450 14 11 483 6 6
Capital Markets & Advisory 152 96 58 59 64 138 140
Global Markets 1,190 1,182 1 - 660 80 79
Wealth Solutions 1,043 778 34 32 677 54 54
Investment Products 778 560 39 37 553 41 41
Bancassurance 265 218 22 20 124 114 111
Deposits & Mortgages 1,017 1,022 - (1) 1,065 (5) (5)
CCPL & Other Unsecured Lending 296 269 10 7 320 (8) (9)
Treasury & Other 181 53 nm nm 136 33 43
Total operating income 5,902 5,379 10 9 4,926 20 20
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
2 Comparisons presented on the basis of the current period's
transactional currency rate, ensuring like-for-like currency rates between the
two periods
The operating income by product commentary that follows is on reported basis
and comparisons are made to the equivalent period in 2025 on a constant
currency basis, unless otherwise stated.
Transaction Services income decreased 2 per cent as growth in Securities &
Prime Services was more than offset by lower Payments & Liquidity and
Trade & Working capital income. Payments & Liquidity income decreased
3 per cent as the benefit from volume growth, disciplined pricing and
passthrough rates management was more than offset by impact of lower interest
rates and margin compression. Securities & Prime Services income grew 18
per cent due to higher custody balances and client volumes. Trade &
Working Capital income was down 7 per cent reflecting the impact of portfolio
optimisation actions.
Global Banking income grew 19 per cent, a record quarterly performance.
Lending & Financial Solutions income grew 11 per cent as increased deal
completion led to higher origination volumes. Capital Markets & Advisory
fee income grew 59 per cent on the back of robust bond issuance fees.
Global Markets income was broadly flat. Flow income grew by 17 per cent with
strong client activity in EM rates and FX products, as we continued to capture
market opportunities across our footprint. Episodic income was softer due to
strong prior year comparator.
Wealth Solutions income was up 32 per cent, a record quarterly performance,
with 37 per cent growth in Investment Products from strong client activity
across multiple asset classes while Bancassurance grew 20 per cent. Further,
Affluent net-new money showed record momentum with inflows of $18 billion,
mainly from higher Wealth Sales.
Deposits & Mortgages income was down 1 per cent. The benefit from higher
Mortgages income was fully offset by lower deposit income. Mortgages income
increased primarily from lower funding costs and higher volumes in a few
select markets while deposits income dropped from margin compression following
on from lower interest rates, albeit pricing and passthrough rates continued
to be actively managed.
CCPL & Other Unsecured Lending income was up 7 per cent from lower funding
costs and higher volumes in Digital banks more than offsetting the income
headwinds from portfolio optimisation initiatives.
Treasury & Other increased by $128 million primarily from repricing of
longer dated assets in treasury and a $65 million positive movement in debit
valuation gains (DVA).
Page 07
Financial review continued
Profit before tax by client segment
Q1'26 Q1'251 Change Constant currency change2 Q4'251 Change Constant currency change2
$million $million % % $million % %
Corporate & Investment Banking 1,727 1,666 4 4 908 90 91
Wealth & Retail Banking 981 650 51 50 288 nm nm
Central & other items (258) (213) (21) (17) (382) 32 33
Profit before taxation 2,450 2,103 17 17 814 nm nm
1 Comparatives have been re-presented in accordance with the RNS titled "Re
presentation of Financial Information" issued on 25 March 2026
2 Comparisons presented on the basis of the current period's transactional
currency rate, ensuring like-for-like currency rates between the two periods
The client segment commentary that follows is on a reported basis and
comparisons are made to the equivalent period in 2025 on a constant currency
basis, unless otherwise stated.
Corporate & Investment Banking (CIB) profit before taxation increased 4
per cent. Income grew 6 per cent with strong double-digit growth in Global
Banking partly offset by a decrease in Transaction Services income. Expenses
were 3 per cent higher and the credit impairment charge at $111 million was up
$82 million primarily from precautionary management overlays relating to the
Middle East conflict.
Wealth & Retail Banking (WRB) profit before taxation increased 50 per
cent, with income up 13 per cent led by a record performance in Wealth
Solutions. Expenses decreased 2 per cent as investment in affluent business
growth initiatives and digital capabilities was part funded by efficiency
saves. Credit impairment charge of $180 million was $8 million lower as
precautionary management overlays were offset by portfolio de-risking actions.
Central & Other items (C&O) recorded a loss before tax of $258
million, $45 million higher than the prior year mainly from lower Ventures
income and our share of losses in associates.
Adjusted net interest income and margin
Q1'26 Q1'25 Change¹ Q4'25 Change¹
$million $million % $million %
Net interest income 1,531 1,581 (3) 1,503 2
Adjustment for trading book funding cost and others 1,338 1,216 10 1,445 (7)
Adjusted net interest income2 2,869 2,797 3 2,948 (3)
Average interest-earning assets5 566,911 535,999 6 560,311 1
Average interest-bearing liabilities5 613,179 556,629 10 599,439 2
Gross yield (%)3 4.31 4.89 (58) 4.40 (9)
Rate paid (%)3 2.09 2.67 58 2.16 7
Net yield (%)3 2.22 2.22 - 2.24 (2)
Net interest margin (%)3,4 2.05 2.12 (7) 2.09 (4)
1 Variance is better/(worse) other than assets and liabilities which is
increase/(decrease)
2 Adjusted net interest income is net interest income less FX swap
accounting asymmetry, as well as the funding costs adjustment for the trading
book, cash collateral and prime services
3 Change is the basis points (bps) difference between the two periods
rather than the percentage change
4 Adjusted net interest income divided by average interest-earning assets,
annualised
5 Average interest-earning assets and interest-bearing liabilities are
adjusted for cash collateral balances in other assets and other liabilities
that are related to the Global Markets trading book
Adjusted net interest income, was up 3 per cent on reported basis year-on
year. The benefit from higher volumes and improved mix was in part offset by
the impact of lower rates and margins. Net interest margin was 7 basis points
lower as the impact of falling rates and margin compression was partially
offset by better liability mix.
Compared to the prior quarter, adjusted net interest income was down 3 per
cent primarily from lower day count, the impact of lower interest rates and
portfolio optimisation actions within WRB.
Average interest-earning assets were up 1 per cent on the prior quarter driven
by growth in Wealth Lending within WRB and Global Banking and Trade within
CIB. Gross yields decreased 9 basis points compared to the prior quarter
reflecting a declining interest rate environment.
Average interest-bearing liabilities grew 2 per cent on the prior quarter from
strong growth in customer accounts. The rate paid on liabilities decreased 7
basis points compared with the average in the prior quarter, reflecting the
impact of interest rate movements partly offset by disciplined passthrough
management and improved liability mix.
Page 08
Financial review continued
Credit risk summary
Income Statement View
Q1'26 Q1'251 Change Q4'251 Change
$million $million % $million %
Total credit impairment charge/(release) 296 217 36 148 100
Of which stage 1 and 2 210 111 89 64 228
Of which stage 3 86 106 (19) 84 2
1 Comparatives have been re-presented and underlying results are no
longer reported, in accordance with the RNS titled "Re‑presentation of
Financial Information" issued on 25 March 2026
Balance sheet
31.03.26 31.12.25 Change1 31.03.25 Change1
$million $million % $million %
Gross loans and advances to customers2 297,639 290,849 2 286,812 4
Of which stage 1 280,670 275,062 2 269,282 4
Of which stage 2 11,154 9,823 14 11,447 (3)
Of which stage 3 5,815 5,964 (2) 6,083 (4)
Expected credit loss provisions (4,078) (4,061) - (5,024) (19)
Of which stage 1 (544) (528) 3 (537) 1
Of which stage 2 (463) (446) 4 (462) -
Of which stage 3 (3,071) (3,087) (1) (4,025) (24)
Net loans and advances to customers 293,561 286,788 2 281,788 4
Of which stage 1 280,126 274,534 2 268,745 4
Of which stage 2 10,691 9,377 14 10,985 (3)
Of which stage 3 2,744 2,877 (5) 2,058 33
Cover ratio of stage 3 before/after collateral (%)3 53 / 70 52 / 68 1 / 2 66 / 81 (13) / (11)
Credit grade 12 accounts ($million) 1,102 1,111 (1) 1,797 (39)
Early alerts ($million)4 5,020 4,303 17 4,451 13
Investment grade corporate exposures (%)3 74 74 - 74 -
1 Variance is increase/(decrease) comparing current reporting period
to prior reporting periods
2 Includes reverse repurchase agreements and other similar secured
lending held at amortised cost of $4,602 million (31 December 2025: $8,242
million and 31 March 2025: $6,797 million)
3 Change is the percentage points difference between the two points
rather than the percentage change
4 Includes non-purely precautionary early alert balances
Asset quality remained resilient in the first quarter. The Group continues to
actively manage the credit portfolio whilst remaining alert to a volatile and
challenging external environment including the Middle East conflicts, energy
and commodity price volatility and trade uncertainty, which has led to
idiosyncratic stress in a select number of geographies and industry sectors.
The credit impairment charge of $296 million was up $79 million year-on-year
and up $148 million compared to the prior quarter, representing an annualised
loan-loss rate of 32 basis points (Q1 25: 25 basis points) including $190
million of charges from precautionary management overlays relating to the
Middle East conflict. The non-linearity impact increased from the inclusion of
a new downside scenario (in addition to the existing Bank Capital Stress test
scenario) that considers a prolonged geopolitical crisis in the Middle East
leading to sustained disruptions in energy supply and elevated global
commodity prices together with an increase in the downside probability
weightings as the likelihood of the downside scenarios materialising
increased. This reflects an increased probability weighting of the two
downside scenarios from 41 per cent as of 31 December 2025 to 70 per cent
while the base forecast probability weighting reduced from 59 per cent as of
31 December 2025 to 30 per cent (See page 22). In addition, we have taken
overlays in relation to the petrochemical sector and for potential sovereign
downgrades.
In CIB, there was a net $111 million charge, up $82 million over prior year,
as the increase from precautionary management overlays totalling $126 million
were partially offset by releases and recoveries in other parts of the
portfolio. WRB charges of $180 million were $8 million lower as precautionary
management overlays of $34 million were more than fully offset by portfolio
de-risking actions.
Gross stage 3 loans and advances to customers of $5.8 billion were 2 per cent
lower, as repayments, client upgrades, reduction in exposures and write-offs
more than offset new inflows. Credit-impaired loans represent 2.0 per cent of
gross loans and advances, down 0.1 per cent on the prior quarter. The Stage
2 balances increased by $1.3 billion primarily due to stage transfers of
exposures impacted by the precautionary management overlays relating to the
conflict in the Middle East.
Page 09
Financial review continued
The stage 3 cover ratio of 53 per cent increased 1 percentage point as
compared to 31 December 2025, while the cover ratio post collateral at 70 per
cent increased by 2 percentage points as gross stage 3 balances decreased more
than the reduction in stage 3 provisions.
The total of Credit grade 12 balances at $1.1 billion remained flat with
offsetting inflows and outflows. Early alert accounts of $5 billion increased
by $0.7 billion since 31 December 2025 as downgrades relating to the Middle
East conflicts was partly offset by repayments and migrations. The Group
continues to carefully monitor its exposures, given the unusual stresses
caused by the currently difficult geopolitical environment.
The proportion of investment grade corporate exposures remained stable at 74
per cent.
Balance sheet and liquidity
31.03.26 31.12.25 Change¹ 31.03.25 Change¹
$million $million % $million %
Assets
Loans and advances to banks 44,289 43,901 1 45,604 (3)
Loans and advances to customers 293,561 286,788 2 281,788 4
Other assets 635,057 589,266 8 547,054 16
Total assets 972,907 919,955 6 874,446 11
Liabilities
Deposits by banks 28,819 30,846 (7) 28,569 1
Customer accounts 542,223 530,161 2 490,921 10
Other liabilities 347,180 304,362 14 302,488 15
Total liabilities 918,222 865,369 6 821,978 12
Equity 54,685 54,586 - 52,468 4
Total equity and liabilities 972,907 919,955 6 874,446 11
Advances-to-deposits ratio (%)² 51.1 51.4 51.8
Liquidity coverage ratio (%) 151 155 147
1 Variance is increase/(decrease)comparing current reporting period to
prior reporting periods
2 The Group excludes $11,854 million held with central banks (31.12.25:
$8,474 million, 31.03.25: $15,847 million) that has been confirmed as
repayable at the point of stress. Advances exclude reverse repurchase
agreement and other similar secured lending of $4,602 million (31.12.25:
$8,243 million, 31.03.25: $6,797 million) and include loans and advances to
customers held at fair value through profit or loss of $11,590 million
(31.12.25: $12,355 million, 31.03.25: $7,692 million). Deposits include
customer accounts held at fair value through profit or loss of $22,379 million
(31.12.25: $19,414 million, 31.03.25: $24,642 million)
The Group's balance sheet remains strong, liquid and well diversified.
Loans and advances to customers increased by $7 billion or 2 per cent from 31
December 2025. Excluding the $4 billion reduction from currency translation
and $1 billion increase from Treasury and securities-based loans held to
collect, the underlying growth was up $10 billion or 3.4 per cent. The
underlying growth was primarily driven by strong execution of Global Banking
pipeline and increased Trade volumes in CIB, as well as Wealth lending and
Mortgages in WRB.
Customer accounts of $542 billion increased by $12 billion or 2 per cent from
31 December 2025. Excluding the $4 billion reduction from currency
translation, customer accounts increased by $16 billion, or 3 per cent. This
was primarily driven by a $10 billion increase in Transaction services CASA in
CIB and $5 billion increase in WRB, primarily CASA.
Other assets increased $46 billion or 8 per cent, from 31 December 2025 with a
$32 billion increase in derivative financial instruments, a $14 billion
increase in financial assets held at fair value through profit or loss,
primarily in reverse repurchase agreements and an $11 billion increase in in
other financial assets held at amortised cost mainly unsettled trades. This
increase was partly offset by a $8 billion reduction in investment securities
and a $6 billion reduction in cash and balances with Central banks.
Other liabilities increased 14 per cent or $43 billion, from 31 December 2025
with a $31 billion increase in derivative balances mainly mark to market
movements and higher volumes and a $13 billion increase in other financial
liabilities held at amortised cost primarily unsettled trade payables from
investment securities and cash collateral. This was partly offset by a
decrease of $1 billion in financial liabilities held at fair value through
profit and loss.
The advances-to-deposits ratio decreased to 51.1 per cent from 51.4 per cent
as at 31 December 2025. The point-in-time liquidity coverage ratio decreased 4
percentage point in the quarter to 151 per cent and remains well above the
minimum regulatory requirement of 100 per cent.
Page 10
Financial review continued
Risk-weighted assets
31.03.26 31.12.25 Change¹ 31.03.25 Change¹
$million $million % $million %
By risk type
Credit risk 197,432 192,145 3 184,274 7
Operational risk 35,111 35,223 - 32,578 8
Market risk 33,643 30,663 10 36,744 (8)
Total RWAs 266,186 258,031 3 253,596 5
1 Variance is increase/(decrease) comparing current reporting period
to prior reporting periods
Total risk-weighted assets of $266 billion increased $8.2 billion or 3 per
cent from 31 December 2025.
• Credit risk RWA at $197 billion increased by $5.3 billion as compared
to 31 December 2025. The increase was driven by asset growth and mix of $6.8
billion mainly in CIB, $0.4 billion increase from methodology and asset
quality changes. This increase was partly offset by a $1.9 billion reduction
from currency translation.
• Operational risk RWA remain broadly unchanged during the quarter as
the Group is now performing the annual operational risk RWA computation in the
fourth quarter of the year rather than the first quarter.
• Market risk RWA increased $3 billion to $33.6 billion as increases in
VaR, stress VaR and Specific Interest Rate Risk in CIB were partly offset by
actions taken to reduce our Structural FX position in C&O.
Capital base and ratios
31.03.26 31.12.25 Change¹ 31.03.25 Change¹
$million $million % $million %
CET1 capital 35,616 36,440 (2) 35,122 1
Additional Tier 1 capital (AT1) 8,091 7,509 8 7,507 8
Tier 1 capital 43,707 43,949 (1) 42,629 3
Tier 2 capital 9,052 9,278 (2) 10,482 (14)
Total capital 52,759 53,227 (1) 53,111 (1)
CET1 capital ratio(%)² 13.4 14.1 (74) 13.8 (47)
Total capital ratio(%)² 19.8 20.6 (81) 20.9 (112)
Leverage ratio (%)² 4.6 4.7 (10) 4.7 (10)
1 Variance is increase/(decrease) comparing current reporting period
to prior reporting periods
2 Change is the basis points (bps) difference between the two periods
rather than the percentage change
The Group's CET1 ratio of 13.4 per cent dropped 74 basis points compared to 31
December 2025 as underlying profit accretion was offset by increased RWAs and
the full 58 basis points impact of the $1.5 billion share buyback announced in
February 2026. The CET1 ratio remains 3.1 percentage points above the Group's
latest regulatory minimum.
The 74 basis points of CET1 capital accretion from profits was offset by 51
basis points impact from an increase in RWA and 24 basis points reduction from
other comprehensive income from fair value gains, regulatory capital
adjustments and FX impact.
The Group is part way through the $1.5 billion share buyback programme which
it announced on 24 February 2026, and by 31 March 2026 had spent $471 million
purchasing 22 million ordinary shares, reducing the share count by
approximately 0.96 per cent. Even though the share buyback was still ongoing
on 31 March 2026, the entire $1.5 billion is deducted from CET1 in the period
resulting in a 58 basis point reduction.
The Group is accruing a provisional interim 2026 ordinary share dividend,
which is calculated formulaically at one-third of the ordinary dividend paid
in 2025 or 61 cents a share. Half of this amount was accrued in the first
quarter and combined with payments due to AT1 and preference shareholders
reduced the CET1 ratio by 15 basis points.
The Group's leverage ratio of 4.6 per cent is 10 basis points lower than as of
31 December 2025. The reduction from lower Tier 1 capital and increased
leverage exposures was partly offset by issuance of AT1 instruments in the
first quarter. The Group's leverage ratio remains significantly above its
minimum requirement of 3.7 per cent.
Page 11
Supplementary financial information
Performance by client segment
Q1'26 Q1'25¹
Corporate & Investment Banking Wealth & Retail Banking Central & Total Corporate & Investment Banking Wealth & Retail Banking Central & Total
other items
other items
$million $million $million $million $million $million $million $million
Operating income 3,552 2,456 (106) 5,902 3,317 2,140 (78) 5,379
External 3,445 1,248 1,209 5,902 3,169 1,008 1,202 5,379
Inter-segment 107 1,208 (1,315) - 148 1,132 (1,280) -
Operating expenses (1,714) (1,295) (131) (3,140) (1,624) (1,291) (131) (3,046)
Operating profit/(loss) before impairment losses and taxation 1,838 1,161 (237) 2,762 1,693 849 (209) 2,333
Credit impairment (111) (180) (5) (296) (29) (188) - (217)
Other impairment - - (2) (2) 1 (11) (5) (15)
Profit/(loss) from associates and joint ventures - - (14) (14) 1 - 1 2
Profit/(loss) before taxation 1,727 981 (258) 2,450 1,666 650 (213) 2,103
Total assets 582,361 136,663 253,883 972,907 494,084 129,464 250,898 874,446
Loans and advances to customers (incl FVTPL & reverse repos)(2) 210,781 129,895 16,712 357,388 203,757 122,505 18,369 344,631
Loans and advances to customers (excl FVTPL & reverse repos)(2) 146,985 129,892 16,684 293,561 140,920 122,499 18,369 281,788
Total liabilities 541,130 266,791 110,301 918,222 485,267 233,214 103,497 821,978
Customer accounts (incl FVTPL & repos) 326,587 262,505 3,953 593,045 319,507 229,226 5,385 554,118
Risk-weighted assets 190,559 57,881 17,746 266,186 175,203 57,961 20,432 253,596
Income return on risk-weighted assets (%) 7.7 17.0 (2.0) 9.0 7.7 15.3 (1.5) 8.6
Return on tangible equity (%) 18.9 35.1 (43.9) 17.4 18.8 22.3 (30.6) 14.8
Cost to income ratio (%) 48.3 52.7 nm 53.2 49.0 60.3 nm 56.6
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
2 FVTPL includes reverse repurchase agreements of Q1'26: $52,237
million and Q1'25: $55,151 million
Page 12
Supplementary financial information continued
All commentary that follows is on reported basis and comparisons are made to
the equivalent period in 2025 on a constant currency basis, unless otherwise
stated.
Corporate & Investment Banking
Q1'26 Q1'253 Change1 Constant currency change1,2 Q4'253 Change1 Constant currency change1,2
$million $million % % $million % %
Transaction Services 1,512 1,529 (1) (2) 1,521 (1) (1)
Payments & Liquidity 1,037 1,063 (2) (3) 1,064 (3) (3)
Securities & Prime Services 177 151 17 18 173 2 2
Trade & Working Capital 298 315 (5) (7) 284 5 5
Global Banking 663 546 21 19 547 21 21
Lending & Financial Solutions 511 450 14 11 483 6 6
Capital Market & Advisory 152 96 58 59 64 138 140
Global Markets 1,190 1,182 1 - 660 80 79
Treasury & Other 187 60 nm nm 106 76 78
Operating income 3,552 3,317 7 6 2,834 25 25
Operating expenses (1,714) (1,624) (6) (3) (1,970) 13 14
Operating profit before impairment losses and taxation 1,838 1,693 9 9 864 113 114
Credit impairment (111) (29) nm nm 46 nm nm
Other impairment - 1 - - (2) - -
Profit from associates and joint ventures - 1 - - - - -
Profit before taxation 1,727 1,666 4 4 908 90 91
Total assets 582,361 494,084 18 18 516,742 13 13
Loans and advances to customers (incl FVTPL & reverse repos)(6) 210,781 203,757 3 2 205,493 3 3
Loans and advances to customers (excl FVTPL & reverse repos)(6) 146,985 140,920 4 nm 142,698 3 nm
Total liabilities 541,130 485,267 12 11 491,920 10 11
Customer accounts (incl FVTPL & repos) 326,587 319,507 2 2 319,670 2 3
Risk-weighted assets 190,559 175,203 9 nm 175,784 8 nm
Income return on risk-weighted assets (%)⁴ 7.7 7.7 - nm 6.3 140bps nm
Return on tangible equity (%)⁴ 18.9 18.8 10bps nm 8.9 1,000bps nm
Cost to income ratio (%)⁵ 48.3 49.0 0.7 1.3 69.5 21.2 21.5
1 Variance is better/(worse), except for risk-weighted assets, assets
and liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's
transactional currency rate, ensuring like-for-like currency rates between the
two periods
3 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
4 Change is the basis points (bps) difference between the two periods
rather than the percentage change
5 Change is the percentage points difference between the two periods
rather than the percentage change
6 FVTPL includes reverse repurchase agreements of Q1'26: $52,237
million, Q1'25: $55,151 million and Q4'25: $50,443 million
Page 13
Supplementary financial information continued
Performance highlights
• Profit before tax of $1,727 million increased 4 per cent year-on-year
driven by higher income, partially offset by higher operating expenses and
higher credit impairment.
• Operating income of $3,552 million increased by 6 per cent primarily
driven by strong performance in Global Banking, which grew 19 per cent on the
back of growth in loan origination volumes and strong debt capital markets
activity, reflecting effective execution of the deal pipeline.
Global Markets was broadly flat. Flow income grew by 17 per cent with strong
client activity across products, as we continued to capture market
opportunities across our footprint, but this was offset by softer episodic
income due to strong prior year comparator.
Transaction Services income decreased 2 per cent as continued growth in
Securities & Prime Services was more than offset by lower Trade &
Working Capital and Payments & Liquidity income. Securities & Prime
Services increased 18 per cent, supported by higher custody balances and
client volumes. Trade & Working Capital income was down 7 per cent
reflecting portfolio optimisation actions in the trade portfolio and margin
compression. Payments & Liquidity income decreased 3 per cent, as the
benefit from volume growth, disciplined pricing and passthrough rates
management was more than offset by impact of lower interest rates.
• Operating expenses increased 3 per cent, largely due to investment in
strategic growth initiatives.
• Credit impairment was a net charge of $111 million driven by a
precautionary management overlay relating to the conflict in Middle East,
partially offset by releases.
• RWAs of $190.6 billion increased $14.8 billion since 31 December 2025,
with higher credit and market RWA. The increase in credit RWA was driven by
business growth and higher derivatives Mark-to-Market. Growth of market RWA
tends to be seasonal, with December usually seeing a decrease due to lower
market activity and inventory levels which is then reversed as client activity
levels recover in the first quarter.
Page 14
Supplementary financial information continued
Wealth & Retail Banking
Q1'26 Q1'253 Change1 Constant currency change1,2 Q4'253 Change1 Constant currency change1,2
$million $million % % $million % %
Wealth Solutions 1,043 778 34 32 677 54 54
Investment Products 778 560 39 37 553 41 41
Bancassurance 265 218 22 20 124 114 111
Deposits & Mortgages 1,017 1,022 - (1) 1,065 (5) (5)
CCPL & Other Unsecured Lending 296 269 10 7 320 (8) (9)
Treasury & Other 100 71 41 32 68 47 52
Operating income 2,456 2,140 15 13 2,130 15 15
Operating expenses (1,295) (1,291) - 2 (1,662) 22 22
Operating profit before impairment losses and taxation 1,161 849 37 36 468 148 148
Credit impairment (180) (188) 4 6 (181) 1 1
Other impairment - (11) 100 100 1 (100) nm
Profit before taxation 981 650 51 50 288 nm nm
Total assets 136,663 129,464 6 5 137,211 - 1
Loans and advances to customers (incl FVTPL & reverse repos) 129,895 122,505 6 6 129,638 - 2
Loans and advances to customers (excl FVTPL & reverse repos) 129,892 122,499 6 nm 129,636 - nm
Total liabilities 266,791 233,214 14 14 262,407 2 2
Customer accounts (incl FVTPL & repos) 262,505 229,226 15 14 257,806 2 3
Risk-weighted assets 57,881 57,961 - nm 59,307 (2) nm
Income return on risk-weighted assets (%)⁴ 17.0 15.3 170bps nm 14.7 230bps nm
Return on tangible equity (%)⁴ 35.1 22.3 1,280bps nm 5.7 nm nm
Cost to income ratio (%)⁵ 52.7 60.3 7.6 7.8 78.0 25.3 25.3
1 Variance is better/(worse), except for risk-weighted assets, assets
and liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's
transactional currency rate, ensuring like-for-like currency rates between the
two periods
3 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
4 Change is the basis points (bps) difference between the two periods
rather than the percentage change
5 Change is the percentage points difference between the two periods
rather than the percentage change
Performance highlights
• Profit before tax of $981 million, increased by 50 per cent,
predominantly driven by higher income.
• Operating income of $2,456 million grew 13 per cent primarily driven
by a record quarter in Wealth Solutions, up 32 per cent, with broad-based
growth across markets and products. This growth was supported by $18 billion
of affluent net new money and 73 thousand affluent new-to-bank clients
onboarded in the first quarter of 2026. CCPL & Other Unsecured Lending
increased 7 per cent, from lower funding costs and higher volumes in Digital
banks. Deposits & Mortgages decreased 1 per cent, reflecting rate-driven
pressures from lower benchmark interest rates, partially offset by volume
growth and proactive pricing actions.
• Operating expenses decreased by 2 per cent as investment in affluent
business growth initiatives, including the strategic hiring of affluent
relationship managers and uplifting digital capabilities, was part-funded
through efficiency initiatives on branches, off-strategy products and client
segments.
• Credit impairment charge decreased by $8 million to $180 million,
primarily driven by optimisation actions in the unsecured lending portfolio,
partly offset by a precautionary management overlay relating to the conflict
in Middle East.
• RWAs reduced by $1.4 billion to $57.9 billion since December 2025
primarily due to optimisation actions reducing Unsecured Lending portfolios,
partially offset by increase in Wealth Lending and Mortgages reflecting growth
in asset balances.
Page 15
Supplementary financial information continued
Central & other items
Q1'26 Q1'253 Change1 Constant currency change1,2 Q4'253 Change1 Constant currency change1,2
$million $million % % $million % %
Treasury & Other (106) (78) (36) (24) (38) (179) (144)
Operating income (106) (78) (36) (24) (38) (179) (144)
Operating expenses (131) (131) - 4 (281) 53 54
Operating loss before impairment losses and taxation (237) (209) (13) (7) (319) 26 27
Credit impairment (5) - nm nm (13) 62 58
Other impairment (2) (5) 60 33 (23) 91 91
Profit/(loss) from associates and joint ventures (14) 1 nm nm (27) 48 50
Loss before taxation (258) (213) (21) (17) (382) 32 33
Total assets 253,883 250,898 1 1 266,002 (5) (4)
Loans and advances to customers (incl FVTPL & reverse repos) 16,712 18,369 (9) (8) 14,455 16 16
Loans and advances to customers (excl FVTPL & reverse repos) 16,684 18,369 (9) nm 14,454 15 nm
Total liabilities 110,301 103,497 7 7 111,042 (1) -
Customer accounts (incl FVTPL & repos) 3,953 5,385 (27) (21) 7,698 (49) (47)
Risk-weighted assets 17,746 20,432 (13) nm 22,940 (23) nm
Income return on risk-weighted assets (%)⁴ (2.0) (1.5) (50)bps nm (0.6) (140)bps nm
Return on tangible equity (%)⁴ (43.9) (30.6) (1,333)bps nm (20.6) nm nm
Cost to income ratio (%)⁵ nm nm nm nm nm nm nm
1 Variance is better/(worse), except for risk-weighted assets, assets
and liabilities which is increase/(decrease)
2 Comparisons presented on the basis of the current period's
transactional currency rate, ensuring like-for-like currency rates between the
two periods
3 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
4 Change is the basis points (bps) difference between the two periods
rather than the percentage change
5 Change is the percentage points difference between the two periods
rather than the percentage change
Performance highlights
• Loss before taxation of $258 million higher by 17 per cent compared to
prior year. The increase in operating losses was primarily a combination of
lower income, and lower share of profit from associates and joint ventures.
• Operating loss increased by 24 per cent year-on-year to $106 million
primarily from lower income in SC Ventures.
• The loss from associates and joint ventures primarily relates to
investments within SC Ventures while the reduced profit year-on-year mainly
stems from the lower share of profits from associates.
Page 16
Supplementary financial information continued
Performance by key market
Q1'26
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group(2)
$million $million $million $million $million $million $million $million $million $million $million
Operating income 1,514 272 234 161 770 421 356 740 292 1,142 5,902
Operating expenses (596) (179) (201) (82) (505) (220) (163) (360) (181) (653) (3,140)
Operating profit before impairment losses and taxation 918 93 33 79 265 201 193 380 111 489 2,762
Credit impairment (73) (34) 3 (1) (70) (1) (14) (1) (5) (100) (296)
Other impairment - - - - (1) - - - - (1) (2)
Profit/(loss) from associates and joint ventures - - - - (3) - - (8) - (3) (14)
Profit before taxation 845 59 36 78 191 200 179 371 106 385 2,450
Total assets employed 222,355 51,713 50,919 21,878 128,355 37,083 22,361 286,089 53,351 98,803 972,907
Loans and advances to customers (incl FVTPL & reverse repos)(2) 92,764 27,641 14,902 11,342 68,781 12,340 10,032 59,686 24,849 35,051 357,388
Loans and advances to customers (excl FVTPL & reverse repos)(2) 76,879 27,639 14,051 11,240 65,974 11,573 9,777 20,970 24,453 31,005 293,561
Total liabilities employed 218,952 45,087 43,056 19,773 118,745 29,119 23,369 279,250 52,125 88,746 918,222
Customer accounts (incl FVTPL & repos) 188,111 34,210 36,908 18,278 105,840 16,024 20,148 84,831 22,155 66,540 593,045
Customer accounts (excl FVTPL & repos) 182,138 32,183 29,360 18,260 105,105 15,783 20,064 51,431 22,105 65,793 542,222
Q1'251
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group(2)
$million $million $million $million $million $million $million $million $million $million $million
Operating income 1,374 261 349 155 728 399 303 490 310 1,010 5,379
Operating expenses (585) (188) (199) (82) (421) (231) (126) (439) (167) (608) (3,046)
Operating profit before impairment losses and taxation 789 73 150 73 307 168 177 51 143 402 2,333
Credit impairment (89) (18) (35) (11) (24) (7) 3 (7) (2) (27) (217)
Other impairment (5) 1 (4) (2) (3) (1) - - - (1) (15)
Profit/(loss) from associates and joint ventures - - 34 - 1 - - (27) - (6) 2
Profit before taxation1 695 56 145 60 281 160 180 17 141 368 2,103
Total assets employed 203,565 50,033 43,485 21,235 108,878 36,059 21,987 241,557 63,881 83,766 874,446
Loans and advances to customers (incl FVTPL & reverse repos)(2) 86,200 28,457 15,119 11,483 64,689 14,344 7,787 65,539 21,270 29,743 344,631
Loans and advances to customers (excl FVTPL & reverse repos)(2) 71,105 28,454 13,873 11,007 63,523 13,926 7,519 22,951 20,968 28,462 281,788
Total liabilities employed 201,396 41,501 34,615 17,352 102,866 27,636 18,273 255,104 46,937 76,298 821,978
Customer accounts (incl FVTPL & repos) 175,766 31,353 28,670 16,102 93,047 19,562 15,683 97,107 18,902 57,926 554,118
Customer accounts (excl FVTPL & repos) 167,543 29,644 23,335 16,102 92,580 18,497 15,633 51,434 18,802 57,351 490,921
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
2 FVTPL includes reverse repurchase agreements of Q1'26: $52,237
million and Q1'25: $55,151 million
Page 17
Supplementary financial information continued
Q4'251
Hong Kong Korea China Taiwan Singapore India UAE UK US Other Group(2)
$million $million $million $million $million $million $million $million $million $million $million
Operating income 1,356 248 189 137 647 470 242 374 286 977 4,926
Operating expenses (701) (370) (214) (94) (591) (269) (196) (556) (198) (724) (3,913)
Operating profit/(loss) before impairment losses and taxation 655 (122) (25) 43 56 201 46 (182) 88 253 1,013
Credit impairment (16) (22) (7) (1) (35) (24) 14 (13) - (44) (148)
Other impairment (1) - (1) - (15) (2) - (2) (1) (2) (24)
Profit/(loss) from associates and joint ventures - - (5) - (4) - - (4) - (14) (27)
Profit/(loss) before taxation1 638 (144) (38) 42 2 175 60 (201) 87 193 814
Total assets employed 217,291 51,350 50,188 21,875 123,610 32,750 22,065 243,016 63,350 94,460 919,955
Loans and advances to customers (incl FVTPL & reverse repos)(2) 89,641 29,089 14,358 11,905 65,083 12,286 8,715 60,519 24,938 33,052 349,586
Loans and advances to customers (excl FVTPL & reverse repos)(2) 74,506 29,087 13,091 11,437 62,382 11,951 8,313 21,857 24,605 29,559 286,788
Total liabilities employed 218,190 44,055 43,435 19,203 113,762 24,736 20,467 244,932 52,605 83,984 865,369
Customer accounts (incl FVTPL & repos) 187,753 34,177 36,692 17,722 100,598 16,333 17,873 86,852 22,541 64,633 585,174
Customer accounts (excl FVTPL & repos) 180,663 32,204 29,633 17,722 99,830 14,911 17,631 50,735 22,391 64,441 530,161
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
2 FVTPL includes reverse repurchase agreements of Q4'25: $50,443
million
Quarterly operating income by product
Q1'26 Q4'25¹ Q3'25¹ Q2'25¹ Q1'25¹ Q4'24¹ Q3'24¹ Q2'24¹
$million $million $million $million $million $million $million $million
Transaction Services 1,512 1,521 1,490 1,471 1,529 1,667 1,575 1,594
Payments & Liquidity 1,037 1,064 1,018 1,015 1,063 1,193 1,115 1,141
Securities & Prime Services 177 173 166 158 151 161 156 153
Trade & Working Capital 298 284 306 298 315 313 304 300
Global Banking 663 547 588 548 546 501 479 493
Lending & Financial Solutions 511 483 496 476 450 435 411 427
Capital Markets & Advisory 152 64 92 72 96 66 68 66
Global Markets 1,190 660 847 1,175 1,182 770 837 798
Wealth Solutions 1,043 677 890 742 778 563 695 619
Investment Products 778 553 691 544 560 453 508 445
Bancassurance 265 124 199 198 218 110 187 174
Deposits & Mortgages 1,017 1,065 1,043 1,004 1,022 1,079 1,069 1,054
CCPL & Other Unsecured Lending 296 320 309 313 269 295 304 290
Treasury & Other 181 136 (57) 274 53 (73) (9) (187)
Total operating income 5,902 4,926 5,110 5,527 5,379 4,802 4,950 4,661
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
Page 18
Supplementary financial information continued
Earnings per ordinary share
Q1'26 Q1'251 Change Q4'251 Change
$million $million % $million %
Profit for the period attributable to equity holders 1,910 1,592 20 473 nm
Non-controlling interest (10) (2) nm 3 nm
Dividend payable on preference shares and AT1 classified as equity (240) (233) (3) (11) nm
Profit for the period attributable to ordinary shareholders 1,660 1,357 22 465 nm
Basic - Weighted average number of shares (millions) 2,238 2,396 (7) 2,274 (2)
Diluted - Weighted average number of shares (millions) 2,305 2,464 (6) 2,351 (2)
Basic earnings per ordinary share (cents) 74.2 56.6 31 20.4 nm
Diluted earnings per ordinary share (cents) 72.0 55.1 31 19.8 nm
1 Comparatives have been re-presented in accordance with the RNS
titled "Re‑presentation of Financial Information" issued on 25 March 2026
Return on Tangible Equity
Q1'26 Q1'252 Change Q4'252 Change
$million $million % $million %
Average parent company Shareholders' Equity 46,346 44,474 4 46,422 -
Less Average preference share capital and share premium (1,494) (1,494) - (1,494) -
Less Average intangible assets (6,250) (5,815) (7) (6,188) (1)
Average Ordinary Shareholders' Tangible Equity 38,602 37,165 4 38,740 -
Profit for the period attributable to equity holders 1,910 1,592 20 473 nm
Non-controlling interests (10) (2) nm 3 nm
Dividend payable on preference shares and AT1 classified as equity (240) (233) (3) (11) nm
Profit for the period attributable to ordinary shareholders 1,660 1,357 22 465 nm
Return on tangible equity1 17.4% 14.8% 260bps 4.8% 1,260bps
1 Change is the basis points (bps) difference between the two periods
rather than the percentage change
2 Comparatives have been re-presented in accordance with the RNS
titled "Re‑presentation of Financial Information" issued on 25 March 2026
Net Tangible Asset Value per Share
Q1'26 Q1'25 Change FY'25 Change
$million $million % $million %
Parent company shareholders' equity 46,097 44,559 3 46,593 (1)
Less Preference share capital and share premium (1,494) (1,494) - (1,494) -
Less Intangible assets (6,268) (5,838) (7) (6,231) (1)
Net shareholders tangible equity 38,335 37,227 3 38,868 (1)
Ordinary shares in issue, excluding own shares (millions) 2,229 2,384 (7) 2,247 (1)
Net Tangible Asset Value per share (cents) 1,720 1,561 10 1,730 (1)
Page 19
Risk review
Credit quality by client segment
31.03.26
Customers
Banks Corporate & Investment Banking Wealth & Central & Customer Undrawn commitments Financial Guarantees
other items
Total
Retail
Banking
Amortised cost $million $million $million $million $million $million $million
Stage 1 43,828 137,315 127,402 15,953 280,670 194,025 108,515
• Strong 31,329 97,166 122,194 15,300 234,660 173,338 62,647
• Satisfactory 12,499 40,149 5,208 653 46,010 20,687 45,868
Stage 2 398 8,322 2,089 743 11,154 3,263 1,976
• Strong 43 1,979 1,592 - 3,571 442 504
• Satisfactory 353 5,243 163 743 6,149 2,633 1,409
• Higher risk 2 1,100 334 - 1,434 188 63
Of which (stage 2):
• Less than 30 days past due - 29 163 - 192 - -
• More than 30 days past due 3 9 334 - 343 - -
Stage 3, credit-impaired financial assets 84 3,987 1,826 2 5,815 14 536
Gross balance¹ 44,310 149,624 131,317 16,698 297,639 197,302 111,027
Stage 1 (14) (154) (378) (12) (544) (56) (38)
• Strong (5) (18) (331) (12) (361) (29) (13)
• Satisfactory (9) (136) (47) - (183) (27) (25)
Stage 2 (1) (339) (124) - (463) (71) (16)
• Strong (1) (13) (86) - (99) (26) (1)
• Satisfactory - (174) (11) - (185) (39) (12)
• Higher risk - (152) (27) - (179) (6) (3)
Of which (stage 2):
• Less than 30 days past due - (2) (11) - (13) - -
• More than 30 days past due - - (27) - (27) - -
Stage 3, credit-impaired financial assets (6) (2,146) (923) (2) (3,071) (3) (95)
Total credit impairment (21) (2,639) (1,425) (14) (4,078) (130) (149)
Net carrying value 44,289 146,985 129,892 16,684 293,561
Stage 1 0.0% 0.1% 0.3% 0.1% 0.2% 0.0% 0.0%
• Strong 0.0% 0.0% 0.3% 0.1% 0.2% 0.0% 0.0%
• Satisfactory 0.1% 0.3% 0.9% 0.0% 0.4% 0.1% 0.1%
Stage 2 0.3% 4.1% 5.9% 0.0% 4.2% 2.2% 0.8%
• Strong 2.3% 0.7% 5.4% 0.0% 2.8% 5.9% 0.2%
• Satisfactory 0.0% 3.3% 6.7% 0.0% 3.0% 1.5% 0.9%
• Higher risk 0.0% 13.8% 8.1% 0.0% 12.5% 3.2% 4.8%
Of which (stage 2):
• Less than 30 days past due 0.0% 6.9% 6.7% 0.0% 6.8% 0.0% 0.0%
• More than 30 days past due 0.0% 0.0% 8.1% 0.0% 7.9% 0.0% 0.0%
Stage 3, credit-impaired financial assets (S3) 7.1% 53.8% 50.5% 100.0% 52.8% 21.4% 17.7%
• Stage 3 Collateral - 299 683 - 982 - 90
• Stage 3 Cover ratio (after collateral) 7.1% 61.3% 88.0% 100.0% 69.7% 21.4% 34.5%
Cover ratio 0.0% 1.8% 1.1% 0.1% 1.4% 0.1% 0.1%
Fair value through profit or loss
Performing 42,030 63,781 3 28 63,812 - -
• Strong 33,275 36,520 3 28 36,551 - -
• Satisfactory 8,755 27,261 - - 27,261 - -
• Higher risk - - - - - - -
Impaired (CG13-14) 147 15 - - 15 - -
Gross balance (FVTPL)2 42,177 63,796 3 28 63,827 - -
Net carrying value (incl FVTPL) 86,466 210,781 129,895 16,712 357,388 - -
1 Loans and advances includes reverse repurchase agreements and other
similar secured lending of $4,602 million under Customers and of $3,824
million under Banks, held at amortised cost
2 Loans and advances includes reverse repurchase agreements and other
similar secured lending of $52,237 million under Customers and of $40,042
million under Banks, held at fair value through profit or loss
Page 20
Risk review continued
31.12.251
Customers
Banks Corporate & Investment Banking Wealth & Central & Customer Total Undrawn commitments Financial Guarantees
Retail
other items
Banking
Amortised cost $million $million $million $million $million $million $million
Stage 1 43,608 132,772 127,306 14,984 275,062 195,032 112,091
• Strong 31,257 94,399 121,979 14,228 230,606 176,123 67,184
• Satisfactory 12,351 38,373 5,327 756 44,456 18,909 44,907
Stage 2 217 7,859 1,964 - 9,823 4,208 1,511
• Strong 42 1,767 1,453 - 3,220 1,340 351
• Satisfactory 172 4,984 162 - 5,146 2,662 1,052
• Higher risk 3 1,108 349 - 1,457 206 108
Of which (stage 2):
• Less than 30 days past due - 86 162 - 248 - -
• More than 30 days past due 3 158 349 - 507 - -
Stage 3, credit-impaired financial assets 90 4,201 1,761 2 5,964 5 591
Gross balance2 43,915 144,832 131,031 14,986 290,849 199,245 114,193
Stage 1 (6) (128) (388) (12) (528) (49) (26)
• Strong (2) (59) (343) (12) (414) (28) (12)
• Satisfactory (4) (69) (45) - (114) (21) (14)
Stage 2 (1) (310) (136) - (446) (33) (16)
• Strong (1) (4) (92) - (96) (4) -
• Satisfactory - (217) (15) - (232) (20) (9)
• Higher risk - (89) (29) - (118) (9) (7)
Of which (stage 2):
• Less than 30 days past due - (9) (15) - (24) - -
• More than 30 days past due - (1) (29) - (30) - -
Stage 3, credit-impaired financial assets (7) (2,214) (871) (2) (3,087) (2) (98)
Total credit impairment (14) (2,652) (1,395) (14) (4,061) (84) (140)
Net carrying value 43,901 142,180 129,636 14,972 286,788
Stage 1 0.0% 0.1% 0.3% 0.1% 0.2% 0.0% 0.0%
• Strong 0.0% 0.1% 0.3% 0.1% 0.2% 0.0% 0.0%
• Satisfactory 0.0% 0.2% 0.8% 0.0% 0.3% 0.1% 0.0%
Stage 2 0.5% 3.9% 6.9% 0.0% 4.5% 0.8% 1.1%
• Strong 2.4% 0.2% 6.3% 0.0% 3.0% 0.3% 0.0%
• Satisfactory 0.0% 4.4% 9.3% 0.0% 4.5% 0.8% 0.9%
• Higher risk 0.0% 8.0% 8.3% 0.0% 8.1% 4.4% 6.5%
Of which (stage 2):
• Less than 30 days past due 0.0% 10.5% 9.3% 0.0% 9.7% 0.0% 0.0%
• More than 30 days past due 0.0% 0.6% 8.3% 0.0% 5.9% 0.0% 0.0%
Stage 3, credit-impaired financial assets 7.8% 52.7% 49.5% 100.0% 51.8% 40.0% 16.6%
• Stage 3 Collateral - 314 678 - 992 - 56
• Stage 3 Cover ratio (after collateral) 7.8% 60.2% 88.0% 100.0% 68.4% 40.0% 26.1%
Cover ratio 0.0% 1.8% 1.1% 0.1% 1.4% 0.0% 0.1%
Fair value through profit or loss
Performing 36,580 62,780 3 - 62,783 - -
• Strong 28,277 39,351 3 - 39,354 - -
• Satisfactory 8,303 23,429 - - 23,429 - -
• Higher risk - - - - - - -
Impaired (CG13-14) 92 14 - - 14 - -
Gross balance (FVTPL)3 36,672 62,794 3 - 62,797 - -
Net carrying value (incl FVTPL) 80,573 204,974 129,639 14,972 349,585 - -
1 Comparatives have been re-presented in accordance with RNS titled
"Re-Presentation of Financial Information" issued on 25 March 2026
2 Loans and advances includes reverse repurchase agreements and other
similar secured lending of $8,242 million under Customers and of $3,724
million under Banks, held at amortised cost
3 Loans and advances includes reverse repurchase agreements and other
similar secured lending of $50,443 million under Customers and of $33,689
million under Banks, held at fair value through profit or loss
Page 21
Risk review continued
Credit impairment charge
3 months ended 31.03.26 3 months ended 31.03.25(1)
Stage 1 & 2 Stage 3 Total Stage 1 & 2 Stage 3 Total
$million $million $million $million $million $million
Corporate & Investment Banking 149 (38) 111 57 (28) 29
Wealth & Retail Banking 55 125 180 54 134 188
Central & other items 6 (1) 5 - - -
Total credit impairment charge/(release) 210 86 296 111 106 217
1 Comparatives have been re-presented in accordance with the RNS
titled "Re-Presentation of Financial Information" issued on 25 March 2026 with
no change to the total credit impairment charge
Impact of multiple economic scenarios
The total amount of ECL non-linearity has primarily been estimated by
assigning probability weights of 30 per cent, 45 per cent and 25 per cent
respectively to the Base Forecast, 'Sustained Middle East Conflict', and 'Bank
Capital Stress Test' scenarios which are presented below.
At 31 December 2025, the total amount of non-linearity was primarily estimated
by assigning probability weights of 59 per cent, 26 per cent and 15 per cent
respectively to the Base Forecast, 'Market Correction', and 'Bank Capital
Stress Test' scenarios set out in the 2025 Annual Report.
The total amount of non-linearity at 31 March 2026 is $196 million (31
December 2025: $113 million). The CIB and Central and other items portfolio
accounted for $130 million (31 December 2025: $79 million) of the calculated
non-linearity, with the remaining $66 million (31 December 2025: $34 million)
attributable to WRB which also includes an adjustment of $21 million (31
December 2025: $12 million) primarily to incorporate non-linearity for
portfolios under a loss rate approach.
The 'Sustained Middle East Conflict' scenario explores a modest escalation in
Q2 2026 and more prolonged period of heightened tensions across the region,
leading to sustained oil price pressures from supply disruption, with global
GDP only returning to baseline growth in year 3 of the scenario. The 'Bank
Capital Stress Test' scenario is characterised by a synchronised and severe
downturn across all key markets, global supply side disruptions (including
tariffs) and significantly higher commodity prices, inflation and interest
rate environment.
The tables below set out the key parameters of the Base Forecast and the two
scenarios which were generated in the first half of March 2026. The
geopolitical and economic landscape in the Middle East remains highly fluid
and volatile, with forecast and scenarios subject to change based on unfolding
events.
Base Sustained Middle East Conflict Bank Capital Stress Test
Five year average Peak/Trough Five year average Peak/Trough Five year average Peak/Trough
China GDP 4.3 4.7 / 3.8 4.0 4.7 / 2.6 3.3 5.0 / (1.3)
China unemployment 3.3 3.4 / 3.3 3.5 3.8 / 3.3 4.4 5.0 / 3.6
China property prices 0.1 2.5 / (2.5) (0.5) 2.7 / (4.4) (3.9) 11 .0/ (12.1)
Hong Kong GDP 2.5 3.5 / 2.0 2.0 2.8 / 0.2 0.7 3.6 / (6.9)
Hong Kong unemployment 3.3 3.6 / 3.2 3.8 4.8 / 3.2 6.7 8.2 / 4.2
Hong Kong property prices 4.2 4.9 / 3.3 3.4 4.4 / 1.8 (3.1) 7.8 / (10.0)
US GDP 2.0 2.4 / 1.7 1.7 2.0 / 0.4 0.2 1.5 / (3.6)
Singapore GDP 2.5 4.1 / 0.5 1.9 3.8 / (1.9) 0.9 3.7 / (6.0)
India GDP 6.6 7.2 / 6.0 6.0 7.1 / 3.9 5.0 6.5 / 0.4
Korea GDP 1.9 2.4 / 1.6 1.4 2.0 / (0.5) 0.7 3.2 / (4.3)
UAE GDP 3.8 5.4 / 2.8 3.2 4.7 / 1.0 2.7 4.7 / (0.2)
Crude oil 70.9 76 / 65 89.3 135.7 / 70 111.4 150.5 / 81.9
Period covered from Q2 2026 to Q1 2031
Base (GDP, YoY%) Sustained Middle East Conflict Difference from Base
2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030
China 4.6 4.5 4.5 4.3 4.0 3.9 3.4 4.6 4.3 4.0 (0.7) (1.0) 0.0 (0.0) (0.1)
Hong Kong 3.2 2.5 2.5 2.4 2.1 2.1 1.1 2.5 2.4 2.1 (1.0) (1.4) (0.0) 0.0 (0.0)
US 2.3 2.1 2.0 2.0 2.0 1.5 1.1 2.0 2.0 1.9 (0.8) (1.1) (0.0) 0.0 (0.0)
Singapore 3.2 2.9 2.5 2.3 2.6 2.0 0.9 2.7 2.2 2.6 (1.3) (2.0) 0.2 (0.1) (0.0)
India 7.0 7.0 6.5 6.2 6.1 5.0 6.0 6.5 6.2 6.1 (2.0) (1.0) (0.0) 0.0 0.0
Korea 2.0 1.8 1.8 1.8 1.9 1.0 0.5 1.8 1.9 1.9 (1.1) (1.4) (0.0) 0.0 (0.0)
UAE 5.0 4.0 4.0 3.7 3.1 3.8 2.2 4.0 3.7 3.0 (1.3) (1.8) 0.0 0.0 (0.1)
Each year is from Q1 to Q4. For example 2026 is from Q1 2026 to Q4 2026.
Page 22
Risk review continued
Base (GDP, YoY%) Bank Capital Stress Test Difference from Base
2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030
China 4.6 4.5 4.5 4.3 4.0 2.4 (0.1) 4.5 4.9 4.7 (2.2) (4.6) (0.1) 0.6 0.7
Hong Kong 3.2 2.5 2.5 2.4 2.1 (0.3) (5.2) 2.2 3.3 3.5 (3.5) (7.7) (0.3) 1.0 1.4
US 2.3 2.1 2.0 2.0 2.0 0.5 (2.6) 1.1 1.3 1.2 (1.8) (4.7) (0.9) (0.7) (0.8)
Singapore 3.2 2.9 2.5 2.3 2.6 0.8 (4.3) 1.8 3.3 3.6 (2.5) (7.3) (0.7) 1.0 1.0
India 7.0 7.0 6.5 6.2 6.1 4.4 2.2 6.3 6.1 6.2 (2.5) (4.8) (0.2) (0.1) 0.1
Korea 2.0 1.8 1.8 1.8 1.9 (0.2) (2.7) 2.4 2.0 2.3 (2.2) (4.6) 0.6 0.1 0.3
UAE 5.0 4.0 4.0 3.7 3.1 3.5 0.2 3.2 4.2 3.4 (1.6) (3.8) (0.8) 0.5 0.3
Each year is from Q1 to Q4. For example 2026 is from Q1 2026 to Q4
2026
Page 23
Capital review
Capital ratios
31.03.26 31.12.25 Change 1 31.03.25 Change 1
CET1 13.4% 14.1% (74) 13.8% (47)
Tier 1 capital 16.4% 17.0% (61) 16.8% (39)
Total capital 19.8% 20.6% (81) 20.9% (112)
Capital base2
31.03.26 31.12.25 Change 3 31.03.25 Change 3
$million $million % $million %
CET1 instruments and reserves
Capital instruments and the related share premium accounts 5,105 5,120 - 5,181 (1)
Of which: share premium accounts 3,989 3,989 - 3,989 -
Retained earnings 27,684 24,528 13 27,238 2
Accumulated other comprehensive income (and other reserves) 9,970 10,406 (4) 9,076 10
Non-controlling interests (amount allowed in consolidated CET1) 269 262 3 233 15
Independently reviewed interim and year-end profits 1,903 5,100 (63) 1,612 18
Foreseeable dividends (1,515) (1,377) 10 (970) 56
CET1 capital before regulatory adjustments 43,416 44,039 (1) 42,370 2
CET1 regulatory adjustments
Additional value adjustments (prudential valuation adjustments) (780) (693) 13 (670) 16
Intangible assets (net of related tax liability) (6,183) (6,145) 1 (5,744) 8
Deferred tax assets that rely on future profitability (excludes those arising (36) (15) 140 (34) 6
from temporary differences)
Fair value reserves related to net losses on cash flow hedges (3) (315) (99) (221) (99)
Deduction of amounts resulting from the calculation of excess expected loss (629) (599) 5 (590) 7
Net gains on liabilities at fair value resulting from changes in own 190 412 (54) 293 (35)
credit risk
Defined-benefit pension fund assets (202) (149) 36 (152) 33
Fair value gains arising from the institution's own credit risk related to (126) (70) 80 (89) 42
derivative liabilities
Exposure amounts which could qualify for risk weighting of 1,250% (31) (25) 24 (41) (24)
Total regulatory adjustments to CET1 (7,800) (7,599) 3 (7,248) 8
CET1 capital 35,616 36,440 (2) 35,122 1
Additional Tier 1 capital (AT1) instruments 8,111 7,529 8 7,527 8
AT1 regulatory adjustments (20) (20) - (20) -
Tier 1 capital 43,707 43,949 (1) 42,629 3
Tier 2 capital instruments 9,082 9,308 (2) 10,512 (14)
Tier 2 regulatory adjustments (30) (30) - (30) -
Tier 2 capital 9,052 9,278 (2) 10,482 (14)
Total capital 52,759 53,227 (1) 53,111 (1)
Total risk-weighted assets (unaudited) 266,186 258,031 3 253,596 5
1 Change is the basis points (bps) difference between the two periods
rather than the percentage change
2 Capital base is prepared on the regulatory scope of consolidation
3 Variance is increase/(decrease) comparing current reporting period
to prior periods
Page 24
Capital review continued
Movement in total capital
3 months ended 12 months
31.03.26
ended
31.12.25
$million $million
CET1 at 1 January 36,440 35,190
Ordinary shares issued in the period and share premium - -
Share buy-back (1,500) (2,800)
Profit for the period 1,903 5,100
Foreseeable dividends deducted from CET1 (1,515) (1,377)
Difference between dividends paid and foreseeable dividends 1,137 (557)
Movement in goodwill and other intangible assets (38) (449)
Foreign currency translation differences (271) 931
Non-controlling interests 7 26
Movement in eligible other comprehensive income (294) 283
Deferred tax assets that rely on future profitability (21) 16
Decrease/(increase) in excess expected loss (30) 101
Additional value adjustments (prudential valuation adjustment) (87) (69)
IFRS 9 transitional impact on regulatory reserves including day one - -
Exposure amounts which could qualify for risk weighting (6) 18
Fair value gains arising from the institution's own Credit Risk related to (56) 27
derivative liabilities
Others (53) -
CET1 at 31 March/31 December 35,616 36,440
AT1 at 1 January 7,509 6,482
Net issuances (redemptions) 581 1,026
Foreign currency translation difference 1 1
Other - -
AT1 at 31 March/31 December 8,091 7,509
Tier 2 capital at 1 January 9,278 11,419
Regulatory amortisation (63) (227)
Net issuances (redemptions) - (2,175)
Foreign currency translation difference and others (168) 251
Tier 2 ineligible minority interest 5 10
Other - -
Tier 2 capital at 31 March/31 December 9,052 9,278
Total capital at 31 March/31 December 52,759 53,227
Page 25
Capital review continued
Risk-weighted assets by business
31.03.26
Credit risk Operational risk Market risk Total risk
$million $million $million $million
Corporate & Investment Banking 136,843 23,826 29,890 190,559
Wealth & Retail Banking 45,997 11,884 - 57,881
Central & other items 14,592 (599) 3,753 17,746
Total risk-weighted assets 197,432 35,111 33,643 266,186
31.12.251
Credit risk Operational risk Market risk Total risk
$million $million $million $million
Corporate & Investment Banking 125,188 23,883 26,713 175,784
Wealth & Retail Banking 47,349 11,958 - 59,307
Central & other items 19,608 (618) 3,950 22,940
Total risk-weighted assets 192,145 35,223 30,663 258,031
31.03.251
Credit risk Operational risk Market risk Total risk
$million $million $million $million
Corporate & Investment Banking 120,166 22,534 32,503 175,203
Wealth & Retail Banking 47,225 10,736 - 57,961
Central & other items 16,883 (692) 4,241 20,432
Total risk-weighted assets 184,274 32,578 36,744 253,596
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
Movement in risk-weighted assets
Credit risk Operational risk Market risk Total risk
$million
$million
$million
Corporate & Investment Banking1 Wealth & Retail Banking1 Central & Total
other items1
$million $million $million $million
At 1 January 2025 124,378 48,714 16,211 189,303 29,479 28,283 247,065
Asset growth & mix (1,633) (2,037) 2,625 (1,045) - - (1,045)
Asset quality 1,343 (483) 567 1,427 - - 1,427
Risk-weighted assets efficiencies - - - - - - -
Model updates (1,265) 198 - (1,067) - 63 (1,004)
Methodology and policy changes - - - - - - -
Acquisitions and disposals (293) (92) (19) (404) - - (404)
Foreign currency translation 2,658 1,049 224 3,931 - - 3,931
Other, including non-credit risk movements - - - - 5,744 2,317 8,061
At 31 December 2025 125,188 47,349 19,608 192,145 35,223 30,663 258,031
Asset growth & mix 11,858 (393) (4,686) 6,779 - - 6,779
Asset quality (147) (199) (92) (438) - - (438)
Risk-weighted assets efficiencies - - - - - - -
Model updates 919 (84) - 835 - (565) 270
Methodology and policy changes - - - - - - -
Acquisitions and disposals - - - - - - -
Foreign currency translation (975) (676) (238) (1,889) - - (1,889)
Other, including non-credit risk movements - - - - (112) 3,545 3,433
At 31 March 2026 136,843 45,997 14,592 197,432 35,111 33,643 266,186
1 Comparatives have been re-presented in accordance with the RNS
titled "Re presentation of Financial Information" issued on 25 March 2026
Page 26
Capital review continued
Leverage Ratio
31.03.26 31.12.25 Change1 31.03.25 Change1
$million $million % $million %
Tier 1 capital 43,707 43,949 (1) 42,629 3
Derivative financial instruments 97,658 65,782 48 56,139 74
Derivative cash collateral 14,484 12,868 13 10,150 43
Securities financing transactions (SFTs) 100,705 96,096 5 99,041 2
Loans and advances and other assets 760,060 745,209 2 709,116 7
Total on-balance sheet assets 972,907 919,955 6 874,446 11
Regulatory consolidation adjustments2 (98,315) (96,565) 2 (88,186) 11
Derivatives adjustments
Derivatives netting (78,483) (51,827) 51 (40,329) 95
Adjustments to cash collateral (10,290) (10,011) 3 (8,862) 16
Net written credit protection 2,668 2,604 2 3,971 -33
Potential future exposure on derivatives 60,772 58,062 5 53,084 14
Total derivatives adjustments (25,333) (1,172) nm 7,864 nm
Counterparty risk leverage exposure measure for SFTs 5,237 6,715 (22) 4,438 18
Off-balance sheet items 106,699 117,341 (9) 118,104 (10)
Regulatory deductions from Tier 1 capital (8,005) (8,084) (1) (7,594) 5
Total exposure measure excluding claims on central banks 953,190 938,190 2 909,072 5
Leverage ratio excluding claims on central banks (%)3 4.6% 4.7% (10) 4.7% (10)
Average leverage exposure measure excluding claims on central banks 964,481 949,214 2 911,289 6
Average leverage ratio excluding claims on central banks (%)3 4.5% 4.6% (6) 4.6% (9)
Countercyclical leverage ratio buffer3 0.1% 0.1% - 0.1% -
G-SII additional leverage ratio buffer3 0.4% 0.4% - 0.4% -
1 Variance is increase/(decrease) comparing current reporting period
to prior periods
2 Includes adjustment for qualifying central bank claims and unsettled
regular way trades
3 Change is the basis points (bps) difference between the two periods
rather than the percentage change
Page 27
Financial statements
Condensed consolidated interim income statement
For the three months ended 31 March 2026
3 months 3 months ended
ended
31.03.25
31.03.26
$million $million
Interest income 5,789 6,327
Interest expense (4,258) (4,746)
Net interest income 1,531 1,581
Fees and commission income 1,687 1,331
Fees and commission expense (335) (194)
Net fee and commission income 1,352 1,137
Net trading income 2,960 2,645
Other operating income 59 16
Operating income 5,902 5,379
Staff costs (2,293) (2,144)
Premises costs (86) (87)
General administrative expenses (470) (551)
Depreciation and amortisation (291) (264)
Operating expenses (3,140) (3,046)
Operating profit before impairment losses and taxation 2,762 2,333
Credit impairment (296) (217)
Goodwill, property, plant and equipment and other impairment (2) (15)
(Loss)/profit from associates and joint ventures (14) 2
Profit before taxation 2,450 2,103
Taxation (540) (511)
Profit for the period 1,910 1,592
Profit attributable to:
Non-controlling interests 10 2
Parent company shareholders 1,900 1,590
Profit for the period 1,910 1,592
cents cents
Earnings per share:
Basic earnings per ordinary share 74.2 56.6
Diluted earnings per ordinary share 72.0 55.1
Page 28
Financial statements continued
Condensed consolidated interim statement of comprehensive income
For the three months ended 31 March 2026
3 months ended 3 months ended
31.03.26
31.03.25
$million $million
Profit for the period 1,910 1,592
Other comprehensive income
Items that will not be reclassified to income statement: 241 (4)
Own credit gains/(losses) on financial liabilities designated at fair value 235 (21)
through profit or loss
Equity instruments at fair value through other comprehensive income (25) 2
Actuarial gains on retirement benefit obligations 61 13
Revaluation deficit (2) (3)
Taxation relating to components of other comprehensive income (28) 5
Items that may be reclassified subsequently to income statement: (649) 355
Exchange differences on translation of foreign operations:
Net (losses)/gains taken to equity (702) 33
Net gains/(losses) on net investment hedges 424 (13)
Share of other comprehensive income from associates and joint ventures 37 3
Debt instruments at fair value through other comprehensive income:
Net valuation (losses)/gains taken to equity (124) 117
Reclassified to income statement (18) 1
Net impact of expected credit losses 23 3
Cash flow hedges:
Net movements in cash flow hedge reserve (388) 261
Taxation relating to components of other comprehensive income 99 (50)
Other comprehensive (loss)/income for the period, net of taxation (408) 351
Total comprehensive income for the period 1,502 1,943
Total comprehensive income attributable to:
Non-controlling interests 5 3
Parent company shareholders 1,497 1,940
Total comprehensive income for the period 1,502 1,943
Page 29
Financial statements continued
Condensed consolidated interim balance sheet
As at 31 March 2026
31.03.26 31.12.25
$million $million
Assets
Cash and balances at central banks 71,247 77,746
Financial assets held at fair value through profit or loss 209,336 195,257
Derivative financial instruments 97,658 65,782
Loans and advances to banks 44,289 43,901
Loans and advances to customers 293,561 286,788
Investment securities 159,032 166,956
Other assets 82,647 67,931
Current tax assets 517 574
Prepayments and accrued income 2,892 3,058
Interests in associates and joint ventures 1,519 1,426
Goodwill and intangible assets 6,268 6,231
Property, plant and equipment 2,427 2,559
Deferred tax assets 502 493
Retirement benefit schemes in surplus 205 154
Assets classified as held for sale 807 1,099
Total assets 972,907 919,955
Liabilities
Deposits by banks 28,819 30,846
Customer accounts 542,223 530,161
Repurchase agreements and other similar secured borrowing 5,735 7,757
Financial liabilities held at fair value through profit or loss 88,544 89,597
Derivative financial instruments 99,131 68,204
Debt securities in issue 75,826 72,858
Other liabilities 60,663 46,655
Current tax liabilities 885 709
Accruals and deferred income 5,557 7,358
Subordinated liabilities and other borrowed funds 8,665 8,834
Deferred tax liabilities 737 752
Provisions for liabilities and charges 428 401
Retirement benefit schemes in deficit 341 323
Liabilities included in disposal groups held for sale 668 914
Total liabilities 918,222 865,369
Equity
Share capital and share premium account 6,599 6,614
Other reserves 9,970 10,406
Retained earnings 29,528 29,573
Total parent company shareholders' equity 46,097 46,593
Other equity instruments 8,109 7,528
Total equity excluding non-controlling interests 54,206 54,121
Non-controlling interests 479 465
Total equity 54,685 54,586
Total equity and liabilities 972,907 919,955
Page 30
Financial statements continued
Condensed consolidated interim statement of changes in equity
For the three months ended 31 March 2026
Ordinary share capital and share premium account Preference share capital and share premium account Capital Own credit adjustment reserve Fair value through other comprehensive income reserve - debt Fair value through other comprehensive income reserve - equity Cash flow hedge reserve Translation reserve Retained earnings Parent company shareholders' equity Other equity instruments Non-controlling interests Total
and merger reserves(1)
$million $million $million $million $million $million $million $million $million $million $million $million $million
As at 01 January 2025 5,201 1,494 17,573 (278) (241) 304 4 (8,638) 28,969 44,388 6,502 394 51,284
Profit for the period - - - - - - - - 5,085 5,085 - 12 5,097
Other comprehensive (loss)/income8 - - - (134) 284 2366 311 885 1032,7 1,685 - 33 1,718
Distributions - - - - - - - - - - - (50) (50)
Other equity instruments issued, net of expenses - - - - - - - - - - 1,989 - 1,989
Redemption of other equity instruments - - - - - - - - - - (1,000) - (1,000)
Treasury shares net movement - - - - - - - - (452) (452) - - (452)
Share option expense, net of taxation - - - - - - - - 220 220 - - 220
Dividends on ordinary shares - - - - - - - - (954) (954) - - (954)
Dividends on preference shares and AT1 securities - - - - - - - - (527) (527) - - (527)
Share buy-back4 (81) - 81 - - - - - (2,800) (2,800) - - (2,800)
Other movements - - - - (27) - - 46 (71) (52) 37 763 61
As at 31 December 2025 5,120 1,494 17,654 (412) 16 540 315 (7,707) 29,573 46,593 7,528 465 54,586
Profit for the period - - - - - - - - 1,900 1,900 - 10 1,910
Other comprehensive income/(loss)8 - - - 222 (59) (31) (312) (271) 482 (403) - (5) (408)
Other equity instruments issued, net of expenses - - - - - - - - - - 582 - 582
Treasury shares net movement - - - - - - - - (332) (332) - - (332)
Share option expense, net of taxation - - - - - - - - 83 83 - - 83
Dividends on preference shares and AT1 securities - - - - - - - - (240) (240) - - (240)
Share buy-back5 (15) - 15 - - - - - (1,500) (1,500) - - (1,500)
Other movements - - - - - - - - (4) (4) (1) 93 4
As at 31 March 2026 5,105 1,494 17,669 (190) (43) 509 3 (7,978) 29,528 46,097 8,109 479 54,685
1 Includes capital reserve of $5 million (31 December 2025: $5 million),
capital redemption reserve of $553 million (31 December 2025: $538 million)
and merger reserve of $17,111 million (31 December 2025: $17,111 million)
2 Includes actuarial (loss)/gain, net of taxation on Group defined
benefit schemes
3 Movements are primarily from non-controlling interest related to Trust Bank
Singapore Limited $12 million offset by Anchorpoint Financial Limited $3
million. Movements in 2025 are primarily from Mox Bank Limited ($26 million),
Standard Chartered Research and Technology India Private Limited ($12
million), Zodia Markets Holdings Limited ($15 million), Trust Bank Singapore
Limited ($8 million), Anchorpoint Financial Limited ($6 million), Financial
Inclusion Tech ($6 million) and Furaha Holding Ltd ($3 million)
4 During 2025, the Group announced the following share buybacks: a
share buyback of up to $1,500 million in February 2025, which was completed in
July 2025; and a share buyback of up to $1,300 million in July 2025, which was
completed in January 2026
5 During 2026, the Group announced the following share buybacks: a share
buyback of up to $1,500 million in February 2026. As at 31 March 2026, the
buyback is ongoing
6 Includes $348 million mark-to-market gain on equity instruments (net of
tax), $103 million relating to transfer of gain on sale of equity investment
to retained earnings and reversal of deferred tax liability $9 million
7 Includes $103 million gain on sale of equity investment in other
comprehensive income reserve transferred to retained earnings partly offset by
$9 million capital gain tax
8 All the amounts are net of tax
Page 31
Financial statements continued
Basis of preparation
This statement covers the results of Standard Chartered PLC together with its
subsidiaries and equity accounted interest in associates and jointly
controlled entities (the Group) for the three months ended 31 March 2026. The
financial information on which this statement is based, and the data set out
in the appendix to this statement, are unaudited and have been prepared in
accordance with the Group's accounting policies. The Group's material
accounting policies are described in the Annual Report 2025, which have been
prepared in accordance with UK-adopted international accounting standards and
International Financial Reporting Standards (IFRS) (Accounting Standards) as
adopted by the European Union (EU IFRS) as there are no applicable differences
for the periods presented, and in conformity with the requirements of the
Companies Act 2006. The Group's Annual Report 2026 will continue to be
prepared in accordance with these frameworks.
The interim financial information does not constitute a full or condensed set
of financial statements under IAS 34 'Interim Financial Reporting' as
contained in UK-adopted IAS or EU IFRS. The interim financial information has
been prepared in accordance with the recognition and measurement principles,
but not the disclosure requirements under UK-adopted IAS and EU IFRS.
The information in this interim financial report is unaudited and does not
constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. All references to performance/results within this interim
financial report means amounts reported under UK-adopted IAS and EU IFRS or in
reference to the statutory accounts for the year ended 31 December 2025,
unless otherwise stated. This document was approved by the Board on 30 April
2026. The statutory accounts for the year ended 31 December 2025 have been
audited and delivered to the Registrar of Companies in England and Wales. The
report of the auditors was (i) unqualified, (ii) did not include a reference
to any matters to which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement under sections
498(2) and 498(3) of the Companies Act 2006.
Going concern
The directors assessed the Group's ability to continue as a going concern,
including a review of the Group's forecasts, Funding and Liquidity metrics,
Capital and Liquidity plans, Legal and regulatory matters, Credit impairment,
macroeconomic conditions and geopolitical headwinds, and confirm they are
satisfied that the Group has adequate resources to continue in business for a
period of twelve months from 30 April 2026. For this reason, the Group
continues to adopt the going concern basis of accounting for preparing the
interim financial information.
Page 32
Other supplementary financial information
Net Interest Margin
Q1'26 Q1'25 Q4'25
$million $million $million
Interest income 5,789 6,327 5,928
Adjustment for trading book funding cost and others 243 130 280
Adjusted Interest Income 6,032 6,457 6,208
Average interest earning assets1 566,911 535,999 560,311
Gross yield (%) 4.31 4.89 4.40
Interest expense 4,258 4,746 4,425
Adjustment for trading book funding cost and others (1,095) (1,086) (1,165)
Adjusted Interest expense 3,163 3,660 3,260
Average interest-bearing liabilities1 613,179 556,629 599,439
Rate paid (%) 2.09 2.67 2.16
Net yield (%) 2.22 2.22 2.24
Adjusted net interest income 2,869 2,797 2,948
Net interest margin (%) 2.05 2.12 2.09
1 Average interest earning assets and interest-bearing liabilities are
adjusted for cash collateral balances in other assets and other liabilities
that are related to the Global Markets trading book
Page 33
Shareholder information
Important Notice
Forward-looking statements
The information included in this document may contain 'forward-looking
statements' based upon current expectations or beliefs as well as statements
formulated with assumptions about future events. Forward-looking statements
include, without limitation, projections, estimates, commitments, plans,
approaches, ambitions and targets (including, without limitation, ESG
commitments, ambitions and targets). Forward-looking statements often use
words such as 'may', 'could', 'will', 'expect', 'intend', 'estimate',
'anticipate', 'believe', 'plan', 'seek', 'aim', 'continue' or other words of
similar meaning to any of the foregoing. Forward-looking statements may also
(or additionally) be identified by the fact that they do not relate only to
historical or current facts.
By their very nature, forward-looking statements are subject to known and
unknown risks and uncertainties and other factors that could cause actual
results, and the Group's plans and objectives, to differ materially from those
expressed or implied in the forward-looking statements. Readers should not
place reliance on, and are cautioned about relying on, any forward-looking
statements.
There are several factors which could cause the Group's actual results and its
plans and objectives to differ materially from those expressed or implied in
forward-looking statements. The factors include (but are not limited to):
changes in global, political, economic, business, competitive and market
forces or conditions, or in future exchange and interest rates; changes in
environmental, geopolitical, social or physical risks; legal, regulatory and
policy developments, including regulatory measures addressing climate change
and broader sustainability-related issues; the development of standards and
interpretations, including evolving requirements and practices in ESG
reporting; the ability of the Group, together with governments and other
stakeholders to measure, manage, and mitigate the impacts of climate change
and broader sustainability-related issues effectively; risks arising out of
health crises and pandemics; risks of cyber-attacks, data, information or
security breaches or technology failures involving the Group; changes in tax
rates or policy; future business combinations or dispositions; and other
factors specific to the Group, including those identified in Standard
Chartered PLC's Annual Report and the financial statements of the Group. To
the extent that any forward-looking statements contained in this document are
based on past or current trends and/or activities of the Group, they should
not be taken as a representation that such trends or activities will continue
in the future.
No statement in this document is intended to be, nor should be interpreted as,
a profit forecast or to imply that the earnings of the Group for the current
year or future years will necessarily match or exceed the historical or
published earnings of the Group. Each forward-looking statement speaks only as
of the date that it is made. Except as required by any applicable laws or
regulations, the Group expressly disclaims any obligation to revise or update
any forward-looking statement contained within this document, regardless of
whether those statements are affected as a result of new information, future
events or otherwise.
Please refer to Standard Chartered PLC's Annual Report and the financial
statements of the Group for a discussion of certain of the risks and factors
that could adversely impact the Group's actual results, and cause its plans
and objectives, to differ materially from those expressed or implied in any
forward-looking statements.
Non-IFRS performance measures and alternative performance measures
This document may contain: (a) financial measures and ratios not specifically
defined under: (i) International Financial Reporting Standards (IFRS)
(Accounting Standards) as adopted by the European Union; or (ii) UK-adopted
International Accounting Standards (IAS); and/or (b) alternative performance
measures as defined in the European Securities and Market Authority
guidelines. Such measures may exclude certain items which management believes
are not representative of the underlying performance of the business and which
distort period-on-period comparison. These measures are not a substitute for
IAS or IFRS measures and are based on a number of assumptions that are subject
to uncertainties and change. For further information, please refer to Standard
Chartered PLC's Annual Report and the financial statements of the Group and,
specifically in relation to adjusted net interest income and adjusted
non-interest income, please refer to the footnote beneath the "Net interest
income and non-interest income" section on page 6 of this document.
Financial instruments
Nothing in this document shall constitute, in any jurisdiction, an offer or
solicitation to sell or purchase any securities or other financial
instruments, nor shall it constitute a recommendation or advice in respect of
any securities or other financial instruments or any other matter.
Page 34
Shareholder information continued
Caution regarding climate and environment related information
Some of the climate and environment related information in this document is
subject to certain limitations, and therefore the reader should treat the
information provided, as well as conclusions, projections and assumptions
drawn from such information, with caution. The information may be limited due
to a number of factors, which include (but are not limited to): a lack of
reliable data; a lack of standardisation of data; and future uncertainty. The
information includes externally sourced data that may not have been verified.
Furthermore, some of the data, models and methodologies used to create the
information is subject to adjustment which is beyond our control, and the
information is subject to change without notice.
General
You are advised to exercise your own independent judgement (with the advice of
your professional advisers as necessary) with respect to the risks and
consequences of any matter contained in this document. The Group, its
affiliates, directors, officers, employees or agents expressly disclaim any
liability and responsibility for any decisions or actions which you may take
and for any damage or losses you may suffer from your use of or reliance on
the information contained in this document.
Chinese translation
If there is any inconsistency between the English version of this document and
any translation of the English version, the English version shall prevail.
Page 35
Shareholder information continued
Contact information
Global headquarters
Standard Chartered Group
1 Basinghall Avenue
London, EC2V 5DD
United Kingdom
telephone: +44 (0)20 7885 8888
facsimile: +44 (0)20 7885 9999
Shareholder enquiries
ShareCare information
website: sc.com/shareholders (http://sc.com/shareholders)
helpline: +44 (0)370 702 0138
ShareGift information
website: ShareGift.org (http://ShareGift.org)
helpline: +44 (0)20 7930 3737
Registrar information
UK
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol, BS99 6ZZ
helpline: +44 (0)370 702 0138
Hong Kong
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong
website: computershare.com/hk/investors
(http://computershare.com/hk/investors)
Chinese translation
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong
Register for electronic communications
website: investorcentre.co.uk (http://investorcentre.co.uk)
For further information, please contact:
Manus Costello, Global Head of Investor Relations
+44 (0) 20 7885 0017
LSE Stock code: STAN.LN
HKSE Stock code: 02888
Page 36
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