v3.26.1
Consolidated statement of changes in equity - USD ($)
$ in Millions
Total
Total share-holders’ equity
Called up share capital and share premium
Other equity instruments
Financial assets at FVOCI reserve
Cash 
flow
hedging
reserve
Foreign 
exchange
reserve
Merger and other 
reserves
Insurance finance reserve
Retained earnings
Non-
controlling
interests
Equity beginning of period at Dec. 31, 2024 $ 192,273 $ 184,973 $ 23,783 $ 19,070 $ (3,246) $ (1,079) $ (32,887) $ 26,328 $ 602 $ 152,402 $ 7,300
Profit for the period 12,441 12,057               12,057 384
Other comprehensive income/(expense) for the period, net of tax 8,540 8,407     6 1,734 6,630 14 102 (79) 133
– debt instruments at fair value through other comprehensive income 205 177     177           28
– equity instruments designated at fair value through other comprehensive income 93 57     57           36
– cash flow hedges 1,891 1,794       1,794         97
– changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk 242 242               242  
– property revaluation 14 14           14      
– remeasurement of defined benefit asset/(liability) (347) (343)               (343) (4)
– share of other comprehensive income of associates and joint ventures (3) (3)               (3)  
– effects of hyperinflation 81 81               81  
– foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation 224 224         224        
– other reserves reclassified to income statement on disposal or dilution of a foreign operation (56) (56)               (56)  
– insurance finance income recognised in other comprehensive income 16 16             16    
– other exchange differences 6,180 6,204     (228) (60) 6,406   86   (24)
Total comprehensive income for the period 20,981 20,464     6 1,734 6,630 14 102 11,978 517
Shares issued under employee remuneration and share plans 0   113             (113)  
Capital securities issued 4,096 4,096   4,096              
Dividends to shareholders (9,171) (8,694)               (8,694) (477)
Redemption of securities (2,450) (2,450)   (2,450)              
Cost of share-based payment arrangements 316 316               316  
Share buy-backs (5,023) (5,023)               (5,023)  
Cancellation of shares 0   (239)         239      
Other movements (1,153) (1,128)     1         (1,129) (25)
Equity end of period at Jun. 30, 2025 199,869 192,554 23,657 20,716 (3,239) 655 (26,257) 26,581 704 149,737 7,315
Profit for the period 10,690 10,228               10,228 462
Other comprehensive income/(expense) for the period, net of tax 2,001 1,969     2,920 (85) 233   (704) (395) 32
– debt instruments at fair value through other comprehensive income 2,086 2,090     2,090           (4)
– equity instruments designated at fair value through other comprehensive income 5 27     27           (22)
– cash flow hedges (118) (94)       (94)         (24)
– changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk (721) (721)               (721)  
– remeasurement of defined benefit asset/(liability) 163 154               154 9
– share of other comprehensive income of associates and joint ventures 113 113               113  
– effects of hyperinflation 59 59               59  
– foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation (16) (16)         (16)        
– other reserves reclassified to income statement on disposal or dilution of a foreign operation 58 58     745       (687)    
– insurance finance income recognised in other comprehensive income (11) (11)             (11)    
– other exchange differences 383 310     58 9 249   (6)   73
Total comprehensive income for the period 12,691 12,197     2,920 (85) 233   (704) 9,833 494
Shares issued under employee remuneration and share plans 0   3             (3)  
Share premium reclassification to retained earnings 0   (14,810)             14,810  
Capital redemption reserves reclassification to retained earnings 0             (1,755)   1,755  
Dividends to shareholders (4,311) (4,070)               (4,070) (241)
Cost of share-based payment arrangements 305 305               305  
Share buy-backs (3,016) (3,016)               (3,016)  
Cancellation of shares 0   (151)         151      
Other movements 128 255           1   254 (127)
Equity end of period at Dec. 31, 2025 205,666 198,225 8,699 20,716 (319) 570 (26,024) 24,978 0 169,605 7,441
Profit for the period 15,321 15,259               15,259 62
Other comprehensive income/(expense) for the period, net of tax (2,747) (2,712)     (1,254) (1,428) (398) 20   348 (35)
– debt instruments at fair value through other comprehensive income (1,083) (1,082)     (1,082)           (1)
– equity instruments designated at fair value through other comprehensive income (239) (239)     (239)            
– cash flow hedges (1,444) (1,444)       (1,444)          
– changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk 288 288               288  
– property revaluation 20 20           20      
– remeasurement of defined benefit asset/(liability) 79 79               79  
– share of other comprehensive income of associates and joint ventures (123) (123)               (123)  
– effects of hyperinflation 104 104               104  
– foreign exchange losses reclassified to the income statement on disposal or dilution of a foreign operation [1] 174 174         174        
– insurance finance income recognised in other comprehensive income 0                    
– other exchange differences (523) (489)     67 16 (572)       (34)
Total comprehensive income for the period 12,574 12,547     (1,254) (1,428) (398) 20   15,607 27
Shares issued under employee remuneration and share plans 0   138             (138)  
Capital securities issued [2] 3,992 3,992   3,992              
Dividends to shareholders (10,118) (10,049)               (10,049) (69)
Redemption of securities [3] (1,000) (1,000)   (1,000)              
Cost of share-based payment arrangements 319 319               319  
Changes in ownership interest in subsidiaries [4] (13,643) (6,642)     141 66 66 161   (7,076) (7,001)
Transfer of gain on disposal of equity investments at FVOCI to retained earnings 0       (21)         21  
Other movements [5] (709) (710)     (7)         (703) 1
Equity end of period at Jun. 30, 2026 $ 197,081 $ 196,682 $ 8,837 $ 23,708 $ (1,460) $ (792) $ (26,356) $ 25,159 $ 0 $ 167,586 $ 399
[1] Amount in 1H26 includes the recycling of a $0.2bn foreign currency translation reserves loss following completion of the sale of our UK life insurance business,
HSBC Life (UK) Limited.
[2] HSBC Holdings issued $1.25bn at 6.750% and $1.25bn at 7.000% of contingent convertible securities in March 2026, and $1.5bn at 6.750% of contingent
convertible securities in May 2026. All instruments were recorded net of issuance costs.
[3] In March 2026, HSBC Holdings redeemed its $1.0bn 4.000% contingent convertible securities.
[4] Amount in 1H26 includes the impact of the $13.7bn privatisation of Hang Seng Bank, which comprised the derecognition of $7.0bn in non-controlling interests
and a residual $6.7bn reduction in shareholders’ equity, partly offset by impact of foreign currency translation.
[5] Amount in 1H26 includes $0.7bn of shares bought by HSBC Holdings Employee Benefit Trust under employee share plans.