Banks - Hong Kong: HSBC and Standard Chartered 2Q26 preview

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Banks - Hong Kong: HSBC and Standard Chartered 2Q26 preview

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Banks - Hong Kong

HSBC and Standard Chartered 2Q26

preview

Price Objective Change

Overall: another good quarter 21 July 2026

Overall, we expect another good quarter for HSBC and Standard Chartered. Hong Kong Equity

deposit growth remains robust at c.9–10% YoY, while loan growth has accelerated to 5– Hong Kong

6%, the strongest level since the CRE credit cycle. Capital market activity also remains Banks-Multinational

supportive, with Hong Kong IPO issuance reaching the highest 1H level since 2021 and Emma Xu >>

exchange turnover remaining elevated. Wealth momentum has also continued, although Research Analyst

there would likely be questions around future flows in light of recent regulatory Merrill+852 3508Lynch8165(Hong Kong)

tightening. In the UK, lending trends remain healthy despite more competitive deposit emma.xu@bofa.com

markets, while higher swap rates continue to support structural hedge income. Perlie Mong >>

Research Analyst

MLI (UK)

+44 20 7996 6717HSBC 2Q26 preview

perlie.mong@bofa.com

We continue to view HSBC as the sector top pick. It appears well positioned in the

Winnie Wu >>

current environment. NII should continue to benefit from the strong deposit flows, Research Analyst

wealth should continue to perform strongly and there is upside from (Hong Kong) loan Merrill Lynch (Hong Kong)

+852 3508 3058

growth. We think there is upside to c.$46bn banking NII guidance. We expect a $2bn winnie.wu@bofa.com

buyback announcement, as stronger growth trends could encourage management to Wenqing Han, CFA >>

preserve capital flexibility. Our 2Q26 forecasts are c.2% ahead of consensus, driven Research Analyst Merrill Lynch (Hong Kong)

primarily by higher income assumptions. +852 3508 5032