2Q26 Preview: Another robust quarter, with focus on NII guidance and wealth trends

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2Q26 Preview: Another robust quarter, with focus on NII guidance and wealth trends

Equity Research

17 July 2026 | 5:48PM SGT

HSBC (0005.HK/HSBA.L)

2Q26 Preview: Another robust quarter, with focus on NII guidance and

wealth trends

HSBC will report 2Q26 results on 4th August; we expect the bank to deliver Melissa Kuang, CFA

+65-6889-2869 |

underlying PBT of US$10.2bn,+25% yoy /+2% qoq (4% ahead of Visible Alpha melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

Consensus Data). Quarterly growth is supported by a lower cost of credit of 40bps as

Chris Hallamwe do not anticipate further overlays related to the Middle East conflict, while 1Q’s +44(20)7552-2958 |

elevated provisioning was also impacted by a large one-off credit-related charge. chris.hallam@gs.comGoldman Sachs International

Banking NII should also increase 3% qoq, supported by slightly higher HIBOR. Benjamin Caven-Roberts

Offsetting this, we expect some moderation in non‑banking NII following seasonally +44(20)7552-7066roberts@gs.com | benjamin.d.caven-

stronger 1Q trends. Beyond the quarter, investor focus is likely to remain on wealth Goldman Sachs International

Nayarmanagement, particularly any updates on Chinese cross‑border regulations and the Sachin | +44(20)7051-2598

potential implications for wealth inflows, the broader wealth outlook, and whether sachin.x.nayar@gs.com Goldman Sachs International

the higher rate environment drives an upward revision to NII guidance.

Wayne Wang

+65-6889-2866 |

Key call-outs for the quarter: wayne.q.wang@gs.com Goldman Sachs (Singapore) Pte

n Banking NII in focus. We expect Banking NII to increase 3% qoq, supported by

uptick in HIBOR throughout the quarter (+6bps qoq), a higher day count and

continued balance sheet growth. The outlook has also become more