HSBC Holdings plc (0005.HK): A mixed 3Q26: PBT and buyback in-line, but Banking NII and Wealth income missed

HSBC reported a mixed set of 3Q results with underlying PBT and buyback broadly in line, although revenue/PPoP was 2%/3% below consensus estimates. ECL charge was lower than expected in 3Q, but HSBC did not revise credit cost guidance for FY26. Key disappointment was Banking NII, which was 2% below consensus and broadly flat q/q, despite benefit from a higher structural hedge re-investment yield, higher day count and volume growth. The key drag was from intensifying deposits competition in HK and the UK, which led to higher deposits beta;