Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001089113-25-000056
Chunk: 33

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 33
---
 GTS due to a growth of 8% in average balances, mainly in our legal entities in Asia following growth in client demand. There was also a rise in other NII, in part from the benefit of our structural hedge on capital held in the business. Fee and other income of $10.1bn increased by $0.9bn or 10% . – In Wholesale Transaction Banking, fee and other income increased by $0.4bn or 5% , mainly due to higher income in Global Foreign Exchange from elevated market volatility in 9M25 and growth in Securities Services, which benefited from higher asset values. – In Debt and Equity Markets, fee and other income was up $0.2bn or 9% . Growth in Debt Markets was driven by client demand for US dollar structured note issuance due to higher interest rates. Equities benefited from new client onboarding in prime finance and robust institutional financing demand. Equity derivatives benefited from the rise in market volatility due to macroeconomic uncertainty. – In Other, fee and other income increased by $0.4bn , largely due to the non-recurrence of adverse hyperinflationary impacts in Argentina. ECL of $0.5bn in 9M25 increased by $0.1bn compared with 9M24 on a constant currency basis. The increase included a charge against a single Middle Eastern exposure, which compared with releases in 9M24 relating to a single client in the UK. Operating expenses of $11.5bn were $0.9bn or 8% higher than in 9M24 on a constant currency basis. The increase reflected the impact of notable items including restructuring and other related costs, a legal provision, and costs associated with the wind-down of our M&A and equity capital markets (’ECM’) activities in the UK, Europe and the US, and impairments in Germany. It also reflected higher planned spend and investment in technology, and inflationary impacts. These increases were partly mitigated by cost reductions from our organisational simplification and the impact of business disposals in Canada and Argentina. 3Q25 compared with 3Q24

| Results – on a constant currency basis                    | Quarter ended |             |               |     |                                 |
|:----------------------------------------------------------|--------------:|------------:|--------------:|----:|--------------------------------:|
|                                                           |               |             |      Variance |     |                                 |
|                                                           |               |             | 3Q25 vs. 3Q24