Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 171

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 171
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 |
| Currency translation                  |      — |    222 |
| Constant currency tax (charge)/credit | -7,310 | -5,567 |

| Notable items                        |      |      |
|                                      | 2024 | 2023 |
|                                      |   $m |   $m |
| Tax                                  |      |      |
| Tax (charge)/credit on notable items |  108 |  207 |
| Uncertain tax positions              |    — |  427 |

Tax expense The effective tax rate for 2024 of 22.6% was higher than the 19.1% in 2023. The effective tax rate for 2024 was increased by 4.8 percentage points by the non-deductible loss on disposal of our business in Argentina and by 0.7 percentage points by the tax charge arising under the Global Minimum Tax rules, and reduced by 3.6 percentage points by the non-taxable gain on disposal of our banking business in Canada. The effective tax rate for 2023 was increased by 2.3 percentage points by the non-deductible impairment of investments in associates, and reduced by 1.6 percentage points by the release of provisions for uncertain tax positions and by 1.5 percentage points by the non-taxable accounting gain arising on the acquisition of SVB UK. Return on average tangible equity In 2024, RoTE was 14.6 %, compared with 14.6 % in 2023. RoTE excluding notables was 16.0 % in 2024, compared with 16.2 % in 2023.

| 92 | HSBC Holdings plcAnnual Report on Form 20-F |

Financial summary

Consolidated balance sheet

| Five-year summary consolidated balance sheet                                                       |           |           |           |           |           |
|                                                                                                    |      2024 |      2023 |     20221 |      2021 |      2020 |
|                                                                                                    |        $m |        $m |        $m |        $m |        $m |
| Assets                                                                                             |           |           |           |           |           |
| Cash and balances at central banks                                                                 |   267,674 |   285,868 |   327,002 |   403,018 |   304,481 |
| Trading assets                                                                                     |   314,842 |   289,159 |   218,