Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 59

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 59
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,397 |  30,159 |  13,743 |         -762 |   -3 |                                 |
| Share of profit in associates and joint ventures less impairment |   2,912 |    -256 |   2,559 |        3,168 | >100 |                               — |
| Profit before tax                                                |  32,309 |  29,903 |  16,302 |        2,406 |    8 |                          -2,862 |
| Revenue excluding notable items                                  |  67,434 |  64,489 |  53,383 |        2,945 |    5 |                                 |
| Profit before tax excluding notable items                        |  34,122 |  32,680 |  23,057 |        1,442 |    4 |                                 |

1 For details, see ‘Impact of strategic transactions‘ on page 111 . Profit before tax of $32.3bn was $2.4bn higher than in 2023 on a constant currency basis. Constant currency profit before tax excluding notable items of $34.1bn was $1.4bn or 4% higher. Revenue increased by $0.9bn or 1% on a constant currency basis, and included a $3.9bn net adverse impact from strategic transactions. The growth in revenue reflected the impact of higher customer activity in our Wealth products in WPB, and in Equities and Securities Financing in GBM. NII fell due to business disposals and a loss on the early redemption of legacy securities in 2024. The reduction also included higher funding costs associated with the redeployment of our commercial surplus into the trading book, where the related revenue is recognised in ’net income on financial instruments held for trading or managed on a fair value basis’, partly offset by higher NII in HSBC UK, including the benefit of our structural hedge. On a constant currency basis, banking NII of $43.7bn increased by $1.5bn or 4%. ECL were $0.2bn or 5% higher on a constant currency basis. This included an increase in WPB, mainly in our legal entity in Mexico, from higher unsecured lending and unemployment trends, and from higher charges in our main legal entities in Hong Kong and the UK. This was partly offset by reductions in CMB and GBM including lower stage 3 charges, including charges relating to the commercial real