Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001654954-25-012267
Chunk: 16

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 16
---
 |        -2,319 |  -4 |             -5,055 |
| ECL                                                              |            -2,949 |      -1,988 |          -961 | -48 |                 67 |
| Operating expenses                                               |           -27,098 |     -24,403 |        -2,695 | -11 |                366 |
| Share of profit from associates and joint ventures               |             1,242 |       2,226 |          -984 | -44 |                  - |
| Profit before tax                                                |            23,105 |      30,064 |        -6,959 | -23 |             -4,622 |

1 For details, see 'Strategic transactions supplementary analysis' on page 31 .

9M25 compared with 9M24 - performance commentary

Reported profit before tax of $23.1bn was $6.9bn lower than in 9M24, primarily reflecting the $8.2bn year-on-year impact of notable items. These included the non-recurrence of $3.6bn in net gains in 9M24 relating to our disposals in Canada and Argentina, the recognition of dilution and impairment losses in 9M25 of $2.1bn related to our associate BoCom, legal provisions of $1.4bn and restructuring and other related costs associated with our organisational simplification of $0.8bn in 9M25.

On a constant currency basis, profit before tax of $23.1bn was $7.0bn lower than in 9M24, while excluding notable items it increased by $1.2bn or 4%.

Reported profit after tax of $17.9bn was $6.5bn or 27% lower compared with 9M24.

Reported revenue of $51.9bn was $2.4bn or 4% lower due to a net adverse movement in notable items of $4.7bn, primarily relating to the non-recurrence of net gains in 9M24 related to our disposals in Canada and Argentina. It also included a dilution loss of $1.1bn following the completion of BoCom's capital issuance in June 2025, which reduced our interest from 19.03% to 16.00%.

Revenue excluding notable items increased by $2.4bn, primarily reflecting higher fee and other income in Wealth and CIB, partly offset by a reduction in banking