Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 29

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 29
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1Q25 compared with 1Q24

Profit before tax of $1.2bn was stable compared with 1Q24 on a constant currency basis.

Revenue of $3.5bn was $15m higher on a constant currency basis.

Banking NII of $1.7bn decreased by $0.3bn or 14%, primarily driven by the impact of business disposals in Canada and Argentina, and the effects of lower interest rates. This reduction was partly offset by balance sheet growth.

Fee and other income of $1.8bn was up by $0.4bn or 24%, driven by higher customer activity in all Wealth products, mainly in Hong Kong.

In Wealth, fee and other income of $1.7bn was up $0.3bn or 18%, due to growth in Global Private Banking of $0.1bn or 34%, as increased customer activity led to strong performances in brokerage and trading, and from higher annuity fees. Insurance increased by $0.1bn or 14%, reflecting a higher CSM release given continued year-on-year growth in our CSM balances, with a 1Q25 balance of $12.8bn, up $0.9bn or 7%, which included a reduction of $0.9bn from the reclassification of our life insurance business in France to held for sale.

ECL of $0.2bn in 1Q25 increased by $19m compared with 1Q24 on a constant currency basis.

Operating expenses of $2.1bn were stable on a constant currency basis, reflecting the impact of business disposals in Canada and Argentina and continued cost discipline. This was broadly offset by increases reflecting continued investments in Wealth, higher spend and investment in technology, and the impact of inflation.

Corporate Centre - constant currency basis

| Results - on a constant currency basis       | Quarter ended |             |             |               |        |                    |
|:---------------------------------------------|--------------:|------------:|------------:|--------------:|-------:|-------------------:|
|                                              |               |             |             |      Variance |        |                    |
|                                              |               |             |             | 1Q25 vs. 1Q24 |        |                    |
|                                              |   31 Mar 2025 | 31 Dec 2024 | 31 Mar 2024 |               |        | of which strategic 
      transactions1 |
|