Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 32

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 32
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 to delivering long-term growth. The actions we are taking will have clear and tangible impact. Our ambition is to unlock HSBC’s full potential for the benefit of all our stakeholders, provide excellent customer outcomes that enhance our franchise and brand, generating the strategic growth that will deliver attractive returns for you, our shareholders. Georges Elhedery Group CEO 19 February 2025

| 14 | HSBC Holdings plcAnnual Report on Form 20-F |

Strategic Report

Our strategy During 2024, we continued to implement our strategy aligned to our purpose, values and ambition. On 22 October 2024, we announced that we would simplify our organisational structure to help accelerate delivery against our strategic priorities. Effective 1 January 2025, we are operating through four new businesses: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking. The Group’s functions are being realigned to support the four businesses. For 2024, the bank operated under, and our reporting remained aligned to, our prior global business structure, Wealth and Personal Banking, Commercial Banking and Global Banking and Markets.

Building leadership where we are strong Our strategic priorities remain clear. We aim to maintain and build on our leadership in Hong Kong and the UK. International connectivity distinguishes HSBC – indeed, international trade has always been at the heart of our business. We were founded in Hong Kong in 1865 and by 1875 had expanded into seven countries across Asia, Europe and North America. We are committed to building on our strong platform for growth. HSBC is a highly connected, global business and the plans we set out in October 2024 aim to increase our leadership and market share in areas where we have competitive advantage, deliver best-in-class products and service excellence to our customers, and create a simple, more agile, focused organisation with clearer lines of accountability and faster decision making.

2024 results We delivered a good set of results again in 2024. Our reported profit before tax was $32.3bn. During 2024, we reported several notable items, in particular related to the disposal of our businesses in Canada and Argentina. To facilitate comparison across periods, we also consider profit before tax excluding notable items and the impact of foreign currency translation. On this basis, profit before tax was $34.1bn, compared with $32.7bn in 2023. Our reported revenue of $65.9bn was broadly stable compared with 2023. Excluding notable items and in constant currency