Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 27

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 27
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 supply chain disruptions. Inflation has declined but is proving stubborn and could be impacted by oil and gas prices, as well as any trade tariffs. Global growth is expected to remain fairly stable in 2025, with the US still likely to remain the major engine of growth. However, policy priorities are adding to uncertainties regarding growth prospects around the world. Already, it appears that the improvement in world trade growth may be starting to falter. In China, the package of fiscal and monetary measures announced in the final quarter of 2024 was welcome and helped it reach its annual target of ‘around 5%’ GDP growth. Aided by its transformation to a consumption- led and innovation-focused economic model, we expect it to deliver a comparable performance in 2025. Hong Kong should also continue to expand, with its growth directly linked to mainland China. Elsewhere in Asia, changing supply chains and resilient local demand helped to drive growth in a number of markets, including India. Over the longer term, the demographic dividend will benefit countries like India and markets across South and Southeast Asia. As this happens, we also continue to see great potential in the fast-growing corridor between Asia and the Middle East, where strong demographics combine with large scale capital spending on infrastructure and further diversification, which are set to continue. In Europe, with inflation pressures easing and interest rates on a downward trajectory, consumer spending should rise. As a result, we expect the Eurozone to expand this year. Meanwhile, the new UK government is pursuing a pro-growth agenda, which we fully support. Our people I want to end by expressing the Board’s immense appreciation and gratitude to all our colleagues for driving our Group forward. All that we delivered in 2024 was only made possible by their sustained efforts, energies, and execution focus. They are the lifeblood of the HSBC Group, serving our customers and creating value for shareholders. Sir Mark E Tucker Group Chairman 19 February 2025

| HSBC Holdings plcAnnual Report on Form 20-F | 11 |

Group CEO’s shareholder letter

| Georges ElhederyGroup CEO                                                                                                                         |
| A simple, more agile, focused organisation built on our corestrengths, delivering sustainable strategic growth for ourcustomers and shareholders. |

RoTE 14.6% (2023: 14.6% ) RoTE excluding notable items 16.0% (2023: 16.2% ) Profit before tax $32.3bn (2023: $30.3bn) Dear