Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 68

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 68
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 In Credit and Lending, revenue decreased by $0.1bn or 7% reflecting ongoing muted client demand. – In Banking Other, revenue increased by $0.2bn or 54% due to hedging activities and higher allocated earnings on capital held in the business. In GBM Other, revenue increased by $0.7bn or 48% , driven by higher allocated revenue from Markets Treasury, including from the non- recurrence of 2023 disposal losses on repositioning and risk management, and lower HSBC Holdings interest expense. ECL of $0.2bn decreased by $0.1bn on a constant currency basis, mainly as the 2024 period included a release related to a single exposure. Operating expenses of $10.2bn increased by $0.4bn or 4% on a constant currency basis, due to the impact of inflation and higher spend and investment in technology, partly mitigated by continued cost discipline.

| HSBC Holdings plcAnnual Report on Form 20-F | 35 |

Corporate Centre The results of Corporate Centre primarily comprise the financial impact of certain acquisitions and disposals and the share of profit from our interests in our associates and joint ventures and related impairments. It also includes Central Treasury, stewardship costs and consolidation adjustments.

Corporate Centre performance in 2024 primarily reflected the financial impact of certain acquisitions and disposals, including the gain on the sale of our banking business in Canada and losses on the disposal of our business in Argentina, including foreign currency and other reserve losses. In 2023, performance included the recognition of an impairment in our investment in our associate BoCom. Financial performance Profit before tax of $1.2bn was $1.7bn higher than in 2023 on a constant currency basis. The increase included the impact of the non- recurrence of an impairment charge of $3.0bn in 2023 relating to our investment in BoCom. Revenue of $1.9bn was $1.8bn lower on a constant currency basis, primarily due to the impact of notable items. In 2024, these included a loss on disposal of $1.0bn, as well as foreign currency and other reserve losses of $5.2bn, following the disposal of our business in Argentina. They also included a loss of $0.1bn related to the recycling of reserves following the completion of the sale of our business in Russia, and a $0.2bn loss on the early redemption of legacy securities. These