Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 1

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 1
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 was partly offset by higher expected credit losses and other credit impairment charges (‘ECL‘). – Annualised return on average tangible equity (‘RoTE‘) in 1Q25 was 17.9% , compared with 26.1% in 1Q24. Excluding notable items, annualised RoTE in 1Q25 was 18.4% , a rise of 2 percentage points compared with 1Q24. – Reve nue decreased by $3.1bn or 15% to $17.6bn compared with 1Q24. The reduction reflected the impact of business disposals, notably in Canada and Argentina. Excluding notable items, revenue increased due to growth in Wealth in our IWPB and Hong Kong business segments, supported by higher customer activity, and in Foreign Exchange and in Debt and Equity Markets, driven by volatile market conditions . Constant currency revenue excluding notable items rose by 7% to $17.7bn . – Net interest income (‘NII‘) of $8.3bn fell by $0.4bn compared with 1Q24, reflecting reductions due to business disposals in Canada and Argentina, and an adverse impact of $0.3bn from foreign currency translation differences. Excluding these factors, NII increased from the impact of lower interest rates on funding costs and the benefit of our structural hedge, which more than offset a reduction in asset yields, in part due to a favourable movement in our asset mix. The fall in interest rates reduced the funding costs associated with generating revenue that is recognised in ‘net income from financial instruments held for trading or managed on a fair value basis‘, arising from the deployment of our commercial surplus to the trading book. The reduction in funding costs of the trading book and the decrease in NII led to a fall in banking net interest income (‘banking NII‘) of $0.7bn or 6% compared with 1Q24. – NII increased by $0.1bn compared with 4Q24, as the benefit of our structural hedge, the impact of lower interest rates on funding costs and a favourable movement in our asset mix were partly offset by the disposal of our business in Argentina and a lower number of days in 1Q25 than in 4Q24. The funding costs associated with the trading book decreased by $0.5bn , which resulted in a fall in banking NII of $0.4bn . Excluding the impact of foreign