Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001654954-25-012267
Chunk: 37

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 37
---
 increased customer activity led to strong performances in brokerage and trading, and from higher annuity fees, driven by growth in invested asset balances.

- Investment distribution rose by $0.2bn or 23%, primarily due to higher sales of mutual funds and structured products, mainly in Asia.

Notable items in 9M25 included losses associated with the planned sales of our French life insurance business and our UK life insurance entity.

ECL of $0.7bn in 9M25 were broadly stable compared with 9M24 on a constant currency basis.

Operating expenses of $6.8bn were $0.3bn or 5% higher than in 9M24 on a constant currency basis, primarily reflecting continued investments in Wealth, higher planned spend and investment in technology, the impact of inflation and an increase in restructuring and other related costs. These increases were partly offset by a reduction in costs following our business disposals in Canada and Argentina.

3Q25 compared with 3Q24

| Results - on a constant currency basis           | Quarter ended |             |               |    |                    |
|:-------------------------------------------------|--------------:|------------:|--------------:|---:|-------------------:|
|                                                  |               |             |      Variance |    |                    |
|                                                  |               |             | 3Q25 vs. 3Q24 |    |                    |
|                                                  |   30 Sep 2025 | 30 Sep 2024 |               |    | of which strategic 
      transactions1 |
|                                                  |            $m |          $m |            $m |  % |                 $m |
| Revenue                                          |         3,823 |       3,645 |           178 |  5 |               -180 |
| ECL                                              |          -204 |        -249 |            45 | 18 |                  7 |
| Operating expenses                               |        -2,351 |      -2,213 |          -138 | -6 |                  8 |
| Share of profit/(loss) from associates and joint 
 ventures                                         |            24 |          14 |            10 | 71 |                  - |
| Profit before tax                                |         1,292 |       1,197 |            95 |  8 |               -165 |

1 Impact of strategic transactions classified as material notable items. For further details, see 'Strategic transactions supplementary analysis' on page 31 .

| Management view of revenue - on