Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 336

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 336
---
 Total |
|                                                                                                                                     |  $m | $m  |  $m |  $m |    $m |    $m |
| Change in banking NII (based on balance sheet at 31 Dec2024)                                                                        |     |     |     |     |       |       |
| Year 2 (Jan 2026 to Dec 2026)                                                                                                       | 182 | —   | -36 | -24 |     — |   122 |
| Year 3 (Jan 2027 to Dec 2027)                                                                                                       | 192 | —   | -28 | -27 |     — |   137 |
| Change in banking NII (based on balance sheet at 31 Dec2023)                                                                        |     |     |     |     |     — |       |
| Year 2 (Jan 2025 to Dec 2025)                                                                                                       | 194 | —   | -47 |  -8 |    -1 |   138 |
| Year 3 (Jan 2026 to Dec 2026)                                                                                                       | 194 | —   | -44 | -29 |    -3 |   118 |

The figures represent hypothetical movements in banking NII based on projected yield curve scenarios, HSBC Holdings’ current interest rate risk profile and assumed changes to that profile during the next three years. The sensitivities represent our assessment of the change to a hypothetical base case based on a static balance sheet assumption, and do not take into account the effect of actions that could be taken to mitigate this interest rate risk.

| 246 | HSBC Holdings plcAnnual Report on Form 20-F |

Risk review

Market risk

| Contents |                                    |
| 246      | Overview                           |
| 246      | Market risk management             |
| 247      | Market risk in2024                 |
| 247      | Trading portfolios                 |
| 248      | Market risk balance sheet linkages |

Overview Market risk is the risk of an adverse financial impact on trading activities arising from changes in market parameters such as interest rates, foreign exchange rates, asset prices, volatilities, correlations and credit spreads. Market risk arises from both trading portfolios and non-trading portfolios. Trading portfolios comprise positions held for client servicing and market-making, with the intention of short-term resale and/or to hedge risks resulting from such positions. For further details of market risk in non-trading portfolios, see page 242 .

Market risk management Key developments in 202