Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 26

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 26
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2024 |
|:---------------------------------------------------------|--------------:|:------------|:------------|
|                                                          |            $m | $m          | $m          |
| Operating expenses                                       |               |             |             |
| Restructuring and other related costs                    |            -7 | —           | —           |
| Currency translation on operating expenses notable items |             — | —           | —           |

1Q25 compared with 1Q24 Profit before tax of $2.5bn was $0.2bn or 10% higher than in 1Q24 on a constant currency basis. This was driven by an increase in revenue of $0.3bn or 9% , mainly from a strong performance in fee and other income in Wealth. This was partly offset by an increase in ECL compared with 1Q24. Revenue of $4.0bn was $0.3bn or 9% higher on a constant currency basis. Banking NII of $3.0bn increased by $0.1bn or 3% . The increase was driven by deposit balance growth of $36bn or 8% and a lower cost of funding as interest rates reduced. This was partly offset by lower lending balances and the impact of lower interest rates on both lending yields and earnings on our commercial surplus. Fee and other income of $1.0bn was up by $0.2bn or 32% . The growth was mainly driven by Wealth fee and other income of $0.5bn , which increased by $0.2bn or 51% , reflecting a strong performance in investment distribution due to elevated market volatility, leading to higher client activity. ECL of $0.3bn in 1Q25 increased by $0.1bn compared with 1Q24 on a constant currency basis. The 1Q25 period included higher charges due to a deterioration in the forward economic outlook and higher charges in the Hong Kong commercial real estate sector . Operating expenses of $1.1bn were stable on a constant currency basis.

UK business – constant currency basis

| Results – on a constant currency basis         | Quarter ended |             |             |               |        |                                 |
|:-----------------------------------------------|--------------:|------------:|------------:|--------------:|-------:|:--------------------------------|
|                                                |               |             |             |      Variance |        |                                 |
|                                                |               |             |             | 1Q25 vs. 1Q24 |        |