Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001654954-25-012267
Chunk: 35

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 35
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 against a single Middle Eastern exposure, which compared with releases in 9M24 relating to a single client in the UK.

Operating expenses of $11.5bn were $0.9bn or 8% higher than in 9M24 on a constant currency basis. The increase reflected the impact of notable items including restructuring and other related costs, a legal provision, and costs associated with the wind-down of our M&A and equity capital markets ('ECM') activities in the UK, Europe and the US, and impairments in Germany. It also reflected higher planned spend and investment in technology, and inflationary impacts. These increases were partly mitigated by cost reductions from our organisational simplification and the impact of 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                                          |         6,729 |       6,778 |           -49 |  -1 |                -79 |
| ECL                                              |          -164 |        -161 |            -3 |  -2 |                 -4 |
| Operating expenses                               |        -4,018 |      -3,584 |          -434 | -12 |                 40 |
| Share of profit/(loss) from associates and joint 
 ventures                                         |             - |           - |             - |   - |                  - |
| Profit before tax                                |         2,547 |       3,033 |          -486 | -16 |                -43 |

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 a constant currency 
 basis                                               | Quarter ended |             |               |      |                    |
|:----------------------------------------------------|--------------:|------------:|--------------:|-----:|-------------------:|
|                                                     |