Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 436

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 436
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 with effect from 1 January 2026. The Board also agreed increases to the additional fee for being a member of a Board Committee, and for the role of designated non- executive Director for workforce engagement to £50,000 per annum. These increases reflect the additional activity being undertaken during this period of organisational and cultural change. No other changes are proposed to non-executive Director fees for 2025. Performance in 2024 Financial performance Our financial performance in 2024 demonstrates that our strategy is working and is delivering strong returns for our shareholders. We delivered a reported profit before tax of $ 32.3 bn, up $2.0bn compared with 2023. This increase included a $1.0bn net favourable impact from notable items, which in 2024 included gains and losses relating to our disposals in Canada and Argentina. Constant currency profit before tax excluding notable items increased by $1.4bn to $34.1bn . Reported revenue of $65.9bn was stable compared to 2023, despite a net adverse movement in gains and losses on our strategic transactions. This reflected higher customer activity in our Wealth products in WPB and in Equities and Securities Financing in GBM. 2024 costs on a target basis grew by around 5% in line with our targeted growth. Our RoTE for 2024 was 14.6% , compared with 14.6% in 2023. Excluding notable items, RoTE was 16.0% . The Board approved a fourth quarterly dividend of $ 0.36 per share, bringing the total dividend announced for 2024 to $ 0.87 per share. This includes the special dividend of $ 0.21 per share that was paid in June following the completion of the sale of HSBC Bank Canada. Furthermore, in respect of 2024 we announced three share buy-backs worth a total of $9 bn, and today we have announced a further share buy-back of up to $2 bn. Strategic performance We continue to make good progress in reshaping the Group. In 2024, we completed the sales of our retail banking operations in France, our banking business in Canada, and our businesses in Argentina, Russia and Armenia. We acquired SilkRoad Property Partners Group in Singapore and Citi’s retail wealth management portfolio in mainland China. We announced divestments in our private banking business in Germany and our business in South Africa, as well as the planned sale of our life insurance business