Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 27

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 27
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             — |           4 |           — |
| Restructuring and other related costs                    |            -4 |           1 |           2 |
| Currency translation on operating expenses notable items |             — |           — |           — |

1Q25 compared with 1Q24 Profit before tax of $1.6bn was $0.1bn or 6% lower than in 1Q24 on a constant currency basis. The rise in revenue was primarily from higher banking NII, including the benefit of our structural hedge, which was more than offset by higher ECL charges and growth in operating expenses. Revenue of $3.0bn was $0.1bn or 4% higher on a constant currency basis. Banking NII of $2.6bn increased by $0.1bn or 6% . This included the benefit of our structural hedge and higher allocated NII from Markets Treasury. The increase also reflected higher lending balances across major products and growth in deposit balances, in line with the increase in the overall market size. These increases were partly offset by margin compression on mortgages, while customer migration to interest-bearing deposit accounts began to stabilise. Fee and other income of $0.4bn fell by 5% . In Retail Banking and Wealth, a rise in transaction volumes in Retail Banking was more than offset by lower fees on foreign exchange transactions in Wealth. In Commercial Banking, fee and other income was broadly stable. ECL of $0.2bn in 1Q25 increased by $0.1bn compared with 1Q24 on a constant currency basis. The increase reflected the non-recurrence of releases against retail exposures in 1Q24. Operating expenses of $1.3bn increased by $0.1bn or 10% on a constant currency basis, due to higher spend and investment in technology and in our operational resilience, partly mitigated by continued cost discipline.

Corporate and Institutional Banking – constant currency basis

| Results – on a constant currency basis         | Quarter ended |             |             |               |    |                                 |
|:-----------------------------------------------|--------------:|------------:|------------:|--------------:|---:|--------------------------------:|
|                                                |               |             |             |      Variance |    |                                 |
|                                                |               |             |             | 1Q25 vs. 1Q24 |    |                                 |
|                                                |   31 Mar 2025 | 31 Dec 2024 | 31 Mar 202