Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 67

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 67
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 — |   -2 |    4 |
| Operating expenses                                       |      |      |      |
| Disposals, acquisitions and related costs                |   -2 |    3 |    — |
| Restructuring and other related costs                    |   -1 |   21 | -252 |
| Currency translation on operating expenses notable items |    — |    — |   -8 |

Financial performance Profit before tax of $7.1bn was $1.5bn or 27% higher than in 2023 on a constant currency basis. This was driven by an increase in revenue of $1.8bn or 11% on a constant currency basis, including from strong performances in Securities Financing, Equities and Global Debt Markets. In addition, ECL charges decreased compared with 2023, while operating expenses increased by $0.4bn on a constant currency basis. Revenue of $17.5bn was $1.8bn or 11% higher on a constant currency basis. In Markets and Securities Services (‘MSS‘), revenue increased by $0.8bn or 10% driven by prime finance, fixed income and equity derivatives. – In Securities Services, revenue decreased by $25m or 1% from divestments within our fund administration business and from lower NII due to reduced rates impacting margins. – In Global Debt Markets, revenue rose by $0.1bn or 17% , from higher client demand for financing products and increased volumes primarily from emerging markets credit. – In Global Foreign Exchange, revenue fell by $0.1bn or 1% , as client activity remained resilient given the market environment. – In Equities, revenue increased by $0.3bn or 61% amid improved market sentiment, which drove strong client demand for wealth products, as well as higher levels of volatility in 2H24. – In Securities Financing, revenue rose by $0.4bn or 36% , primarily driven by new client onboarding in prime finance and robust institutional financing demand. In Banking, revenue increased by $0.2bn or 2% . – In GPS, revenue increased by $0.1bn or 2% , driven by higher average balances and fee performance resulting from business initiatives, repricing and transaction growth. – In Investment Banking, which includes Issuer Services, revenue increased by $44m or 4% , due to higher advisory and financing activity, supported by the recovery in global capital markets. –