Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001654954-25-012267
Chunk: 34

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 34
---
, this funding is eliminated in Corporate Centre. In 9M25, this funding cost was $7.1bn (9M24: $8.6bn).

2 Includes allocated revenue from Markets Treasury and hyperinflationary impacts. It also includes notional tax credits.

3 For details of our RoTE calculation by business segment, see page 40 .

4 Impact of strategic transactions classified as material notable items. For further details, see 'Strategic transactions supplementary analysis' on page 31 .

Profit before tax of $8.9bn was $0.2bn or 3% lower than in 9M24 on a constant currency basis.

Revenue of $20.8bn was $0.7bn or 4% higher on a constant currency basis, including the adverse impact of the disposals of our businesses in Canada and Argentina.

Banking NII of $10.7bn decreased by $0.2bn or 2%, mainly due to a reduction of $0.7bn from business disposals. Banking NII reflected the impact of lower interest rates in GPS, partly offset by a 5% growth in average balances. Banking NII increased in GTS due to a growth of 8% in average balances, mainly in our legal entities in Asia following growth in client demand. There was also a rise in other NII, in part from the benefit of our structural hedge on capital held in the business.

Fee and other income of $10.1bn increased by $0.9bn or 10%.

- In Wholesale Transaction Banking, fee and other income increased by $0.4bn or 5%, mainly due to higher income in Global Foreign Exchange from elevated market volatility in 9M25 and growth in Securities Services, which benefited from higher asset values.

- In Debt and Equity Markets, fee and other income was up $0.2bn or 9%. Growth in Debt Markets was driven by client demand for US dollar structured note issuance due to higher interest rates. Equities benefited from new client onboarding in prime finance and robust institutional financing demand. Equity derivatives benefited from the rise in market volatility due to macroeconomic uncertainty.

- In Other, fee and other income increased by $0.4bn, largely due to the non-recurrence of adverse hyperinflationary impacts in Argentina.

ECL of $0.5bn in 9M25 increased by $0.1bn compared with 9M24 on a constant currency basis. The increase included a charge