Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 62

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 62
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 reflected higher Wealth revenue, as we continued to execute on our strategy. This was partly offset by a $0.2bn reduction from the sale of our banking business in Canada, which completed in 1Q24. Net interest income (‘NII’) grew by 2% compared with 2023, while fee income increased by 12% . Operating expenses grew by $0.9bn and there was an increase in ECL of $0.4bn , both on a constant currency basis. Revenue of $28.7bn was $1.8bn or 7% higher on a constant currency basis. Wealth performed strongly, up $1.3bn . This included double-digit percentage growth in life insurance, Global Private Banking and investment distribution, as well as growth in asset management. This was partly offset by a reduction in Personal Banking NII of $1.0bn , due to the impact of the disposals in France and Canada and margin compression, partly offset by balance sheet and non-NII growth. In Wealth, revenue of $8.8bn was up $1.3bn or 18% . – Investment distribution revenue grew by $0.4bn , or 16% , driven by higher sales of mutual funds, structured products and bonds due to our continued investment in Wealth and improved market sentiment, including in our entities in Asia. – Global Private Banking revenue was $0.3bn or 15% higher, primarily driven by a strong performance in brokerage and trading in our entities in Asia. – Life insurance revenue was $0.4bn or 32% higher. The growth included an increase in earnings from contractual service margin (‘CSM’) release, largely due to continued growth in the CSM balance. The year-on- year increase in revenue also included the impact of corrections to historical valuation estimates recognised in 2023. Insurance manufacturing new business CSM of $2.5bn was 49% higher than in 2023, mainly in our legal entities in Hong Kong. – Asset management revenue was $0.1bn or 9% higher, driven by a 7% increase in assets under management due to inflows and positive market movements. This was partly offset by a reduction in revenue due to the sale of our banking business in Canada. In Personal Banking, revenue of $19.4bn was down $0.9bn or 4% . – Net interest income was $1.0bn or 5% lower due to the impact of