Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 64

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 64
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 the corresponding lines of the GBM management view of revenue. Also includes allocated revenue from Markets Treasury, HSBC Holdings interest expense and hyperinflation. 2 ’Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’). 3 Transaction banking comprises Global Trade Solutions, Global Payments Solutions and CMB’s share of Global Foreign Exchange (shown within ‘share of revenue for Markets and Securities Services and Banking products’). 4 Impact of strategic transactions classified as material notable items. For details, see ‘Impact of strategic transactions‘ on page 111 .

|                                                          | 2024 |  2023 | 2022 |
| Notable items–on a reported basis                        |   $m |    $m |   $m |
| Revenue                                                  |      |       |      |
| Disposals, acquisitions and related costs                |    — | 1,591 |    — |
| Restructuring and other related costs                    |    — |     — |  -16 |
| Disposal losses on Markets Treasury repositioning        |    — |  -316 |    — |
| Currency translation on revenue notable items            |    — |    65 |    6 |
| Operating expenses                                       |      |       |      |
| Disposals, acquisitions and related costs                |   -2 |   -55 |    — |
| Restructuring and other related costs                    |    2 |    32 | -266 |
| Currency translation on operating expenses notable items |    — |     — |   -7 |

Financial performance Profit before tax of $11.9bn was $1.3bn lower than in 2023 on a constant currency basis. This was mainly due to a reduction in revenue following the non-recurrence of a $1.7bn gain recognised in 2023 on the acquisition of SVB UK, the impact of the disposal of our banking business in Canada in 2024, as well as higher operating expenses. The reduction in profit before tax was partly offset by balance-sheet-driven revenue growth, excluding the disposal of our banking business in Canada, higher revenue allocated from Markets Treasury, transaction banking fee growth and lower ECLs. Revenue of $21.6bn was $0.8bn or 4% lower on a constant currency basis. This was primarily due to the non-recurrence of the gain on the acquisition of SVB UK in 2023, as