Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 55

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 55
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 as outside the normal course of business and generally non-recurring in nature. We now disclose ‘profit before tax excluding notable items’ and ‘revenue excluding notable items’. We have introduced these new measures due to the significant impact of notable items on the Group’s results. We consider profit before tax excluding notable items and revenue excluding notable items as useful information in understanding period-on-period performance. Certain notable items are classified as ‘material notable items’, which are a subset of notable items. Categorisation as a material notable item is dependent on the nature of each item in conjunction with the financial impact on the Group’s income statement. The tables on pages 108 to 110 and pages 122 to 127 detail the effects of notable items on each of our global business segments and legal entities during 2024, 2023 and 2022. Management view of revenue on a constant currency basis Our global business segment commentary includes tables that provide breakdowns of revenue on a constant currency basis by major product. These reflect the basis on which revenue performance of the businesses is assessed and managed. Global Trade Solutions During 2024, we renamed our Global Trade and Receivables Finance business as Global Trade Solutions (‘GTS’), to better reflect our broad suite of products and the focus we place on serving our clients globally. Comparative periods Unless otherwise stated, all performance commentary that follows compares our results in 2024 with those in 2023.

Reported results (vs 2023) Reported profit Reported profit before tax of $32.3bn was $2.0bn or 6% higher. This included a net $1.0bn favourable impact from notable items . In 2024, notable items included a gain of $4.8bn following the disposal of our banking business in Canada, and losses associated with the sale of our business in Argentina, comprising a $1.0bn loss on disposal, as well as the recycling of foreign currency reserve losses and other reserves of $5.2bn. In 2023, notable items included an impairment of $3.0bn on our associate, Bank of Communications Co., Limited (‘BoCom’), which followed the reassessment of our accounting value-in-use. They also included disposal losses of $1.0bn on Treasury repositioning and risk management and a $1.6bn gain recognised on the acquisition of Silicon Valley Bank UK Limited (‘SVB UK’) . For further details on our value-in-use assessment for associates, see page 86 .