Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 60

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 60
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 estate sector in mainland China, and in CMB, lower charges in HSBC UK. The reduction in CMB was partly offset by a charge in 2024 related to a specific exposure in the UK. Operating expenses were $1.5bn or 5% higher on a constant currency basis, primarily reflecting higher spend and investment in technology and inflationary impacts, partly offset by continued cost discipline. The favourable impacts from the completion of disposals in Canada and France were largely offset by the adverse impact of re-translating the results of hyperinflationary economies at constant currency. Target basis operating expenses rose by $1.6bn or 5% compared with 2023. Share of profit in associates and joint ventures less impairment of $2.9bn was $3.2bn higher on a constant currency basis, and included the non-recurrence of a $3.0bn impairment of our investment in BoCom due to a revision to the accounting value-in-use of the investment . The increase also included a higher share of profit from SAB.

Balance sheet and capital Balance sheet strength Total assets of $3.0tn were $22bn lower than at 31 December 2023 on a reported basis, and included adverse effects of foreign currency translation differences of $66bn . On a constant currency basis, total assets rose by $45bn , mainly from an increase in financial investments, and higher derivative and trading asset balances. This was partly offset by a reduction in assets held for sale, notably following the completion of our disposals in France, Canada and Argentina. Reported loans and advances to customers fell by $8bn . On a constant currency basis, loans and advances increased by $14bn . The increase included lending balance growth in CMB, together with mortgage lending growth in WPB. Reported customer accounts of $1.7tn increased by $43bn . On a constant currency basis, they grew by $75bn , with growth across all of our global businesses, mainly in Asia. Loans and advances to customers as a percentage of customer accounts was 56.2% , compared with 58.2% at 31 December 2023. Distributable reserves The distributable reserves of HSBC Holdings at 31 December 2024 were $28.3bn, a $2.6bn decrease since 31 December 2023, primarily driven by $27.4bn of dividends on ordinary shares, additional tier 1 coupon and share buy- back payments, offset by $24.8