Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 17

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 17
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 higher spend and investment in technology.

Operating expenses decreased by $0.4bn or 5% on a constant currency basis. Target basis operating expenses fell by 5% compared with 4Q24, mainly due to the reduction in bank levy charges that were incurred in the fourth quarter.

The number of employees expressed in full-time equivalent staff ('FTE') at 31 March 2025 was 211,940, an increase of 636 compared with 31 December 2024. The number of contractors at 31 March 2025 was 4,060, a decrease of 166 since 31 December 2024.

Share of profit from associates and JVs

Reported share of profit from associates and joint ventures of $0.8bn was $0.1bn higher. This included an increase in the share of profit from BoCom and SAB.

Net interest income

|                                 | Quarter ended 
   31 Mar 2025 | 31 Dec 2024 | 31 Mar 2024 |
|:--------------------------------|--------------:|------------:|------------:|
|                                 |            $m |          $m |          $m |
| Interest income                 |        24,413 |      26,004 |      28,265 |
| Interest expense                |       -16,111 |     -17,819 |     -19,612 |
| Net interest income             |         8,302 |       8,185 |       8,653 |
| Average interest-earning assets |     2,124,161 |   2,113,276 |   2,140,446 |
|                                 |             % |           % |           % |
| Gross interest yield1           |          4.66 |        4.90 |        5.31 |
| Less: gross interest payable1   |         -3.34 |       -3.60 |       -4.10 |
| Net interest spread2            |          1.32 |        1.30 |        1.21 |
| Net interest margin3            |          1.59 |        1.54 |        1.63 |

1 Gross interest yield is the average annualised interest rate earned on average interest-earning assets ('AIEA'). Gross interest payable is the average annualised interest cost as a percentage of average interest-bearing liabilities ('AIBL').

2 Net interest spread is the difference between the average annual