Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 58

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 58
---
 Reported share of profit in associates and joint ventures less impairment of $ 2.9 bn was $ 3.1 bn higher than in 2023. This primarily reflected the non-recurrence of an impairment charge in 2023 of $3.0bn relating to our investment in BoCom due to a reduction to the accounting value-in-use of the investment. In addition, there was an increase in the share of profit from Saudi Awwal Bank (‘SAB’). Tax expense Tax in 2024 was a charge of $7.3bn , representing an effective tax rate of 22.6%, compared with 19.1% in 2023. The effective tax rate for 2024 was increased by 4.8 percentage points by the non-deductible loss on disposal of our business in Argentina and by 0.7 percentage points by the tax charge arising under the Global Minimum Tax rules, and reduced by 3.6 percentage points by the non-taxable gain on disposal of our banking business in Canada. The effective tax rate for 2023 was increased by 2.3 percentage points by the non-deductible impairment of investments in associates, and reduced by 1.6 percentage points by the release of provisions for uncertain tax positions and by 1.5 percentage points by the non-taxable accounting gain arising on the acquisition of SVB UK. Reported profit after tax in 2024 $25.0bn (2023: $24.6bn )

| 28 | HSBC Holdings plcAnnual Report on Form 20-F |

Strategic Report

Constant currency results

|                                                                  |    2024 |    2023 |    2022 | 2024 vs 2023 |      | of which strategictransactions1 |
| Results – on a constant currency basis                           |      $m |      $m |      $m |           $m |    % |                              $m |
| Revenue                                                          |  65,854 |  64,912 |  49,587 |          942 |    1 |                          -3,890 |
| ECL                                                              |  -3,414 |  -3,259 |  -3,615 |         -155 |   -5 |                              36 |
| Total operating expenses                                         | -33,043 | -31,494 | -32,229 |       -1,549 |   -5 |                             992 |
| Operating profit                                                 |  29