Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001089113-25-000056
Chunk: 38

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 38
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 0.34 |

1 Represents gain on sale of our banking business in Canad a recognised on completion, inclusive of the earnings recognised by the banking business from 30 June 2022, the recycling of losses in foreign currency translation reserves and other reserves, and gain on the foreign exchange hedging of the sale proceeds. 2 During 3Q25, a $ 1.1 bn provision was recognised in connection with a claim brought by Herald Fund SPC in the Luxembourg District Court, relating to the Bernard L. Madoff Investment Securities LLC fraud. See page 17 , ‘Events after the balance sheet date’. 3 For the nine months ended 30 September 2025, this includes a $0.2bn impact from the sale of our French and UK life insurance businesses and $0.1bn from the sale of our private banking, custody and fund administration businesses in Germany.

| HSBC Holdings plc Earnings Release 3Q25 on Form 6-K |
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Risk Managing risk Economic, financial and geopolitical developments have historically affected, and may in the future materially affect, HSBC’s customers, operations and financial risk profile. We maintain a proactive approach to managing our exposure to these risks, supported by continuous monitoring and review. In the first nine months of 2025, the global economy showed resilience and continued to grow despite unpredictable US trade policies, heightened geopolitical tensions and increased fiscal concerns in developed markets. Global GDP growth exceeded expectations, driven by export growth, related to front-loading of purchases to avoid US tariffs and a weaker US dollar, as well as government spending. Household consumption was more subdued due to weak confidence, higher unemployment and inflation concerns. US economic data was affected by tariffs and other domestic policies, but US GDP growth outperformed initial forecasts. In mainland China and Hong Kong, exports to markets in Asia and Latin America offset some of the impact of US tariffs, while supportive fiscal and monetary policies continued to underpin growth. Trade and tariff policies are expected to remain a source of uncertainty for businesses and consumers, and economic forecasts predict only moderate rates of growth in our main markets in 2026. Changes to tariff rates, including the application of sector-specific levies, may deter capital investment and consumer spending, disrupt supply chains and reduce global trade growth. Although the reconfiguration of supply chains may offer new opportunities for investment and growth, such developments could also adversely affect the Group and our customers who operate in some of the most affected markets. Despite heightened economic and policy uncertainty, financial markets