Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 66

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 66
---
B UK, higher spend and investment in technology, and inflationary impacts. These increases were in part mitigated by continued cost discipline and lower costs following the disposal of our banking business in Canada.

| HSBC Holdings plcAnnual Report on Form 20-F | 33 |

Global Banking and Markets Our GBM business supported multinational corporates, financial institutions and institutional clients, as well as public sector and government bodies.

Contribution to Group profit before tax $7.1bn 23% Calculation is based on profit before tax of our global businesses excluding Corporate Centre. GBM is a leading provider of transaction banking, financing and risk management solutions to our clients. Our global network with expertise, particularly in Asia and the Middle East, provides a differentiated service to our clients’ international financial requirements.

Divisional highlights 13.0 % Return on average tangible equity, up 1.6 percentage points compared with 2023. GBM delivered a strong performance in 2024, achieving a RoTE of 13.0% . On a constant currency basis, we grew revenue by 11% , while costs grew by 4% as we continued to invest in technology to support future revenue growth, and from the impact of inflation. We also had a reduction in ECL compared with 2023. 36 % Increase in Securities Financing revenue compared with 2023, primarily from new client onboarding in prime finance.

| Results – on a constant currency basis       |    2024 |   2023 |   2022 | 2024 vs 2023 |    | of which strategictransactions1 |
| $m                                           |      $m |     $m |     $m |            % | $m |                                 |
| Net operating income                         |  17,529 | 15,771 | 14,542 |        1,758 | 11 |                             -49 |
| ECL                                          |    -235 |   -317 |   -578 |           82 | 26 |                             -11 |
| Operating expenses                           | -10,231 | -9,872 | -9,403 |         -359 | -4 |                              59 |
| Share of profit/(loss) in associates and JVs |       — |      — |     -2 |            — |  — |                               — |
| Profit before tax                            |   7,063 |  5,582 |  4,559 |        1,481 | 27 |