Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 65

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 65
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 mentioned above. It also included an adverse impact of $0.6bn from strategic transactions, notably in relation to the disposal of our banking business in Canada. These were partly offset by an increase in NII due to the hyperinflationary impacts in Argentina and higher allocated revenue from Markets Treasury . – In GTS, revenue was up $23m or 1% , mainly due to growth in fee income from guarantees, higher balances and improved margins. This was partly offset by the impact of the disposal of our banking business in Canada. – In Credit and Lending, revenue decreased by $0.1bn or 1% due to the impact of the disposal of our banking business in Canada, partly offset by higher income in IVB. – In GPS, revenue was down $0.2bn or 2% , reflecting the impact of the disposal of our banking business in Canada, and a decrease in our main legal entities in Asia and Europe from lower margins, reflecting a change in the product mix. This was partly offset by growth in fee income reflecting business initiatives and transaction volumes. There was also higher revenue in HSBC UK due to higher margins and in our legal entity in Argentina due to hyperinflationary impacts . – In GBM products, Insurance and Investments, and Other, revenue decreased by $0.5bn , largely due to the non-recurrence of the $1.7bn gain recognised in 2023 on the acquisition of SVB UK. This adverse impact was partly offset by higher allocated revenue from Markets Treasury, including from the non- recurrence of 2023 disposal losses on repositioning and risk management and interest income on own capital. There was also higher GBM collaboration revenue, reflecting growth in Global Markets and Capital Financing products, notably in our key entities in Hong Kong, the UK and in Europe. ECL charges of $1.8bn were $0.2bn lower on a constant currency basis. ECLs in 2024 reflected lower charges in our main legal entity in Asia, reflecting a reduction in ECL in the commercial real estate sector in mainland China, and in HSBC UK. These reductions were partly offset by new stage 3 charges related to a single customer in the UK, and in our main legal entity in the Middle East. Operating expenses of $7.9bn were $0.7bn or 9% higher on a constant currency basis. The increase reflected hyperinflationary impacts in Argentina, incremental costs in IVB following the acquisition of SV