Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 13

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 13
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 expense

Tax in 1Q25 was a charge of $1.9bn, representing an effective tax rate of 20.2%. The effective tax rate for 1Q25 increased by 0.7% due to charges in respect of prior periods. Tax in 1Q24 was a charge of $1.8bn, representing an effective tax rate of 14.3%. The effective tax rate for 1Q24 was reduced by the non-taxable gain on the sale of our banking business in Canada and increased by a non-deductible loss recorded in relation to the sale of the Group's business in Argentina.

First interim dividend for 2025

On 29 April 2025, the Board announced a first interim dividend for 2025 of $0.10 per ordinary share. For further details, see page 50 .

1Q25 compared with 4Q24 - reported results

| Movement in reported profit compared with 4Q24 | Quarter ended |             |               |      |                    |
|:-----------------------------------------------|--------------:|------------:|--------------:|-----:|-------------------:|
|                                                |               |             |      Variance |      |                    |
|                                                |               |             | 1Q25 vs. 4Q24 |      |                    |
|                                                |   31 Mar 2025 | 31 Dec 2024 |               |      | of which strategic 
      transactions1 |
|                                                |            $m |          $m |            $m |    % |                 $m |
| Revenue                                        |        17,649 |      11,564 |         6,085 |   53 |              4,744 |
| -  of which: net interest income               |         8,302 |       8,185 |           117 |    1 |               -142 |
| ECL                                            |          -876 |      -1,362 |           486 |   36 |                  9 |
| Operating expenses                             |        -8,102 |      -8,604 |           502 |    6 |                124 |
| Share of profit from associates and JVs        |           813 |         679 |           134 |   20 |                  - |
| Profit before tax                              |         9,484 |       2,277 |         7,207 | >100 |              4,877 |
| Tax expense                                    |