Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 15

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 15
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:|-------------------:|
|                                                                  |               |             |      Variance |      |                    |
|                                                                  |               |             | 1Q25 vs. 4Q24 |      |                    |
|                                                                  |   31 Mar 2025 | 31 Dec 2024 |               |      | of which strategic 
      transactions1 |
|                                                                  |            $m |          $m |            $m |    % |                 $m |
| Revenue                                                          |        17,649 |      11,363 |         6,286 |   55 |              4,753 |
| ECL                                                              |          -876 |      -1,347 |           471 |   35 |                  8 |
| Operating expenses                                               |        -8,102 |      -8,492 |           390 |    5 |                116 |
| Share of profit from associates and JVs                          |           813 |         673 |           140 |   21 |                  - |
| Profit before tax                                                |         9,484 |       2,197 |         7,287 | >100 |              4,877 |

1 For details, see 'Strategic transactions supplementary analysis' on page 26 .

1Q25 compared with 4Q24 - performance commentary

Profit before tax

Reported profit before tax of $9.5bn was $7.2bn higher, reflecting a net favourable impact of notable items of $4.8bn, primarily the non-recurrence of a $5.2bn loss in 4Q24 from the recycling of foreign currency translation reserve losses and other reserves following the disposal of our business in Argentina. In addition, higher revenue included growth in Wealth in our IWPB and Hong Kong business segments, and increases in Debt and Equity Markets, and Global Foreign Exchange in our CIB segment. ECL were lower than in 4Q24 and operating expenses also fell.

Reported profit after tax of $7.6bn was $7.0bn higher than in 4Q24.

On a constant currency basis, profit before tax of $9.5bn was $7.3bn higher than in 4Q24. Constant currency profit before tax excluding notable items of $9.8bn was $2.5bn or 35% higher.

Revenue

Reported revenue of $17.6bn was $6.1bn or 53% higher, which included