Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 35

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 35
---
 franchise 8 with $340bn in customer deposits. Reported revenue was $12.8bn in 2024, a decrease of 5%, although it represented an increase of 5% excluding the $1.6bn gain on acquisition of Silicon Valley Bank UK – a notable item in 2023. We continued to grow our CMB business and we are ‘Share Leader’ in UK corporate banking with 75% market penetration, according to Coalition Greenwich. In our WPB business, we grew mortgage lending balances by $4.6bn since 31 December 2023 on a constant currency basis, taking our UK mortgage market share from 8.0% to 8.1% 9 . In the UK, we see the opportunity to continue building our mortgage franchise and build share in small and medium-sized enterprise (‘SME’) banking. Other markets In addition to Hong Kong and the UK, we have an established presence in a number of markets, including mainland China, India, Singapore and the UAE. These markets are well connected to international trade, wealth and investment flow and are key to our international connectivity. In 2024, we reported profit before tax of $3.2bn in our mainland China business, including a $2.2bn share of profit from our associate, BoCom. We have a strong client franchise in mainland China, helping to support clients’ international needs. We were the Best Trade/Supply Chain Finance Bank in 2024 10 . We also completed the acquisition of Citi’s retail wealth management portfolio, and supported by our expanded onshore Global Private Banking business, grew our wealth invested assets by 61% compared with 2023. In India, we reported a profit before tax of $1.7bn. We aim to continue growing our wholesale franchise by taking advantage of corporate supply chains. In 2024, we were recognised by Euromoney as the number one International Bank in India. We are also tapping into the wealth pools of the Indian diaspora through Global Private Banking. In 2024, we remained the top foreign bank for non-resident Indians in wealth 11 . In January 2025, we received permission to open 20 further branches, the largest such approval for a foreign bank in over a decade. In Singapore, we generated profit before tax of $1.4bn. Singapore is our primary wholesale offshore booking centre and wealth hub within the ASEAN region and is a centre for our transaction banking operations. In 2024, we