Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 33

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 33
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, we grew revenue by 5% compared with 2023. In 2024, we achieved a RoTE of 14.6%. GBM $7.1bn During 2024, we reported several notable items, in particular related to strategic disposals. To facilitate comparison across periods, we also consider our RoTE excluding the impact of notable items. In 2024, RoTE excluding notable items was 16.0%, achieving our target of ‘mid-teens’. We delivered a 16.2% RoTE excluding notable items in 2023. 14.6% Return on average tangible equity (2023: 14.6% ) Reported profit before tax Corporate Centre $1.2bn $ 32.3 bn (2023: $30.3bn ) WPB $12.2bn CMB $11.9bn

Progress in our affluent and wealth businesses In WPB, revenue increased by 7% compared with 2023 on a constant currency basis. We continued to demonstrate strategic progress during 2024, building our affluent and wealth propositions, taking advantage of the growth of wealth assets, specifically in Asia. At 31 December 2024, wealth balances in WPB were $1.8tn, an increase of 7% compared with 2023. Within this we attracted net new invested assets of $64bn in 2024, with $47bn booked in Asia. Wealth deposits, including Premier and Global Private Banking deposits, grew to $555bn. Revenue in Wealth was up $1.3bn or 18% on a constant currency basis, with an increase in Asia of 32%. This supports our medium term target to grow Wealth fees and other income at a double-digit percentage compound annual growth rate over the medium term. Our total invested assets were $1.3tn, up from $1.2tn in 2023. There was a strong performance in our WPB insurance business, which delivered revenue growth of 32% to $1.8bn. Our insurance manufacturing new business contractual service margin (‘CSM’) of $2.5bn increased by 49% compared with $1.7bn in 2023. The growth in CSM underpins our potential future revenue from this business. $1.8tn Wealth balances Increased by 7% compared with 2023

| HSBC Holdings plcAnnual Report on Form 20-F | 15 |

Progress in our wholesale businesses In CMB