Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 28

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 28
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 -46 |          -6 |           3 |
| Currency translation on operating expenses notable items |             — |           1 |           — |

1Q25 compared with 1Q24 Profit before tax of $3.5bn was $0.3bn higher than in 1Q24 on a constant currency basis. Revenue increased, reflecting strong performances in Foreign Exchange in Wholesale Transaction Banking and in Debt and Equity Markets, as well as higher revenue allocated from Corporate Centre, primarily related to lower adverse hyperinflationary impacts following the disposal of our business in Argentina. The increase in revenue was partly offset by higher operating expenses. Revenue of $7.2bn was $0.5bn or 7% higher on a constant currency basis, including the adverse impact of the disposals of our businesses in Canada and Argentina . The underlying growth was driven by strong momentum in fee and other income in Wholesale Transaction Banking and Debt and Equity Markets. Banking NII of $3.4bn decreased by $0.2bn or 7% , including a reduction of $0.4bn due to business disposals in Canada and Argentina. Banking NII reflected the impact of lower interest rates on margins and changes in product mix in Global Payments Solutions (‘GPS‘), although this was offset by 6% growth in average GPS balances. Banking NII increased in Global Trade Solutions (‘GTS‘) due to higher balances and higher margins, mainly in our legal entities in Asia. In addition, there was lower allocated interest expense from HSBC Holdings. Fee and other income of $3.7bn increased by $0.7bn or 25% . – In Wholesale Transaction Banking, fee and other income increased by $0.3bn or 14% , mainly due to higher income in Global Foreign Exchange from elevated market volatility in 1Q25 despite continued margin compression. – In Debt and Equity Markets, fee and other income was up $0.3bn or 47% , driven by new client onboarding in prime finance and robust institutional financing demand. Revenue from equity derivatives benefited from the rise in market volatility resulting from the uncertain macroeconomic outlook. – In Other, fee and other income decreased by $0.1bn , largely due to adverse hyperinflationary impacts in Argentina in 1Q24 which did not recur following the disposal of our business there. ECL charges of $0.2bn were broadly stable on a constant currency basis. Operating expenses of $3.5bn were $0