Company: HBCYF
Filing Date: 2025-02-19
Form Type: 6-K
Source: 0001654954-25-001665
Chunk: 14

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-19
Form: 6-K
Chunk 14
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 the fair value option to reduce an accounting mismatch and on derivatives managed in conjunction with those debt instruments included in interest expense.

4 Includes a $255m gain (2023: $315m loss) on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada and a $114m mark-to-market gain (2023:nil) on interest rate hedging of the portfolio of retained loans post sale of our retail banking business in France.

5 Gain recognised in respect of the acquisition of SVB UK.

6 This line item has been updated to include amounts from Other operating income relating to all sales of business operations; in the 2023 Annual Report and Accounts, this line item only reflected the disposal of our France retail banking business. The amount in 2024 includes a $1.0bn loss on disposal and a $5.2bn loss on the recycling in foreign currency translation reserve losses and other reserves arising on sale of our business in Argentina. This was partly offset by a gain of $4.6bn, inclusive of the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves losses but excluding the $255m gain on the foreign exchange hedging (see footnote 4 above) on the sale of our banking business in Canada. The amount in 2023 primarily reflected losses due to restrictions impacting the recoverability of assets in Russia, partly offset by a gain on sale of our retail banking operations in France.

7 Other operating income/(expense) includes a loss on net monetary positions of $1,187m (2023: $1,667m) as a result of applying IAS 29 'Financial Reporting in Hyperinflationary Economies'.

8 Net operating income before change in expected credit losses and other credit impairment charges also referred to as revenue.

9 Includes depreciation of the right-of-use assets of $711m (2023: $663m).

Consolidated statement of comprehensive income

for the year ended 31 December 2024

|                                                                     |   2024 |   2023 |
|                                                                     |     $m |     $m |
| Profit for the year                                                 | 24,999 | 24,559 |
| Other comprehensive income/(expense)                                |        |        |
| Items that will be reclassified subsequently to profit or loss when 
 specific conditions are met:                                        |        |        |
| Debt instruments at fair value through other comprehensive          
 income                                                              |    163 |