6-K 1 livedocq32024earningsrelea.htm 6-K Document








美國
證券交易委員會
華盛頓特區20549

表格6-K
 

外國私人發行人之報告
根據13a-16或15d-16規則
1934年證券交易所法案
 
2024年10月

委員會檔案編號：001-14930

匯豐持倉有限公司
 
英格蘭倫敦E14 5HQ加拿大廣場8號
 
(請以勾選符號表示，證券發行人是或將是以20-F表格或40-F表格提交財年報告。)
 
20-F表格 X 40-F表格 ......
 

有關我們截至2024年9月30日三個月和九個月的季度結果的6-k表格報告現已納入匯豐持倉有限公司在F-3表格（文件號碼333-277306）的登記聲明中。
 
本網站及本網站所載的任何資訊均不被納入6-K報表之參考。



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2024年10月29日
匯豐持倉有限公司2024年第三季度盈利發布

Georges Elhedery，集團首席執行官，表示：
「我們又交出了一個不錯的季度，這證明我們的策略正在發揮作用。財富管理和批發交易銀行業務呈現強勁的營業收入增長和良好表現。我們強大的有機資本生成能力使我們宣布了相當於第三季度的另外48億美元分配，這使迄今為止在2024年已宣布的總分配金額達到184億美元。」
我致力於在這個強大的增長平台上進一步發展。匯豐是一家高度聯繫、全球性的業務，我們上週提出的計劃旨在增加我們在具有競爭優勢的領域的領導地位和市場份額，為客戶提供最優質的產品和服務卓越，並建立一個更簡化、更動態、更靈活的組織，設定更清晰的責任界線，加快決策速度。我們將立即開始實施這些計劃，並將在二月與全年業績一起分享更多細節。
三季度24年財務表現
–稅前利潤較3Q23增加了80億美元，達85億美元。 主要是由於全球業務部門（「GBM」）的財富與個人銀行業務（「WPB」）以及匯率期貨、股票和全球債券市場業務的營業收入增長所致。3Q24的稅前利潤中包括早期贖回傳統證券的30億美元虧損。3Q23期間涉及因財務重組和風險管理而產生的60億美元虧損，部分被因把加拿大銀行業務出售而產生的外匯避險20億美元獲利所抵銷。 稅後利潤為67億美元，比3Q23高出5億美元。
–不计入显著事项，税前盈利在不考虑货币影响下同比增长了 0.8十亿美元，达到 87 十亿美元，与 3Q23 相比。 由于營業收入增长和預期信貸損失及其他損失（“ECL”）下降，部分抵消了營業費用的上升。其中包括战略交易带来的 0.2 十亿美元不利影响。
–營業收入較第3季23年增加了80億美元，增幅達5%，達到170億美元。 營業收入增長反映了我們在WPb的財富產品以及支持的波動市場條件中客戶活動的增加，以及在GBm的外匯、股票和全球債券市場中的增長。第3季24年的營業收入包括早期贖回傳統證券的30億美元虧損以及300萬美元的財務重新定位和風險管理行動虧損。 按照固定貨幣基礎，營業收入較第3季23年增長了7%，達到170億美元。
–營業收入(「NII」)為76億美元，較3Q23下降了16億美元。 反映因業務處置、負債利息支出增加以及提前贖回舊證券而減少。也包括由於將商業盈餘重新配置到交易簿中而增加融資成本，相關收入則在「持供交易或按公平價值衡量的金融工具之淨利潤」中確認。銀行的營業收入(「銀行NII」)與3Q23相比下降了10億美元或9%，因為將商業盈餘增加部分重新配置到交易簿只能部分抵消營業收入的減少。 與2Q24相比，營業收入下降了6億美元。 而與資金支出相關聯的交易簿融資成本增加30億美元，導致銀行的營業收入下降了3億美元。
–凈利息收益率（'NIM'）為1.46％，較3Q23下降了24個基點（'bps'）。 主要是由於負債上的較高利息支出，導致利率期貨上升。相較於2Q24，NIM下降16個基點，反映出負債上的較高利息支出以及對遺留證券提前贖回的影響。
–截至2023年第3季，聯行ECL為10億美元，較預測低10億美元。 主要原因是在商業銀行 (CMB) 和GBm的中國內地商業房地產業板塊的費用降低，部分抵銷了WPb的ECL費用增加。 在2024年第3季，CMb和GBm的ECL費用為5億美元，其中包括針對香港本土商業房地產業（10億美元）和中國內地商業房地產業板塊（10億美元）的風險敞口，而WPb的費用為5億美元，主要與我們在墨西哥、香港和英國的法律實體有關。
–八十一億美元的營業費用比3Q23高出兩億美元，增幅為2%。 成長主要是由於對科技的增加投資和通貨膨脹的影響，部分受持續的成本紀律和我們在加拿大和法國的處置的影響所緩和。 目標基準的營業費用比3Q23高出四億美元，增幅為5%。 而與2Q24相比，由於市場營銷成本降低和績效相關的薪酬減少，營業費用下降了1%。
–客戶貸款餘額相比於第二季度24年增加了300億美元。 根據恆定貨幣基礎，貸款餘額增加了20億美元，包括WPb和CMb的增長，特別是在英國滙豐，而在亞洲的主要法律實體中的GBm中，固定期限貸款餘額下降。
–客戶帳戶較第二季度增加了670億美元。 根據固定貨幣的基礎，由於利率下調前進行了大量的定期存款，客戶帳戶增加了200億美元，主要是由於股市波動而導致的短期流入，主要在我們香港的法律實體中增加。 從我們單位在中國大陸和美國的法律實體中明顯增長的餘額增長中，GBm的存款保持相對穩定，因為一個單一客戶的大筆短期存款的流出部分被餘額增長部分抵銷。
–15.2%的普通股一級（‘CET1’）資本比率較第2季24年增加0.2個百分點， 主要由於資本增長，部分抵銷了在我們中期結果中宣布的股票買入，以及風險加權資產（‘RWAs‘）的增加。
–董事會已批准每股0.10美元的第三次臨時股息。 於2024年10月25日，我們完成了宣布於我們中期成果中的30億美元股份收購。我們現在打算啟動高達30億美元的股份買回，預計在2024年全年業績公告前的四個月內完成。





匯豐持倉有限公司 以表格6-K公佈第3季度24財務業績
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第3季度24年度第6-K表格的盈餘公佈
2024年第9個月的財務表現
–稅前利潤較9M23增加了0.7億美元，達到30.0億美元。 其中包括0.2億美元的利潤。 與某些戰略交易上確認的收益和損失相關的一些重要項目帶來的淨有利營業收入影響。 稅後利潤比9M23增加了0.1億美元，達到24.4億美元。 與9M23相比。
–在9M24，我們完成了在加拿大銀行業務的處置，實現了48億美元的盈利。我們還因將我們在阿根廷業務的分類變更爲待售而確認了12億美元的減值損失。9M23的結果包括21億美元的減值準備返還對法國零售銀行業務出售的影響，該返還後來在4Q23之前恢復，以及因對硅谷銀行英國有限公司（‘SVb UK'）收購所確認的16億美元的收益。此外，9M24期間還包括30億美元的早期贖回舊證券的虧損，而9M23則包括與財務重新定位和風險管理相關的60億美元的處置虧損。
–除去特別項目後的恒定貨幣稅前利潤比9M23增加了0.7億美元，達到了26.8億美元。 由於營業收入增長和預計信貸損失減少部分抵消了營業費用的上升。
–與9M23相比，營業收入增加了13億美元，增長2%，達到543億美元。 其中包括上述某些戰略交易的盈虧，以及舊金融證券提前贖回造成的30億美元損失。收入增長反映了我們WPb的財富產品和GBm中的權益與證券融資業務中客戶活動增加的影響。
–淨利潤爲245億美元，相較於2023年前9個月減少了30億美元， 反映了因業務處置、存入資金遷移導致利息支出增加以及由於將商業剩餘部分重新配置到交易帳戶而導致的更高資金成本而減少，與此相關的營業收入被確認爲「持有供交易或以公允價值計量的金融工具的淨利潤」。與2023年前9個月相比，銀行淨利潤下降了5億美元，或2%，因爲將商業剩餘部分配置到交易帳戶的增加只在一定程度上緩解了淨利潤的減少，包括外幣匯率轉換差異的不利影響。
–不計入重大項目的恒定貨幣營業收入較9M23增加了17億美元，達到509億美元。 特別是在WPb的财富管理業務，以及GBm的股票和證券融資業務。
–NIm爲1.57%，比9M23減少了13個點子。 由於負債的利息支出增加，這是因爲利率期貨較高，我們將商業盈餘增加到交易賬本。
–ECL爲21億美元，較9M23減少了4億美元。 這一減少包括與中國大陸商業房地產業相關的更低費用，以及匯豐銀行英國分行的減少費用，部分抵消了WPB的更高ECL費用，尤其是針對我們在墨西哥子公司的無抵押貸款。 年化ECL費用佔平均毛貸款的28個點子，包括已列爲待售的貸款和墊款。
–與9M23相比，營業費用增長了10億美元，增長了4%，達到24.4億美元。 主要是由於在技術投資和通貨膨脹的影響下，支出增加，而績效相關的支付金額高於9M23。在加拿大和法國業務處置方面的減少在一定程度上抵消了這些增加。 與9M23相比，目標基礎營業支出增加了14億美元，增長了6%。 目標基礎營業費用是按照固定貨幣基準衡量的，不包括顯著項目、在固定貨幣條件下的通貨膨脹經濟體重新計量的影響以及出售我們法國零售銀行業務和加拿大銀行業務的直接成本。
展望
–我們的指引與2024年7月31日公佈的中期業績報告中所列相同。
–我們繼續目標在2024年和2025年實現中等青少年的平均有形權益回報率（‘RoTE‘）, 除去顯著事項的影響，認識到利率期貨前景已經發生變化，並自我們於7月公佈的2024年上半年業績報告以來一直十分波動。
–我們對2024年銀行業淨利息收入（NII）的指導區間約430億美元保持不變，並繼續以2023年作爲基準，力爭2024年的成本增長約爲5%。2024年的預期信用準備金（ECL）費用佔平均總貸款的百分比預計將落在我們中期規劃的30到40點子的區間內。 （包括轉移至待售的客戶貸款餘額）。
–我們的指引反映了我們對全球宏觀經濟環境的當前展望，包括客戶和金融市場活動。這包括我們對許多市場相關因素的建模，例如市場暗示的利率期貨（截至2024年10月中旬），以及客戶行爲和活動水平。
–我們打算在中期目標區間爲14%至14.5%範圍內管理我們的CET1資本比率，2024年的股息支付比率目標基礎爲50%。 不包括重要的值得注意的事項及相關影響。
–我們繼續在重塑集團方面取得進展。 我們預計將在2024年第四季度完成對阿根廷業務的出售。 完成後，累計外幣翻譯準儲和其他準備金將重新計入損益表。這些影響已在資本中得到確認。 截至2024年9月30日，外幣翻譯準儲和其他準備金虧損達51億美元。
arrows_wda.jpg注意：我們不會將RoTE不包括非一般項目、目標基準營業費用、股息支付比例目標基準或銀行NII的前瞻指引與它們對應的報告指標進行對賬。
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匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益

關於前瞻性聲明的警告聲明
本季度第3季度24號6-k表中包含關於匯豐銀行：財務狀況；經營業務和業務結果的若干前瞻性聲明，包括戰略重點；財務、投資和資本目標；以及在此處描述的ESG目標、承諾和抱負。
不屬於歷史事實的陳述，包括有關匯豐銀行信仰和期望的陳述，屬於前瞻性陳述。諸如『可能』、『將』、『應當』、『預期』、『目標』、『預期』、『打算』、『計劃』、『認爲』、『尋求』、『估計』、『潛在』和『可能合理』，或否定詞，其他變體或類似表達旨在識別前瞻性陳述。這些陳述基於當前計劃、信息、數據、估計和預測，因此不應過度依賴於它們。前瞻性陳述僅在其製作之日起有約，匯豐不承諾修改或更新任何前瞻性陳述，以反映在任何前瞻性陳述日期之後發生或存在的事件或情況。
在提交給美國證券交易委員會的定期報告、向股東的摘要財務報表、發售說明書和招股說明書、新聞稿和其他書面材料中，以及匯豐銀行董事、高管或僱員向包括金融分析師在內的第三方所做的口頭聲明中，也可能包含書面和/或口頭的前瞻性聲明。
前瞻性聲明涉及固有風險和不確定性。讀者應該注意，許多因素可能導致實際結果與任何前瞻性聲明中預期或暗示的結果在某些情況下存在實質性差異。
這些包括但不限於：
–我們所在市場的一般經濟狀況的變化, 比如新的、持續的或加劇的衰退、通貨膨脹壓力的持續和就業水平和客戶信用狀況的波動超出了共識預測範圍; 俄烏戰爭、以色列-哈馬斯戰爭以及中東更廣泛衝突對全球經濟和匯豐所在市場的影響，可能對我們的財務狀況、業務結果、前景、流動性、資本狀況和信用評級等產生重大不利影響; 偏離形成我們預計信貸損失的市場和經濟假設（包括但不限於由於俄烏戰爭、以色列-哈馬斯戰爭和中東更廣泛衝突、通貨膨脹壓力、商品價格變動以及中國大陸商業房地產業持續發展）可能導致的假設變化; 匯豐股息政策的潛在變化; 匯率和利率水平的變化和波動，包括由於在涉及高通貨膨脹經濟體的財務報告中的會計影響導致的影響; 股權市場的波動性; 批發融資或資本市場的流動性不足，可能影響我們按期履行融資設施下的義務或爲新貸款、投資和業務提供資金; 地緣政治緊張局勢或外交發展產生社會不穩定或法律不確定性，比如俄烏戰爭、以色列-哈馬斯戰爭或中東更廣泛衝突（包括其持續和升級）及相關制裁和貿易限制的實施，供應鏈限制和中斷、持續能源價格和主要商品價格上漲、人權侵犯指控、外交緊張，包括中國與美國、英國、歐盟、印度及其他國家之間的緊張關係以及香港和臺灣的發展，以及其他潛在緊張領域，可能會通過產生監管、聲譽和市場風險的方式對匯豐造成不利影響; 政府、客戶和匯豐在管理和減輕esg風險（特別是氣候風險、與自然相關的風險和人權風險）的行動的效力，以及支持全球向零碳排放轉型，這些因素都可能通過我們的客戶直接和間接影響到匯豐，並可能導致潛在的金融和非金融影響; 國家房地產市場中的低流動性和價格下行壓力; 央行關於向金融市場提供流動性支持政策的不利變化; 增加了對過度負債國家主權信用狀況的市場關切; 共同或私人確定利益養老金的融資狀況不利變化; 客戶融資和投資需求的社會轉變，包括消費者對信貸持續可用性的看法; 面臨違約方風險，包括第三方未經我們知情利用我們作爲非法活動渠道; 終止某些關鍵ibors並將其餘遺留ibor合同過渡至幾乎無風險基準利率，仍然使匯豐面臨一些金融和非金融風險; 以及我們服務的市場領域的價格競爭性;
–政府政策和監管的變化，包括我們所在主要市場內中央銀行和其他監管機構的貨幣、利率以及其他政策變化，以及由此產生的後果（包括但不限於中國監管機構宣佈的最新政策以及因司法管轄區域內政府變更而採取的行動）；金融機構規模、活動範圍和相互關聯性調整的倡議，與全球重點市場金融機構更爲嚴格監管的實施相關；修訂後的資本和流動性基準，可能用於減輕銀行資產負債表並降低當前業務模式和投資組合結構可獲得的回報；適用於匯豐的稅法和稅率的變化，包括徵收旨在改變業務結構和風險偏好的徵稅或稅項；金融機構爲其消費市場提供服務的實踐、定價或責任；資產徵用、國有化、沒收以及有關外國所有權的立法變化；英國與歐盟的關係，儘管簽署了英國和歐盟之間的貿易與合作協議，但仍然充滿不確定性和政治分歧，特別是關於英國和歐盟金融服務監管法律可能出現分歧的潛在情況；政府對ESG披露和報告要求的接納和監管對待方式的變化，以及目前缺乏所有板塊和市場上ESG的單一標準化監管方式；英國宏觀經濟和財政政策的變化，可能導致英鎊價值波動；政府政策的總體變化（包括但不限於中國最近宣佈的政策以及司法管轄區域內管轄政府更改導致採取的行動），這些變化可能會顯著影響投資者的決策；監管審查、行動或訴訟的成本、影響和結果，包括任何額外的合規要求；以及我們所在市場的競爭效應，包括來自非銀行金融服務公司的競爭加劇；以及
–匯豐銀行特定因素，包括我們在充分識別我們面臨的風險方面的成功，例如貸款損失或拖欠的發生，並管理這些風險（通過帳戶管理、套期保值和其他技術）；我們實現財務、投資、資本和esg目標、承諾和雄心的能力（包括在我們的動力煤退出政策和能源政策中設定的立場以及減少我們資產負債表融資排放和在適用情況下，在我們選擇的高排放行業組合中促進排放的目標），這可能導致我們未能實現戰略重點的任何預期收益；不斷髮展的監管要求和新技術的發展，包括對我們如何管理模型風險的影響的人工智能；模型的侷限性或失敗，包括但不限於，高通脹壓力和利率上升對金融模型性能和使用情況產生的影響，可能需要我們持有額外的資本，承擔損失和/或使用補償控制措施，例如主觀性模型調整，以解決模型的侷限性；變更我們的財務報表基礎上的判斷、估計和假設；我們是否能夠滿足監管壓力測試要求的降低；減少
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益
3

第3季度24年度利潤髮布表格6-K
所承擔的信用評級或我們及任何子公司的信用評級，可能會增加融資成本或降低融資可用性，並影響我們的流動性狀況和淨利息收益率；數據管理、數據隱私、信息和技術基礎設施的可靠性和安全性發生變化，包括來自網絡攻擊的威脅，可能影響我們爲客戶提供服務的能力，並導致財務損失、業務中斷和/或客戶服務和數據損失；數據的準確性和有效使用，包括可能未經獨立核實的內部管理信息；保險客戶行爲和保險索賠率的變化；我們依賴於從子公司獲得的貸款償還和分紅以履行義務；我國報告框架和會計準則的變化，已經並可能繼續對我們編制財務報表方式產生重大影響；我們成功實施計劃的戰略收購和處置能力；我們成功將收購的企業充分整合到我們的業務中，包括將SVb Uk整合到我們的CMb業務中；我們的能力管理經營中固有的第三方、欺詐、金融犯罪和聲譽風險的變化；員工不當行爲可能導致監管制裁和/或聲譽或財務損失；技能要求、工作方式和人才短缺的變化可能影響我們招聘和留任高級管理人員、多元化和技能人員的能力；我們能夠開發與監管機構不斷變化的預期一致的可持續金融和ESG相關產品的能力，以及我們衡量我們融資活動產生的環境和社會影響的能力 (包括由於數據限制和方法的變化)，這可能影響我們實現ESG抱負、目標和承諾的能力，包括我們的淨零抱負、減少資產負債表融資排放目標，以及在我們的一攬子高排放行業組合中實施熱動力煤退出政策和能源政策以及增加綠色洗牌風險。有效風險管理取決於我們通過壓力測試和其他技術準備捕捉不被其使用的統計模型捕捉到的事件的能力；我們成功應對操作風險、法律和監管以及訴訟挑戰；以及我們在頁面 『風險 - 管理風險』中識別的其他風險和不確定性。50 本季度業績已通過6-k表格發佈。
關於重要因素的額外詳細信息，包括但不限於可能導致本盈利報告3Q24中任何前瞻性聲明所預期或暗示的實際結果出現重大差異的esg相關因素，在於我們截至2023年12月31日止財政年度的年度報告和賬目中，該報告已於2024年2月22日以20-F表格提交給美國證券交易委員會。

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匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益

內容。
集團首席執行官聲明
全球銀行與全球貨幣市場-不變貨幣基礎
2024年第三季度財務表現
公司中心-不變貨幣基礎
2024年第9個月的財務表現
補充財務信息
展望
報告和恒定貨幣結果
關於前瞻性聲明的警告聲明
全球業務
業務亮點
法律實體
財務總結替代表現指標
使用替代績效衡量指標
– 使用替代績效衡量指標
– 關鍵財務指標：編制基礎
– 替代績效衡量指標定義
– 處置部門和業務併購
冒險
– 關鍵財務指標
– 管理風險
– 彙總合併利潤表
– 信用風險
– 按全球業務和法律實體分配業績
– 資本風險
– 損益表評論
其他信息
– 摘要合併資產負債表
– 分紅派息
– 資產負債表評論
– 投資者關係/媒體關係聯繫方式
全球業務
– 縮寫
– 財富和個人銀行 – 恒定貨幣基礎
– 商業銀行 – 恒定貨幣基礎

向投資者和分析師作介紹
匯豐持倉將會與分析師和投資者今天舉行交易更新電話會議，以配合該Earnings Release 3Q24的發佈 Form 6-k。該電話會議將於GMT時間上午07:45舉行。有關參與電話會議和現場音頻網絡廣播的詳細信息，請訪問www.hsbc.com/investors。
關於匯豐 HSBC Holdings plc 總部位於倫敦的匯豐控股有限公司（HSBC Holdings plc）在62個國家和地區的辦事處爲全球客戶提供服務。截至2024年3月31日，匯豐的資產爲3,001億美元，是世界上最大的銀行和金融服務機構之一。
匯豐持倉有限公司，匯豐的母公司，總部設在倫敦。截至2024年9月30日，資產達到3.1萬億美元，匯豐是世界上最大的銀行和金融服務機構之一。
我們的策略
匯豐銀行的宗旨是「打開機遇之門」。我們的策略支持我們成爲客戶首選的國際金融合作夥伴的雄心，圍繞四個關鍵領域展開。
–專注於在規模市場保持領導地位，加大國際聯接力度，多元化我們的營業收入，保持成本紀律並重塑我們的組合;
–數字化-提供無縫客戶體驗，確保安全性和安防-半導體，擁抱顛覆性技術並與創新者合作，實現規模化自動化和簡化；
–激發-激勵領導者推動績效和交付，釋放我們的優勢以實現成功，提供獨特和卓越的同事體驗，併爲未來準備我們的勞動力；
–過渡-支持我們的客戶，將零淨排放融入我們的運營方式，與他人合作實現系統性改變，到2030年實現我們自身運營和供應鏈的淨零排放，到2050年使我們的融資排放淨零。
業務要點
我們繼續致力於在2024年和2025年實現中十幾的RoTE，不考慮重大事項的影響，同時承認利率期貨的前景已經發生變化並且自7月份我們1H24成績公佈以來一直波動。我們繼續專注於發揮我們的優勢的策略內的增長機會，保持嚴格的成本控制，並繼續投資於增長和效率。
增長機會包括進一步擴展我們的國際業務，多元化我們的營業收入，包括髮展我們的財富業務，尤其是在亞洲，繼續在我們的本土市場香港和英國增長，並且在我們運營的其他市場上實現利潤來源的多元化。
我們在2024年前9個月持續展示戰略進展。截至2024年9月30日，財富餘額爲1.9萬億美元，比去年同期增長15%。在這其中，我們在2024年前9個月吸引了59億美元的淨新投資資產，其中亞洲地區爲49億美元。財富業務的營業收入按照不變貨幣基礎上升了9億美元，增長了16%，亞洲地區增長了27%。我們的保險業務表現強勁，增長了28%，WPb的保險製造新業務合同服務利潤增長了0.8億美元，比2023年前9個月增長了58%。我們的抵押貸款餘額自2023年12月31日以來按照不變貨幣基礎增加了50億美元，尤其是在英國匯豐銀行。此外，我們在2024年前9個月從交易銀行業務中創造了198億美元的營業收入，與2023年前9個月相比基本穩定。這反映了全球貨幣支付解決方案（'GPS'）在代幣化資金市場（CMb）和全球資本市場（GBm）的增長，在淨利息收入和淨手續費收入都有增長，但由於全球匯率期貨的營業收入減少，部分抵消了這一增長。
2024年9月24日，中國人民銀行、國家金融監管局和中國證券監督管理委員會宣佈了幾項旨在促進增長和經濟發展的政策。其中包括貨幣刺激、支持房地產市場和加強資本市場措施，以及資本大規模銀行的資本重組措施。這些措施導致
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益
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第3季度24年度利潤髮布表格6-K
3Q24年底波動性上升，導致客戶活動增加，特別是在香港的財富、股票和全球匯率期貨。我們將繼續監測這些措施對第四季度的影響。
我們始終專注於保持嚴格的成本管理紀律，並實現成本節約，以幫助我們投資於科技以改善客戶體驗，同時提高效率和韌性。我們還有建立更強勁績效文化的雄心，改善同事體驗併爲未來準備我們的勞動力。最後，我們也看到在協助融資新經濟以及支持客戶過渡至零排放所需的重大投資方面存在商機，同時，幫助緩解氣候變化帶來的日益上升的金融和更廣泛的社會風險的重要性。
我們繼續推進集團業務重組以實現增長。到目前爲止，在2024年，我們已經完成了在法國零售銀行業務、加拿大銀行業務以及俄羅斯業務的出售。此外，我們宣佈計劃出售在阿根廷的業務和亞美尼亞的運營，預計將在2024年第四季度完成。我們還完成了在新加坡收購SilkRoad Property Partners Group和花旗銀行在中國大陸的零售财富管理投資組合。我們還宣佈了在德國私人銀行業務和南非業務的剝離，並對我們在馬耳他的業務展開戰略審查。目前審查仍處於早期階段，尚未作出決定。
arrows_wda.jpg進一步了解這些交易的詳情，請參閱第'處置團體和業務收購'頁面 9.
2024年10月22日，我們宣佈簡化組織結構，加快推進戰略重點的交付。自2025年1月1日起，集團將通過四個業務部門運營：香港、英國、公司與機構銀行以及國際財富與旗艦銀行。集團的職能將重新調整以支持這四個新業務。我們的戰略重點保持不變。這些變化旨在增加在我們具有明顯競爭優勢的領域的領導地位和市場份額，打造一個簡化的組織結構，明確責任，加快決策速度，減少內置在我們當前矩陣結構中的流程重複。我們預計將在2024年年度業績公佈時分享更多關於這些變化的細節，預計該公告將於2025年2月19日公佈。
環境、社會和治理更新
我們已經繼續執行我們的實施計劃，將淨零融入我們支持客戶的方式，作爲組織運營的方式以及我們在支持系統性變革中的外部合作方式。我們尋求利用自身的優勢和能力，在我們相信可以最好支持大規模減排、產業轉型、促進新經濟和碳中和供應鏈的領域。
我們於2024年1月25日發佈了我們的零排放過渡計劃，並根據過渡計劃專責小組的指導，我們將在2024年第四季度進行年度審查。更新將在我們的2024年20-F表格的年度報告和帳戶中提供。

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匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益

財務總結
票據
–除非另有說明，收入表比較是在截至2024年9月30日的季度和截至2023年9月30日的季度之間進行的。資產負債表比較，除非另有說明，是在2024年9月30日的餘額和2023年12月31日對應的餘額之間進行的。
–此第6-k表格所載的第3Q24季度財務信息爲未經審計。該信息是根據我們在2023年20-F表格中368至381頁描述的重要會計政策準備的。
替代績效指標的使用
我們所報告的結果是根據國際財務報告準則（IFRS）會計準則準備的，詳細信息請參閱我們在《2023年年度報告與20-F表格》第356頁開始的基本報表。
爲了衡量我們的表現，我們對國際財務報告準則（IFRS）的財務數據進行補充，這些數據包括歐洲證券和市場監管局指導下的替代表現度量以及根據美國證券交易委員會規則和法規定義和呈報的非GAAP財務指標。這些度量包括源自我們報告的結果且消除了扭曲期間比較的因素的指標。『固定匯率表現』度量指標在本季度業績發佈的6-k表格中描述如下。其他替代表現度量的定義和計算包含在『其他板塊』中 46。所有其他替代表現度量均與最接近的報告性能指標進行了調節。
恒定貨幣表現
恒定貨幣表現是通過調整比較期間的報告結果，以消除外匯翻譯差異的影響，從而扭曲期間對期間的比較。
我們認爲不變貨幣表現爲投資者提供了有用信息，通過調整內部和外部報告，反映管理層如何評估期間對期間的表現。
值得注意的物品和重要物品
我們單獨披露「顯著項目」，這些是我們損益表的元件，管理層認爲屬於正常業務範圍之外，一般爲非經常性的。從1H24開始，我們現在披露「稅前利潤不計入顯著項目」和「不計入顯著項目的營業收入」。我們推出這些新指標是因爲顯著項目對集團業績的重要影響。我們認爲稅前利潤不計入顯著項目和不計入顯著項目的營業收入是有助於理解同期業績的有用信息。
一些顯著項目被分類爲「重要顯著項目」，這些是顯著項目的一個子集。 將項目分類爲重要顯著項目取決於每個項目的性質，以及對集團損益表的財務影響。
arrows_wda.jpg在第 33至36 和第 40至45 詳細描述了在9M24、9M23、3Q24、2Q24和3Q23中各全球業務部門和法律實體中一些重要項目的影響。
戰略交易的影響
爲了幫助理解我們的業績，我們分別披露了戰略交易對集團和全球業務的影響。在2024年第三季度，目前和比較期間作爲重要事項分類的戰略交易包括出售我們在法國的零售銀行業務、出售我們在加拿大的銀行業務、計劃出售我們在阿根廷的業務以及收購SVb Uk。
戰略性交易的影響包括掛牌轉售的收益或損失，以及收購和所有其它相關的顯著項目。它們還包括扭曲企業經營收入聲明結果期間與收購和處置相關的期間對期間比較有影響的情況。這是通過在比較期內沒有結果的每個業務的經營收入聲明結果來計算的。我們在計算戰略性交易的影響時，考慮扭曲的企業經營收入聲明結果對月度影響。
arrows_wda.jpg請參閱頁面 38 以獲取戰略交易影響的補充分析。
不考慮匯率波動的貨幣營業收入和稅前利潤，不包括顯著項目
我們分別報告「不計入重大事項的恒定貨幣收入」和「不計入重大事項的稅前恒定貨幣利潤」，這些數據，剔除了重大事項的影響以及外匯翻譯的影響。我們認爲這些指標爲投資者提供了有用的信息，因爲它們消除了扭曲期間對期間比較的項目。
arrows_wda.jpg爲了對不包括顯著事項的恒定貨幣營業收入和不包括顯著事項的恒定貨幣稅前利潤進行調和，以分別查看報告的營業收入和報告的稅前利潤，請參見頁面 47.
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益
7

第3季度24年度利潤髮布表格6-K
在恒定貨幣匯率下，營收和稅前利潤不包括顯著項目和戰略交易的影響
爲了幫助理解我們的結果，我們分別披露了「貨幣不變的營業收入，排除特殊項目和戰略交易影響」以及「利潤稅前，排除特殊項目和戰略交易影響的貨幣不變」。這些指標在貨幣不變的營業收入和利潤稅前中排除了被分類爲重要特殊項目的戰略交易影響。到2024年第三季度，目前和比較時期被分類爲重要特殊項目的戰略交易包括出售我們在法國的零售銀行業務和加拿大銀行業務，計劃出售我們在阿根廷的業務，以及收購 SVb 英國。
所引用的影響包括分類爲待售或採購的收益或損失以及所有其他相關的顯著項目。它們還包括操作利潤表結果期間之間與收購和處置有關的扭曲影響，影響了期間對期間的比較。這是通過在任何沒有在比較期間內出現結果的期間內包括每個業務的操作利潤表結果來計算的。在計算戰略交易的影響時，我們考慮扭曲利潤表結果的月度影響。
arrows_wda.jpg爲了與報告的營業收入和報告的稅前利潤進行對照，請參見頁面上的將常數貨幣收入除去值得注意的項目和戰略交易以及將常數貨幣稅前利潤除去值得注意的項目和戰略交易的調解。 47.
外幣翻譯差異
外幣翻譯差異反映了2024年美元相對於大多數主要貨幣的波動。我們排除它們以獲得常貨幣數據，使我們能夠評估資產負債表和利潤表的表現，並更好地了解業務中潛在的趨勢。
9M24和3Q24的外幣翻譯差異是通過將非美元的部門、子公司、合資企業和聯營企業重新翻譯爲美元來計算的:
–9M23的收入表按9M24的平均匯率
–按照2024年第三季度的平均匯率計算季度收支表；
–2024年9月30日以當天匯率結算的上期結賬平衡表。
未對用於將以外幣計價的資產和負債轉換爲匯豐銀行各分行、附屬公司、合資企業或聯營企業的功能貨幣的匯率進行調整。我們在阿根廷和土耳其的運營的恒定貨幣數據並未進一步調整以反映超級通脹的影響。當在表格或評論中提及外匯翻譯差異時，以匯豐運營的功能貨幣覈算數據爲基礎披露的比較數據已根據當前期間所描述的適用匯率進行翻譯。
全球業務表現
集團首席執行官在其餘集團執行委員會（『GEC』）的支持下，被認爲是用於確定集團可報告部門的首席經營決策者（『CODM』）。
集團首席執行官和其他GEC成員根據多個基礎審查經營活動，包括全球業務和法律實體。我們的全球業務——財富與個人銀行業務、商業銀行業務和全球銀行與市場業務——以及公司中心——是我們根據IFRS 8《經營部門》披露的業務部門。全球業務結果通過CODm基於恒定貨幣績效進行評估，這樣可以排除貨幣轉換的影響。因此，我們基於恒定貨幣基礎呈現這些結果。
根據IFRS 8要求，在第頁上呈報了持續貨幣結果與集團報告結果的對賬。32。全球業務提供的持續貨幣與報告結果的補充對賬呈報在頁上。 33至36 供參考用途。
以恒定貨幣基礎上的營業收入管理視角
我們的全球業務部分評論包括表格，按主要產品的不變貨幣基礎提供營業收入的細分。這反映了企業營收表現的評估和管理基礎。
關鍵財務指標：編制基礎
不包括重要項目的平均有形資產回報率
從2024年1月1日起，我們對調整後的RoTE指標進行了修訂。在此之前，我們調整了RoTE以反映戰略交易的影響以及在交通銀行有限公司（『交通銀行』）投資減值，而從2024年1月1日起，我們已排除所有值得注意的項目。這旨在提高我們其他損益披露中值得注意項目處理的一致性。RoTE不包括值得注意項目已在修訂的基礎上重新呈現了第3季23和第9個月23，並且我們不再披露不包括戰略交易和交通銀行投資減值的RoTE。調整了不包括值得注意項目的RoTE的計算值，調整了‘歸屬於普通股股東的利潤，不包括商譽和其他無形資產減值‘，以反映值得注意項目的稅後影響。它還調整了每個期間的‘平均有形股東權益‘，以反映該日曆年內所有相關期間的值得注意項目的稅後影響，這些項目仍然是該日曆年內的所有相關期間的調整項目。
關於從淨資產回報到RoTE排除非特殊項目的調和，請參閱頁面 47我們繼續將2024年和2025年的RoTE排除非特殊項目的目標定在中等偏高的範圍內。我們不將我們的前瞻RoTE指引與等效的報告指標進行調和。
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匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益

銀行利息淨收入
銀行NII調整我們的NII，主要是爲了資金交易和公允價值活動在利息支出中報告的影響。它代表了集團直接受到利率變動影響的銀行營業收入。我們使用這一指標來判斷我們商業盈餘的運用，並幫助優化我們的結構套期保值和風險管理行動。
arrows_wda.jpg有關銀行淨利息收入的更多信息，請參閱頁面18.
T目標基礎營業費用
目標基礎營業費用是通過從2023年基線中排除我們在法國和加拿大銀行業務出售中直接成本影響來計算的。它是以固定貨幣基礎衡量的，並排除了額外項目以及按固定貨幣重新計算通貨膨脹經濟前一年結果的影響，我們認爲這是我們無法控制的。我們認爲目標基礎營業費用通過量化和排除管理人員在制定和評估與成本相關目標時考慮的額外項目，向投資者提供了有用信息。有關報告的營業費用與目標基礎營業費用的調解，請參閱頁面 49.
2024年，我們的目標是與2023年相比，目標基礎上成本增長約5%。這一目標反映了我們2024年的當前業務計劃，包括員工薪酬的增加、更高的科技支出以及用於增長和效率的投資，部分由2023年採取的措施節約成本。我們不會將前瞻性目標基礎營業費用指導與報告的營業費用調和。
股息支付比率目標基準
鑑於我們當前的回報路徑，我們計劃在2024年以50%的紅利支付比例爲基礎。爲了計算我們的股利支付比例基礎，我們從每股收益中排除了重要的顯著項目和相關影響。重要的顯著項目是我們財務報表的組成部分，管理層將其視爲超出正常業務範圍且通常爲非經常性的，這些項目被排除在我們的股利支付比率計算和每股收益測量之外，以及相關的影響。
作爲股息支付比率目標基礎的重要項目包括我們在加拿大銀行業務和法國零售銀行業務的銷售影響，收購SVb英國後的收益，計劃出售我們在阿根廷業務的影響以及交通銀行的減值損失。我們還將HSBC銀行加拿大的財務結果從2022年6月30日的淨資產參考日期排除在外，因爲銷售收益通過將HSBC銀行加拿大的結果合併到集團的結果中自此日期開始確認，剩餘的銷售收益將在交易完成時確認，包括相關準備金和相關套期保值的公允價值增益的回收。在完成加拿大銀行業務的出售後，董事會批准每股0.21美元的特別股息，該股息於2024年6月支付，並配合首筆中期股息。
arrows_wda.jpg基本每股收益的對照，不包括重大特殊項目和相關影響，請見第頁49我們不將前瞻性股息支付比率目標基準指引與報告的股息支付比率進行調和。
處置的資產組和業務收購
法國零售銀行業務
2024年1月1日，匯豐環球歐洲完成了將其在法國的零售銀行業務出售給CCF，即Promontoria MMb SAS（『我的錢包集團』）的子公司。此次交易還包括匯豐環球歐洲對匯豐SFH（法國）的100％持股權以及對Crédit Logement的3％持股權。
根據銷售條款的規定，匯豐銀行歐洲大陸獲得了My Money Group母公司的10億歐元(10億美元)的利潤份額。這一股權的初次確認影響作爲2023年處置虧損的一部分在處置集團重新分類爲待售後被確認。根據銷售條款，匯豐銀行歐洲在出售時保留了價值71億歐元(79億美元)的資產組合，其中包括房屋和其他某些貸款，以及授予買方的CCF品牌的長期許可協議。此外，匯豐銀行歐洲的子公司HSBC Assurances Vie(法國)和匯豐全球資產管理(法國)已與買方簽訂了分銷協議。
客戶貸款餘額、相關收入表影響及保留貸款組合的利潤份額利益與CCF品牌許可協議，已自2024年1月1日起重新劃分至企業中心。
在2024年第四季度，我們打算開始積極營銷持有的組合以便出售。因此，我們預計將該組合重新分類爲持有以收取和出售的業務模式，並從2025年第一季度起按其他全面收益的公允價值進行前瞻性度量，除非在第四季度完成出售。在重新分類日期，我們預計在其他全面收益上確認估計的10億美元稅前公允價值虧損，這是對金融工具重新計量帶來的影響，相當於集團核心一級資本比率預計減少的約10個點子。鑑於實體和交易特定因素，包括融資成本和客戶關係價值，該貸款組合的估值在出售發生時可能大不相同。在完成銷售後，通過其他全面收益確認的累積公允價值變動，將反映協議銷售條件的條款，將重新分類到損益表。
加拿大銀行業務
2024年3月28日，匯豐持倉（英國）有限公司，匯豐控股有限公司的直接子公司，完成了將加拿大匯豐銀行出售給加拿大皇家銀行的交易。
交易完成後的交易額額外獲得了48億美元的銷售收益，其中包括60億美元的外匯匯率期貨損失回籠和40億美元的其他儲備損失。出售收益中還包括2024年第一季度相關外匯對沖交易認可的30億美元公允價值收益。由於英國的大股東豁免規則，交易完成後不會徵收任何關於收益的稅款。
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益
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第3季度24年度利潤髮布表格6-K
在交易完成後，董事會批准了每股0.21美元的特別股息，該股息於2024年6月與2024年首次臨時股息一起支付。
阿根廷業務
2024年4月9日，匯豐銀行拉丁美洲子公司簽署了一項具有約束力的協議，將其在阿根廷的業務出售給加利西亞金融（'加利西亞'）。
加利西亞將收購匯豐阿根廷的所有業務，包括銀行、資產管理和保險業務，以及由匯豐阿根廷發行並由匯豐拉丁美洲控股（英國）有限公司持有的10000萬美元次級債務，基礎交易價格爲55000萬美元。該交易價格將根據匯豐阿根廷業務的業績以及2023年12月31日至收盤期間匯豐阿根廷證券組合的公平價值增減而進行調整。
匯豐銀行預計將以現金和加利西亞的美國存託憑證（ADRs）的組合形式收到購買代價，這些ADRs代表加利西亞不到10%的經濟利益。預計該交易將在2024年第四季度完成。
截至2024年3月31日，由於協議條款達到了較爲成熟的階段，並且預計在12個月內完成交易，我們在匯豐銀行阿根廷的投資符合《國際財務報告準則》第5號標準中作爲待售資產分類的條件。截至2024年9月30日，總資產爲68億美元，總負債爲49億美元被歸類爲待售資產，並認定在24年前九個月的期間出現了12億美元的稅前損失。該損失不享有任何稅收減免。在預計於2024年第四季度完成交易時，累積外匯翻譯準備金和其他準備金將被轉回至損益表。截至2024年9月30日，外匯翻譯準備金和其他準備金的損失達到了51億美元。
簽署和關閉之間，出售損失將因處置業務的淨資產價值以及相關的高通脹和外幣折算、包括價格調整和遷移成本在內的考慮的公允價值的變化而有所不同。
其他處置
2024年5月30日，匯豐銀行歐洲有限公司（HSBC Europe BV）作爲匯豐銀行（HSBC Bank plc）的全資子公司，已完成將其在俄羅斯的業務——匯豐銀行（RR）有限責任公司——出售給了Expobank。完成後，在損益表中承認了10億美元的外幣翻譯準備金損失。
2024年2月6日，在對我們在亞美尼亞業務進行戰略評估後，匯豐歐洲銀行有限公司達成協議，將匯豐亞美尼亞銀行出售給亞德信銀行。這導致了10億美元的劃分類爲待售產生損失。該交易需獲得監管批准。作爲本次交易的一部分，匯豐亞美尼亞所有員工將在交易完成時轉至亞德信銀行，幷包括當時匯豐亞美尼亞持有的所有客戶關係。交易有望於2024年第四季度完成。
2024年7月6日，匯豐銀行（香港）有限公司（通過其毛里求斯分行）完成了將在毛里求斯的財富和個人銀行業務出售給南非聯合銀行（毛里求斯）有限公司，後者是南非聯合集團有限公司的全資子公司。對集團的財務影響並不重大。
2024年9月23日，HSBC歐洲大陸地區達成協議，將其德國的私人銀行業務賣給了法國巴黎銀行。這項出售仍然需要政府批准和工會協商，預計將在2025年下半年完成。截至2024年9月30日，總資產爲27億美元，總負債爲27億美元，符合根據IFRS 5準則被劃分爲待售資產的標準。預計該交易將產生2億美元的稅前處置收益，預計將在2025年第三季度完成時確認。
2024年9月30日，匯豐銀行達成協議，將其在南非的業務賣給當地的FirstRand銀行有限公司。此交易預計將在2025年第四季度完成，需獲得監管和政府批准。在交割時，累計外匯翻譯準備金和其他準備金將回收至損益表。截至2024年9月30日，外匯翻譯準備金和其他準備金損失達到20億美元。
2024年9月，匯豐銀行開始對其參股的HSBC Malta銀行進行戰略審查。審查處於早期階段，尚未做出任何決定。
業務收購
2023年10月，匯豐全球資產管理（新加坡）有限公司，匯豐銀行（香港）有限公司的全資子公司，簽署協議收購Silkroad Property Partners Pte Ltd（『Silkroad』）100%股權，並由匯豐全球資產管理有限公司收購Silkroad附屬的普通合夥實體。Silkroad是總部位於新加坡的亞太地區重點關注的地產投資管理公司。該收購於2024年1月31日完成。
2023年10月，中國匯豐銀行有限公司(香港上海匯豐銀行有限公司的全資子公司)與花旗銀行中國就花旗銀行中國的零售理財資產組合在中國大陸達成協議。該組合包括管理資產和存款以及相關的投資客戶。本次收購於2024年6月7日完成。

10
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益

關鍵財務指標
截至九月底的九個月的營業租賃成本季度結束
2024年9月30日2023年9月30日2024年9月30日2024年6月30日2023年9月30日
報告的結果
稅前利潤（百萬元）30,032 29,371 8,476 8,906 7,714 
稅後利潤（百萬元）24,414 24,337 6,749 6,828 6,266 
營業收入（$百萬）
54,290 53,037 16,998 16,540 16,161 
成本效率比率（%）45.0 44.2 47.9 49.2 49.3 
淨利差1.57 1.70 1.46 1.62 1.70 
基本每股收益（美元）1.231.150.340.35 0.29 
每股稀釋收益($)1.221.140.340.34 0.29 
普通股每股股息（有關期間）（$）1
0.300.30 0.100.10 0.10 
替代表現指標
淨貨幣稅前利潤（百萬美元）30,032 29,0958,476 8,979 7,624 
淨貨幣營業收入（百萬美元）
54,290 52,389 16,998 16,656 15,887 
淨貨幣成本效率比率（%）45.0 44.0 47.9 49.3 49.2 
淨貨幣營業收入（不包括重大項目）（百萬美元）
50,930 49,22617,209 16,820 16,150 
淨貨幣稅前利潤（不包括重大項目）（百萬美元）
26,799 26,0518,732 9,176 7,935 
淨貨幣營業收入（不包括重大項目和戰略交易）（百萬美元）
50,752 48,00417,209 16,819 15,591 
淨貨幣稅前利潤（不包括重大項目和戰略交易）（百萬美元）
26,709 25,6378,732 9,177 7,701 
預期信貸損失和其他信貸減值費用（年化）佔客戶平均毛貸款及墊款的比例（%）
0.28 0.32 0.40 0.13 0.42 
預期信貸損失和其他信貸減值費用（年化）佔客戶平均毛貸款及預扣款，包括待售部分的比例（%）
0.280.300.400.130.39
每股基本收益，不包括重大非經常項目和相關影響（$）
1.020.970.340.35 0.27 
普通股東權益平均回報率（年化）（%）17.918.3 14.4 15.2 13.5 
有形股東權益平均回報率（年化）（%）19.319.7 15.5 16.3 14.6 
除非最著名項目，有形股東權益平均回報率（年化）（%）
16.717.5 15.917.115.0
目標基礎營業費用（$m）
24,150 22,711 8,098 8,194 7,729 
在阿莫斯萊斯金融創立於1894年6月29日，現在已經爲人們自信地面對他們未來的財務事業提供了130年的幫助。
2024年9月30日2024年6月30日2023年12月31日
資產負債表
總資產（百萬美元）3,098,621 2,975,003 3,038,677 
向客戶的淨貸款和墊款（百萬美元）968,653 938,257 938,535 
客戶帳戶（百萬美元）1,660,715 1,593,834 1,611,647 
本年度至今的平均利息收入資產（百萬美元）2,094,585 2,097,866 2,161,746 
對客戶的貸款及墊款佔客戶存款的比例（%）58.3 58.9 58.2 
總股東權益（百萬美元）192,754 183,293 185,329 
有形普通股東權益（百萬美元）161,880153,109155,710 
期末普通股每股淨資產價值（美元）9.668.978.82 
期末普通股每股有形淨資產價值（美元）9.008.35 8.19 
資本、槓桿和流動性
普通股一級資本比率（%）2,3
15.2 15.0 14.8 
風險加權資產（百萬美元）2,3
863,923 835,118 854,114 
總資本比率（%）2,3
20.8 20.6 20.0 
槓桿比率（%）2,3
5.7 5.7 5.6 
高質量流動資產（流動性價值）（百萬美元）3,4
649,199 646,052 647,505 
流動性覆蓋率（%）3,4,5
137 137 136 
股份數量
期末每股面值0.50美元的普通股數量（百萬）17,98218,330 19,006 
期末每股面值0.50美元的普通股數量和潛在攤薄普通股（百萬）18,11918,45619,135
普通每股$0.50的基本平均持股數量（百萬）18,49318,666 19,478 
arrows_wda.jpg要將我們報告的結果與恒定貨幣基礎進行對賬，包括重要項目清單，請參見頁面 32。其他替代績效指標的定義和計算包含在「替代績效指標」部分的頁面中 46.
2024年9月30日結束的九個月的金額不包括每股普通股0.21美元的特別股息，該股息來源於我們將業務銀行在加拿大出售給加拿大皇家銀行所得款項。
除非另有規定，監管資本比率和要求均基於當時生效的《資本要求條例》的過渡安排。對於歐盟法規和指令（包括技術標準）的引用，如適用，應當理解爲對應於英國《歐洲聯盟（退出）法案2018》在英國法律下的本地化版本的規定或指令，並且在英國法律下可能隨後進行修訂。
監管數字和比率爲報告日期呈現的數據。這些數字和比率與隨後提交的監管文件中的數字和比率可能存在細微差異。如果差異顯著，我們可能會在後續期間重新披露。
4    流動性覆蓋率是基於前12個月的平均值。
我們在2024年上半年改進了我們的計算流程。由於集團流動性覆蓋率以12個月平均值報告，這些變化的好處將逐步在整個年度中從2024年6月30日開始逐步認可。
匯豐持倉股份有限公司 第3季度24號6-K表格公佈收益
11

Earnings Release 3Q24 on Form 6-K
Summary consolidated income statement
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Net interest income1
24,548 27,512 7,637 8,258 9,248 
Net fee income9,322 9,088 3,122 3,054 3,003 
Net income from financial instruments held for trading or managed on a fair value basis2
15,814 12,564 5,298 5,110 4,452 
Net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss
7,889 1,738 5,513 1,084 (2,566)
Insurance finance expense
(7,948)(1,703)(5,462)(1,159)2,531 
Insurance service result1,001 696 339 356 172 
Gain on acquisition3
— 1,593 — — 86 
Gain less impairment relating to sale of business operations4
3,328 2,130 72 (161)— 
Other operating (expense)/income
336 (581)479 (2)(765)
Net operating income before change in expected credit losses and other credit impairment charges5
54,290 53,037 16,998 16,540 16,161 
Change in expected credit losses and other credit impairment charges(2,052)(2,416)(986)(346)(1,071)
Net operating income52,238 50,621 16,012 16,194 15,090 
Total operating expenses excluding impairment of goodwill and other intangible assets(24,388)(23,720)(8,138)(8,100)(7,967)
(Impairment)/reversal of impairment of goodwill and other intangible assets
(51)295 (5)(45)(1)
Operating profit27,799 27,196 7,869 8,049 7,122 
Share of profit in associates and joint ventures2,233 2,175 607 857 592 
Profit before tax30,032 29,371 8,476 8,906 7,714 
Tax expense(5,618)(5,034)(1,727)(2,078)(1,448)
Profit after tax24,414 24,337 6,749 6,828 6,266 
Attributable to:
– ordinary shareholders of the parent company22,720 22,585 6,134 6,403 5,619 
– other equity holders908 976 382 125 434 
– non-controlling interests786 776 233 300 213 
Profit after tax24,414 24,337 6,749 6,828 6,266 
$$$$$
Basic earnings per share1.231.150.340.35 0.29
Diluted earnings per share1.221.140.340.34 0.29
Dividend per ordinary share (paid in the period)0.51 0.43 0.10 0.10 0.10 
%%%%%
Return on average ordinary shareholders’ equity (annualised)17.9 18.3 14.415.2 13.5 
Return on average tangible equity (annualised)19.3 19.7 15.516.3 14.6 
Cost efficiency ratio45.0 44.2 47.949.2 49.3 
1    Includes a $283m loss in 3Q24 related to the early redemption of legacy securities.
2    Includes a $255m gain (9M23: $284m loss) on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
3    Gain recognised in respect of the acquisition of SVB UK.
4    For the nine months ending 30 September 2024, a gain of $4.6bn, inclusive of the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves recycling losses but excluding the $255m gain on the foreign exchange hedging (see footnote 2 above), on the sale of our banking business in Canada, and an impairment loss of $1.2bn relating to the planned sale of our business in Argentina was recognised.
5    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.

12
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Distribution of results by global business and legal entity
Distribution of results by global business
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Constant currency revenue1
Wealth and Personal Banking2
21,723 22,678 7,411 7,162 6,584 
Commercial Banking
16,284 17,378 5,388 5,406 5,292 
Global Banking and Markets
13,154 12,154 4,412 4,333 3,833 
Corporate Centre2
3,129 179 (213)(245)178 
Total54,290 52,389 16,998 16,656 15,887 
Constant currency profit/(loss) before tax
Wealth and Personal Banking2
9,684 11,403 3,226 3,304 2,778 
Commercial Banking
9,464 10,730 3,001 3,210 2,797 
Global Banking and Markets
5,662 4,670 1,849 1,804 1,261 
Corporate Centre2
5,222 2,292 400 661 788 
Total30,032 29,095 8,476 8,979 7,624 
1    Constant currency net operating income before change in expected credit losses and other credit impairment charges including the effects of foreign currency translation differences, also referred to as constant currency revenue.
2    On 1 January 2024, HSBC Continental Europe completed the sale of its retail banking operations in France to CCF, a subsidiary of Promontoria MMB SAS (‘My Money Group’). With effect from this date, we have prospectively reclassified the portfolio of retained loans, profit participation interest and licence agreement of the CCF brand from WPB to Corporate Centre.
Distribution of results by legal entity
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Reported profit/(loss) before tax
HSBC UK Bank plc5,555 6,569 1,821 1,923 1,778 
HSBC Bank plc2,437 4,405 1,001 739 907 
The Hongkong and Shanghai Banking Corporation Limited16,005 15,000 5,112 5,436 4,083 
HSBC Bank Middle East Limited867 1,023 331 253 350 
HSBC North America Holdings Inc.446 886 23 170 185 
HSBC Bank Canada186 695 — — 220 
Grupo Financiero HSBC, S.A. de C.V.682 658 216 280 222 
Other trading entities1
1,477 1,740 443 644 458 
– of which: other Middle East entities (including Oman, Türkiye, Egypt and Saudi Arabia)629 542 218 197 120 
– of which: Saudi Awwal Bank464 391 147 172 118 
Holding companies, shared service centres and intra-Group eliminations2
2,377 (1,605)(471)(539)(489)
Total30,032 29,371 8,476 8,906 7,714 
Constant currency profit/(loss) before tax
HSBC UK Bank plc5,555 6,766 1,821 1,980 1,827 
HSBC Bank plc2,437 4,465 1,001 755 926 
The Hongkong and Shanghai Banking Corporation Limited16,005 14,880 5,112 5,475 4,098 
HSBC Bank Middle East Limited867 1,024 331 254 351 
HSBC North America Holdings Inc.446 887 23 170 185 
HSBC Bank Canada186 688 — — 216 
Grupo Financiero HSBC, S.A. de C.V.682 662 216 255 200 
Other trading entities1
1,477 1,329 443 629 306 
– of which: other Middle East entities (including Oman, Türkiye, Egypt and Saudi Arabia)629 408 218 192 73 
– of which: Saudi Awwal Bank464 391 147 171 118 
Holding companies, shared service centres and intra-Group eliminations2
2,377 (1,606)(471)(539)(485)
Total
30,032 29,095 8,476 8,979 7,624 
1    Other trading entities includes the results of entities located in Oman (pre merger with Sohar International Bank SAOG in August 2023), Türkiye, Egypt and Saudi Arabia (including our share of the results of Saudi Awwal Bank) which do not consolidate into HSBC Bank Middle East Limited. Supplementary analysis is provided on page 45 for a fuller picture of the Middle East, North Africa and Türkiye (‘MENAT‘) regional performance.
2    Includes a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange hedging of the sale proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves recycling losses. This is partly offset by a $1.2bn impairment recognised in relation to the planned sale of our business in Argentina.
arrows_wda.jpg    Tables showing constant currency profit before tax by global business and legal entity are presented to support the commentary on constant currency performance on pages 15 and 17.
arrows_wda.jpg    The tables on pages 33 to 45 reconcile reported to constant currency results for each of our global business segments and legal entities.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
13

Earnings Release 3Q24 on Form 6-K
Income statement commentary
3Q24 compared with 3Q23 – reported results
Movement in reported profit compared with 3Q23
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m$m%$m
Revenue16,998 16,161 837 5 (811)
ECL(986)(1,071)85 8 19 
Operating expenses(8,143)(7,968)(175)(2)338 
Share of profit/(loss) from associates and JVs607 592 15 3 — 
Profit before tax8,476 7,714 762 10 (454)
Tax expense(1,727)(1,448)(279)(19)
Profit after tax6,749 6,266 483 8 
1    For details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Quarter ended
30 Sep 202430 Sep 2023
$m$m
Revenue
Disposals, acquisitions and related costs
72 310 
Fair value movements on financial instruments1
— — 
Disposal losses on Markets Treasury repositioning
— (578)
Early redemption of legacy securities
(283)— 
Currency translation on revenue notable items
— 5 
Operating expenses
Disposals, acquisitions and related costs
(48)(79)
Restructuring and other related costs
3 30 
Currency translation on operating expenses notable items
— — 
1    Fair value movements on non-qualifying hedges in HSBC Holdings.
Reported profit
Reported profit before tax of $8.5bn was $0.8bn higher than in 3Q23. This primarily reflected an increase in revenue from a strong performance in Wealth in WPB and higher revenue in Global Foreign Exchange, Equities and Global Debt Markets in GBM, which mitigated a reduction in NII.
Revenue also benefited from a net favourable impact from notable items. These included disposal losses in 3Q23 of $0.6bn relating to repositioning and risk management, partly offset by the adverse effects of a $0.2bn gain in 3Q23 on foreign exchange hedges relating to the disposal of our banking business in Canada, which did not recur. In 3Q24, these included a $0.3bn loss on the early redemption of legacy securities. In addition, revenue in 3Q24 included a loss of $0.1bn from Treasury repositioning and risk management.
The rise in revenue was partly offset by higher reported operating expenses due to higher spend and investment in technology, as well as from inflationary pressures.
Reported profit after tax of $6.7bn was $0.5bn higher than in 3Q23.
Reported revenue
Reported revenue of $17.0bn was $0.8bn or 5% higher than in 3Q23 reflecting higher wealth revenue in WPB, notably from a strong performance in life insurance, Global Private Banking and investment distribution, as well as revenue growth in Global Foreign Exchange, Equities and Global Debt Markets in GBM, as increased market volatility led to higher client activity. These factors were partly offset by a loss of $0.1bn in 3Q24 from Treasury repositioning and risk management, and the impact of our disposals in Canada and France. The increase in revenue also included the favourable impact from notable items described above.
NII fell by $1.6bn compared with 3Q23 and included an adverse impact of foreign currency translation differences of $0.4bn. The reduction reflected the impact of deposit migration since 3Q23 and the loss on the early redemption of legacy securities in 3Q24 of $0.3bn. The fall in NII also included $0.7bn higher funding costs associated with the redeployment of our commercial surplus into the trading book, where the associated revenue is recognised in ‘net income on financial instruments held for trading or managed on a fair value basis‘. These reductions were in part mitigated by higher NII in Markets Treasury due to reinvestments in our portfolio at higher yields. Banking NII of $10.6bn fell by $0.9bn, as increased deployment of our commercial surplus to the trading book only partly mitigated the reductions in NII.

14
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Reported ECL
Reported ECL of $1.0bn were $0.1bn lower than in 3Q23, notably due to a lower level of stage 3 charges against exposures in the commercial real estate sector in mainland China in CMB and GBM, partly offset by an increase in ECL charges of $0.2bn in WPB. ECL in 3Q24 comprised charges in CMB and GBM of $0.5bn, including against exposures in the onshore Hong Kong commercial real estate ($0.1bn) and mainland China commercial real estate sectors ($0.1bn). In WPB, ECL included charges of $0.2bn in our legal entity in Mexico, which were broadly stable compared with 2Q24, primarily related to our unsecured lending book, reflecting portfolio growth. In addition, ECL in WPB included charges in HSBC UK and our main entity in Hong Kong.
arrows_wda.jpg    For further details of the calculation of ECL, including the measurement uncertainties and significant judgements applied to such calculations, the impact of the economic scenarios and management judgemental adjustments, see pages 53 to 59.
Reported operating expenses
Reported operating expenses of $8.1bn were $0.2bn or 2% higher. This mainly reflected higher spend and investment in technology and the impacts of inflation, while the performance-related pay accrual was broadly stable. These increases were partly offset by continued cost discipline, reductions following the completion of disposals in Canada and France and a favourable impact from foreign currency translation differences of $0.1bn.
Reported share of profit from associates and JVs
Reported share of profit from associates and joint ventures of $0.6bn was $15m or 3% higher. This included a higher share of profit from Saudi Awwal Bank (‘SAB‘).
Tax expense
Tax in 3Q24 was a charge of $1.7bn, representing an effective tax rate of 20.4%. The effective tax rate for 3Q24 was increased by provisions for uncertain tax positions and a tax charge arising under the Global Minimum Tax regime. Tax in 3Q23 was a charge of $1.4bn, representing an effective tax rate of 18.8%.
Third interim dividend for 2024
On 29 October 2024, the Board announced a third interim dividend for 2024 of $0.10 per ordinary share. For further details, see page 67.
3Q24 compared with 3Q23 – constant currency basis
Movement in profit before tax compared with 3Q23 – on a constant currency basis
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m$m% $m
Revenue16,998 15,887 1,111 7 (806)
ECL(986)(1,038)52 5 19 
Operating expenses(8,143)(7,823)(320)(4)336 
Share of profit from associates and JVs607 598 9 2 — 
Profit before tax8,476 7,624 852 11 (451)
1    For details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $8.5bn was $0.9bn higher than in 3Q23, on a constant currency basis, as growth in revenue was partly offset by higher operating expenses.
Revenue increased by $1.1bn or 7% on a constant currency basis, and included a reduction of $0.8bn relating to the impact of strategic transactions. Revenue growth was driven by Wealth in WPB and in Global Foreign Exchange, Equities and Global Debt Markets in GBM. A reduction in NII reflected deposit migration, a loss on the early redemption of legacy securities in 3Q24, and higher funding costs associated with the redeployment of our commercial surplus into the trading book, where the related revenue is recognised in ’net income on financial instruments held for trading or managed on a fair value basis’. Banking NII fell by $0.5bn, as increased deployment of our commercial surplus to the trading book only partly mitigated the reductions in NII.
ECL charges of $1.0bn were $0.1bn lower on a constant currency basis, notably reflecting a reduction in charges relating to exposures in the commercial real estate sector in mainland China in CMB and GBM, partly offset by higher charges in WPB. ECL in 3Q24 included charges against exposures in the onshore Hong Kong commercial real estate sector of $0.1bn and in the mainland China commercial real estate sector of $0.1bn. In addition, WPB included charges in our legal entity in Mexico, which were broadly stable compared with 2Q24, primarily in our unsecured lending book, reflecting portfolio growth, and higher charges in HSBC UK and our main entity in Hong Kong.
Operating expenses increased by $0.3bn or 4% on a constant currency basis, mainly driven by continued spend and investment in technology and the impacts of inflation, while the performance-related pay accrual was broadly stable. These increases were partly offset by continued cost discipline and reductions following the completion of disposals in Canada and France. Target basis operating expenses were $0.4bn or 5% higher than in 3Q23, while they fell by 1% compared with 2Q24, mainly due to a reduction in marketing costs and a lower performance-related pay accrual.

HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
15

Earnings Release 3Q24 on Form 6-K
9M24 compared with 9M23 – reported results
Movement in reported profit compared with 9M23
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m$m% $m
Revenue54,290 53,037 1,253 2(901)
ECL(2,052)(2,416)364 1552 
Operating expenses(24,439)(23,425)(1,014)(4)723 
Share of profit from associates and JVs less impairment
2,233 2,175 58 3— 
Profit before tax30,032 29,371 661 2(126)
Tax expense(5,618)(5,034)(584)(12)
Profit after tax24,414 24,337 77 —
1    For details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Nine months ended
30 Sep 202430 Sep 2023
$m$m
Revenue
Disposals, acquisitions and related costs
3,643 3,631 
Fair value movements on financial instruments1
— 15 
Disposal losses on Markets Treasury repositioning
— (578)
Early redemption of legacy securities
(283)
Currency translation on revenue notable items
— 96 
Operating expenses
Disposals, acquisitions and related costs
(149)(197)
Restructuring and other related costs
22 77 
Currency translation on operating expenses notable items
— — 
1    Fair value movements on non-qualifying hedges in HSBC Holdings.
Reported profit
Reported profit before tax of $30.0bn was $0.7bn or 2% higher reflecting revenue growth and lower ECL, partly offset by higher operating expenses. The growth in revenue included a net favourable impact of notable items. These primarily comprised the disposal of our banking business in Canada, recognising a gain of $4.8bn, inclusive of fair value gains on related hedging and recycling of related reserves. This was partly offset by a $1.2bn impairment following the classification of our business in Argentina as held for sale, the impact of a $2.1bn reversal in 9M23 of an impairment relating to the sale of our retail banking operations in France, and a $1.6bn gain recognised on the acquisition of SVB UK in 9M23.
In addition, notable items included a $0.3bn loss in 9M24 related to the early redemption of legacy securities, while 9M23 included disposal losses of $0.6bn relating to Treasury repositioning and risk management.
Reported profit after tax of $24.4bn was $0.1bn higher than in 9M23.
Reported revenue
Reported revenue of $54.3bn was $1.3bn or 2% higher, which included a net favourable impact of $0.3bn of notable items described above.
The growth in revenue also reflected the impact of higher customer activity across our Wealth products in WPB, while in Equities and Securities Financing in GBM market volatility led to higher client activity.
NII of $24.5bn fell by $3.0bn, and included the adverse impact of foreign currency translation differences of $1.0bn and the impact from the early redemption of legacy securities of $0.3bn. The reduction included the effects of our business disposals in Canada and France. The fall in NII also reflected the impact of deposit migration and an increase of $2.5bn in funding costs associated with the redeployment of our commercial surplus into the trading book, where the related revenue is recognised in ’net income on financial instruments held for trading or managed on a fair value basis’. These reductions were in part mitigated by higher NII in Markets Treasury due to reinvestments in our portfolio at higher yields. Banking NII of $32.8bn fell by $0.5bn or 2%, as increased deployment of our commercial surplus to the trading book only partly mitigated the reductions in NII.
Reported ECL
Reported ECL charges of $2.1bn were $0.4bn lower. This included lower stage 3 charges, notably reflecting a reduction in charges relating to the commercial real estate sector in mainland China, which contributed to lower ECL in both CMB and GBM, and lower charges in CMB in HSBC UK. ECL in GBM also benefited from a release of stage 3 allowances in HSBC Bank plc related to a single client. These reductions were partly offset by higher charges in WPB, mainly in our legal entity in Mexico, reflecting growth in our unsecured lending portfolio and unemployment trends.

16
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Reported operating expenses
Reported operating expenses of $24.4bn were $1.0bn or 4% higher, including favourable foreign currency translation differences between the periods of $0.4bn. The increase reflected higher spend and investment in technology, inflationary impacts and a higher performance-related pay accrual, which reflects a change in the phasing relative to 9M23, the non-recurrence of a $0.2bn impact from the reversal of historical asset impairments in 9M23, and higher bank levies in 9M24.
These factors were partly offset by the impact of disposals in Canada and France, continued cost discipline and favourable foreign currency translation differences between the periods of $0.4bn.
The number of employees expressed in full-time equivalent staff (‘FTE’) at 30 September 2024 was 215,180, a decrease of 5,681 compared with 31 December 2023, primarily reflecting the completion of the sale of our banking business in Canada and our retail banking operations in France. The number of contractors at 30 September 2024 was 4,453, a decrease of 223.
Reported share of profit from associates and JVs
Reported share of profit from associates and joint ventures of $2.2bn was $0.1bn higher. This included an increase in the share of profit from SAB.
Tax expense
Tax in 9M24 was a charge of $5.6bn, representing an effective tax rate of 18.7%. The effective tax rate for 9M24 was reduced by the non-taxable gain on the sale of our banking business in Canada and increased by the non-deductible loss recorded on the planned sale of our business in Argentina. Excluding these items, the effective rate for 9M24 was 21.1%. Tax in 9M23 was a charge of $5.0bn, representing an effective tax rate of 17.1%. The effective tax rate for 9M23 was reduced by 1.5 percentage points by the non-taxable provisional gain on the acquisition of SVB UK and by 1.4 percentage points by the release of provisions for uncertain tax positions.
9M24 compared with 9M23 – constant currency basis
Movement in profit before tax compared with 9M23 – on a constant currency basis
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m$m% $m
Revenue54,290 52,389 1,901 4 (978)
ECL(2,052)(2,355)303 13 52
Operating expenses(24,439)(23,067)(1,372)(6)717 
Share of profit from associates and JVs less impairment
2,233 2,128 105 5 —
Profit before tax30,032 29,095 937 3 (209)
1    For details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $30.0bn was $0.9bn higher than in 9M23 on a constant currency basis. Constant currency profit before tax excluding notable items of $26.8bn was $0.7bn or 3% higher.
Revenue increased by $1.9bn or 4% on a constant currency basis, and included a $1.0bn adverse impact from strategic transactions. The growth in revenue reflected the impact of higher customer activity in our Wealth products in WPB, and in Equities and Securities Financing in GBM. NII fell due to business disposals, deposit migration and a loss on the early redemption of legacy securities in 3Q24. The reduction also included higher funding costs associated with the redeployment of our commercial surplus into the trading book, where the related revenue is recognised in ’net income on financial instruments held for trading or managed on a fair value basis’. On a constant currency basis, banking NII increased by $0.5bn or 1%.
ECL charges were $0.3bn lower on a constant currency basis, primarily due to a reduction in stage 3 charges in relation to exposures in the commercial real estate sector in mainland China which contributed to lower ECL in both CMB and GBM, and lower charges in CMB in HSBC UK. These reductions were partly offset by higher charges in WPB reflecting growth in unsecured lending in our legal entity in Mexico and unemployment trends.
Operating expenses increased by $1.4bn or 6% on a constant currency basis, primarily reflecting higher spend and investment in technology, inflationary impacts and a higher performance-related pay accrual, partly offset by continued cost discipline. Target basis operating expenses rose by $1.4bn or 6% compared with 9M23.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
17

Earnings Release 3Q24 on Form 6-K
Net interest income
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Interest income
82,627 74,154 27,255 27,107 27,198 
Interest expense
(58,079)(46,642)(19,618)(18,849)(17,950)
Net interest income24,548 27,512 7,637 8,258 9,248 
Average interest-earning assets2,094,585 2,160,881 2,088,100 2,055,283 2,157,370 
%%%%%
Gross interest yield1
5.27 4.59 5.19 5.30 5.00 
Less: gross interest payable1
(4.08)(3.35)(4.07)(4.05)(3.80)
Net interest spread2
1.19 1.24 1.12 1.25 1.20 
Net interest margin3
1.57 1.70 1.46 1.62 1.70 
1    Gross interest yield is the average annualised interest rate earned on average interest-earning assets (‘AIEA’). Gross interest payable is the average annualised interest cost as a percentage of average interest-bearing liabilities (’AIBL’).
2    Net interest spread is the difference between the average annualised interest rate earned on AIEA, net of amortised premiums and loan fees, and the average annualised interest rate payable on average interest-bearing funds.
3    Net interest margin is net interest income expressed as an annualised percentage of AIEA.
Net interest income
NII for 9M24 was $24.5bn, a decrease of $3bn or 11% compared with 9M23. The reduction was mainly due to the deployment of commercial surplus into the trading book, for which the associated revenue is reported in ‘net income on financial instruments held for trading or managed on a fair value basis‘. The fall also reflected business disposals, a $0.3bn loss in 9M24 related to the early redemption of legacy securities, and a reduction of $0.2bn reflecting a reclassification made in 4Q23 of cash flow hedge revenue between NII and non-NII. These decreases were partly offset by growth in HSBC UK due to improved margins and the acquisition of SVB UK in 1Q23. Excluding the unfavourable impact of foreign currency translation differences, NII decreased by $2bn or 8%.
NII for 3Q24 was $7.6bn, down 17% compared with 3Q23, and down 9% compared with 2Q24. The year-on-year decline was driven by a rise in the interest expense of average interest-bearing liabilities (‘AIBL’) due to higher interest rates. The decline against 2Q24 reflected a rise in the interest expense related to AIBL, which included a $0.3bn adverse impact from the early redemption of legacy securities.
Net interest margin
NIM for 9M24 of 1.57% was 13 basis points (‘bps’) lower compared with 9M23, reflecting a higher interest expense related to AIBL, including the impact of deposit migration, the increased deployment of our commercial surplus to the trading book, and the $0.3bn loss on the early redemption of legacy securities. These reductions were mitigated by an increase in gross asset yields due to higher interest rates. Excluding the adverse effect of foreign currency translation differences, NIM declined by 12bps.
NIM for 3Q24 was 1.46%, 24bps lower year-on-year, and down 16bps compared with the previous quarter, primarily reflecting the impact of higher interest expense related to AIBL, the early redemption of legacy securities and the impact of deployment of our commercial surplus to the trading book.
Interest income and interest expense
Interest income for 9M24 of $82.6bn increased by $8.5bn compared with 9M23, primarily due to higher asset yields. Excluding the adverse effect of foreign currency translation differences of $1.7bn, interest income increased by $10.2bn.
Interest income of $27.3bn in 3Q24 was up $0.1bn compared with both 3Q23 and 2Q24.
Interest expense for 9M24 of $58.1bn increased by $11.4bn or 24% compared with 9M23. This was primarily driven by a rise in interest rates, deposit migration and the impact of the early redemption of legacy securities of $0.3bn. Excluding the favourable effects of foreign currency translation differences of $0.8bn, interest expense increased by $12.2bn.
Interest expense of $19.6bn in 3Q24 was up $1.7bn compared with 3Q23, and $0.8bn higher compared with 2Q24. The increase compared with 3Q23 was mainly driven by deposit migration and the impact of the early redemption of legacy securities. The increase compared with 2Q24 was driven by an increase in AIBL and the impact of the early redemption of legacy securities.
Banking net interest income
Banking NII is an alternative performance measure, and is defined as Group NII after deducting:
–the internal cost to fund trading and fair value net assets for which associated revenue is reported in ‘Net income from financial instruments held for trading or managed on a fair value basis’, also referred to as ‘trading and fair value income’. These funding costs reflect proxy overnight or term interest rates as applied by internal funds transfer pricing;
–the funding costs of foreign exchange swaps in Markets Treasury, where an offsetting income or loss is recorded in trading and fair value income. These instruments are used to manage foreign currency deployment and funding in our entities; and
–third-party NII in our insurance business.
In our segmental disclosures, the funding costs of trading and fair value net assets are predominantly recorded in GBM in ‘net income from financial instruments held for trading or managed on a fair value basis’. On consolidation, this funding is eliminated in Corporate Centre, resulting in an increase in the funding costs reported in NII with an equivalent offsetting increase in ‘net income from financial instruments held for trading or managed on a fair value basis’ in this segment. In the consolidated Group results, the cost to fund these trading and fair value net assets is reported in NII.
Banking NII was $32.8bn in 9M24. The funding costs associated with generating trading and fair value income were $8.6bn, an increase of $2.5bn compared with 9M23, primarily reflecting growth in net trading and fair value assets. Banking NII also deducts third-party NII related to
18
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

our insurance business, which was $0.3bn, broadly stable compared with 9M23. The movement in banking NII also included a $0.3bn loss in 9M24 related to the early redemption of legacy securities and a reduction of $0.2bn reflecting a reclassification made in 4Q23 of cash flow hedge revenue between NII and non-NII.
The internally allocated funding to generate trading and fair value income was approximately $210bn at 30 September 2024, a rise of approximately $80bn since 30 September 2023, and an increase of approximately $2bn since 30 June 2024. This relates to trading, fair value and associated net asset balances predominantly in GBM. The increase reflected management decisions on the deployment of our commercial surplus.
Banking net interest income
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$bn$bn$bn$bn$bn
Net interest income24.5 27.5 7.6 8.2 9.2 
Banking book funding costs used to generate ‘net income from financial instruments held for trading or managed on a fair value basis’8.6 6.1 3.1 2.8 2.4 
Third-party net interest income from insurance(0.3)(0.3)(0.1)(0.1)(0.1)
Banking net interest income32.8 33.3 10.6 10.9 11.5 
– of which:
The Hongkong and Shanghai Banking Corporation Limited
16.2 16.5 5.5 5.3 5.8 
HSBC UK Bank plc7.7 7.2 2.6 2.5 2.5 
HSBC Bank plc3.4 3.4 1.2 1.2 1.2 

Summary consolidated balance sheet
At
30 Sep 202430 Jun 202431 Dec 2023
$m$m$m
Assets
Cash and balances at central banks252,310 277,112 285,868 
Trading assets349,904 331,307 289,159 
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss126,372 117,014 110,643 
Derivatives232,439 219,269 229,714 
Loans and advances to banks117,514 102,057 112,902 
Loans and advances to customers968,653 938,257 938,535 
Reverse repurchase agreements – non-trading263,387 230,189 252,217 
Financial investments490,503 467,356 442,763 
Assets held for sale9,182 5,821 114,134 
Other assets288,357 286,621 262,742 
Total assets3,098,621 2,975,003 3,038,677 
Liabilities
Deposits by banks89,337 82,435 73,163 
Customer accounts1,660,715 1,593,834 1,611,647 
Repurchase agreements – non-trading202,510 202,770 172,100 
Trading liabilities75,917 77,455 73,150 
Financial liabilities designated at fair value146,600 140,800 141,426 
Derivatives239,836 217,096 234,772 
Debt securities in issue103,414 98,158 93,917 
Insurance contract liabilities133,155 125,252 120,851 
Liabilities of disposal groups held for sale8,202 5,041 108,406 
Other liabilities238,910 241,748 216,635 
Total liabilities2,898,596 2,784,589 2,846,067 
Equity
Total shareholders’ equity192,754 183,293 185,329 
Non-controlling interests7,271 7,121 7,281 
Total equity200,025 190,414 192,610 
Total liabilities and equity3,098,621 2,975,003 3,038,677 
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
19

Earnings Release 3Q24 on Form 6-K
Balance sheet commentary
Balance sheet – 30 September 2024 compared with 30 June 2024
At 30 September 2024, our total assets of $3.1tn were $124bn higher on a reported basis and included favourable effects of foreign currency translation differences of $85bn. On a constant currency basis, total assets were $39bn higher, driven by an increase in reverse repurchase agreements, growth in loans and advances to banks, and higher financial investments balances. These were partly offset by lower cash and balances at central banks.
Loans and advances to customers as a percentage of customer accounts were 58.3%, compared with 58.9% at 30 June 2024.
Combined view of customer lending and customer deposits
At
30 Sep 202430 Jun 202431 Dec 2023
$m$m$m
Loans and advances to customers968,653 938,257 938,535 
Loans and advances to customers of disposal groups reported in ‘Assets held for sale’2,693 2,253 73,285 
– banking business in Canada
— — 56,129 
– retail banking operations in France
— — 16,902 
– business in Argentina
1,913 1,559 
– operations in Armenia
438 478 — 
– private banking business in Germany
326 — 
– other
15 216 254 
Non-current assets held for sale
161 160 92 
Combined customer lending971,507 940,670 1,011,912 
Currency translation— 28,254 13,722 
Combined customer lending at constant currency971,507 968,924 1,025,633 
Customer accounts1,660,715 1,593,834 1,611,647 
Customer accounts reported in ‘Liabilities of disposal groups held for sale’7,140 4,037 85,950 
– banking business in Canada
— — 63,001 
– retail banking operations in France
— — 22,307 
– business in Argentina
3,902 3,077 
– operations in Armenia
440 457 — 
– private banking business in Germany
2,679 — 
– other
119 503 643 
Combined customer deposits1,667,855 1,597,871 1,697,597 
Currency translation— 47,020 24,339 
Combined customer deposits at constant currency1,667,855 1,644,891 1,721,936 

Loans and advances to customers
Loans and advances to customers of $1.0tn were $30bn higher on a reported basis. This included favourable effects of foreign currency translation differences of $28bn, mainly in HSBC UK. Excluding foreign currency translation differences, customer lending balances increased by $2bn. The increase primarily reflected growth in WPB, notably in HSBC UK, and in CMB, partly offset by a reduction in GBM.
In WPB, customer lending increased by $3bn. This was driven by continued growth in mortgage lending balances, notably in HSBC UK and our legal entity in the US.
In CMB, customer lending increased by $3bn. This was driven by growth in term lending in HSBC UK, HSBC Bank plc and in our legal entities in the Middle East, Australia, Mexico, Singapore and India. This was partly offset by lower term lending balances in our legal entities in Hong Kong and the US.
In GBM, lending decreased by $4bn, primarily reflecting lower term lending, notably in our main legal entities in Hong Kong, Singapore, the US and mainland China, as well as in HSBC Bank plc. This was partly offset by growth in overdraft balances in our main legal entity in Hong Kong, as well as in HSBC Bank plc and the US.
We continue to expect mid-single digit annual percentage customer lending growth over the medium to long term.
Customer accounts
Customer accounts of $1.7tn increased by $67bn on a reported basis. This included favourable effects of foreign currency translation differences of $47bn, mainly in HSBC UK. Excluding foreign currency translation differences, customer accounts rose by $20bn.
In WPB, customer accounts rose by $15bn, primarily in our legal entity in Hong Kong reflecting an increase in term deposits prior to interest rate reductions and short-term inflows into customer accounts amid equity market volatility. This increase was partly offset by a decrease in HSBC Bank plc, notably reflecting the reclassification of deposit balances associated with the planned sale of our private banking business in Germany.
In CMB, the increase in customer accounts of $6bn reflected balance growth in our main legal entities in the US and Hong Kong. In addition, 3Q24 included short-term deposits in HSBC UK and our legal entity in the US, which were subsequently withdrawn in early October.
In GBM, customer accounts remained broadly stable as a reduction in HSBC Bank plc reflecting the withdrawal of a short-term deposit held at 30 June 2024 was mostly offset by balance growth, notably in our legal entities in mainland China and the US.
20
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Financial investments
As part of our interest rate hedging strategy, we hold a portfolio of debt instruments, reported within financial investments, which are classified as hold-to-collect-and-sell. As a result, the change in value of these instruments is recognised through ‘debt instruments at fair value through other comprehensive income’ in equity.
At 30 September 2024, we had recognised a pre-tax cumulative unrealised loss reserve through other comprehensive income of $2.3bn related to these hold-to-collect-and-sell positions, excluding investments held in our insurance business. This reflected a $1.9bn pre-tax gain in 3Q24, inclusive of movements on related fair value hedges. During 3Q24, we recognised a loss of $0.1bn in the income statement in relation to Treasury repositioning and risk management actions in this portfolio. Overall, the Group is positively exposed to rising interest rates through NII, although there is an adverse impact on our capital base in the early stages of a rising interest rate environment due to the fair value of hold-to-collect-and-sell instruments. Over time, these adverse movements will unwind as the instruments reach maturity, although not all will necessarily be held to maturity, or as interest rates begin to fall.
We also hold a portfolio of financial investments measured at amortised cost, which are classified as hold-to-collect. At 30 September 2024, the debt instruments within this portfolio, excluding those held in our insurance business, that are held to manage our interest rate exposure had a fair value broadly in line with their carrying value, representing a $2.2bn improvement during 3Q24.
Bank of Communications Co., Limited
On 24 September 2024, the People’s Bank of China, National Financial Regulatory Administration and China Securities Regulatory Commission announced several policies aimed at promoting growth and economic development. These included monetary stimulus, property market support and capital market strengthening measures, as well as measures to recapitalise the largest commercial banks. We are monitoring these developments and their potential impacts, including on the carrying value of our stake in the Bank of Communications Co., Limited (‘BoCom’). The range of possible outcomes, including the possible impact of the announced measures, remains broad and uncertain and could impact on our ongoing impairment assessments. These developments may have the potential to have a significant impact on the Group‘s reported earnings, but would be expected to have an immaterial impact on HSBC’s capital, capital ratios and its distribution capability. As at 30 September 2024, the carrying value of the investment was $22.7bn (30 June 2024: $22.1bn), and its fair value was $10.8bn (30 June 2024: $11.1bn), with no additional impairment recognised during the quarter. At 31 December 2023, we recognised an impairment of $3bn against the carrying value of our investment in BoCom, which had no material impact on HSBC’s capital, capital ratios and no impact on 2023 dividends or share buy-backs.
Risk-weighted assets – 30 September 2024 compared with 30 June 2024
Risk-weighted assets (‘RWAs’) increased by $28.8bn during 3Q24. Excluding an increase of $14.8bn from foreign currency translation differences, RWAs rose by $14.0bn, largely as a result of:
–an $11.8bn increase primarily driven by a rise in corporate exposures, notably in HSBC UK Bank plc, SAB and Asia, and higher sovereign exposures, mainly in Asia. Additionally, there was a rise in securities financing exposures in counterparty credit risk, notably in HSBC Bank plc; and
–a $4.2bn increase mainly from unfavourable credit risk rating migrations in Asia, including in the Hong Kong commercial real estate sector, and the US.
These increases were partly offset by:
–a $1.1bn decline primarily due to a $2.2bn change to the financial institutions model and a $0.8bn decrease due to credit risk parameter refinements, offset by methodology changes notably in Asia, HSBC UK Bank plc and the US.

HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
21

Earnings Release 3Q24 on Form 6-K
Global businesses
Wealth and Personal Banking – constant currency basis
Results – on a constant currency basis
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
%$m
Revenue
21,723 22,678 (955)(4)(2,671)
ECL(926)(692)(234)(34)11 
Operating expenses(11,156)(10,629)(527)(5)574 
Share of profit/(loss) from associates and JVs43 46 (3)(7)— 
Profit before tax9,684 11,403 (1,719)(15)(2,086)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Nine months ended
30 Sep 2024
30 Sep 2023
Variance
9M24 vs. 9M23
of which strategic transactions4
$m$m$m%$m
Wealth6,696 5,772 924 16 (153)
– investment distribution2,198 1,955 243 12 (116)
– Global Private Banking1,996 1,729 267 15 — 
    net interest income
895 885 10 1 — 
    non-interest income
1,101 844 257 30 — 
– life insurance1,474 1,150 324 28 — 
– asset management1,028 938 90 10 (37)
Personal Banking14,559 15,362 (803)(5)(496)
– net interest income13,521 14,400 (879)(6)(426)
– non-interest income1,038 962 76 8 (70)
Other1
468 1,544 (1,076)(70)(2,022)
– of which: impairment (loss)/reversal relating to the sale of our retail banking operations in France
55 2,058 (2,003)(97)(2,003)
Net operating income2
21,723 22,678 (955)(4)(2,671)
RoTE (annualised)3 (%)
30.437.3 
1    ‘Other’ includes Markets Treasury, HSBC Holdings interest expense and hyperinflation. It also includes the distribution and manufacturing (where applicable) of retail and credit protection insurance, disposal gains and other non-product-specific income.
2    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
3    RoTE (annualised) in 9M23 included a 6.6 percentage point favourable impact from the reversal of the impairment losses relating to the sale of our retail banking operations in France.
4    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Sep 2023
$m$m$m$m
Revenue
Disposals, acquisitions and related costs
55 2,034 — — 
Disposal losses on Markets Treasury repositioning
— (253)— (253)
Currency translation on revenue notable items
— 21 — (3)
Operating expenses
Disposals, acquisitions and related costs
— (26)— (3)
Restructuring and other related costs
5 16 1 16 
Currency translation on operating expenses notable items
— — — — 

22
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

9M24 compared with 9M23
Profit before tax of $9.7bn was $1.7bn lower than in 9M23 on a constant currency basis. The reduction was due to the non-recurrence of a $2.1bn reversal in 9M23 of an impairment relating to the sale of our retail banking operations in France, although it was subsequently reinstated in 4Q23 and the sale completed on 1 January 2024. In addition, the decrease reflected a $0.2bn reduction due to the sale of our banking business in Canada, which completed in 1Q24. NII was stable compared with 9M23, while fee income increased by 10%. Operating expenses grew by $0.5bn and there was an increase in ECL of $0.2bn.
Revenue of $21.7bn was $1.0bn or 4% lower on a constant currency basis. This included the impact of a reversal of an impairment relating to the sale of our retail banking operations in France included within ‘Other‘. Wealth performed strongly, up $0.9bn, as we continued to execute on our strategy. This included double-digit percentage growth in life insurance, Global Private Banking, investment distribution and asset management. This was partly offset by a reduction in Personal Banking NII of $0.9bn, due to the impact of the disposals in France and Canada mentioned above and margin compression due to lower interest rates, partly offset by balance sheet and non-NII growth.
In Wealth, revenue of $6.7bn was up $0.9bn or 16%.
–Global Private Banking revenue was $0.3bn or 15% higher, driven by a strong performance in brokerage and trading in our entities in Asia.
–Investment distribution revenue grew by $0.2bn, or 12%, driven by higher sales of mutual funds, structured products and bonds due to our continued investment in Wealth and improved market sentiment, notably in our entities in Asia.
–Asset management revenue was $0.1bn or 10% higher, driven by an increase in assets under management due to inflows and positive market movements. This was partly offset by a reduction in revenue due to the sale of our banking business in Canada.
–Life insurance revenue was $0.3bn or 28% higher. The growth included an increase in earnings from contractual service margin (‘CSM’) release, largely due to continued growth in the CSM balance. The year-on-year increase in revenue also included the impact of corrections to historical valuation estimates in 9M23. Insurance manufacturing new business CSM of $2.1bn was 58% higher than in 9M23, mainly in our legal entities in Hong Kong.
In Personal Banking, revenue of $14.6bn was down $0.8bn or 5%.
–Net interest income was $0.9bn or 6% lower due to the impact of the sales in France and Canada and narrower margins. Compared with 9M23, lending balances fell by $14bn due to the sale of our retail banking operations in France, which was a $25bn reduction with $8bn retained in Corporate Centre. Mortgage lending balances rose in HSBC UK and our legal entity in the US. Unsecured lending balances increased, notably in HSBC UK and our legal entities in Asia. Deposit balances fell by $2bn, mainly due to the sale of our retail banking operations in France (down $24bn), partly offset by growth in our main legal entities in Hong Kong and mainland China.
Other revenue decreased by $1.1bn, mainly due to the non-recurrence of a $2.1bn reversal in 9M23 of an impairment relating to the sale of our retail banking operations in France. This was partly offset by a $0.6bn increase in revenue allocated from Markets Treasury, the non-recurrence of a loss on sale of our business in New Zealand in 9M23 of $0.1bn and higher interest income earned on own capital.
ECL were $0.9bn, an increase of $0.2bn compared with 9M23 on a constant currency basis, reflecting higher charges in our legal entity in Mexico, mainly in our unsecured portfolio, due to portfolio growth and unemployment trends.
Operating expenses of $11.2bn were 5% higher on a constant currency basis, reflecting continued investments in Wealth in Asia, higher spend and investment in technology, a higher performance-related pay accrual, and from the impact of inflation. These were partly offset by continued cost discipline and the impact of the disposals in France and Canada.
3Q24 compared with 3Q23
Results – on a constant currency basis
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
%$m
Revenue
7,411 6,584 827 13 (283)
ECL(450)(208)(242)>(100)6 
Operating expenses(3,750)(3,609)(141)(4)212 
Share of profit/(loss) from associates and JVs15 11 4 36 — 
Profit before tax3,226 2,778 448 16 (65)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
23

Earnings Release 3Q24 on Form 6-K
Management view of revenue
Quarter ended
30 Sep 2024
30 Sep 2023
Variance
3Q24 vs. 3Q23
of which strategic transactions3
$m$m$m%$m
Wealth2,360 1,882 478 25 (72)
– investment distribution762 681 81 12 (53)
– Global Private Banking669 581 88 15 — 
    net interest income
297 299 (2)(1)— 
    non-interest income
372 282 90 32 — 
– life insurance562 299 263 88 — 
– asset management367 321 46 14 (19)
Personal Banking4,870 5,201 (331)(6)(238)
– net interest income4,519 4,892 (373)(8)(210)
– non-interest income351 309 42 14 (28)
Other1
181 (499)680 >10027 
– of which: impairment (loss)/reversal relating to the sale of our retail banking operations in France
— — — 
Net operating income2
7,411 6,584 827 13 (283)
1    ‘Other’ includes Markets Treasury, HSBC Holdings interest expense and hyperinflation. It also includes the distribution and manufacturing (where applicable) of retail and credit protection insurance, disposal gains and other non-product-specific income.
2    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
3    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $3.2bn was $0.4bn higher than in 3Q23 on a constant currency basis, primarily reflecting a strong revenue performance, up $0.8bn on a constant currency basis. This included the adverse impact of strategic transactions of $0.3bn. In Wealth, revenue increased by 25%, with double-digit growth in all products. This was partly offset by a decrease in Personal Banking income of $0.3bn, mainly due to the $0.2bn impact of the disposals in France and Canada. ECL of $0.5bn were $0.2bn higher compared with 3Q23 on a constant currency basis, mainly driven by releases due to improvements in macroeconomic scenarios in 3Q23, primarily in HSBC UK, and portfolio growth in our legal entities in Mexico and Hong Kong. Operating expenses of $3.8bn were $0.1bn or 4% higher on a constant currency basis, mainly due to continued investment in Wealth in Asia, higher spend and investment in technology, and inflationary pressures, which were in part mitigated by continued cost discipline and the impact of the disposals in France and Canada.
24
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Commercial Banking – constant currency basis
Results – on a constant currency basis
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
% $m
Revenue
16,284 17,378 (1,094)(6)(1,932)
ECL(1,041)(1,356)315 2347 
Operating expenses(5,780)(5,291)(489)(9)103 
Share of profit/(loss) from associates and JVs1 (1)2 >100— 
Profit before tax9,464 10,730 (1,266)(12)(1,782)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 2024
30 Sep 2023
of which strategic transactions5
$m$m$m% $m
Global Trade Solutions
1,479 1,501 (22)(1)(24)
Credit and Lending 3,957 4,005 (48)(1)(158)
Global Payments Solutions8,962 8,988 (26)— (115)
GBM products, Insurance and Investments, and Other1
1,886 2,884 (998)(35)(1,635)
– of which: share of revenue from Markets and Securities Services and Banking products 1,014 977 37 4 
– of which: gain on the acquisition of Silicon Valley Bank UK Limited— 1,661 (1,661)(100)(1,661)
Net operating income2
16,284 17,378 (1,094)(6)(1,932)
– of which: transaction banking3
11,177 11,223 (46)— 
RoTE (annualised)4 (%)
21.1 25.8 
1    Includes a gain on the acquisition of SVB UK and CMB‘s share of revenue from the sale of Markets and Securities Services (‘MSS‘) and Banking products to CMB customers. GBM‘s share of revenue from the sale of these products to CMB customers is included within the corresponding lines of the GBM management view of revenue. Also includes allocated revenue from Markets Treasury, HSBC Holdings interest expense and hyperinflation.
2    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
3    Transaction banking comprises Global Trade Solutions (‘GTS‘), GPS and CMB’s share of Global Foreign Exchange (shown within ‘share of revenue from Markets and Securities Services and Banking products’).
4    RoTE (annualised) in 9M23 included a 4.3 percentage point favourable impact from the provisional gain on the acquisition of SVB UK.
5    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Sep 2023
$m$m$m$m
Revenue
Disposals, acquisitions and related costs
— 1,593 — 86 
Disposal losses on Markets Treasury repositioning
— (190)— (190)
Currency translation on revenue notable items
— 65 — — 
Operating expenses
Disposals, acquisitions and related costs
2 (30)— (15)
Restructuring and other related costs
3 30 — 1 
Currency translation on operating expenses notable items
— — — — 
9M24 compared with 9M23
Profit before tax of $9.5bn was $1.3bn lower than in 9M23 on a constant currency basis. This was largely due to a reduction in revenue following the non-recurrence of a $1.7bn gain recognised in 9M23 on the acquisition of SVB UK, the impact of the disposal of our banking business in Canada, as well as higher operating expenses. The reduction in profit before tax was partly offset by lower ECL.
Revenue of $16.3bn was $1.1bn or 6% lower on a constant currency basis. This was primarily due to the non-recurrence of a $1.7bn gain recognised in 9M23 on the acquisition of SVB UK. It also included an adverse impact of $0.3bn from strategic transactions, notably in relation to the disposal of our banking business in Canada. These were partly offset by an increase in NII due to the higher interest rate environment, growth in transaction banking fee income and higher revenue from currency volatility in Argentina.
–In GTS, revenue was down $22m or 1%, mainly due to the impact of the disposal of our banking business in Canada, as well as the impacts of the softer trade cycle, which notably resulted in lower revenue in our legal entity in Hong Kong. This was partly offset by growth in transaction banking fee income.
–In Credit and Lending, revenue decreased by $48m or 1%, due to the impact of the disposal of our banking business in Canada and lower balances reflecting muted demand from customers, notably in our legal entities in Asia.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
25

Earnings Release 3Q24 on Form 6-K
–In GPS, revenue was down $26m or 0.3%, reflecting the impact of the disposal of our banking business in Canada, and a decrease in our main legal entities in Asia driven by lower margins. This was partly offset by a 1% increase in fee income resulting from business initiatives, repricing and transaction growth, particularly in international payments. There was also higher revenue in our entity in Argentina due to currency volatility.
–In GBM products, Insurance and Investments, and Other, revenue decreased by $1.0bn, largely due to the non-recurrence of a $1.7bn gain recognised in 9M23 on the acquisition of SVB UK. These adverse impacts were partly offset by higher revenue from Markets Treasury and interest income on own capital and higher GBM collaboration revenue.
ECL charges of $1.0bn were $0.3bn lower than in 9M23 on a constant currency basis. The charge in 9M24 reflected lower charges in our legal entities in Asia and the UK, and lower charges related to the commercial real estate sector in mainland China. These reductions were partly offset by new stage 3 charges in our legal entity in the Middle East.
Operating expenses of $5.8bn were $0.5bn or 9% higher than in 9M23 on a constant currency basis. The increase reflected currency volatility in Argentina, incremental costs in IVB following the acquisition of SVB UK, higher spend and investment in technology, and inflationary impacts. These increases were in part mitigated by continued cost discipline and the impact of the sale of our banking business in Canada.
3Q24 compared with 3Q23
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
% $m
Revenue
5,388 5,292 96 2 (311)
ECL(468)(662)194 29 14 
Operating expenses(1,919)(1,833)(86)(5)88 
Share of profit/(loss) from associates and JVs— — — — — 
Profit before tax3,001 2,797 204 7 (209)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions4
$m$m$m% $m
Global Trade Solutions
509 505 4 1 (13)
Credit and Lending 1,306 1,311 (5)— (117)
Global Payments Solutions2,946 3,131 (185)(6)(83)
GBM products, Insurance and Investments, and Other1
627 345 282 82 (98)
– of which: share of revenue from Markets and Securities Services and Banking products 338 323 15 5 
– of which: gain on the acquisition of Silicon Valley Bank UK Limited— 89 (89)(100)(89)
Net operating income2
5,388 5,292 96 2 (311)
– of which: transaction banking3
3,710 3,881 (171)(4)
1    Includes a gain on the acquisition of SVB UK and CMB‘s share of revenue from the sale of MSS and Banking products to CMB customers. GBM‘s share of revenue from the sale of these products to CMB customers is included within the corresponding lines of the GBM management view of revenue. Also includes allocated revenue from Markets Treasury, HSBC Holdings interest expense and hyperinflation.
2    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
3    Transaction banking comprises GTS, GPS and CMB’s share of Global Foreign Exchange (shown within ‘share of revenue from Markets and Securities Services and Banking products’).
4    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $3.0bn was $0.2bn or 7% higher than in 3Q23 on a constant currency basis, primarily due to lower ECL charges relating to the commercial real estate sector in mainland China. Revenue increased by $0.1bn on a constant currency basis, mainly driven by growth in transaction banking fees, an increase in Markets Treasury income and from currency volatility in Argentina. This was partly offset by a reduction in revenue due to the sale of our banking business in Canada and lower GPS revenue reflecting lower margins. Operating expenses were $0.1bn higher on a constant currency basis, mainly driven by higher spend and investment in technology, currency volatility in Argentina and inflationary impacts, partly offset by continued cost discipline and the impact of the sale of our banking business in Canada.
26
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Global Banking and Markets – constant currency basis
Results – on a constant currency basis
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
% $m
Revenue13,154 12,154 1,000 8 (105)
ECL(58)(304)246 81 (6)
Operating expenses(7,434)(7,180)(254)(4)47 
Share of profit/(loss) from associates and JVs— — — — — 
Profit before tax5,662 4,670 992 21 (64)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2023
of which strategic transactions6
$m$m$m% $m
Markets and Securities Services7,272 6,762 510 8 (36)
– Securities Services1,700 1,748 (48)(3)— 
– Global Debt Markets813 750 63 8 (7)
– Global Foreign Exchange3,028 3,076 (48)(2)(25)
– Equities718 404 314 78 (1)
– Securities Financing1,047 816 231 28 (3)
– Credit and funding valuation adjustments(34)(32)(2)(6)(1)
Banking6,471 6,374 97 2 (82)
– Global Trade Solutions
522 496 26 5 (8)
– Global Payments Solutions3,364 3,287 77 2 (47)
– Credit and Lending1,354 1,489 (135)(9)(11)
– Investment Banking1
819 817 2 — (5)
– Other2
412 285 127 45 (11)
GBM Other(589)(982)393 40 13 
– Principal Investments67 14 53 >100— 
– Other3
(656)(996)340 34 13 
Net operating income4
13,154 12,154 1,000 8 (105)
– of which: transaction banking5
8,614 8,607 7 — 
RoTE (annualised) (%)
13.8 12.9 
1    From 1 January 2024, we renamed ‘Capital Markets and Advisory‘ as ‘Investment Banking‘ to better reflect our purpose and offering.
2    Includes portfolio management, earnings on capital and other capital allocations on all Banking products.
3    Includes notional tax credits and Markets Treasury, HSBC Holdings interest expense and hyperinflation.
4    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
5    Transaction banking comprises Securities Services, Global Foreign Exchange (net of revenue shared with CMB), GTS and GPS.
6    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Sep 2023
$m$m$m$m
Revenue
Disposals, acquisitions and related costs
(14)— — — 
Disposal losses on Markets Treasury repositioning
— (135)— (135)
Currency translation on revenue notable items
— (2)— (2)
Operating expenses
Disposals, acquisitions and related costs
— 3 — — 
Restructuring and other related costs
3 4 — 4 
Currency translation on operating expenses notable items
— — — — 
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
27

Earnings Release 3Q24 on Form 6-K
9M24 compared with 9M23
Profit before tax of $5.7bn was $1.0bn or 21% higher than in 9M23 on a constant currency basis. This was driven by an increase in revenue of $1.0bn or 8%, notably from strong performances in Equities and Securities Financing. In addition, ECL charges decreased compared with 9M23, while operating expenses increased by $0.3bn.
Revenue of $13.2bn was $1.0bn or 8% higher on a constant currency basis.
In Markets and Securities Services (‘MSS‘), revenue increased by $0.5bn or 8%.
–In Securities Services, revenue decreased by $48m or 3% from divestments within our fund administration business.
–In Global Debt Markets, revenue rose by $63m or 8%, driven by emerging markets credit and structured financing as well as higher volumes in primary markets.
–In Global Foreign Exchange, revenue fell by $48m or 2% compared with a strong performance in 9M23, due to continued market volatility offset by margin compression.
–In Equities, revenue increased by $0.3bn or 78% reflecting increased client activity supported by market conditions versus a comparatively weak 9M23.
–In Securities Financing, revenue rose by $0.2bn or 28%, driven by onboarding of US Prime clients and strong demand in institutional financing.
In Banking, revenue increased by $0.1bn or 2%.
–In GPS, revenue increased by $0.1bn or 2%, driven by wider spreads and fee performance resulting from business initiatives, repricing and transaction growth.
–In Credit and Lending, revenue decreased by $0.1bn or 9% reflecting continued muted client demand.
In GBM Other, revenue increased by $0.4bn or 40% reflecting higher Markets Treasury revenue and valuation gains in Principal Investments.
ECL of $0.1bn in 9M24 decreased by $0.2bn compared with charges of $0.3bn in 9M23 on a constant currency basis. The 9M24 period included a release related to a single client.
Operating expenses of $7.4bn increased by $0.3bn or 4% on a constant currency basis, due to the impact of inflation and higher spend and investment in technology, partly mitigated by continued cost discipline.
3Q24 compared with 3Q23
Results – on a constant currency basis
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
% $m
Revenue4,412 3,833 579 15(54)
ECL(47)(168)121 72(1)
Operating expenses(2,516)(2,404)(112)(5)23 
Share of profit/(loss) from associates and JVs— — — —— 
Profit before tax1,849 1,261 588 47(32)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
28
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Management view of revenue
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions6
$m$m$m% $m
Markets and Securities Services2,448 2,134 314 15 (20)
– Securities Services564 605 (41)(7)— 
– Global Debt Markets259 159 100 63 (5)
– Global Foreign Exchange1,060 909 151 17 (13)
– Equities272 169 103 61 (1)
– Securities Financing316 304 12 4 (2)
– Credit and funding valuation adjustments(23)(12)(11)(92)— 
Banking2,171 2,144 27 1 (43)
– Global Trade Solutions
175 162 13 8 (4)
– Global Payments Solutions1,118 1,114 4 — (24)
– Credit and Lending466 508 (42)(8)(5)
– Investment Banking1
275 256 19 7 (2)
– Other2
137 104 33 32 (8)
GBM Other(207)(445)238 53 9 
– Principal Investments38 1 37 >100— 
– Other3
(245)(446)201 45 9 
Net operating income4
4,412 3,833 579 15 (54)
– of which: transaction banking5
2,917 2,790 127 5 
1    From 1 January 2024, we renamed ‘Capital Markets and Advisory‘ as ‘Investment Banking‘ to better reflect our purpose and offering.
2    Includes portfolio management, earnings on capital and other capital allocations on all Banking products.
3    Includes notional tax credits and Markets Treasury, HSBC Holdings interest expense and hyperinflation.
4    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
5    Transaction banking comprises Securities Services, Global Foreign Exchange (net of revenue shared with CMB), GTS and GPS.
6    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $1.8bn was $0.6bn or 47% higher than in 3Q23 on a constant currency basis. Revenue was $0.6bn or 15% higher on a constant currency basis, mainly from growth in Global Foreign Exchange as client-driven transactions remained elevated across Cash FX and Emerging Markets Rates. Global Debt Markets also increased, from strong primary issuances driving client flow across developed and emerging markets, as well as higher revenue from secondary trading, and Equities revenue grew due to higher client activity in Asia wealth products. In addition, there was higher revenue allocated from Markets Treasury. These were partly offset by a decrease in Credit and Lending due to repayments as clients accessed attractive capital markets financing. ECL of $0.1bn were 72% lower than in 3Q23 on a constant currency basis. Operating expenses were $0.1bn or 5% higher on a constant currency basis, due to the impact of inflation and higher spend and investment in technology, partly offset by continued cost discipline.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
29

Earnings Release 3Q24 on Form 6-K
Corporate Centre – constant currency basis
Results – on a constant currency basis
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 202430 Sep 2024
of which strategic transactions1
$m$m
$m
%$m
Revenue3,129 179 2,950 >1003,731 
ECL(27)(3)(24)>(100)— 
Operating expenses(69)33 (102)>(100)(7)
Share of profit from associates and JVs less impairment
2,189 2,083 106 5 — 
Profit before tax5,222 2,292 2,930 >1003,723 
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Nine months ended
Variance
9M24 vs. 9M23
30 Sep 2024
30 Sep 2023
of which strategic transactions6
$m$m$m%$m
Central Treasury1
42 97 (55)(57)— 
Legacy portfolios23 (3)26 >100— 
Other2,3
3,064 85 2,979 >1003,731 
– of which: gain on the sale of our banking business in Canada and associated hedges4
4,795 (74)4,869 >1004,869 
– of which: impairment loss relating to the planned sale of our business in Argentina(1,151)— (1,151)(100)(1,151)
Net operating income5
3,129 179 2,950 >1003,731 
RoTE (annualised) (%)
14.47.3 
1    Central Treasury comprises valuation differences on issued long-term debt and associated swaps and fair value movements on financial instruments.
2    Other comprises gains and losses on certain planned disposals, funding charges on property and technology assets, the results of the retained retail loan portfolio in France, revaluation gains and losses on investment properties and property disposals, as well as consolidation adjustments and other revenue items not allocated to global businesses.
3    Revenue from Markets Treasury, HSBC Holdings net interest expense and hyperinflation are allocated out to the global businesses, to align them better with their revenue and expense. The total Markets Treasury revenue component of this allocation for 9M24 was $1,199m (9M23: $(184)m). 9M24 included a loss of $0.1bn from Treasury repositioning and risk management actions.
4    Includes fair value gains/(losses) on the foreign exchange hedging of the proceeds of the sale and the recycling of reserves.
5    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
6    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Notable items
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Sep 2023
$m$m$m$m
Revenue
Disposals, acquisitions and related costs1
3,602 4 72 224 
Fair value movements on financial instruments2
— 15 — — 
Early redemption of legacy securities
(283)(283)
Currency translation on revenue notable items
— 12 — 10 
Operating expenses
Disposals, acquisitions and related costs
(151)(144)(48)(61)
Restructuring and other related costs
11 27 2 9 
Currency translation on operating expenses notable items
— — — — 
1    Includes fair value movements on the foreign exchange hedging of the proceeds of the sale of our banking business in Canada and recycling of reserves and the loss on classification to held for sale of our banking business in Argentina.
2    Fair value movements on non-qualifying hedges in HSBC Holdings.
30
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

9M24 compared with 9M23
Profit before tax of $5.2bn was $2.9bn higher than in 9M23 on a constant currency basis, primarily reflecting the impact of certain acquisitions and disposals, including the gain on the sale of our banking business in Canada and an impairment relating to the planned disposal of our business in Argentina.
Revenue of $3.1bn was $3.0bn higher on a constant currency basis, primarily due to the impact of notable items. In 9M24, these included a $4.8bn gain on the sale of our banking business in Canada, inclusive of fair value gains on related hedging and recycling of related reserves. These were partly offset by a $1.2bn impairment recognised following the classification of our business in Argentina as held for sale, and a loss of $0.1bn related to the recycling of reserves following the completion of the sale of our business in Russia. In addition, 9M24 also included a $0.3bn loss on the early redemption of legacy securities. In 9M23, notable items included a favourable $0.1bn impact following the reversal of an impairment related to the sale of our retail banking operations in France. The increase in revenue was partly offset by adverse fair value movements on financial instruments in Central Treasury and structural hedges, a reduction following the transfer of the retained French retail portfolio from WPB, revaluation losses on investment properties in Hong Kong and an impairment of $0.1bn following the classification of our operations in Armenia to held for sale.
Operating expenses increased by $0.1bn on a constant currency basis. This included the impact of levies, as well as restructuring and other related costs.
Share of profit from associates and joint ventures of $2.2bn increased by $0.1bn or 5% on a constant currency basis, which included an increase in share of profit from SAB.
3Q24 compared with 3Q23
Results – on a constant currency basis
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions1
$m$m
$m
%$m
Revenue(213)178 (391)>(100)(159)
ECL(21)— (21)— — 
Operating expenses42 23 19 8313 
Share of profit/(loss) from associates and JVs less impairment
592 587 5 1 — 
Profit before tax400 788 (388)(49)(145)
1    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Management view of revenue
Quarter ended
Variance
3Q24 vs. 3Q23
30 Sep 202430 Sep 2023
of which strategic transactions6
$m$m$m%$m
Central Treasury1
68 17 51 >100— 
Legacy portfolios9 8 1 13 — 
Other2,3
(290)153 (443)>(100)(159)
– of which: gain on the sale of our banking business in Canada and associated hedges4
— 214 (214)(100)(214)
– of which: impairment loss relating to the planned sale of our business in Argentina31 — 31 
>100
31 
Net operating income5
(213)178 (391)>(100)(159)
1    Central Treasury comprises valuation differences on issued long-term debt and associated swaps and fair value movements on financial instruments.
2    Other comprises gains and losses on certain planned disposals, funding charges on property and technology assets, the results of the retained retail loan portfolio in France, revaluation gains and losses on investment properties and property disposals, as well as consolidation adjustments and other revenue items not allocated to global businesses.
3    Revenue from Markets Treasury, HSBC Holdings net interest expense and hyperinflation are allocated out to the global businesses, to align them better with their revenue and expense. The total Markets Treasury revenue component of this allocation for 3Q24 was $313m (3Q23: $(546)m). 3Q24 included a loss of $0.1bn from Treasury repositioning and risk management actions.
4    Includes fair value gains/(losses) on the foreign exchange hedging of the proceeds of the sale and the recycling of reserves.
5    ‘Net operating income’ means net operating income before change in expected credit losses and other credit impairment charges (also referred to as ‘revenue’).
6    Impact of strategic transactions classified as material notable items. For further details, see ‘Strategic transactions supplementary analysis‘ on page 38.
Profit before tax of $0.4bn was $0.4bn or 49% lower than in 3Q23 on a constant currency basis, primarily due to a reduction in revenue. This was mainly due to a $0.3bn loss on the early redemption of legacy securities, as well as the non-recurrence of fair value gains of $0.2bn in 3Q23 relating to the foreign exchange hedging of the proceeds from the sale of our banking business in Canada. Lower revenue also reflected a reduction following the transfer of the retained France retail portfolio from WPB. The reduction in revenue was partly offset by favourable fair value movements on structural hedges, the reduction in the impairment related to the planned sale of our business in Argentina and the non-recurrence of losses following the merger of HSBC Bank Oman with Sohar International.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
31

Earnings Release 3Q24 on Form 6-K
Supplementary financial information
Reported and constant currency results
Reported and constant currency results1
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Revenue2
Reported54,290 53,037 16,998 16,540 16,161 
Currency translation(648)116 (274)
Constant currency54,290 52,389 16,998 16,656 15,887 
Change in expected credit losses and other credit impairment charges
Reported (2,052)(2,416)(986)(346)(1,071)
Currency translation61 20 33 
Constant currency(2,052)(2,355)(986)(326)(1,038)
Operating expenses
Reported(24,439)(23,425)(8,143)(8,145)(7,968)
Currency translation358 (69)145 
Constant currency(24,439)(23,067)(8,143)(8,214)(7,823)
Share of profit in associates and joint ventures
Reported 2,233 2,175 607 857 592 
Currency translation(47)6 6 
Constant currency2,233 2,128 607 863 598 
Profit before tax
Reported 30,032 29,371 8,476 8,906 7,714 
Currency translation(276)73 (90)
Constant currency30,032 29,095 8,476 8,979 7,624 
Profit after tax
Reported24,414 24,337 6,749 6,828 6,266 
Currency translation(131)53 (16)
Constant currency24,414 24,206 6,749 6,881 6,250 
Loans and advances to customers (net)
Reported 968,653 935,750 968,653 938,257 935,750 
Currency translation39,391 28,254 39,391 
Constant currency968,653 975,141 968,653 966,511 975,141 
Customer accounts
Reported 1,660,715 1,563,127 1,660,715 1,593,834 1,563,127 
Currency translation61,945 47,020 61,945 
Constant currency1,660,715 1,625,072 1,660,715 1,640,854 1,625,072 
1    In the current period, constant currency results are equal to reported as there is no currency translation.
2    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
32
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Notable items
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1,2,3,4
3,643 3,631 72 (161)310 
Fair value movements on financial instruments5
— 15 — — — 
Disposal losses on Markets Treasury repositioning
— (578)— — (578)
Early redemption of legacy securities
(283)— (283)— — 
Operating expenses
Disposals, acquisitions and related costs
(149)(197)(48)(38)(79)
Restructuring and other related costs6
22 77 3 6 30 
Tax
Tax (charge)/credit on notable items
94 (374)81 6 127 
Uncertain tax positions
— 427 — — — 
1    Includes the impacts of the sale of our retail banking operations in France.
2    Includes a gain of $1.6bn recognised in respect of the acquisition of SVB UK.
3    Includes a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange hedging of the sale proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves recycling losses. This is partly offset by a $1.2bn impairment recognised in relation to the planned sale of our business in Argentina.
4    Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
5    Fair value movements on non-qualifying hedges in HSBC Holdings.
6    Relates to reversals of restructuring provisions recognised during 2022.
Global businesses
Supplementary analysis of constant currency results and notable items by global business
Global business results - on a constant currency basis1
Nine months ended 30 Sep 2024
Wealth and
Personal
Banking2
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre2
Total
$m$m$m$m$m
Revenue3
21,723 16,284 13,154 3,129 54,290 
ECL(926)(1,041)(58)(27)(2,052)
Operating expenses(11,156)(5,780)(7,434)(69)(24,439)
Share of profit in associates and joint ventures43 1 — 2,189 2,233 
Profit before tax9,684 9,464 5,662 5,222 30,032 
Loans and advances to customers (net)463,324 322,090 175,439 7,800 968,653 
Customer accounts830,785 487,484 342,072 374 1,660,715 
1    In the current period, constant currency results are equal to reported, as there is no currency translation.
2    On 1 January 2024, HSBC Continental Europe completed the sale of its retail banking operations in France to CCF, a subsidiary of Promontoria MMB SAS (‘My Money Group’). With effect from this date, we have prospectively reclassified the portfolio of retained loans, profit participation interest and licence agreement of the CCF brand from WPB to Corporate Centre.
3    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Notable items
Nine months ended 30 Sep 2024
Wealth and Personal BankingCommercial BankingGlobal
Banking and Markets		Corporate CentreTotal
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1
55 — (14)3,602 3,643 
Early redemption of legacy securities
— — — (283)(283)
Operating expenses
Disposals, acquisitions and related costs
— 2 — (151)(149)
Restructuring and other related costs2
5 3 3 11 22 
1    Includes a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange hedging of the sale proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves recycling losses. This is partly offset by a $1.2bn impairment recognised in relation to the planned sale of our business in Argentina.
2    Relates to reversals of restructuring provisions recognised during 2022.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
33

Earnings Release 3Q24 on Form 6-K
Global business results - on a constant currency basis (continued)
Nine months ended 30 Sep 2023
Wealth and
Personal
Banking
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre		Total
$m$m$m$m$m
Revenue1
Reported22,919 17,640 12,388 90 53,037 
Currency translation(241)(262)(234)89 (648)
Constant currency22,678 17,378 12,154 179 52,389 
ECL
Reported(738)(1,372)(302)(4)(2,416)
Currency translation46 16 (2)1 61 
Constant currency(692)(1,356)(304)(3)(2,355)
Operating expenses
Reported(10,858)(5,480)(7,182)95 (23,425)
Currency translation229 189 2 (62)358 
Constant currency(10,629)(5,291)(7,180)33 (23,067)
Share of profit/(loss) in associates and joint ventures
Reported46 (1)— 2,130 2,175 
Currency translation— — — (47)(47)
Constant currency46 (1)— 2,083 2,128 
Profit before tax
Reported11,369 10,787 4,904 2,311 29,371 
Currency translation34 (57)(234)(19)(276)
Constant currency11,403 10,730 4,670 2,292 29,095 
Loans and advances to customers (net)
Reported455,354 307,048 173,064 284 935,750 
Currency translation21,973 11,183 6,225 10 39,391 
Constant currency477,327 318,231 179,289 294 975,141 
Customer accounts
Reported792,928 459,945 309,785 469 1,563,127 
Currency translation29,913 17,348 14,650 34 61,945 
Constant currency822,841 477,293 324,435 503 1,625,072 
1    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Notable items (continued)
Nine months ended 30 Sep 2023
Wealth and Personal
Banking		Commercial BankingGlobal
Banking and Markets		Corporate
Centre		Total
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1,2,3
2,034 1,593 — 4 3,631 
Fair value movements on financial instruments4
— — — 15 15 
Disposal losses on Markets Treasury repositioning
(253)(190)(135)— (578)
Operating expenses
Disposals, acquisitions and related costs
(26)(30)3 (144)(197)
Restructuring and other related costs5
16 30 4 27 77 
1    Includes the reversal of a $2.1bn impairment loss relating to the sale of our retail banking operations in France.
2    Includes the gain of $1.6bn recognised in respect of the acquisition of SVB UK.
3    Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
4    Fair value movements on non-qualifying hedges in HSBC Holdings.
5    Relates to reversals of restructuring provisions recognised during 2022.
34
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Global business results - on a constant currency basis (continued)1
Quarter ended 30 Sep 2024
Wealth and Personal Banking2
Commercial
Banking
Global Banking and Markets
Corporate
Centre2
Total
$m$m$m$m$m
Revenue3
7,411 5,388 4,412 (213)16,998 
ECL(450)(468)(47)(21)(986)
Operating expenses(3,750)(1,919)(2,516)42 (8,143)
Share of profit in associates and joint ventures15 — — 592 607 
Profit before tax3,226 3,001 1,849 400 8,476 
Loans and advances to customers (net)463,324 322,090 175,439 7,800 968,653 
Customer accounts830,785 487,484 342,072 374 1,660,715 
1    In the current period, constant currency results are equal to reported as there is no currency translation.
2    On 1 January 2024, HSBC Continental Europe completed the sale of its retail banking operations in France to CCF, a subsidiary of Promontoria MMB SAS (‘My Money Group’). With effect from this date, we have prospectively reclassified the portfolio of retained loans, profit participation interest and licence agreement of the CCF brand from WPB to Corporate Centre.
3    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Notable items (continued)
Quarter ended 30 Sep 2024
Wealth and Personal BankingCommercial BankingGlobal
Banking and Markets		Corporate CentreTotal
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs
— — — 72 72 
Early redemption of legacy securities
— — — (283)(283)
Operating expenses
Disposals, acquisitions and related costs
— — — (48)(48)
Restructuring and other related costs1
1 — — 2 3 
1    Relates to reversals of restructuring provisions recognised during 2022.
Global business results - on a constant currency basis (continued)
Quarter ended 30 Jun 2024
Wealth and
Personal
Banking2
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre2
Total
$m$m$m$m$m
Revenue1
Reported
7,148 5,364 4,287 (259)16,540 
Currency translation14 42 46 14 116 
Constant currency7,162 5,406 4,333 (245)16,656 
ECL
Reported
(175)(193)22 — (346)
Currency translation21 (4)3 — 20 
Constant currency(154)(197)25 — (326)
Operating expenses
Reported
(3,711)(1,989)(2,521)76 (8,145)
Currency translation(8)(10)(33)(18)(69)
Constant currency(3,719)(1,999)(2,554)58 (8,214)
Share of profit in associates and joint ventures
Reported
15 1 — 841 857 
Currency translation— (1)— 7 6 
Constant currency15 — — 848 863 
Profit before tax
Reported
3,277 3,183 1,788 658 8,906 
Currency translation27 27 16 3 73 
Constant currency3,304 3,210 1,804 661 8,979 
Loans and advances to customers (net)
Reported
445,882 310,356 174,376 7,643 938,257 
Currency translation14,279 8,838 4,824 313 28,254 
Constant currency460,161 319,194 179,200 7,956 966,511 
Customer accounts
Reported
794,807 467,362 331,269 396 1,593,834 
Currency translation21,334 13,740 11,929 17 47,020 
Constant currency816,141 481,102 343,198 413 1,640,854 
1    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
2    On 1 January 2024, HSBC Continental Europe completed the sale of its retail banking operations in France to CCF, a subsidiary of Promontoria MMB SAS (‘My Money Group’). With effect from this date, we have prospectively reclassified the portfolio of retained loans, profit participation interest and licence agreement of the CCF brand from WPB to Corporate Centre.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
35

Earnings Release 3Q24 on Form 6-K
Notable items (continued)
Quarter ended 30 Jun 2024
Wealth and Personal
Banking		Commercial BankingGlobal
Banking and Markets		Corporate
Centre		Total
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs
2 — (14)(149)(161)
Operating expenses
Disposals, acquisitions and related costs1 3 — (42)(38)
Restructuring and other related costs1
2 2 1 1 6 
1    Relates to reversals of restructuring provisions recognised during 2022.
Global business results - on a constant currency basis (continued)
Quarter ended 30 Sep 2023
Wealth and
Personal
Banking
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre		Total
$m$m$m$m$m
Revenue1
Reported6,719 5,424 3,887 131 16,161 
Currency translation(135)(132)(54)47 (274)
Constant currency6,584 5,292 3,833 178 15,887 
ECL
Reported(236)(668)(166)(1)(1,071)
Currency translation28 6 (2)1 33 
Constant currency(208)(662)(168)— (1,038)
Operating expenses
Reported(3,717)(1,908)(2,397)54 (7,968)
Currency translation108 75 (7)(31)145 
Constant currency(3,609)(1,833)(2,404)23 (7,823)
Share of profit in associates and joint ventures
Reported11 — — 581 592 
Currency translation— — — 6 6 
Constant currency11 — — 587 598 
Profit before tax
Reported2,777 2,848 1,324 765 7,714 
Currency translation1 (51)(63)23 (90)
Constant currency2,778 2,797 1,261 788 7,624 
Loans and advances to customers (net)
Reported455,354 307,048 173,064 284 935,750 
Currency translation21,973 11,183 6,225 10 39,391 
Constant currency477,327 318,231 179,289 294 975,141 
Customer accounts
Reported792,928 459,945 309,785 469 1,563,127 
Currency translation29,913 17,348 14,650 34 61,945 
Constant currency822,841 477,293 324,435 503 1,625,072 
1    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Notable items (continued)
Quarter ended 30 Sep 2023
Wealth and Personal
Banking		Commercial BankingGlobal
Banking and Markets		Corporate
Centre		Total
$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1
— 86 — 224 310 
Disposal losses on Markets Treasury repositioning
(253)(190)(135)— (578)
Operating expenses
Disposals, acquisitions and related costs
(3)(15)— (61)(79)
Restructuring and other related costs2
16 1 4 9 30 
1    Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
2    Relates to reversals of restructuring provisions recognised during 2022.
36
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Reconciliation of reported risk-weighted assets to constant currency risk-weighted assets
The following table reconciles reported and constant currency RWAs.
Reconciliation of reported risk-weighted assets to constant currency risk-weighted assets
At 30 Sep 2024
Wealth and Personal Banking
Commercial
Banking
Global
Banking and Markets
Corporate
Centre		Total
$bn$bn$bn$bn$bn
Risk-weighted assets
Reported191.7 348.6 232.2 91.4 863.9 
Constant currency191.7 348.6 232.2 91.4 863.9 
At 30 Jun 2024
Risk-weighted assets
Reported182.5 335.7 225.1 91.8 835.1 
Currency translation3.6 8.4 4.0 0.9 16.9 
Constant currency186.1 344.1 229.1 92.7 852.0 
At 31 Mar 2024
Risk-weighted assets
Reported182.2 337.8 222.7 89.9 832.6 
Currency translation
2.2 5.9 3.4 0.8 12.3 
Constant currency184.4 343.7 226.1 90.7 844.9 
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
37

Earnings Release 3Q24 on Form 6-K
Strategic transactions supplementary analysis
The following table presents the selected impacts of strategic transactions to the Group and our global business segments. These comprise the strategic transactions where the financial impacts of the acquisition or disposal have qualified for material notable item treatment in our results. Material notable items are a subset of notable items and categorisation is dependent on the nature of each item in conjunction with the financial impact on the Group’s income statement. At 9M24, the disclosure includes the impacts from the disposals of our retail banking operations in France and our banking business in Canada, the planned sale of our business in Argentina and the acquisition of SVB UK. The impacts quoted include those arising on the classification to held for sale, on disposal or on acquisition, and all other related notable items. Once a transaction has completed, the impact will also include the operating income statement results of each business, which are not classified as notable items, in any period for which there are no results in the comparative period. We consider the monthly impact of distorting income statement results when calculating the impact of strategic transactions.
Constant currency results
Nine months ended 30 Sep 2024
Wealth and
Personal
Banking
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre		Total
$m$m$m$m$m
Revenue
54 179 — 3,752 3,985 
ECL— (3)— — (3)
Operating expenses(7)(76)— (151)(234)
Share of profit in associates and joint ventures— — — — — 
Profit before tax47 100 — 3,601 3,748 
– HSBC Innovation Banking1
100 — 100 
– Retail banking operations in France
47 (2)45 
– Banking business in Canada
4,772 4,772 
– Business in Argentina
(1,169)(1,169)
of which: notable items
Revenue
55 — — 3,752 3,807 
Profit before tax
54 3 — 3,601 3,658 
of which: distorting impact of operating results between periods
Revenue
(1)179 — — 178 
Profit/(loss) before tax
(7)97 — — 90 
Nine months ended 30 Sep 2023
Revenue
2,725 2,111 105 22 4,963 
ECL(11)(50)6 — (55)
Operating expenses(581)(179)(47)(144)(951)
Share of profit in associates and joint ventures— — — — — 
Profit/(loss) before tax2,133 1,882 64 (122)3,957 
– HSBC Innovation Banking1
1,604 — 1,604 
– Retail banking operations in France
1,968 33 2,001 
– Banking business in Canada
165 278 64 (155)352 
– Business in Argentina
— 
of which: notable items
Revenue2,058 1,661 — 22 3,741 
Profit before tax2,031 1,634 — (122)3,543 
of which: distorting impact of operating results between periods
Revenue667 450 105 — 1,222 
Profit before tax102 248 64 — 414 
1    Includes the impact of our acquisition of SVB UK, which in June 2023 changed its legal entity name to HSBC Innovation Bank Limited.
38
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Constant currency results
Quarter ended 30 Sep 2024
Wealth and
Personal
Banking
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre		Total
$m$m$m$m$m
Revenue
— — — 73 73 
ECL— — — — — 
Operating expenses— — — (48)(48)
Share of profit in associates and joint ventures— — — — — 
Profit before tax— — — 25 25 
– HSBC Innovation Banking1
— — — 
– Retail banking operations in France
— 2 2 
– Banking business in Canada
(1)(1)
– Business in Argentina
24 24 
of which: notable items
Revenue
— — — 73 73 
Profit before tax
— — — 25 25 
of which: distorting impact of operating results between periods
Revenue
— — — — — 
Profit/(loss) before tax
— — — — — 
Quarter ended 30 Jun 2024
Revenue
3 — — (6)(3)
ECL— — — — — 
Operating expenses(1)3 — (42)(40)
Share of profit in associates and joint ventures— — — — — 
Profit/(loss) before tax
2 3 — (48)(43)
– HSBC Innovation Banking1
3 — 3 
– Retail banking operations in France
2 (3)(1)
– Banking business in Canada
9 9 
– Business in Argentina
(55)(55)
of which: notable items
Revenue2 — — (6)(4)
Profit/(loss) before tax
3 3 — (48)(42)
of which: distorting impact of operating results between periods
Revenue1 — — — 1 
Profit/(loss) before tax
(1)— — — (1)
Quarter ended 30 Sep 2023
Revenue
283 311 54 231 879 
ECL(6)(14)1 — (19)
Operating expenses(212)(88)(23)(61)(384)
Share of profit in associates and joint ventures— — — — — 
Profit before tax
65 209 32 170 476 
– HSBC Innovation Banking1
74 — 74 
– Retail banking operations in France
(12)(21)(33)
– Banking business in Canada
77 135 32 191 435 
– Business in Argentina
— 
of which: notable items
Revenue— 89 — 231 320 
Profit before tax(2)74 — 170 242 
of which: distorting impact of operating results between periods
Revenue283 222 54 — 559 
Profit before tax67 135 32 — 234 
1    Includes the impact of our acquisition of SVB UK, which in June 2023 changed its legal entity name to HSBC Innovation Bank Limited.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
39

Earnings Release 3Q24 on Form 6-K
Legal entities
Supplementary analysis of constant currency results and notable items by legal entity
Legal entity results - on a constant currency basis1
Nine months ended 30 Sep 2024
HSBC UK Bank plcHSBC Bank plc
The Hongkong and Shanghai Banking Corporation Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.
Other trading entities2
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m$m$m$m$m$m$m$m$m$m
Revenue3
9,489 7,169 25,729 1,882 3,036 4622,744 2,561 1,218 54,290 
ECL(235)63 (991)(134)(52)(40)(599)(71)7 (2,052)
Operating expenses(3,699)(4,814)(10,470)(881)(2,538)(236)(1,475)(1,480)1,154 (24,439)
Share of profit/(loss) in associates and joint ventures— 19 1,737 — — — 12 467 (2)2,233 
Profit before tax
5,555 2,437 16,005 867 446 186 682 1,477 2,377 30,032 
Loans and advances to customers (net)289,424 112,275 460,717 20,697 56,382 — 24,412 4,745 1 968,653 
Customer accounts
357,874 298,583 835,925 33,543 98,379 — 26,655 9,731 25 1,660,715 
1    In the current period, constant currency results are equal to reported, as there is no currency translation.
2    Other trading entities includes the results of entities located in Türkiye, Egypt and Saudi Arabia (including our share of the results of SAB) which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on Group reported profit before tax of $1,093m. Supplementary analysis is provided on page 45 to give a fuller picture of the MENAT regional performance.
3    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Notable items
Nine months ended 30 Sep 2024
HSBC UK Bank plcHSBC Bank plc
The Hongkong and Shanghai Banking Corporation Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.		Other trading entities
Holding
companies,
shared
service
centres and
intra-Group
eliminations
Total
$m$m$m$m$m$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1
— (128)— — — — — (6)3,777 3,643 
Early redemption of legacy securities
— — — — — — — — (283)(283)
Operating expenses
Disposals, acquisitions and related costs
3 (5)— — (21)(36)— (31)(59)(149)
Restructuring and other related costs2
5 11 — 2 — — — — 4 22 
1    Includes a $4.8bn gain on disposal of our banking business in Canada, inclusive of a $0.3bn gain on the foreign exchange hedging of the sale proceeds, the recycling of $0.6bn in foreign currency translation reserve losses and $0.4bn of other reserves recycling losses. This is partly offset by a $1.2bn impairment recognised in relation to the planned sale of our business in Argentina.
2    Relates to reversals of restructuring provisions recognised during 2022.
40
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Legal entity results - on a constant currency basis (continued)
Nine months ended 30 Sep 2023
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and
Shanghai
Banking
Corporation
Limited		HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.
Other trading entities1
Holding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue2
Reported10,397 9,146 24,253 1,836 3,136 1,501 2,427 3,288 (2,947)53,037 
Currency translation290 129 (124)1 1 (17)8 (1,008)72 (648)
Constant currency10,687 9,275 24,129 1,837 3,137 1,484 2,435 2,280 (2,875)52,389 
ECL
Reported(476)(153)(1,204)(6)(47)(31)(422)(107)30 (2,416)
Currency translation(10)(2)1 — — 1 — 73 (2)61 
Constant currency(486)(155)(1,203)(6)(47)(30)(422)(34)28 (2,355)
Operating expenses
Reported(3,352)(4,536)(9,875)(807)(2,203)(775)(1,356)(1,836)1,315 (23,425)
Currency translation(83)(66)49 — — 9 (4)524 (71)358 
Constant currency(3,435)(4,602)(9,826)(807)(2,203)(766)(1,360)(1,312)1,244 (23,067)
Share of profit/(loss) in associates and joint ventures
Reported— (52)1,826 — — — 9 395 (3)2,175 
Currency translation— (1)(46)— — — — — — (47)
Constant currency— (53)1,780 — — — 9 395 (3)2,128 
Profit/(loss) before tax
Reported6,569 4,405 15,000 1,023 886 695 658 1,740 (1,605)29,371 
Currency translation197 60 (120)1 1 (7)4 (411)(1)(276)
Constant currency6,766 4,465 14,880 1,024 887 688 662 1,329 (1,606)29,095 
Loans and advances to customers (net)
Reported257,289 109,244 453,443 18,508 53,186 — 24,702 19,377 1 935,750 
Currency translation24,996 7,615 10,484 10 — — (2,856)(857)(1)39,391 
Constant currency282,285 116,859 463,927 18,518 53,186 — 21,846 18,520 — 975,141 
Customer accounts
Reported324,526 269,493 766,225 31,030 99,427 — 28,412 43,911 103 1,563,127 
Currency translation31,527 21,201 15,798 30 — — (3,285)(3,325)(1)61,945 
Constant currency356,053 290,694 782,023 31,060 99,427 — 25,127 40,586 102 1,625,072 
1    Other trading entities includes the results of entities located in Oman, Türkiye, Egypt and Saudi Arabia (including our share of the results of SAB) which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on Group reported profit before tax of $933m and constant currency profit before tax of $799m. Supplementary analysis is provided on page 45 to give a fuller picture of the MENAT regional performance.
2    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.

HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
41

Earnings Release 3Q24 on Form 6-K
Notable items (continued)
Nine months ended 30 Sep 2023
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and Shanghai Banking Corporation LimitedHSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.		Other trading entitiesHolding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1,2,3
1,593 2,098 — — — — — — (60)3,631 
Fair value movements on financial instruments4
— — — — — — — — 15 15 
Restructuring and other related costs5
— 361 — — — — — — (361)— 
Disposal losses on Markets Treasury repositioning
(145)(94)(339)— — — — — — (578)
Operating expenses
Disposals, acquisitions and related costs(29)(68)— — (5)(81)— — (14)(197)
Restructuring and other related costs6
13 16 8 1 2 — 6 2 29 77 
1    Includes the reversal of a $2.1bn impairment loss relating to the sale of our retail banking operations in France.
2    Includes a gain of $1.6bn recognised in respect of the acquisition of SVB UK.
3    Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
4    Fair value movements on non-qualifying hedges in HSBC Holdings.
5    Gain recognised as a result of intra-Group restructuring.
6    Relates to reversals of restructuring provisions recognised during 2022.
Legal entity results - on a constant currency basis1 (continued)
Quarter ended 30 Sep 2024
HSBC UK Bank PlcHSBC Bank Plc
The Hongkong and
Shanghai
Banking
Corporation
Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.
Other trading entities2
Holding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue3
3,259 2,676 8,764 626 901 — 902 826 (956)16,998 
ECL(173)(3)(536)(32)(19)— (213)(12)2 (986)
Operating expenses(1,265)(1,671)(3,573)(263)(859)— (477)(519)484 (8,143)
Share of profit/(loss) in associates and joint ventures— (1)457 — — — 4 148 (1)607 
Profit/(loss) before tax1,821 1,001 5,112 331 23 — 216 443 (471)8,476 
Loans and advances to customers (net)289,424 112,275 460,717 20,697 56,382 — 24,412 4,745 1 968,653 
Customer accounts
357,874 298,583 835,925 33,543 98,379 — 26,655 9,731 25 1,660,715 
1    In the current period, constant currency results are equal to reported, as there is no currency translation.
2    Other trading entities includes the results of entities located in Oman, Türkiye, Egypt and Saudi Arabia (including our share of the results of SAB) which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on Group reported profit before tax of $365m. Supplementary analysis is provided on page 45 to give a fuller picture of the MENAT regional performance.
3    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.

42
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Notable items (continued)
Quarter ended 30 Sep 2024
HSBC UK Bank PlcHSBC Bank Plc
The Hongkong and Shanghai Banking Corporation Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.		Other trading entitiesHolding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs
— 3 — — — — — (6)75 72 
Early redemption of legacy securities
— — — — — — — — (283)(283)
Operating expenses
Disposals, acquisitions and related costs
— — — — (6)— — (30)(12)(48)
Restructuring and other related costs1
1 — — 2 — — — — — 3 
1    Relates to reversals of restructuring provisions recognised during 2022.
Legal entity results - on a constant currency basis (continued)
Quarter ended 30 Jun 2024
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and
Shanghai
Banking
Corporation
Limited		HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.
Other trading entities1
Holding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue2
Reported3,139 2,186 8,496 636 1,049 — 954 945 (865)16,540 
Currency translation94 52 57 1 — — (84)(26)22 116 
Constant currency3,233 2,238 8,553 637 1,049 — 870 919 (843)16,656 
ECL
Reported(10)132 (184)(47)(40)— (210)9 4 (346)
Currency translation— 4 — — — — 18 (2)— 20 
Constant currency(10)136 (184)(47)(40)— (192)7 4 (326)
Operating expenses
Reported(1,206)(1,589)(3,545)(336)(839)— (468)(484)322 (8,145)
Currency translation(37)(41)(25)— — — 41 13 (20)(69)
Constant currency(1,243)(1,630)(3,570)(336)(839)— (427)(471)302 (8,214)
Share of profit/(loss) in associates and joint ventures
Reported— 10 669 — — — 4 174 — 857 
Currency translation— 1 7 — — — — — (2)6 
Constant currency— 11 676 — — — 4 174 (2)863 
Profit/(loss) before tax
Reported1,923 739 5,436 253 170 — 280 644 (539)8,906 
Currency translation57 16 39 1 — — (25)(15)— 73 
Constant currency1,980 755 5,475 254 170 — 255 629 (539)8,979 
Loans and advances to customers (net)
Reported270,262 107,957 453,642 20,506 55,809 — 25,449 4,632 — 938,257 
Currency translation15,754 5,287 9,102 4 — — (1,790)(103)— 28,254 
Constant currency286,016 113,244 462,744 20,510 55,809 — 23,659 4,529 — 966,511 
Customer accounts
Reported334,566 295,557 799,086 32,934 93,060 — 28,997 9,532 102 1,593,834 
Currency translation19,502 14,916 14,796 15 — — (2,039)(169)(1)47,020 
Constant currency354,068 310,473 813,882 32,949 93,060 — 26,958 9,363 101 1,640,854 
1    Other trading entities includes the results of entities located in Türkiye, Egypt and Saudi Arabia (including our share of the results of SAB) which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on Group reported profit before tax of $369m and constant currency profit before tax of $363m. Supplementary analysis is provided on page 45 to give a fuller picture of the MENAT regional performance.
2    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
43

Earnings Release 3Q24 on Form 6-K
Notable items (continued)
Quarter ended 30 Jun 2024
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and Shanghai Banking Corporation LimitedHSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.		Other trading entitiesHolding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs
— (115)— — — — — — (46)(161)
Operating expenses
Disposals, acquisitions and related costs3 — — — (8)— — (1)(32)(38)
Restructuring and other related costs1
1 2 — — — — — — 3 6 
1    Relates to reversals of restructuring provisions recognised during 2022.
Legal entity results - on a constant currency basis (continued)
Quarter ended 30 Sep 2023
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and
Shanghai
Banking
Corporation
Limited		HSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.
Other trading entities1
Holding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue2
Reported3,008 2,443 7,720 638 994 493 853 1,071 (1,059)16,161 
Currency translation82 47 24 1 — (9)(84)(375)40 (274)
Constant currency3,090 2,490 7,744 639 994 484 769 696 (1,019)15,887 
ECL
Reported(58)(80)(748)(6)15 (20)(158)(36)20 (1,071)
Currency translation(1)(1)(1)— — — 16 21 (1)33 
Constant currency(59)(81)(749)(6)15 (20)(142)(15)19 (1,038)
Operating expenses
Reported(1,172)(1,447)(3,368)(282)(824)(253)(476)(697)551 (7,968)
Currency translation(32)(27)(13)— — 5 46 202 (36)145 
Constant currency(1,204)(1,474)(3,381)(282)(824)(248)(430)(495)515 (7,823)
Share of profit/(loss) in associates and joint ventures
Reported— (9)479 — — — 3 120 (1)592 
Currency translation— — 5 — — — — — 1 6 
Constant currency— (9)484 — — — 3 120 — 598 
Profit/(loss) before tax
Reported1,778 907 4,083 350 185 220 222 458 (489)7,714 
Currency translation49 19 15 1 — (4)(22)(152)4 (90)
Constant currency1,827 926 4,098 351 185 216 200 306 (485)7,624 
Loans and advances to customers (net)
Reported257,289 109,244 453,443 18,508 53,186 — 24,702 19,377 1 935,750 
Currency translation24,996 7,615 10,484 10 — — (2,856)(857)(1)39,391 
Constant currency282,285 116,859 463,927 18,518 53,186 — 21,846 18,520 — 975,141 
Customer accounts
Reported324,526 269,493 766,225 31,030 99,427 — 28,412 43,911 103 1,563,127 
Currency translation31,527 21,201 15,798 30 — — (3,285)(3,325)(1)61,945 
Constant currency356,053 290,694 782,023 31,060 99,427 — 25,127 40,586 102 1,625,072 
1    Other trading entities includes the results of entities located in Oman, Türkiye, Egypt and Saudi Arabia (including our share of the results of SAB) which do not consolidate into HSBC Bank Middle East Limited. These entities had an aggregated impact on Group reported profit before tax of $238m and constant currency profit before tax of $191m. Supplementary analysis is provided on page 45 to give a fuller picture of the MENAT regional performance.
2    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
44
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Notable items (continued)
Quarter ended 30 Sep 2023
HSBC UK Bank PlcHSBC Bank PlcThe Hongkong and Shanghai Banking Corporation LimitedHSBC Bank Middle East LimitedHSBC North America Holdings Inc.HSBC Bank CanadaGrupo
Financiero
HSBC, S.A.
de C.V.		Other trading entitiesHolding
companies,
shared
service
centres and
intra-group
eliminations		Total
$m$m$m$m$m$m$m$m$m$m
Revenue
Disposals, acquisitions and related costs1
86 (3)— — — — — — 227 310 
Restructuring and other related costs2
— 361 — — — — — — (361)— 
Disposal losses on Markets Treasury repositioning
(145)(94)(339)— — — — — — (578)
Operating expenses
Disposals, acquisitions and related costs
(14)(23)— — (3)(27)— — (12)(79)
Restructuring and other related costs3
13 16 8 1 2 — 6 2 (18)30 
1    Includes fair value movements on the foreign exchange hedging of the proceeds from the sale of our banking business in Canada.
2    Gain recognised as a result of intra-Group restructuring.
3    Relates to reversals of restructuring provisions recognised during 2022.
Middle East, North Africa and Türkiye supplementary information
The following tables show the reported results of our Middle East, North Africa and Türkiye business operations on a regional basis (including results of all the legal entities operating in the region and our share of the results of SAB). They also show the profit before tax of each of the global businesses.
Middle East, North Africa and Türkiye regional performance
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Revenue1
2,901 2,748 970 970 895 
Change in expected credit losses and other credit impairment charges
(154)(16)(33)(63)(13)
Operating expenses(1,259)(1,188)(393)(459)(414)
Share of profit in associates and joint ventures
464 391 147 171 118 
Profit before tax1,952 1,935 691 619 586 
Loans and advances to customers (net)
23,458 21,392 23,458 23,237 21,392 
Customer accounts
40,914 40,744 40,914 40,138 40,744 
1    Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
Profit before tax by global business
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Wealth and Personal Banking489 486 165 153 185 
Commercial Banking254 369 133 41 93 
Global Banking and Markets836 821 283 261 250 
Corporate Centre373 259 110 164 58 
Total1,952 1,935 691 619 586 
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
45

Earnings Release 3Q24 on Form 6-K
Alternative performance measures
Use of alternative performance measures
Our reported results are prepared in accordance with IFRS Accounting Standards as detailed in our financial statements starting on page 356 of the Annual Report and Accounts 2023 on Form 20-F. We use a combination of reported and alternative performance measures, including those derived from our reported results that eliminate factors that distort period-on-period comparisons. These are considered alternative performance measures (non-GAAP financial measures).
The following information details the adjustments made to the reported results and the calculation of other alternative performance measures. All alternative performance measures are reconciled to the closest reported performance measure.
Alternative performance measure definitions
Alternative performance measureDefinition
Constant currency revenue excluding notable items1
Reported revenue excluding notable items and the impact of foreign exchange translation2
Constant currency profit before tax excluding notable items1
Reported profit before tax excluding notable items and the impact of foreign exchange translation2
Constant currency revenue excluding notable items and strategic transactions1
Reported revenue excluding notable items, strategic transactions and the impact of foreign exchange translation3
Constant currency profit before tax excluding notable items and strategic transactions1
Reported profit before tax excluding notable items, strategic transactions and the impact of foreign exchange translation3
Return on average ordinary shareholders’ equity (‘RoE’)Profit attributable to the ordinary shareholders
Average ordinary shareholders’ equity
Return on average tangible equity (‘RoTE‘)
Profit attributable to the ordinary shareholders, excluding impairment of goodwill and other intangible assets
Average ordinary shareholders’ equity adjusted for goodwill and intangibles
Return on average tangible equity (‘RoTE‘) excluding notable items
Profit attributable to the ordinary shareholders, excluding impairment of goodwill and other intangible assets and notable items2
Average ordinary shareholders’ equity adjusted for goodwill and intangibles and notable items2
Net asset value per ordinary share
Total ordinary shareholders’ equity4
Basic number of ordinary shares in issue excluding treasury shares
Tangible net asset value per ordinary share
Tangible ordinary shareholders’ equity5
Basic number of ordinary shares in issue excluding treasury shares
Expected credit losses and other credit impairment charges (‘ECL’) as a % of average gross loans and advances to customers
Annualised constant currency ECL6
Constant currency average gross loans and advances to customers6
Expected credit losses and other credit impairment charges (‘ECL’) as a % of average gross loans and advances to customers, including held for sale
Annualised constant currency ECL6
Constant currency average gross loans and advances to customers, including held for sale6
Target basis operating expenses
Reported operating expenses excluding notable items, foreign exchange translation and other excluded items7
Basic earnings per share excluding material notable items and related impacts
Profit attributable to ordinary shareholders excluding material notable items and related impacts8
Weighted average number of ordinary shares outstanding, excluding own shares held
1    Constant currency performance is computed by adjusting reported results for the effects of foreign currency translation differences, which distort period-on-period comparisons.
2    For details of notable items, see ‘Supplementary financial information‘ on page 32.
3    For details of strategic transactions, see ‘Strategic transactions supplementary analysis‘ on page 38.
4    Total ordinary shareholders’ equity is total shareholders‘ equity less non-cumulative preference shares and capital securities.
5    Tangible ordinary shareholders’ equity is total ordinary shareholders’ equity excluding goodwill and other intangible assets (net of deferred tax).
6    The constant currency numbers are derived by adjusting reported ECL and average loans and advances to customers for the effects of foreign currency translation differences.
7    Other excluded items includes the impact of re-translating comparative period financial information at the latest rates of foreign exchange in hyperinflationary economies, which we consider to be outside of our control, and the impact of the sale of our retail banking operations in France and banking business in Canada.
8    For details of material notable items and related impacts, see page 49.
46
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Constant currency revenue and profit before tax excluding notable items and strategic transactions
Nine months ended
Quarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Revenue
Reported
54,290 53,037 16,998 16,540 16,161 
Notable items
3,360 3,068 (211)(161)(268)
Reported revenue excluding notable items
50,930 49,969 17,209 16,701 16,429 
Currency translation1
 (743) 119 (279)
Constant currency revenue excluding notable items
50,930 49,226 17,209 16,820 16,150 
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2
178 1,222 — 1 559 
Constant currency revenue excluding notable items and strategic transactions50,752 48,004 17,209 16,819 15,591 
Profit before tax
Reported
30,032 29,371 8,476 8,906 7,714 
Notable items
3,233 2,948 (256)(193)(317)
Reported profit before tax excluding notable items
26,799 26,423 8,732 9,099 8,031 
Currency translation1
 (372) 77 (96)
Constant currency profit before tax excluding notable items
26,799 26,051 8,732 9,176 7,935 
Constant currency impact of strategic transactions (distorting impact of operating results between periods)2
90 414 — (1)234 
Constant currency profit before tax excluding notable items and strategic transactions26,709 25,637 8,732 9,177 7,701 
1    Currency translation on the reported balance excluding currency translation on notable items.
2    For more details of strategic transactions, see ‘Strategic transactions supplementary analysis‘ on page 38.
To aid the understanding of our results, we disclose constant currency revenue and profit before tax excluding notable items and the impact of strategic transactions. The impacts of strategic transactions quoted include the distorting impact between the periods of the operating income statement results related to acquisitions and disposals that affect period-on-period comparisons. Once a transaction has completed, the impact will include the operating income statement results of each business, which are not classified as notable items, in any period for which there are no results in the comparative period. We consider the monthly impact of distorting income statement results when calculating the impact of strategic transactions.
Return on average ordinary shareholders‘ equity, return on average tangible equity and return on average tangible equity excluding notable items
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Profit/(loss) after tax
Profit/(loss) attributable to the ordinary shareholders of the parent company
22,720 22,585 6,134 6,4035,619
Impairment of goodwill and other intangible assets (net of tax)114 36 (9)137
Profit/(loss) attributable to the ordinary shareholders, excluding goodwill and other intangible assets impairment
22,834 22,621 6,125 6,4165,626
Impact of notable items1
(3,442)(3,037)184 174183 
Profit attributable to the ordinary shareholders, excluding goodwill, other intangible assets impairment and notable items
19,392 19,5846,309 6,590 5,809 
Equity
Average total shareholders‘ equity
188,140 183,704 188,023 187,239183,445
Effect of average preference shares and other equity instruments
(18,333)(19,062)(18,947)(18,272)(18,555)
Average ordinary shareholders’ equity169,807 164,642 169,076 168,967164,890
Effect of goodwill and other intangibles (net of deferred tax)(11,631)(11,376)(11,582)(11,409)(11,549)
Average tangible equity158,176 153,266 157,494 157,558153,341
Average impact of notable items
(3,035)(3,377)110 (2,251)(67)
Average tangible equity excluding notable items
155,141 149,889 157,604 155,307 153,274 
Ratio%%%%%
Return on average ordinary shareholders’ equity (annualised)17.918.3 14.415.213.5
Return on average tangible equity (annualised)19.319.7 15.516.314.6
Return on average tangible equity excluding notable items (annualised)
16.717.5 15.917.115.0
1    For details of notable items please refer to ‘Supplementary financial information‘ on page 32.
From 1 January 2024, we have revised the adjustments made to RoTE. Prior to this, we adjusted RoTE for the impact of strategic transactions and the impairment of our investment in BoCom, whereas from 1 January 2024 we have excluded all notable items. This was intended to improve alignment with the treatment of notable items in our other income statement disclosures. Comparatives have been re-presented on the revised basis and we no longer disclose RoTE excluding strategic transactions and the impairment of BoCom. On this basis, we continue to target a RoTE excluding notable items in the mid-teens for both 2024 and 2025.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
47

Earnings Release 3Q24 on Form 6-K
Return on average tangible equity by global business
Nine months ended 30 Sep 2024
Wealth and Personal
Banking1
Commercial
Banking
Global
Banking and
Markets
Corporate
Centre1
Total
$m$m$m$m$m
Profit before tax9,684 9,464 5,662 5,222 30,032 
Tax expense(1,765)(2,263)(1,286)(304)(5,618)
Profit after tax7,919 7,201 4,376 4,918 24,414 
Less attributable to: preference shareholders, other equity holders, non-controlling interests(686)(445)(422)(141)(1,694)
Profit attributable to ordinary shareholders of the parent company7,233 6,756 3,954 4,777 22,720 
Other adjustments(115)227 (165)167 114 
Profit attributable to ordinary shareholders7,118 6,983 3,789 4,943 22,834 
Average tangible shareholders’ equity31,271 44,302 36,637 45,966 158,176 
RoTE (%) (annualised)30.4 21.1 13.8 14.4 19.3 
Nine months ended 30 Sep 2023
Profit before tax11,369 10,787 4,904 2,311 29,371 
Tax expense(2,242)(2,193)(925)326 (5,034)
Profit after tax9,127 8,594 3,979 2,637 24,337 
Less attributable to: preference shareholders, other equity holders, non-controlling interests(744)(419)(413)(176)(1,752)
Profit attributable to ordinary shareholders of the parent company8,383 8,175 3,566 2,461 22,585 
Other adjustments(160)256 119 (179)36 
Profit attributable to ordinary shareholders8,223 8,431 3,685 2,282 22,621 
Average tangible shareholders’ equity
29,466 43,679 38,200 41,921 153,266 
RoTE (%) (annualised)37.3 25.8 12.9 7.3 19.7 
1    With effect from 1 January 2024, following the sale of our retail banking business in France, we have prospectively reclassified the portfolio of retained loans, profit participation interest and licence agreement of the CCF brand from WPB to Corporate Centre.
Net asset value and tangible net asset value per ordinary share
At
30 Sep 202430 Jun 202430 Sep 2023
$m$m$m
Total shareholders’ equity192,754 183,293 182,720 
Preference shares and other equity instruments (19,070)(18,825)(17,719)
Total ordinary shareholders’ equity173,684 164,468 165,001 
Goodwill and intangible assets (net of deferred tax)(11,804)(11,359)(11,554)
Tangible ordinary shareholders’ equity161,880 153,109 153,447 
Basic number of $0.50 ordinary shares outstanding17,982 18,330 19,275 
Value per share$$$
Net asset value per ordinary share9.66 8.97 8.56 
Tangible net asset value per ordinary share9.00 8.35 7.96 

ECL and other credit impairment charges as a % of average gross loans and advances to customers, and ECL and other credit impairment charges as a % of average gross loans and advances to customers, including held for sale
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Expected credit losses and other credit impairment charges (‘ECL‘)
(2,052)(2,416)(986)(346)(1,071)
Currency translation61 20 33 
Constant currency(2,052)(2,355)(986)(326)(1,038)
Average gross loans and advances to customers955,512 957,080 964,189 946,414 959,129 
Currency translation17,156 29,841 14,217 26,870 29,820 
Constant currency972,668 986,921 978,406 973,284 988,949 
Average gross loans and advances to customers, including held for sale975,646 1,020,441 966,713 948,515 1,017,351 
Currency translation16,796 29,888 14,174 26,758 29,207 
Constant currency992,442 1,050,329 980,887 975,273 1,046,558 
Ratios%%%%%
Expected credit losses and other credit impairment charges (annualised) as a % of average gross loans and advances to customers
0.28 0.32 0.40 0.13 0.42 
Expected credit losses and other credit impairment charges (annualised) as a % of average gross loans and advances to customers, including held for sale
0.28 0.30 0.40 0.13 0.39 

48
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Target basis operating expenses
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Reported operating expenses24,439 23,425 8,143 8,145 7,968 
Notable items(127)(120)(45)(32)(49)
– disposals, acquisitions and related costs
(149)(197)(48)(38)(79)
– restructuring and other related costs1
22 77 3 6 30 
Currency translation2
(358)69 (145)
Excluding the constant currency impact of the sale of our retail banking operations in France and banking business in Canada3
(162)(723)— — (230)
Excluding the impact of retranslating prior period costs of hyperinflationary economies at constant currency foreign exchange rate
487 12 185 
Target basis operating expenses24,150 22,711 8,098 8,194 7,729 
1    Relates to reversals of restructuring provisions recognised during 2022.
2    Currency translation on reported operating expenses, excluding currency translation on notable items.
3    This represents the business as usual costs which are not classified as notable items relating to our retail banking operations in France and banking business in Canada, on a constant currency basis. This does not include the disposal costs which relate to these transactions.
Target basis operating expenses for 2024 and for the 2023 comparative periods differ from what we disclosed in our 2023 results, when we were comparing against 2022 operating expenses. The 2023 target basis excluded the impact of incremental costs associated with the acquisition of SVB UK, and the related investments, whereas the 2024 target basis excludes the costs associated with our retail banking operations in France and our banking business in Canada. The exclusion of notable items and the impact of retranslating prior year results of hyperinflationary economies at constant currency are excluded in 2024, which is consistent with the 2023 basis of preparation. We consider target basis operating expenses to provide useful information to investors by quantifying and excluding the notable items that management considered when setting and assessing cost-related targets.
Basic earnings per share excluding material notable items and related impacts
Nine months endedQuarter ended
30 Sep 202430 Sep 202330 Sep 202430 Jun 202430 Sep 2023
$m$m$m$m$m
Profit attributable to shareholders of company23,628 23,561 6,516 6,528 6,053 
Coupon payable on capital securities classified as equity(908)(976)(382)(125)(434)
Profit attributable to ordinary shareholders of company22,720 22,585 6,134 6,403 5,619 
Gain on acquisition of SVB UK
(2)(1,593)— (2)(86)
Impact of the sale of our retail banking operations in France (net of tax)
(55)(1,629)(2)(1)— 
Impact of the sale of our banking business in Canada1
(4,953)(430)(4)(7)(376)
Impairment loss relating to the planned sale of our business in Argentina
1,162 — (30)55 — 
Profit attributable to ordinary shareholders of company excluding material notable items and related impacts
18,872 18,933 6,098 6,448 5,157 
Number of shares
Weighted average basic number of ordinary shares (millions)
18,493 19,596 18,151 18,509 19,404 
Basic earnings per share ($)
1.23 1.15 0.34 0.35 0.29 
Basic earnings per share excluding material notable items and related impacts ($)
1.02 0.97 0.34 0.35 0.27 
1    Represents gain on sale of business in Canada recognised on completion, inclusive of the earnings recognised by the banking business from 30 June 2022, the recycling of losses in foreign currency translation reserves and other reserves, and gain on the foreign exchange hedging of the sale proceeds.
Material notable items are a subset of notable items. Material notable items are components of our income statement that management would consider as outside the normal course of business and generally non-recurring in nature, which are excluded from our dividend payout ratio calculation and our earnings per share measure, along with related impacts. Categorisation as a material notable item is dependent on the nature of each item in conjunction with the financial impact on the Group’s income statement.
Related impacts include those items that do not qualify for designation as notable items but whose adjustment is considered by management to be appropriate for the purposes of determining the basis for our dividend payout ratio calculation.
Material notable items in 3Q24 and comparative periods included the planned sale of our business in Argentina, the sale of our retail banking operations in France, the sale of our banking business in Canada, the gain following the acquisition of SVB UK and the impairment of our investment in BoCom. In determining this measure, we also excluded HSBC Bank Canada‘s financial results from the 30 June 2022 net asset reference date until completion of the sale, as the gain on sale was recognised through a combination of the consolidation of HSBC Bank Canada‘s results in the Group‘s results since this date, and the remaining gain on sale was recognised at completion. For the planned sale of our business in Argentina, between signing and closing, the loss on sale will vary by changes in the net asset value of the disposed business and associated hyperinflation and foreign currency translation, and in the fair value of consideration including price adjustments and migration costs. There were no additional related impacts, and the ongoing profits from HSBC Argentina will not be excluded from our basic earnings per share excluding material notable items and related impacts.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
49

Earnings Release 3Q24 on Form 6-K
Risk
Managing risk
HSBC’s operations are subject to changes in economic and financial conditions as well as geopolitical developments that could have a material impact on the Group’s operations and financial risks. We continuously review these factors in all of our key markets and conduct regular reviews of economic risks and expectations.
Continued growth in global economic activity was observed in the third quarter of 2024, led by the US and China, with relatively slower growth in the EU. In the US, performance was supported by sustained household spending, and the services sector in particular. In mainland China, while domestic consumption has been weak and activity by sector uneven, export growth and investment have ensured that growth has so far remained close to the official target in 2024. At the same time, authorities have announced measures to further support private sector confidence and consumption. We will continue to monitor the impact of these measures into the fourth quarter.
Inflation and high interest rates remain a key consideration for policymakers. In the US and Europe, headline inflation has continued to trend downwards towards Central Bank target rates, despite persistently higher services prices. Progress in reducing inflation enabled both the US Federal Reserve and the Bank of England to cut interest rates in the third quarter of 2024, following the ECB’s decision to cut rates in the second quarter of the year. Markets anticipate further cuts over the remainder of 2024 and into 2025. In mainland China, authorities have reduced the Loan Prime Rate to support private sector borrowing as demand for loans has weakened.
Geopolitical tensions could impact the Group’s operations and its risk profile and continue to be a source of significant uncertainty, including the ongoing conflicts between Russia and Ukraine and in the Middle East. The recent escalation in the conflict between Israel and Hezbollah has raised uncertainty in the region and led to renewed volatility in energy prices. The attacks on commercial shipping in the Red Sea continue, contributing to higher shipping costs and disruption to supply chains and, coupled with the risk of a potential increase in oil prices, could lead to renewed inflationary pressures.
Fiscal policy, deficits and public indebtedness also influence our risk profile. Public spending as a proportion of GDP is likely to remain high for most of our key economies with elevated spending focused on social welfare, defence and climate transition initiatives. Against a backdrop of slower economic growth and expectations for a higher interest rate environment in the longer term, elevated borrowing costs could increase and adversely impact the fiscal responses of highly-indebted sovereign issuers.
Sanctions and trade restrictions are monitored closely given their complexity and pace of change. The US, the UK and the EU, as well as other countries, have imposed significant sanctions and trade restrictions against Russia, with new sanctions added during 2024 by the US, the UK and the EU. Additional sanctions on Iran were imposed in the second and third quarters of 2024 in response to the increase in tensions between Israel and Iran. The secondary sanctions regime introduced by the US in December 2023 gives the US broad discretion to impose severe sanctions on non-US banks that are knowingly, or even unknowingly, engaged in certain transactions or services involving Russia’s military-industrial base. The US expanded the scope of these secondary sanctions in June 2024 to apply to Russian and non-Russian persons designated under the primary legal authority for Russian sanctions. The broad scope of the discretionary powers embedded in the regime creates challenges associated with the detection or prevention of third-party activities beyond our control. The imposition of such sanctions against any non-US HSBC entity could result in significant adverse commercial, operational and reputational consequences for HSBC, including the restriction or termination of the non-US HSBC entity’s ability to access the US financial system and the freezing of the entity’s assets that are subject to US jurisdiction. In response to such sanctions and trade restrictions, as well as asset flight, Russia has implemented certain countermeasures, including the expropriation of certain foreign assets.
Strategic competition has the potential to impact the Group’s operations and may pose financial risks. The relationships between China and several other countries, including the US and the UK, remain complex. The US, the UK, the EU and other countries have imposed various sanctions and trade restrictions on Chinese individuals and companies. In response to earlier measures, China has imposed its own sanctions, trade restrictions and other measures on persons and entities in other countries, including recent sanctions on US firms supplying arms to Taiwan. Supply chains remain vulnerable to a deterioration in these bilateral relationships and this has resulted in efforts to de-risk certain sectors with the reshoring of manufacturing activities, but the approach of countries to strategic competition and engagement with China continues to develop. Further sanctions or counter-sanctions may adversely affect the Group, its customers and various markets.
Political changes may also have implications for policy. Elections could imply uncertainty in some markets in response to shifting domestic and foreign policy priorities. The UK, France, Mexico and several countries in Asia went to the polls earlier this year, with the US set to follow in the fourth quarter of 2024. The outcome of the US election in particular will be monitored closely, given the potential for changes to economic, foreign and trade policy that may have broader geopolitical implications.
The real estate sector faces challenging conditions in several of our major markets. The Hong Kong residential and commercial real estate markets have seen prices fall amid high inventory levels, low transactions and the higher interest rate environment. In mainland China, similar excess of inventory, and low confidence, have accelerated the fall in both commercial and residential real estate prices, with few signs so far of a sustained recovery, despite a series of reform proposals. We continue to closely monitor, and seek to proactively manage, the potential implications of the real estate downturn for our customers and commercial real estate portfolios.
All the above risks could also have an impact on our retail customers and we continue to closely monitor the impact of inflation and the increased cost of living to offer the right support to our customers in line with regulatory, government and wider stakeholder expectations.
We engage closely with regulators to help ensure that we continue to meet their expectations for the activities of financial institutions during times of market volatility.
In addition, management adjustments to ECL were applied to reflect persisting uncertainty in certain sectors, driven by macroeconomic and other sector specific risks, which were not fully captured by our models.
We continue to monitor, and seek to manage, the potential implications of all the above developments on our customers and our business. While the financial performance of our operations varied in different geographies, our balance sheet and liquidity remained strong. At 30 September 2024, our CET1 ratio increased to 15.2%, from 15.0% at 30 June 2024, and our liquidity coverage ratio (‘LCR’) was 137%.
50
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Credit risk
Summary of credit risk
At 30 September 2024, gross loans and advances to customers and banks of $1,097bn were $34.6bn higher on a reported basis compared with 31 December 2023. Loans and advances to customers increased by $30.0bn while loans and advances to banks increased by $4.6bn. This included total favourable effects of foreign currency translation differences of $14.7bn.
On a constant currency basis, the increase of $19.9bn was driven by an $8.0bn rise in personal loans and advances to customers, mainly in HSBC UK (up $4.2bn), our legal entities in the US (up $1.9bn), in Asia (up $1.4bn) and in Mexico (up $0.5bn). There was also a $7.1bn rise in wholesale loans and advances to customers, due to growth in HSBC Bank plc (up $4.7 bn) and HSBC UK (up $1.7bn). It also included an increase of $4.8bn in loans and advances to banks, mainly in our legal entities in Asia (up $5.4bn) and in the Middle East (up $2.4bn), partly offset by lower balances in HSBC UK (down $3.4bn).
Loans and advances to banks and customers included a $2.0bn decrease due to the reclassification of our business in Argentina, our private banking business in Germany and our operations in Armenia to assets held for sale.
At 30 September 2024, the allowance for ECL of $11.6bn comprised $11.1bn in respect of assets held at amortised cost, $0.4bn in respect of loan commitments and financial guarantees, and $0.1bn in respect of debt instruments measured at fair value through other comprehensive income (‘FVOCI’).
On a constant currency basis, the allowance for ECL in relation to loans and advances to customers decreased by $0.1bn. This was attributable to:
–a $0.2bn decrease in personal loans and advances to customers, observed in stages 1 and 2; and
–a $0.1bn increase in wholesale loans and advances to customers, which included a $0.4bn increase in stage 3, offset by a $0.3bn decrease in stages 1 and 2.
The ECL charge for the first nine months of 2024 was $2.1bn (9M23: $2.4bn), inclusive of recoveries. The ECL charge comprised: $1.1bn in respect of wholesale lending, of which the stage 3 charge was $0.8bn; $0.9bn in respect of personal lending, of which the stage 3 charge was $0.7bn; and $0.1bn in respect of other assets and debt instruments measured at FVOCI.
Wholesale lending charges were recognised mainly in our legal entities in Hong Kong ($0.7bn). While the mainland China commercial real estate sector remained subdued, there were limited new defaults and lower total ECL charges of $0.1bn in 3Q24 and $0.2bn in 9M24. ECL charges in the Hong Kong commercial real estate sector excluding exposure to mainland China borrowers of $0.1bn in 3Q24 and $0.1bn in 9M24, were also low due to the limited impact from defaults, driven by the high level of collateralisation in the portfolio.
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied
At 30 Sep 2024
At 31 Dec 2023
Gross carrying/nominal amount
Allowance for
ECL1
Gross carrying/nominal amount
Allowance for
ECL1
$m$m$m$m
Loans and advances to customers at amortised cost979,612 (10,959)949,609 (11,074)
Loans and advances to banks at amortised cost117,525 (11)112,917 (15)
Other financial assets measured at amortised cost868,116 (145)960,271 (422)
– cash and balances at central banks252,310 — 285,868 — 
– items in the course of collection from other banks7,513 — 6,342 — 
– Hong Kong Government certificates of indebtedness42,591 — 42,024 — 
– reverse repurchase agreements – non-trading263,387 — 252,217 — 
– financial investments156,533 (10)148,346 (20)
– assets held for sale2
7,389 (59)103,186 (324)
– other assets3
138,393 (76)122,288 (78)
Total gross carrying amount on-balance sheet1,965,253 (11,115)2,022,797 (11,511)
Loan and other credit-related commitments672,892 (367)661,015 (367)
Financial guarantees17,215 (31)17,009 (39)
Total nominal amount off-balance sheet4
690,107 (398)678,024 (406)
2,655,360 (11,513)2,700,821 (11,917)
Fair value
Memorandum allowance for ECL5
Fair value
Memorandum
allowance for ECL5
$m$m$m$m
Debt instruments measured at fair value through other comprehensive income (‘FVOCI’)333,771 (80)302,348 (97)
1    The total ECL is recognised in the loss allowance for the financial asset unless the total ECL exceeds the gross carrying amount of the financial asset, in which case the ECL is recognised as a provision.
2    At 30 September 2024, the gross carrying amount comprised $3,660m of loans and advances to customers and banks (31 December 2023: $84,075m) and $3,729m of other financial assets at amortised cost (31 December 2023: $19,111m) mainly from Argentina ($3.9bn), Germany ($2.7bn) and Armenia ($0.6bn). The corresponding allowance for ECL comprised $54m of loans and advances to customers and banks (31 December 2023: $303m) and $5m of other financial assets at amortised cost (31 December 2023: $21m). The significant reduction is due to the completion of the sales of our banking business in Canada in March 2024 and our retail banking operations in France in January 2024.
3    Includes only those financial instruments that are subject to the impairment requirements of IFRS 9. ‘Other assets’ as presented within the summary consolidated balance sheet on page 19 comprises both financial and non-financial assets, including cash collateral and settlement accounts.
4    Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
5    Debt instruments measured at FVOCI continue to be measured at fair value with the allowance for ECL as a memorandum item. Change in ECL is recognised in ‘Change in expected credit losses and other credit impairment charges’ in the income statement.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
51

Earnings Release 3Q24 on Form 6-K
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage at 30 September 2024
Gross carrying/nominal amount1
Allowance for ECLECL coverage %
Stage 1Stage 2Stage 3
POCI2
TotalStage 1Stage 2Stage 3
POCI2
TotalStage 1Stage 2Stage 3
POCI2
Total
$m$m$m$m$m$m$m$m$m$m%%%%%
Loans and advances to customers at amortised cost851,828 103,633 24,064 87 979,612 (1,086)(2,467)(7,364)(42)(10,959)0.1 2.4 30.6 48.3 1.1 
Loans and advances to banks at amortised cost117,279 244 2 — 117,525 (8)(1)(2)— (11)— 0.4 100.0 — — 
Other financial assets measured at amortised cost866,034 1,890 189 3 868,116 (85)(26)(34)— (145)— 1.4 18.0 — — 
Loan and other credit-related commit-ments651,349 20,797 743 3 672,892 (160)(118)(89)— (367)— 0.6 12.0 — 0.1 
Financial guarantees15,361 1,581 273 — 17,215 (5)(9)(17)— (31)— 0.6 6.2 — 0.2 
At 30 Sep 2024
2,501,851 128,145 25,271 93 2,655,360 (1,344)(2,621)(7,506)(42)(11,513)0.1 2.0 29.7 45.2 0.4 
1    Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2    Purchased or originated credit-impaired (‘POCI‘).
Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage at 31 December 2023
Gross carrying/nominal amount1
Allowance for ECLECL coverage %
Stage 1Stage 2Stage 3
POCI2
TotalStage 1Stage 2Stage 3
POCI2
TotalStage 1Stage 2Stage 3
POCI2
Total
$m$m$m$m$m$m$m$m$m$m%%%%%
Loans and advances to customers at amortised cost809,384 120,871 19,273 81 949,609 (1,130)(2,964)(6,950)(30)(11,074)0.1 2.5 36.1 37.0 1.2 
Loans and advances to banks at amortised cost111,479 1,436 2 — 112,917 (10)(3)(2)— (15)— 0.2 100.0 — — 
Other financial assets measured at amortised cost946,873 12,734 664 — 960,271 (109)(132)(181)— (422)— 1.0 27.3 — — 
Loan and other credit-related commit-ments630,949 28,922 1,140 4 661,015 (153)(128)(86)— (367)— 0.4 7.5 — 0.1 
Financial guarantees14,746 1,879 384 — 17,009 (7)(7)(25)— (39)— 0.4 6.5 — 0.2 
At 31 Dec 2023
2,513,431 165,842 21,463 85 2,700,821 (1,409)(3,234)(7,244)(30)(11,917)0.1 2.0 33.8 35.3 0.4 
1    Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.
2    Purchased or originated credit-impaired (‘POCI‘).
52
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Measurement uncertainty and sensitivity analysis of ECL estimates
The recognition and measurement of ECL involves the use of significant judgement and estimation. We form multiple economic scenarios based on economic forecasts and distributional estimates and apply these to credit risk models to estimate future credit losses. The results are then probability-weighted to determine an unbiased ECL estimate.
Management assessed the current economic environment, reviewed the latest economic forecasts and discussed key risks before selecting the economic scenarios and their weightings.
The Central scenario is constructed to reflect current macroeconomic expectations. Outer scenarios incorporate the crystallisation of economic and geopolitical risks, including those relating to future elections, the Russia-Ukraine war, conflict in the Middle East and shipping disruptions in the Red Sea.
Management judgemental adjustments are used where modelled allowance for ECL does not fully reflect the identified risks and related uncertainty, or to capture significant late-breaking events.
Methodology
At 30 September 2024, four economic scenarios were used to capture the latest economic expectations and to articulate management’s view of the range of risks and potential outcomes. Scenarios are updated with the latest economic forecasts and distributional estimates each quarter and the approach to scenario generation has remained consistent with that taken in the fourth quarter of 2023.
As at 30 September 2024, the escalation of conflict in the Middle East had no significant impact on economic forecasts or oil price expectations used in the 3Q24 scenarios. We continue to monitor the situation in the region closely.
Three scenarios, the Upside, Central and Downside, are drawn from external consensus forecasts, market data and distributional estimates of the entire range of economic outcomes. The fourth scenario, the Downside 2, represents management’s view of severe downside risks.
Scenarios produced to calculate ECL are aligned to HSBC’s top and emerging risks.
Description of economic scenarios
Stronger than expected GDP growth in the first half of 2024 has resulted in Central scenario forecasts being revised upwards for the remainder of the year, specifically in the UK, France, the US, mainland China and Hong Kong. In the US and Europe, the service sector has been an important driver of growth as consumption has proved resilient to inflation and high interest rates. In mainland China, economic growth has been supported by strong export sales but despite various stimulus measures, domestic activity remains weak and growth, by sector, is uneven. Authorities have increased fiscal and monetary support to boost economic activity and to ensure growth remains close to the official target. In Hong Kong, growth has been driven by strong government support and investment, while household spending has remained weak.
Inflation has continued to moderate in several of our key markets, helped by falling energy costs and stability in food prices, while services inflation has remained higher across the US and Europe. Low inflation in mainland China and Hong Kong has been driven by weak domestic demand, particularly consumption. In the Central forecast, softer wage growth and services price inflation are expected to sustain lower inflation across most of our key markets. In mainland China, inflation in the Central scenario is forecast to rise as stimulus measures lift consumption and spending. Lower inflation in the US, UK and Euro Area is forecast to enable major central banks to reduce policy rates further, particularly from 2025 onwards.
House price forecasts in Hong Kong and China have seen more significant revisions in the third quarter of 2024 compared with the fourth quarter of 2023. In mainland China and Hong Kong, real estate prices have continued to fall despite the delivery of supportive policy measures. Forecasts have been revised down further. In mainland China, prolonged weak buyer confidence has weighed on property sales and investment while in Hong Kong developers have relied on discounting to clear out housing inventory. As a consequence, forecasts have been revised lower. House price forecasts in the US and UK have remained relatively more stable despite elevated interest rates, due to low housing supply and low unemployment, which has acted to support moderate price growth.
Risks to the Central outlook are captured in the outer scenarios. The Upside and Downside scenarios are constructed to reflect the economic consequences from the crystallisation of a number of key economic and financial risks. Sources of forecast uncertainty include geopolitical tensions, inflation, and the outlook for monetary policy. In particular, the Downside scenarios explore the possibility that interest rates and inflation move higher than is forecast in the Central scenario.
As the geopolitical environment remains volatile and complex, risks include a broader and more prolonged conflict in the Middle East, a potential escalation in the Russia-Ukraine war, and continued differences between the US and China over a range of strategic issues. Election outcomes in major economies, including the United States, could also deliver policies that are more adverse to global trade growth and complicate international supply chains, leading to greater trade frictions, higher costs and market instability.
The four global scenarios used for calculating ECL at 30 September 2024 were:
–The consensus Central scenario: This scenario features a slowdown in global growth in 2024 before a gradual pick-up over the remainder of the forecast horizon. Growth rates remain below the pre-Covid-19 pandemic average. Unemployment is forecast to rise gradually amid weaker economic activity, but is set to remain low by historic standards. Inflation is expected to continue to ease back to central bank targets, allowing central banks to continue a gradual easing of interest rates. Interest rates stay above their pre-pandemic levels over the entire forecast horizon.
–The consensus Upside scenario: This scenario incorporates the de-escalation of geopolitical tensions and a loosening of financial conditions. In this scenario, growth accelerates, inflation falls at a faster rate than in the Central scenario and unemployment declines. This enables central banks to lower interest rates more quickly than in the Central scenario. Asset prices, including housing, rise more quickly than in the Central scenario.
–The consensus Downside scenario: This scenario features weaker economic activity compared with the Central scenario, driven by a supply shock that causes a rise in inflation and interest rates above the Central forecast. In this scenario, GDP growth slows, unemployment rises, financial conditions tighten, and equity markets and house prices fall.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
53

Earnings Release 3Q24 on Form 6-K
–The Downside 2 scenario: This scenario reflects management’s view of the tail end of the economic distribution. It incorporates the simultaneous crystallisation of a number of risks that leads to a deep global recession. The narrative features an escalation of geopolitical risks, more significant changes to the global tariff and trade order and a worsening of supply chain disruptions. Inflation and interest rates are assumed to rise initially. Unemployment also increases rapidly, asset prices fall, and defaults rise significantly. As recession takes hold, commodity prices fall back and inflation falls.
Both the consensus Downside and the Downside 2 scenarios are global in scope, and while they differ in severity, they assume that the key risks to HSBC, listed above, crystallise simultaneously.
The following tables describe key macroeconomic variables in the consensus Central scenario, consensus Upside scenario, consensus Downside scenario and Downside 2 scenario.
Consensus Central scenario 4Q24-3Q29 (as at 3Q24)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP (annual average growth rate, %)
20241.0 2.5 2.9 4.9 1.1 3.7 1.9 
20251.4 1.7 2.7 4.4 1.2 4.2 1.7 
20261.6 2.0 2.4 4.2 1.4 4.2 2.2 
20271.7 1.9 2.3 3.9 1.3 3.7 2.2 
20281.6 1.9 2.3 3.7 1.3 3.3 2.2 
5-year average1
1.6 1.9 2.5 4.0 1.3 3.8 2.1 
Unemployment rate (%)
20244.4 4.1 3.0 5.1 7.5 2.8 2.8 
20254.8 4.4 2.9 5.1 7.4 2.7 3.2 
20264.5 4.1 3.0 5.0 7.1 2.6 3.3 
20274.6 4.0 2.9 5.0 7.0 2.6 3.4 
20284.4 4.0 2.9 5.0 6.8 2.5 3.5 
5-year average1
4.6 4.1 2.9 5.0 7.1 2.6 3.4 
House prices (annual average growth rate, %)
20241.5 5.7 (12.3)(7.5)(3.7)17.9 8.6 
20251.7 3.9 (6.8)(4.4)2.7 8.7 5.0 
20263.6 3.0 4.8 (2.4)4.4 4.9 4.0 
20274.7 3.0 3.0 2.3 4.5 3.3 3.9 
20283.5 2.9 2.5 3.2 4.0 1.9 3.9 
5-year average1
3.2 3.2 0.5 (0.3)3.5 4.8 4.3 
Inflation (annual average growth rate, %)
20242.6 3.1 1.9 0.5 2.4 2.5 4.4 
20252.2 2.4 2.1 1.4 1.8 2.1 3.7 
20262.0 2.4 2.1 1.8 1.6 2.1 3.5 
20272.0 2.3 2.2 1.8 1.9 2.0 3.4 
20282.0 2.2 2.3 1.7 2.0 1.8 3.3 
5-year average1
2.1 2.3 2.2 1.7 1.9 2.0 3.5 
Central bank policy rate (annual average, %)2
20245.1 5.1 5.5 3.4 3.7 5.2 10.8 
20254.2 3.6 4.0 3.3 2.5 3.6 9.1 
20263.6 3.1 3.5 3.4 2.1 3.1 8.3 
20273.5 3.1 3.4 3.5 2.2 3.1 8.0 
20283.4 3.1 3.5 3.6 2.2 3.1 8.1 
5-year average1
3.7 3.3 3.7 3.5 2.3 3.3 8.5 
1    The five-year average is calculated over a projected period of 20 quarters from 4Q24 to 3Q29.
2    For mainland China, rate shown is the Loan Prime Rate.

54
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Consensus Central scenario 2024–2028 (as at 4Q23)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP (annual average growth rate, %)
20240.31.02.64.50.83.71.9
20251.21.82.74.41.54.02.2
20261.72.12.64.31.63.82.3
20271.62.02.63.81.53.42.4
20281.62.02.63.91.53.42.4
5-year average1
1.31.82.64.21.43.62.2
Unemployment rate (%)
20244.74.33.05.27.52.62.9
20254.64.23.05.17.32.62.9
20264.34.03.25.17.02.62.9
20274.24.03.25.16.82.62.9
20284.24.03.25.16.82.62.9
5-year average1
4.44.13.15.17.12.62.9
House prices (annual average growth rate, %)
2024(5.5)2.9(6.6)(0.6)(1.0)12.66.5
20250.12.7(0.7)1.12.47.74.2
20263.53.12.62.64.04.44.2
20273.02.72.84.04.42.64.0
20283.02.13.04.54.02.34.0
5-year average1
0.82.70.22.32.85.94.6
Inflation (annual average growth rate, %)
20243.22.72.11.82.72.34.2
20252.22.22.12.01.82.23.6
20262.22.32.22.11.72.13.5
20272.32.22.42.01.92.13.5
20282.32.22.42.02.12.13.5
5-year average1
2.42.32.22.02.02.13.7
Central bank policy rate (annual average, %)2
20245.05.05.43.23.65.110.4
20254.34.04.43.32.84.18.6
20263.93.74.13.52.63.77.9
20273.83.74.13.72.63.77.9
20283.73.84.13.92.73.88.1
5-year average1
4.14.14.43.52.94.18.6
1    The five-year average is calculated over a projected period of 20 quarters from 1Q24 to 4Q28.
2    For mainland China, rate shown is the Loan Prime Rate.
Consensus Upside scenario 4Q24–3Q29 (as at 3Q24)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-peak)1
11.9 (3Q29)14.9 (3Q29)21.5 (3Q29)28.5 (3Q29)9.2 (3Q29)29.0 (3Q29)16.6 (3Q29)
Unemployment rate
(%, min)2
3.0 (3Q26)3.3 (3Q26)2.5 (3Q26)4.5 (3Q26)6.2 (3Q26)2.2 (3Q26)2.8 (2Q25)
House price index
(%, start-to-peak)1
23.6 (3Q29)25.6 (3Q29)18.9 (3Q29)5.4 (3Q29)23.7 (3Q29)27.9 (3Q29)28.6 (3Q29)
Inflation rate
(YoY % change, min)3
1.0 (4Q25)0.5 (3Q25)0.6 (3Q25)0.0 (3Q25)0.8 (3Q25)0.7 (3Q25)2.5 (4Q25)
Central bank policy rate
(%, min)2
3.4 (4Q28)3.1 (1Q27)3.4 (1Q27)3.2 (3Q25)1.9 (3Q25)3.1 (1Q27)7.3 (1Q26)
1    Cumulative change to the highest level of the series during the 20-quarter projection.
2    Lowest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3    Lowest projected year-on-year percentage change in inflation in the scenario.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
55

Earnings Release 3Q24 on Form 6-K
Consensus Upside scenario 2024–2028 (as at 4Q23)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-peak)1
10.8(4Q28)14.3(4Q28)21.8(4Q28)30.4(4Q28)10.4(4Q28)30.7(4Q28)17.8(4Q28)
Unemployment rate
(%, min)2
3.1(4Q24)3.1(2Q25)2.4(3Q24)4.8(4Q25)6.2(4Q25)2.0(4Q25)2.4(3Q24)
House price index
(%, start-to-peak)1
13.0(4Q28)21.9(4Q28)17.9(4Q28)19.7(4Q28)19.6(4Q28)34.2(4Q28)30.6(4Q28)
Inflation rate
(YoY % change, min)3
1.3(2Q25)1.4(1Q25)0.3(4Q24)0.6(3Q24)1.5(3Q24)1.4(1Q25)2.7(1Q25)
Central bank policy rate
(%, min)2
3.7(3Q28)3.7(2Q27)4.1(1Q27)3.1(3Q24)2.6(2Q26)3.7(1Q27)7.8(2Q25)
1    Cumulative change to the highest level of the series during the 20-quarter projection.
2    Lowest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3    Lowest projected year-on-year percentage change in inflation in the scenario.
Consensus Downside scenario 4Q24–3Q29 (as at 3Q24)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-trough)1
(0.6)(4Q26)(1.4)(2Q25)(1.8)(1Q26)(2.3)(2Q25)(0.5)(2Q25)0.2 (4Q24)(2.0)(4Q25)
Unemployment rate
(%, max)2
6.6 (3Q25)5.4 (2Q25)4.3 (2Q26)6.4 (3Q26)8.4 (2Q25)3.6 (2Q25)3.8 (4Q25)
House price index
(%, start-to-trough)1
(5.4)(4Q25)(0.3)(4Q24)(10.1)(4Q25)(14.2)(4Q26)(0.2)(1Q25)(0.2)(4Q24)0.8 (4Q24)
Inflation rate
(YoY % change, max)3
3.9 (3Q25)3.9 (3Q25)4.6 (2Q25)2.6 (2Q25)3.4 (1Q25)3.0 (3Q25)6.1 (3Q25)
Central bank policy rate
(%, max)2
5.3 (4Q24)5.1 (4Q24)5.5 (4Q24)3.4 (4Q24)3.8 (2Q25)5.1 (4Q24)11.6 (2Q25)
1    Cumulative change to the lowest level of the series during the 20-quarter projection.
2    Highest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3    Highest projected year-on-year percentage change in inflation in the scenario.
Consensus Downside scenario 2024–2028 (as at 4Q23)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-trough)1
(1.0)(2Q25)(1.4)(3Q24)(1.6)(3Q25)(1.5)(1Q24)(0.3)(2Q24)1.4(1Q24)(0.3)(4Q24)
Unemployment rate
(%, max)2
6.4(1Q25)5.6(4Q24)4.7(4Q25)6.9(4Q25)8.5(4Q24)3.7(4Q25)3.5(4Q25)
House price index
(%, start-to-trough)1
(12.0)(2Q25)(1.3)(3Q24)(9.6)(4Q24)(7.1)(3Q25)(1.2)(3Q24)0.3(1Q24)1.2(1Q24)
Inflation rate
(YoY % change, max)3
4.1(1Q24)3.5(4Q24)3.8(3Q24)3.5(4Q24)3.8(2Q24)3.0(1Q24)6.5(4Q24)
Central bank policy rate
(%, max)2
5.7(1Q24)5.6(1Q24)6.0(1Q24)3.2(3Q24)4.2(1Q24)5.7(1Q24)12.0(3Q24)
1    Cumulative change to the lowest level of the series during the 20-quarter projection.
2    Highest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3    Highest projected year-on-year percentage change in inflation in the scenario.
Downside 2 scenario 4Q24–3Q29 (as at 3Q24)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-trough)1
(8.6)(1Q26)(4.1)(4Q25)(7.9)(1Q26)(7.8)(3Q25)(8.1)(4Q25)(6.6)(1Q26)(9.3)(2Q26)
Unemployment rate
(%, max)2
8.3 (1Q26)9.2 (4Q25)6.3 (3Q25)6.8 (3Q26)10.2 (3Q26)5.1 (2Q25)5.4 (4Q25)
House price index
(%, start-to-trough)1
(28.2)(3Q26)(15.9)(3Q25)(40.2)(2Q27)(32.1)(4Q26)(14.0)(1Q27)(12.0)(1Q27)0.8 (4Q24)
Inflation rate
(YoY % change, max)3
9.9 (1Q25)4.6 (3Q25)5.0 (2Q25)5.1 (3Q25)8.4 (1Q25)3.5 (2Q25)6.6 (3Q25)
Central bank policy rate
(%, max)2
5.8 (4Q24)5.9 (4Q24)6.2 (4Q24)3.9 (2Q25)4.8 (4Q24)5.9 (4Q24)12.2 (2Q25)
1    Cumulative change to the lowest level of the series during the 20-quarter projection.
2     Highest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3     Highest projected year-on-year percentage change in inflation in the scenario.
56
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Downside 2 scenario 2024–2028 (as at 4Q23)
UKUSHong KongMainland ChinaFranceUAEMexico
GDP level
(%, start-to-trough)1
(8.8)(2Q25)(4.6)(1Q25)(8.2)(1Q25)(6.4)(1Q25)(6.6)(1Q25)(4.9)(2Q25)(8.1)(2Q25)
Unemployment rate
(%, max)2
8.4(2Q25)9.3(2Q25)6.4(4Q24)7.0(4Q25)10.2(4Q25)4.3(3Q24)4.9(2Q25)
House price index
(%, start-to-trough)1
(30.2)(4Q25)(14.7)(4Q24)(32.8)(3Q26)(25.5)(4Q25)(14.5)(2Q26)(2.9)(4Q25)1.2(1Q24)
Inflation rate
(YoY % change, max)3
10.1(2Q24)4.8(2Q24)4.1(3Q24)4.1(4Q24)8.6(2Q24)3.5(2Q24)7.0(4Q24)
Central bank policy rate
(%, max)2
6.0(1Q24)6.1(1Q24)6.4(1Q24)4.1(3Q24)5.2(1Q24)6.1(1Q24)12.7(3Q24)
1    Cumulative change to the lowest level of the series during the 20-quarter projection.
2    Highest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.
3    Highest projected year-on-year percentage change in inflation in the scenario.
The following table describes the probabilities assigned in each scenario.
Scenario weightings, %
Standard weightsUKUSHong
Kong		Mainland ChinaFranceUAEMexico
3Q24
Upside10 10 10 10 10 10 10 10 
Central75 75 75 75 75 75 75 75 
Downside 10 10 10 10 10 10 10 10 
Downside 25 5 5 5 5 5 5 5 
4Q23
Upside10 10 10 10 10 10 10 10 
Central75 75 75 75 75 75 75 75 
Downside10 10 10 10 10 10 10 10 
Downside 25 5 5 5 5 5 5 5 
At 30 September 2024, scenario weights are consistent with those applied in the previous quarter and at 31 December 2023. The consensus Upside and Central scenarios for all key markets have a combined weighting of 85%, with the remaining 15% assigned to the two Downside scenarios. Management assessed that forecast dispersion around the consensus estimate had remained stable and that market measures of volatility had stayed low. Risks were deemed to be adequately reflected in outer scenarios at their calibrated probability.
Management judgemental adjustments
In the context of IFRS 9, management judgemental adjustments are typically short-term increases or decreases to the modelled allowance for ECL at either a customer, segment or portfolio level where management believes allowances do not sufficiently reflect the credit risk/expected credit losses at the reporting date. These can relate to risks or uncertainties that are not reflected in the models and/or to any late-breaking events with significant uncertainty, subject to management review and challenge.
This includes refining model inputs and outputs and using adjustments to ECL based on management judgement and quantitative analysis for impacts that are difficult to model.
The effects of management judgemental adjustments are considered for both balances and allowance for ECL when determining whether or not a significant increase in credit risk has occurred and is allocated to a stage where appropriate. This is in accordance with the internal adjustments framework.
Management judgemental adjustments are reviewed under the governance process for IFRS 9, as detailed in the section ‘Credit risk management’ on page 183 of the Annual Report and Accounts 2023 on Form 20-F.
Review and challenge focuses on the rationale and quantum of the adjustments with a further review carried out by the second line of defence where significant. For some management judgemental adjustments, internal frameworks establish the conditions under which these adjustments should no longer be required and as such are considered as part of the governance process. This internal governance process allows management judgemental adjustments to be reviewed regularly and, where possible, to reduce the reliance on these through model recalibration or redevelopment, as appropriate.
The drivers of management judgemental adjustments continue to evolve with the economic environment and as new risks emerge.
In addition to management judgemental adjustments there are also ‘Other adjustments’, which are made to address process limitations, data/model deficiencies and can also include, where appropriate, the impact of new models where governance has sufficiently progressed to allow an accurate estimate of ECL allowance to be incorporated into the total reported ECL.
‘Management judgemental adjustments’ and ‘Other adjustments’ constitute the total value of adjustments to modelled allowance for ECL. For the wholesale portfolio, defaulted exposures are assessed individually and management judgemental adjustments are made only to the performing portfolio.
At 30 September 2024, there was a $0.4bn reduction in management judgemental adjustments compared with 31 December 2023.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
57

Earnings Release 3Q24 on Form 6-K
Management judgemental adjustments made in estimating the scenario-weighted reported allowance for ECL at 30 September 2024 are set out in the following table.
Management judgemental adjustments to ECL at 30 September 20241
Retail
Wholesale2
Total
$bn$bn$bn
Modelled ECL (A)3
2.71.94.6
Banks, sovereigns, government entities and low-risk counterparties0.00.0
Corporate lending adjustments0.20.2
Inflation-related adjustments
0.00.0
Other credit judgements
0.10.1
Total management judgemental adjustments (B)4
0.10.20.3
Other adjustments (C)5
(0.1)0.10.0
Final ECL (A + B + C)6
2.72.24.9
Management judgemental adjustments to ECL at 31 December 20231,7
Retail
Wholesale2
Total
$bn$bn$bn
Modelled ECL (A)3
2.6 2.4 5.0 
Banks, sovereigns, government entities and low-risk counterparties0.00.0
Corporate lending adjustments0.1 0.1
Inflation-related adjustments
0.1 0.1
Other credit judgements
0.5 0.5
Total management judgemental adjustments (B)4
0.6 0.1 0.7
Other adjustments (C)5
0.00.00.0
Final ECL (A + B + C)6
3.2 2.5 5.7 
1    Management judgemental adjustments presented in the table reflect increases or (decreases) to allowance for ECL, respectively.
2    The wholesale portfolio corresponds to adjustments to the performing portfolio (stage 1 and stage 2).
3    (A) refers to probability-weighted allowance for ECL before any adjustments are applied.
4    (B) refers to adjustments that are applied where management believes allowance for ECL does not sufficiently reflect the credit risk/expected credit losses of any given portfolio at the reporting date. These can relate to risks or uncertainties that are not reflected in the model and/or to any late-breaking events.
5    (C) refers to adjustments to allowance for ECL made to address process limitations, data/model deficiencies, and can also include, where appropriate, the impact of new models where governance has sufficiently progressed to allow an accurate estimate of ECL allowance to be incorporated into the total reported ECL.
6    As presented within our internal credit risk governance (see page 183 of the Annual Report and Accounts 2023 on Form 20-F).
7    31 December 2023 includes the allowance for ECL related to the Canada banking business and retail banking operations in France.
At 30 September 2024, wholesale management judgemental adjustments were an increase to allowance for ECL of $0.2bn (31 December 2023: $0.1bn increase), mostly to reflect heightened uncertainty in specific sectors and geographies, including adjustments to exposures to the real estate sectors booked in Hong Kong, mainland China and the US.
In the retail portfolio, management judgemental adjustments were an increase to modelled ECL of $0.1bn at 30 September 2024 (31 December 2023: $0.6bn increase). The decrease in management judgemental adjustments to ECL allowance compared with 31 December 2023 was primarily attributed to the UK, where performance continued to remain resilient and modelled ECL becomes more reflective of expected credit performance.
Economic scenarios sensitivity analysis of ECL estimates
Management considered the sensitivity of the ECL outcome against the economic forecasts as part of the ECL governance process by recalculating the ECL under each scenario described above for selected portfolios, applying a 100% weighting to each scenario in turn. The weighting is reflected in both the determination of a significant increase in credit risk and the measurement of the resulting ECL.
The allowance for ECL calculated for the Upside and Downside scenarios should not be taken to represent the upper and lower limits of possible ECL outcomes. The impact of defaults that might occur in the future under different economic scenarios is captured by recalculating ECL for loans at the balance sheet date.
There is a particularly high degree of estimation uncertainty in numbers representing more severe risk scenarios when assigned a 100% weighting.
For wholesale credit risk exposures, the sensitivity analysis excludes allowance for ECL and financial instruments related to defaulted (stage 3) obligors. Loans to defaulted obligors are a small portion of the overall wholesale lending exposure, even if representing the majority of the allowance for ECL. The measurement of stage 3 ECL is relatively more sensitive to credit factors specific to the obligor than future economic scenarios, and therefore the effects of macroeconomic factors are not necessarily the key consideration when performing individual assessments of allowances for obligors in default. Due to the range and specificity of the credit factors to which the ECL is sensitive, it is not possible to provide a meaningful alternative sensitivity analysis for a consistent set of risks across all defaulted obligors.
For retail credit risk exposures, the sensitivity analysis includes ECL allowance for loans and advances to customers related to defaulted obligors. This is because the retail ECL allowance for secured mortgage portfolios, including loans in all stages, is sensitive to macroeconomic variables.
58
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Group ECL sensitivity results
The allowance for ECL of the scenarios and management judgemental adjustments is highly sensitive to movements in economic forecasts. If the Group allowance for ECL balance was estimated solely on the basis of the Central scenario, Downside scenario or the Downside 2 scenario at 30 September 2024, it would increase/(decrease) as presented in the below table.
Retail
Wholesale1
Total Group ECL at 30 Sep 20242,3
$bn $bn
Reported ECL2.5 2.2 
Scenarios
100% consensus Central scenario(0.1)(0.2)
100% consensus Upside scenario(0.2)(0.6)
100% consensus Downside scenario0.00.8 
100% Downside 2 scenario1.9 4.1 
Total Group ECL at 31 Dec 20232,3
Reported ECL3.0 2.5 
Scenarios
100% consensus Central scenario
(0.1)(0.2)
100% consensus Upside scenario(0.5)(0.7)
100% consensus Downside scenario
0.4 0.8 
100% Downside 2 scenario
2.1 4.5 
1    Includes low credit-risk financial instruments, such as debt instruments at FVOCI, which have high carrying values but low ECL under all the scenarios.
2    ECL sensitivities exclude portfolios utilising less complex modelling approaches for the retail portfolio and defaulted obligors for the wholesale portfolio.
3    30 September 2024 excludes the Canada banking business, the sale of which completed on 28 March 2024. 31 December 2023 includes the Canada banking business. 30 September 2024 excludes the retained portfolio following the sale of retail banking operations in France, which completed on 1 January 2024. 31 December 2023 includes all retail banking operations in France.
At 30 September 2024, the Group allowance for ECL decreased in the retail portfolio by $0.5bn and decreased by $0.3bn in the wholesale portfolio, compared with 31 December 2023. There was also a reduction in ECL sensitivity across all scenarios within the retail and wholesale portfolios since 31 December 2023, primarily as a result of the sale of our Canada banking business and sale of our retail banking operations in France during the first half of 2024. This was the main driver of the decrease in Downside 2 ECL sensitivity for the wholesale portfolio.
At 30 September 2024 the retail portfolio sensitivity of the allowance for ECL across all scenarios was lower compared with 31 December 2023. This was due to lower reported ECL levels, reduced macroeconomic forecast uncertainty, reduction in management judgemental adjustments and the implementation of revised models and model methodology across many of the portfolios. This revised methodology maintains the higher sensitivity to the Downside 2 scenario while better reflecting the lower sensitivity to the consensus scenarios.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
59

Earnings Release 3Q24 on Form 6-K
Personal lending
Total personal lending for loans and advances to customers at amortised cost by stage distribution
Gross carrying amountAllowance for ECL
Stage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total
$m$m$m$m$m$m$m$m
By legal entity
HSBC UK Bank plc158,071 36,533 1,258 195,862 (158)(344)(257)(759)
HSBC Bank plc1
24,251 1,574 337 26,162 (18)(24)(104)(146)
The Hongkong and Shanghai Banking Corporation Limited
195,828 6,328 1,165 203,321 (171)(370)(169)(710)
HSBC Bank Middle East Limited3,597 140 49 3,786 (15)(27)(31)(73)
HSBC North America Holdings Inc.20,032 490 350 20,872 (5)(13)(13)(31)
Grupo Financiero HSBC, S.A. de C.V.11,565 1,214 632 13,411 (155)(396)(282)(833)
Other trading entities1
744 49 3 796 (6)(2)(2)(10)
At 30 Sep 2024414,088 46,328 3,794 464,210 (528)(1,176)(858)(2,562)
By legal entity
HSBC UK Bank plc146,354 35,190 1,218 182,762 (152)(490)(255)(897)
HSBC Bank plc14,598 1,747 273 16,618 (24)(22)(91)(137)
The Hongkong and Shanghai Banking Corporation Limited
191,382 7,741 948 200,071 (165)(402)(162)(729)
HSBC Bank Middle East Limited3,335 397 47 3,779 (19)(33)(36)(88)
HSBC North America Holdings Inc.18,096 553 364 19,013 (5)(14)(16)(35)
Grupo Financiero HSBC, S.A. de C.V.12,717 1,740 536 14,993 (197)(463)(273)(933)
Other trading entities10,052 115 119 10,286 (17)(10)(21)(48)
At 31 Dec 2023
396,534 47,483 3,505 447,522 (579)(1,434)(854)(2,867)
1    At 31 December 2023, ‘Other trading entities‘ included gross carrying amount of $9,079m and allowances for ECL of $23m related to Private Banking entities that were reclassified to HSBC Bank plc to continue the process of simplifying our structure.
Wholesale lending
Total wholesale lending for loans and advances to banks and customers at amortised cost by stage distribution
Gross carrying amountAllowance for ECL
Stage 1Stage 2Stage 3POCITotalStage 1Stage 2Stage 3POCITotal
$m$m$m$m$m$m$m$m$m$m
By legal entity
HSBC UK Bank plc84,676 13,908 3,820 — 102,404 (219)(407)(698)— (1,324)
HSBC Bank plc1
90,536 7,175 2,490 45 100,246 (66)(97)(770)(18)(951)
The Hongkong and Shanghai Banking Corporation Limited
301,325 28,384 11,985 37 341,731 (172)(605)(4,132)(23)(4,932)
HSBC Bank Middle East Limited25,225 1,309 843 5 27,382 (27)(9)(477)(1)(514)
HSBC North America Holdings Inc.31,302 5,028 550 — 36,880 (34)(126)(120)— (280)
Grupo Financiero HSBC, S.A. de C.V.13,028 1,360 230 — 14,618 (36)(44)(132)— (212)
Other trading entities1
8,858 385 354 — 9,597 (12)(4)(179)— (195)
Holding companies, shared service centres and intra-Group eliminations
69 — — — 69 — — — — — 
At 30 Sep 2024555,019 57,549 20,272 87 632,927 (566)(1,292)(6,508)(42)(8,408)

By legal entity
HSBC UK Bank plc76,793 18,735 3,769 — 99,297 (213)(474)(593)— (1,280)
HSBC Bank plc82,025 8,452 2,673 40 93,190 (69)(138)(1,035)(7)(1,249)
The Hongkong and Shanghai Banking Corporation Limited
287,876 37,402 7,077 38 332,393 (185)(696)(3,349)(21)(4,251)
HSBC Bank Middle East Limited21,927 1,598 894 3 24,422 (17)(11)(571)(2)(601)
HSBC North America Holdings Inc.30,797 5,712 583 — 37,092 (24)(145)(127)— (296)
Grupo Financiero HSBC, S.A. de C.V.13,714 1,186 382 — 15,282 (39)(56)(231)— (326)
Other trading entities11,164 1,739 392 — 13,295 (14)(13)(192)— (219)
Holding companies, shared service centres and intra-Group eliminations
33 — — — 33 — — — — — 
At 31 Dec 2023524,329 74,824 15,770 81 615,004 (561)(1,533)(6,098)(30)(8,222)
1    At 31 December 2023, ‘Other trading entities‘ included gross carrying amount of $1,792m and allowances for ECL of $1m related to Private Banking entities that were reclassified to HSBC Bank plc to continue the process of simplifying our structure.
60
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Commercial real estate
The following table presents the Group’s exposure to borrowers classified in the commercial real estate sector where the ultimate parent is based in mainland China, as well as all commercial real estate exposures booked on mainland China balance sheets. The exposures and allowances for ECL at 30 September 2024 are split by country/territory and credit quality. Additionally, allowances for ECL are split by stage.
Commercial real estate financing refers to lending that focuses on commercial development and investment in real estate and covers commercial, residential and industrial assets. The exposures in the table are related to companies whose primary activities are focused on these areas. The table also includes financing provided to a corporate or financial entity for the purchase or financing of a property that supports the overall operations of the business. Such exposures are outside of our normal definition of commercial real estate, as applied elsewhere in this Earnings Release 3Q24 on Form 6-K, but are provided here for a more comprehensive view of our property exposures in mainland China.
Mainland China commercial real estate
Hong KongMainland ChinaRest of the GroupTotal
$m$m$m$m
Loans and advances to customers1
4,342 4,149 327 8,818 
Guarantees issued and others2
47 16 6 69 
Total mainland China commercial real estate exposure at 30 Sep 2024
4,389 4,165 333 8,887 
Distribution of mainland China commercial real estate exposure by credit quality
Strong
186 1,614 110 1,910 
Good
542 872 1 1,415 
Satisfactory
214 1,184 53 1,451 
Sub-standard
817 150 150 1,117 
Credit impaired
2,630 345 19 2,994 
At 30 Sep 2024
4,389 4,165 333 8,887 
Allowance for ECL by credit quality
Strong
— (4)— (4)
Good
— (4)— (4)
Satisfactory
— (16)— (16)
Sub-standard
(140)(26)(17)(183)
Credit impaired
(1,780)(108)(3)(1,891)
At 30 Sep 2024
(1,920)(158)(20)(2,098)
Allowance for ECL by stage distribution
Stage 1
— (10)— (10)
Stage 2
(140)(40)(17)(197)
Stage 3
(1,778)(108)(3)(1,889)
POCI
(2)— — (2)
At 30 Sep 2024
(1,920)(158)(20)(2,098)
ECL coverage %43.73.86.023.6
1    Amounts represent gross carrying amount.
2    Amounts represent nominal amount for guarantees and other contingent liabilities.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
61

Earnings Release 3Q24 on Form 6-K
Mainland China commercial real estate (continued)
Hong KongMainland ChinaRest of the GroupTotal
$m$m$m$m
Loans and advances to customers1
6,033 4,917 839 11,789 
Guarantees issued and others2
255 66 37 358 
Total mainland China commercial real estate exposure at 31 Dec 2023
6,288 4,983 876 12,147 
Distribution of mainland China commercial real estate exposure by
credit quality
Strong
781 1,723 6 2,510 
Good604 953 421 1,978 
Satisfactory
679 1,704 261 2,644 
Sub-standard
1,298 327 188 1,813 
Credit impaired
2,926 276 — 3,202 
At 31 Dec 20236,288 4,983 876 12,147 
Allowance for ECL by credit quality
Strong
— (3)— (3)
Good
— (5)(1)(6)
Satisfactory
(3)(27)— (30)
Sub-standard
(66)(87)(16)(169)
Credit impaired
(1,726)(125)— (1,851)
At 31 Dec 2023(1,795)(247)(17)(2,059)
Allowance for ECL by stage distribution
Stage 1
— (10)— (10)
Stage 2
(69)(112)(17)(198)
Stage 3
(1,726)(125)— (1,851)
At 31 Dec 2023(1,795)(247)(17)(2,059)
ECL coverage %28.55.01.917.0
1    Amounts represent gross carrying amount.
2    Amounts represent nominal amount for guarantees and other contingent liabilities.
The table above shows that commercial real estate financing exposures were $8.9bn at 30 September 2024, down from $12.1bn at 31 December 2023. The reduction was mainly due to repayments by performing customers. Total ‘credit impaired’ exposures at 30 September 2024 were stable, standing at $3.0bn, down from $3.2bn at 31 December 2023.
Allowances for ECL are substantially against unsecured exposures. For secured exposures, allowances for ECL are minimal, reflecting the nature and value of the security held.
Facilities booked in Hong Kong continued to represent the largest proportion of mainland China commercial real estate exposures, although total exposures fell to $4.4bn, down by $1.9bn since 31 December 2023, as a result of de-risking measures, repayments and write-offs. This portfolio remains relatively higher risk, with $2.6bn (31 December 2023: $2.9bn) of exposures in the ‘credit impaired’ category.
At 30 September 2024, the Group had allowances for ECL of $1.9bn (31 December 2023: $1.8bn) held against commercial real estate exposures for companies whose ultimate parent is based in mainland China and which are booked in Hong Kong. ECL coverage increased to 43.7% (31 December 2023: 28.5%) to reflect the assessment of risk associated with this portfolio.
Approximately half of the performing exposure in the Hong Kong portfolio is lending to state-owned enterprises and relatively strong privately-owned enterprises. This is reflected in the relatively low allowance for ECL in this part of the portfolio. Mainland China property market activity remains subdued with housing demand yet to meaningfully recover. Stimulus measures introduced in September 2024 nevertheless demonstrate the government’s determination to stabilise the sector, and while further policy support may be required, these measures represent concerted government efforts to improve market confidence and demand. We continue to monitor developments in the real estate sector closely, including the extent to which government support measures are driving a sustained stabilisation of property market fundamentals and financing conditions.
The Group has additional exposures to mainland China commercial real estate as a result of lending to multinational corporates booked outside of mainland China, which is not incorporated in the table above.

62
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Capital risk
Capital overview
Capital and liquidity adequacy metrics
At
30 Sep 202430 Jun 2024
Risk-weighted assets (‘RWAs‘) ($bn)
Credit risk
690.0 664.1 
Counterparty credit
37.6 36.8 
Market risk37.4 37.9 
Operational risk98.9 96.3 
Total risk-weighted assets863.9 835.1
Capital on a transitional basis ($bn)
Common equity tier 1 capital
131.4 125.3
Tier 1 capital150.6 144.3
Total capital179.8 172.1
Capital ratios on a transitional basis (%)
Common equity tier 1 ratio15.2 15.0 
Tier 1 ratio17.4 17.3 
Total capital ratio20.8 20.6 
Capital on an end point basis ($bn)
Common equity tier 1 capital
131.4 125.3
Tier 1 capital150.6 144.3
Total capital175.6 168.1
Capital ratios on an end point basis (%)
Common equity tier 1 ratio15.2 15.0 
Tier 1 ratio17.4 17.3 
Total capital ratio20.3 20.1 
Liquidity coverage ratio (‘LCR’)
Total high-quality liquid assets ($bn)649.2 646.1
Total net cash outflow ($bn)473.0 472.3
LCR (%)1
137 137 
1    We enhanced our calculation processes during 1H24. As the Group LCR is reported as a 12-month average, the benefit of these changes is being recognised incrementally over the year starting from 30 June 2024.
References to EU regulations and directives (including technical standards) should, as applicable, be read as references to the UK’s version of such regulation or directive, as onshored into UK law under the European Union (Withdrawal) Act 2018, and as may be subsequently amended under UK law.
Capital figures and ratios in the previous table are calculated in accordance with the regulatory requirements of the Capital Requirements Regulation and Directive, the CRR II regulation and the Prudential Regulation Authority (’PRA’) Rulebook (’CRR II’). The table presents them under the transitional arrangements in CRR II for capital instruments and after their expiry, known as the end point.
Regulatory numbers and ratios are as presented at the date of reporting. Small changes may exist between these numbers and ratios and those subsequently submitted in regulatory filings. Where differences are significant, we may restate in subsequent periods.
Capital
At 30 September 2024, our CET1 capital ratio increased to 15.2% from 15.0% at 30 June 2024, driven by an increase in CET1 capital of $6.1bn, partly offset by an increase in RWAs of $28.8bn.
The key drivers impacting the CET1 ratio were:
–a 0.3 percentage point increase from capital generation, mainly through regulatory profits and other reserves, partly offset by dividends and the share buy-back announced with our 2Q24 results;
–a 0.1 percentage point increase from the favourable impact of foreign exchange fluctuations; and
–a 0.2 percentage point decrease driven by higher RWAs, mainly from asset size and asset quality movements.
Our Pillar 2A requirement at 30 September 2024, as per the PRA’s Individual Capital Requirement based on a point-in-time assessment, was equivalent to 2.6% of RWAs, of which 1.5% was required to be met by CET1. Throughout 3Q24, we complied with the PRA’s regulatory capital adequacy requirement.
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K
63

Earnings Release 3Q24 on Form 6-K
Leverage
Leverage ratio
At
30 Sep 202430 Jun 2024
$bn$bn
Tier 1 capital (leverage)
150.6 144.3 
Total leverage ratio exposure
2,657.8 2,514.5 
%%
Leverage ratio5.7 5.7 

Our leverage ratio was 5.7% at 30 September 2024, unchanged from 30 June 2024. The increase in the leverage exposures led to a 0.3 percentage point fall in the leverage ratio, primarily due to growth in the balance sheet, which was offset by a 0.3 percentage point increase due to an increase in tier 1 capital.
At 30 September 2024, our UK minimum leverage ratio requirement of 3.25% was supplemented by a leverage ratio buffer of 1.0%, which consists of an additional leverage ratio buffer of 0.7% and a countercyclical leverage ratio buffer of 0.3%. These buffers translated into capital values of $18.6bn and $8.0bn respectively. We exceeded these leverage requirements throughout 3Q24.
Risk-weighted assets
RWAs by global business
WPB
CMB
GBM
Corporate
Centre
Total
RWAs
$bn$bn$bn$bn$bn
Credit risk155.1 313.2 135.9 85.8 690.0 
Counterparty credit risk0.8 0.3 35.3 1.2 37.6 
Market risk1.7 1.4 27.7 6.6 37.4 
Operational risk34.1 33.7 33.3 (2.2)98.9 
At 30 Sep 2024191.7 348.6 232.2 91.4 863.9 
At 30 Jun 2024
182.5 335.7 225.1 91.8 835.1 
RWAs by legal entities1
HSBC UK Bank plcHSBC Bank plc
The Hongkong and Shanghai Banking Corporation Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc
HSBC Bank Canada
Grupo Financiero HSBC, S.A.
de C.V.		Other trading entities
Holding companies, shared service centres and intra-Group eliminations2
Total
RWAs
$bn$bn$bn$bn$bn$bn$bn$bn$bn$bn
Credit risk121.4 76.9 326.6 19.6 63.6 — 24.1 49.1 8.7 690.0 
Counterparty credit risk0.3 20.1 10.6 0.5 3.6 — 0.5 2.0 — 37.6 
Market risk3
0.2 25.0 27.2 1.6 3.0 — 0.8 1.8 2.5 37.4 
Operational risk18.9 18.8 47.2 3.7 7.2 — 4.5 4.7 (6.1)98.9 
At 30 Sep 2024140.8 140.8 411.6 25.4 77.4 — 29.9 57.6 5.1 863.9 
At 30 Jun 2024
131.5 137.1 401.2 26.1 76.8 — 31.3 55.0 4.9 835.1 
1    Balances are on a third-party Group consolidated basis.
2    Balances include HSBC Bank Canada operational risk RWAs due to the averaging calculation and will roll off over future reporting cycles.
3    Market risk RWAs are non-additive across the legal entities due to diversification effects within the Group.
RWA movement by global business by key driver
Credit risk, counterparty credit risk
and operational risk		Market
risk		Total
RWAs
WPB
CMB
GBM
Corporate
Centre
$bn$bn$bn$bn$bn$bn
RWAs at 1 Jul 2024
181.3 334.5 197.4 84.0 37.9 835.1 
Asset size3.7 5.9 1.6 1.3 (0.7)11.8 
Asset quality— 0.9 2.2 1.1 — 4.2 
Model updates1.6 0.6 — (3.3)— (1.1)
Methodology and policy
— (1.9)— 0.9 0.2 (0.8)
Acquisitions and disposals(0.1)— — — — (0.1)
Foreign exchange movements1
3.5 7.2 3.3 0.8 — 14.8 
Total RWA movement8.7 12.7 7.1 0.8 (0.5)28.8 
RWAs at 30 Sep 2024
190.0 347.2 204.5 84.8 37.4 863.9 
1    Credit risk foreign exchange movements in this disclosure are computed by retranslating RWAs into US dollars based on the underlying transactional currencies, and other movements in the table are presented on a constant currency basis.
64
HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

RWA movement by legal entities by key driver1
Credit risk, counterparty credit risk and operational risk
HSBC UK Bank plc
HSBC Bank plc
The Hongkong and Shanghai Banking Corporation Limited
HSBC Bank Middle East LimitedHSBC North America Holdings Inc
HSBC Bank Canada
Grupo Financiero HSBC, S.A.
de C.V.		Other trading entities
Holding companies, shared service centres and intra-Group eliminations
Market risk
Total RWAs
$bn$bn$bn$bn$bn$bn$bn$bn$bn$bn$bn
RWAs at 1 Jul 2024
131.3 111.6 372.0 23.5 73.1 — 30.5 53.5 1.7 37.9 835.1 
Asset size
3.4 0.6 4.9 0.4 (0.1)— 0.4 2.7 0.2 (0.7)11.8 
Asset quality(0.1)0.6 2.8 — 0.9 — — — — — 4.2 
Model updates— (0.5)(0.2)(0.4)— — — — — — (1.1)
Methodology and policy (1.0)— (1.0)0.2 0.4 — — — 0.4 0.2 (0.8)
Acquisitions and disposals— — (0.1)— — — — — — — (0.1)
Foreign exchange movements2
7.0 3.5 6.0 0.1 0.1 — (1.8)(0.4)0.3 — 14.8 
Total RWA movement9.3 4.2 12.4 0.3 1.3 — (1.4)2.3 0.9 (0.5)28.8 
RWAs at 30 Sep 2024
140.6 115.8 384.4 23.8 74.4 — 29.1 55.8 2.6 37.4 863.9 
1    Balances are on a third-party Group consolidated basis.
2    Credit risk foreign exchange movements in this disclosure are computed by retranslating RWAs into US dollars based on the underlying transactional currencies, and other movements in the table are presented on a constant currency basis.
RWAs increased by $28.8bn during 3Q24, including a rise of $14.8bn due to foreign currency translation differences. The remaining $14.0bn increase in RWAs was predominantly attributed to asset size and asset quality movements.
Asset size
CMB RWAs rose by $5.9bn, due to an increase in corporate lending, mainly in HSBC UK Bank plc and Asia, and higher sovereign exposures in Asia.
WPB RWAs increased by $3.7bn, due to retail portfolio growth and an increase in sovereign exposures in Asia and Other trading entities.
GBM RWAs increased by $1.6bn, primarily due to higher securities financing exposures and an increased derivatives portfolio in counterparty credit risk, notably in HSBC Bank plc. The increase was partly offset by a fall in corporate exposures, primarily in Asia and the US.
Corporate Centre RWAs increased by $1.3bn, largely driven by movements related to investments in associates from lending growth in SAB and our holding in BoCom, reflected in Other trading entities and Asia respectively.
The $0.7bn decrease in market risk RWAs was mainly attributed to lower value at risk and foreign exchange exposures, which was partly offset by a rise in stressed value at risk, and a higher incremental risk charge from increased positions.
Asset quality
The $4.2bn rise in RWAs was mainly due to unfavourable credit risk migrations in Asia, including in the Hong Kong commercial real estate sector, and the US.
Model update
The $1.1bn fall in RWAs was mainly driven by a $2.2bn change to the financial institutions models, partly offset by an increase in the post-model adjustment for the Hong Kong mortgage model.
Methodology and policy
Credit risk parameter refinements offset by methodology changes, mainly in Asia, HSBC UK Bank plc and the US, led to an RWA decrease of $0.8bn.

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Earnings Release 3Q24 on Form 6-K
Regulatory and other developments
In the UK, the PRA published its second set of near-final rules on credit risk, the output floor, and reporting and disclosure elements of Basel III Reforms (’Basel 3.1’) in September 2024. Near-final rules in relation to the market risk, credit valuation adjustments, counterparty risk and operational risk elements of the package were published by the PRA in December 2023. The implementation date is delayed by a further six months to 1 January 2026, with an output floor transitional period of four years until 31 December 2029.
We continue to assess the impact of Basel 3.1 standards on our capital, including the recent release of more beneficial PRA near-final rules, developments in the US and associated implementation challenges (including data provision). We continue to expect that the impact on our CET1 ratio at 1 January 2026 will be immaterial.
The work by Basel on climate-related financial risks across all three pillars of regulation, supervision and disclosure is ongoing. The initial work by Basel concluded that climate risk drivers, including physical and transition risks, can be captured in traditional financial risk categories such as credit, market, operational and liquidity risks. As part of its wider efforts to improve ESG risk coverage, Basel consulted in November 2023 on a Pillar 3 disclosures framework for climate-related financial risks with a proposed effective date of 1 January 2026.
Regulatory transitional arrangements for IFRS 9 ‘Financial Instruments‘
We have adopted the regulatory transitional arrangements of the Capital Requirements Regulation for IFRS 9, including paragraph four of article 473a. These allow banks to add back to their capital base a proportion of the impact that IFRS 9 has upon their loan loss allowances. Our capital and ratios are presented under these arrangements throughout the tables in this section, including the end point figures.
arrows_wda.jpg For further details, see our Pillar 3 Disclosures at 30 September 2024, which is expected to be published on or around 5 November 2024 at www.hsbc.com/investors.
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HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Additional information
Dividends
Second interim dividend for 2024
On 31 July 2024, the Directors approved a second interim dividend for 2024 of $0.10 per ordinary share, which was paid on 27 September 2024 in cash. The sterling and Hong Kong dollar amounts of approximately £0.075817 and HK$0.779073 were calculated using the forward exchange rates quoted by HSBC Bank plc in London at or about 11.00am on 16 September 2024.
Third interim dividend for 2024
On 29 October 2024, the Directors approved a third interim dividend in respect of the financial year ending 31 December 2024 of $0.10 per ordinary share (the ‘dividend‘), a distribution of approximately $1.814bn. The dividend will be payable on 19 December 2024 to holders of record on the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register on 8 November 2024.
The dividend will be payable in US dollars, or in pounds sterling or Hong Kong dollars at the forward exchange rates quoted by HSBC Bank plc in London at or about 11.00am on 9 December 2024. The ordinary shares in London, Hong Kong and Bermuda will be quoted ex-dividend on 7 November 2024. American Depositary Shares (‘ADSs’) in New York will be quoted ex-dividend on 8 November 2024.
The default currency on the Principal Register in the UK is pounds sterling, and dividends can also be paid in Hong Kong dollars or US dollars, or a combination of these currencies. International shareholders can register to join the Global Dividend Service to receive dividends in their local currencies. Please register and read the terms and conditions at www.investorcentre.co.uk. UK shareholders can also register their sterling bank mandates at www.investorcentre.co.uk.
The default currency on the Hong Kong Overseas Branch Register is Hong Kong dollars, and dividends can also be paid in US dollars or pounds sterling, or a combination of these currencies. Shareholders can arrange for direct credit of Hong Kong dollar cash dividends into their bank account, or arrange to send US dollar or pound sterling cheques to the credit of their bank account. Shareholders can register for these services at www.investorcentre.com/hk. Shareholders can also download a dividend currency election form from www.hsbc.com/dividends, www.investorcentre.com/hk, or www.hkexnews.hk.
The default currency on the Bermuda Overseas Branch Register is US dollars, and dividends can also be paid in Hong Kong dollars or pounds sterling, or a combination of these currencies. Shareholders can change their dividend currency election by contacting the Bermuda investor relations team. Shareholders can download a dividend currency election form from www.hsbc.com/dividends.
Changes to currency elections must be received by 5 December 2024 to be effective for this dividend.
The dividend will be payable on ADSs, each of which represents five ordinary shares, on 19 December 2024 to holders of record on 8 November 2024. The dividend of $0.50 per ADS will be payable by the depositary in US dollars. Alternatively, the cash dividend may be invested in additional ADSs by participants in the dividend reinvestment plan operated by the depositary. Elections must be received by 29 November 2024.
Any person who has acquired ordinary shares registered on the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register but who has not lodged the share transfer with the Principal Registrar in the UK, Hong Kong Overseas Branch Registrar or Bermuda Overseas Branch Registrar should do so before 4.00pm local time on 8 November 2024 in order to receive the dividend.
Ordinary shares may not be removed from or transferred to the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register on 8 November 2024. Any person wishing to remove ordinary shares to or from each register must do so before 4.00pm local time on 7 November 2024.
Shares repurchased under HSBC Holdings plc buy-backs, which have not yet been cancelled from the Hong Kong custodians CCASS account as at the record date, will not be eligible for the dividend.
Transfers of ADSs must be lodged with the depositary by 11.00am on 8 November 2024 in order to receive the dividend. ADS holders who receive a cash dividend will be charged a fee, which will be deducted by the depositary, of $0.005 per ADS per cash dividend.
Dividend on preference shares
A quarterly dividend of £0.01 per Series A sterling preference share is payable on 15 March, 17 June, 16 September and 16 December 2024 for the quarter then ended at the sole and absolute discretion of the Board of HSBC Holdings plc. Accordingly, the Board of HSBC Holdings plc has approved a quarterly dividend to be payable on 16 December 2024 to holders of record on 29 November 2024.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Company Secretary
The Board of Directors of HSBC Holdings plc as at the date of this announcement comprises: Sir Mark Edward Tucker*, Georges Bahjat Elhedery, Geraldine Joyce Buckingham†, Rachel Duan†, Dame Carolyn Julie Fairbairn†, James Anthony Forese†, Ann Frances Godbehere†, Steven Craig Guggenheimer†, Dr José Antonio Meade Kuribreña†, Kalpana Jaisingh Morparia†, Eileen K Murray†, Brendan Robert Nelson† and Swee Lian Teo†.
*    Non-executive Group Chairman
†    Independent non-executive Director
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Earnings Release 3Q24 on Form 6-K
Investor relations/media relations contacts

For further information contact:
Investor relationsMedia relations
UK – Neil Sankoff
UK – Gillian James
Telephone: +44 (0) 20 7991 5072
Telephone: +44 (0)7584 404 238
Email: investorrelations@hsbc.comEmail: pressoffice@hsbc.com
Hong Kong – Yafei TianUK – Kirsten Smart
Telephone: +852 2899 8909
Telephone: +44 (0)7725 733 311
Email: investorrelations@hsbc.com.hkEmail: pressoffice@hsbc.com
Hong Kong – Aman Ullah
Telephone: +852 3941 1120
Email: aspmediarelations@hsbc.com.hk



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HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

Abbreviations
1H24
First half of 2024
1Q23
First quarter of 2023
1Q24
First quarter of 2024
2Q23
Second quarter of 2023
2Q24
Second quarter of 2024
3Q23
Third quarter of 2023
3Q24
Third quarter of 2024
4Q23
Fourth quarter of 2023
4Q24
Fourth quarter of 2024
9M23
First nine months of 2023
9M24
First nine months of 2024
ADR
American Depositary Receipt
ADS
American Depositary Share
AIBL
Average interest-bearing liabilities
AIEAAverage interest-earning assets
Banking NII
Banking net interest income
Basel IIIBasel Committee’s reforms to strengthen global capital and liquidity rules
Basel 3.1Outstanding measures to be implemented from the Basel III reforms
BoCom
Bank of Communications Co., Limited, one of China‘s largest banks
BpsBasis points. One basis point is equal to one-hundredth of a percentage point
CET1Common equity tier 1
CMBCommercial Banking, a global business
CODMChief Operating Decision Maker
Corporate CentreCorporate Centre comprises Central Treasury, our legacy businesses, interests in our associates and joint ventures, central stewardship costs and consolidation adjustments
CRR II
The regulatory requirements of the Capital Requirements Regulation and Directive, the CRR II regulation and the PRA Rulebook
CSMContractual service margin
Dec
December
EBAEuropean Banking Authority
ECL
Expected credit losses. In the income statement, ECL is recorded as a change in expected credit losses and other credit impairment charges. In the balance sheet, ECL is recorded as an allowance for financial instruments to which only the impairment requirements in IFRS 9 are applied
ESGEnvironmental, social and governance
EUEuropean Union
FDIC
Federal Deposit Insurance Corporation
FTEFull-time equivalent staff
FVOCIFair value through other comprehensive income
FXForeign exchange
GAAPGenerally accepted accounting principles
GBMGlobal Banking and Markets, a global business
GDPGross domestic product
GECGroup Executive Committee
GPSGlobal Payments Solutions, the business formerly known as Global Liquidity and Cash Management
GroupHSBC Holdings together with its subsidiary undertakings
GTS
Global Trade Solutions, the business formerly known as Global Trade and Receivables Finance
Hong KongHong Kong Special Administrative Region of the People’s Republic of China
HSBCHSBC Holdings together with its subsidiary undertakings
HSBC Bank plcHSBC Bank plc, also known as the non-ring-fenced bank
HSBC HoldingsHSBC Holdings plc, the parent company of HSBC
HSBC UKHSBC UK Bank plc, also known as the ring-fenced bank
IASInternational Accounting Standards
IborInterbank offered rate
IFRSsInternational Financial Reporting Standards
IVB
HSBC Innovation Banking
Jun
June
JVJoint venture
LCRLiquidity coverage ratio
Long term
For our financial targets, we define long term as five to six years, commencing 1 January 2024
Mainland ChinaPeople’s Republic of China excluding Hong Kong and Macau
Mar
March
Medium term
For our financial targets, we define medium term as three to four years, commencing 1 January 2024
MENAT
Middle East, North Africa and Türkiye
MSSMarkets and Securities Services, HSBC’s capital markets and securities services businesses in Global Banking and Markets
Net operating incomeNet operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue
NII
Net interest income
NIMNet interest margin
POCIPurchased or originated credit-impaired financial assets
PRAPrudential Regulation Authority (UK)
RevenueNet operating income before ECL
RoEReturn on average ordinary shareholders’ equity
RoTEReturn on average tangible equity
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Earnings Release 3Q24 on Form 6-K
RWARisk-weighted asset
SABSaudi Awwal Bank, which was formed from the merger between The Saudi British Bank and Alawwal Bank
Sep
September
SVB UK
Silicon Valley Bank UK Limited, now HSBC Innovation Bank Limited
UAE
United Arab Emirates
UK
United Kingdom
US
United States of America
WPBWealth and Personal Banking, a global business
$m/$bn/$tnUnited States dollar millions/billions/trillions. We report in US dollars

Registered office and Group head office: 8 Canada Square, London, E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered number 617987

Paste the following link into your web browser, to view the associated Data Pack PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4963M_1-2024-4-29.pdf






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HSBC Holdings plc Earnings Release 3Q24 on Form 6-K

      SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
                         
Date: October 29, 2024
HSBC Holdings plc
By:
/s/ Jonathan Bingham
Name:
Jonathan Bingham
Title:
Interim Group Chief Financial Officer