Constant currency profit before tax excluding notable items increased by US$1.0 billion to $9.8 billion compared with 1QFY2024, with better performances in wealth, foreign exchange, and debt and equity markets. This was partly offset by higher expected credit losses (ECL) and other credit impairment charges.
HSBC has announced that its 1QFY2025 profit after tax of US$7.6 billion was US$3.3 billion lower than in 1QFY2024, but up manifold from the US$585 million profit after tax in 4QFY2024.
Y-o-y, profit before tax decreased by US$3.2 billion to US$9.5 billion compared with 1QFY2024, primarily due to the non-recurrence of US$3.7 billion in net impacts in 1Q2024 relating to the disposals of the banking business in Canada and Argentina.
