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SEC Edgar

HSBC BANK PLC

SIC 6029 · Commercial Banks, NEC
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HSBC BANK PLC

CIK:0001140465|SEC Filings
v3.25.0.1
Consolidated income statement - GBP (£)
£ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Profit or loss [abstract]      
Net interest expense £ 985 £ 2,151 £ 1,904
– interest income [1],[2] 19,414 17,782 6,535
– interest expense [3] (18,429) (15,631) (4,631)
Net fee income/(expense) 1,275 1,229 1,295
– fee income 2,758 2,594 2,593
– fee expense (1,483) (1,365) (1,298)
Net income from financial instruments held for trading or managed on a fair value basis 4,726 3,395 2,875
Net income/(expense) from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss 857 1,168 (1,370)
Changes in fair value of long-term debt and related derivatives 2 (63) 102
Changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss 413 284 143
Net gains/(losses) from financial investments 22 (84) (60)
(Losses)/gains recognised on Assets held for sale [4] (100) 296 (1,947)
Insurance finance (expense)/income (984) (1,184) 1,106
Insurance service result 171 124 121
– Insurance revenue 398 379 361
– Insurance service expense (227) (255) (240)
Other operating income 106 190 135
Net operating income before change in expected credit losses and other credit impairment charges [5] 7,473 7,506 4,304
Change in expected credit losses and other credit impairment charges (163) (169) (222)
Net operating income 7,310 7,337 4,082
Total operating expenses (5,260) (5,142) (5,251)
– employee compensation and benefits (1,672) (1,706) (1,698)
– general and administrative expenses (3,440) (3,375) (3,425)
– depreciation and impairment of property, plant and equipment and right of use assets (71) (45) (103)
– amortisation and impairment of intangible assets (77) (16) (25)
Operating profit/(loss) 2,050 2,195 (1,169)
Share of profit/(loss) in associates and joint ventures 18 (43) (30)
Profit/(loss) before tax 2,068 2,152 (1,199)
Tax (charge)/credit (785) (427) 646
Profit/(loss) for the year 1,283 1,725 (553)
Profit/(loss) attributable to the parent company 1,253 1,703 (563)
Profit attributable to non-controlling interests £ 30 £ 22 £ 10
[1] Interest income includes £17,467m (2023: £16,484m; 2022: £5,512m) of interest recognised on financial assets measured at amortised cost; £9m (2023: £42m; 2022: £422m) of negative interest recognised on financial liabilities and £1,944m (2023: £1,256m; 2022: £601m) of interest recognised on financial assets measured at fair value through other comprehensive income. Include within this is £97m (2023: £117m; 2022: £59m) interest recognised on impaired financial assets.
[2] Interest revenue calculated using the effective interest method comprises interest recognised on financial assets measured at either amortised cost or fair value through other comprehensive income.
[3] Interest expense includes £17,195m (2023: £14,226m; 2022: £3,740m) of interest on financial liabilities, excluding interest on financial liabilities held for trading or designated or otherwise mandatorily measured at fair value.
[4] In relation to the sale of our retail banking operations in France, we recognised a £1.7bn impairment loss in 3Q22 on initial classification of the business as held-for-sale. In 1Q23, we reversed the £1.7bn impairment loss as the sale became less certain. On subsequent re-classification of the business as held-for-sale in 4Q23, we recognised a £1.5bn impairment loss.
[5] Net operating income before change in expected credit losses and other credit impairment charges is also referred to as 'revenue'.