Tuesday, October 13th8.6°C

HSBC Bank Canada reports pre-tax profit of $242 million in second quarter

VANCOUVER - HSBC Bank Canada says it earned a pre-tax profit of $242 million in the second quarter, up 33 per cent from the $182 million it earned in the same quarter a year ago.

Basic earnings per common share were 35 cents in the three-month period, up 12 cents from last year.

The Vancouver-based bank credited the gains to increased fees from credit and wealth products, lower loan impairment charges and an increase in other income arising from a reduction in the fair value of investment property.

Profit attributable to common shareholders during the quarter was $172 million, up from the $113 million in profit recorded in the same period in 2013.

The bank says return on average common equity was 15.6 per cent in the quarter ended June 30, compared with 10.6 per cent in the same period in 2013.

HSBC says it had $83.1 billion in total assets as of June 30, down slightly from $84.3 billion a year earlier.

Net interest income for the second quarter was $307 million, a decrease of $33 million from 2013.

Net fee income in the quarter was up $6 million to $160 million and the bank's net trading income was down $12 million at $33 million.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13964.36-14.30
S&P CDNX552.26+5.20
S&P 5002008.66-8.80
CDN Dollar0.7649-0.0042
Natural Gas2.515-0.020

Okanagan Companies
Pacific Safety0.225-0.005
QHR Technologies Inc1.25+0.02
Metalex Ventures0.07+0.02
Russel Metals21.26-0.29
Copper Mountain Mining0.66+0.05
Colorado Resources0.07+0.00
ReliaBrand Inc0.0245+0.0070
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.075-0.005
Decisive Dividend Corp3.25+0.14
Diamcor Mining0.97+0.03


2441036Macdonald Realty, 2700 Richter Street
2 bedrooms 2 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...


Member of BC Press Council