13 February 2003
Highlights
- Net income* was C$260 million for the year ended 31 December 2002, an increase of 21.5 per cent from C$214 million in the same period of 2001.
- Net income* was C$65 million for the quarter ended 31 December 2002, an increase of 27.5 per cent from C$51 million in the fourth quarter of 2001.
- Return on average common equity was 16.4 per cent for the year ended 31 December 2002 and 15.9 per cent for the quarter ended 31 December 2002 compared to 14.9 per cent and 13.3 per cent, respectively, for the same periods in 2001.
- The cost:income ratio was 56.4 per cent for the year ended 31 December 2002 and 57.7 per cent for the quarter ended 31 December 2002, compared with 60.0 per cent and 64.0 per cent for the respective periods in 2001.
- Total assets of C$35.2 billion at 31 December 2002 compared to C$33.3 billion at 31 December 2001.
- Total assets under administration were C$15.1 billion at 31 December 2002, of which C$11.9 billion were funds under management and C$3.2 billion were custody and administration accounts.
*HSBC Bank Canada acquired Merrill Lynch HSBC Canada Inc. (‘MLHSBC’) on 31 October 2002. For financial reporting, the income and expenses of MLHSBC were accounted for effective 1 July 2002, the date HSBC Group acquired full ownership of MLHSBC, and have been recorded in the results for the fourth quarter of 2002.
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