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HSBC Bank Canada third quarter 2008 results – highlights
07 November 2008
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Net income attributable to common shares was C$418 million for the nine months ended 30 September 2008, broadly unchanged compared with the same period in 2007.
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Net income attributable to common shares was C$121 million for the quarter ended 30 September 2008, compared with C$145 million for the quarter ended 30 September 2007.
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Return on average common equity was 18.4 per cent and 15.5 per cent for the nine months and quarter ended 30 September 2008 respectively compared with 21.3 per cent for both of the same periods in 2007.
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The cost efficiency ratio was 52.0 per cent and 54.9 per cent for the nine months and quarter ended 30 September 2008 respectively compared with 50.8 per cent and 48.9 per cent, respectively, for the same periods in 2007.
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Total assets were C$66.9 billion at 30 September 2008 compared with C$63.6 billion at 30 September 2007.
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Total funds under management were C$24.6 billion at 30 September 2008 compared with C$27.1 billion at 30 September 2007.
Results are prepared in accordance with Canadian generally accepted accounting principles.
Overview
HSBC Bank Canada recorded net income attributable to common shares for the nine months ended 30 September 2008 of C$418 million which was broadly unchanged from the C$419 million reported in the same period in 2007. Net income attributable to common shares for the quarter ended 30 September 2008 was C$121 million, a decrease of C$24 million, or 16.6 per cent, from C$145 million for the third quarter of 2007.
Results for the quarter and for the nine months ended 30 September 2008 were impacted by a loss of C$20 million after related income taxes, arising from the sale of the bank’s C$1.5 billion automobile loan portfolio in July 2008. Net income attributable to common shares for the nine months ended 30 September 2007 were impacted by gains of C$21 million after related income taxes, from the sale of the bank’s shares in the Montreal Exchange. Excluding these items, net income attributable to common shares for the nine months ended 30 September 2008 increased by 10.1 per cent over the same period last year and for the quarter, net income decreased by 2.8 per cent and 0.7 per cent respectively compared to the third quarter of 2007 and the second quarter of 2008.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer of HSBC Bank Canada, said: "After taking into account the impact of the sale of the bank’s automobile loan portfolio, the results for the third quarter showed considerable resilience despite the ongoing volatility in international credit and liquidity markets.
"Our balance sheet is conservatively positioned, with strong capital ratios including a Tier 1 ratio of 10.6 per cent. We plan to continue our existing strategy of working with our customers to meet their personal and business needs while maintaining close control over credit quality. Our credit ratings are among the best of Canadian banks and we are part of the HSBC Group, one of the world's largest and most strongly capitalized banks. Over 100 million customers worldwide entrust HSBC with US$1.2 trillion in deposits."
Read the full media release ( 11 page pdf 212k ).
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HSBC Bank Canada third quarter 2008 results - full release
(11 page pdf 212K)
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