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HSBC Bank Canada second quarter 2008 results - highlights
28 July 2008
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Net income attributable to common shares was C$142 million for the quarter ended 30 June 2008, an increase of 5.2 per cent over the quarter ended 30 June 2007.
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Net income attributable to common shares was C$297 million for the half-year ended 30 June 2008, an increase of 8.4 per cent over the same period in 2007.
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Return on average common equity was 18.9 per cent for the quarter ended 30 June 2008 and 19.9 per cent for the half-year ended 30 June 2008 compared with 20.7 per cent and 21.4 per cent respectively for the same periods in 2007.
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The cost efficiency ratio was 52.7 per cent for the quarter ended 30 June 2008 and 50.7 per cent for the half-year ended 30 June 2008 compared with 51.2 per cent and 51.7 per cent respectively for the same periods in 2007.
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Total assets were C$67.4 billion at 30 June 2008 compared with C$61.2 billion at 30 June 2007.
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Total funds under management were C$27.1 billion at 30 June 2008 compared with C$25.8 billion at 30 June 2007.
Results are prepared in accordance with Canadian generally accepted accounting principles.
Overview
HSBC Bank Canada recorded net income attributable to common shares of C$142 million for the quarter ended 30 June 2008, an increase of C$7 million, or 5.2 per cent, from C$135 million for the second quarter of 2007. Net income attributable to common shares for the first half of 2008 was C$297 million compared with C$274 million for the same period in 2007, an increase of C$23 million or 8.4 per cent.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer, said: "HSBC Bank Canada's results for the second quarter were in line with expectations in a difficult environment for banks in Canada and worldwide. Falling market interest rates adversely impacted our net interest margin and although our ongoing credit position continues to be stable overall, further increases in specific credit provisions also impacted reported earnings.
"However, our underlying business in Canada remains strong and being part of the HSBC Group remains a significant advantage in times of uncertain market conditions. We will continue to pursue our strategy of growing our business by building on the international strengths of the HSBC Group with the aim of providing our customers with the financial products and services most suitable for their circumstances and we will strive to deliver a consistent level of excellent customer service throughout HSBC in Canada."
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HSBC Bank Canada second quarter 2008 results - highlights
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