22 Jul 2010
- Reported net income attributable to common shares was C$152 million for the quarter ended 30 June 2010, an increase of 33.3 per cent over the same period in 2009.
- Reported net income attributable to common shares was C$236 million for the half-year ended 30 June 2010, an increase of 18.6 per cent over the same period in 2009.
- Return on average common equity was 17.6 per cent for the quarter ended 30 June 2010 and 13.8 per cent for the half-year ended 30 June 2010 compared with 13.3 per cent and 11.6 per cent respectively for the same periods in 2009.
- The cost efficiency ratio was 53.2 per cent for the quarter ended 30 June 2010 and 56.9 per cent for the half-year ended 30 June 2010 compared with 51.9 per cent for both comparable periods in 2009.
- Total assets were C$71.5 billion at 30 June 2010 compared with C$70.5 billion at 30 June 2009.
- Total funds under management were C$27.9 billion at 30 June 2010 compared with C$24.5 billion at 30 June 2009.
- Tier 1 capital ratio of 13.0 per cent and a total capital ratio of 15.6 per cent at 30 June 2010 compared to 11.2 per cent and 13.8 per cent respectively at 30 June 2009.
Results are prepared in accordance with Canadian generally accepted accounting principles.
Calculated using guidelines issued by the Office of the Superintendent of Financial Institutions in accordance with Basel II capital adequacy framework.
Overview
HSBC Bank Canada recorded net income attributable to common shares for the three months ended 30 June 2010 of C$152 million, an increase of C$38 million, or 33.3 per cent compared with the C$114 million reported in the same period in 2009, and an increase of C$68 million or 81.0 per cent compared to C$84 million for the first quarter of 2010. Net income attributable to common shares for the six months ended 30 June 2010 was C$236 million, compared with the C$199 million reported in the same period in 2009, and an increase of C$37 million or 18.6 per cent. Good results during the first two quarters of 2010 were somewhat masked by the impact of fair value accounting on our economic hedges, US$ denominated assets and liabilities and a portion of our own debt held at fair value. This caused the results to bear charges of C$25 million and C$112 million in the second and first quarters respectively compared to credits of C$14 million and C$35 million for the same periods in 2009, even though no economic gain or loss occurred. Income before tax excluding these items for the second quarter and the year to date 2010 increased by 53.4 per cent and 87.9 per cent respectively over the comparative periods in 2009 and income before taxes for the second quarter increased by 3.8 per cent compared to the first quarter of 2010.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer, HSBC Bank Canada, said:
"Strong operating results for the second quarter of 2010 reflect the strength of the bank's core businesses as revenues continued to increase, credit losses decreased and costs remained well controlled.
"We are benefitting from the recovery of the Canadian economy and our continued support of customers' personal and business banking needs is resulting in increased demand for our services as conditions improve. Continued investments in new products to serve globally minded businesses and individuals are bringing in new customers and strengthening our brand in Canada."
Downloads
HSBC Bank Canada second quarter 2010 results
(12 page pdf 99kK)
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