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HSBC Bank Canada First Quarter 2002 results
15 April 2002
- Net income attributable to common shares was C$74 million for the quarter ended 31 March 2002, an increase of 39.6 per cent over the comparative quarter in 2001.
- Return on average common equity was 19.7 per cent for the quarter ended 31 March 2002 compared with 16.3 per cent for the quarter ended 31 March 2001.
- The cost:income ratio (excluding amortisation of goodwill and intangible assets) improved to 52.0 per cent from 58.5 per cent in 2001.
- Total assets of C$33.9 billion at 31 March 2002 (C$31.1 billion at 31 March 2001).
- Funds under management were C$11.1 billion at 31 March 2002 compared to C$9.6 billion at 31 March 2001.
HSBC Bank Canada recorded net income attributable to common shares for the quarter ended 31 March 2002 of C$74 million, 39.6 per cent higher than the first quarter of 2001 and 51.0 per cent higher than the fourth quarter of 2001. Income before taxes and non-controlling interest in income of subsidiaries was C$127 million for the quarter ended 31 March 2002 compared to C$100 million for the first quarter of 2001 and C$81 million for the fourth quarter of 2001.
For the quarter ended 31 March 2002, the cost:income ratio, excluding amortisation of goodwill and intangible assets, was 52.0 per cent compared to 58.5 per cent in the first quarter of 2001 and 63.3 per cent in the fourth quarter of 2001.
Return on equity was 19.7 per cent for the quarter ended 31 March 2002, compared to 16.3 per cent for the same period in 2001 and 13.3 per cent for the fourth quarter of 2001.
Martin Glynn, president and chief executive officer of HSBC Bank Canada, said: “We are pleased with the results for the first quarter of 2002, which were achieved against a background of economic uncertainty. We continued to benefit from our diversified business portfolio with improved income, excluding capital market and trading revenues, across all lines of business.
"We achieved higher net interest income from a combination of increased loan growth and wider spreads. The lower levels of capital market fees and trading income reflected the relative uncertainties that exist in the equity markets. Revenues from other businesses in the bank combined with our continued efforts at controlling costs had a positive impact on net income for the quarter.
"We are excited by the potential of the North American alignment with HSBC Bank USA. This much closer working relationship will take advantage of the strengths of HSBC's operations in both Canada and the US. This will allow us to expand our services to offer customers better access to finance, competitively priced products and improved access to their money and financial information across borders. The alignment will allow management to better generate increased profitability through improved brand awareness, cost efficiencies, revenue generation, distribution and risk management. HSBC is well positioned to be known as North America's premier cross-border bank."
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