HSBC Bank Canada today reported a 37.8% rise in third quarter profit.

The bank said net income attributable to common shares for the three months ended September 30 was $113 million, from the $82 million it earned in the same period a year ago. That amounted to earnings per share of 23¢, up from 17¢ per share in the same period a year before.

Return on average common equity was 20.9% for the quarter ended September 30, compared to 16.4% in the same period in 2004.

HSBC’s total assets were $49.4 billion at September 30, up from $42.3 billion at the same time a year earlier. The bank’s total funds under management were $19.9 billion at that date, compared with $16.2 billion on Sept. 30, 2004.

“The stable interest rates in Canada and strong economy continue to provide stimulus for growth,” Lindsay Gordon, the bank’s president and CEO, said in a release.

“Net income in 2005 benefited from strong performance across all customer groups, which helped increase both net interest income and non-interest revenue.”