Source: The Canadian Press

HSBC Bank Canada says its net income totalled $89 million in the third quarter, a decrease of $12 million, or 11.9%, compared with same period in 2009.

For the first nine months of 2010, the bank recorded net income of $325 million, an increase of 8.3% from the $300 million in the same period last year.

“Satisfactory operating results for the third quarter of 2010 reflect the strong fundamentals underpinning the bank’s core businesses,” said Lindsay Gordon, president and CEO.

He added, however, that uncertainty remains regarding the strength of Canada’s economic recovery.

“However, HSBC’s financial strength and strong liquidity position have enabled us to continue meeting our customers’ needs through the tough times.”

Total funds under HSBC Canada management increased to $29.7 billion during the quarter compared with $27 billion at the same time last year.