HSBC Bank Canada says its profits increased 14.4% in the fourth quarter as it benefited from lower loan-impairment charges.
The bank had a $135-million net income in the period, rising 14.4% from $118 million a year earlier.
Profit attributable to common shareholders rose 22.9% to $118 million.
Loan impairment charges and other provisions for credit risk fell to $54 million versus $115 million a year earlier.
Gross impaired loans dropped to $678 million from $798 million.
Net fee income held relatively steady at $27.4 million from $27.9 million.
“HSBC Bank Canada delivered solid results in 2011 largely due to strong business fundamentals in our core businesses, despite reduced customer borrowing demands, and improving asset quality leading to lower loan impairment charges,” said president and CEO Lindsay Gordon in a release.