(July 25 – 09:40 ET) – HSBC Bank Canada is reporting its first half results this morning.
Net income was $94 million for the first half ended June 30, up 20.5% over the same period last year. In the second quarter net income was $47 million, up 17.5%. Return on equity came in at just 13.6% for the second quarter, and a more respectable 16.2% for the half. Funds under administration are up to $14.3 billion.
“Our results met expectations. Our continued focus on wealth management initiatives and cross selling of investment products resulted in an increased contribution from personal financial services. We also launched retail internet banking and are developing additional functionality for both personal and business users,” said Martin Glynn, president and CEO. “The strong Canadian economy assisted good growth in our commercial portfolio, and increased revenues from commercial financial services, particularly in lending, cash management, and import trade finance where HSBC continues to be the market leader.”
The results include the firm’s recent acquisition of Republic National Bank of New York (Canada). Its three branches have been successfully integrated into HSBC’s Canadian branch network.
-IE Staff