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HSBC Bank Canada First Quarter 2007 results - highlights
24 April 2007
- Net income attributable to common shares was C$139 million for the quarter ended 31 March 2007, an increase of 19.8 per cent over the same period in 2006.
- Return on average common equity was 22.0 per cent for the quarter ended 31 March 2007 compared with 20.7 per cent for the same period in 2006.
- The cost efficiency ratio was 52.2 per cent for the quarter ended 31 March 2007 compared with 53.1 per cent for the same period in 2006.
- Total assets were C$60.9 billion at 31 March 2007 compared with C$52.3 billion at 31 March 2006.
- Total funds under management were C$25.1 billion at 31 March 2007 compared with C$21.8 billion at 31 March 2006.
* Results are prepared in accordance with Canadian generally accepted accounting principles.
Overview
HSBC Bank Canada recorded net income attributable to common shares of C$139 million for the quarter ended 31 March 2007, an increase of C$23 million, or 19.8 per cent, from C$116 million for the first quarter of 2006. Compared to the fourth quarter of 2006, net income attributable to common shares was C$11 million, or 8.6 per cent, higher in the first quarter of 2007. Results for the quarter ended 31 March 2007 benefited from a C$14 million gain, after related income taxes, on the sale of some of the bank's shares in the Montreal Exchange.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer, said: "HSBC Bank Canada is off to a satisfactory start in fiscal 2007 and underlying business performance reflected good year-on-year revenue and net income growth. The Commercial Banking business achieved strong asset growth while maintaining a high level of credit quality. The Corporate, Investment Banking and Markets business also recorded good growth, benefiting from higher advisory and underwriting fees, participating in a number of significant transactions. The Personal Financial Services business achieved good growth in High Rate and Direct Savings Accounts through a continued focus on direct banking capabilities.
"The bank's focus for the rest of this year is to continue to achieve sustainable revenue growth by deepening existing customer relationships and acquiring new customers. The bank will continue to build on direct banking capabilities and the branch network, and focus on further improving efficiency and customer service through business transformation initiatives. The bank will also continue marketing initiatives to build on progress made in increasing the awareness of the HSBC brand within Canada."
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