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The Canadian Press - ONLINE EDITION

HSBC Bank Canada reports pre-tax profit of $242 million in second quarter

VANCOUVER - HSBC Bank Canada says it earned a pre-tax profit of $242 million in the second quarter, up 33 per cent from the $182 million it earned in the same quarter a year ago.

Basic earnings per common share were 35 cents in the three-month period, up 12 cents from last year.

The Vancouver-based bank credited the gains to increased fees from credit and wealth products, lower loan impairment charges and an increase in other income arising from a reduction in the fair value of investment property.

Profit attributable to common shareholders during the quarter was $172 million, up from the $113 million in profit recorded in the same period in 2013.

The bank says return on average common equity was 15.6 per cent in the quarter ended June 30, compared with 10.6 per cent in the same period in 2013.

HSBC says it had $83.1 billion in total assets as of June 30, down slightly from $84.3 billion a year earlier.

Net interest income for the second quarter was $307 million, a decrease of $33 million from 2013.

Net fee income in the quarter was up $6 million to $160 million and the bank's net trading income was down $12 million at $33 million.

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