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HSBC Bank Canada Releases First Quarter 2008 Results,
by Mike Godfrey, for LawAndTax-News.com, Washington
Wednesday, May 07, 2008
HSBC Bank Canada has this week published its financial results for the first
quarter of 2008.
In an overview of the results published on Wednesday, the bank announced recorded
net income attributable to common shares of CAD155mn for the quarter ended 31st
March 2008 - an increase of CAD16mn, or 11.5% from CAD139mn for the first quarter
of 2007.
Compared to the fourth quarter of 2007, net income attributable to common shares
was CAD44mn, or 39.6% higher in the first quarter of 2008.
Results for the quarter ended 31st December 2007 were impacted by a charge of
CAD27mn, after related income taxes, with regard to the bank’s holdings of
Canadian non-bank sponsored Asset Backed Commercial Paper.
Excluding this charge, net income attributable to common shares in the quarter
ended 31st March 2008 was 12.3% higher than the fourth quarter of 2007.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer,
observed that:
"HSBC Bank Canada has made a satisfactory start to 2008 in light of a
difficult market. Uncertain conditions continue to affect the banking industry
resulting in a reduction in interest margins, although trading revenues have
increased due to market volatility. Despite the economic uncertainty, our customer
franchise remains very strong and drives the majority of our revenue streams."
"The impact of our brand building activities, including HSBC’s recent
advertising campaign at Toronto’s Pearson International Airport, together
with our customer focused service propositions, is demonstrated by the success
of our Direct Savings Account and the continued growth in the number of HSBC
Premier Customers."
"For the remainder of 2008, we will focus on increasing our customer base
by continuing to enhance our HSBC Premier and HSBC Direct customer service propositions
while growing our commercial business in a focused manner consistent with economic
uncertainty."
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