The bank said that growth in profit is mainly attributed to a gain of C$84m ($84m), from the sale of its full service retail brokerage business as well as increased net interest income and reduced operating expenses.
HSBC Bank Canada president and chief executive officer Lindsay Gordon said that the bank’s profit was a result of increased net interest income and decreased operating expenses.
"We are focused on growing HSBC Bank Canada by continuing to improve the efficiency of our business and investing in our core businesses in Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management to meet the needs of HSBC Canada customers in the years ahead," Gordon said.
For the latest quarter period, the bank’s net interest income stood at C$398m ($399m), up 4.2% from C$382m ($382m) during the same quarter previous year, backed by rise in average interest earning.
As of 31 March 2011, its total assets were C$80.7bn ($80.9bn), an increase of C$0.7bn ($0.7bn) from 31 December 2011, mainly due to growth in trading assets of C$1.2bn ($1.2bn); increases in loans and advances to customers of C$1bn ($1bn); and an increase in financial investments of C$1.2bn ($1.2bn).
The commercial banking profit before income tax expense stood at C$158m ($158m ) for the first quarter of 2012, C$21m more than the first quarter of 2011.
For the current quarter period, its Global banking and markets segment profit before income tax expense was C$86m, up C$14m ($14m) compared to the first quarter of 2011.
