Profits up 35.7% for HSBC Canada

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QMI agency

Monday, 31 July, 2017 05:23

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Monday, 31 July, 2017 05:23

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The trend of the beginning of the year continued for the HSBC Bank of Canada, which unveiled on Sunday evening on the financial results of its second quarter showing a profit increase compared to last year.

During the second quarter of 2017, ended 30 June, HSBC has generated a profit, before tax, of $ 228 million, up 35.7 % compared to the same period of time in 2016.

Earnings per share amounted to $ 0.32 for the second quarter, it was at $ 0.35 for the first quarter, compared to $ 0.22 per share and $ 0.21 for the corresponding periods in 2016.

The bank explained these results by referring, in particular, the reversals on impairment losses related to the loans, primarily in the sectors oil and gas, while a year earlier loss of higher values had been observed.

“The excellent performance recorded in the first half-year is attributable to the continuous improvement of our portfolio in the oil and gas sector. In the second quarter, the services sector, retail banking and wealth management has made new net sales and services businesses has increased the number of new customers,” said Sandra Stuart, president and CEO of HSBC Canada.