BUSINESS

HSBC Bank Canada reports $130 million profit in second quarter of 2013

08/05/2013 05:17 EDT | Updated 10/05/2013 05:12 EDT
TORONTO - HSBC Bank Canada has reported a $130 million profit for the second quarter ended June 30, 2013.

That is down $71 million from the second quarter of 2012, and a decrease of $59 million, or 31%, compared with the first quarter of 2013.

Profit for the first half of 2013 was $319 million, down $101 million, or 24% compared with the first six months of 2012.

Second quarter profit attributable to common shareholders was $113 million, down $71 million, or 39%, compared with the second quarter of 2012, and down $58 million, or 34%, compared with the first quarter of 2013.

Profit attributable to common shareholders was $284 million for the first half of 2013, a decrease of $101 million, or 26% compared with the first half of 2012.

Commenting on the results, HSBC Bank Canada President and Chief Executive Officer Paulo Maia said "The bank continues to report a good level of profitability amid a challenging interest rate environment."