BRITISH COLUMBIA

HSBC Bank Canada reporting increased 3Q pre-tax profit of $251 million

11/05/2013 06:09 EST | Updated 01/23/2014 06:58 EST
VANCOUVER - That's an increase of $7 million, or three per cent, over the same quarter a year ago.

The increase is attributed to lower loan impairment charges from lower specific provisions.

Pre-tax profit for the year to date was $702 million, a decrease of $109 million, or 13 per cent, from 2012.

The bank says pre-tax profit for the first nine months of 2012 included a gain on the sale of the full service brokerage business of $84 million and a restructuring charge of $36 million mostly relating to the wind-down of the consumer finance business.

Excluding the impact of these items, pre-tax profit for the first nine months of this year decreased by $61 million, or eight per cent, compared with the same period last year.

Commenting on the results, Paulo Maia, the bank's president and chief executive officer, said:"The growth in our commercial loan portfolio in the third quarter and our success in continued sustainable operating expense savings within our operations in Canada are bright spots."