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HSBC Canada Q2 net income up 10.6%

HSBC Canada, a unit of HSBC Holdings, has reported a second quarter net income increase of 10.6% to C$115 million, following strong growth in net interest income and non-interest revenue.

Net income attributable to common shares for the first half of 2006 was also up at C$231 million compared with C$212 million for the same period in 2005, an increase of C$19 million or 9%.

Return on average common equity was 19.9% for the quarter and 20.3% for the half-year ended June 30, 2006, compared with 19.7% and 20.3% respectively for the same periods in 2005.

The cost efficiency ratio was 52.6% for the quarter and 52.8% for the half-year, compared with 54.6% and 53.8% respectively for the same periods in 2005.

Total assets were C$53.1 billion compared with C$47.4 billion the previous year and total funds under management were C$21.7 billion up from C$18.8 billion.

Our results for the second quarter continue to show good momentum. Underlying revenue growth for the quarter and half-year continues to be strong, said Lindsay Gordon, president and CEO.

We are well positioned to invest in areas of growth while continuing to improve our operating efficiency. We will also leverage the success of new products, like the high rate savings account, and enhanced services, such as those created by the payments and cash management business, to help acquire new customers and deepen relationships with our existing customers.