Second quarter reports from HSBC Bank Canada

As per reports from HSBC Bank Canada division net profit of the bank in the second quarter increased 5.2% to C$142 million which corresponds to US$140 million. According to the bank’s statement the result was in accordance with the expectations.

The fundamental business of the bank in Canada remained strong while falling market interest rates had an adverse effect on its net interest margin with earnings also impacted by further increases in credit provisions.

The company faced decrease in several indexes. Net interest income for the period fell to C$296 million from C$307 million. Total assets were C$67.4 billion at the end of the quarter, compared to C$61.2 billion a year earlier.