HSBC Bank Canada has posted its latest quarterly financial results with strong results across its business.
For the quarter ending September 30, 2018, the bank’s total operating income was $588m, up $60m or 11.4% compared with the same period of 2017. Profit before tax was $271m, up $53m or 24.3% year-over-year.
“Revenues and asset growth remain strong across all of our business lines, and profit before tax is up 24.3% over the same period last year as we bring more of HSBC to Canadian customers. Our strategy is yielding results and we remain focused on our customer relationships and building business one customer at a time," said Sandra Stuart, President and Chief Executive Officer of HSBC Bank Canada.
For the mortgage business, HSBC says that it continued to see strong growth in total relationship balances and to grow market share primarily in deposits and mortgages.
It puts this growth down to “strong branding, innovation and strategic investments to make our bank simpler, faster and better for our clients.” This included the opening of a Mortgage Centre during the quarter.
Overall retail banking was up $19m or 10.9% to $193 million.
"We continue to build our business and Q3 was no exception. Our team has continued to help our retail, corporate and institutional customers make the most of opportunities as they pursue their domestic and global growth ambitions,” added Stuart.