HSBC Bank Canada reports 4Q and 2007 results
HSBC Bank Canada (“the bank”) recorded net income attributable to common shares for the year ended 31 December 2007 of C$530 million compared with C$497 million for 2006, an increase of C$33 million, or 6.6 per cent. Net income attributable to common shares was C$111 million for the fourth quarter ended 31 December 2007, a decrease of C$17 million, or 13.3 per cent, from C$128 million for the fourth quarter of 2006.
During the year, the bank took a charge in respect of its holdings of Canadian non-bank sponsored Asset Backed Commercial Paper (“non-bank ABCP”) of C$47 million (C$30 million net of related income taxes).
In 2007 the bank also recorded a gain of C$21 million after related income taxes on disposal of its shares in the Montreal Stock Exchange. — www.theasianbanker.com (February 27 2008)–