Banking group posts strong Q3 results across divisions
The third quarter of 2018 was a good one for HSBC Bank Canada with overall operating income up $60m or 11.4% to $588m.
The Canadian arm of the UK-headquartered global banking group saw its pre-tax profit rise by almost a quarter to $271 million.
For the retail banking and wealth management part of the business there was a 10.9% increase ($19m) to $193 million as the bank focused on strong branding, innovation, and strategic investments.
Among its innovations was Wealth Compass, a simple way to receive advice and invest online. There were also improvements for other digital assets including the bank’s mortgage app and online credit card originations.
The bank also continued to invest in Jade, its exclusive banking service for hi-net-worth-individuals.
"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,” said Sandra Stuart, President and Chief Executive Officer of HSBC Bank Canada. “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."
During the third quarter of 2018, the bank declared $70m in dividends on HSBC Bank Canada common shares (paid within the quarter) and $9m in dividends on all series of HSBC Bank Canada Class 1 preferred shares (paid in accordance with their terms in the usual manner on 30 September 2018 or the first business day thereafter).
It also declared regular quarterly dividends for the fourth quarter 2018 on all series of HSBC Bank Canada Class 1 preferred shares, to be paid in accordance with their terms in the usual manner on 31 December 2018 or the first business day thereafter to shareholders of record on 15 December 2018.
The bank also declared a third interim dividend of $70m on HSBC Bank Canada common shares in respect of the financial year ending 31 December 2018, and will be paid on or before 31 December 2018 to the shareholder of record on 26 October 2018.