HSBC Bank Canada pretax profit rises 33 in second quarter

VANCOUVER — HSBC Bank Canada says it earned a pre-tax profit of $242 million in the second quarter, up 33% from the $182 million it earned in the same quarter a year ago.Basic earnings per common share were 35 cents in the three-month period, up 12 cents from last year.The Vancouver-based bank credited the gains to increased fees from credit and wealth products, lower loan impairment charges and an increase in other income arising from a reduction in the fair value of investment property.Profit attributable to common shareholders during the quarter was $172 million, up from the $113 million in profit recorded in the same period in 2013.The bank says return on average common equity was 15.6% in the quarter ended June 30, compared with 10.6% in the same period in 2013.HSBC says it had $83.1 billion in total assets as of June 30, down slightly from $84.3 billion a year earlier.Net interest income for the second quarter was $307 million, a decrease of $33 million from 2013.Net fee income in the quarter was up $6 million to $160 million and the bank’s net trading income was down $12 million at $33 million.The Canadian Press