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HSBC Bank Canada profit before income tax expense $243m

Staff Writer |
HSBC Bank Canada reported a profit before income tax expense of $243m for the first quarter of 2017, an increase of $85m, or 54% compared with the first quarter of 2016.

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The increase is due to recoveries in loan impairment charges on improved credit quality in the oil and gas sector compared to the high impairment charges in the first quarter last year.

This was partially offset by a decrease of $25m in trading revenues as a result of favourable changes in the credit valuation, debt valuation, and funding fair value adjustments on derivative contracts in the prior year.

Commercial banking remains focused on enhancing and simplifying its delivery model, improving productivity for the benefit of its customers and employees.

The company continues to focus on international subsidiary banking as a driver of growth through strategic trade corridors and leverage our global trade and cash management product platforms for client acquisition and fee income.

Global Banking and Markets increased fee revenues through increased advisory and underwriting activities on a year to date basis by leveraging HSBC’s global network on behalf of its clients.

Retail Banking and Wealth Management benefited from growth in assets under management during the quarter.

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