Vancouver-based HSBC Bank Canada generated its highest operating income in a decade but profit fell because the bank had to write off a large aviation loan, the bank said today.
Helping the bank’s profit was lower operating expenses due to it already having a system in place for employees to have hybrid work arrangements. The bank endured expenses to put that system in place last year, and did not have to incur those costs this year, the wholly owned subsidiary of London-based HSBC Holdings plc said as part of its quarterly earnings report.
HSBC Bank Canada generated $599 million in total operating income in the quarter ended June 30. That is up from $547 million in operating income in the same quarter a year ago.
Its quarterly profit before taxes, however, fell to $198 million, down from $259 million one year ago, largely because of what it called an “aviation…