Close X
Friday, November 29, 2024
ADVT 
National

HSBC Bank Canada reports Q1 profit down as it expects downturn to hurt loans

Darpan News Desk The Canadian Press, 28 Apr, 2020 06:03 PM
  • HSBC Bank Canada reports Q1 profit down as it expects downturn to hurt loans

HSBC Bank Canada reported a drop in its first-quarter profit compared with a year ago as it took a charge related to bad loans it expects due to the downturn in the economy. The bank says it earned a profit attributable to common shareholders of $54 million or 11 cents per share for the quarter ended March 31. That's compared with a profit of $158 million or 32 cents per share in the first three months of 2019.

An preliminary estimate by Statistics Canada suggests the Canadian economy pulled back nine per cent in March as steps to slow the spread of COVID-19 forced the closure of businesses across the country. The price of oil also tumbled as demand fell and Russia and Saudi Arabia were embroiled in a price war.

HSBC Bank Canada says its latest quarter included a charge of $140 million due to the downturn in its outlook for the economy and its impact on its loan portfolio as well as non-performing loans in the energy sector driven by the drop in oil prices.

The charge compared a gain of $12 million in the same period a year earlier.

MORE National ARTICLES

Perminder Chohan Named Executive Producer on Upcoming It’s Happening Right Here Documentary

Perminder Chohan joined the Emmy® Award Winning DNA Films crew for a day of principle filming in San Diego in late January.    

Perminder Chohan Named Executive Producer on Upcoming It’s Happening Right Here Documentary

Politics In The Time Of COVID-19: Campaigns In Canada, U.S. Pivot Amid Outbreak

OTTAWA - The ongoing spread of the novel coronavirus is forcing political campaigns on either side of the Canada-U.S. border to consider changing their plans.

Politics In The Time Of COVID-19: Campaigns In Canada, U.S. Pivot Amid Outbreak

Several Hospitalized After Suspected Carbon Monoxide Leak At Quebec High School

Several Hospitalized After Suspected Carbon Monoxide Leak At Quebec High School
A high school north of Montreal was evacuated and at least a dozen people have been taken to hospital after a suspected carbon monoxide leak.

Several Hospitalized After Suspected Carbon Monoxide Leak At Quebec High School

Gas-Powered Vehicles Contribute More To City Pollution Than Thought: Research

Gas-Powered Vehicles Contribute More To City Pollution Than Thought: Research
Research suggests cars and other gasoline-powered vehicles are responsible for a share of two highly toxic contaminants in downtown city air that's at least five times larger than previously thought.    

Gas-Powered Vehicles Contribute More To City Pollution Than Thought: Research

The Latest Developments On COVID-19 In Canada

The Latest Developments On COVID-19 In Canada
The latest news on the novel coronavirus and the illness dubbed COVID-19 (all times Eastern):    

The Latest Developments On COVID-19 In Canada

New Coronavirus Outbreak Affecting Canadians' March Break Travel Plans

TORONTO - Cindy Perry was all set for a March break trip to California with her wife and their two children, but the novel coronavirus outbreak that is sweeping the globe made her reconsider her plans.    

New Coronavirus Outbreak Affecting Canadians' March Break Travel Plans