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Grupo Financiero HSBC first quarter 2006 results
28 April 2006
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Net income for the quarter ended 31 March 2006 was MXN 1,430 million, an increase of 19.9 per cent over the same period in 2005
- The cost:income ratio was 61.7 per cent for the three months ended 31 March 2006, improving from the 65.1 per cent achieved in the same period in 2005
- Total assets were MXN 287.9 billion at 31 March 2006, compared with MXN 239.4 billion at 31 March 2005.
Grupo Financiero HSBC, S.A. de C.V.’s primary subsidiary is HSBC Mexico S.A. (the bank), which is subject to supervision by the Mexican Banking and Securities Commission. The bank is required to file periodic financial information for the year on a quarterly basis (in this case for the quarter ending 31 March 2006) and this information is publicly available. Given that this information is available in the public domain, Grupo Financiero HSBC, S.A. de C.V. has elected to file this release.
Results are prepared in accordance with Mexican GAAP (generally accepted accounting principles), with figures denominated in Mexican pesos (MXN). Comparative figures are presented on an actual basis, indexed to constant MXN as at 31 March 2006.
Grupo Financiero HSBC, S.A. de C.V. is a 99.74 per cent owned subsidiary of HSBC Holdings plc (HSBC).
Commentary by Sandy Flockhart, CEO & Group General Manager
“HSBC is off to a good start in Mexico in 2006, with strong growth across our key business and product areas.
“Alongside growing our business we are also continuing to deepen our roots in Mexico and, recently, we inaugurated our new corporate headquarters, Torre HSBC, which is located on Paseo de la Reforma, one of Mexico City’s most important avenues. The building is the first environmentally friendly construction of its type in Latin America and HSBC expects to receive a Leadership in Energy and Environmental Design certification from the U.S. Green Building Council. I am also pleased to announce that we remain committed to Corporate and Social Responsibility (CSR), and in 2006 we were recognised as a ‘Socially Responsible Company” by the Mexican Center for Philanthropy.
“In March, HSBC reached an agreement to acquire a 19.99 per cent stake in Financiera Independencia S.A. de C.V., a highly successful niche player in the Mexican consumer loans market.
“HSBC continues to work towards being the leading financial services institution in Mexico in the eyes of our customers. We are driving product innovation and service standards. Based on the combination of the knowledge, network and brand of the HSBC Group along with the experience and capabilities of our Mexican colleagues, we have established a strong foundation in Mexico and are poised for continued growth through the remainder of 2006.”
Read the full media release here. (13 page pdf 252k)
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