CWB Financial Group

CWB reports strong fourth quarter performance and record results for fiscal 2011

Edmonton, December 5, 2011 – Canadian Western Bank (TSX: CWB) today announced strong
financial performance marking the Bank’s 94th consecutive profitable quarter. Fourth quarter net income
of $45.0 million was up 15% ($5.9 million) compared to the same quarter last year while diluted earnings
per common share increased 13% to $0.54 (diluted cash earnings per share of $0.55 increased 12%).
Fourth quarter total revenues, measured on a taxable equivalent basis (teb - see definition following the
Financial Highlights table), grew 11% ($12.7 million) to reach a record $124.3 million as the combined
positive impact of very strong 16% year-over-year loan growth and 9% ($2.1 million) higher other income
more than offset the impact of a 12 basis point decline in net interest margin (teb) to 2.72%. Measured
by business segment, banking and trust net income of $42.3 million grew 14% driven by record total
revenues (teb) of $117.5 million, up 12%. Insurance segment net income of $2.7 million was up $0.6
million from the fourth quarter last year mainly reflecting 6% growth in net earned premiums and
improved claims experience.

Compared to last quarter, net income increased 1% ($0.3 million) as the positive revenue contribution
from 2% quarterly loan growth was partially offset by the combined impact of an 11 basis point reduction
in net interest margin (teb), 2% ($0.5 million) lower other income and slightly higher non-interest
expenses. Diluted earnings per common share increased 4% ($0.02) over the prior quarter while diluted
cash earnings per share was up 2% ($0.01). Higher percentage growth in diluted earnings per common
share compared to growth in net income reflects the positive impact from the redemption of warrants
completed on August 31, 2011.

Fiscal 2011 net income of $178.1 million increased 9% compared to last year while diluted earnings per
common share was up 3% to $2.12. Diluted cash earnings per share of $2.18 compared to $2.09 in the
prior year. Record total revenues (teb) of $491.0 million were 13% higher reflecting 17% growth in net
interest income (teb) and 1% ($0.7 million) higher other income. Net interest income was driven by the
combined benefit of very strong loan growth and an 8 basis point improvement in net interest margin
(teb) to 2.82%. Read full release.