CWB Financial Group

CWB records record quarterly revenues driven by very strong loan growth

 Edmonton, September 2, 2011 – Canadian Western Bank (TSX: CWB) today announced strong financial
performance marking the Bank’s 93rd consecutive profitable quarter. Record total revenues (teb) of $123.1
million grew 11% over the same quarter last year on very strong loan growth of 6% in the quarter, 14%
year-to-date and 18% over the past year. Net income of $44.7 million was down 4% compared to a year
earlier reflecting the impact of a $7.5 million tax recovery recognized in the third quarter of 2010. Quarterly
net income before taxes (teb) increased 11%. Year-to-date net income of $133.1 million was up 7% as the
combined positive impact of very strong loan growth and a 16 basis point improvement in net interest
margin (teb) offset higher non-interest expenses. Year-to-date diluted earnings per common share of $1.59
compares to $1.57 earned through the same period in 2010. Lower percentage growth in diluted earnings
per common share compared to net income mainly resulted from the 2010 tax recovery and the impact of
8.1 million CWB common shares issued in fiscal 2011 upon the exercise of warrants.

Third quarter net income for the banking and trust segment of $41.3 million was down 4% from a year
earlier, while net income before income taxes (teb) increased 13%. Banking and trust segment total
revenues (teb) were up 12% to a record $115.4 million. The insurance segment’s net income of $3.4
million was down $0.2 million from the record quarterly earnings reported a year earlier reflecting a lower
contribution from the Alberta auto risk sharing pools and increased claims related to the May 2011
catastrophic wildfire in Slave Lake, Alberta.

“Exceptional third quarter loan growth supported by strong year-to-date contributions from all of our
businesses has CWB Group on track to achieve another year of record results,” said Larry Pollock,
President and CEO. Strong loan growth is apparent across all of our lending sectors and we are also
seeing a further improvement in overall credit quality. We remain positive about Western Canada’s
economic outlook, particularly over the long term, but we are also cautious about potential spillover effects
in our markets from global economic uncertainties and increased market volatility. Our strong capital
position has the Bank well positioned to not only support continued growth, but also to manage future
challenges that may arise. This capital strength also provides flexibility to pursue other opportunities that
are accretive for CWB shareholders, such as the recent redemption of our warrants.”

Read the release in full.