CWB reports record quarterly earnings and revenues
Edmonton, August 29, 2012 – Canadian Western Bank (TSX: CWB) (CWB or the Bank) today announced
record quarterly financial performance marking the Bank’s 97th consecutive profitable quarter, a period
spanning more than 24 years. Record net income available to common shareholders of $48.0 million increased
24% compared to the same quarter last year while adjusted cash earnings per common share reached $0.63,
up 17%. Record total revenues (teb) of $138.2 million represented a 13% increase over the same quarter last
year as the positive impact of strong loan growth and 28% ($5.1 million) growth in other income was partially
offset by a 14 basis point reduction in net interest margin (teb).
Compared to last quarter, net income available to common shareholders increased 21% ($8.3 million) reflecting
very strong 7% ($7.6 million) growth in net interest income resulting from a moderately improved net interest
margin and two additional revenue earnings days. Other income increased 13% ($2.7 million) as the benefit
from the sale of a residential mortgage portfolio, the elimination of charges related to changes in the fair value
of contingent consideration and solid growth in both credit related fee income and net insurance revenues more
than offset the impact of lower net gains on securities. Adjusted cash earnings per common share was up 15%
($0.08) compared to the prior quarter.
Year-to-date net income available to common shareholders was $129.2 million, up 14% compared to the same
period last year, as the positive impact of strong loan growth and higher other income was partially offset by a
22 basis point reduction in net interest margin (teb), mainly reflecting the continuing very low interest rate
environment. Adjusted cash earnings per common share of $1.75 compares to $1.64 earned through the same
period in 2011, up 7%. Read the release in full.