CWB celebrates 100 consecutive profitable quarters
Edmonton, June 6, 2013 – Canadian Western Bank (TSX: CWB) (CWB or the Bank) today announced solid financial performance and the achievement of 100 consecutive profitable quarters. This unique track-record of consistent profitability every quarter over the past 25 years sets CWB apart from all other Schedule I banks in Canada.
Second quarter net income available to common shareholders of $43.0 million increased 8% compared to the same quarter last year, while diluted earnings per share was up 4% to $0.54. Adjusted cash earnings per common share, which excludes the after-tax amortization of acquisition-related intangible assets and the non-tax deductible change in fair value of contingent consideration, was unchanged at $0.55. The difference in growth in net income available to common shareholders and adjusted cash earnings per share mainly reflects the combined impact of an issuance of CWB common shares and the settlement of contingent consideration in the third quarter of 2012, both related to the 2010 acquisition of National Leasing Group Inc. Total revenues (teb) of $137.0 million represent a 7% increase over a year earlier as the positive contribution from strong 12% loan growth and 15% higher other income was partially offset by a 16 basis point lower net interest margin (teb), increased non-interest expenses and one less revenue-earning day.
Compared to last quarter, net income available to common shareholders was 5% ($2.5 million) lower as the benefit of very strong 4% loan growth and increased other income was more than offset by the impact of three fewer revenue-earning days and higher non-interest expenses. Adjusted cash earnings per share was also lower by 5% ($0.03). The quarterly net interest margin (teb) of 2.65% was consistent with the prior quarter, but continued to be constrained by very low interest rates, a flat interest rate curve and ongoing competitive pressures.
Year-to-date net income available to common shareholders of $88.5 million increased 9% compared to the same period last year as the benefit of strong growth in loans and other income was partially offset by a 14 basis point decline in net interest margin (teb) and increased non-interest expenses. Diluted earnings per common share increased 5% over the same period last year, while adjusted cash earnings per share was up 1% to $1.13. Read the release in full.
For Further Information Contact:
Matt Evans, CFA
Senior Manager, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337