CWB reports solid financial performance led by strong loan growth
Edmonton, August 28, 2013 – Canadian Western Bank (TSX: CWB) (CWB or the Bank) today announced solid third quarter financial performance led by strong double-digit loan growth. Compared to the record quarterly results last year, net income available to common shareholders of $47.5 million was down 1%, while diluted earnings per common share decreased 2% to $0.60. Adjusted cash earnings per common share declined 3% to $0.61. Total revenues (teb) of $145.7 million increased 5% over a year earlier as the positive contribution to net interest income from strong 12% loan growth was offset by an 11 basis point decline in net interest margin (teb). Other income was relatively unchanged as net gains on securities and growth in trust and wealth management fees combined to offset an $8.5 million decline in net insurance revenues. Excluding net claims expense related to the catastrophic southern Alberta floods, quarterly diluted earnings per share was $0.65, and adjusted cash earnings per share was $0.66, up 7% and 5%, respectively.
Compared to last quarter, net income available to common shareholders increased 10% ($4.5 million), reflecting the combined benefit of three additional revenue-earning days, a nine basis point improvement in net interest margin and strong 3% loan growth. Adjusted cash earnings per share was up 11% ($0.06).
Year-to-date net income available to common shareholders of $136.0 million increased 5% compared to the same period last year as the benefit of strong loan growth and higher other income was offset by the impact of a 13 basis point decline in net interest margin (teb) and increased non-interest expenses. Diluted earnings per common share increased 2% to $1.71, while adjusted cash earnings per share declined 1% to $1.74. Read the release in full.
For Further Information Contact:
Matt Evans, CFA
Senior Manager, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337