CWB reports record quarterly earnings and very strong loan growth
Edmonton, March 6, 2014 – Canadian Western Bank (TSX: CWB) (CWB) today announced strong first quarter financial performance led by record quarterly net income available to common shareholders, record total revenues and very strong 4% loan growth.
Compared to the same quarter last year, net income available to common shareholders of $52.6 million was up 16%, while diluted earnings per common share increased 14% to $0.65. Adjusted cash earnings per common share increased 16% to $0.67. Total revenues (teb) of $153.8 million increased 14%, reflecting the positive impacts of strong 13% loan growth, a two basis point improvement in net interest margin (teb) to 2.64%, and a 27% increase in other income.
Compared to last quarter, net income available to common shareholders increased 3%, reflecting the combined positive impacts of 9% higher other income and very strong loan growth, partially offset by an eight basis point reduction in net interest margin. Adjusted cash earnings per share was up 3%. Read the release in full.
For Further Information Contact:
Matt Evans, CFA
Senior Manager, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337