CWB reports record quarterly earnings
Edmonton, August 27, 2014 – Canadian Western Bank (TSX: CWB) (CWB) today announced strong third quarter financial performance including the achievement of record quarterly earnings. Compared to the same quarter last year, net income available to common shareholders of $56.6 million was up 19%, while diluted earnings per common share increased 17% to $0.70. Adjusted cash earnings per common share, which excludes the after-tax amortization of acquisition-related intangible assets and non-tax deductible changes in fair value of contingent consideration, increased 16% to $0.71. Total revenues (teb) of $159.8 million increased 11%, reflecting the positive impact of strong 12% loan growth and a 22% increase in non-interest income, which more than offset a 12 basis point decline in net interest margin (teb) to 2.58%.
Compared to last quarter, net income available to common shareholders increased 11% as the benefits of three additional revenue earning days, 3% loan growth, and lower preferred share dividends offset higher non-interest expenses and lower non-interest income. Adjusted cash earnings per share was up 9%.
Year-to-date net income available to common shareholders of $160.4 million increased 18% as the combined impact of strong growth in loans and non-interest income as well as lower preferred share dividends more than offset a four basis point decline in net interest margin and higher non-interest expenses. Diluted earnings per share increased 16% to reach $1.98 and adjusted cash earnings per share increased 17% to $2.03. Read the release in full.
For Further Information Contact:
Matt Evans, CFA
Senior Manager, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337