Edmonton, June 5, 2014 – Canadian Western Bank (TSX: CWB) (CWB) today announced solid second quarter financial performance led by strong earnings growth. Compared to the same quarter last year, net income available to common shareholders of $51.2 million was up 19%, while diluted earnings per common share increased 17% to $0.63. 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 18% to $0.65. Total revenues (teb) of $153.5 million increased 13%, reflecting the positive impact of strong 12% loan growth and a 27% increase in other income, partially offset by a two basis point decline in net interest margin (teb) to 2.59%.
Compared to last quarter, net income available to common shareholders decreased 3% as the benefits of 3% loan growth, 4% higher other income and a lower provision for credit losses were offset by three fewer revenue earning days, a decline of five basis points in net interest margin (teb), higher non-interest expenses and a one-time increase in preferred share dividends. Adjusted cash earnings per share was also down 3%.
Year-to-date net income available to common shareholders of $103.8 million increased 17% as the benefit of strong growth in loans and other income was partially offset by higher non-interest expenses and preferred share dividends, while net interest margin (teb) was unchanged. Diluted and adjusted cash earnings per share each increased 16%, to reach $1.29 and $1.31, respectively. Read the release in full.
For Further Information Contact:
Matt Evans, CFA
Senior Manager, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337
E-mail: [email protected]