Canadian Western Bank (TSX: CWB) (CWB) today announced solid first quarter financial performance, including very strong 4% quarterly loan growth, sound credit quality and relatively stable net interest margin.
Compared to the same quarter last year, common shareholders’ net income of $54.2 million was up 3%. Diluted earnings per common share of $0.67 and adjusted cash earnings per common share of $0.69 both increased 3%. Total revenues (teb) of $159.9 million were up 4%, primarily reflecting the positive impact of strong 12% loan growth, partially offset by lower net interest margin and non-interest income, the latter attributed to reduced gains on the sale of securities and, within Discontinued Operations, elevated insurance claims expense.
Compared to last quarter, common shareholders’ net income was 7% lower, as the combined positive impacts of very strong loan growth and higher net interest margin were more than offset by lower non-interest income, mainly reflecting the one-time gain on sale of CWB’s former Edmonton Main Branch premises in the prior quarter. Adjusted cash earnings per common share was down 5%.
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For Further Information Contact:
Matt Evans, CFA
Assistant Vice President, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337
E-mail: [email protected]