Edmonton, August 30, 2018 – CWB Financial Group today announced strong third quarter financial performance with record common shareholders’ net income of $62 million and pre-tax, pre-provision income of $111 million, up 11% and 10%, respectively, from the third quarter last year. Diluted and adjusted cash earnings per common share of $0.70 and $0.75 were both up 9%. Record total revenue of $205 million was up 12% from last year, including a strong 14% increase in net interest income. Higher net interest income reflects the combined benefits of strong 12% loan growth and a five basis point increase in net interest margin to 2.64%. Business lending assets acquired on January 31, 2018, contributed 3% to loan growth and $0.04 to adjusted cash earnings per common share. Non-interest income was down 8% from last year mainly reflecting lower trust fees, following the strategic transactions within Canadian Western Trust Company (CWT) to appoint successor trustees for certain accounts, and lower credit related fees.
FOR FURTHER INFORMATION CONTACT:
Matt Evans, CFA
Vice President, Strategy & Corporate Development
CWB Group
Phone: (780) 969-8337
Email: [email protected]