Edmonton, March 8, 2018 – Canadian Western Bank (TSX: CWB) (CWB) today announced very strong operating performance with record common shareholders’ net income of $62 million and record pre-tax, pre-provision income of $107 million, up 25% and 14%, respectively, from the first quarter last year. Total revenue of $193 million was up 10% from last year, including a 10% increase in net interest income and 13% growth in non-interest income. Of note, first quarter total revenue includes pre-tax gains of approximately $3 million related to the process to appoint successor trustees for clients holding certain securities within CWT self-directed accounts. Further such appointments may occur but related gains on sale are not expected to be material. Net interest margin of 2.52% was up six basis points from last year. Total loans increased 11%, with 3% contributed from the January 31 acquisition of approximately $850 million of business lending assets in the equipment finance and leasing and general commercial segments. Credit quality was strong, with the provision for credit losses representing 18 basis points of average loans compared to 27 basis points last year. These factors were partly offset within common shareholders’ net income by increases in non-interest expenses and acquisition-related fair value changes. Diluted and adjusted cash earnings per common share of $0.69 and $0.75 were both up 23% from last year. The CWT-related gains contributed approximately $0.03 of adjusted cash earnings per common share this quarter.
FOR FURTHER INFORMATION CONTACT
Matt Evans, CFA
Senior AVP, Strategy & Investor Relations
Phone: (780) 969-8337
Email: [email protected]