Edmonton, June 7, 2018 – CWB Financial Group (TSX: CWB) (CWB) today announced very strong second quarter financial performance with common shareholders’ net income of $60 million and pre-tax, pre-provision income of $107 million, up 27% and 19%, respectively, from the second quarter last year. Record total revenue of $197 million was up 14% from last year, including a very strong 17% increase in net interest income. Higher net interest income reflects the combined benefits of strong 12% loan growth and a seven basis point increase in net interest margin to 2.61%. Non-interest income was 8% lower with decreases in several categories partially offset by higher ‘other’ non-interest income. Business lending assets acquired on January 31, 2018, contributed 3% to year-over-year loan growth. Credit quality was strong, with the provision for credit losses representing 20 basis points of average loans, down from 25 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 $0.68 and $0.73 were up 26% and 24%, respectively. The business lending assets acquired last quarter contributed approximately $0.03 to adjusted cash earnings per common share.
FOR FURTHER INFORMATION CONTACT:
Matt Evans, CFA
Vice President, Strategy & Corporate Development
Phone: (780) 969-8337
Email: [email protected]