Edmonton, Alberta – CWB Financial Group (TSX: CWB) (CWB) today announced second quarter financial performance with common shareholders’ net income of $62 million and pre-tax, pre-provision income of $112 million, up 2% and 4%, respectively, from the second quarter last year. Total revenue of $210 million was up 7%, including a 7% increase in net interest income. Higher net interest income reflects the combined benefits of strong 10% loan growth and a two basis point increase in net interest margin to 2.63%. Non-interest income was relatively unchanged. Higher revenues were partially offset within common shareholders’ net income by increases in non-interest expenses and the provision for credit losses. lAcquisition-related fair value changes decreased 43%, reflecting conclusion one month into the quarter of the three-year earn-out period for the contingent consideration related to the CWB Maxium acquisition. The provision for credit losses represented 23 basis points of average loans, compared to 20 basis points last year. Diluted and adjusted cash earnings per common share of $0.71 and $0.74 were up 4% and 1%, respectively.
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FOR FURTHER INFORMATION CONTACT:
Chris Williams, MBA
AVP, Investor Relations
Phone: (780) 508-8229
Email: [email protected]