CWB reports solid financial performance for fiscal 2019

“Fiscal 2019 was another strong year of operating performance and execution of our transformational strategy. We generated solid loan growth with further geographic and industry diversification, including strong 11% growth in Ontario and very strong 15% overall growth in the strategically targeted general commercial category,” said Chris Fowler, President and CEO. “We delivered a new record for branch-raised deposit growth of $1.5 billion with a 12% increase, including 14% growth in the demand and notice category. With solid profitable growth and very strong capital ratios, we also rewarded shareholders with an 8% increase to the common share dividend compared to 2018. Consistent strategic execution reflects the tremendous strength of our teams across the business, and we are committed to continue to create value for our people. We were pleased to be recognized this year as a Great Place to Work Canada™, and one of the Best Workplaces™ in Alberta.”  

“Our strategy for long-term value creation is to address the unmet banking needs of Canadian entrepreneurs,” continued Mr. Fowler. “Today we were proud to announce another bold step forward as a disruptive force in Canadian financial services. Deepening our partnership with Temenos will position CWB to deliver seamless end-to-end digital banking experiences for the owners of small- and medium-size businesses. Temenos is the world’s leader in banking software, and our journey together started with the successful launch of Temenos core banking in 2016. We were the first Schedule 1 bank to run on Temenos core banking, and we will be the first bank in Canada to offer a differentiated digital banking experience powered by Temenos Data Lake with Explainable AI capabilities. We are excited to leverage the combined power of Temenos core banking, the Temenos Data Lake and Explainable AI, and the industry-leading Temenos Infinity platform to develop true competitive edge through fully differentiated, highly personalized services and a world class digital experience. We are committed to deliver the proactive, relationship-based client experience we’re known for – this announcement represents purposeful innovation to meet the rapidly changing needs of our valued clients through a full range of channels.”

“This coming year also includes our expected transition to the Advanced approach for regulatory capital and risk management. This will represent another tremendous accomplishment for CWB, and is a key transformation to unleash our full growth potential. It will sharpen our view of overall portfolio risk, and over time, it will enhance our capital allocation capabilities while making us more competitive on price and offering. Our strategy is focused to translate these new capabilities – from client experience to capital deployment – into strong, scalable, value-creating, long-term growth. As we close fiscal 2019, I want to thank our people for their passion and commitment to help both our clients and CWB achieve our respective goals. There is no doubt in my mind that our shared future looks more exciting than ever before.”

 
Read the release in full

 

FOR FURTHER INFORMATION CONTACT:


Chris Williams
AVP, Investor Relations
CWB Financial Group
Phone: 780-508-8229
Email: [email protected]