Edmonton, February 27, 2020 – CWB Financial Group (TSX: CWB) (CWB) today announced our first quarter financial performance and continued strategic execution to enhance our differentiated full-service client experience. Our goal through these business transformation activities is to accelerate our growth to leverage our upcoming transition to the Advanced Internal Ratings Based (AIRB) approach for regulatory capital and risk management. Our AIRB project has moved into the final stages before submission of our application, with regulatory approval expected prior to our fiscal year end.
Financial Performance
“We delivered strong first quarter financial performance, increased funding diversification, and continued strategic execution,” said Chris Fowler, President and CEO. “Our focus on further enhancements to our client experience generated robust growth in branch-raised deposits that resulted in a continued reduction in broker deposits. We also generated very strong new lending in our strategically targeted general commercial portfolio. Our expected and actual credit losses remain low despite two loan connections that made up the bulk of our new impaired loan formations this quarter. The first quarter has provided strong momentum for the balance of fiscal 2020. We remain on track to make the necessary investments to accomplish our planned strategic objectives and deliver strong financial performance through the balance of the year and beyond.”
FOR FURTHER INFORMATION CONTACT:
Chris Williams, MBA
AVP, Investor Relations
Phone: (780) 508-8229
Email: [email protected]