CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the year ended October 31, 2021, with annual revenue surpassing $1.0 billion for the first time in our history. Annual pre-tax, pre-provision income of $517 million was up 10% from last year. Annual net income available to common shareholders of $327 million and adjusted earnings per common share(1) of $3.81 were up 32% and 30%, respectively, from the prior year. Fourth quarter net income available to common shareholders of $90 million and adjusted earnings per common share of $1.03, were up 4% and 2%, respectively, from the third quarter. Our Board of Directors declared a cash dividend of $0.30 per common share, which is up one cent, or 3%, from the dividend declared last quarter and one year ago.
“In 2021, we again demonstrated the quality of our differentiated business model. Our annual revenue surpassed $1 billion for the first time, which supported a 10% annual increase in pre-tax, pre-provision income,” said Chris Fowler, President and CEO. “Our momentum continued to build through the year. Strong strategic execution has delivered enhanced products and capabilities to our teams, and we are using these to win more full-service client relationships and drive profitable growth for our shareholders.”
“Our brand of proactive, personalized, and specialized service clearly resonates with clients, and our team’s relentless client-centric focus resulted in franchise building growth of loans and branch-raised deposits. Our core operating performance and a significant reduction in the performing loan provision for credit losses were the primary drivers of the 32% increase in full-year net income available to common shareholders. While we benefited from a macroeconomic outlook that improved compared to the prior year, we also delivered strong credit performance driven by prudent credit risk management, with a decline in gross impaired loans and realized losses that remained below our five-year average.”
“Our momentum will continue for the year ahead, and we expect to deliver double-digit growth of loans and branch-raised deposits. It’s an exciting time at CWB as we continue to invest in our capabilities and improve our full-service client experience through enhancements to our in-person and digital channels. We expect to deliver pre-tax, pre-provision income growth in the mid to high-single digits next year based on strong revenue growth balanced with the significant investments we’ll continue to make in our capabilities to support higher levels of full-service client growth for the years to come."
(1) Non-GAAP measure – refer to definitions and detail provided on page 7 - See release in full.
FOR FURTHER INFORMATION CONTACT:
AVP, Investor Relations
CWB Financial Group
Email: [email protected]