CWB reports third quarter 2021 financial and strategic performance

CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the three and nine month periods ended July 31, 2021, with third quarter net income available to common shareholders of $86 million and adjusted earnings per common share(2) of $1.01, each up 20% from the previous quarter, and up 39% and 36%, respectively, from the same period in the prior year. Pre-tax, pre-provision income(2) of $138 million was up 9% from the prior quarter and 15% from the same period in the prior year.

“We delivered very strong results again this quarter, and expect to drive annual growth of adjusted earnings per common share in excess of 20% for fiscal 2021. Our brand of proactive, personalized service is a differentiating factor that clearly resonates with business clients. Our teams are leveraging our strong brand and continued enhancements to our products and capabilities to win more full-service relationships in an improving economic environment," said Chris Fowler, President and CEO. “We continued to drive strong growth of lower cost branch-raised deposits and our quarterly loan growth remains at one of the strongest levels in our history. Our loan growth continues to be achieved while reflecting our targeted approach of high-quality client selection through disciplined underwriting and prudent lending structures. We delivered another quarter of strong credit performance, with low write-offs and provisions for credit losses, and a decline in impaired loans, reflective of our conservative credit risk management.”

“It is an exciting time at CWB as we continue to transform our capabilities and improve our full-service client experience through a growing range of in-person and digital channels. The development of our digital client offering is advancing well, and we are on track to release our enhanced digital banking platform for personal and small business clients, including a limited initial roll-out of our Virtual COO solution, later this year.”

“We continue to see the momentum of growth opportunities build in line with the economic recovery. We are making progress on our strategic priorities that are uniquely focused on business owners. Capitalizing on these opportunities will further enhance our client experience and deliver strong growth of full-service client relationships and returns for our investors.”

Read the Report to Shareholders in full

FOR FURTHER INFORMATION CONTACT:

Chris Williams, MBA
AVP, Investor Relations
Phone: (780) 508-8229
Email: [email protected]