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CWB reports first quarter 2022 financial and strategic performance

CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three months ended January 31, 2022, with first quarter pre-tax, pre-provision income up 12% from the previous quarter. Net income available to common shareholders of $88 million was down 3% sequentially and adjusted earnings per common share(1) of $0.99 declined 4%, primarily due to an increase in the provision for credit losses from the abnormally low level in the previous quarter. Our Board of Directors declared a cash dividend of $0.30 per common share, up one cent from the dividend declared last year and consistent with last quarter.

“Execution of our winning strategy focused on business owners continues to drive accelerated growth of full-service clients, as our teams leverage our expanding products, capabilities, and brand presence in Ontario.” said Chris Fowler, President and CEO. “Our new lending volume remained strong this quarter. While our net loan growth was constrained by an elevated level of payouts and paydowns, the strength of our lending pipelines gives us confidence that we remain on track to deliver double-digit loan growth for the year.”

“We’re pleased to be recognized by Great Place to Work Canada® as a 2022 Best WorkplaceTM for Hybrid Work this quarter, as we have been agile to adapt and remain a destination for top talent in an evolving and competitive environment. We have also finalized plans for some exciting new locations that position CWB as a growing force in our core markets with spaces designed to support a differentiated experience for our clients and our teams. Building on our strong growth in Ontario, in addition to our previously announced Markham location opening in 2022, we plan to open a new banking centre in Toronto’s financial district in 2023 that will consolidate our local wealth management and banking teams into one location. We also plan to transition to a new corporate head office location in downtown Edmonton’s Ice District in 2026. These modern and exciting spaces will meet the evolving expectations of our high-performing teams for more collaborative and flexible workspaces, give us prominent signage in desirable locations to continue expanding our brand awareness, and support the continued growth of our market share.”

(1) Non-GAAP measure – refer to definitions and detail provided on page 5 - See release in full.
Read the release in full
Chris Williams

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