CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the year ended October 31, 2022. Annual diluted earnings per share of $3.39 and adjusted earnings per common share(1) of $3.62, were down 9% and 5%, respectively, reflecting an increase in the performing loan provision for credit losses due to a deterioration in macro-economic forecasts. Fourth quarter diluted earnings per share of $0.72 was down 18% sequentially and reflected the impact of the accelerated amortization of certain previously capitalized Advanced Internal Ratings Based (AIRB) assets recognized concurrently with material completion of the development of revised AIRB tools as we prepare for implementation into our business processes and data. Fourth quarter adjusted earnings per common share of $0.88 was down 2%, sequentially. Our Board of Directors declared a cash dividend of $0.32 per common share, which is up one cent, or 3%, from the dividend declared last quarter and two cents, or 7%, from one year ago.
“Our performance this year reflected solid growth and continued investment in strategically targeted full-service growth initiatives in a volatile economic environment,” said Chris Fowler President and CEO. “Our teams delivered 14% annual loan growth in strategically targeted general commercial loans, 11% annual loan growth in Ontario and an 8% annual increase in branch-raised deposits. Our disciplined approach to driving growth within our prudent risk appetite has delivered very strong credit performance and we are in a position of strength to face the potential economic volatility on the horizon.”
“Our strategic execution has delivered enhancements to our digital capabilities, increased our physical presence in key markets, and further improved our client offering to provide a foundation to accelerate full-service client growth. We are focused to deliver strong core operating performance next year and achieve the financial performance targets we have set for 2024.”
“At our upcoming investor day on December 7, 2022 in Toronto, we look forward to discussing how our strategic execution has positioned our talented teams to drive an unrivaled experience for more full-service clients and increase value for our investors as the best bank for business owners in Canada.”
FOR FURTHER INFORMATION CONTACT:
AVP, Investor Relations
CWB Financial Group
Email: [email protected]