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CWB reports second quarter 2022 financial and strategic performance

CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three and six months ended April 30, 2022, with quarterly common shareholders’ net income of $74 million, up 3% from the same period last year. Our Board of Directors declared a cash dividend of $0.31 per common share, up two cents, or 7% from the dividend declared last year and up one cent, or 3% from last quarter.

“Our teams have built robust pipelines of full-service client opportunities that are already driving strong post-quarter growth. We are confident that we will achieve annual double-digit loan and deposit growth this year,” said Chris Fowler, President and CEO. “While the timing of loan and branch-raised deposit growth has been later than expected and put downward pressure on second quarter net interest income and our annual financial outlook, stronger growth delivered in a rising interest rate environment will provide a significant tailwind as we move into next year.”

“Our high performing teams continue to deliver on our strategic priorities. The launch of our new retail and small business digital platforms this summer will support continued strong branch-raised deposit growth. We remain very pleased with the progress of our Ontario expansion, with 13% loan growth in the province over the last year and with continued momentum expected from the opening of our new banking centre in Markham this summer.”

“We are proud to be recognized in the top 20 on this year’s list of Best Workplaces™ in Canada. Our continued rise on this list is powered by a people first culture that supports flexible work, promotes diversity and inclusion, and inspires collaboration and innovation to deliver a differentiated experience to our clients and deliver on our strategy priorities.”

Read the release in full

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