CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three and nine months ended July 31, 2022, with quarterly common shareholders’ net income of $81 million, up 9% sequentially and down 6% from the same period last year. Our Board of Directors declared a cash dividend of $0.31 per common share, consistent with the dividend declared last quarter and up two cents, or 7% from last year.
“Our teams delivered very strong loan growth this quarter from clients within our risk appetite that met our strict underwriting and pricing criteria,” said Chris Fowler, President and CEO. “We expect annual percentage loan growth in the high single-digits for fiscal 2022 as we maintain our disciplined lending approach in the current environment. We continue to expect double-digit annual growth of branch-raised deposits by deepening customer relationships and winning new full-service banking clients.”
“Our strategy remains focused on building the best bank for business owners in Canada, and our teams have made strong progress this quarter. We opened our new banking centre in Markham to build on strong growth momentum in Ontario and drive further geographic diversification of our business. Our new personal and small business digital platforms were launched to enhance our client experience and support efficient full-service client growth. We also made significant progress on our Advanced Internal Ratings Based (AIRB) transition project, which further supports our long-term growth and diversification aspirations with a sustainable and scalable operating model. Later this year, the full integration of our Virtual COO solution into our digital banking offering will provide a differentiated tool for small business owners to better understand and predict their cash flow needs and financial health of their operations.”
“Execution of our strategic priorities continues to elevate the strength of our organization, and our demonstrated history of prudent risk management positions us well to navigate through recessionary conditions, should they arise. The progress we have made to transform our business provides a strong foundation to accelerate growth of full-service client relationships and enhance our profitability.”
AVP, Investor Relations
CWB Financial Group
Email: [email protected]