CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three months ended January 31, 2023, with quarterly common shareholders’ net income of $94 million, up 39% sequentially and 8% from the same period last year. Adjusted EPS(1) of $1.02 was up 16% from last quarter, as the impact of lower foreign exchange revenue compared to elevated levels last quarter was more than offset by a reduction in the provision for credit losses. The reduction in the provision for credit losses primarily related to the reversal of a previously recognized impaired loan write-off, which more than offset net new impaired loan provisions for credit losses. Our Board of Directors declared a cash dividend of $0.32 per common share, consistent with the dividend declared last quarter and up two cents, or 7%, from last year.
“Execution of our winning strategy and demonstrated history of earning new relationships through economic cycles supports our expectation that we will deliver strong full-service growth this year,” said Chris Fowler, President, and CEO. "Our teams delivered strategically targeted loan growth this quarter, with very strong increases in Ontario and in general commercial loans, which represent our largest opportunity to convert clients into full-service relationships.”
“Gross impaired loans are returning to more normal levels from very benign conditions last year. Our secured lending model and disciplined underwriting processes continue to support our expectation that our provision for credit losses will remain within our strong historical range.”
“We are focused on the significant opportunities ahead of us and expect momentum to build through the year as we execute against our strategic priorities and initiatives to support revenue growth while we proactively manage our expenses to drive profitability in line with our full year targets.”
AVP, Investor Relations
CWB Financial Group
Email: [email protected]