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CWB reports fourth quarter and full year 2023 financial performance

CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the year ended October 31, 2023. Annual diluted earnings per share of $3.38 was relatively consistent with the prior year and adjusted earnings per common share(1) of $3.58 declined 1%.

Fourth quarter diluted earnings per share of $0.80 was down six cents sequentially and reflected the impact of costs incurred to execute reorganization initiatives to realize efficiencies in our banking centre footprint, operational support functions, and administrative processes. Fourth quarter adjusted earnings per common share of $0.94, increased six cents from last quarter and one year ago, as we benefited from an increase in net interest margin(1) and prudent expense management.

Our Board of Directors declared a cash dividend of $0.34 per common share, which is up one cent, or 3%, from the dividend declared last quarter and two cents, or 6%, from one year ago.

“We delivered a strong fourth quarter performance, and exited the year with positive momentum and a resilient balance sheet,” said Chris Fowler, President and CEO. “As the year progressed, our teams drove improved financial results through targeted loan growth and disciplined expense management. Our secured lending model and disciplined underwriting continue to produce credit losses below historical averages.”

“We expect to maintain strong financial results in fiscal 2024 against continued volatility in economic and market conditions. Our outlook is supported by an increase in our operational efficiency from the reorganization initiatives we executed late this quarter, which will result in the redeployment of resources to priority activities consistent with our differentiated strategy.”

“We are confident our talented teams will continue to deliver an unrivalled client experience to business owners and their families, and I would like to thank each of our team members for their achievements in a challenging environment. We are well positioned to create value for our investors in the year ahead as we continue to grow full-service client relationships, maintain our prudent and secured lending approach, and proactively manage our expenses to drive positive operating leverage.”

Read the release in full.

(1) Adjusted EPS and net interest margin are non-GAAP measures. Refer to definitions and detail provided on page 6 and 7.


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