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CWB Wealth Management refiles select MRFPs
EDMONTON, Alberta, June 18, 2019 – CWB Wealth Management Ltd. (“CWBWM”), as manager of the funds set out below (the "Funds"), announced today that it has refiled the management reports of fund performance (“MRFPs”) for the year ended December 31, 2018 for the Funds to correct certain non-material errors in the performance data in the MRFPs resulting from an inadvertent error in the calculation of the Funds’ performance in 2016.
CWB announces closing of subordinated debenture offering
EDMONTON, Alberta – Canadian Western Bank (“CWB”) (TSX: CWB) today announced that it has closed its domestic public offering of $250 million aggregate principal amount of 3.668% Series F Subordinated Debentures due June 11, 2029 (Non-Viability Contingent Capital (NVCC)) (the “Debentures”). The Debentures were sold through a syndicate of agents led by BMO Capital Markets and RBC Capital Markets. Net proceeds from the offering will be added to CWB’s general funds and utilized for general banking purposes, including future refinancing requirements.
CWB reports second quarter financial performance and continued strategic execution
Edmonton, Alberta – CWB Financial Group (TSX: CWB) (CWB) today announced second quarter financial performance with common shareholders’ net income of $62 million and pre-tax, pre-provision income of $112 million, up 2% and 4%, respectively, from the second quarter last year. Total revenue of $210 million was up 7%, including a 7% increase in net interest income. Higher net interest income reflects the combined benefits of strong 10% loan growth and a two basis point increase in net interest margin to 2.63%. Non-interest income was relatively unchanged. Higher revenues were partially offset within common shareholders’ net income by increases in non-interest expenses and the provision for credit losses. lAcquisition-related fair value changes decreased 43%, reflecting conclusion one month into the quarter of the three-year earn-out period for the contingent consideration related to the CWB Maxium acquisition. The provision for credit losses represented 23 basis points of average loans, compared to 20 basis points last year. Diluted and adjusted cash earnings per common share of $0.71 and $0.74 were up 4% and 1%, respectively.
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