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CWB reports second quarter financial performance and continued strategic executionEdmonton, 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.
CWB declares dividendsEdmonton, May 29, 2019 - Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.27 per common share (TSX:CWB), payable on June 27, 2019 to shareholders of record on June 13, 2019. This quarterly dividend is up two cents, or 8%, from the dividend declared one year ago and unchanged from the prior quarter. The Board of Directors also declared quarterly cash dividends for preferred shares of $0.2688125 per Series 5, $0.390625 per Series 7, and $0.375 per Series 9, all payable on July 31, 2019 to shareholders of record on July 24, 2019. CWB Financial Group Phone: 780-508-8229 Email: [email protected]
CWB announces results of conversion privilege of First Preferred Shares Series 5Canadian Western Bank (“CWB”) (TSX: CWB) today announced that after having taken into account all election notices received by the April 15, 2019 deadline for conversion of its currently outstanding 5,000,000 non-cumulative 5-year rate reset First Preferred Shares Series 5 (the “Series 5 Preferred Shares”) (TSX: CWB.PR.B) into non-cumulative floating rate First Preferred Shares Series 6 of CWB (the “Series 6 Preferred Shares”), no Series 5 Preferred Shares will be converted into Series 6 Preferred Shares.
CWB amends normal course issuer bidCanadian Western Bank (TSX: CWB) announced today that the Toronto Stock Exchange has approved an amendment to its normal course issuer bid authorized by CWB’s Board of Directors.