CWB reports strong first quarter financial performance
EDMONTON, ALBERTA - Canadian Western Bank (TSX: CWB) (CWB) today announced strong core operating performance for the first quarter, including a 12% increase in pre-tax, pre-provision income compared to the same quarter last year. Strong 11% year-over-year growth of total revenues was comprised of a 9% increase in net interest income (teb) and higher non-interest income. Common shareholders’ net income of $49.5 million was down 5% from last year. The strong increase in total revenues was more than offset by increased non-interest expenses, higher provisions for credit losses, acquisition-related fair value changes, and higher preferred share dividends. Average loan balances were up 10% from last year, while the quarter-end total loan balance increased 7%. Net interest margin (teb) of 2.47% was relatively stable. Diluted earnings per common share of $0.56 and adjusted cash earnings per common share of $0.61 were down 14% and 8%, respectively, with changes reflecting the factors noted above and the 2016 issuance of common shares.
Compared to the prior quarter, pre-tax, pre-provision income increased 6% and common shareholders’ net income growth was very strong at 4%. While the balance of total loans at January 31 was relatively flat compared to the prior quarter, net interest income was 4% higher as net interest margin was up 11 basis points. Diluted and adjusted cash earnings per common share increased 4% and 3%, respectively.
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For further information, please contact:
Matt Evans, CFA
Senior AVP, Strategy & Investor Relations
Canadian Western Bank
Phone: (780) 969-8337