CWB Financial Group

CWB reports strong third quarter financial performance and common share dividend increase

Edmonton, August 30, 2018 – CWB Financial Group today announced strong third quarter financial performance with record common shareholders’ net income of $62 million and pre-tax, pre-provision income of $111 million, up 11% and 10%, respectively, from the third quarter last year. Diluted and adjusted cash earnings per common share of $0.70 and $0.75 were both up 9%. Record total revenue of $205 million was up 12% from last year, including a strong 14% increase in net interest income. Higher net interest income reflects the combined benefits of strong 12% loan growth and a five basis point increase in net interest margin to 2.64%. Business lending assets acquired on January 31, 2018, contributed 3% to loan growth and $0.04 to adjusted cash earnings per common share. Non-interest income was down 8% from last year mainly reflecting lower trust fees, following the strategic transactions within Canadian Western Trust Company (CWT) to appoint successor trustees for certain accounts, and lower credit related fees.

 

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FOR FURTHER INFORMATION CONTACT: 

Matt Evans, CFA 
Vice President, Strategy & Corporate Development  
CWB Group 
Phone: (780) 969-8337 
Email: matt.evans@cwbank.com