CWB Financial reports first quarter profit up from a year ago and beats expectations
EDMONTON — The CWB Financial Group announced that its first quarter profit increased from a year ago and exceeded expectations.
The Edmonton-based bank says profit attributable to common shareholders was $87.6 million or 92 cents per diluted share for the quarter ended Jan. 31, compared with $79.2 million or 91 cents per share. diluted a year earlier.
Revenues totaled nearly $266.0 million, up from $245.1 million in the same quarter last year.
Provisions for credit losses totaled $9.1 million compared to $13.5 million in the same quarter a year earlier.
On an adjusted basis, the CWB says it earned 99 cents per share for the quarter, up from adjusted earnings of 93 cents per share in the same quarter last year.
Analysts on average had expected adjusted earnings of 97 cents per share, according to financial markets data firm Refinitiv.
“Executing our winning business owner-focused strategy continues to drive accelerated growth in full-service customers, as our teams leverage the expansion of our products, capabilities and presence of our brand in Ontario,” CWB general manager Chris Fowler said in a statement.
“Our new loan volume remained strong this quarter. While our net loan growth was limited by a high level of disbursements and repayments, the strength of our loan pipelines gives us confidence that we remain on track to deliver double-digit loan growth for the year.”