CWB Financial Reports Higher Fourth Quarter Earnings from Last Year and Increases Dividend

The increase in payment to shareholders came as the CWB said it earned profit attributable to common shareholders of $ 90 million or $ 1.01 per diluted share for the quarter ended Oct. 31, compared to profit of 63. $ 4 million or 73 cents a year ago. Revenue totaled $ 260.6 million, up from $ 236.6 million in the same quarter last year.

The CWB recorded a reversal of $ 10.2 million in its provisions for credit losses, compared to a charge of $ 19.6 million in the same quarter last year.

On an adjusted basis, the CWB says it earned $ 1.03 per share, up from adjusted earnings of 75 cents per share in the fourth quarter of last year.

Analysts on average expected adjusted earnings of 86 cents per share, according to financial market data firm Refinitiv.

For its full year, the CWB says it made profit attributable to common shareholders of $ 327.5 million or $ 3.73 per diluted share on revenue of $ 1 billion. The result was compared to earnings of $ 249 million or $ 2.86 per diluted share over $ 897.4 million a year earlier.

CWB chief executive Chris Fowler said it was the first time the bank’s annual turnover exceeded $ 1 billion.

“Our momentum will continue for the coming year and we expect double-digit growth in loans and deposits raised by branches,” Fowler said in a statement.

“We expect to achieve mid-to-high average pre-tax revenue growth next year based on strong revenue growth balanced with the significant investments we will continue to make in our capabilities to sustain higher levels of full-service customer growth for years to come.

Marianne R. Winn