CWB Financial Group reports Q3 profit up from year ago, beats expectations

EDMONTON — CWB Financial Group beat expectations as it reported its third-quarter profit rose compared with a year ago, helped by revenue growth and lower provisions for bad loans.

The Edmonton-based bank says it the profit attributable to common shareholders totalled $86.3 million or 98 cents per diluted share for the quarter ended July 31, up from $62.3 million or 71 cents per diluted share a year earlier.

Revenue totalled $263.2 million, up from $226.5 million.

The results came as CWB's provisions for credit losses amounted to $8.9 million for the quarter, down from $24.4 million in the same quarter last year.

On an adjusted basis, CWB says it earned $1.01 per share for the quarter compared with an adjusted profit of 74 cents per share a year ago.

Analysts on average had expected a profit of 89 cents per share, according to financial market data firm Refinitiv.

"We delivered very strong results again this quarter, and expect to drive annual growth of adjusted earnings per common share in excess of 20 per cent for fiscal 2021," CEO Chris Fowler said in a statement.

"We continued to drive strong growth of lower cost branch-raised deposits and our quarterly loan growth remains at one of the strongest levels in our history."

This report by The Canadian Press was first published Aug. 27, 2021.

Companies in this story: (TSX:CWB)

The Canadian Press

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting