ALBERTA

Canadian Western Bank fourth-quarter profit and revenue up from year ago

12/04/2012 10:10 EST | Updated 02/03/2013 05:12 EST
EDMONTON - Canadian Western Bank (TSX:CWB) earned $43 million in its latest quarter, up from $35.9 million a year ago, helped by improved revenue and loan growth.

The regional bank also increased Tuesday its quarterly dividend by a penny to 17 cents per share.

Canadian Western said its fourth-quarter results amounted to 55 cents per diluted share in its latest quarter, up from $35.9 million or 47 cents per diluted share a year ago.

Total revenue, on a taxable equivalent basis, amounted to $133.2 million for the quarter ended Oct. 31, up from $119.7 million, while total loans grew to $13.95 billion from $12.29 billion a year ago.

The bank reported $66.8 million in gross impaired loans at the end of the quarter, down from $70.2 million the previous quarter and $97.3 million a year earlier.

"The volume in our pipeline for new loans remains solid and continues to be supported by favourable economic conditions in our key Western Canadian markets," chief executive Larry Pollock said in a statement.

"Although we will likely see an increase from the current very low dollar level of impaired loans, this period marked the 10th consecutive quarter of declines in this measure. Overall credit quality remains sound and we expect this will continue going forward."

Canadian Western Bank provides banking services across the four Western provinces as well as operates range of other financial services under several different banners.

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