ALBERTA

Canadian Western Bank Q1 profit rises 10 per cent to $45.5 million

03/07/2013 11:04 EST | Updated 05/07/2013 05:12 EDT
EDMONTON - Canadian Western Bank (TSX:CWB) says its net income available to common shareholders in the first quarter was $45.5 million, up 10 per cent from a year earlier.

The profit for the quarter ended Jan. 31 amounted to 57 cents per share compared with a profit of $41.5 million or 54 cents per share a year ago.

Revenue totalled $135.1 million in the quarter, up from $123.7 million.

The increased revenue came as the company saw loan growth of 12 per cent compared with a year ago.

Provisions for credit losses amounted to $6.3 million for the quarter, compared with $6.4 million a year ago.

"Overall lending activity remains solid and we are optimistic that our growing market presence and continued economic growth in Western Canada will support another year of double-digit loan growth," president and chief operating office Chris Fowler said.

"We were pleased to see some stabilization in net interest margin this quarter, excluding the impact of our subordinated debt issue completed in December, but we expect the current interest rate environment and increased competition will lead to continued pressure on this measure across the banking industry."

CWB is one of Canada's smaller domestic banks, operating in the four western provinces.

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