08/29/2012 08:32 EDT | Updated 10/29/2012 05:12 EDT

Canadian Western Bank reports record third-quarter profits of $48 million

EDMONTON - Canadian Western Bank (TSX:CWB) says it had record third-quarter earnings, which rose 24 per cent, driven by strong loan growth.

The Edmonton-based bank said Wednesday net income available to shareholders rose to $48 million from $38.8 million in the year-earlier quarter.

Revenues rose to $138.2 million, up 13 per cent from 122.8 million a year earlier largely due to a three per cent rise in lending.

"The achievement of record results this quarter is particularly gratifying in view of ongoing challenges related to the interest rate environment, global economic uncertainties and competitive pressures," said Larry Pollock, president and CEO.

"Strong loan growth and solid contributions from all of our complementary businesses validate our strategic direction and the success of our business model, as well as the benefit of our core geographic footprint in Western Canada. "

During the quarter, Canadian Western Bank said it acted on agreements to buy 97 per cent of the preferred shares of National Leasing Group Inc. in exchange for $63.5 million worth of the bank's common shares.

Canadian Western Bank offers business and personal banking services across the four western provinces and is the largest publicly-traded Canadian bank headquartered in Western Canada.