(June 8 – 14:35 ET) – Canadian Western Bank today reported record earnings for the second quarter ended April 30. Net income was $7.12 million compared with $4.88 million, an increase of 46%. Basic earnings per share were 64¢ compared with 47¢.
Net interest income and other income (excluding deduction for credit loss provision) was $21.16 million compared with $18.33 million. Provision for credit losses was $1.05 million compared with $900,000, an increase of 17%. The bank’s efficiency ratio improved to 55.7% from 61.1%.
Larry Pollock, president and CEO, said the second quarter results were highly positive and reflect the strength of the core operations of the bank and trust, resulting in 14% growth in assets year over year. Strong internal growth will continue and will be enhanced with branches opening in Calgary and the Lower Mainland later this year.
Canadian Western Trust contributed to the bank’s results. Assets under administration rose 34% to $678 million, compared with $505 million a year ago.
Return on total assets in the quarter was 1.06% compared with 0.83% for the same period last year. Return on common equity in the quarter was 16.44% compared with 12.80% a year ago.
The board of directors declared a semi-annual dividend of 17¢ per common share
-IE Staff