EDMONTON — CWB Financial Group topped expectations as it reported its second-quarter profit rose 40 per cent compared with a year ago.
The Edmonton-based bank says it profit available to common shareholders totalled $72 million or 82 cents per diluted share for the quarter ended April 30, up from $51.4 million or 59 cents per diluted share a year ago.
The improvement came as its provisions for credit losses totalled $14.8 million, down from $34.9 million a year earlier at the start of the pandemic.
Revenue totalled $247.1 million, up from $214.4 million in the same quarter last year.
On an adjusted basis, CWB says it earned 84 cents per share in its latest quarter, up from an adjusted profit of 60 cents per share a year ago.
Analysts on average had expected a profit of 76 cents per share, according to financial data firm Refinitiv.
"Our financial results surpassed our expectations again this quarter, supported by very strong branch-raised deposit and loan growth across the country," CWB CEO Chris Fowler said in a statement.
"Based on the expected trajectory of our financial performance for the rest of the year, we now expect to deliver high single-digit loan growth and mid-teens adjusted earnings per share growth on a full year basis in fiscal 2021."
This report by The Canadian Press was first published May 28, 2021.
Companies in this story: (TSX:CWB)
The Canadian Press