Canadian Western Bank today announced results for the third quarter ended July 31.

Net income was $8.06 million compared with $8.23 million for the third quarter last year. Diluted earnings per share were 64¢ compared with 66¢ a year ago.

Compared to the second quarter of 2002, net income for the third quarter increased 25% from $6.43 million. Return on equity and return on assets were 12% and 0.89% respectively, compared with 13.6% and 1% last year.

Credit quality remained strong and stable. The provision for credit losses was 0.26% of average loans in the third quarter compared with 0.23% one year ago. The efficiency ratio was 49.1% this quarter, significantly improved from 54.5% in the second quarter and the same as the third quarter last year.

Larry Pollock, president and CEO said that “it is particularly gratifying that the bank is achieving continued strong loan generation, up about 12% from last year, while limiting loan loss expense to a quarter of the industry experience.” He noted also that net interest margins improved markedly from the previous quarter mainly as a consequence of increases in interest rates this year to date.