Canadian Western Bank today announced record quarterly earnings and total revenues on strong loan growth of 4% in the quarter and 28% over the past year.

Net income for the fourth quarter ended October 31 of $29.6 million and diluted earnings per share of 46¢ were both up 39% over the same period last year reflecting very strong operating performance and a lower effective tax rate.

Annual net income of $96.3 million, or $1.50 per diluted share represented increases of 34% and 33% respectively over fiscal 2006.

Loan growth was 4% in the quarter and 28% over the past 12 months.

Total revenues during the quarter were $74.4 million, up 25%. Annual total revenues were $273.5 million, up 23%.

Return on equity (ROE) for the quarter was 20.1%, up 360 basis points. Annual ROE of 17.4%, up 260 basis points.

The bank’s efficiency ratio for the quarter was 44.1%, an improvement of 90 basis points.

The annual efficiency ratio was 44.6%, an improvement of 140 basis points

Total assets surpassed $9.5 billion as at October 31.

The bank’s board of directors declared a cash dividend of 10¢ a share. This represents an 11% increase over the previous quarterly dividend and is 25% higher than the quarterly dividend declared one year ago.

“Exceptional loan growth in the year drove our record earnings, but consolidated results reflect the ongoing success of every business within the CWB Group,” says Larry Pollock, president and CEO. “We continue to benefit from Western Canada’s economies and expect to achieve sustained, high quality organic growth. Our new performance targets for fiscal 2008 reflect confidence that the bank’s strategic direction will continue to deliver strong financial performance for our shareholders,” added Pollock.