The Canadian Press

Canadian Western Bank (TSX:CWB) said Wednesday that it earned $30.4 million in its latest quarter, up from a year ago as revenue improved.

The regional bank and financial services company said the profit amounted to 39¢ per diluted share for the quarter ended Oct. 31 compared with a profit of $24.5 million or 38¢ per diluted share a year ago.

Revenue on a taxable equivalent basis totalled $90.1 million, up from $74.1 million.

Canadian Western reported a Tier 1 capital ratio of 11.3 per cent at Oct. 31.

“CWB’s record financial performance amidst ongoing economic challenges and effects from the global financial crisis is a very notable accomplishment,” president and chief executive Larry Pollock said in a statement.

“The significant earnings impact from a compressed net interest margin was also a key challenge for us this year and the benefits from our efforts to help mitigate this became more apparent in the fourth quarter, largely helped by a more stable interest rate environment.”

Shares in the bank, which reported its results after the close of trading, were down 4¢ at $22.96 on the Toronto Stock Exchange on Wednesday.