Canadian Western Bank said Thursday that net income in the first quarter of fiscal 2005 jumped 24% to $12.2 million.

The Edmonton-based bank said the $12.2 million for the quarter ended Jan. 31 compared with $9.9 million a year ago. It was the bank’s 67th consecutive profitable quarter. Total revenue was $43.8 million, up 27% from a year earlier.

On a per-share basis, net income for the first quarter came in at 40¢ vs 34¢.

“These results reflect strong growth in core banking and trust operations as well as the positive impact of Canadian Direct Insurance and Valiant Trust Company,” Larry Pollock, president and CEO, said in a statement. “These companies were acquired at the end of the second quarter of last year and therefore are not reflected in the comparative results for the first quarter of 2004.”

Pollock said the banking and trust operations were up 13% per cent growth in this segment’s net income and noted “excellent growth in lower cost deposits and 16 per cent loan growth.

Insurance operations also boosted first-quarter results with CDI, generating $1.1 million in net income.

“Lending activity continues to reflect both the strength of our proven business plan and the robust economic conditions in Western Canada, particularly in British Columbia and Alberta,” said Pollock.

The bank said it also continues to improve its funding mix through growth in lower-cost deposits generated through branch and trust locations.

Canadian Western Bank has 31 branches and is the largest chartered bank with headquarters in Western Canada. The bank, with total assets of $5.1 billion, specializes in mid-market commercial lending and offers a full range of retail services.

Canadian Western Bank shares were down 44¢ or 1.71% at $25.26 at 2:45pm ET.