Net profits at Canadian Western Bank rose 13% in the latest quarter on solid growth in revenues and loans, the bank said today.

The bank said it earned $11.7 million or 87¢a share for the third quarter ended July 31. That compared with a profit of $10.4 million or 81¢ a share for the same period last year.

Revenues in the quarter rose 21% to $42 million from $34.8 million, driven by strong loan growth and the recent acquisition of Canadian Direct Insurance, which helped the bank diversify its business.

Credit quality remained strong and the provision for credit losses was consistent with previous periods, the bank said.

CWB also reported that return on equity fell to 13.4% in the third quarter from 13.7% last year. However, that figure was higher than the 11.9% of the fiscal second quarter.

“We are very pleased to have delivered the highest quarterly earnings in the 20-year history of Canadian Western Bank,” said Larry Pollock, president and CEO. “Our performance demonstrates the continued success of our proven business plan, the effectiveness of our ‘Think Western’ approach to customer service and an excellent contribution from Canadian Direct Insurance.