Western Financial Group reported a 37% increase in net income and a 17% jump in revenue for the year ended Dec. 31.

The High River, Alta.-based company, operators of West Bank, said its results were “ahead of expectations.” It did not break out fourth-quarter results.

For the year, revenue increased to $32.7 million from $28 million in 2002, while net income came in at $2.1 million up from $1.6 million in 2002. Earnings per share 11¢ vs 8¢ a year earlier.

Scott Tannas, president and CEO of WFG, said in a release that steady growth in its customer base and strong same-store sales in 2003 “provided results that were ahead of our expectations.” Management goals were for $1.6 million to $2 million in net income for 2003.

The company said that revenue for its main business — its insurance agency network — increased 16% to $32.4 million for the year, while earnings before interest, taxes, depreciation and amortization were up 33% to $6.9 million.

Since going public in 1996, Western Financial Group, formerly Hi-Alta Capital, has built the largest western-based insurance brokerage network in Western Canada. The WFG Agency Network acquired one new insurance agency early in the year and two others late in the year.

Bank West, the company’s fledgling bank operations launched in January 2003, posted revenue fore the year of $285,303 with a negative EBITDA of $794,690. “Asset growth is steady, averaging more than $2 million of net new assets per month,” the company said.

The company said that with Bank West up and running and an $11.3-million private placement completed, it now wants to focus on expanding the WFG Agency Network. The company has already completed two acquisitions and has plans to pursue more, adding up to 20 new locations.

It also announced late last year plans to launch a new mutual fund company, The Western Mutual Fund Company Ltd., to allow it to run its fund business internally rather than through other dealers.