Edmonton-based Canadian Western Bank announced on Thursday record quarterly net income and total revenues in its 72nd consecutive profitable quarter, a period spanning 18 years.

For the second quarter, ended April 30, net income of $16.7 million increased 37% over the same quarter last year while diluted earnings per share of $0.52 were up 33%. Total loans increased 5% in the quarter and 24% in the past year, pushing total assets to $6.5 billion. Year-to-date, net income of $33.1 million was up 36% over the same period last year while diluted earnings per share were up 33%.

The board of directors also declared a quarterly dividend of $0.12 per common share, payable on July 6 to shareholders of record on June 15. This is consistent with the previous quarterly dividend and represents an increase of 20% over the quarterly dividend declared in June 2005.

“The bank’s history of growth and strong financial performance continued in the second quarter,” said Larry Pollock, president and CEO. “Net income in the quarter exceeded our very strong first quarter earnings. This performance is quite an achievement as the second quarter has three fewer interest-earning days.”

Total loans increased 5% in the quarter and 12% in the last six months, meeting the bank’s target for the full year. “We continue to see very high levels of business activity and strong credit quality within all lending sectors and across all four western provinces, further supporting our strategic choice of markets and locations,” said Pollock.

Both operating segments posted strong results in the second quarter during which income from banking and trust operations increased 39% to reach record levels for the fourth consecutive quarter. Insurance earnings of $1.6 million were up 25% on continued positive underwriting performance and increased investment income.