Canadian Western Bank today reported an increase in fourth-quarter profit, and raised its quarterly dividend by 20%.

CWB said net income was $14.8 million, or 47¢ a share, for the three months ended October 31, compared with $12.8 million, or 43¢ a share, in the year-before period.

Revenue rose 19% to $49.5 million, as loans grew by 17% to $4.6 billion.

Return on equity was 13%, down from 14.1%.

“Continued execution against our proven business plan in one of North America’s most vibrant economies has led to another record year of financial performance at CWB,” said Larry Pollock, president & CEO, in a release. “We are particularly proud of achieving 17% loan growth, well ahead of our annual target, and of recording our 16th consecutive year of double-digit loan growth,” added Pollock.

Both operating segments continued to perform well in the fourth quarter with banking and trust operations generating record net income and the insurance segment contributing a solid $1.1 million to net income.

The bank raised its quarterly payout to 12¢ a share from 10¢.