Canadian Western Bank (TSX:CWB) increased its profit 10% in the first quarter of fiscal 2012 as a gain on the value of its securities more than offset lower interest margins.
CWB’s net income was $47 million with $41.5 million, or 54 cents per diluted share, attributable to shareholders.
A year earlier, CWB had $37.8 million of net income attributable to shareholders, or 50 cents per share.
The bank said higher “other” income largely attributed to a $5-million positive change in net gains on securities more than offset the impact of a 10-basis-point reduction in net interest margin.
Revenue increased 4%, rising to $126.3 million from $121.4 million.
The Edmonton-based bank said its total assets surpassed $15 billion in the quarter, rising $635 million from the end of fiscal 2011 on Oct. 31 and up 18% or $2.3 billion over the past year.