Canadian Western Bank today announced record net income and revenues for the third quarter.

Net income for the quarter ended July 31 was $15.2 million, up 30%, from the same quarter last year when net income was $11.7 million.

On a per share basis, earnings for the quarter were 50¢, compared with 43¢ a year ago.

Total revenues were $49.1 million, compared with $40.1 million a year ago.

The bank said the third quarter results reflect an increase in banking and trust earnings of 30%. The increase was driven by loan growth of 5% in the quarter and 12% in the last year as well as reduced funding costs, which benefited from very strong growth in lower cost deposits.

CWB’s insurance subsidiary, Canadian Direct Insurance, contributed $1.7 million to net income this quarter. These earnings were up $421,000 over the third quarter last year reflecting net earned premium growth, increased investment income and a combined ratio of 90%.

Provision for credit losses were 0.23% of average loans, compared to 0.25%.

Return on equity was 13.8%, up from 13.4% a year ago.

“Growth and performance in all lines of business contributed to the best quarter of financial results in the history of Canadian Western Bank,” said Larry Pollock, president and CEO, in a release.

“Both our core banking business and last year’s acquisitions, which have demonstrated tremendous growth potential, continue to benefit from the thriving economic conditions in our key Western Canadian markets”, added Pollock.

The bank acquired Canadian Direct Insurance and Valiant Trust Company at the end of the second quarter of 2004.