Canadian Western Bank today announced record earnings for the fourth quarter ended October 31, CWB’s 66th consecutive quarter of profitability.

The banks said net income for the quarter was $12.8 million, an increase of 33% over the fourth quarter last year. The results reflect revenue growth of 23% driven by solid loan growth, the acquisition of Canadian Direct Insurance and the recognition of a tax benefit resulting from the redemption of an investment in tax-advantaged preferred shares. Excluding the impact of the tax benefit, fourth quarter earnings were up 16% over the same quarter in 2003.

CWB said credit quality remained strong and the provision for credit losses was consistent with previous periods.

Net income for fiscal 2004 was $44.2 million, up 16% over the previous year.

Return on equity for the fourth quarter improved to 14.1%, up from 13.4% in the third quarter while return on assets increased to 1.04% from 1.01%.

“We are very pleased with our results for fiscal 2004 including the achievement of record earnings and total revenues,” said Larry Pollock, president and CEO. “We are particularly proud of our achievement of double-digit loan growth for the fifteenth consecutive year, the excellent growth in our retail deposits and our two profitable acquisitions.”

“We are delighted with the contribution of Canadian Direct Insurance which has exceeded our expectations and continues to demonstrate tremendous growth potential,” added Pollock.

The bank announced a 20% increase in the quarterly dividend to 18¢ per common share. CWB also declared a stock dividend of one common share per common share, effectively achieving a two-for-one split.