Canadian Western Bank is reporting stronger profit for the fourth quarter ended October 31.

Net income for the quarter was $9.6 million, up 24% from $7.7 million in the year ago period.

Basic earnings per share were 74¢, an increase of 20% from 56¢ per share a year ago..

Revenues during the quarter were $33.9 million, up 13% from $29.8 million a year ago.

The banks says credit quality remained strong. The provision for credit losses was 25 basis points of average loans compared to 24 basis points. The bank’s efficiency ratio improved to 46.9% from 50.9%.

The bank also declared a semi-annual dividend of 30¢ per common share, and sayus that it anticipates the declaration of quarterly dividends in 2004.

Larry Pollock, president and CEO, said “fiscal 2003 was remarkably positive for the Bank not only due to the record earnings, but also because of the commencement of new growth initiatives and significant development of our branch network, which are expected to accelerate performance going forward.”