Canadian Western Bank today reported record profit for the first quarter ended January 31.

Net income for the quarter was $16.4 million, an increase of 35% over the $12.2 million earned in same quarter last year while diluted earnings per share were 52¢ were up 30% from 40¢ a year ago.

Revenue for the quarter was $51.4 million, compared with $42.5 million last year.

Total loans increased an exceptional 7% in the quarter, pushing total assets over $6 billion.

The banks efficiency ratio slipped to 47.3% during the quarter from 50.2% a year ago.

“Canadian Western Bank is off to an excellent start in 2006, reflecting robust economic conditions in the West and the strength of our business plan,” said Larry Pollock, President and CEO, in a release. “Our achievement of 7% loan growth in the quarter and 20% in the last twelve months demonstrates how much economic activity is underway within our chosen geographic footprint,” added Pollock.

Banking and trust operations generated record net income of $14.9 million, up 34% compared to the same quarter last year, on revenue growth of 21%. Insurance operations contributed $1.5 million to net income, an increase of 38% over the first quarter last year.

CWB increased its quarterly dividend by 2¢ to 12¢ a share.