Canadian Western Bank reported quarterly net income of $20.5 million, a 24% increase over the previous year on record quarterly total revenue of $61.7 million for the first quarter ended Jan. 31.
Earnings and revenue benefited from excellent loan growth of 6% in the quarter and 25% over the past year. Banking and trust net income of $20.2 million was up 35% over the same quarter in 2006, marking this segment’s seventh consecutive quarter of record earnings. Earnings from Canadian Direct Insurance this quarter were minimal as a result of the impact of severe weather in British Columbia.
The quarter marked the bank’s 75th consecutive quarter of profitability.
The previously announced stock dividend of one common share per common share held was declared and paid in the first quarter. This stock dividend doubled the number of shares outstanding and resulted in a corresponding reduction in the market price per share. All prior period share and per share information contained in this report have been restated to give effect to this stock dividend.
In related news, CWB’s board of directors declared a quarterly dividend of 8¢ per common share,
payable on April 5 to shareholders of record on March 22. Adjusted for the stock dividend paid Jan. 18, this quarterly dividend is consistent with the previous quarterly dividend and is 33% higher than the quarterly dividend declared one year ago.
“The bank’s strong performance in the first quarter exceeded expectations, led by 6% loan growth. Our disciplined strategy to build sustainable, high quality assets will remain front and centre in guiding CWB’s growth, especially within Western Canada’s economic landscape,” said Larry Pollock, president and CEO.
CWB reports record total revenue and 6% quarterly loan growth for Q1
Banking and trust earnings up 35%; loans outstanding surpass $6 billion
- By: IE Staff
- March 8, 2007 March 8, 2007
- 14:12