Pacific & Western Credit doubles year end earnings targets

Pacific & Western Credit Corp. today announced a substantial increase to its 2006 year end earnings target.

The financial services holding company is now forecasting that earnings per share at year end will be $1.32, up from the original target of 55¢.

The increases takes into consideration “the very positive effect of the dilution gain recently realized by Pacific & Western Bank of Canada, PWC’s wholly owned subsidiary, on its investment in Discovery Air Inc.,” said David Taylor, president & CEO.

He also noted that the Discovery Air gain, together with an increase in the bank’s asset to capital multiple, have boosted sustainable long-term earnings to a much higher level.