Western Financial Group saw its net income increase by 16.6% in the second quarter, as all of the firm’s business units showed positive year-over-year results, the company announced on Thursday.

The financial services firm said net income for the three months ended June 30 was $5.7 million, up from $4.9 million a year ago, and earnings per common share were $0.08. Revenues surged to $61.3 million from $40.9 million in the same quarter last year.

“We are pleased with the company’s performance for all our business units in what appears to be a moderate economy in Western Canada,” said Scott Tannas, president and CEO. “We are making good progress towards achieving our year-end financial objectives.”

The Bank West unit, which provides a variety of personal, commercial, and agricultural term loan and leasing products, saw its loan book increase slightly over the quarter, to $378.9 million. Its gross non-performing loan ratio continued to improve over prior quarters, the bank said, standing now at 1.36%.

The second quarter marked the second profitable quarter in a row for Bank West. For the year to date, it has pulled in record operating income of $1.7 million, reversing a year-ago loss of $738,000.

“The Bank is now contributing to our overall profitability, and with our recent financing behind us, we are well positioned with a strong balance sheet to take advantage of opportunities in the second half of this year,” said Tannas.

Growth at the company’s life insurance unit, Western Life, continued to gain momentum in the second quarter, with premium income up by 11% year over year. The loss ratio abated significantly in the quarter, bringing their year to date ratio to 45%.

Meanwhile, premium revenue at Western Financial Insurance increased by 15% in the second quarter, with improved loss ratios year over year of 46% compared to 51%.

Western Financial also reported that its partnerships in investment banking, insurance distribution and manufacturing provided positive income for the second quarter.

IE