CWB Financial has reported a very strong third quarter as it continues its growth strategy.
“While Alberta and Saskatchewan continue to recover from a prolonged recession, our loan book outside of these provinces grew 11% from the third quarter last year and 4% this quarter alone,” said Chris Fowler, President and CEO.
The group, which includes Canadian Western Bank and Optimum Mortgage, reported record revenue of $184.4 million, up 9%; with common shareholders’ net income of $56.3 million, up 24%. Total loans, including the allowance for credit losses, of $22,719 million increased 4% from the same period last year and 2% from the prior quarter.
“Credit quality remains entirely consistent with our expectations and the long-term track record of our secured lending business model,” added Fowler.
Provision for credit losses as a percentage of average loans was 20 basis-points, down from 32 basis points last year and 25 basis points last quarter, with gross impaired loans at 0.74% of total loans, up from 0.49% last year and 0.62% last quarter, with the increase consistent with previously-stated expectations.
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