The group reports robust performance in its third-quarter and year-to-date results
CWB Financial Group has announced its results for the quarter and the nine-month period ending July 31.
The group reported third quarter net income of $86 million (up by 20% quarterly and 39% annually) and adjusted earnings per common share of $1.01 (up by 20% quarterly and 36% year over year).
The group’s pre-tax, pre-provision income of $138 million represented increase of 9% from Q2 and 15% from last year. Q3 total revenue was at $263.2 million, up by 16% annually.
“We delivered very strong results again this quarter, and expect to drive annual growth of adjusted earnings per common share in excess of 20% for fiscal 2021,” said Chris Fowler, president and CEO of CWB Financial Group. “We delivered another quarter of strong credit performance, with low write-offs and provisions for credit losses, and a decline in impaired loans, reflective of our conservative credit risk management.”
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Loan volume reached $32.3 billion during the third quarter, growing by 9% year over year. The group said that this was impelled by the 10% annual volume increase in Ontario.
“We continued to drive strong growth of lower cost branch-raised deposits and our quarterly loan growth remains at one of the strongest levels in our history,” Fowler said. “Our loan growth continues to be achieved while reflecting our targeted approach of high-quality client selection through disciplined underwriting and prudent lending structures.”
Aside from strong financials, CWB said that its program to grow its digital channels is moving along at a strong pace.
“The development of our digital client offering is advancing well, and we are on track to release our enhanced digital banking platform for personal and small business clients, including a limited initial roll-out of our Virtual COO solution, later this year,” Fowler said.
