Canadian Western Bank posts higher Q2 net profit on higher revenues

EDMONTON – Canadian Western Bank (TSX:CWB) is reporting a second-quarter net income of $51.2 million, up 19 per cent, and a jump in revenues helped by strong loan growth.

Total revenues were $153.5 million, up 13 per cent from $135.3 million in the same quarter of 2013.

Diluted earnings per share in the quarter were 63 cents versus 54 cents year-over-year. Net income in the same quarter last year was $42.9 million.

The bank said adjusted cash earnings per common share, excluding items, increased 18 per cent to 65 cents per share.

“Our targeted, client-focused strategy continues to deliver solid performance for CWB Group shareholders,” president and CEO Chris Fowler said in a news release on Thursday.

Canadian Western Bank offers business and personal banking services across Manitoba, Saskatchewan, Alberta and British Columbia.