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May 27, 2022

CWB Financial Group Q2 profit up, raises quarterly dividend

Canadian banks

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CWB Financial Group is raising its dividend as it reports its second-quarter common shareholders' net income rose three per cent compared with a year ago.

The Edmonton-based company says it will now pay a quarterly dividend of 31 cents per share, up a penny from 30 cents per share.

The bank says its common shareholders' net income amounted to $74.2 million or 82 cents per share for the quarter ended April 30, up from $72 million or 82 cents per share a year ago when it had fewer shares outstanding.

Revenue totalled $258.8 million, up from $247.1 million in the same quarter last year as CWB's total provision for credit losses amounted to $11.2 million for the quarter, down from $14.8 million a year ago.

On an adjusted basis, CWB says it earned 84 cents per share in its latest quarter unchanged from its adjusted profit of 84 cents per share in the same quarter last year.

Analysts on average had expected an adjusted profit of 90 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

"While the timing of loan and branch-raised deposit growth has been later than expected and put downward pressure on second quarter net interest income and our annual financial outlook, stronger growth delivered in a rising interest rate environment will provide a significant tailwind as we move into next year," CWB chief executive Chris Fowler said in a statement.