CWB Financial Group reported its first-quarter profit rose compared with a year ago, helped by a reversal of a previously recognized impaired loan writeoff.
The Edmonton-based bank reported its common shareholders' net income amounted to $94.4 million or 99 cents per share for the quarter ended Jan. 31, up from $87.6 million or 97 cents per share in the same period a year earlier.
Revenue totalled $272.9 million, up from $266.0 million in the same quarter last year.
CWB posted a recovery of credit losses of $8.5 million as the impaired loan reversal off more than offset net new impaired loan provisions for credit losses in the quarter. The bank had a $9.1-million provision for credit losses a year earlier.
On an adjusted basis, CWB says it earned $1.02 per share, up from an adjusted profit of 99 cents per share a year earlier.
Analysts on average had expected a profit of 90 cents per share, according to estimates compiled by financial markets data firm Refinitiv.
Advertisement