We are looking for resiliency in the economy and our client base: Canadian Western Bank CEO
CWB Financial Group raised its quarterly dividend as it reported its second-quarter profit fell compared with a year ago and said it was targeting lower annual loan growth than previously expected.
The increased payment came as CWB says its common shareholders' net income totalled $70.0 million or 73 cents per diluted share for the quarter ended April 30, down from $74.2 million or 82 cents per diluted share in the same quarter a year earlier.
Revenue totalled $264.4 million, up from $258.8 million a year earlier, while its provisions for credit losses totalled $10.3 million, down from $11.2 million in the same quarter last year.
On an adjusted basis, CWB says it earned 74 cents per share, down from an adjusted profit of 84 cents per share a year ago.
The average analyst estimate had been for an adjusted profit of 77 cents per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 26, 2023.