CWB Financial Group raised its dividend as it reported its fourth-quarter profit rose compared with a year ago.

The Edmonton-based bank says it will pay a quarterly dividend of 34 cents per share, an increase of a penny.

The higher payment to shareholders came as CWB says its common shareholders' net income totalled $76.8 million or 80 cents per diluted share for the quarter ended Oct. 31, up from $67.7 million or 72 cents per diluted share a year earlier.

Revenue totalled $291.8 million, up from $279.8 million in the same quarter last year.

CWB reported a provision for credit losses of $9.8 million for its fourth quarter compared with $12.2 million in the same quarter a year ago.

On an adjusted basis, CWB says it earned 94 cents per share in its latest quarter, up from an adjusted profit of 88 cents per share a year earlier.

"We expect to maintain strong financial results in fiscal 2024 against continued volatility in economic and market conditions," CWB chief executive Chris Fowler said in statement. 

"Our outlook is supported by an increase in our operational efficiency from the reorganization initiatives we executed late this quarter, which will result in the redeployment of resources to priority activities consistent with our differentiated strategy."

This report by The Canadian Press was first published Dec. 8, 2023.