CWB Financial reports Q2 profit up 40% from year ago, tops expectations
The CWB Financial Group logo is shown in this undated handout photo. THE CANADIAN PRESS/HO, Canadian Western Bank *MANDATORY CREDIT*
May 28, 2021 - 5:32 AM
EDMONTON - CWB Financial Group topped expectations as it reported its second-quarter profit rose 40 per cent compared with a year ago.
The Edmonton-based bank says it profit available to common shareholders totalled $72 million or 82 cents per diluted share for the quarter ended April 30, up from $51.4 million or 59 cents per diluted share a year ago.
The improvement came as its provisions for credit losses totalled $14.8 million, down from $34.9 million a year earlier at the start of the pandemic.