June 17, 2024

CPS

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CWB Financial Group raises dividend as Q2 profit up from year ago

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EDMONTON — CWB Financial Group raised its quarterly dividend to 35 cents per common share, up one cent from its previous quarter, as it reported its second-quarter profit rose compared with a year ago.

The Edmonton-based bank says it earned common shareholders’ net income of $76.4 million or 79 cents per diluted share for the quarter ended April 30, up from $70 million or 73 cents per diluted share a year earlier.

Revenue totalled $285.9 million, up from $264.4 million in the same quarter last year.

Provisions for credit losses totalled $23.1 million compared with $10.3 million a year earlier.

On an adjusted basis, CWB says it earned 81 cents per share in its latest quarter compared with an adjusted profit of 74 cents per share in the same quarter last year.

The average analyst estimate had been for a profit of 86 cents per share, according to estimates compiled by financial markets data firm LSEG Data & Analytics.

This report by The Canadian Press was first published May 31, 2024.

Companies in this story: (TSX:CWB)

The Canadian Press

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