April 15th, 2024

CWB Financial Group Q1 profit down from year ago, provisions for credit losses up

By The Canadian Press on March 1, 2024.

EDMONTON – CWB Financial Group reported its first-quarter profit fell compared with a year ago as its provision for credit losses rose.

The Edmonton-based bank says it earned common shareholders’ net income of $87.9 million or 91 cents per diluted share for the quarter ended Jan. 31, down from $94.4 million or 99 cents per diluted share a year earlier.

Revenue totalled $290.0 million, up from $272.9 million in the same quarter last year.

Provisions for credit losses totalled $17.9 million compared with a reversal of credit losses of $8.5 million a year earlier.

On an adjusted basis, CWB says it earned 93 cents per share in its latest quarter compared with an adjusted profit of $1.02 per share in the same quarter last year.

The average analyst estimate had been for a profit of 91 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published March 1, 2024.

Companies in this story: (TSX:CWB)

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