Canada markets closed
  • S&P/TSX

    20,572.11
    -142.37 (-0.69%)
     
  • S&P 500

    4,017.77
    -52.79 (-1.30%)
     
  • DOW

    33,717.09
    -260.99 (-0.77%)
     
  • CAD/USD

    0.7467
    -0.0004 (-0.06%)
     
  • CRUDE OIL

    77.93
    +0.03 (+0.04%)
     
  • BTC-CAD

    30,653.75
    -1,155.44 (-3.63%)
     
  • CMC Crypto 200

    519.48
    -18.39 (-3.42%)
     
  • GOLD FUTURES

    1,940.20
    +1.00 (+0.05%)
     
  • RUSSELL 2000

    1,885.72
    -25.74 (-1.35%)
     
  • 10-Yr Bond

    3.5510
    +0.0330 (+0.94%)
     
  • NASDAQ futures

    11,987.75
    +19.75 (+0.17%)
     
  • VOLATILITY

    19.94
    +1.43 (+7.73%)
     
  • FTSE

    7,784.87
    +19.72 (+0.25%)
     
  • NIKKEI 225

    27,415.85
    -17.55 (-0.06%)
     
  • CAD/EUR

    0.6876
    -0.0006 (-0.09%)
     

CWB Financial Group reports Q4 profit down from year ago, raises dividend

EDMONTON — CWB Financial Group raised its dividend and reported its fourth-quarter profit fell compared with year ago as its provision for credit losses rose.

The bank says it upped its quarterly dividend by a penny to 32 cents per share.

The increased payment to shareholders came as CWB reported common shareholders' net income of $67.7 million or 72 cents per share for the quarter ended Oct. 31, down from $90.0 million or $1.01 per diluted share a year earlier. Revenue totalled $279.8 million, up from $260.6 million in the same quarter last year.

CWB said its provision for credit losses amounted to $12.2 million in its latest quarter compared with a $10.2-million recovery of credit losses in its fourth quarter last year.

On an adjusted basis, CWB said it earned 88 cents per share, down from an adjusted profit of $1.03 per share a year ago.

Analysts on average had expected a profit of 87 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

"Our performance this year reflected solid growth and continued investment in strategically targeted full-service growth initiatives in a volatile economic environment," CWB chief executive Chris Fowler said in a statement.

"Our disciplined approach to driving growth within our prudent risk appetite has delivered very strong credit performance and we are in a position of strength to face the potential economic volatility on the horizon."

This report by The Canadian Press was first published Dec. 2, 2022.

Companies in this story: (TSX:CWB)

The Canadian Press