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.
Get weekly money news
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.
- Alberta government expects $100 payouts to arrive within 2 weeks of applications
- Alberta giving $100 energy rebates to some households — is yours one of them?
- SpaceX rockets past Amazon to become world’s 5th most valuable company
- Benefit payments are coming soon to those who qualify. Here’s how much
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.
Comments
Want to discuss? Please read our Commenting Policy first.