CWB Financial Group Q1 profit down from year ago

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.

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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.