CWB Financial Group reports third quarter profit up from a year ago

CWB Financial Group reported its third-quarter profit rose compared with a year ago.

The Edmonton-based bank says its common shareholders’ net income totalled $83.1 million for the quarter ended July 31, up from $70 million a year earlier.

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That equated to 86 cents per diluted share for its most recent quarter, an increase from the same period last year when it reported earnings of 73 cents per diluted share.

Revenue totalled $283.5 million, up from $264.4 million a year earlier.

On an adjusted basis, CWB says it earned 88 cents per share, up from an adjusted profit of 74 cents per share a year ago.

Chief executive Chris Fowler credits the bank’s strong quarter to targeting lending opportunities “that provide strong returns within a prudent risk appetite for the current uncertain economic environment.”