CWB Financial Group reports third-quarter profit up, raises dividend

CWB Financial Group reports third-quarter profit up, raises dividend

EDMONTON — CWB Financial Group raised its dividend as it reported its third-quarter profit grew 10 per cent compared with a year ago.

The company behind Canadian Western Bank increased its quarterly payment to shareholders by a penny to 26 cents per share.

The higher dividend came as CWB reported a profit of $66.2 million or 70 cents per diluted share for the quarter ended July 31.

That compared with a profit of $60.2 million or 64 cents per diluted share in the same quarter last year.

CWB says its adjusted cash earnings per share amounted to 75 cents per share, up from 69 cents per share a year ago.

Analysts on average had expected a profit of 77 cents per share, according to Thomson Reuters Eikon.

CWB chief executive Chris Fowler said the bank is well-positioned for a strong finish this year.

“Strong performance is apparent across our geographic footprint, with significant contributions from our growing presence in the Ontario market and expanded capabilities within targeted industries,” Fowler said in a statement.

 

 

Companies in this story: (TSX:CWB)

The Canadian Press

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