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    CWB   CA13677F1018

CANADIAN WESTERN BANK

(CWB)
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Canadian Western Bank : CWB reports third quarter 2021 financial and strategic performance

08/30/2021 | 09:58am EDT

CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three and nine month periods ended July 31, 2021, with third quarter net income available to common shareholders of $86 million and adjusted earnings per common share(2) of $1.01, each up 20% from the previous quarter, and up 39% and 36%, respectively, from the same period in the prior year. Pre-tax, pre-provision income(2) of $138 million was up 9% from the prior quarter and 15% from the same period in the prior year.

'We delivered very strong results again this quarter, and expect to drive annual growth of adjusted earnings per common share in excess of 20% for fiscal 2021. Our brand of proactive, personalized service is a differentiating factor that clearly resonates with business clients. Our teams are leveraging our strong brand and continued enhancements to our products and capabilities to win more full-service relationships in an improving economic environment,' said Chris Fowler, President and CEO. 'We continued to drive strong growth of lower cost branch-raised deposits and our quarterly loan growth remains at one of the strongest levels in our history. Our loan growth continues to be achieved while reflecting our targeted approach of high-quality client selection through disciplined underwriting and prudent lending structures. We delivered another quarter of strong credit performance, with low write-offs and provisions for credit losses, and a decline in impaired loans, reflective of our conservative credit risk management.'

'It is an exciting time at CWB as we continue to transform our capabilities and improve our full-service client experience through a growing range of in-person and digital channels. The development of our digital client offering is advancing well, and we are on track to release our enhanced digital banking platform for personal and small business clients, including a limited initial roll-out of our Virtual COO solution, later this year.'

'We continue to see the momentum of growth opportunities build in line with the economic recovery. We are making progress on our strategic priorities that are uniquely focused on business owners. Capitalizing on these opportunities will further enhance our client experience and deliver strong growth of full-service client relationships and returns for our investors.'

Contact:

Chris Williams, MBA

AVP

Investor

Phone: (780) 508-8229

Email: chris.williams@cwbank.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 1 022 M 826 M 826 M
Net income 2021 311 M 252 M 252 M
Net Debt 2021 - - -
P/E ratio 2021 11,1x
Yield 2021 2,93%
Capitalization 3 448 M 2 788 M 2 786 M
Capi. / Sales 2021 3,37x
Capi. / Sales 2022 3,09x
Nbr of Employees 2 593
Free-Float 97,4%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 39,57 CAD
Average target price 41,92 CAD
Spread / Average Target 5,95%
EPS Revisions
Managers and Directors
Christopher H. Fowler President, CEO & Non-Independent Director
R. Matthew Rudd Chief Financial Officer & Executive Vice President
Robert Lawrence Phillips Chairman
Darrell Robert Jones Chief Information Officer & Executive VP
Vladimir Ahmad Senior Vice President-Operations & Transformation
Sector and Competitors