TSX:CWB - Post Discussion
Post by
Betteryear2 on May 26, 2023 7:15am
CWB reports second quarter 2023 performance
This news release and accompanying financial highlights are supplementary to CWB's 2023 Second Quarter Report to Shareholders and 2022 Annual Report and should be read in conjunction with those documents.
EDMONTON, AB, May 26, 2023 /CNW/ - CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three and six months ended April 30, 2023. Quarterly common shareholders' net income of $70 million was down 26% and adjusted earnings per share (EPS)(1) of $0.74 was down 27% from last quarter, primarily reflecting a 21 basis point increase in the provision for credit losses as a percentage of average loans(1), the impact of three fewer interest-earning days and a six basis point decrease in net interest margin(1). The prior quarter results reflected the reversal of a previously recognized impaired loan write-off, which drove a net recovery of credit losses and the recognition of additional interest income that provided a three basis point increase to net interest margin. The provision for credit losses of 12 basis points this quarter remained below our five-year historical average, and reflected continued strong credit performance.
CWB reports second quarter 2023 performance (newswire.ca)
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