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The Canadian Western Bank logo is displayed outside a branch in Richmond, B.C., on Monday, Aug. 28 2017.

Ben Nelms

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 a share.

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

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

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

Analysts on average had expected a profit of 77 cents a 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,” Mr. Fowler said in a statement.

The Canadian Press