A customer walks into a Canadian Western Bank branch in Calgary on June 9, 2009.TODD KOROL/Reuters
CWB Financial Group reported its fourth-quarter profit edged down from a year ago, but the bank still beat expectations.
The bank says it earned net income available to common shareholders of $63.4 million or 73 cents per diluted share for the quarter ended Oct. 31, down from $67.5 million or 77 cents per diluted share a year ago.
Revenue totalled $236.6 million, up from $220.9 million in the same quarter last year.
Total provisions for credit losses were $19.6 million, up from $13.3 million in the same quarter last year, but down from $24.4 million in the third quarter.
On an adjusted basis, CWB says it earned 75 cents per share for the quarter, down from an adjusted profit of 78 cents per share a year ago.
Analysts on average had expected an adjusted profit of 74 cents per share, according to financial data firm Refinitiv.
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