CWB Financial Group reported a decline in fourth-quarter profit compared to the previous year, attributed to an increase in the provision for credit losses.
EDMONTON — CWB Financial Group reported its fourth-quarter profit fell compared with a year ago as its provision for credit losses rose. The bank, which is in the process of being acquired by National Bank of Canada, reported $62.2 million in common shareholders' net income or 63 cents per diluted share for the quarter ended Oct. 31. The result was down from common shareholders' net income of $76.8 million or 80 cents per diluted share in the same quarter last year. Revenue totalled $309.
5 million, up from $291.8 million a year ago, while the bank's provision for credit losses amounted to $40 million, up from $9.8 million a year earlier. On an adjusted basis, the bank says it earned 67 cents per share in its latest quarter compared with an adjusted profit of 94 cents per share in the same quarter last year. National Bank is working to complete its deal to buy CWB in an agreement valued at about $5 billion. The takeover has shareholder and Competition Bureau approval, but still requires the go-ahead from Canada's banking regulator and the finance minister
BANKING ACQUISITION PROFITS CREDIT LOSSES NATIONAL BANK OF CANADA
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