EDMONTON – CWB Financial Group reported its first-quarter profit rose compared with a year ago and beat expectations.

The Edmonton-based bank says the profit attributable to common shareholders amounted to $87.6 million or 92 cents per diluted share for the quarter ended Jan. 31, up from $79.2 million or 91 cents per diluted share a year earlier.

Revenue totalled nearly $266.0 million, up from $245.1 million in the same quarter last year.

Provisions for credit losses totalled $9.1 million compared with $13.5 million in the same quarter a year earlier.

On an adjusted basis, CWB says it earned 99 cents per share for the quarter, up from an adjusted profit of 93 cents per share in the same quarter last year.

Analysts on average had expected an adjusted profit of 97 cents per share, according to financial markets data firm Refinitiv.

“Execution of our winning strategy focused on business owners continues to drive accelerated growth of full-service clients, as our teams leverage our expanding products, capabilities, and brand presence in Ontario,” CWB chief executive Chris Fowler said in a statement.

“Our new lending volume remained strong this quarter. While our net loan growth was constrained by an elevated level of payouts and paydowns, the strength of our lending pipelines gives us confidence that we remain on track to deliver double-digit loan growth for the year.”

This report by The Canadian Press was first published Feb. 25, 2022.

Companies in this story: (TSX:CWB)