CWB Financial Group reports third-quarter profit down from year ago

CWB Financial Group CWB-T reported its third-quarter profit fell compared with a year ago as the amount it set aside for bad loans rose.

The Edmonton-based bank says it earned $80.8-million in common shareholders’ net income or 88 cents per diluted share for the quarter ended July 31, down from $86.3-million or 98 cents per diluted share a year ago.

Revenue totalled $271.7-million, up from $263.2-million in the same quarter last year.

CWB says its provision for credit losses for the quarter was $13.5-million, up from $8.9-million a year ago.

On an adjusted basis, CWB says it earned 90 cents per share in its most recent quarter compared with an adjusted profit of $1.01 per share a year earlier.

The adjusted profit per share for the quarter matched the average analyst estimate compiled by financial markets data firm Refinitiv.

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