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EDMONTON – CWB Financial Group raised its dividend as it announced its fourth quarter profit increased from a year ago, beating expectations.

The Edmonton bank said it will now pay a quarterly dividend of 30 cents per share, down from 29 cents.

The increase in payment to shareholders came as the CWB said it earned profit attributable to common shareholders of $ 90 million or $ 1.01 per diluted share for the quarter ended Oct. 31, compared to profit of 63. $ 4 million or 73 cents a year earlier. Revenue totaled $ 260.6 million, up from $ 236.6 million in the same quarter last year.

The CWB recorded a write-back of $ 10.2 million in its allowance for credit losses, compared to a charge of $ 19.6 million in the same quarter last year.

On an adjusted basis, the CWB says it earned $ 1.03 per share, up from adjusted earnings of 75 cents per share in the fourth quarter of last year.

Analysts on average expected adjusted earnings of 86 cents per share, according to financial market data firm Refinitiv.

For its full year, the CWB says it made profit attributable to common shareholders of $ 327.5 million or $ 3.73 per diluted share on revenue of $ 1 billion. The result was compared to earnings of $ 249 million or $ 2.86 per diluted share over $ 897.4 million a year earlier.

CWB chief executive Chris Fowler said it was the first time the bank’s annual turnover exceeded $ 1 billion.

“Our momentum will continue for the coming year and we expect double-digit growth in agency loans and deposits,” Fowler said in a statement.

“We expect to achieve mid-to-high number pre-tax and pre-provision income growth next year, based on strong revenue growth balanced with the significant investments we will continue to make in our capabilities. to support higher levels of full-growth customer service for years to come.

This report by The Canadian Press was first published on December 3, 2021.

Companies in this story: (TSX: CWB)

The Canadian Press