Staff
CWB Financial Group reported net income attributable to common shareholders of $79 million in the first quarter (ended Jan. 31), up from $72 million in Q1 2020.
CWB’s branch-raised deposits increased by 20% year over year. Net interest income was up 7%, thanks in part to a 6% increase in loan growth that was driven by strong growth in commercial loans.
CWB’s wealth management business had assets under management of $6.8 billion at the end of Q1, up from $2.2 billion a year earlier, and assets under administration of $2.4 billion, up from $357 million a year ago.
Provisions for credit losses were down eight basis points from the previous quarter and represented 18 basis points as a percentage of average loans, the release said.