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CWB reports first quarter 2024 performance

Press Release

March 1, 2024

CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three months ended January 31, 2024, with quarterly common shareholders’ net income of $88 million, down 7% from the prior year, primarily due to an increase in the provision for credit losses as a percentage of average loans(1) to within our historical normal range. Net income was elevated in the prior year due to a large recovery recognized in the provision for credit losses. Pre-tax, pre-provision income(1) increased by 14% compared to the prior year as net interest margin(1) growth and prudent expense management drove positive operating leverage(1) of 7.1%.

Quarterly common shareholders’ net income increased 14% sequentially, primarily driven by lower non-interest expenses due to costs incurred in the prior quarter related to the reorganization of our operations. Adjusted earnings per share common share (EPS)(1) of $0.93 was down one cent from last quarter, as lower adjusted non-interest expenses(1) was more than offset by the expected increase in the provision for credit losses to within our normal historical range.

Our Board of Directors declared a cash dividend of $0.34 per common share, consistent with the dividend declared last quarter and up two cents, or 6%, from last year.

“CWB’s focused performance continued in the first quarter with positive operating leverage driven by disciplined expense management while targeting new lending opportunities that met our risk adjusted return expectations in the current environment,” said Chris Fowler, President and CEO. “Our strong balance sheet, prudent risk management, and the differentiated experience we provide to our clients supports the continued delivery of solid results.”

“Our financial outlook for 2024 is unchanged and we are well positioned to create value for our investors in the year ahead.”

Read the release in full.

(1) Provision for credit losses as a percentage of average loans, pre-tax, pre-provision income, net interest margin, operating leverage, adjusted EPS, and adjusted non-interest expenses are non-GAAP measures. Refer to definitions and detail provided on pages 4 and 5.


Chris Williams
AVP, Investor Relations
CWB Financial Group
Phone: 780-508-8229



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