Earnings increase for CWB Financial Group in Q1

By Staff | February 26, 2021 | Last updated on February 26, 2021
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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.

Non-interest income was up 56% year over year, thanks to CWB’s acquisition of T.E. Wealth and Leon Frazer & Associates, which closed in June 2020.

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.

“We had a very strong start to the year, with our teams delivering first quarter financial performance that surpassed our expectations while continuing to execute on our strategic objectives,” Chris Fowler, president and CEO of CWB Financial Group, said in a statement.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.