Daily reviews

07.12.2020

CWB reports lower profit but tops estimates

CWB reports lower profit but tops estimates

On an adjusted basis, the company earned 75 cents per share for the quarter

Stocks impacted: Canadian Western Bank (CWB)

CWB Financial Group reported its fourth-quarter profit edged down from a year ago, with annual net income available to common shareholders of $249 million, down 7% from last year. Revenue totaled $236.6 million, up from $220.9 million in the same quarter last year. On an adjusted basis, the company says it earned 75 cents per share for the quarter, down from an adjusted profit of 78 cents per share a year ago. Total provisions for credit losses were $19.6 million, up from $13.3 million in the same quarter last year. Canadian Western Bank stocks finished nearly 2.5% lower on Friday.

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