CWB Financial Group CWB-T reported its first-quarter profit fell compared with a year ago as its provision for credit losses rose.
The Edmonton-based bank says it earned common shareholders’ net income of $87.9-million or 91 cents per diluted share for the quarter ended Jan. 31, down from $94.4-million or 99 cents per diluted share a year earlier.
Revenue totalled $290.0-million, up from $272.9-million in the same quarter last year.
Provisions for credit losses totalled $17.9-million compared with a reversal of credit losses of $8.5-million a year earlier.
On an adjusted basis, CWB says it earned 93 cents per share in its latest quarter compared with an adjusted profit of $1.02 per share in the same quarter last year.
The average analyst estimate had been for a profit of 91 cents per share, according to estimates compiled by financial markets data firm Refinitiv.