- Canadian Western Bank (TSX:CWB) has reported its Q4 2023 and year-end financial results for its year ended on Oct. 31
- Q4 diluted earnings per share of $0.80 was down by 6 cents sequentially as a result of costs incurred to reorganize initiatives
- These included its banking centre footprint, operational support functions and administrative processes
- Shares of CWB Financial are up 4.17 per cent to C$31.49 as of 11:03 am ET.
Canadian Western Bank (TSX:CWB) revealed its Q4 2023 and year-end financial results for its year ended Oct. 31.
The bank’s parent company CWB Financial Group stated in a news release that its Q4 diluted earnings per share of $0.80 was down by 6 cents sequentially as a result of costs incurred to reorganize company initiatives.
These included its banking centre footprint, operational support functions and administrative processes.
“We expect to maintain strong financial results in fiscal 2024 against continued volatility in economic and market conditions,” CWB Financial CEO Chris Fowler said in a statement. “Our outlook is supported by an increase in our operational efficiency from the reorganization initiatives we executed late this quarter, which will result in the redeployment of resources to priority activities consistent with our differentiated strategy.”
The Edmonton-based bank will also pay a quarterly dividend of $0.34 per share, an increase of a penny, as a result of common shareholders’ net income totalling $76.8 million. This is up by $0.80, or $0.72 per diluted share the same time last year.
Meanwhile revenue totalled $291.8 million, up from $279.8 million last year.
“We expect to maintain strong financial results in fiscal 2024 against continued volatility in economic and market conditions,” Fowler added.
Canadian Western Bank’s 2024 outlook
Moving into 2024, the company anticipates launching a new digital and cash management platform. Canadian Western Bank stated it will begin with a phased migration of existing commercial clients onto the platform with a gradual momentum in branch-raised deposit growth over the course of the year.
CWB Financial also stated it anticipates its net interest margin to increase throughout 2024 based on the assumption of a stable interest rate environment.
“We will continue to carefully manage discretionary costs while prioritizing investments in key roles and capabilities to support our differentiated strategy to be the best bank for business owners in Canada,” the bank’s news release stated.
In line with this, CWB Financial also anticipates the impact of higher interest rates will lead to an increase in borrower defaults and impaired loans throughout 2024.
CWB Financial is a diversified financial services company that provides full-service business and personal banking, specialized financing, wealth management offerings, and trust services.
Shares of CWB Financial are up 4.17 per cent to C$31.49 as of 11:03 am ET.
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