Canadian Western Bank: Higher Revenue and Lower PCL Drive Q3 2020 Earnings
Canadian Western Bank (CWB or the Bank) reported Q3 2020 net income of $67.7 million, a 19% increase from the linked quarter driven by growth in revenue and a decline in provisions for credit losses. Additionally, the Bank completed the acquisition of T.E. Wealth and Leon Frazer & Associates during the quarter which contributed to a quarter-over-quarter growth of 10% in noninterest income. The net interest margin in Q3 2020 remained stable at 2.40%. CWB's operating expenses increased during the quarter driven by the acquisitions, resulting in the efficiency ratio remaining flat at 47.0%.
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