Canadian Western Bank's Q2 2021 Earnings Affected by Higher Costs and Provisions
Canadian Western Bank (the Bank) reported Q2 2021 net income of $81 million, a quarter-over-quarter decline of 4%, as growth in non-interest expenses and provision for credit losses outpaced marginal revenue growth. The Bank's total revenue inched up 1% from the linked quarter to $247 million in Q2 2021 as growth in loans and net interest margin more than offset the impact of three fewer interest-earning days. Meanwhile non-interest expense increased by 5%, sequentially driven by a seasonal increase in employee expenses combined with higher performance-based compensation.
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