Canadian Western Bank's Q1 2022 Net Income Declined Because of an Increase in PCL
Canadian Western Bank (CWB or the Bank) reported Q1 2022 net income of $93.7 million, a quarter-over-quarter (QOQ) decline of 4%, as an increase in provisions for credit losses (PCL) was only partially offset by higher revenue and reduced noninterest expenses. Revenue growth was primarily driven by an increase in net interest income as well as higher foreign exchange revenue, while noninterest expenses declined as a result of seasonality and the timing of ongoing strategic projects.
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