DBRS Morningstar published a commentary discussing the differences between the limited recourse capital notes (LRCNs) issued by Canadian banks and insurance companies and the AT1 notes issued by Credit Suisse. The commentary explains why Canadian LRCNs will not function in the same manner as the Credit Suisse AT1s in a default scenario and what the implications are for investors. Key highlights include the following: -- LRCNs issued by Canadian financial institutions differ from the AT1s issue...
Canadian Western Bank reported Q4 2022 net income of $74.9 million, a quarter-over-quarter decrease of about 14%, as higher revenues and a lower provision for credit losses was more than offset by an increase in noninterest expenses.
Canadian Western Bank reported Q3 2022 net income of $86.9 million, a quarter-over-quarter increase of about 7%, driven largely by a 5% increase in revenue, while noninterest expenses remained flat. Net interest income was up 6% because of a 4% sequential loan growth, three additional interest-earning days in the quarter, and an increase of 1 basis point in the net interest margin. This was partially offset by a 5% decline in noninterest income driven largely by reduced foreign exchange revenue ...
Canadian Western Bank (CWB or the Bank) reported Q2 2022 net income of $81.4 million, a quarter-over-quarter (QOQ) decline of 13%, driven largely by lower revenue and increased noninterest expenses. Net interest income was down 3% as a result of fewer interest-earning days in the quarter and a five basis point (bps) decline in the net interest margin. This was partially offset by 2% loan growth, while noninterest income was stable QOQ. Noninterest expenses were up 8% as a result of seasonal comp...
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.
On December 9, 2021, DBRS Limited (DBRS Morningstar) changed the trends on Canadian Western Bank’s long-term ratings to Stable from Negative and maintained the trends on all short-term ratings at Stable. DBRS Morningstar also confirmed its ratings on CWB, including the Bank’s Long-Term Issuer Rating at A (low) and Short-Term Issuer Rating at R-1 (low). The Bank’s Intrinsic Assessment (AI) of A (low) and Support Assessment of SA3 are unchanged.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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 incr...
DBRS Limited (DBRS Morningstar) released a commentary titled “Canadian Banks and Insurance Companies Begin to Issue LRCNs After OSFI Ruling” that discusses the capital implications and advantages of Limited Recourse Capital Notes (LRCNs) for federally regulated financial institutions.
Canadian Western Bank (CWB or the Bank) reported Q4 2020 net income of $69.1 million, a 2% increase from the linked quarter as growth in revenue and a decline in provisions for credit losses (PCL) were offset by higher non-interest expenses.
Please refer to PDF document for more detail about our research: DBRS Morningstar Finalizes Its Provisional Rating on Canadian Western Bank’s NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes at BB (high) with a Negative Trend
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