CWB Financial Group reported its third-quarter profit fell compared with a year ago as its provisions for credit losses rose compared with 2019 due to the pandemic, but the bank still beat expectations.
The company says its net income available to common shareholders totalled $62 million or 71 cents per share for the quarter ended July 31, down from $71 million or 81 cents per share a year ago.
Revenue totalled $226 million, up from $218 million in the same quarter last year.
On an adjusted basis, CWB says it earned 74 cents per share for the quarter, down from an adjusted profit of 82 cents per share a year ago.
Analysts had expected a profit of 58 cents per share, according to financial markets data firm Refinitiv.
CWB chief executive Chris Fowler says the firm delivered solid results for the quarter and that he was encouraged by the improvement compared with the second quarter of this year.
“We are encouraged by our sequential financial performance, where net earnings increased strongly, primarily due to a lower estimated performing loan provision for credit losses and higher net interest income,” he said in a statement.