CWB Financial Group raised its dividend and reported fourth-quarter profit fell from a year ago as its provision for credit losses rose.
The bank says it has increased its quarterly dividend by a cent to 32 cents per share.
The increased payment to shareholders came as CWB reported common shareholders’ net income of $67.7 million, or 72 cents per share, for the quarter ended Oct. 31, down from $90.0 million, or $1.01 per diluted share, a year earlier . Revenues totaled $279.8 million, compared to $260.6 million in the same quarter last year.
CWB said its provision for credit losses totaled $12.2 million in its latest quarter, compared with a $10.2 million recovery of credit losses in its fourth quarter last year.
On an adjusted basis, CWB said it earned 88 cents a share, down from an adjusted profit of $1.03 a share a year ago.
Analysts on average had expected a profit of 87 cents per share, according to estimates compiled by financial markets data firm Refinitiv.
“Our performance this year reflected solid growth and continued investment in strategically targeted full-service growth initiatives in a volatile economic environment,” CWB CEO Chris Fowler said in a statement.
“Our disciplined approach to driving growth within our prudent risk appetite has delivered very strong credit performance and we are in a strong position to weather the potential economic volatility on the horizon.”