This news release and accompanying financial highlights are
supplementary to CWB's 2023 Third Quarter Report to Shareholders
and 2022 Annual Report and should be read in conjunction with those
documents.
EDMONTON, AB, Sept. 1,
2023 /CNW/ - CWB Financial Group (TSX: CWB) (CWB)
today announced financial performance for the three and nine month
periods ended July 31, 2023. Third
quarter net income available to common shareholders of $83 million and adjusted earnings per common
share (EPS)(1) of $0.88
increased by 19% from the previous quarter. The sequential growth
in earnings was driven by a significant increase in net interest
margin(1), prudent expense management, and three
additional interest earning days. Compared to the same quarter last
year, net income available to common shareholders was up 3%.
Our Board of Directors declared a cash dividend of $0.33 per common share, up two cents from the dividend declared last year
and consistent with last quarter.
"Through the focused performance of our teams, we delivered the
strong financial results that we expected this quarter, supported
by branch-raised deposit(1) growth, improved revenues,
and disciplined management of our expenses," said Chris Fowler, President and CEO. "We have
targeted lending opportunities that provide strong returns within a
prudent risk appetite for the current uncertain economic
environment. Our secured lending model, prudent underwriting
practices and proactive loan management have continued to support
provisions for credit losses that remain below the low end of our
historical range."
"CWB's strategic focus to meet the full-service financial needs
of businesses and their owners differentiates us from our Canadian
peers. Our high client satisfaction levels demonstrate the value we
create for mid-market commercial businesses, which represents a
significant segment of the Canadian economy. In the fourth quarter,
we expect to benefit from continued revenue growth and management
of our expenses to deliver an annual adjusted return on
equity(1) within our 2023 target range of 10 to
11%."
(1)
|
Adjusted EPS, net
interest margin, branch-raised deposits and adjusted return on
equity are non-GAAP measures. Refer to definitions and detail
provided on page 5.
|
|
|
Financial Performance
Q3 2023,
compared to
Q2 2023
|
Common shareholders'
net income
|
$83 million
|
Up 19%
|
Diluted EPS
Adjusted EPS
|
$0.86
$0.88
|
Up 18%
Up 19%
|
Adjusted Return on
Equity (ROE)
|
10.0 %
|
Up 110 bp
|
Efficiency
ratio(1)
|
51.6 %
|
Down 370 bp
|
Common shareholders' net income increased 19% as higher net
interest income more than offset a higher provision for credit
losses. Non-interest expenses were consistent with the prior
quarter and reflected our continued actions to contain expense
growth. Pre-tax, pre-provision income(1) increased 16%.
Strong branch-raised deposit growth of 3% reflected continued
expansion of our full-service client relationships.
Total revenue grew 7% sequentially. Net interest income
increased 9% due to an 11 basis point increase in net interest
margin and the impact of three additional interest earning days.
Higher net interest margin was driven by focusing loan growth on
our strategically targeted general commercial loan portfolio, which
produced strong risk-adjusted returns. Net interest margin also
benefitted from the maturing and repricing of fixed term assets at
higher market interest rates, which had a larger impact than the
increase in deposit costs this quarter. Non-interest income
declined 8%, which reflected a reduction in foreign exchange
income, partially offset by higher wealth management fees.
The provision for credit losses on total loans as a percentage
of average loans(1) was 16 basis points this quarter,
four basis points higher than last quarter. The impaired loan
provision of 10 basis points was two basis points lower than last
quarter and remained below our historical five-year average. We
recognized a performing loan provision for credit losses of six
basis points in the current quarter, reflecting the uncertainty of
the economic environment.
Q3 2023,
compared to
Q3 2022
|
Common shareholders'
net income
|
$83 million
|
Up 3%
|
Diluted EPS
Adjusted EPS
|
$0.86
$0.88
|
Down 2%
Down 2%
|
Adjusted ROE
|
10.0 %
|
Down 70 bp
|
Efficiency
ratio
|
51.6 %
|
Up 30 bp
|
(1)
|
Efficiency ratio,
pre-tax, pre-provision income and provision for credit losses as a
percentage of average loans are non-GAAP measures. Refer to
definitions and detail provided on page 5.
|
|
|
|
bp – basis
point
|
|
|
Common shareholders' net income increased compared to the same
quarter last year as revenue growth more than offset an increase in
non-interest expenses. Pre-tax, pre-provision income increased 4%.
Higher revenue reflected a 5% increase in net interest income
and a 1% increase in non-interest income. The increase in net
interest income was primarily due to the benefit of 6% annual loan
growth, partially offset by a six basis point decrease in net
interest margin. The decline in net interest margin reflected the
impact of lower loan related fees, including payout penalties and a
proportional shift in our funding mix towards fixed term
branch-raised and insured broker deposits. Growth in fixed rate
asset yields has lagged the increase of fixed rate deposit costs
through the rising interest rate environment, as our fixed term
deposit portfolio has a shorter average duration. Loan yields have
also been slower to reflect the changes in market interest rates
due to higher levels of competition for new lending. These
pressures have lessened in recent periods and a proportional shift
in our asset mix associated with strong loan growth in our general
commercial loan portfolio has supported improved net interest
margin performance in the current quarter.
Non-interest expenses were up 4% from the prior year, primarily
driven by higher people costs related to the impact of salary
increments enacted in the prior year and a higher staffing
complement, and our continued investment in our digital
capabilities.
The provision for credit losses on total loans as a percentage
of average loans was consistent with the same quarter last year, as
a two basis point decrease in the impaired loan provision was
offset by a two basis point increase in the performing loan
provision.
YTD 2023,
compared to
YTD 2022
|
Common shareholders'
net income
|
$247 million
|
Up 2%
|
Diluted EPS
Adjusted EPS
|
$2.58
$2.64
|
Down 3%
Down 3%
|
Adjusted ROE
|
10.3 %
|
Down 60 bp
|
Efficiency
ratio
|
53.2 %
|
Up 210 bp
|
Common shareholders' net income increased compared to last year
as 3% growth in revenue and an eight basis point decline in the
total provision for credit losses more than offset higher
non-interest expenses. Pre-tax, pre-provision income decreased 1%.
Total revenue increased 3%, reflecting a 4% increase in net
interest income, partially offset by a 1% decrease in non-interest
income. Net interest income increased from the prior year as 6%
annual loan growth was partially offset by a 12 basis point
decrease in net interest margin.
Non-interest expenses were up 7%, driven by higher people costs
due to a higher staffing complement and our continued investment in
our digital capabilities.
The total provision for credit losses as a percentage of average
loans of six basis points was eight basis points lower than the
prior year, driven by a decrease in the impaired loan provision
that primarily reflected the reversal of a previously recognized
impaired loan write-off recorded in the first quarter of this
year.
About CWB Financial
Group
CWB Financial Group (CWB) is the only full-service bank in
Canada with a strategic focus to
meet the unique financial needs of businesses and their owners. We
provide our nation-wide clients with full-service business and
personal banking, specialized financing, comprehensive wealth
management offerings, and trust services. Clients choose CWB for a
differentiated level of service through specialized expertise,
customized solutions, and faster response times relative to the
competition. Our people take the time to understand our clients and
their business, and work as a united team to provide holistic
solutions and advice.
As a public company on the Toronto Stock Exchange (TSX), CWB
trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series
5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We
are firmly committed to the responsible creation of value for all
our stakeholders and our approach to sustainability will support
our continued success. Learn more at www.cwb.com.
Fiscal 2023 Third Quarter Results
Conference Call
CWB's third quarter results conference call is scheduled for
Friday, September 1, 2023, at
10:00 a.m. ET
(8:00 a.m. MT). CWB's
executives will comment on financial results and respond to
questions from analysts.
The conference call may be accessed on a listen-only basis by
dialing (416) 764-8688 (Toronto)
or 1 (888) 390-0546 (toll-free) and entering
passcode: 74770285. The call will also be webcast live on CWB's
website:
www.cwb.com/investor-relations/quarterly-reports.
A replay of the conference call will be available until
September 8, 2023 by dialing (416) 764-8677
(Toronto) or 1 (888) 390-0541
(toll-free) and entering passcode: 770285#.
FOR FURTHER INFORMATION CONTACT:
Chris Williams, MBA
AVP, Investor Relations
Phone: (780) 508-8229
Email: chris.williams@cwbank.com
Forward-looking
Statements
From time to time, we make written and verbal forward-looking
statements. Statements of this type are included in our Annual
Report and reports to shareholders and may be included in filings
with Canadian securities regulators or in other communications such
as media releases and corporate presentations. Forward-looking
statements include, but are not limited to, statements about our
objectives and strategies, targeted and expected financial results
and the outlook for CWB's businesses or for the Canadian economy.
Forward-looking statements are typically identified by the words
"believe", "expect", "anticipate", "intend", "estimate", "may
increase", "may impact", "goal", "focus", "potential", "proposed"
and other similar expressions, or future or conditional verbs such
as "will", "should", "would" and "could".
By their very nature, forward-looking statements involve
numerous assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations, and conclusions
will not prove to be accurate, that our assumptions may not be
correct, and that our strategic goals will not be achieved.
A variety of factors, many of which are beyond our control, may
cause actual results to differ materially from the expectations
expressed in the forward-looking statements. These factors include,
but are not limited to, general business and economic conditions in
Canada including housing and
commercial real estate market conditions and household and business
indebtedness, the volatility and level of liquidity in financial
markets, fluctuations in interest rates and currency values, the
volatility and level of various commodity prices, changes in
monetary policy, changes in economic and political conditions,
material changes to trade agreements, transition to the Advanced
Internal Ratings Based (AIRB) approach for regulatory capital
purposes, legislative and regulatory developments, changes in
supervisory expectations or requirements for capital, interest rate
and liquidity management, legal developments, the level of
competition, the occurrence of natural catastrophes, outbreaks of
disease or illness that affect local, national or international
economies, changes in accounting standards and policies,
information technology and cyber risk, the accuracy and
completeness of information we receive about customers and
counterparties, the ability to attract and retain key personnel,
the ability to complete and integrate acquisitions, reliance on
third parties to provide components of business infrastructure,
changes in tax laws, technological developments, unexpected changes
in consumer spending and saving habits, timely development and
introduction of new products, the impact of bank failures or other
adverse developments at other banks that drive negative investor
and depositor sentiment regarding the stability and liquidity of
banks, changes in our third-party credit ratings or outlook, and
our ability to anticipate and manage the risks associated with
these factors. It is important to note that the preceding list is
not exhaustive of possible factors.
Additional information about these factors can be found in the
Risk Management section of our 2022 Annual MD&A. These
and other factors should be considered carefully, and readers are
cautioned not to place undue reliance on these forward-looking
statements as a number of important factors could cause our actual
results to differ materially from the expectations expressed in
such forward-looking statements. Any forward-looking statements
contained in this document represent our views as of the date
hereof. Unless required by securities law, we do not undertake to
update any forward-looking statement, whether written or verbal,
that may be made from time to time by us or on our behalf. The
forward-looking statements contained in this document are presented
for the purpose of assisting readers in understanding our financial
position and results of operations as at and for the periods ended
on the dates presented, as well as our strategic priorities and
objectives, and may not be appropriate for other purposes.
Assumptions about the performance of the Canadian economy over
the forecast horizon and how it will affect our business are
material factors considered when setting organizational objectives
and targets. In determining expectations for economic growth, we
consider our own forecasts, economic data and forecasts provided by
the Canadian government and its agencies, as well as certain
private sector forecasts. These forecasts are subject to inherent
risks and uncertainties that may be general or specific. Where
relevant, material economic assumptions underlying forward-looking
statements are disclosed within the Outlook and Allowance
for Credit Losses sections of our interim and annual
MD&A.
Non-GAAP Measures
We use a number of financial measures and ratios to assess our
performance against strategic initiatives and operational
benchmarks. Some of these financial measures and ratios do not have
standardized meanings prescribed by Generally Accepted Accounting
Principles (GAAP) and may not be comparable to similar measures
presented by other financial institutions. Non-GAAP financial
measures and ratios provide readers with an enhanced understanding
of how we view our financial performance. These measures and ratios
may also provide the ability to analyze trends related to
profitability and the effectiveness of our operations and
strategies and are disclosed in compliance with National Instrument
52-112 Non-GAAP and Other Financial Measures Disclosure.
To calculate non-GAAP financial measures,
we exclude certain items from our financial results
prepared in accordance with IFRS. Adjustments relate to items which
we believe are not indicative of underlying operating
performance. Our non-GAAP financial measures include:
- Adjusted non-interest expenses – total non-interest expenses,
excluding pre-tax amortization of acquisition-related intangible
assets, and acquisition and integration costs. Acquisition and
integration costs include direct and incremental costs incurred as
part of the execution and integration of business
acquisitions.
- Adjusted common shareholders' net income – total common
shareholders' net income, excluding the amortization of
acquisition-related intangible assets, and acquisition and
integration costs, net of tax.
- Pre-tax, pre-provision income – total revenue less adjusted
non-interest expenses.
The following table provides a reconciliation of our non-GAAP
financial measures to our reported financial results.
Adjusted Financial
Measures
|
|
|
|
|
|
|
|
For the three months
ended
|
Change from
July 31
2022
|
|
For the nine months
ended
|
Change from
July 31
2022
|
|
(unaudited)
(thousands)
|
|
July
31
2023
|
|
|
April 30
2023
|
|
|
July 31
2022
|
|
|
|
July 31
2023
|
|
|
July 31
2022
|
|
|
Non-interest
expenses
|
$
|
148,078
|
|
$
|
148,388
|
|
$
|
142,130
|
|
4
|
%
|
$
|
443,683
|
|
$
|
414,994
|
|
7
|
%
|
Adjustments (before
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
(1,749)
|
|
|
(2,032)
|
|
|
(2,557)
|
|
(32)
|
|
|
(6,762)
|
|
|
(7,655)
|
|
(12)
|
|
Acquisition and
integration costs
|
|
(36)
|
|
|
(190)
|
|
|
(207)
|
|
(83)
|
|
|
(601)
|
|
|
(265)
|
|
127
|
|
Adjusted
non-interest expenses
|
$
|
146,293
|
|
$
|
146,166
|
|
$
|
139,366
|
|
5
|
%
|
$
|
436,320
|
|
$
|
407,074
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders'
net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
(after-tax):
|
$
|
83,068
|
|
$
|
70,040
|
|
$
|
80,809
|
|
3
|
%
|
$
|
247,471
|
|
$
|
242,615
|
|
2
|
%
|
Amortization of
acquisition-related intangible assets(1)
|
|
1,282
|
|
|
1,500
|
|
|
1,914
|
|
(33)
|
|
|
5,228
|
|
|
5,728
|
|
(9)
|
|
Acquisition and
integration costs(2)
|
|
27
|
|
|
143
|
|
|
156
|
|
(83)
|
|
|
451
|
|
|
200
|
|
126
|
|
Adjusted common
shareholders' net income
|
$
|
84,377
|
|
$
|
71,683
|
|
$
|
82,879
|
|
2
|
%
|
$
|
253,150
|
|
$
|
248,543
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
283,506
|
|
$
|
264,414
|
|
$
|
271,712
|
|
4
|
%
|
$
|
820,811
|
|
$
|
796,449
|
|
3
|
%
|
Less: Adjusted
non-interest expenses (see above)
|
|
146,293
|
|
|
146,166
|
|
|
139,366
|
|
5
|
|
|
436,320
|
|
|
407,074
|
|
7
|
|
Pre-tax, pre-provision
income
|
$
|
137,213
|
|
$
|
118,248
|
|
$
|
132,346
|
|
4
|
%
|
$
|
384,491
|
|
$
|
389,375
|
|
(1)
|
%
|
(1)
|
Net of income tax of
$467 for the three months ended July 31, 2023 (Q2 2023 – $532, Q3
2022 – $643) and $1,534 for the nine months ended July 31, 2023 (Q3
2022 – $1,927).
|
(2)
|
Net of income tax of $9
for the three months ended July 31, 2023 (Q2 2023 – $47, Q3 2022 –
$51) and $150 for the nine months ended July 31, 2023 (Q3 2022 –
$65).
|
|
|
Non-GAAP ratios are calculated using the non-GAAP financial
measures defined above. Our non-GAAP ratios include:
- Adjusted earnings per common share – diluted earnings per
common share calculated with adjusted common shareholders' net
income.
- Adjusted return on common shareholders' equity – annualized
adjusted common shareholders' net income divided by average common
shareholders' equity, which is total shareholders' equity excluding
preferred shares and limited recourse capital notes.
- Efficiency ratio – adjusted non-interest expenses divided by
total revenue.
- Operating leverage – growth rate of total revenue less growth
rate of adjusted non-interest expenses.
Supplementary financial measures are measures that do not have
definitions prescribed by GAAP, but do not meet the definition of a
non-GAAP financial measure or ratio. Our supplementary financial
measures include:
- Return on assets – annualized common shareholders' net income
divided by average total assets.
- Net interest margin – annualized net interest income divided by
average total assets.
- Return on common shareholders' equity – annualized common
shareholders' net income divided by average common shareholders'
equity.
- Write-offs as a percentage of average loans – annualized
write-offs divided by average total loans.
- Book value per common share – total common shareholders' equity
divided by total common shares outstanding.
- Branch-raised deposits – total deposits excluding broker term
and capital market deposits.
- Provision for credit losses on total loans as a percentage of
average loans – annualized provision for credit losses on loans,
committed but undrawn credit exposures and letters of credit
divided by average total loans. Provisions for credit losses
related to debt securities measured at fair value through other
comprehensive income (FVOCI) and other financial assets are
excluded.
- Provision for credit losses on impaired loans as a percentage
of average loans – annualized provision for credit losses on
impaired loans divided by average total loans.
- Provision for credit losses on performing loans as a percentage
of average loans – annualized provision for credit losses on
performing loans (Stage 1 and 2) divided by average total
loans.
- Average balances – average daily balances.
Selected Financial Highlights
|
For the three months
ended
|
Change from
|
|
For the nine months
ended
|
Change from
|
|
(unaudited)
(thousands, except per
share amounts)
|
|
July 31
2023
|
|
|
April 30
2023
|
|
|
July 31
2022
|
|
July 31
2022
|
|
|
July 31
2023
|
|
|
July 31
2022
|
|
July 31
2022
|
|
Results from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
252,158
|
|
$
|
230,523
|
|
$
|
240,593
|
|
5
|
%
|
$
|
724,961
|
|
$
|
699,774
|
|
4
|
|
Non-interest
income
|
|
31,348
|
|
|
33,891
|
|
|
31,119
|
|
1
|
|
|
95,850
|
|
|
96,675
|
|
(1)
|
|
Total
revenue
|
|
283,506
|
|
|
264,414
|
|
|
271,712
|
|
4
|
|
|
820,811
|
|
|
796,449
|
|
3
|
|
Pre-tax,
pre-provision income(1)
|
|
137,213
|
|
|
118,248
|
|
|
132,346
|
|
4
|
|
|
384,491
|
|
|
389,375
|
|
(1)
|
|
Common
shareholders' net income
|
|
83,068
|
|
|
70,040
|
|
|
80,809
|
|
3
|
|
|
247,471
|
|
|
242,615
|
|
2
|
|
Common Share
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.86
|
|
$
|
0.73
|
|
$
|
0.88
|
|
(2)
|
%
|
$
|
2.58
|
|
$
|
2.67
|
|
(3)
|
|
Diluted
|
|
0.86
|
|
|
0.73
|
|
|
0.88
|
|
(2)
|
|
|
2.58
|
|
|
2.67
|
|
(3)
|
|
Adjusted(1)
|
|
0.88
|
|
|
0.74
|
|
|
0.90
|
|
(2)
|
|
|
2.64
|
|
|
2.73
|
|
(3)
|
|
Cash
dividends
|
|
0.33
|
|
|
0.32
|
|
|
0.31
|
|
6
|
|
|
0.97
|
|
|
0.91
|
|
7
|
|
Book
value(1)
|
|
35.08
|
|
|
34.90
|
|
|
33.90
|
|
3
|
|
|
35.08
|
|
|
33.90
|
|
3
|
|
Closing market
value
|
|
26.35
|
|
|
24.30
|
|
|
25.87
|
|
2
|
|
|
26.35
|
|
|
25.87
|
|
2
|
|
Common shares
outstanding (thousands)
|
|
96,378
|
|
|
96,308
|
|
|
92,988
|
|
4
|
|
|
96,378
|
|
|
92,988
|
|
4
|
|
Performance
Measures(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on common
shareholders' equity
|
|
9.8
|
%
|
|
8.7
|
%
|
|
10.4
|
%
|
(60)
|
bp
|
|
10.0
|
%
|
|
10.7
|
%
|
(70)
|
bp
|
Adjusted return
on common shareholders' equity
|
|
10.0
|
|
|
8.9
|
|
|
10.7
|
|
(70)
|
|
|
10.3
|
|
|
10.9
|
|
(60)
|
|
Return on
assets
|
|
0.78
|
|
|
0.69
|
|
|
0.81
|
|
(3)
|
|
|
0.79
|
|
|
0.84
|
|
(5)
|
|
Net interest
margin
|
|
2.37
|
|
|
2.26
|
|
|
2.43
|
|
(6)
|
|
|
2.32
|
|
|
2.44
|
|
(12)
|
|
Efficiency
ratio
|
|
51.6
|
|
|
55.3
|
|
|
51.3
|
|
30
|
|
|
53.2
|
|
|
51.1
|
|
210
|
|
Operating
leverage
|
|
(0.6)
|
|
|
(3.1)
|
|
|
(7.7)
|
|
710
|
|
|
(4.1)
|
|
|
(7.3)
|
|
320
|
|
Credit
Quality(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
credit losses on total loans as a
percentage of average
loans(2)
|
|
0.16
|
|
|
0.12
|
|
|
0.16
|
|
-
|
|
|
0.06
|
|
|
0.14
|
|
(8)
|
|
Provision for
credit losses on impaired loans as a
percentage of average
loans(2)
|
|
0.10
|
|
|
0.12
|
|
|
0.12
|
|
(2)
|
|
|
0.03
|
|
|
0.13
|
|
(10)
|
|
Balance
Sheet(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
42,561,599
|
|
$
|
42,227,843
|
|
$
|
40,391,639
|
|
5
|
%
|
|
|
|
|
|
|
|
|
Loans(4)
|
|
37,394,718
|
|
|
37,150,595
|
|
|
35,244,720
|
|
6
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
33,672,195
|
|
|
33,255,533
|
|
|
32,378,117
|
|
4
|
|
|
|
|
|
|
|
|
|
Debt
|
|
3,851,081
|
|
|
3,846,915
|
|
|
3,426,519
|
|
12
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
3,955,977
|
|
|
3,935,941
|
|
|
3,727,567
|
|
6
|
|
|
|
|
|
|
|
|
|
Off-Balance
Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
under management and administration
|
|
8,177,884
|
|
|
8,149,296
|
|
|
8,055,456
|
|
2
|
|
|
|
|
|
|
|
|
|
Assets
under advisement(5)
|
|
2,297,438
|
|
|
2,208,618
|
|
|
1,968,299
|
|
17
|
|
|
|
|
|
|
|
|
|
Assets Under
Administration – Other
|
|
15,401,453
|
|
|
15,092,141
|
|
|
14,090,563
|
|
9
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity
Tier 1 ratio
|
|
9.4
|
%
|
|
9.3
|
%
|
|
8.9
|
%
|
50
|
bp
|
|
|
|
|
|
|
|
|
Tier 1
ratio
|
|
11.2
|
|
|
11.1
|
|
|
10.7
|
|
50
|
|
|
|
|
|
|
|
|
|
Total
ratio
|
|
13.1
|
|
|
13.1
|
|
|
12.2
|
|
90
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
full-time equivalent staff
|
|
2,669
|
|
|
2,734
|
|
|
2,674
|
|
-
|
%
|
|
|
|
|
|
|
|
|
(1)
|
Non-GAAP measure –
refer to definitions and detail provided on page 5.
|
(2)
|
Includes provisions for
credit losses on loans, committed but undrawn credit exposures and
letters of credit.
|
(3)
|
Certain comparative
figures have been reclassified to conform with the current period's
presentation.
|
(4)
|
Excludes the allowance
for credit losses.
|
(5)
|
Primarily comprised of
assets under advisement related to our Indigenous Services wealth
management business.
|
(6)
|
Calculated using the
Standardized approach in accordance with guidelines issued
by the Office of the Superintendent of Financial Institutions
Canada (OSFI).
|
|
|
|
bp – basis
point
|
SOURCE CWB Financial Group