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Canadian Western Bank (CWB) investor relations material

Canadian Western Bank Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2024 earnings summary18 Dec, 2024

Executive summary

  • Achieved 6% revenue growth and 8% increase in pre-tax pre-provision income, with positive operating leverage and improved net interest margin.

  • Annual net income for common shareholders was $268 million, down 17% year-over-year, reflecting higher expenses and transaction-related costs.

  • Maintained a strong, resilient balance sheet, supporting prudent growth and ongoing integration planning with National Bank of Canada.

  • NBC acquisition is progressing, with shareholder and Competition Bureau approvals received; closing expected in 2025.

  • Addressed a legal claim involving a subsidiary; confirmed no financial statement impact or internal control deficiencies.

Financial highlights

  • Total annual revenue rose 6% to $1.2 billion, with net interest income up 6% and non-interest income up 8% year-over-year.

  • Pre-tax, pre-provision income for the year was $570 million, up 8% year-over-year.

  • Adjusted diluted EPS for Q4 2024 was $0.67, down from $0.80 in Q4 2023, mainly due to higher credit loss provisions and transaction costs.

  • CET1 capital ratio increased to 10.3%, up 60 bps year-over-year and above regulatory minimum.

  • Franchise deposits grew 5% year-over-year, while broker term deposits declined 9%.

Outlook and guidance

  • Management expects steady Canadian economic growth and policy rate reductions in 2025.

  • Anticipates solid revenue growth, continued net interest margin expansion, and positive operating leverage.

  • Provision for credit losses expected to remain elevated in early 2025, then gradually decline as interest rates fall.

  • Projects strong annual growth in pre-tax pre-provision income and adjusted EPS, barring major macroeconomic shifts.

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Frequently asked questions

Canadian Western Bank is a Canadian financial institution that provides a range of commercial, personal, and wealth management services. The bank offers loans, deposits, leasing, and treasury solutions with a focus on small and medium-sized businesses across Western Canada. It operates through branches and digital platforms. Canadian Western Bank is headquartered in Edmonton, Canada, and its shares are listed on the TSX.

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