Newspaper article The Canadian Press

Canadian Western Bank Q2 Profit Plunges 37% Due to Shaky Loans to Oil-Gas Sector

Newspaper article The Canadian Press

Canadian Western Bank Q2 Profit Plunges 37% Due to Shaky Loans to Oil-Gas Sector

Article excerpt

Canadian Western Bank Q2 profit plunges

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EDMONTON - Canadian Western Bank says its second-quarter profit was down 37 per cent from the same time last year, mostly due to previously announced increases to its provisions for bad loans to the energy sector.

The Edmonton-based bank (TSX:CWB) says its net income for the three-month period fell to $32.2 million or 40 cents per share from $51.5 million or 64 cents per share a year earlier.

The bank's pre-tax provision for credit losses was $39.7 million, up from $7.4 million in the quarter ended April 30, 2015.

The bank also wrote off $15.7 million of bad loans, compared with $2.4 million in last year's second quarter.

The company, which is working to expand beyond its base in Western Canada, said it had strong growth in loans and branch-based deposits during the quarter. …

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