Canadian Western Bank second-quarter profit falls 37 percent

Thu Jun 2, 2016 7:15am EDT
 
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TORONTO, June 2 (Reuters) - Canadian Western Bank reported a 37 percent decline in second-quarter profit reflecting a ramp up in funds set aside to cover loans to oil & gas companies that have turned sour.

The bank, based in Canada's oil-rich Alberta province, reported net income for the quarter of C$32.2 million ($24.6 million) or C$0.41 per share, in line with analysts forecasts. ($1 = 1.3101 Canadian dollars) (Reporting by Matt Scuffham)