June 5, 2014 / 1:33 PM / in 4 years

Canadian Western Bank profit up 19 pct on loan growth

TORONTO, June 5 (Reuters) - Canadian Western Bank said on Thursday its fiscal second-quarter net profit rose 19 percent from a year earlier on strong loan growth and it boosted its dividend amid an optimistic outlook for the rest of the year.

Canadian Western, the country’s No. 7 bank by market capitalization, earned C$51.2 million, or 63 Canadian cents a share on a diluted basis, in the three months ended April 30. That compared with a year-before profit of C$43.0 million, or 54 Canadian cents a share.

Adjusted cash earnings per common share, which excludes the after-tax amortization of acquisition-related intangible assets and non-tax deductible changes, rose 18 percent to 65 Canadian cents a share.

Analysts had expected a profit of 61 Canadian cents per share.

While Canada’s larger bank focus their lending businesses on residential mortgages, Edmonton, Alberta-based Canadian Western has carved out a niche in business lending to companies active in the Alberta oil sands.

Reporting by Andrea Hopkins; Editing by Meredith Mazzilli

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