December 1, 2016 / 12:32 PM / 2 years ago

Canadian Western Bank Q4 profit falls 9.7 pct

Dec 1 (Reuters) - Canadian Western Bank reported a 9.7 percent fall in its fourth-quarter earnings as low commodity prices weighed on its oil and gas loan portfolio.

The company, which mainly lends to clients in the western provinces of Canada, including oil-rich Alberta, said its total allowance for credit losses increased almost 10 percent to C$103.8 million (about $77 million) in the quarter ended Oct. 31.

The bank’s net income attributable to shareholders fell to C$47.8 million, or 54 Canadian cents per share, from C$53 million, or 66 Canadian cents per share, a year earlier.

A nearly 55 percent drop in oil prices since mid-2014 has forced banks to cut credit lines for oil and gas companies. ($1 = C$1.3404) (Reporting by Vishaka George in Bengaluru; Editing by Savio D’Souza)

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