September 3, 2009 / 1:01 PM / 8 years ago

UPDATE 1-Canadian Western Bank profit rises 9 pct

* Q3 EPS C$0.38 vs C$0.41

* Net income rises 9 percent on strong loan growth

* Exceeds analysts’ estimates

TORONTO, Sept 3 (Reuters) - Canadian Western Bank (CWB.TO) said on Thursday its quarterly profit rose 9 percent as solid loan growth offset lower net interest margins.

Edmonton, Alberta-based CWB reported net income of C$28.7 million ($26.1 million), or 38 Canadian cents a share, for the second quarter that ended July 31. That’s up from C$26.3 million, or 41 Canadian cents a share, a year earlier.

The regional bank issued preferred shares in March, which diluted the per share earnings.

Analysts were expecting earnings of 32 Canadian cents a share, according to Reuters Estimates.

CWB said total loans increased 12 percent from a year ago, while net interest margin was 12 basis points lower.

Tier I capital rose to 11.2 percent, and the quarterly dividend was unchanged 11 Canadian cents a share.

CWB offers personal and commercial banking in Canada’s western provinces of Manitoba, Saskatchewan, Alberta and British Columbia.

($1=$1.10 Canadian)

Reporting by Andrea Hopkins

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