December 4, 2008 / 3:11 PM / 10 years ago

Canadian Western Bank profit drops 17 percent

TORONTO, Dec 4 (Reuters) - Canadian Western Bank (CWB.TO) said on Thursday its quarterly profit fell 17 percent due in part to the slowing Canadian economy and warned that 2009 could be another challenging year.

The regional bank, Canada’s seventh-largest by market value, said it earned C$24.5 million ($19.3 million), or 38 Canadian cents a share, for its fourth quarter ended Oct. 31. That is down from a profit of C$29.6 million, or 46 Canadian cents a share, in the year-earlier quarter.

Analysts had expected earnings of 41 Canadian cents a share, excluding items, according to Reuters Estimates.

Canadian Western, based in Edmonton, Alberta, said its revenue was flat at C$72.5 million.

Its shares were down 2 percent at C$14.90 on the Toronto Stock Exchange on Thursday morning and off more than 50 percent so far in 2008. Canadian Western is the worst performing bank stock in Canada so far this year. ($1=$1.26 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)

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