September 2, 2011 / 1:33 PM / in 6 years

UPDATE 1-CWB profits fall; loan growth, credit quality strong

TORONTO, Sept 2 (Reuters) - Canadian Western Bank (CWB.TO) said on Friday its quarterly profit fell from a year earlier, due to a one-time income tax recovery gain that was recognized in the year-ago period.

Net income in the most recent quarter was C$44.7 million, down 4 percent from a year-ago, while earnings were 52 Canadian cents a share, down 12 percent from a year-ago.

The large decrease in earnings per share also reflects a greater number of shares outstanding in the latest quarter, the bank said in a release that also highlighted strong loan growth and a further improvement in overall credit quality. (Reporting by Euan Rocha; editing by Janet Guttsman)

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