September 4, 2008 / 12:51 PM / 10 years ago

Canadian Western profit rises, unsure about targets

TORONTO (Reuters) - Canadian Western Bank (CWB.TO) said on Thursday its quarterly profit rose 9.6 percent, but it said disruptions in global financial markets may keep it from meeting its profit growth targets for the year.

The regional bank, Canada’s seventh largest by market value, said it earned C$26.3 million ($24.8 million), or 41 Canadian cents a share, for its third quarter ended July 31.

That is up from a profit of C$24.0 million, or 37 Canadian cents a share, in the year-ago period.

The bank, based in Edmonton, Alberta, said total revenues rose 8 percent in the latest quarter to C$74.9 million from C$69.2 million while loans were up 3 percent.

Third-quarter return on equity fell to 16.0 percent, from 17.1 percent a year earlier.

Canadian Western, which offers banking and trust services in Canada’s four western provinces, said it is doubted it could meet its 15 percent profit growth target for the financial year given increased challenges and moderated economic activity in some areas where it operates.

Shares of Canadian Western, down 26 percent this year, closed at C$23.09 on the Toronto Stock Exchange on Wednesday. Last year, Canadian Western shares outperformed other Canadian banks with a 19 percent gain.

($1=$1.06 Canadian)

Reporting by Frank Pingue; Editing by Frank McGurty

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