December 01, 2016 09:21 ET
EDMONTON, ALBERTA--(Marketwired - Dec. 1, 2016) - In the news release, "CWB reports financial performance for the fourth quarter and fiscal 2016," issued earlier today by Canadian Western Bank (TSX:CWB), balances of loans classified as past due but not impaired were overstated within the Credit Quality section of the release. The eighth and ninth sentences of the second paragraph within the Credit Quality section in the Overview of Continuing Operations should read as follows:
"The balance of loans classified as past due but not impaired increased 63% from last year, with the majority of the increase occurring in the third quarter. The total balance of loans classified as past due but not impaired decreased 17% during the fourth quarter to $229.1 million, including a 23% decrease within the personal category to $94.5 million."
This correction replaces the overstated balances of loans classified as past due but not impaired originally issued. The originally issued text read as follows:
"The balance of loans classified as past due but not impaired increased 76% from last year, with the majority of the increase occurring in the third quarter. This balance declined 9% during the fourth quarter to $247.8 million, including a 22% decrease within the personal category to $122.4 million."
About CWB Group
CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Optimum Mortgage and CWB Franchise Finance. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" and "CWB.PR.C" (Series 5 Preferred Shares and Series 7 Preferred Shares, respectively). Learn more at www.cwb.com.
Matt Evans, CFASenior AVP, Strategy & Investor RelationsCanadian Western Bank(780) email@example.com
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