BUZZ-Canadian Western Bank dips after Q3 profit miss

Reuters · 08/30 16:21
BUZZ-Canadian Western Bank dips after Q3 profit miss

** Shares of Canadian Western Bank CWB.TO fall as much as 3.9%, last down 0.5% at C$51.03

** CWB posts Q3 adjusted profit of C$0.60 per share, missing analysts' expectation of C$0.86 - LSEG data

** Q3 provision for credit losses at C$55 mln ($40.8 mln), above estimates of C$30.8 mln

** PCL increases mainly related to two loans where borrower-specific circumstances resulted in "unusually" large provisions - CEO Chris Fowler

** CWB expects credit losses to trend back towards its historical range quarter

** Jefferies says Q3 results are secondary with the markets focus centered on the special shareholder meeting Tuesday to vote on National Bank of Canada's NA.TO planned C$5 billion acquisition of CWB

** As of last close, CWB shares up 66.2% YTD


($1 = 1.3494 Canadian dollars)


(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))