Western Financial Group announces Q2 results
Western Financial Group announced its second quarter 2010 financial numbers which show net income increased by 37%, with Earnings Per Share up by 13% over the same period in 2009. All Business Units showed positive results year over year, with Bank West reporting its second profitable quarter in a row and record profits for the year to date.
“We are pleased with the Company’s performance for all our business units in what appears to be a moderate economy in western Canada,” said Scott Tannas, President and CEO, in a statement. “We are making good progress towards achieving our year-end financial objectives. The Bank is now contributing to our overall profitability, and with our recent financing behind us, we are well positioned with a strong balance sheet to take advantage of opportunities in the second half of this year”, he said.
The Network
The Network combined margin for the quarter was 28%, with Group Insurance Solutions’ margin at 19% and the retail division at 30%. Retail same store sales are at 4.7%, and same store customer count grew by 2.2% on a YTD, annualized basis.
Bank West
The Bank’s loan book increased slightly over the quarter, to $378.9 million. Our specific charges for loan losses stand at 27 basis points at 6 months, which on an annualized basis is tracking toward a significant improvement over 2009. The gross non performing loan ratio also continues to improve over prior quarters, standing now at 1.36%
Western Life
Western Life’s growth continued with premium income up by 11% year over year, gaining momentum over Q1. Their loss ratio abated significantly in the quarter bringing their year to date ratio to 45%. Cross sales within the Western Financial Group, continue to increase and are now at record levels.
Western Financial Insurance
Western Financial Insurance’s premium revenue is up 15% with improved loss ratios year over year of 46% compared to 51%.
