01:20 PM EDT, 09/03/2024 (MT Newswires) -- Canadian Western Bank's ( CWESF ) third quarter operating EPS of $0.60 missed BMO/consensus of $0.86/0.85 by ~30%.

"Relative to us, the miss was largely from higher-than-expected credit provisions (PCL of 59bps vs. our expected 23bps) driven by higher impaired losses (increased borrower default rates and higher loss given default), coupled with soft loan growth (flat y/y vs. us at 4% growth)," notes analyst Sohrab Movahedi.

CET1 of 10.2% was up 10bps q/q helped by unrealized gains in debt securities, Movahedi adds.

Maintaining $52 target price and Market Perform rating

Price: 51.36, Change: -0.11, Percent Change: -0.21