08:02 AM EST, 12/18/2024 (MT Newswires) -- Canadian Western Bank ( CWESF ) , which is being acquired by National Bank of Canada ( NTIOF ) , on Wednesday said higher provisions for credit losses impacted fourth-quarter earnings.

Adjusted earnings declined 27% to $66.3 million, or $0.67 per share. The decrease was due to a higher provision for credit losses on impaired loans of 38 basis points, versus eight basis points last year.

Total revenue increased 6% to $310 million, reflecting a 5% increase in net interest income and a 13% increase in non-interest income.

CWB declared a 3% increase to its dividend, to $0.36 per share.

The bank also provided an update on the lawsuit filed against its subsidiary CWB Maxium Financial earlier this month. The claim, which relates to certain loans that were provided to corporations linked to the claimant, seeks $18 million damages, plus general and punitive damages. The claim also contained allegations of unethical conduct by a named individual.

CWB confirmed that the lawsuit has no impact on its financial statements, and no deficiencies in internal controls over financial reporting were identified through its investigation.

The bank expects to receive approval from the Federal authorities to complete its acquisition by National Bank next year.