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CORRECTED-Canadian Western sets aside more money for loan losses

Published 2016-05-03, 02:19 p/m
© Reuters. CORRECTED-Canadian Western sets aside more money for loan losses
CWB
-

May 3 (Reuters) - Canadian Western Bank CWB.TO said it set
aside more money to cover bad loans for the full year, hurt by
weak oil prices.
The bank said it expects annual provision for credit losses
to be between 0.35 percent and 0.45 percent of average loans.
The company had earlier forecast it at the higher end of a 0.18
percent-0.23 percent range.
A more then 60 percent drop in oil prices has forced banks
to cut credit lines for oil and gas companies.
For the second quarter, Canadian Western has recorded about
$40 million for loan losses, including $33 million for losses on
the oil and gas production portfolio.
Canadian Western said it expected to post a profit for the
second quarter on June 2.
Canadian Western's direct exposure to the energy industry is
about 5 percent of total loans outstanding, the company said in
March.

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