Western Financial Group Announces Second Quarter 2009 Results
High River, Alberta – August 13, 2009, (TSX – WES) - Western Financial Group (“the Company”) announced today its operating and financial results for the three and six months ended June 30, 2009.
“Our company is progressing toward its 2009 objectives,” said Scott Tannas, President and CEO. “Our profits are up substantially over last quarter, and we see signs of accelerating growth across our businesses. The Network and Western Life both posted record quarters for revenue and operating profit. Both operations are growing top and bottom lines at a rate that exceeds their industry peers. Bank West has managed its business cautiously through the first half of 2009, and continues to maintain strong credit quality, with non performing loans at a respectable percentage relative to the major Canadian Banks. With the summer funding season in swing, and fall harvest coming, the Bank is now in a position to profitably grow its operations in the third quarter.” ... read more.