Western Financial Group Reports Third Quarter 2009 Results
High River, Alberta – November 12, 2009, (TSX – WES) - Western Financial Group (“the Company”) announced today its operating and financial results for the three and nine months ended September 30, 2009.
“Our company continues its progress toward its 2009 objectives,” said Scott Tannas, President and CEO. “Our profits for the quarter are a significant improvement over Q3 a year ago. We are encouraged by resiliency demonstrated by so many of our markets across the West. We expect accelerating growth across our businesses in the quarters to come. The Network and Bank West both improved operating results compared to last year. In the Network’s case the growth has come from improved margins and organic growth. While Bank West’s operating profit is modest for the quarter, it marks a return to profitability that we intend to build upon in current and future quarters. The Bank’s key credit quality measure has also shown a modest improvement over the prior quarter. Western Life continues to have a strong year. Given what we have accomplished up to this point, we continue to believe that we can achieve the majority of our original 2009 objectives, including our Net Income target.” ... read more.
