Our digital client offering is advancing well. We are on track with the release of our digital banking platform for personal and small business clients and have started a limited initial roll-out of our Virtual Chief Operating Officer (Virtual COO) solution, a differentiated tool for small business owners. Once fully operational, we expect our targeted digital capabilities will enhance growth as we diversify our business across Canada and win new clients both within and outside our banking centre footprint, while further broadening our access to stable lower cost funding. BUILDING ON OUR MOMENTUM As a trusted financial partner, we have gained valuable experience lending through numerous business cycles. Our history of low realized credit losses is a result of targeting clients with strong credit profiles and balance sheets. CWB’s unique strategic focus and commitment to our clients resonates with business owners and has contributed to strengthening our strong brand and net promoter scores. Enhanced capabilities created from our commitment to invest in a transformative strategy support ongoing growth in our largest full-service opportunity - general commercial loans. This category represents a broad section of the Canadian economy that is underserved, and our focus to create unrivaled client experiences is yielding strong results. Clients in Ontario continue to demonstrate they are ready for a clear alternative to the big banks and the implementation of our strategy in the province enables us to be that disruptive force. We are committed to our expansion strategy in Ontario and are excited for the opening of a second banking centre in 2022, located in Markham.
On average over the last five years, we have grown general commercial loans by 14% annually, and have increased loans in Ontario by 18% annually. Over that same period, we have also grown our branch-raised demand and notice deposits by 13% annually and diversified our other sources of funding. These results reflect our tremendous momentum. Continued strong growth of our franchise will be supported by the combination of our investments in digital capabilities, our focus on delivering a lower cost funding model, and a transition from a Standardized to a model enabled AIRB bank. CWB’s capabilities will be more competitive, support higher growth, and achieve further diversification. We remain dedicated to the responsible creation of value for all our stakeholders and our long-term success is bolstered by firm commitments to ESG and sustainability. In closing I would like to express my sincere gratitude to our people, our clients, and our investors. To our people, I want to thank you for your tireless efforts to advance our strategy and create unrivaled client experiences. To our clients, I want to thank you for your trust, we are honoured that you have chosen CWB, and we are Obsessed With Your Success TM . To our investors, I want to thank you for your confidence and commitment. We are well positioned as a disruptive force in Canadian financial services to deliver profitable long-term growth and provide attractive, sustainable returns.
Chris Fowler President and Chief Executive Officer
MOMENTUM
CWB Financial Group 2021 Annual Report | 5
Powered by FlippingBook