Artificial Intelligence

CWB reports second quarter 2021 financial and strategic performance

Published

3 years ago

May 28, 2021

CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the three and six month periods ended April 30, 2021, with second quarter net income available to common shareholders of $72 million, up 40% compared to the same period last year. Second quarter pre-tax, pre-provision income was up 11% from the same period last year and down 3% sequentially, with three fewer interest-earning days compared to the prior quarter.

“Our financial results surpassed our expectations again this quarter, supported by very strong branch-raised deposit and loan growth across the country,” said Chris Fowler, President and CEO. “Our focus to create an unrivaled experience for our clients and invest in our capabilities and product offering is creating exciting growth opportunities for CWB, especially as the near-term economic outlook improves. Based on the expected trajectory of our financial performance for the rest of the year, we now expect to deliver high single-digit loan growth and mid-teens adjusted earnings per share growth on a full year basis in fiscal 2021.”

“Our focus to offer a superior client experience by transforming our capabilities has accelerated growth of full-service relationships within our risk appetite. The $805 million of net loan growth this quarter is one of the highest levels of quarterly organic loan growth that we have delivered in our history. We also continued to drive strong growth of lower cost branch-raised deposits, which has contributed to another sequential increase in our net interest margin.”

“As the economy recovers, we will be well-positioned to accelerate our growth and capture increased market share through our continued expansion in Ontario, where we are planning for the opening of our second full-service banking centre in fiscal 2022. I am also pleased with the progress we have made in the development of our digital client offering, which complements our proactive relationship-based client experience. In the second half of 2021, we will commence a limited initial roll-out of our Virtual COO, a digital solution powered by explainable artificial-intelligence that will provide small business owners with access to real-time information on their financial health and relevant insights to accelerate their business growth. This innovative digital tool enables us to be a disruptor as we proactively support small business owners across Canada.”

“As we look to the year ahead, we are seeing signals of a strong economic recovery that could provide additional accretive opportunities to surpass our baseline loan growth expectations within our risk appetite. To provide the capital flexibility to take full advantage of these potential opportunities, we plan to establish an at-the-market common equity distribution program. This program will provide a flexible and efficient tool to grow our regulatory capital base, if needed, in parallel with stronger levels of loan growth to drive incremental shareholder returns.”

“The parallel run of our AIRB tools and processes continued this quarter. We have gained significant insights as we continue to use these tools across our business and identified opportunities for enhancements that we expect will improve our efficiency and effectiveness as a model-enabled bank. We plan to implement these enhancements and expect to extend our previously communicated timeline for resubmission of our AIRB application beyond the first half of 2022, but believe this approach will result in more favorable long-term outcomes for our teams and our investors.”

“The success we have achieved would not be possible without our talented and dedicated teams. I am very proud that for the second consecutive year, CWB Financial Group was recognized as one of the 50 Best Work Places^TM in Canada. This award is based on confidential employee trust and engagement survey results, and reflects the strength of our culture. Our continued strategic execution and strong financial results reflects our teams’ passion and dedication to realize our full potential across Canada.”

Financial Performance

On June 1, 2020, we acquired the businesses of T.E. Wealth and Leon Frazer & Associates (the wealth acquisition). The operations of the wealth acquisition contributed to non-interest income growth while negatively affecting our efficiency ratio compared to the prior year. The wealth acquisition has contributed approximately $0.01 to adjusted earnings per common share in the first half of fiscal 2021, with higher levels of accretion anticipated starting in fiscal 2022.

Q2 2021, compared to Q2 2020⁽¹⁾	Common shareholders’ net income of $72 million	Up 40%
	Adjusted EPS of $0.84	Up 40%
	Adjusted ROE of 10.8%	Up 280 bp⁽²⁾
	Efficiency ratio of 48.9% (47.1% excluding the impact of the wealth acquisition)	Worsened 180 bp (No change)

Compared to the same quarter last year, common shareholders’ net income increased as 15% revenue growth and a decline in the provision for credit losses more than offset the impact of higher non-interest expenses. Accelerated growth of full-service client relationships was the primary driver of very strong branch-raised deposit growth of 18%, which included a 34% increase in lower-cost demand and notice deposits. Net interest income increased 14%, driven by a 13 basis point increase in net interest margin and 7% loan growth, including 10% growth in Ontario. Non-interest income growth of 29% was primarily related to the wealth acquisition. Non-interest expenses were up 20%, or approximately 9% excluding the wealth acquisition and costs associated with operating our Advanced Internal Ratings Based (AIRB) tools and processes. The provision for credit losses as a percentage of average loans was 29 basis points lower than last year, primarily due to improved macroeconomic forecasts associated with the ongoing economic recovery, which drove a 34 basis point decrease in the performing loan provision for credit losses.

Q2 2021, compared to Q1 2021⁽¹⁾	Common shareholders’ net income of $72 million	Down 9%
	Adjusted EPS of $0.84	Down 10%
	Adjusted ROE of 10.8%	Down 70 bp⁽²⁾
	Efficiency ratio of 48.9%	Worsened 210 bp

Compared to the prior quarter, common shareholders’ net income decreased as 1% revenue growth was more than offset by a 5% increase in non-interest expenses and the impact of the first semi-annual coupon payment on our Series 1 Non-Viability Contingent Capital (NVCC) Limited Recourse Capital Notes (LRCN) during the quarter of $4 million, after-tax. Revenue increased, despite three fewer interest-earning days, primarily due to the impact of a six basis point increase in net interest margin, which included a one-time two basis point benefit associated with adjusting certain balance sheet management activities in response to a shift in our funding mix, and very strong 3% loan growth. Strong growth in branch-raised deposits, including 6% sequential growth in lower cost demand and notice deposits, supported continued net interest margin expansion during the quarter. The provision for credit losses as a percentage of average loans was two basis points higher than last quarter, primarily due to an increase in the impaired loan provision for credit losses.

YTD 2021, compared to YTD 2020⁽¹⁾	Common shareholders’ net income of $151 million	Up 23%
	Adjusted EPS of $1.77	Up 24%
	Adjusted ROE of 11.2%	Up 160 bp⁽²⁾
	Efficiency ratio of 47.8% (46.1% excluding the impact of the wealth acquisition)	Worsened 150 bp (Improved 20 bp)


⁽¹⁾	Includes certain non-IFRS measures – refer to definitions provided on page 6 of this news release, with further detail provided on page 7 of the 2021 Second Quarter Report to Shareholders.
⁽²⁾	bp – basis point

On a year-to-date basis, the increase in common shareholders’ net income was driven by 13% growth in revenue and a decline in the provision for credit losses, partially offset by an increase in non-interest expenses. Revenue growth included a 10% increase in net interest income and a 41% increase in non-interest income from the wealth acquisition. The increase in net interest income was attributable to 7% annual loan growth and a three basis point increase in net interest margin. Non-interest expenses were up 18%, or approximately 7% excluding the wealth acquisition and costs associated with operating our AIRB tools and processes. A 19 basis point provision for credit losses as a percentage of average loans was 15 basis points lower than the prior year, reflecting a 21 basis point decline in the performing loan provision for credit losses due to an improved macroeconomic outlook through the first half of 2021, offset by a six basis point increase in the impaired loan provision for credit losses.

Strategic Performance

We continue to transform our capabilities to offer a superior full-service client experience through a complete range of in-person and digital channels, delivered by our highly engaged teams that operate within a client-centric, collaborative and change-ready culture. Our differentiated market position and transformation-focused strategy sets the stage for CWB to be a disruptive force in Canadian financial services, deliver profitable long-term growth and provide attractive, sustainable returns to investors.

This quarter, work progressed as expected on our key strategic projects, including the development of digital onboarding for small business clients and enhanced digital banking platforms for all business and personal clients. In addition, this quarter we:

were recognized by Great Place to Work^®as one of the 50 Best Workplaces^TM in Canada, for the second consecutive year;
continued to focus on our geographic diversification strategy, with formalized plans to open a new banking centre in Ontario in fiscal 2022, building on the success of our Mississauga banking centre opened in August 2020;
continued our progress towards AIRB approval. We plan to implement enhancements to improve the efficiency and effectiveness of our AIRB tools and processes that we identified through our parallel run. We expect the implementation of these enhancements to extend our timeline for resubmission of our application to the Office of the Superintendent of Financial Institutions Canada (OSFI) beyond the first half of 2022, as previously expected; and,
progressed development of the Virtual COO solution in partnership with Temenos, a global leader in banking software, to provide small business owners with a differentiated digital banking experience and accelerate our full-service client growth. The explainable artificial-intelligence powered solution, which is scheduled for a limited initial roll-out in the second half of 2021, will provide our small business owner clients with access to real-time information on their financial health and relevant insights to accelerate their business growth.

Capital Management

During the third quarter of fiscal 2021, we intend to establish an at-the-market (ATM) common equity distribution program that will allow for the incremental issuance, at our discretion and if needed, of up to $150 million of common shares at market prices in effect at the time. This program will provide additional flexibility to gradually support stronger than expected loan growth, while prudently managing our regulatory capital ratios.

Following the successful issuance of our $175 million Series 1 NVCC LRCN in October 2020, we completed the issuance of $150 million Series 2 NVCC LRCN in March 2021. With the recent LRCN issuances that bolstered our Tier 1 and Total capital ratios, we intend to redeem all of the outstanding NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 7, in accordance with the provisions of the Series 7 Preferred Shares. If we proceed with the redemption, we estimate that it will reduce our Tier 1 and Total capital ratios by approximately 50 basis points. This announcement does not constitute a notice of redemption. If a decision is made to proceed with the redemption, formal notice will be provided in accordance with the provisions of the Series 7 Preferred Shares.

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Artificial Intelligence

Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch

Published

5 hours ago

April 26, 2024

CISION (PR Newswire)

PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.

“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
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Artificial Intelligence

Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

Published

11 hours ago

April 25, 2024

CISION (PR Newswire)

MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Artificial Intelligence

Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

Published

17 hours ago

April 25, 2024

CISION (PR Newswire)

Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html