Pacific & Western Credit Corp. more than doubles its year end earnings targets18 July 2006
David Taylor, President & C.E.O. of Pacific & Western Credit Corp. (TSX:PWC), is pleased to announce a substantial increase to PWC's 2006 year end earnings targets as follows:
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Updated Original
Targets Targets
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Earnings per share $ 1.32 $ 0.55
Spread (teb) 1.75% 1.88%
Loan growth 35.0% 35.0%
Total assets growth 15.0% 15.0%
Return on average common equity 29.97% 13.79%
Return on average assets 1.45% 0.62%
Efficiency (teb) $ 0.46 $ 0.34
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Mr. Taylor stated that, "the above increased targets take into consideration the very positive effect of the dilution gain recently realized by Pacific & Western Bank of Canada, PWC's wholly-owned subsidiary, on its investment in Discovery Air Inc. (TSX: DA.A)". He also noted that the Discovery Air gain, together with an increase in the Bank's asset to capital multiple, have boosted sustainable long-term earnings to a much higher level.
For further information: Tel Matrundola, Vice President, Public & Government Relations, Investor Relations, Telephone (416) 203-0882, telm@pwbank.com, Toll Free (800) 244-1509, InvestorRelations@pwbank.com; To receive company news releases via e-mail please contact: Karen McConnell, Telephone (519) 675-4204, karenm@pwbank.com; Further information is available through Pacific & Western's corporate web site at http://www.pwbank.com and http://www.pwcorp.com
Source: newswire
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