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NORTH WEST TRUST COMPANY - STATEMENT OF EARNINGS YEAR ENDED DECEMBER 31, 1992

    EDMONTON, Feb. 22 /CNW/ - "We are pleased that our strategic initiatives have resulted in improved profits for 1992," said Gary G. Campbell, chairman of the board and chief executive officer of North West Trust Company, on releasing the company's December 31, 1992 annual results. "This improvement is particularly gratifying coming during a year in which the trust industry in general faced considerable challenges. We are confident that the direction we have taken the company has created a firm foundation for continued improvement in the future."
    Net income for 1992 was $2,636,000 or $0.10 per common and Class "A" share compared with $1,039,000 or $0.04 per common and Class "A" share in 1991.
    Total investment income for the year was $87,180,000; down from $96,720,000 in 1991. However a reduced need for loan loss provisions resulted in an increase in net investment income, after provision for loan losses, to $16,026,000 for year compared to $15,510,000 in 1991. Loan loss provision was $3,219,000 for 1992 compared to $4,674,000 in 1991. Non-interest operating expenses declined slightly to $16,449,000 for 1992 from $16,596,000 in 1991.
    Total assets at December 31, 1992 were $859,384,000 compared to $888,964,000 at December 31, 1991. Core assets (mortgages, loans and leases) increased by $33,304,000 to $752,868,000 at December 31, 1992 from $719,564,000 at December 31, 1991.
    "One of our key strategies during 1992 was to increase the amount of assets being managed for others as opposed to directly increasing our own balance sheet and core assets. These "off balance sheet" assets now total $436,824,000 (including the managed assets of Bancorp Mortgage Limited which was acquired December 31, 1992) compared to $54,993,000 at December 31, 1991. Accordingly, total assets under administration have increased from $943,897,000 at December 31, 1991 to $1,296,208,000 at December 31, 1992."
    "Although the Canadian financial industry has undoubtedly entered a new and challenging era, North West Trust Company has been built on a strong foundation and is well positioned to take advantage of the opportunities which will most certainly also arise. We enter 1993 with confidence."
    For further information: Gary G. Campbell, Q.C., Chairman or; Donald E. Farnell, President, North West Trust Company, (403) 429-9300
    (NRW.)
    -0-             02/22/93


CO: NORTH WEST TRUST COMPANY SU: ERN ST:

-- C2661 -- X386 02/22/93
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Publication:PR Newswire
Date:Feb 22, 1993
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