Profit growth accelerates for Diversified Profitable Wealth
Performance well ahead of strategic plan
Buoyed by organic growth in personal, commercial and business banking
TORONTO, Aug. 9, 2022 /CNW/ - Diversified Profitable Wealth (DPW) reported an accelerated growth in profit for the second quarter of 2022. DPW says its profits rose in the second quarter boosted by organic growth in personal, commercial and business banking.
DPW's profit growth, excluding strategic exits, accelerated to six to seven per cent. Its return on equity (ROE) was 15.4 per cent for the three months ended June 30, 2022, and 18.5 per cent for the 12 months ended June 30, 2022, reflecting strong performance.
"Our team continues to execute well against our strategic plan," said DPW's CEO. "Our strong capital generation, earnings growth and successful acquisitions are a testament to our team's hard work and dedication."
DPW's growth was largely organic and led by continued momentum in personal banking. The company's personal banking revenue grew by eight per cent in the second quarter, driven by strong growth in deposits and loans.
DPW also saw strong growth in its commercial and business banking segments. The company's commercial banking revenue grew by 10 per cent in the second quarter, driven by strong growth in lending. The company's business banking revenue grew by seven per cent in the second quarter, driven by strong growth in deposits and wealth management.
"We are pleased with our performance in the second quarter, which reflects the continued strength of our business," said DPW's CEO. "We remain focused on executing our strategic plan and delivering value for our stakeholders."
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