These positive earnings drivers were more than offset by the combined impact of
several factors, including increased energy -
related provisions for credit losses, a 17 basis
point decline in net
interest margin, moderate growth of non-
interest expenses, the addition of acquisition -
related contingent consideration fair value changes reflecting performance within CWB Maxium Financial (CWB Maxium), higher preferred share dividends, and the 20 % increase to CWB's income tax rate in Alberta.