Catastrophic southern Alberta floods in June were followed by severe hailstorms in July, and net claims expense related to these events contributed to a $7.2 million decline in net insurance revenues compared to the first nine months of 2012. Additional claims expense that may arise as a direct result of the June floods will be covered by CWB's catastrophe reinsurance treaty. Excluding net claims expense specifically related to the southern Alberta floods, consolidated year-to-date growth in net income available to common shareholders and total revenue (teb) were 8% each, while year-to-date return on common shareholders' equity and return on assets were 14.3% and 1.07% respectively. Based on results through the first nine months and in the absence of severe weather events in the fourth quarter, all of our 2013 minimum targets are attainable, but the achievement of performance measures related to total revenue growth, profitability and efficiency will be challenging.
Year-to-date performance in relation to our targets for loan growth, net income available to common shareholders and total revenues was driven by ongoing strong activity across most of our key lending sectors and each geographic region. With the notable exception of net insurance revenues, double-digit growth across most categories of other income also provided meaningful contributions and helped to mitigate the effects of a lower net interest margin. Although net interest margin improved sequentially, primarily as a result of lower average liquidity, we expect this key metric will continue to be constrained. Net interest margin challenges and the resulting impact on total revenues also affect our key profitability measures and the efficiency ratio. We remain very attentive to the rate of growth in non-interest expenses and will continue to manage business investment in consideration of our long-term strategy, minimum performance targets and expected revenue growth. Overall credit quality remains consistent with expectations and supports our view that the annual provision for credit losses will remain below the midpoint of the 2013 target range.
The Canadian economy continues to expand at a moderate pace, resulting in low inflation and relatively stable employment levels. Economic fundamentals within the Bank's key western Canadian markets remain comparatively strong, with economic repercussions from severe summer flooding expected to be temporary. The Canadian housing market appears to be undergoing an orderly adjustment with price and volume declines concentrated in specific geographic regions. Consensus forecasts call for accelerated domestic growth in 2014, supporting our optimistic outlook for ongoing profitable growth opportunities. We look forward to providing our fourth quarter and fiscal year end results, along with minimum performance targets for 2014, on December 5, 2013.
About CWB Group
Canadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank, along with its operating affiliates, National Leasing Group, Canadian Western Trust, Valiant Trust, Canadian Direct Insurance, Canadian Western Financial, Adroit Investment Management, and McLean & Partners Wealth Management, collectively offer a diversified range of financial services across Canada and are together known as the CWB Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". The Bank's Series 3 Preferred Shares trade on the Toronto Stock Exchange under the trading symbol "CWB.PR.A". Refer to www.cwb.com for additional information.
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