These and other factors should be considered carefully and readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause the Bank's actual results to differ materially from the expectations expressed in such forward looking statements. Unless required by securities law, the Bank does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time by it or on its behalf.
Assumptions about the performance of the Canadian economy in 2013 and how it will affect CWB's businesses are material factors the Bank considers when setting its objectives. In setting minimum performance targets for fiscal 2013, management's assumptions included: modest economic growth in Canada aided by positive relative performance in the four western provinces; relatively stable energy and other commodity prices; sound credit quality with actual losses remaining within the Bank's historical range of acceptable levels; and, a lower net interest margin attributed to expectations for a prolonged period of very low interest rates due to uncertainties about the strength of global economic recovery and other macroeconomic indicators. Management's assumptions at the end of the third quarter remained relatively unchanged compared to those at the 2012 fiscal year end.
Potential risks that would have a material adverse impact on the Bank's economic expectations and forecasts include a global economic recession spurred by unfavourable developments in the euro zone, a recession in the United States, a meaningful slowdown in China's economic growth, or a significant and sustained deterioration in Canadian residential real estate prices. At the end of the third quarter, management's expectations and view of the potential risks were relatively consistent with the 2012 fiscal year end. However, ongoing capacity challenges for exporting Canadian crude oil may have a greater than expected impact on both the overall level of future capital investment and government fiscal flexibility within the Bank's key markets.
CWB reported solid third quarter performance led by the achievement of strong loan growth of 3% in the quarter, 10% year-to-date and 12% over the past twelve months. Compared to the record third quarter results last year, net income available to common shareholders of $47.5 million was down 1% ($0.5 million), as the full benefit of strong loan growth was offset by the impact of ongoing pressure on net interest margin and higher non-interest expenses. Total other income was relatively unchanged from a year earlier and includes an $8.5 million decline in net insurance revenues mainly resulting from claims expense related to Alberta's catastrophic floods and severe hailstorms. Diluted earnings per common share was down 2% ($0.01) to $0.60. Adjusted cash earnings per common share, which excludes non-tax deductible changes in fair value of contingent consideration and the after-tax amortization of acquisition-related intangible assets, decreased 3% to $0.61.
Compared to the previous quarter, net income available to common shareholders increased 10% ($4.5 million) reflecting the positive revenue impact of three additional revenue-earning days, an improved net interest margin and loan growth. Within other income, a $3.9 million increase in net gains on securities and a $2.7 million contribution from the 'other' component of other income combined to lessen the impact of an $8.4 million decline in net insurance revenues. An increase of $2.1 million in non-interest expenses was mainly attributed to the Bank's investment in McLean & Partners Wealth Management Ltd. (McLean & Partners), and was more than offset by the related revenue contribution.
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