UPDATE 1-Canadian Western Bank profit up on loan growth

March 7 (Reuters) - Canadian Western Bank posted a 10 percent rise in quarterly profit, helped by strong loan growth.

The company's first-quarter net income rose to C$41.5 million, or 54 Canadian cents a share, from C$37.8 million, or 50 Canadian cents a share, a year ago.

On an adjusted basis, the company earned 57 Canadian cents a share, compared with 55 Canadian cents a share, a year ago.

Net interest income rose 7 percent to C$104.9 million.

Shares of the company closed at C$28.30 on Wednesday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Don Sebastian)