Helping Albertans move forward: ATB Financial releases second-quarter results
EDMONTON, AB, Nov. 19, 2020 /CNW/ - ATB Financial's second-quarter results highlight its commitment to helping Albertans and Alberta businesses navigate through these uncertain times while working to build a stronger province.
"Knowing the importance of advice at this critical time, we reached out to thousands of consumer and business customers who participated in our relief program to draw up personalized plans supporting their financial future," said Curtis Stange, President and CEO of ATB Financial. "We are helping Alberta's business owners pivot, diversify and adapt to ever-changing economic conditions while investing in our province and supporting customers with new and renewed loans of $4.6 billion."
ATB also facilitated 17,500 Canada Emergency Business Account (CEBA) applications, ensuring more than $700 million in funding for ATB's micro and small business customers. By using artificial intelligence to automate the application process and implementing CRA direct deposit, ATB customers quickly received the relief they needed.
During the quarter ending September 30, 2020, ATB delivered solid operating revenue of $428.4 million and significantly improved its efficiency with expenses at a two-year low. Despite a volatile market, ATB's investment management arm, ATB Wealth, helped more Albertans recover and grow their investments with assets under administration of $22.5 billion. The quarterly provision for loan losses decreased by almost $200 million, coming in at $52.2 million. ATB is in a solid financial position with assets approaching $55.0 billion and strong capital levels in line with its industry peers.
ATB continues to operate in a cost-effective way while providing an outstanding customer experience and ensuring the biggest benefit to Albertans. At the same time, ATB has increased its digital offerings, making it easier for Albertans to access essential financial services.
"Some of the most entrepreneurial and hardworking people call Alberta home. Now more than ever, Alberta's adaptability and resilience are critically important," Stange said. "At ATB, we're working with Albertans—from supporting innovation in our agriculture, technology and energy sectors to improving mental wellness—so our province can thrive once again."
Other highlights include:
- ATB supported the Cascade Power Project, expected to be the largest and most efficient gas-fired power plant in our province. It is anticipated to provide about 8 per cent of Alberta's power and reduce Alberta's carbon emissions by 5 per cent. This equity investment also marks the first transaction supported by the Alberta Indigenous Opportunities Corporation (AIOC).
- ATB is investing in renewable energy—including helping to finance the Suffield and Yellow Lake solar projects in southeast Alberta and construction of a new solar power generation facility near Claresholm. Upon completion, these facilities are expected to generate enough energy to power thousands of Alberta homes annually.
- ATB provided financing for a new Métis cultural centre in Fort McMurray which will serve as a community gathering space and contribute to the advancement of Métis culture and ATB's commitment to reconciliation in action.
- ATB partnered with Federated Co-ops Limited to bring the products of ATB X and ATB BoostR entrepreneurs directly to consumers across the province.
- Through ATB's focus on harnessing innovation to improve customer experience and help drive our economy forward, Brightside, the new digital banking app powered by ATB, launched Apple Pay and Google Pay for its Spend Card.
- In a strategic partnership, ATB is supporting Neo Financial—a Calgary-based fintech startup—in its innovative new digital offering. ATB is issuing Neo's credit card, which forms a fundamental part of its product.
- Through the Community Solutions Accelerator, ATB contributed $20,000 toward an award for a new mental health app to help first responders who are struggling with trauma, depression or other mental health issues.
- ATB also partnered with award-winning entertainer Gord Bamford to safely bring 12 drive-in concerts to cities across Alberta and raise more than $123,000 for Alberta mental health charities. As a result of this work—and its charitable donations, grants and sponsorships and thousands of volunteer hours—ATB was named one of Canada's Best Workplaces for Giving Back for a second year in a row.
See ATB's full second-quarter results here.
About ATB Financial
With $54.9 billion in assets, ATB Financial is an Alberta-built financial institution that is a catalyst for economic growth in our province. We got started in 1938 to help Albertans through tough economic times. Today, ATB's more than 5,000 team members love to deliver exceptional experiences to nearly 800,000 customers through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres, and our digital banking options. Everything we do is focused on how we can serve Albertans—from providing expert advice and supporting entrepreneurs to helping Albertans buy a home and grow their wealth.
For more information or interview requests, please contact:
ATB Financial, Media Relations [email protected]
SOURCE ATB Financial
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