ATB Financial maintains steady results in third-quarter
EDMONTON, AB, Feb. 23, 2024 /CNW/ - ATB Financial's third-quarter results underscore solid performance amidst challenging conditions marked by the lingering impacts of elevated inflation and interest rates.
For the period ending December 31, 2023, ATB Financial recorded total revenue of $518 million (up 7.1 per cent from last year). The revenue growth was the result of the continued support for the Alberta economy as loans grew $3.5 billion or 7% year-over-year resulting in a net loan portfolio of $50.8 billion at quarter end.
"With a net loan portfolio in excess of $50 billion, ATB Financial is able to significantly contribute to the Alberta economy," said Curtis Stange, President and CEO, ATB Financial. "In conversations with our clients, we know they're challenged by increasing costs, as well as more difficult access to skilled labour, to support their goals. Our personalized financial advice and solutions will help ensure continued growth in this province."
The Energy sector led overall loan growth, with additional positive contributions from Real Estate, Agriculture, and ATB's mortgage portfolios. These results highlight ATB's diversified revenue streams and strategic positioning across sectors. Furthermore, the company experienced a noteworthy 11.3 per cent increase in other income in the third quarter, totaling $169.7 million compared to the previous year.
"Alberta's economy, fueled by record population growth and a rejuvenated energy sector, has proven its resilience amidst the inflation storm. Moreover, Alberta is expected to be a leading economic force in Canada in 2024," added Stange. "Despite these positive indicators, we recognise the continuous impacts of elevated interest rates on our clients and we remain committed to helping our clients adapt to these ever-changing conditions."
Recognizing rising affordability challenges, coupled with an increased demand for essential services during the holiday season, ATB Financial extended its financial support to 22 food banks across the province in Q3. Additionally, combined with donations and volunteerism, ATB's team members further contributed to hundreds of charities and dedicated thousands of volunteer hours to help raise the well-being of Albertans this winter.
See ATB Financial's full third-quarter results here.
- Demonstrating ATB Financial's expertise and knowledge, ATB Business published its 2023 survey of Canadian business leaders. As well, ATB Capital Markets released its Semi-Annual Energy Sector Survey and first Cannabis Sentiment Survey. These surveys provide insights, current business opportunities and concerns while also highlighting possibilities for business investment.
- ATB Financial introduced its First Home Savings Account (FHSA), a unique savings plan for Canadians aiming to buy their first home.
- In support of women in technology, ATB Financial extended its support of the Making Changes, Women in Technology Program. The mission of the program is to empower women through technology training to launch their careers in this sector.
- Highlighting its dedication to delivering financial expertise, ATB Wealth, the wealth management division of ATB Financial, announced the grand opening of its new location in Kelowna, British Columbia in October.
- ATB Wealth was honoured to be the headline sponsor for Highbanks Society's 20th anniversary as the organization continues its mission to provide affordable housing and a nurturing community to young families.
- ATB Investment Management Inc. has been awarded with two prestigious Lipper Fund awards from the London Stock Exchange Group in the Canadian Fixed Income Balanced Award category. These accolades recognize the outstanding performance of ATB's Conservative Balanced Series F1 fund over both a five-year and a 10-year period.
With $60.2 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 800,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. More information about ATB can be found at atb.com.
For more information or interview requests, please contact:
ATB Financial, Media Relations Team [email protected]
SOURCE ATB Financial
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