EDMONTON, AB, Nov. 22, 2024 /CNW/ - Contributing to Alberta's economic prosperity, ATB Financial announced strong second-quarter results for fiscal year 2025, with significant growth in loans and deposits. In tandem, ATB Financial also made its second payment of $25.0 million in dividends to the Alberta Government, and continues to be positioned to declare dividends totalling $100 million this fiscal year.
"The continued growth of ATB Financial, through dividends to the Alberta Government and strong financial results, is helping build a stronger Alberta now and for the future," said Curtis Stange, President and CEO, ATB Financial. "With a highly capable and experienced team, ATB Financial remains dedicated to supporting our clients and their businesses with expert advice and personalised solutions. Our commitment was recently reflected in the J.D. Power 2024 Canada Retail Banking Satisfaction Study, ranking us number two among midsize banks in Canada for client satisfaction."
In a highly competitive market, ATB Financial reported solid revenue growth with total revenue reaching $526.2 million in the second quarter – a 4.6 per cent increase compared to the same period last year. This growth was fueled by a 6.7 per cent year-over-year increase in net loans, which reached $53.1 billion, that further stimulated the economy. Total deposits rose 4.4 per cent year-over-year to $43.0 billion.
Of significance, net income for the quarter reached $105.3 million. This result was driven by a combination of factors, including growth in net interest income and a 8.5 per cent increase in other income, which reached $172.3 million. The growth in other income reflects the success of ATB Financial's expanding advisory services for clients.
Additionally, this quarter, ATB Financial reported $29.9 billion in assets under administration, reinforcing its position as a leading investment firm. This growth will be further enhanced by ATB's recent announcement that it entered into an agreement to acquire BCV Asset Management Inc., a prominent Manitoba-based portfolio management firm. This acquisition will expand ATB Financial's wealth management capabilities and reach across Western Canada for the benefit of its clients. The impact of the acquisition will be reflected in ATB Financial's Q3 financial report.
See ATB Financial's full quarter results here.
Q2 Highlights
- Demonstrating its commitment to advancing Truth and Reconciliation, ATB Financial achieved bronze certification in the Partnership Accreditation in Indigenous Relations (PAIR) program.
- ATB Capital Markets hosted its 2024 Energy and Life Sciences Institutional Investors' Conferences in New York City. The event attracted nearly 40 investment firms and 80 corporate attendees, and included a keynote address by the Premier of Alberta.
- ATB Capital Markets released its Fall 2024 Energy Sector Survey, revealing tempered growth expectations for the Canadian energy sector in the coming year. While investors expressed a more cautious outlook, the survey identified potential catalysts and opportunities for growth. Additionally, ATB Capital Markets published its Fall 2024 Cannabis Survey, which also indicated softening sentiment in this sector.
- Developed in partnership with MNP, ATB Financial released "Opening the Door to Opportunity II". It highlights the growing influence of Indigenous communities in the province's economy.
- ATB Financial granted thirty community organisations more than $450,000 in funding this quarter. Notable recipients included CASA Mental Health for its Preschool Mental Health Program, and Inn From the Cold for its Prevention & Diversion Program.
- Partnering with Impact Genome, ATB Financial launched a new program that provides grant recipients with Impact Genome memberships. This program promotes enhanced social project impact assessments in addition to standardised measurements of their results.
- Celebrating the program's first year, with participation nearly doubling, the ATB Capital Markets Women's Rotation Program continues to offer candidates a breadth of experience and serve as a testament to ATB's commitment to diversity in capital markets.
- ATB Financial continued its support for Jasper by donating $50,000 to a benefit concert that provided an uplifting experience for the community following the wildfires, and attracted further financial support.
About ATB Financial
With $62.3 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 nearly 820,000 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. ATB is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. 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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