ATB Financial reports solid first quarter as Alberta is positioned to outperform the national economy this year

EDMONTON, AB, Aug. 17, 2023 /CNW/ - ATB Financial's first-quarter (Q1) results in FY2024 for the period ending June 30, 2023 demonstrate solid performance as a rise in loans to Albertans and their businesses combined with increased deposits resulted in higher revenue and other income. These results are amid an unsettled environment that sees the continued impacts of inflation and high interest rates affecting Albertans.

ATB Financial recorded total revenue of $498.0 million in Q1 (up 4.6 per cent from last year). The increase was largely driven by loan growth of $1.7 billion year-over-year and $166.1 million in other income (up 9.2 per cent from last year). The majority of the loan growth came from the energy, agriculture and real estate portfolios experiencing year-over-year increases.

"Our province's growing population, coupled with strong resource sectors, is driving Alberta to position itself to outperform the national economy this year," said Curtis Stange, President and CEO, ATB Financial. "While these are positive signs of an improving economy, Albertans continue to face affordability challenges and we remain dedicated to supporting our clients and their businesses with personalized solutions and expert advice to navigate forward."

ATB's net income remained strong at $120.0 million (up 4.7 per cent from last year) due to higher total revenue and improved credit performance. ATB also reported more than 3,500 new clients in the last quarter, and, with continued trust in the ATB brand, Q1 deposits increased by 4.6 per cent year-over-year.

"These first quarter results reflect ATB Financial's commitment to delivering sustainable, long-term value to our clients, partners and the province. While the economy continues to face headwinds, our sound balance sheet and growth strategies demonstrate the stability of our business and the expertise of our team members," added Stange.

See ATB Financial's full first-quarter results here.

Q1 Highlights

• Q1 saw unprecedented wildfires impacting thousands of Albertans. Despite having to temporarily close select branches to ensure client and team member safety, ATB leveraged its technology to deliver services and ensure the clients' wellbeing throughout the closures. In addition, ATB and its team members supported local organizations and donated over $50,000 to provide resources for those impacted.
• Demonstrating a strong commitment to Alberta, ATB Financial unveiled W by ATB, to power the growth of women-led and women-owned businesses. This program will connect women leaders and business owners with community partners, networking opportunities, products and services dedicated to their success.
• Acting as co-lead agent, ATB Capital Markets Inc. provided $13 million of financing to a cognitive computing company specializing in next-generation artificial intelligence.
• Partnering with Neo Financial, ATB Financial supported a new venture debt facility that offers funds for future growth opportunities.
• Launched the True Name feature on all ATB personal Mastercards making ATB the second financial institution in Canada to support individuals in the 2SLGBTQIA+ community and empower everyone to choose the name on their ATB Financial personal Mastercard^® that truly matches who they are and how they identify.
• ATB completed a multi-year commitment for the Indspire Scholarship bursary program ($50K total), with additional support for its 30th annual Indspire Awards in Calgary. Indspire invests in the education of First Nations, Inuit and Métis people.
• ATB Financial was the title sponsor of the ATB Classic, one of ten PGA Tour Canada events in 2023. Held at Northern Bear Golf Club near Edmonton, the tournament raised $55,000 for Alberta Golf's Youth on Course program.
• As ATB Wealth expands into British Columbia, it has participated and sponsored in community events including: Kelowna Women in Business Rise Awards, Swing Like a Girl Golf Tournament and Kelowna Wine Country Half Marathon.
• ATB was named the first recipient of the Digital Wellbeing award by the Digital Wellness Institute. This achievement is a testament to ATB's commitment to prioritizing the digital well-being of its team members.

About ATB Financial
With $58.3 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 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