Building economic momentum: ATB Financial releases first-quarter results
EDMONTON, AB, Aug. 19, 2021 /CNW/ - ATB Financial's solid first-quarter results demonstrate how Alberta's financial institution is delivering value to the province while helping to reshape the post-pandemic economy.
As the economy reopens and government support programs wind down, ATB Financial continues to help build economic momentum—providing capital and expert advice to Albertans and their businesses. ATB Financial team members continue to work individually with clients, reaching out to those who face ongoing challenges to help chart a financial path forward.
"While we know this year continues to promise many unknowns, we can feel an energy in the air—the kind of energy that fuels the economic recovery of businesses, communities and our province," said Curtis Stange, President and CEO of ATB Financial. "Our clients require personalized advice and solutions and as Alberta's bank, we are in a position to positively impact their recovery and growth through our highly-skilled team members."
In the quarter ending June 30, 2021, ATB Financial delivered strong revenue of $459.8 million—an increase of $35.2 million from the same period last year—and continued to improve efficiency through prudent expense management. These results, combined with lower provisions for credit losses, led to net income of $162 million—an increase of more than 240% compared to the same quarter last year.
Expert advice from ATB Wealth helped more Albertans grow their investments with assets under administration of $26.1 billion, up from $21.7 billion for the same quarter last year. The quarter also saw ATB Wealth set a new record with the highest gross assets gathered in the first quarter in nearly 20 years.
ATB Financial supported Albertans and their businesses with new and renewed loans of more than $6.8 billion. ATB Financial continues to make home ownership a reality for Albertans, funding $710 million in new mortgages with the month of June shattering a seven-year record for mortgage applications. With assets of $55.5 billion, ATB Financial is in a position of strength to be a catalyst for economic growth as Alberta diversifies and builds upon its digital advantage.
"This is our moment to reshape Alberta's economy, to invest and build on the technology and innovation needed to propel Alberta forward," said Stange.
Other highlights of the quarter include:
- Nurturing the growth of Alberta's digital economy, ATB Financial supported the launch of Start Alberta—a world-class database in Alberta and the first of its kind in North America—which connects tech companies with potential investors.
- ATB Financial was proud to support Canada's bid to establish a new International Sustainability Standards Board which will develop global standards for reporting on environmental, social and governance standards.
- ATB Financial successfully facilitated five different government relief programs, funding over 21,000 Canada Emergency Business Account (CEBA) applications and getting over $1.1 billion into the hands of Albertans before the program ended at the end of the quarter.
- ATB Financial is working with farmers and ranchers across the province whose crops have been affected by prolonged extreme heat and dry weather to minimize the potential financial stress they may face with the coming harvest this fall.
- ATB Financial's free digital-only banking app, Brightside, continues to attract new clients who are now getting extra savings through Brightside's Friends with Benefits program when they use their Brightside Spend Card at some 200 local Alberta businesses.
- ATB Financial helped families with the shift to online learning with a $100,000 donation to the United Way. The donation made it possible to purchase over 400 Chromebook laptops which were distributed to students at 23 Alberta schools.
- ATB Financial recognized National Indigenous Peoples Day by partnering with the Making Treaty 7 Cultural Society for an exhibit at the ATB Branch for Arts + Culture and by matching all purchases and donations made in ATB BoostR Indigenous Marketplace up to $10,000.
- ATB Financial celebrated the achievements of Alberta's top women entrepreneurs at this year's Alberta Women Entrepreneur Awards while ATB Financial's Chief Technology Officer Denise Man and Board member Jim Davidson were both Calgary Influential Women in Business honourees—an award recognizing their professional accomplishments, work advocating for advancing women and community involvement.
- On the heels of being named one of the top three places to work in the country, ATB Financial was named one of Canada's Great Places to Work for Mental Wellness.
- ATB Financial was one of only two Canadian companies recognized by Fast Company magazine for being one of the Best Workplacesfor Innovators in its international category.
See ATB's full first-quarter results.
About ATB Financial
With $55.5 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 Financial's more than 5,000 team members love to deliver exceptional experiences to over 800,000 clients 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
Share this article