Solid growth for ATB as it celebrates 80 years strong
EDMONTON, Nov. 15, 2018 /CNW/ - Second-quarter results for ATB Financial indicate solid growth, with an 11 per cent increase in net income over the same period last year. ATB's net income for the quarter ending September 30, 2018, was $69.5 million.
The largest Alberta-built financial institution reported a record efficiency ratio, operating revenue and income before provisions—key benchmarks that indicate a strong financial position. The results show the impact of efforts to diversify the revenue stream.
Q2 FY2019 By the Numbers |
$69.5 million – net income |
10.7% increase from Q2 FY2018 |
$422.2 million – operating revenue |
7.6% increase from Q2 FY2018 |
$46.1 billion – loans |
9.0% increase from Q2 FY2018 |
$34.9 billion – deposits |
5.7% increase from Q2 FY2018 |
$54.3 billion – total assets |
9.4% increase from Q2 FY2018 |
80 years in business |
Q2 FY2019 People Numbers |
763,611 – total customers |
5,452 – ATB team members |
ATB is gaining ground in deposits with a year-over-year increase of $1.9 billion.
"We know Albertans have a lot of choice when it comes to where they put their money. Our customers understand and appreciate that when they deposit their money with us, it lets us create loans for the people, places and businesses of Alberta," said President and CEO Curtis Stange. "Our Choose Alberta GIC provides exactly that opportunity, and I'm pleased with the success we're seeing."
While Alberta's economy continues to improve, the growth is not at a pace most Albertans are used to. For some businesses, this slower recovery means financial difficulty and, as a result, loan loss provisions that are higher than expected. This signals continued challenges, particularly for small- and medium-sized businesses. And while some loan losses can be attributed to seasonality, we see indications that they will continue to be a challenge in the coming quarters.
Newly rebranded ATB Wealth is closing in on a significant milestone, with $19.9 billion in assets under administration.
"This quarter we brought ATB Investor Services and Alberta Private Client under the ATB Wealth banner to better serve Albertans looking for comprehensive and holistic wealth management services," said Stange. "This step is aligned with our desire to bring our customers closer to their aspirations, and we're excited to watch them succeed."
ATB continued its investment in technology to improve the customer experience by speeding up the process of opening new accounts with its onboarding express tool. It's now available in most locations, meaning a customer can open a retail account in less than five minutes.
The tally for ATB's annual Teddy for a Toonie fundraising campaign came in, and a cheque for $637,000 was issued for the Alberta Children's Hospital Foundation and the Stollery Children's Hospital to split.
Finally, ATB was named a winner of Achievers' 50 Most Engaged Workplaces™ for 2018. The annual award honours the top employers in North America.
See ATB's full second-quarter results
For more information or interview requests, please contact:
Leanne Niblock
Managing Director, External Communications
587-253-0535
[email protected]
About ATB Financial
With $54.3 billion in assets, ATB Financial is an Alberta-based financial institution. But don't let that fool you—we're so much more than a bank. We got started in 1938 to help Albertans through rough economic times, and today we have 175 branches, 144 agencies, a Client Care Centre, four entrepreneur centres, and mobile and online banking. And did you know we're fast becoming the digital bank and the bank for entrepreneurs? We're already the place to work for our more than 5,400 team members who love to serve our 760,000-plus customers in 247 Alberta communities. To find out more, visit us at atb.com.
SOURCE ATB Financial
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