Supporting Alberta's economic recovery: ATB Financial releases third-quarter results
EDMONTON, Feb. 12, 2020 /CNW/ - ATB Financial's third-quarter results show Alberta's financial institution continues to support our province's economic recovery with increased lending, investment growth and contributions to Alberta's revenue.
For the quarter ending December 31, 2019, ATB made more than $4 billion in new loans to Albertans, growing total loans to $46.6 billion. This investment in Albertans was primarily funded through ATB's customer deposits, which stood at $35.1 billion at the end of the quarter.
ATB also contributed $118.4 million to the province's bottom line in the third quarter, an increase of $16.1 million over the previous quarter and $36.8 million more than the same quarter last year. ATB's year-to-date contribution to Alberta's revenue is $294.8 million—an increase of $21.3 million from last year.
"Our third quarter is reflective of the Alberta economy which is slowly getting back on its feet," said Curtis Stange, president and CEO of ATB Financial. "ATB will continue to be a catalyst for economic growth whether that's partnering with Alberta's core industries, businesses and entrepreneurs or by helping Albertans buy a home or save for higher education and retirement."
ATB continues to be committed to serving Albertans here at home and their interests around the world, welcoming more than 8,500 new customers since the same quarter last year.
ATB's investment management arm, ATB Wealth, helped more Albertans increase their investments with assets under administration that grew to $21.6 billion, up $2.5 billion from the same quarter last year.
"Alberta is an economic powerhouse with incredible investment opportunities. We are growing despite all of the challenges we are facing," said Stange. "ATB is optimistic about the future and remains committed to supporting Albertans—a role we have proudly played for over 80 years."
Other highlights include:
- ATB opened a new branch in the Glenora community of Edmonton, donating 233 packages to the Edmonton Food Bank—one for every new account opened at the branch during its first month.
- ATB supported women entrepreneurs with the launch of the second Build Her Business crowdfunding campaign which provides access to funding, education, mentorship and expert advice.
- Our 24/7 Client Care Centre celebrated 20 years of helping Albertans with their banking needs and providing remarkable experiences for our customers.
- ATB announced the acquisition of Grow Technologies Inc. so customers will have access to an easy-to-use and time-saving digital platform that will significantly improve their banking experience.
- ATB was recognized on the Great Places to Work Alberta list due to its commitment to encouraging work-life balance and team member wellness.
- ATB raised over $583,000 for the United Way in October to address poverty and mental health across Alberta.
- The Junior ATB program, which operates in nearly 90 Alberta schools, celebrated 10 years of teaching financial literacy to children by enabling them to run their own ATB branch in their classroom.
See ATB's full third-quarter results here.
Q3 FY20 by the numbers
$81.7 million – net income
57.8% increase from Q3 FY19
$446.8 million – operating revenue
4.6% increase from Q3 FY19
$35.1 billion – deposits
2.3% decrease from Q3 FY19
$46.6 billion – loans
0.9% decrease from Q3 FY19
$54.3 billion – total assets
1.2% decrease from Q3 FY19
Q3 FY20 people numbers
776,594 – total customers
5,728 – ATB team members
For more information or interview requests, please contact:
ATB Financial,
Media Relations
[email protected]
About ATB Financial
With $54.3 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 and are still the only financial institution in more than 100 Alberta communities. ATB's more than 5,500 team members love to deliver exceptional experiences to our 775,000-plus customers in 173 branches, 142 agencies, 24-hour Client Care Centre, four entrepreneur centres, or through 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.
SOURCE ATB Financial
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