Supporting Albertans and a brighter future: ATB Financial releases third-quarter results
EDMONTON, AB, Feb. 18, 2021 /CNW/ - ATB Financial's third-quarter results demonstrate how ATB is supporting Albertans and their businesses through these challenging times while working to strengthen the provincial economy.
ATB continues to provide Alberta businesses with much-needed capital along with tailored expert advice to help them reach their financial goals, whether that's exploring new business models, ways to streamline expenses or improve their cash flow.
"Our team has been working hard to guide Albertans and their businesses through this new reality as we recognize the impact that COVID-19 has had, and continues to have," said Curtis Stange, President and CEO, ATB Financial. "There is no doubt the pandemic has challenged us all. However, we're seeing the Alberta spirit of resilience and innovation shine through. That, coupled with our advice and solutions, has meant many businesses are pushing through and, in some cases, thriving—ensuring a brighter future for Alberta."
During the quarter ending December 31, 2020, ATB invested in our province and supported customers with new and renewed loans of $4.6 billion, with new and renewed business loans up 34.4% from the same quarter last year. ATB delivered strong operating revenue of $462.0 million—up 3.40% year-over-year—and continued to improve efficiency through careful management and reduced expenses. The quarterly provision for loan losses decreased by $54.3 million compared to the same period last year. ATB continues to be in a solid financial position and has assets of $55.6 billion.
ATB's investment management arm, ATB Wealth, created personalized wealth solutions for more Albertans, growing their investments and achieving assets under administration of almost $24 billion, up from $21.6 billion during the same period last year.
ATB's new capital markets arm is attracting more opportunity for investment in Alberta companies by combining local market and industry specialization with global knowledge and an international reach. This past quarter, the team focused on life sciences and diversified industries creating innovative business solutions out of economic volatility.
"As the world moves through the COVID-19 pandemic, ATB is here to help Alberta—and Albertans—leverage the value we bring," said Stange. "Out of crisis comes innovation and, together, we can imagine a whole new world of possibilities."
Other highlights include:
- ATB Ventures, ATB Financial's innovation team, made a strategic investment in Radical Ventures, an AI-focused venture capital firm, and became a member of the Digital Identification and Authentication Council of Canada, a coalition dedicated to developing a Canadian digital identification and authentication framework.
- ATB Capital Markets continues to capture the life sciences market, closing several significant equity and advisory deals with leading cannabis companies.
- ATB Wealth continues to be recognized for investment excellence.
- ATB was recognized for providing world-class customer experience with an Illumi award at Human Insight World 2020.
- To make it easier for customers to bank safely, ATB launched a new online appointment booking tool—with more than 5,000 appointments being booked online. ATB also launched the ATB Business app in November and has since seen 36,000 unique users and counting.
- ATB's digital banking app, Brightside, introduced its Friends with Benefits program to reward customers with extra savings when they use the Brightside Spend Card at some 40 local Alberta businesses.
- ATB announced the third Build Her Business crowdfunding campaign in October which encourages women entrepreneurs to start and grow their business.
- ATB partnered with MindFuel to launch the Crack the Code Challenge to get young Canadians coding and building the skills of tomorrow.
- In October, ATB's Teddy for a Toonie campaign raised $311,000 for youth mental health programs at the Stollery and Alberta Children's hospitals.
- ATB built on its agreement with headversity, expanding the leading mental health and resilience program to all ATB team members.
- ATB helped make homeownership a reality for two Medicine Hat families through the funding of two new Habitat for Humanity homes.
- ATB increased its matching of charitable donations made through ATB Cares in December from $20,000 to $100,000 resulting in $2.3 million raised through the site that month alone.
See ATB's full third-quarter results here.
About ATB Financial
With $55.6 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's more than 5,000 team members love to deliver exceptional experiences to more than 800,000 customers 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.
SOURCE ATB Financial
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