Canada NewsWire
EDMONTON, AB, May 23, 2024
EDMONTON, AB, May 23, 2024 /CNW/ - Throughout fiscal year 2024, ATB Financial achieved significant milestones and delivered solid financial results.
Reflecting Back
Despite the economic volatility of the past year, ATB Financial reported record total revenue of $2.0 billion (up 4.6 per cent from last year). Strong growth in its overall loan portfolio, now exceeding $51.0 billion, was the primary driver in the uptick in total revenue. Moreover, ATB Wealth recorded record-high assets under administration totalling $28.6 billion.
"Throughout the year, our team members have worked hard to show up in meaningful ways for our clients. With deep expertise and strong market offerings we empower our clients to reach their goals, providing them with a distinct advantage. Our own financial performance has further instilled a confidence that ATB Financial will continue to be a catalyst for growth in the years ahead," said Curtis Stange, President & CEO, ATB Financial. "Proudly this year, we announced we are in a position, for the first time in our history, to declare ATB dividends. This will help build a stronger Alberta now and for the future."
Net income was $336.8 million (down 21.4 per cent from last year). The decline in net income is primarily due to the increase of $106.8 million in the provision for loan losses, aligning it more closely with historical norms. Specifically, the loan loss provision increased to $131.5 million compared to the previous fiscal year of $24.6 million mainly due to our loan portfolio growing and lower provisions in the prior year.
"Alberta's economy has experienced record population growth, a revitalised energy sector, and has proven its resilience in the face of inflationary pressures. While these are promising signs, economic challenges persist. Nevertheless, ATB Financial has emerged from this fiscal year with strong capital levels and with total assets exceeding $60 billion." said Dan Hugo, CFO, ATB Financial.
ATB Financial has once again been recognized as a top workplace in Canada by its team members and continues to support Albertans through sponsorships and community initiatives. ATB Financial further underscored its dedication to Alberta and its commitment to reinvesting in the province with a significant milestone: the announcement that it is in the position to declare its first-ever quarterly dividends totalling $100 million in fiscal 2025 to its shareholder, Government of Alberta.
See ATB Financial's full year end results here.
Looking Ahead
Today in Edmonton, industry experts, businesses and community leaders are attending ATB Financial's annual business summit. The event serves as a platform for delving into the latest emerging trends and innovative opportunities within the business landscape. Leading experts will explore the current economic climate, with a focus on the pivotal challenges and opportunities across sectors including real estate, energy, technology and agriculture. Through these discussions, insights will be shared on how to navigate the dynamic market and position their companies for success.
"In conversations with our clients, we've recognised that with rising costs hitting their businesses and difficulties in accessing skilled labour, many are struggling to reach their goals. Events like our business summit play a crucial role in connecting with our clients and ensuring that we offer the expertise needed to unlock their individual opportunities," said Stange. "As we embark on a new fiscal year, our team members are excited and committed to supporting and serving our clients and Alberta."
About ATB Financial
With $60.4 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
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