ATB starts fiscal year with its strongest quarter ever
EDMONTON, CALGARY and 240 other Alberta communities, Aug. 21, 2014 /CNW/ - ATB Financial has closed the books on the first quarter of its current financial year by posting a record net profit of $83.9 million -- and attracting thousands of new customers.
"The combined work of the ATB team and the trust placed by ATB customers has given us a very strong start to the year," says ATB President & CEO Dave Mowat.
"Our bottom-line message to all: thank you."
The quarter's net profit, the healthiest in ATB's history, was driven by customers' increased borrowing and deposits along with the performance of ATB's family of Compass mutual funds.
Check out this video for more from Dave on ATB's first quarter:
Part of ATB's growth has been a jump in the number of Albertans who have decided to trust ATB Financial to guard, grow and save their money.
"And we can do more to retain customers and more to attract new ones with the way we do banking," Mowat says. "We are constantly looking for ways we can make banking work for people."
Another first quarter highlight was ATB Investor Services, which operates the Compass family of mutual funds, where assets under management grew to $11.5 billion.
ATB's efficiency ratio improved to 66.3 per cent in the quarter as revenue growth of 9.2 per cent outpaced expense growth of only 3.4 per cent.
The first quarter featured ATB continuing its community-building initiatives, including financial support to Camp fYrefly and the lighting in pride colours of ATB's headquarters in Edmonton.
For the complete story on ATB's results, including Management's Discussion and Analysis, please visit ATB.com.
Q1 By The Numbers
$83.9M - Net income
27.4% - Increase from 2014 Q1
$354.5M - Revenue
9.2% - Increase from 2014 Q1
66.3% - Efficiency ratio
2.3% - Improvement from 2014 Q1
$34.4B - Loans
12.2% - Increase from 2014 Q1
$28.6B - Deposits
18.9% - Increase from 2014 Q1
$11.5B – Customer mutual funds & investments
28.0% - Increase from 2014 Q1
Q1 By The People
11,788 - Net new customers
67.1% - Increase from 2014 Q1
5,082 - ATB Team members
SOURCE ATB FinancialFor further information: For more information or interview requests, please give one of us a call.: Glenn Kubish, Director of Media & Story, ATB Financial, Cell: (587) 984-5275; Office: (780) 408-6529, Email: email@example.com; Barry Strader, Corporate Reporter, ATB Financial, Cell: (780) 886-4398; Office: (780) 495-1343, Email: firstname.lastname@example.org