EDMONTON, Feb. 13, 2018 /CNW/ - Results from ATB Financial's third quarter reflect a growing optimism and strength in the Alberta economy. ATB reported a net income of $94 million for the quarter ending December 31, 2017. That is up 44 per cent from net earnings for the same quarter a year ago ($65 million).
Entrepreneurs are the driving force behind Alberta's economy and ATB continues to support businesses—large and small, start-ups and well-established companies—all across the province. In the third quarter, ATB authorized 3,725 loans to small and medium-sized businesses for a total of close to $1.1 billion. That's an increase of 227 loans and $292 million over the same quarter last year.
It's also consistent with the message we're hearing from many Alberta businesses. While there continue to be challenges in some sectors of Alberta's economy, the latest ATB Business Beat survey revealed 60 per cent of Alberta businesses say they are recovered or recovering from the economic downturn.
"Alberta definitely went through a very rough patch as a result of the dramatic drop in oil prices," said ATB's President & CEO, Dave Mowat. "Our resilience was tested, but we're seeing very positive signs that Alberta is back on an upswing. And as a result, ATB is set to end the year with better than expected results."
ATB continues to invest in new technology to serve customers. Innovation with blockchain, AI and machine learning is core to the ATB transformation strategy. While these investments increase ATB's overall expenses, they are offset with disciplined cost management in other parts of the company. To learn more about how ATB is innovating, visit atbalphabeta.com.
Meanwhile, ATB continues to look for opportunities to make banking work for Albertans. A new agency is now open in NorQuest College to serve a unique and diverse student body, including newcomers to Canada, young parents and students who struggle with financial literacy. It is the first ATB agency to be owned and operated by a post-secondary institution.
ATB has partnered with SecureKey Concierge™. This authentication network allows customers to connect to critical online services, such as Canada Revenue Agency, using ATB Online banking credentials they already have and trust.
The generosity of Albertans was evident over the holiday season. Albertans donated $1.3 million to charities through the ATB Cares website in December alone, an increase of $300,000 from last year. ATB provided $40,000 in matching funds.
ATB team members and customers rallied to support Alberta United Way agencies with a fundraising campaign that brought in $690,000.
Read ATB's complete third quarter results here.
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Q3 18 by the numbers
$94.0 M – Net income
44.4% – Increase from Q3 17
$406.8 M – Operating revenue
16.2% – Increase from Q3 17
$43.2 B – Loans
6.3% – Increase from Q3 17
$33.5 B – Deposits
0.8% – Decrease from Q3 17
$50.7 B – Total assets
4.3% – Increase from Q3 17
Q3 18 by the people
748,849 – Total customers
5,194 – ATB team members
About ATB Financial
With assets of $50.7 billion, ATB Financial is Alberta's largest home-grown financial institution. Established in 1938, ATB is a network of 174 branches, 142 agencies, a Customer Care Centre, two Entrepreneur Centres, along with mobile and online banking. ATB's more than 5,000 team members help more than 740,000 customers in 247 Alberta communities.
SOURCE ATB Financial