EDMONTON, Aug. 16, 2018 /CNW/ - Results from ATB Financial's first quarter show balanced growth in loans and deposits as the Alberta-based financial institution continued growing its revenue. ATB reported a net income of $57.3 million for the quarter ending June 30, 2018.
Although net income is down from the same quarter a year ago ($63.1 million), primarily due to higher loan loss provisions, there are signs of improvement as support for Albertans and the province's entrepreneurs continues to be a priority. Loans were up 8.3 per cent over the same period last year ($45.1 billion from $41.7 billion). Deposits totalled $34.5 billion, up from $33.7 billion the year before.
Q1 19 By the Numbers
"The numbers show we are continuing to make banking work for Albertans. They are turning to us to help start or grow their businesses, and they are trusting us as a place to put their hard-earned money," said ATB's President & CEO Curtis Stange. "Many Alberta businesses and entrepreneurs have survived turbulent times, and there are still headwinds we face, but together, we're finding a way to thrive."
ATB crossed a significant milestone during the quarter, surpassing the 100,000 business customer count. Entrepreneurs in the Grande Prairie region were welcomed into the newest ATB Entrepreneur Centre—where business owners can meet to share ideas, garner support and learn from banking and business experts.
In a new commitment to help benefit Alberta's entrepreneurs, ATB signed on to the Canadian Business Growth Fund as a founding investor. The fund aims to help entrepreneurs access the capital they need to drive growth and expansion.
ATB Investor Services reported $19.4 billion in assets under administration, an increase of 12.7 per cent compared to this quarter last year.
On the innovation front, ATB entered into a partnership with the University of Alberta to collaborate on artificial intelligence and machine learning with a goal of creating better banking solutions for customers.
ATB earned a Blue Prism award for its work in automating internal processes, allowing team members to focus on more complex tasks.
Additional accolades came from the Advertising Club of Edmonton (ACE) with four awards, including a top award for innovation in advertising.
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About ATB Financial
With assets of $53.3 billion, ATB Financial is Alberta's largest home-grown financial institution. Established in 1938, ATB is a network of 175 branches, 144 agencies, a Client Care Centre, four Entrepreneur Centres, along with mobile and online banking. ATB's more than 5,000 team members help more than 750,000 customers in 247 Alberta communities.
SOURCE ATB Financial