Edmonton — ATB Financial is seeing the strength in Albertans and the businesses they operate and is still growing its loan portfolio. ATB’s net loans reached $39.1 billion through the end of the second quarter ending September 30, 2015. That represents growth of 11.5 per cent, compared to growth of 10.3 per cent in the same quarter a year ago.
“ATB is open for business,” says Dave Mowat, ATB’s President & CEO. “Yes, we’re going through a significant slowdown in our economy, but now’s not the time to flinch on Albertans. In fact, there is a lot of talent and experience out there working hard to adjust to these conditions.”
ATB is attracting new deposits and new customers. Total deposits grew to $32.3 billion, representing growth of 8.5 per cent, and ATB welcomed 5,764 new customers from across the province during the second quarter. ATB’s mortgage lending, along with small business and agriculture lending, accounted for the majority of ATB’s loan growth.
The economic slowdown has affected ATB’s overall bottom line. ATB’s net income for the second quarter was $57.2 million, down $24.6 million or 30.1 per cent from the same quarter last year. The drop in profit is mostly due to an increase in ATB’s provision for credit losses, which was $48.1 million for the quarter. That’s up from $10.3 million a year ago.
Looking to the future, ATB will continue its priority on supporting Alberta’s small- and medium-sized businesses.
“ATB has made it a priority to bank entrepreneurs in Alberta, not only for their business banking but for their personal and investment needs as well,” adds Mowat. “We know what makes Alberta entrepreneurs tick and what can make banking tricky for them because we’re Albertans, too. We’re here to help them succeed.”
Watch this video for more from Mowat on ATB’s second quarter.
ATB is also helping grow Alberta communities. During the second quarter, ATB opened a new branch in La Crete and donated its former branch building to Mackenzie County. The building will be retrofitted into a new community library. (See the video here.)
Q2 16 By the Numbers
$57.2M – Net income
30.1% – Decrease from Q2 15
$370.6M – Operating revenue
6.3% – Increase from
$39.1B – Loans
11.5% – Increase from Q2 15
$32.3B – Deposits
8.5% – Increase from
$45.5B – Total assets
13.6% – Increase from Q2 15
$48.1M – Provision for credit losses
Q2 16 By The People
5,764 – Customer growth
5,234 – ATB team members
For ATB’s complete second quarter results, visit ATB.com.