242 Alberta communities – Loan and deposit growth, along with prudent management, helped ATB Financial record a net income of $91.5 million in the quarter ending December 31, 2014. That’s up 22.6 per cent from the $74.6 million that ATB earned in the same quarter of last year.
ATB’s net income for the first nine months of the fiscal year was $257 million, up $42 million, or 19.5 per cent, over the same time period last year.
“It was another solid quarter for ATB, but, in a way, that’s looking back” says Dave Mowat, ATB’s President & CEO.
“We now see a different landscape taking shape. We’ve prepared for that. We’re ready to support our customers through it. That’s what we’ve always done. That’s what we do.”
Hear more from Dave in this video.
Customer loans reached $36.7 billion during the third quarter, up from $32.7 billion at the same time last year. Deposits, meanwhile, finished the quarter at $29.8 billion, up from $26.6
billion at the end of the third quarter one year ago.
ATB has increased its allowance for loan losses by $18.8 million for the third quarter. A loan loss allowance is a reserve that allows for the possibility that portions of loans go unpaid. This quarter’s expense for credit losses is up $11.4 million from the same quarter a year ago. ATB anticipates this expense could be higher during the final quarter of the fiscal year.
“As the price of oil continues to sag, it could be a tough go for some Albertans over the next few months,” says Mowat.
“We always say, ‘As Alberta goes, ATB goes,’ so we’re bound to feel the effects of a softer economy. We’re here through good times and not-so-good times. And that’s not about to change.”
For complete third quarter results, visit ATB.com.
Q2 By the Numbers
$91.5M – Net income
22.6% – Increase from FY14 Q3
$379.4M – Revenue
11.8% – Increase from FY14 Q3
$36.7B – Loans
12.1% – Increase from FY14 Q3
$29.8B – Deposits
12.2% – Increase from FY14 Q3
63.7% – Efficiency Ratio
5.6% – Improvement from FY14 Q3
$12.6B – Customer mutual funds and investments
23.1% – Increase from FY14 Q3
By the People
25,123 – New customers in first nine months of FY15
0.9% – Increase from FY14