EDMONTON, AB, May 23, 2024
/CNW/ - Throughout fiscal year 2024, ATB Financial achieved
significant milestones and delivered solid financial results.
Reflecting Back
Despite the economic volatility of the
past year, ATB Financial reported record total revenue of
$2.0 billion (up 4.6 per cent from
last year). Strong growth in its overall loan portfolio, now
exceeding $51.0 billion, was the
primary driver in the uptick in total revenue. Moreover, ATB Wealth
recorded record-high assets under administration totalling
$28.6 billion.
"Throughout the year, our team members have worked hard to show
up in meaningful ways for our clients. With deep expertise and
strong market offerings we empower our clients to reach their
goals, providing them with a distinct advantage. Our own financial
performance has further instilled a confidence that ATB Financial
will continue to be a catalyst for growth in the years ahead," said
Curtis Stange, President & CEO,
ATB Financial. "Proudly this year, we announced we are in a
position, for the first time in our history, to declare ATB
dividends. This will help build a stronger Alberta now and for the future."
Net income was $336.8 million
(down 21.4 per cent from last year). The decline in net income is
primarily due to the increase of $106.8
million in the provision for loan losses, aligning it more
closely with historical norms. Specifically, the loan loss
provision increased to $131.5 million
compared to the previous fiscal year of $24.6 million mainly due to our loan portfolio
growing and lower provisions in the prior year.
"Alberta's economy has
experienced record population growth, a revitalised energy sector,
and has proven its resilience in the face of inflationary
pressures. While these are promising signs, economic challenges
persist. Nevertheless, ATB Financial has emerged from this fiscal
year with strong capital levels and with total assets exceeding
$60 billion." said Dan Hugo, CFO, ATB Financial.
ATB Financial has once again been recognized as a top workplace
in Canada by its team members and
continues to support Albertans through sponsorships and community
initiatives. ATB Financial further underscored its dedication to
Alberta and its commitment to
reinvesting in the province with a significant milestone: the
announcement that it is in the position to declare its first-ever
quarterly dividends totalling $100
million in fiscal 2025 to its shareholder, Government of
Alberta.
See ATB Financial's full year end results here.
Fiscal Year 2024 Business
Highlights
- ATB Financial achieved its highest ever total revenue—over
$2.0 billion.
- ATB Financial announced that it is positioned to declare
quarterly dividends totalling $100.0
million in fiscal 2025 to its Shareholder, the Alberta
Government.
- ATB Wealth continued its expansion of advice and award-winning
investment products into British
Columbia and Saskatchewan.
- Recognized on seven Best Workplaces™ lists, ATB Financial was
named Best Workplaces in Canada –
1000+ Employees, Financial Services & Insurance, Women,
Inclusion, Giving Back, Mental Wellness, Most Trusted Executive
Teams.
- Enhancing ATB Financial's client support, new advisory hubs
were opened for clients to access advisory services, digital
banking solutions, and innovative community spaces.
- Demonstrating a strong commitment to Alberta, ATB Financial unveiled W by ATB,
to power the growth of women-led and women-owned businesses. This
program will connect women leaders and business owners with
community partners, networking opportunities, products and services
dedicated to their success.
- ATB Financial launched its second $50
million private equity fund dedicated to making minority
interest investments in Alberta-based small and mid-market
enterprises.
FY2024 Sustainability
Highlights
- Continuing its commitment to delivering on sustainability, ATB
Financial introduced environmental, social and governance
aspiration statements and commitments in its recently published
Sustainability Report.
- Empowered by leadership and active community engagement, ATB
Financial is fostering meaningful relationships with Indigenous
Peoples. Through this, ATB has supported 40 Indigenous communities
in achieving equity ownership of major infrastructure
projects.
- Over the fiscal year, ATB Financial contributed nearly
$1.4 billion in shared value through
its team members, local contributions and payments to the Province
to reinvest in Alberta.
- ATB Financial is committed to uplifting its communities. With
its purpose-driven approach in making an impact, ATB donated
$3.1 million to support worthy
causes.
Looking Ahead
Today in Edmonton, industry experts, businesses and
community leaders are attending ATB Financial's annual business
summit. The event serves as a platform for delving into the latest
emerging trends and innovative opportunities within the business
landscape. Leading experts will explore the current economic
climate, with a focus on the pivotal challenges and opportunities
across sectors including real estate, energy, technology and
agriculture. Through these discussions, insights will be shared on
how to navigate the dynamic market and position their companies for
success.
"In conversations with our clients, we've recognised that with
rising costs hitting their businesses and difficulties in accessing
skilled labour, many are struggling to reach their goals. Events
like our business summit play a crucial role in connecting with our
clients and ensuring that we offer the expertise needed to unlock
their individual opportunities," said Stange. "As we embark on a
new fiscal year, our team members are excited and committed to
supporting and serving our clients and Alberta."
About ATB Financial
With $60.4
billion in assets, ATB Financial is a leading financial
institution that started in Alberta with the focus of putting people
first. Our success comes from our more than 5,000 team members who
love to deliver exceptional experiences to over 800,000 clients
across our Personal and Business Banking, ATB Wealth Management and
ATB Capital Markets businesses. ATB provides expert advice,
services and products through our many branches and agencies, our
24-hour Client Care Centre, four entrepreneur centres and our
digital banking options. ATB powers possibilities for our clients,
communities and beyond. More information about ATB can be found at
atb.com.
For more information or interview requests, please
contact:
ATB Financial, Media Relations Team: media@atb.com
SOURCE ATB Financial