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“Our own financial performance has further instilled confidence that ATB Financial will continue to be a catalyst for growth in the years ahead,” he continued. “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 $336.8m, down 21.4 percent from last year. This decline in net income was primarily due to a $106.8m increase in the provision for loan losses, aligning it more closely with historical norms.
The loan loss provision increased to $131.5m from the previous fiscal year’s $24.6m, mainly due to portfolio growth and lower provisions in the prior year.
“Alberta’s economy has experienced record population growth, a revitalized 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 $60bn,” said Dan Hugo, CFO, ATB Financial.
Team members once again recognized ATB Financial as a top workplace in Canada, and the company continues to support Albertans through sponsorships and community initiatives.
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