Press Release
18 November 2022
Edmonton—ATB Financial’s second-quarter (Q2) results for the period ending September 30, 2022 demonstrate sustained growth while navigating a complex economic environment.
ATB Financial continues to deliver solid financial performance in Q2, with total revenue rising to $483.8 million (up 3.7 per cent from last year). The increase in revenue was driven by higher net interest income that was partially offset by lower other income. ATB’s quarterly net income was $100.1 million (down 27.9 per cent from last year). The decrease of net income was driven by a higher provision for loan losses totaling $27.3 million partially offset by higher total revenue.
“Overall, our financial results are positive and reflective of our current macroeconomic environment,” said Curtis Stange, President and CEO, ATB Financial. “As our clients continue to feel the impacts of high inflation, rising interest rates and geopolitical events, our team members are working diligently to provide the advice and products needed to guide our clients to a brighter future.”
In Q2, ATB Financial provided nearly $6.4 billion in new and renewed loans to Albertans and Alberta businesses (up 13.5 per cent from last year). The majority of this growth came from the Energy sector and there was growth in Real Estate, Agriculture and ATB’s mortgage portfolio.
“Looking forward, while we are experiencing the same economic turbulence as the rest of the world, we can be more optimistic for the future with our province expected to be one of the leaders, in terms of GDP growth, for the country next year,” said Stange. “After recently visiting clients and team members throughout the province, I’ve seen first-hand their resilience and innovation and I am inspired by the possibilities that lie ahead.”
Also this quarter, ATB Financial continued its support of the Alberta Indigenous community and was a proud partner of Willow Lake Métis Nation in facilitating the purchase of 205 acres of land. The deal’s financing was supported through the community’s equity ownership in the Northern Courier Pipeline, which ATB Capital Markets completed. In addition, ATB finalized a landmark deal, valued at $1.12 billion, between 23 Indigenous communities where ATB provided a $250 million government backed loan (one of its largest) with the Alberta Indigenous Opportunities Corporation.
See ATB Financial’s full second-quarter results here.
Q2 Highlights
About ATB Financial
With $59.1 billion in assets, ATB Financial is an Alberta-built financial institution that is a catalyst for economic growth in our province. We got started in 1938 to help Albertans through tough economic times. Today, ATB Financial’s more than 5,000 team members love to deliver exceptional experiences to over 800,000 clients 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, Alberta and beyond
For more information or interview requests, please contact:
ATB Financial, Media Relations Team media@atb.com
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