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ATB Financial marks end of fiscal year with stable results
EDMONTON, AB, May 23, 2024 /PRNewswire/ — Throughout fiscal year 2024, ATB Financial achieved significant milestones and delivered solid financial results.
ATB Financial Logo (CNW Group/ATB Financeiro)
Reflecting back
Despite last year’s economic volatility, ATB Financial reported record total revenue of $2.0 billion (a 4.6% increase over last year). The strong growth of its global loan portfolio, now exceeding $51 billion, was the main driver of the increase in total revenue. Additionally, ATB Wealth reported record assets under management totaling $28.6 billion.
“Throughout the year, our team members have worked hard to show up in a meaningful way for our clients. With deep knowledge and strong market offerings, we empower our clients to achieve their goals, giving them a distinct advantage. Our own financial performance has further instilled confidence that ATB Financial will continue to be a catalyst for growth in the years to come,” said Curtis Stange, president and CEO of ATB Financial. “We proudly announce this year that we are in a position, for the first time in our history, to declare an ATB dividend. This will help build a stronger Alberta now and in the future.”
Net profit was US$336.8 million (a 21.4% drop compared to last year). The decline in net income was primarily due to the $106.8 million increase in the loan loss provision, bringing it more closely in line with historical norms. Specifically, the provision for loan losses increased to $131.5 million compared to the prior fiscal year’s $24.6 million, primarily due to the growth of our loan portfolio and the reduction in provisions in the prior year.
“Alberta’s economy has seen 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. However, ATB Financial emerged from this fiscal year with strong levels of capital and with total assets exceeding US$60 billion.” said Dan Hugo, CFO of 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 a position to declare its first quarterly dividends, totaling $100 million in fiscal year 2025, to its shareholder, the Government of Alberta.
See ATB Financial’s full year-end results here.
Fiscal Year 2024 Business Highlights
The story continues
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ATB Financial achieved its highest total revenue ever – more than $2.0 billion.
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ATB Financial announced which is positioned to declare quarterly dividends totaling $100.0 million in fiscal year 2025 to its shareholder, the Government of Alberta.
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ATB Wealth continued its expansion of award-winning investment advice and products in British Columbia It is saskatchewan.
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Recognized on seven Best Workplaces™ lists, ATB Financial has been named Canada’s Best Places to Work – 1,000+ employees, financial services and insurance, women, inclusion, giving back, mental well-being, most trusted executive teams.
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Improving ATB Financial Customer Support, New advisory centers were opened for customers to access advisory services, digital banking solutions and innovative community spaces.
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Demonstrating a strong commitment to Alberta, ATB Financial revealed W by ATB, to drive the growth of women-led and women-owned businesses. This program will connect women leaders and entrepreneurs with community partners, networking opportunities, products and services dedicated to their success.
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ATB Financial has launched its second private equity fund of US$50 million dedicated to making minority interest investments in small and medium-sized businesses based in Alberta.
Sustainability Highlights for Fiscal Year 2024
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Continuing its commitment to achieving sustainability, ATB Financial has introduced environmental, social and governance statements and commitments in its recently published report Sustainability report.
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Strengthened by leadership and active community engagement, ATB Financial is fostering meaningful relationships with Indigenous Peoples. With this, ATB supported 40 indigenous communities in obtaining equity ownership of large infrastructure projects.
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During 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.
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ATB Financial is committed to uplifting its communities. With your purpose-driven approach making an impact, ATB donated $3.1 million to support worthy causes.
Looking to the future
Today in Edmonton, industry experts, businesses and community leaders attend ATB Financial’s annual business conference. The event serves as a platform to delve into the latest emerging trends and innovative opportunities in the business landscape. Leading experts will explore the current economic climate, focusing on key challenges and opportunities in sectors including real estate, energy, technology and agriculture. Through these discussions, ideas will be shared on how to navigate the dynamic market and position your companies for success.
“In conversations with our customers, we recognize that with rising costs affecting their businesses and difficulties accessing skilled labor, many are struggling to achieve their goals. Events like our business summit play a crucial role in connecting with our clients and ensuring we provide the expertise they need 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 customers and Alberta.”
About ATB Financial
With $60.4 billion in assets, ATB Financial is a leading financial institution that started in Alberta with a focus on putting people first. Our success comes from our more than 5,000 team members who love delivering exceptional experiences to more than 800,000 customers across our Personal Banking and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our diverse branches and agencies, our 24-hour Customer Service Center, four entrepreneur centers and our digital banking options. ATB powers possibilities for our customers, communities and more. 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
Spin-off
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