CNW Group
·5 min read
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CALGARY, AB, June 6, 2023 /CNW/ - Along with several top Canadian rankings throughout the year, ATB Financial ended fiscal year 2023 by delivering solid financial results during a time of economic uncertainty, rising inflation and high interest rates.
Reflecting Back
Despite the economic volatility of the past year, ATB Financial reported record total revenue of $1.9 billion (up 1.7 per cent from last year). The increase in total revenue was driven by improved net interest income ending the year at $1.3 billion (up 6.2 per cent from last year), offset slightly by lower other income. ATB also achieved a strong tier 1 capital ratio of 12.9 per cent.
Income before provision was reported at $581.0 million (up 4.2 per cent from last year). Net income was $428.4 million (down 26.9 per cent from last year). The decrease in net income was largely due to the increase in the provision for loan losses year over year. The loan loss provision increased to $24.6 million compared to the recovery of loan losses of $203.9 million in the previous year.
ATB Financial was also recognized multiple times as a top workplace in Canada by its team members and as one of the most trusted industry brands by its clients, and began the expansion of its highly trusted and award-winning ATB Wealth offerings to other parts of the country.
"While Alberta is our home, the impact of ATB Financial's presence is far-reaching, and for us, impact is the foundation of how we do business. It's about providing advice and expertise to our clients and acting as a catalyst for economic growth in a way that only ATB Financial can," said Curtis Stange, President and CEO of ATB Financial. "While FY23 was a challenging year, I am pleased with our financial strength and the stability with which we were able to serve Albertans."
Here are a few highlights of ATB Financial's efforts and outcomes over the past year. See ATB Financial's fullresults here.
Fiscal Year 2023 Highlights
ATB Financial achieved its highest ever total revenue—over $1.9 billion.
With $23.1 billion in new and renewed lending, ATB Financial continues to invest in Alberta's growth.
Deposits increased by 5.8 per cent year over year, adding to ATB Financial's already solid balance sheet.
Continuing its commitment to being in business for the greater good, ATB Financial published its first dedicated Sustainability Update.
J.D. Power named ATB Financial number two in Canada, among midsize banks, scoring high for problem resolution, brand trust and people.
ATB Financial provided a $250 million government-backed loan (one of its largest) to the Alberta Indigenous Opportunities Corporation for a landmark deal valued at $1.12 billion.
ATB Financial recognizes the importance of investing in its communities. From financial support to sharing expertise and knowledge, this investment can take many forms. Over the fiscal year, ATB contributed $1.4 billion in shared value through its team members, local contributions and payments to the Province. Specifically, as part of its Greater Good commitment, ATB donated $2.7 million to support worthy causes.
ATB Wealth began expansion of advice and award-winning investment products into British Columbia and Saskatchewan.
ATB Financial introduced its new brand promise: Powering Possibility.
Recognized on eight Best Workplaces™ lists, ATB Financial was named Best Workplace in Canada – 1000+ Employees, Best Workplace for Women and Best Workplace for Giving Back.
ATB Financial invested in the future of modern banking and unlocked new possibilities for its clients by upgrading to SAP Transactional Banking.
Looking Ahead
Today in Calgary, industry experts, businesses and community leaders are attending ATB Financial's annual business summit. The event will address the latest challenges, emerging trends and the most innovative opportunities in today's business world. Leading experts will share key insights on how to manage post-pandemic talent shortages, how to competitively integrate the use of AI into business operations, and how companies can navigate and power through the current economic climate.
"At ATB Financial, we believe in the art of the possible, with each day bringing the chance to guide our clients towards what matters most to them. As the largest bank headquartered in Western Canada—serving Alberta since 1938—we are positioned to meet our clients exactly where they are at and provide them with the right expertise to see and realize their own unique possibility," said Stange.
About ATB Financial
With $57.5 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 nearly 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
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