Stable performance through economic challenges: ATB Financial releases first-quarter results
By ATB Financial 18 August 2022 3 min read
Edmonton—ATB Financial’s first-quarter (Q1) results for the period ending June 30, 2022 demonstrated stability in the face of higher inflation, rising interest rates, market challenges and the lingering impacts of the pandemic.
In Q1, ATB Financial delivered solid results with total revenue rising to $476.1 million (up 3.5% from last year). The increase in revenue was driven by higher net interest income that was partially offset by lower revenues from capital markets and wealth management. ATB’s quarterly net income totalled $114.6 million (down 29% from last year) impacted by a lower recovery for loan losses compared to the prior quarter. The enterprise continues to optimize its balance sheet with capital at record levels.
“While we’ve achieved stable performance in the beginning of FY2023, we know there is uncertainty in front of us with the headwinds of a volatile bear market,” said Curtis Stange, President & CEO, ATB Financial. “We will continue to proactively help our clients navigate through this unique environment as well as support community initiatives and our province’s agriculture, technology, energy, and other sectors.”
As evidence of ATB Financial’s trusted advice, more than 4,000 business and 5,000 individual clients joined the enterprise this past quarter bringing the total client count to over 815,000. See ATB Financial’s full first-quarter results here.
Moving forward, economic activity is predicted to slow across much of Canada this year with the Bank of Canada expected to further increase interest rates in the coming months. This tighter monetary policy is working its way to the consumer level, impacting many Canadians. Meanwhile in Alberta, as a major producer and exporter of oil and natural gas, the provincial economy has received a boost from higher commodity prices and is forecast to lead the country in terms of real GDP growth this year.
“Alberta is experiencing economic growth at a faster pace compared to other provinces and ATB Financial is fully prepared to grow with Albertans and their businesses during this time, especially as the strong performance in our commodities sector spurs activity in other areas,” said Stange. “At the same time, there is a disconnect between high GDP and the average Albertan as we’re also experiencing high inflation, rising interest rates, labour shortages, financial market uncertainty, supply chain disruptions and the pandemic. We remain committed to providing our clients with the expert advice and solutions they need to plan their financial path forward.”
- For the seventh consecutive year in a row, ATB Financial made it on Canada’s 50 Great Places to Work list.
- On May 26, 2022, ATB Financial held its inaugural ATB Business Summit in conjunction with its Annual Public Meeting. The business conference centered on the theme of “Your Future Won’t Wait” and brought together clients, community leaders and industry executives to network and participate in industry panel discussions.
- Four ATB Wealth team members were recognized as a 2022 Excellence Awardee in the 8th Annual Wealth Professional Awards for their outstanding achievements, best practices, and leadership in wealth management over the past 12 months.
- Led by Social Progress Imperative, ATB Financial was host partner of What Works Summit 2022 in Banff. This was the first time the summit took place in Canada.
The ATB Financial Lethbridge Rotary Dragon Boat Festival celebrated its 20th anniversary, which took place June 24-26,2022 and saw over 15,000 attendees.
- Committed to supporting the LGBTQIA2S+ community and initiatives 365 days a year, ATB Financial welcomed a new partner, MacEwan University's Centre for Sexual and Gender Diversity and raised funds for Skipping Stone mental health initiatives through a Local Laundry Partnership.
- Uplifting hearts and minds with street art, ATB Financial sponsored UpLift! Jasper Mural Festival, Canada’s first mural festival.
About ATB Financial
With $59.0 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 815,000 clients through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres, and our digital banking options.
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