Edmonton— ATB Financial’s third-quarter (Q3) results for the period ending December 31, 2022 demonstrate solid performance amid the volatile economic environment.

ATB Financial recorded total revenue of $483.7 million in Q3 (up 2.0 per cent from last year). The increase was driven by improved net interest income offset slightly by lower other income. Net income was $125.4 million (down 15.8 per cent from last year). The decrease of net income was largely due to the release of its loan loss allowances year-over-year. A recovery of $19.5 million of the loan loss allowance was reported for this quarter compared to $74.4 million in the previous year.

“Over this last quarter, ATB’s performance continues to demonstrate the quality and resilience of our business. Our team remained committed to delivering trusted financial advice to our clients and supporting the province’s economic growth,” said Curtis Stange, President and CEO, ATB Financial.

In Q3, ATB Financial’s deposits increased by 2.3 per cent from last quarter as clients took advantage of the higher interest rates being offered. ATB saw quarter-over-quarter loan growth of $422 million for Alberta businesses, which brings total growth in that line of business up 6.3 per cent this fiscal year. The majority of the loan growth came from the Energy sector with the portfolio growing 9.8 per cent, an example of ATB’s long standing commitment to a pivotal industry in Alberta. While there was a slight decline in the Real Estate portfolio of 1.4 per cent due to a cooling real estate market, its Agriculture portfolio offset this, growing 2.4 per cent over the quarter.

“Alberta’s resource sectors will continue to be a strength for our economy in 2023 as commodity prices help buoy the province through a potential global slowdown,” added Stange. “Even with the Alberta economy expected to continue performing strongly, we know that our clients are having to spend more to cover basic needs and maintain their quality of life due to rising inflation costs. We are committed to providing the expertise needed to navigate these complex times alongside our clients.”

Following ATB Financial’s new brand launch, Powering Possibility, ATB and the United Way celebrated 10 years of partnership through Empower U. This financial empowerment program helps Albertans increase their financial literacy and gain access to planning tools and resources. This decade-long collaboration is a testament to ATB’s commitment to supporting Albertans and growing financial literacy within its communities.

See ATB Financial’s full third-quarter results here.

Q3 Highlights

• Powered by ATB Financial as the presenting sponsor, the 2023 Economic Outlook took place in Calgary with professionals, business and community leaders discussing the transitioning economy.
• ATB Financial sponsored the Small Business of the Year award during 2022’s Small Business Week in Calgary.
• ATB Capital Markets led the largest US Cannabis Financing in 2022. Verano Holding Corp., a leading multi-state cannabis company, has closed a credit agreement to refinance its existing US$350 million credit facility, extending its maturity with a four-year term. ATB Capital Markets acted as one of two Co-Lead Arrangers.
• ATB Financial is “Powering Possibilities with Sean ‘Diddy’ Combs”. ATB acted as Financial Advisor to Columbia Care on the divestiture process and on behalf of Combs Enterprises with regards to certain financing mandates. Upon closing, this historic transaction will create the first minority-owned, vertically integrated multi-state cannabis operator.
• ATB Financial provided expertise in the areas of agriculture and sustainability at Thrive’s Global Impact Summit which brought together global leaders in Silicon Valley.
• As part of the 2022 Start Alberta Tech Awards, PurposeMed won ATB’s 2022 ESG Impact Award for its work on mental health support.
• ATB Financial was a proud sponsor of the Canadian Finals Rodeo, supporting the Pro Rodeo Sports Medicine Team—a group of paramedical professionals who care for competitors onsite—as well as the Ty Pozzobon Foundation, which aims to break the stigma of mental health.
• Over $100,000 was donated to Alberta charities during ATB’s FaLaLa Lift Holiday Giving. This included Giving Tuesday where $50,000 was raised in less than 12 hours and a $10,000 donation was made to Boyle Street Community Services.
• ATB Financial was listed in Great Place to Work’s 2022 as one of the best places to work in Alberta.