ATB Financial celebrates record revenue at annual summit

Experts discuss trends and opportunities in real estate, energy, tech, and agriculture at the summit

ATB Financial celebrates record revenue at annual summit

ATB Financial has reached significant milestones and delivered solid financial results throughout fiscal year 2024.

Despite economic volatility, ATB Financial reported record total revenue of $2.0bn, up 4.6 percent from last year. Strong growth in its loan portfolio, now exceeding $51.0bn, drove this revenue increase. Additionally, ATB Wealth recorded record-high assets under administration, totalling $28.6bn.

“Throughout the year, our team members have worked hard to show up in meaningful ways for our clients. With deep expertise and strong market offerings, we empower our clients to reach their goals, providing them with a distinct advantage,” said Curtis Stange, president, and CEO, ATB Financial.

“Our own financial performance has further instilled confidence that ATB Financial will continue to be a catalyst for growth in the years ahead,” he continued. “Proudly this year, we announced we are in a position, for the first time in our history, to declare ATB dividends. This will help build a stronger Alberta now and for the future.”

Net income was $336.8m, down 21.4 percent from last year. This decline in net income was primarily due to a $106.8m increase in the provision for loan losses, aligning it more closely with historical norms.

The loan loss provision increased to $131.5m from the previous fiscal year's $24.6m, mainly due to portfolio growth and lower provisions in the prior year.

“Alberta's economy has experienced 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. Nevertheless, ATB Financial has emerged from this fiscal year with strong capital levels and with total assets exceeding $60bn,” said Dan Hugo, CFO, ATB Financial.

Team members once again recognized ATB Financial as a top workplace in Canada, and the company 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 by announcing it is in a position to declare its first-ever quarterly dividends totalling $100m in fiscal 2025 to its shareholder, the Government of Alberta.

Fiscal Year 2024 Business Highlights:

  • ATB Financial achieved its highest-ever total revenue of over $2.0bn.
  • ATB Financial announced it is positioned to declare quarterly dividends totalling $100m in fiscal 2025 to its shareholder, the Alberta Government.
  • ATB Wealth expanded its advice and award-winning investment products into British Columbia and Saskatchewan.
  • Recognized on seven Best Workplaces™ lists, ATB Financial was named Best Workplaces in Canada – 1000+ Employees, Financial Services & Insurance, Women, Inclusion, Giving Back, Mental Wellness, and Most Trusted Executive Teams.
  • New advisory hubs were opened for clients to access advisory services, digital banking solutions, and innovative community spaces.
  • ATB Financial unveiled W by ATB, a program to support women-led and women-owned businesses.
  • ATB Financial launched its second $50m private equity fund dedicated to making minority interest investments in Alberta-based small and mid-market enterprises.

FY2024 Sustainability Highlights:

  • ATB Financial introduced environmental, social, and governance aspiration statements and commitments in its recently published Sustainability Report.
  • ATB Financial is fostering meaningful relationships with Indigenous Peoples, supporting 40 Indigenous communities in achieving equity ownership of major infrastructure projects.
  • ATB Financial contributed nearly $1.4bn in shared value through its team members, local contributions, and payments to the Province to reinvest in Alberta.
  • ATB Financial donated $3.1m to support worthy causes.

Today in Edmonton, industry experts, businesses, and community leaders attend ATB Financial's annual business summit. The event explores emerging trends and innovative opportunities within the business landscape.

Leading experts discuss the current economic climate, focusing on challenges and opportunities across sectors including real estate, energy, technology, and agriculture. These discussions share insights on navigating the dynamic market and positioning companies for success.

“In conversations with our clients, we've recognized that with rising costs hitting their businesses and difficulties in accessing skilled labour, many are struggling to reach their goals. Events like our business summit play a crucial role in connecting with our clients and ensuring that we offer the expertise needed 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 clients and Alberta.”