ATB Financial posts record profits of $83.9M in Q1; revenue up 9.2% to $354.5M
EDMONTON - Provincially owned ATB Financial has posted record earnings of $83.9 million in its fiscal 2015 first quarter.
ATB, one of Western Canada's largest financial institutions, reported Thursday that the 27.4 per cent increase in profit over the comparable year-earlier period came as revenue increased 9.2 per cent year over year to $354.5 million.
Loans increased 12.2 per cent year over year to $34.4 billion, while deposits increase 18.9 per cent to $28.6 billion.
President and CEO Dave Mowat said the quarter's net profit, the healthiest in ATB's history, was driven by increased customer borrowing and deposits, along with the performance of ATB's Compass mutual funds, which grew to more than $11.5 billion in assets under management.
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