ATB Financial posts 10.6% increase in Q1 earnings

ATB Financial earned $590.3 million in the first quarter of its fiscal year — a 10.6% increase over the same period one year ago. The result is due in part to efforts to expand the firm’s advisory services.

“Our first-quarter results reflect a solid foundation,” said Curtis Stange, president and CEO, in a media release issued Thursday. “Our team’s focus on client needs and our strategic growth initiatives are demonstrating value within a challenging economic landscape. We are encouraged by the underlying strengths of Alberta’s economy, which we expect to continue, supporting our performance and providing a stable base for the future.”

ATB Financial reported a record $378.8 million in net interest income, driven by a 9% year-over-year boost in net loans — up to $56.5 billion.

Advisory services growth included wealth management and capital market launches. In all, other income delivered $211.5 million in the first quarter.

Assets under administration climbed 33.3%, due partly to the acquisition of BCV Asset Management Inc.

The firm also announced this month that it is purchasing Cormark Securities Inc. That deal is expected to close in the fall.

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