ATB Financial posts net income of $88.7 million in Q3.
ATB Financial recorded net income of $88.7 million in its third quarter ending Dec. 31, 2024, down more than 15% from the second quarter, and about 6.7% lower than the comparable period of 2023.
The Edmonton-based bank, a Crown corporation of Alberta, attributed the decline to higher non-interest expenses and loan-loss provisions that outstripped a 9.4% rise in revenues from a year earlier to $566.7 million.
Revenue growth was fuelled by a 5.5% year-over-year increase in net loans, which reached $53.6 billion. Total deposits also rose 8.3% year over year to $43.5 billion, ATB said.
ATB’s wealth management business saw total total assets under administration rise to $36.6 billion, up 22% quarter over quarter, and up 34% from the same quarter of 2023.
It said its acquisition of Manitoba-based BCV Asset Management Inc., completed last November, added more than $5.8 billion to its assets under management to its ATB Wealth division.
Net income for ATB Wealth came to $2.7 million for the quarter, up from $2.0 million the previous quarter and compared to a loss of $2.0 million in the third quarter of 2023.
ATB said the improvement was driven by its acquisition of BCV and revenue growth outpacing expenses. Wealth management clients increased to 832,440 from 822,549 in Q2 and 811,365 in the same quarter a year ago. Its wealth management team grew to 5,410 members, compared with 5,281 in the previous quarter and 5,327 a year earlier.
Source: INVESTMENTEXECUTIVE
