ATB Financial reaches record high profit, rising 14.5% to $276.4 million

EDMONTON – ATB Financial says it had a $276.4-million net profit for the 2013-14 financial year ended March 31, up 14.5 per cent from $241.3 million a year earlier and a record for the Alberta-based financial services company.

The Edmonton-based company, which traces its history to the government-owned Alberta Treasury Branches, is one of Western Canada’s biggest financial institutions but significantly smaller than any of Canada’s big chartered banks.

ATB’s operating annual revenue grew last year by 9.8 per cent to $1.4 billion, from $1.2 billion in the 12 months ended March 31, 2013.

Deposits from personal and business customers increased by 15.1 per cent to $27.3 billion. Loans grew by 14.3 per cent to $33.9 billion. Total assets grew to $37.7 million, up 13.9 per cent compared with fiscal 2013.

The company also reduced its provision for credit losses by 7.7 per cent to $42.4 million.

ATB didn’t release a quarterly breakdown of its results.