But the company is confident its solid revenue levels will carry it through COVID-19
Alberta-based lender ATB Financial reported stable operating income for the year ending March 31, giving it sufficient foundations to weather the COVID-19 pandemic.
The fiscal year saw the institution’s revenue grow by 2.6% to reach around $1.7 billion. ATB’s provisions for loan losses – which have ballooned in Canada’s largest banks – went up by 14.1%, however.
During the same time frame, ATB said that it provided more than $16 billion in new and renewed lending, to approximately 777,000 clients.
“From the devastating effects of the pandemic to the crash in oil prices, our province is facing challenges we never could have imagined just a few months ago,” said Curtis Stange , president and CEO of ATB Financial. “Just as ATB was established during the Great Depression to help Albertans recover, rebuild and cultivate prosperity, we will continue to persevere with Albertans and Alberta businesses through these difficult times.”
Aside from providing credit relief immediately after the pandemic had been declared, ATB also supplied emergency funding to Alberta’s United Way agencies, Yahoo Finance reported.
“We understand Alberta because Alberta is our home,” Stange said. “Together, we have made it through tough times. We will do it again because we are resilient. ATB will continue to be an industry leader that Albertans can count on as we move toward economic recovery.”
