A big jump in profits for the final three months of last year reflects the growing strength of Alberta’s economy, ATB Financial says.
Financial results released Tuesday show the provincially owned financial institution had net income of $94 million for the last quarter of 2017, up from $65 million in the same period a year earlier.
Over the same time, revenue rose 16 per cent to $407 million and the amount of loans was $43.2 billion, an increase of 6.3 per cent.
The only negative was deposits, which went down almost one per cent to $33.4 billion.
“Alberta definitely went through a very rough patch as a result of the dramatic drop in oil prices,” retiring ATB president Dave Mowat said in a news release.
“Our resilience was tested, but we’re seeing very positive signs that Alberta is back on an upswing. And as a result, ATB is set to end the year with better-than-expected results.”