ATB Financial on Monday reported higher net income for the year ended March 31, 2003.

Net income was $198.9 million, up from $157.9 million in fiscal 2002. Total assets at year end totalled $13.2 billion, an increase of 6.86% over last year.

Retail deposits increased by 5.49% to $11.2 billion, while total deposits increased by 5.88% to $12.1 billion.

Operating revenue increased by $4.8 million, or 1.03% to $471.6 million, during the year.

Total performing loans were $11.8 billion, an increase of 12.25% from last year’s $10.5 billion.

Provisions for credit losses recorded a recovery of $43.2 million for fiscal 2003, compared to a provision of $21.1 million for fiscal 2002. Included in the 2003 recovery is $45.0 million related to the West Edmonton Mall settlement.

ATB Financial’s productivity ratio, which is a ratio of non-interest expense to operating revenue, increased to 66.99% from 61.65% last year.