(June 6 – 14:50 ET) – Alberta Treasury Branches (ATB) today announced earnings of $228.5 million for the year ended March compared to $110.7 million a year ago. Excluding non-recurring gains of $48.9 million and recoveries of loan losses and allowances of $74 million, earnings were $105.6 million, vs $83.2 million last year. Retained earnings were $272.6 million at year-end.
“The strong growth in earnings over the last two years provides a solid foundation for ATB to succeed as a regional financial institution,” said Paul G. Haggis, ATB president and CEO. “The dynamic Alberta economy that is fuelling consumer optimism is also reflected in the demand for ATB’s investment and loan products. We believe in Alberta and that sentiment is reciprocated by Albertans. This is evident in our performance and increased marketshare.”
Net interest income was $305.8 million, up 6.55% from 1999. The increase was driven by growth in average interest earning assets of $807 million. Other income was $80.1 million, up 8.05% from 1999.
The productivity ratio mproved to 64.29% compared to 67.85% in 1999. Return on assets was 1.8%.
Total assets grew by 12.39%, to $10.4 billion. Deposits increased 10% to $9.9 billion during the year.