ATB Financial today reported a 79% jump in earnings of $44.8 million for the first quarter ended June 30, reflecting a general improvement in the quality of the loan portfolio and an increased understanding of the risks associated with the current issues facing the cattle industry.

Earnings for the period were $44.8 million compared with $25 million for the same period last year,.

The first quarter results boosted ATB’s equity to more than $1 billion as at June 3, an increase of 23.51% from one year ago.

“This is a milestone for ATB Financial. It is a positive reflection of the direction the company is taking,” said Bob Normand, President & CEO of ATB Financial, in a news release.

“We continued to perform well, considering the dragging effects of the current interest rate environment and historic events in the agri-industry,” he added.

During the quarter, ATB Financial’s efficiency ratio (non-interest expenses as a percentage of operating revenues) declined to 72.07%, compared to 62.84% for the same three-month period last year.





http://www.newswire.ca/en/releases/archive/August2004/18/c2301.html