Newspaper article The Canadian Press

ATB Financial Earnings Drop on Potential Loan Losses amid Oilpatch Downturn

Newspaper article The Canadian Press

ATB Financial Earnings Drop on Potential Loan Losses amid Oilpatch Downturn

Article excerpt

ATB earnings drop on potential loan losses

--

CALGARY - ATB Financial's earnings plunged in the last quarter compared with a year ago as the bank prepared for a potential big increase in loan losses amid the continuing downturn in the oilpatch.

The Alberta crown corporation says net income was $32.5 million for the last three months of 2015, down from earnings of $91.5 million in the same quarter a year earlier.

Much of that was attributed to a surge in anticipated loan losses, with the company booking $91.3 million in credit loss provisions in the quarter, compared with $18.8 million a year ago.

The bank says the increase was largely due to several high-value loans in the exploration and production portfolio becoming impaired in the quarter.

ATB said the credit loss provision category was a "clear gauge of the challenges faced by companies in the oil and gas sector, and related service sectors. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.