President and CEO Dave Mowat said that although the rate of growth is slower than was expected “we are turning a corner,” with the bank reporting financial results reflecting an improving economy.
Net income for 2016 was $150.8 million compared to $108.1 million a year earlier. This was largely due to lower provision for bad loans which was $235 million compared to $387.6 million in the previous year. Actual losses were $187 million.
“Even when things were at their worst, our team members didn’t panic, we didn’t change our credit criteria,” Mowat said. “We listened to our customers, we heard what they needed and we went to work with the faith that when we eventually turned the corner, we’d still be in it together.”
The lender added almost 25,000 new customers including first-time customers holding 2,524 mortgages.
More market update:
Provincial lender ATB Financial says that after financially one of the worst years for the province, things are looking up.