ATB reports lift in Q3 earnings

ATB Financial says a sharp decline in loan loss charges lifted third-quarter earnings as the Alberta economy showed signs of improvement.

The bank reported net income of $65 million for the quarter, double its net earnings for the same 2015 period. Loan loss provisions for the quarter were $16.9 million, compared to $91.3 million a year earlier.

“Our customers have shown tremendous courage and we’re matching that by sticking with them to the best of our ability,” ATB president Dave Mowat said in a release Wednesday. “We believe that working with customers to help get them to a better place is the best decision for us and them in the long run.”

Operating revenue fell $29.5 million from 2015, to $350.2 million, the bank said.

Also Wednesday, the Conference Board of Canada said growing confidence in the economy and recovering oil prices should see oilpatch workers realize modest pay increases in 2017.

Its mid-year wage survey showed oil and gas firms forecasting an average 1.4 per cent rise in salaries, with wages in the utilities sector expected to increase by 1.9 per cent.

“We are seeing energy sector organizations responding to the steadied price of oil with greater confidence in business conditions and a slightly better compensation outlook,” Conference Board director Allison Cowan said in a release.

Alberta businesses said they expected overall compensation to rise 1.6 per cent.

Of oil and gas companies surveyed, 77 said they believe business conditions will improve this year, compared to just 9 per cent in 2016.

Only 24 per cent of all Canadian companies surveyed shared the same view, with about two-thirds believing conditions will be comparable to 2016.