Alberta Treasury Branches (ATB Financial) released its financial statements on 24 May corresponding with its Annual Public Meeting in Calgary. Uncharacteristically for the media-savvy provincial agency, it did not receive any major media mentions in spite of higher than anticipated net income ($150 million) compared to the projection released in last April’s provincial budget of $27 million. Still, there were several aspects in the report that bear further scrutiny.
2016-17 First Quarter Financial Results
Originally posted 28 June 2016
Given the dreary news coming out of the commercial real estate market in Alberta this week, ATB’s earnings were a surprise on the upside. ATB earned $25 million which represented nearly Budget 2016’s full year estimate of earnings ($27 million) predicted on April 14th. The optimistic news in ATB’s first quarter report contrasts starkly with news from commercial real estate REIT, Dream Office, that wrote down 45 per cent of its Alberta office portfolio. [See Commercial Real Estate for more details.] Continue reading