News: ATB Financial approves nearly $250M in loan, mortgage deferrals during COVID-19

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ATB Financial has approved close to a quarter-billion dollarsโ€™ worth of mortgage, loan and credit card deferrals for Albertans since the start of the COVID-19 pandemic.

In an interview Friday, ATB CEO Curtis Stange said the $240 million in deferred payments the Crown corporation has approved for customers since March 18 is illustrative of just how devastating the pandemic has been for Albertansโ€™ livelihoods.

โ€œBehind $240 million of payments are Albertans. Theyโ€™re Albertans that have borrowed money to buy homes, to buy boats, to live their lives, to usher kids off to school,โ€ Stange said. โ€œBehind each payment deferral is a person.โ€

The home-grown financial institution, whichย released its 2020 financial results Thursday,ย grew its revenues 2.6 per cent over the previous year to $1.7 billion, an all-time record. However, that growth was overshadowed by a 14 per cent increase in loan loss provisions (to $385 million) due to Marchโ€™s double economic whammy of COVID-19 and the oil price crash.

โ€œThere was what I would call a material increase in the provision from the month of March and where we were running before the pandemic and before the economic shock,โ€ Stange said.

 

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https://calgarysun.com/business/local-business/atb-financial-approves-nearly-250m-in-loan-mortgage-deferrals-during-covid-19/wcm/97291edc-a616-4b50-bc0f-63f64fa2194a

 

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