Mortgage lender profits plunge on oil industry weakness

Alberta’s ATB Financial has reported weaker profits for the first quarter amid the weakness in the oil industry.

Profits were $65.8 million, down 21.5 per cent, or $18 million, from a year earlier.

The bank and mortgage lender says that profits were hit by greater credit loss provisions, up from $47.1 million in Q1 last year to $57.5 million in the same period this year.

Loan-loss provisions for the year will be around $168 million, more than double the previous year. Net loans, including mortgages, were up 11.2 per cent to $38.2 billion in Q1, compared to the same period last year.

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