| Consolidated
Balance Sheet |
5 Yr Cmpd Anl Gr Rt |
10 Yr Cmpd Anl Gr Rt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As at March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in thousands) |
|
|
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
15.89% |
1.47% |
$161,901.00 |
$179,424 |
$353,724 |
$91,567 |
$78,117 |
$77,454 |
$26,279 |
$101,281 |
$72,750 |
$120,061 |
$139,896 |
|
|
|
|
|
| Interest-bearing
deposits with financial institutions |
2.85% |
4.09% |
$1,123,779.00 |
675,576 |
2,516,489 |
1,928,230 |
1,017,497 |
976,671 |
927,244 |
956,727 |
579,607 |
752,269 |
752,519 |
|
|
|
|
|
| Securities |
8.31% |
8.32% |
$2,058,878.00 |
1,158,900 |
1,228,305 |
1,253,518 |
1,684,821 |
1,381,444 |
932,511 |
854,997 |
578,850 |
807,793 |
926,180 |
|
|
|
|
|
| Loans, net of allowance
for credit losses |
9.09% |
9.16% |
$22,943,184.00 |
22,534,603 |
21,602,235 |
19,443,517 |
16,994,329 |
14,846,694 |
13,137,917 |
12,131,053 |
11,691,482 |
10,400,563 |
9,554,252 |
|
|
|
|
|
| Other assets |
24.66% |
14.68% |
$1,100,321.00 |
880,515 |
813,390 |
626,321 |
519,954 |
365,552 |
357,281 |
261,752 |
261,306 |
273,124 |
279,685 |
|
|
|
|
|
| Total assets |
9.19% |
8.92% |
$27,388,063.00 |
$25,429,018 |
$26,514,143 |
$23,343,153 |
$20,294,718 |
$17,647,815 |
$15,381,232 |
$14,305,810 |
$13,183,995 |
$12,353,810 |
$11,652,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
8.61% |
8.19% |
$23,982,145.00 |
$22,579,167 |
$23,881,246 |
$21,175,716 |
$18,252,838 |
$15,870,308 |
$13,840,032 |
$13,035,120 |
$12,096,911 |
$11,425,210 |
$10,918,863 |
|
|
|
|
|
| Securities sold under
repurchase agreements |
|
|
$341,557.00 |
|
286,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
17.58% |
11.02% |
$802,209.00 |
770,324 |
530,796 |
425,987 |
346,255 |
356,933 |
325,207 |
262,313 |
250,731 |
306,385 |
282,118 |
|
|
|
|
|
| Capital investment
notes |
|
|
$230,972.00 |
224,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subordinated
debentures |
-1.18% |
14.48% |
$67,467.00 |
45,176 |
57,013 |
72,998 |
72,242 |
71,579 |
65,719 |
45,416 |
45,416 |
30,182 |
17,444 |
|
|
|
|
|
| Equity |
7.80% |
16.29% |
$1,963,713.00 |
1,809,357 |
1,758,684 |
1,668,452 |
1,623,383 |
1,348,995 |
1,150,274 |
962,961 |
790,937 |
592,033 |
434,107 |
|
|
|
|
|
| Total liabilities and
equity |
9.19% |
8.92% |
$27,388,063.00 |
$25,429,018 |
$26,514,143 |
$23,343,153 |
$20,294,718 |
$17,647,815 |
$15,381,232 |
$14,305,810 |
$13,183,995 |
$12,353,810 |
$11,652,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statement
of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the years ended
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in thousands) |
|
|
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
|
|
|
|
|
| Interest income |
5.93% |
2.98% |
$1,086,667.00 |
$1,031,112 |
$1,194,987 |
$1,302,564 |
$1,078,282 |
$814,669 |
$699,883 |
$740,601 |
$697,524 |
$739,445 |
$809,826 |
|
|
|
|
|
| Interest expense |
-0.25% |
-2.49% |
$347,965.00 |
356,424 |
547,642 |
643,154 |
506,477 |
352,418 |
301,137 |
343,317 |
333,364 |
373,862 |
447,857 |
|
|
|
|
|
| Net interest income |
9.83% |
7.39% |
$738,712.00 |
674,688 |
647,345 |
659,410 |
571,805 |
462,251 |
398,746 |
397,284 |
364,160 |
365,583 |
361,969 |
|
|
|
|
|
| Other income |
10.06% |
10.93% |
$251,278.00 |
220,783 |
259,682 |
185,995 |
179,661 |
155,621 |
139,308 |
116,272 |
107,442 |
101,209 |
89,075 |
|
|
|
|
|
| Operating revenue before
the undernoted |
9.89% |
8.18% |
$989,990.00 |
895,471 |
907,027 |
845,405 |
751,466 |
617,872 |
538,054 |
513,556 |
471,602 |
466,792 |
451,044 |
|
|
|
|
|
| Recovery (provision for
loss) on ABCP 537 |
|
|
$28,800.00 |
537 |
-224,816 |
-253,133 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating
revenue |
10.52% |
8.49% |
$1,018,790.00 |
896,008 |
682,211 |
592,272 |
751,466 |
617,872 |
538,054 |
513,556 |
471,602 |
466,792 |
451,044 |
|
|
|
|
|
| Provision for (recovery
of ) credit losses |
110.53% |
3.10% |
$28,452.00 |
58,947 |
42,712 |
12,906 |
-5,211 |
688 |
-14,594 |
15,859 |
-43,211 |
21,095 |
20,969 |
|
|
|
|
|
| Non-interest
expenses |
11.85% |
10.55% |
$732,524.00 |
671,516 |
633,087 |
549,381 |
482,289 |
418,463 |
365,335 |
325,673 |
315,909 |
287,771 |
268,606 |
|
|
|
|
|
| Net income before
payment in lieu of tax |
5.34% |
4.79% |
$257,814.00 |
165,545 |
6,412 |
29,985 |
274,388 |
198,721 |
187,313 |
172,024 |
198,904 |
157,926 |
161,469 |
|
|
|
|
|
| Payment in lieu of
tax |
|
|
$59,298.00 |
38,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
-0.02% |
2.09% |
$198,516.00 |
$127,470 |
$6,412 |
$29,985 |
$274,388 |
$198,721 |
$187,313 |
$172,024 |
$198,904 |
$157,926 |
$161,469 |
|
|
|
|
|
| Net
income giving effect to payment in lieu of tax before FY2010 |
|
|
|
|
$4,937 |
$23,088 |
$211,279 |
$153,015 |
$144,231 |
$132,458 |
$153,156 |
$121,603 |
$124,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Cash Flow |
-15.28% |
-10.32% |
$72,163.00 |
$98,272.00 |
$64,707.00 |
-$44,343.00 |
-$42,153.00 |
$165,325.00 |
$45,956.00 |
$51,196.00 |
$138,625.00 |
$227,746.00 |
$214,555.00 |
$165,167.00 |
$126,217.00 |
## |
|
|
| In
Purchase of premises, equipment, software, and other intangibles |
-1.12% |
1.16% |
-$30,233.00 |
-$55,140.00 |
-$39,164.00 |
-$23,472.00 |
-$20,424.00 |
-$31,983.00 |
-$16,309.00 |
-$15,607.00 |
-$26,768.00 |
-$17,897.00 |
-$26,946.00 |
-$23,486.00 |
-$15,002.00 |
## |
|
|
| Free Cash Flow |
-20.66% |
-13.92% |
$41,930.00 |
$43,132.00 |
$25,543.00 |
-$67,815.00 |
-$62,577.00 |
$133,342.00 |
$29,647.00 |
$35,589.00 |
$111,857.00 |
$209,849.00 |
$187,609.00 |
$141,681.00 |
$111,215.00 |
## |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective Tax Rate
derived from 'Pmt In Lieu of Tax' |
|
|
23.00% |
23.00% |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
|
|
|
|
|
| Payment in lieu of tax
calculated for earlier years |
|
|
|
|
$1,474.76 |
$6,896.55 |
$63,109.24 |
$45,705.83 |
$43,081.99 |
$39,565.52 |
$45,747.92 |
$36,322.98 |
$37,137.87 |
|
|
|
|
|
| Adjusted
Free Cash Flow, giving effect to tax in earlier years |
-13.71% |
-12.00% |
$41,930.00 |
$43,132.00 |
$24,068.24 |
-$74,711.55 |
-$125,686.24 |
$87,636.17 |
-$13,434.99 |
-$3,976.52 |
$66,109.08 |
$173,526.02 |
$150,471.13 |
|
|
|
|
|
| Adjusted
Operating Cash Flow, giving effect to tax in earlier years |
-9.61% |
-8.60% |
$72,163.00 |
$98,272.00 |
$63,232.24 |
-$51,239.55 |
-$105,262.24 |
$119,619.17 |
$2,874.01 |
$11,630.48 |
$92,877.08 |
$191,423.02 |
$177,417.13 |
|
|
|
|
|
| Adjusted
Free Cash Flow II, removing ABCP 537 losses or recoveries |
-31.59% |
-21.64% |
$13,130.00 |
$42,595.00 |
$248,884.24 |
$178,421.45 |
-$125,686.24 |
$87,636.17 |
-$13,434.99 |
-$3,976.52 |
$66,109.08 |
$173,526.02 |
$150,471.13 |
|
|
|
|
|
| Adjusted
Operating Cash Flow II, removing ABCP 537 losses or recoveries |
-18.37% |
-13.14% |
$43,363.00 |
$97,735.00 |
$288,048.24 |
$201,893.45 |
-$105,262.24 |
$119,619.17 |
$2,874.01 |
$11,630.48 |
$92,877.08 |
$191,423.02 |
$177,417.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
Free Cash Flow II as Projected Using Average %age of Opg Revenue: Please see lines 60-63, below |
|
|
$120,481.06 |
$108,978.16 |
$110,384.52 |
$102,885.17 |
$91,452.86 |
$75,194.57 |
$65,480.78 |
$62,499.39 |
$57,393.62 |
$56,808.24 |
$54,891.72 |
|
|
|
|
|
| Adjusted
Free Cash Flow II as Projected Using Average
Proportion of Equity: Please
see lines 68-71, below |
|
|
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
$95,387.09 |
|
|
|
|
|
| Average of the above two
calculations |
|
|
$107,934.08 |
$102,182.63 |
$102,885.81 |
$99,136.13 |
$93,419.98 |
$85,290.83 |
$80,433.94 |
$78,943.24 |
$76,390.36 |
$76,097.67 |
$75,139.41 |
|
|
|
|
|
| Check: As proportion of Pre-tax Net Income |
|
|
0.418650947 |
0.617249864 |
16.04582146 |
3.306190798 |
0.340466702 |
0.429198884 |
0.429409253 |
0.458908299 |
0.384056407 |
0.481856495 |
0.465348822 |
|
|
|
|
|
| Average
of the checked calculation |
4.145675953 |
2.125196175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios |
5 YR Average |
10 YR Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Max of 2007-11 |
Min of 2007-11 |
|
Max of 2002-11 |
Min of 2002-11 |
| Free
Cash Flow Divided by Total Operating Revenue |
-0.0142 |
0.0956 |
0.0412 |
0.0481 |
0.0374 |
-0.1145 |
-0.0833 |
0.2158 |
0.0551 |
0.0693 |
0.237 |
0.4496 |
0.416 |
0.0481 |
-0.1145 |
|
0.4496 |
-0.1145 |
| Free
Cash Flow Divided by Net Income Before Payment in Lieu of Tax |
0.3834 |
0.2900 |
0.1626 |
0.2605 |
3.9836 |
-2.2616 |
-0.2281 |
0.6710 |
0.1583 |
0.2069 |
0.562 |
1.329 |
1.162 |
3.9836 |
-2.2616 |
|
3.9836 |
-2.2616 |
| Free
Cash Flow as a Proportion of Equity |
-0.0039 |
0.2741 |
0.0214 |
0.0238 |
0.0145 |
-0.0406 |
-0.0385 |
0.0988 |
0.0258 |
0.0370 |
0.141 |
0.354 |
0.432 |
0.0238 |
-0.0406 |
|
0.3545 |
-0.0406 |
| Free
Cash Flow Divided by Liabilities and Equity |
-0.0004 |
0.0337 |
0.0015 |
0.0017 |
0.0010 |
-0.0029 |
-0.0031 |
0.0076 |
0.0019 |
0.0025 |
0.008 |
0.017 |
0.016 |
0.0017 |
-0.0031 |
|
0.0170 |
-0.0031 |
| Adjusted
Free Cash Flow II Divided by Operating Revenue |
0.1118 |
0.0608 |
0.0129 |
0.0475 |
0.3648 |
0.3012 |
-0.1673 |
0.1418 |
-0.0250 |
-0.0077 |
0.1402 |
0.3717 |
0.3336 |
0.3648 |
-0.1673 |
|
0.3717 |
-0.1673 |
| Removing
highest and lowest figures in calculating average |
0.1206 |
0.1228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mean
of Averages (Simple Average) of the 5 year and 10 year averages |
0.1217 |
<==TO BE USED TO CALCULATE
FCF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.9906 |
<==VERY stable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
Free Cash Flow II Divided by Net Income Before Payment in Lieu of Tax |
8.9232 |
2.3787 |
0.0509 |
0.2573 |
38.8154 |
5.9504 |
-0.4581 |
0.4410 |
-0.0717 |
-0.0231 |
0.3324 |
1.0988 |
0.9319 |
38.8154 |
-0.4581 |
|
38.8154 |
-0.4581 |
| Removing
highest and lowest figures in calculating average |
1.5646 |
1.0045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Simple
Average of the 5 year and 10 year averages |
1.2846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
1.2180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
Free Cash Flow II as a Proportion of Equity |
0.0403 |
2.3510 |
0.0067 |
0.0235 |
0.1415 |
0.1069 |
-0.0774 |
0.0650 |
-0.0117 |
-0.0041 |
0.0836 |
0.2931 |
0.3466 |
0.1415 |
-0.0774 |
|
0.2931 |
-0.0774 |
| Removing
highest and lowest figures in calculating average |
0.0457 |
0.0514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mean
of Averages (Simple Average) of the 5 year and 10 year averages |
0.0486 |
<==TO BE USED TO CALCULATE
FCF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.9413 |
<==VERY stable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
Free Cash Flow II Divided by Liabilities and Equity |
0.0026 |
0.0331 |
0.0005 |
0.0017 |
0.0094 |
0.0076 |
-0.0062 |
0.0050 |
-0.0009 |
-0.0003 |
0.0050 |
0.0140 |
0.0129 |
0.0094 |
-0.0062 |
|
0.0140 |
-0.0062 |
| Removing
highest and lowest figures in calculating average |
0.0033 |
0.0047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Simple
Average of the 5 year and 10 year averages |
0.0040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Check: Most recent, i.e. 5 yr avg divided by mean
of avgs |
0.8190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase
of premises, equipment, software, and other intangibles/Non-Interest Expenses |
-0.0541 |
0.7459 |
-4.13% |
-8.21% |
-6.19% |
-4.27% |
-4.23% |
-7.64% |
-4.46% |
-4.79% |
-8.47% |
-6.22% |
-10.03% |
-0.0413 |
-0.0821 |
|
-0.0413 |
-0.0847 |
| Operating
Cash Flow/Operating Revenue |
0.0291 |
0.0531 |
7.29% |
10.97% |
7.13% |
-5.25% |
-5.61% |
26.76% |
8.54% |
9.97% |
29.39% |
48.79% |
47.57% |
0.1097 |
-0.0561 |
|
0.4879 |
-0.0561 |
| Operating
Cash Flow/Shareholders Equity |
0.0151 |
0.1455 |
3.67% |
5.43% |
3.68% |
-2.66% |
-2.60% |
12.26% |
4.00% |
5.32% |
17.53% |
38.47% |
49.42% |
0.0543 |
-0.0266 |
|
0.3847 |
-0.0266 |
| Free
Cash Flow/Shareholders Equity |
-0.0039 |
0.1098 |
2.14% |
2.38% |
1.45% |
-4.06% |
-3.85% |
9.88% |
2.58% |
3.70% |
14.14% |
35.45% |
43.22% |
0.0238 |
-0.0406 |
|
0.3545 |
-0.0406 |
| Operating
Cash Flow/Net Income |
1.9187 |
0.7048 |
36.35% |
77.09% |
1009.15% |
-147.88% |
-15.36% |
83.19% |
24.53% |
29.76% |
69.69% |
144.21% |
132.88% |
10.0915 |
-1.4788 |
|
10.0915 |
-1.4788 |
| Free Cash Flow/Net
Income |
0.4087 |
0.9350 |
21.12% |
33.84% |
398.36% |
-226.16% |
-22.81% |
67.10% |
15.83% |
20.69% |
56.24% |
132.88% |
116.19% |
3.9836 |
-2.2616 |
|
3.9836 |
-2.2616 |
| Credit Losses/Operating
Revenue |
0.0300 |
0.2858 |
2.87% |
6.58% |
4.71% |
1.53% |
-0.69% |
0.11% |
-2.71% |
3.09% |
-9.16% |
4.52% |
4.65% |
0.0658 |
-0.0069 |
|
0.0658 |
-0.0916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return
on Equity |
0.0767 |
0.1511 |
10.52% |
7.15% |
0.37% |
1.82% |
18.46% |
15.90% |
17.73% |
19.62% |
28.76% |
30.78% |
|
|
|
|
|
|
| Return
on Assets |
0.0057 |
0.0803 |
0.75% |
0.49% |
0.03% |
0.14% |
1.45% |
1.20% |
1.26% |
1.25% |
1.56% |
1.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payment in Lieu of Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pursuant to
the ATB Act, the government of Alberta has the ability to assess a charge to
ATB as prescribed by the ATB Regulation. The ATB |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Regulation
defines the charge to be an amount equal to 23% of ATB ’s consolidated net
income as reported in its audited annual financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| statements. As
at March 31, 2010, ATB accrued a total of $38,075 (2009: nil) for payment in
lieu of tax. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| This amount
must be settled before July 1, 2010, by ATB issuing a subordinated debenture to the Government of Alberta. The payment in |
government of Alberta in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| lieu of tax
will continue to be settled by issuing subordinated debentures until ATB ’s
Tier 2 notional capital is eliminated. (Refer to note 7.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|