Alberta is "turning the corner" after its economy took a beating in 2016, ATB Financial president Dave Mowat said Thursday as the financial institution released its year-end results.

"It's not news to anyone that the structural changes to the economy that Albertans faced in 2016 made it, financially speaking, one of the worst years in the history of the province," Mowat said in a news release.

"It's a different world taking shape, the rate of growth is slower than what we have previously experienced in Alberta, but we are turning the corner."

Provincially-owned ATB released its financial results Thursday for the fiscal year ended March 31, 2017.

The institution reported net income of $150.8 million, up from the previous year's level of $108.1 million.

The key reason for the increase in profit was a decline in loan loss provisions, which fell from $387.6 million in the previous year to $235 million, ATB said. Actual loan writeoffs for the year were $187 million.

Loans stood at $40.8 billion, up slightly from $40.4 billion the year before. Deposits grew from $30.9 billion to $33.9 billion, an increase of 9.9 per cent year over year.

ATB Financial has more than 300 branches across Alberta. (CBC) ATB said its operating results were led by its corporate financial services business, which posted net income of $221.9 million, up from $31.2 million the year before. Investor services net income was up 15 per cent year-over-year to $36 million.

The institution's business and agriculture division authorized 12,263 loans to small and mid-sized businesses during the fiscal year, worth a total of $3 billion. The unit posted posted net income of $66.5 million for the fiscal year, down from $110.8 million the previous year.

During the fiscal year, ATB gained 24,291 new customers, bringing its total to 725,961. The new customers included 2,524 holders of new mortgages.

ATB said that following the May 2016 Fort McMurray wildfire, its disaster relief program helped 1,974 customers with deferred loan payments, temporary overdrafts or overdraft protection, Mastercard payment relief and account fee waivers.