Servus Credit Union reported net income (after dividends, patronage and taxes) of $27.8 million for the first quarter of the fiscal year, up 31.3% from the first quarter of FY2018.
“We’re off to a strong start to the year due to strong margin income and lower than expected expenses,” said Garth Warner, President and CEO of Servus Credit Union. “This gives us significant positive momentum heading into the remainder of the year, when we expect to record higher expenses for investments in member services. Overall our financial position is very secure, with capital over legislated requirements. We have funds earmarked to further invest in shaping member financial fitness plus pay Profit Share at year end.
Key performance indicators (all figures compare Q1 2019 to Q1 2018)
- Assets grew 4.6% to $16.2 billion
- Net income (after dividends, patronage and taxes) rose by 31.3% to $27.8 million
- Deposits increased by 3.3% to $12.8 billion
- Loans expanded by 5.6% to $14.4 billion
- Retained earnings were boosted by 8.4% to $850.6 million and our capital is well over the legislated requirement
Read the full news release here.