Servus Credit Union reported net income (after dividends, patronage and taxes) of $31.7 million for the third quarter of the fiscal year, up 25.3% from the third quarter of FY2018, continuing the credit union’s string of strong earnings despite the continuing weakness in the Alberta economy.
“By working to shape the financial fitness of members, we’ve helped them build a solid financial foundation based on trust and security that keeps them banking with Servus,” said Garth Warner, President and CEO of Servus Credit Union. “We’re helping our members save, invest and manage their debts as best possible through a slower cycle in the provincial economy, and that is reflected in the strong financial performance of Servus.”
Mr. Warner pointed to continued careful expense management, lower loan loss provisions and investments in diversified revenue streams like credit cards as key to Servus’s financial performance. He indicated Servus is on track for a solid financial year and the payment again of substantial Servus Profit Share® Rewards to members in line with past years.
Servus announced the winner of the Big Share contest in June 2019. Servus gave $1 million to member Andrew Buchner, who earned entries by banking with Servus and receiving Profit Share® Rewards. The Big Share contest was developed to encourage members to save by offering the chance to win $1 million. A second Big Share contest is planned for 2020, with another prize of $1 million for saving with Servus and earning Profit Share® Rewards.
Key performance indicators (all figures compare Q3 2019 to Q3 2018)
- Assets grew 1.2% to $16.3 billion
- Net income (after dividends, patronage and taxes) rose by 25.3% to $31.7 million
- Deposits increased by 2.2% to $13.0 billion
- Loans expanded by 2.0% to $14.5 billion
- Retained earnings were boosted by 9.3% to $909.0 million and capital continues well over the legislated requirement.
See the Q3 2019 Financial Statements at https://www.servus.ca/about/our-organization/performance.
About Servus Credit Union Ltd.
At Servus Credit Union we’re building a better world, one member at a time. We’ve been shaping the financial fitness of Albertans for 80 years with a full line of secure financial services. We help members manage their money wherever they are through 100 branches in 59 communities; online, mobile and telephone banking; and 1900 no-fee ATMs across Canada. We re-invest our profits in our members and the communities we serve. For more information, call 1.877.378.8728 or visit servus.ca.