EDMONTON, Alberta, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Servus Credit Union Ltd. (Servus) reported another year of strong financial performance and record growth, despite the economic volatility of this past year. Assets increased by 10.9%, year-over-year, to $20.3 billion. This was fueled by strong growth in both deposits and loans, while retained earnings grew by 4.9% to $1.2 billion.
At a time when many financial institutions are grappling with headwinds, Servus's financial results for the fiscal year ending Oct. 31, 2023, demonstrated the organization's resilience and increasing relevance to Albertans.
2023 year-over-year results show:
- Assets increased 10.9% to $20.3 billion
- Loans increased 11.4% to 18.2 billion
- Deposits increased 9.2% to $16.7 billion
- Retained earnings increased 4.9% to $1.2 billion
- Net income increased 0.9% to $77.8 million
“Our success this year bucks the trend in the financial services landscape and is a result of our strategic focus and investment over the past few years into modernization. Coupled with a strong capital position and a member-centric approach, this has been a recipe for success,” said Ian Burns, President and Chief Executive Officer of Servus Credit Union.
Notable opportunities realized in 2023 included expanding Servus’s offerings to more than 14,000 new members and investing in market-leading services. As part of this, Servus acquired Stride Capital Corp, a Calgary-based equipment financing and leasing provider, in June 2023. Servus has also proposed a merger with connectFirst Credit Union.
“In challenging times, we need to be adaptable, innovative and laser-focused on providing value to our members,” said Burns. “We’ll continue to grow Servus by staying the course and recognizing strategic opportunities when they present themselves,” he added.
Deposits grew substantially this year as our members benefited from the high rate environment, supporting their overall financial fitness. These deposits as well as a strong capital base helped achieve record loan growth leading to increased net interest margin. As a result, net income remained consistent with the prior year, despite the ongoing pressure on provision for credit losses and increased operating expenses.
Servus's strong performance this year enabled us to share a record level of over $68 million in Profit Share® with our members. This includes more than $32 million in Profit Share® Rewards cash paid to members. Dividends paid in the form of shares to members increased to more than $36 million due to the high interest rate environment.
About Servus Credit Union
Servus Credit Union provides a full line of secure financial services with more than 100 branches in 59 communities throughout Alberta. With more than 400,000 members, Servus offers online, mobile and telephone banking. Founded more than 80 years ago, Servus's noble purpose is to help members reimagine their financial fitness so that they feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
For more information contact:
Email: media@servus.ca
Telephone: 403.804.9588
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