The economic turmoil that we saw last year tested the credit union’s operations and played a role in many of our members’ lives. While the price of oil had a major impact on individuals, the Bank of Canada’s drop in interest rates had the most significant impact on our bottom line. However, we foresaw that interest rates would stay low and with our strong capital position and long-standing attention to credit quality, we successfully weathered the unexpected rate drop quite well. And the numbers back that up.
Our income before taxes and patronage rose by $12.4 million or 10.6% over last year and our loan growth increased by $234.9 million. Servus’s overall assets increased by $230.8 million to $14.3 billion and we were able to share $47.9 million in Profit Share with our members. Our long-term focus on sustainability has kept us strong amid the economic turmoil.
Our solid and consistent growth would not have been possible without the dedication and hard work of our employees. Thanks to their diligence we’ve become a more efficient organization that’s able to serve members even better than before. Their hard work enabled us to achieve 85% of our 2015 balanced scorecard targets, which was not easy given the many challenges in our operating environment.
For 2016-2018, our focus remains constant. We will become more resilient to economic changes and will continue to manage our costs to stay competitive. Our members will continue to receive expert advice and support to help build their lives no matter where the economy goes.
Some economic forecasts are calling for a better economic climate in 2016. But our analysis suggests it may take longer. That’s ok. We’re prepared.
President & CEO