(Edmonton, AB) – Servus Credit Union reported net income (after dividends, patronage and taxes) of $36.7 million for the third quarter of the 2021 fiscal year, up 227.9% from the third quarter of FY2020.
Key Servus Credit Union performance indicators
Figures compare Q3 2021 to Q3 2020:
- Assets grew 0.2% to $17.3 billion.
- Deposits increased by 3.0% to $14.3 billion.
- Loans expanded by 3.1% to $15.2 billion.
- Retained earnings were boosted by 9.0% to $1 billion and capital is well over the legislated requirement.
Figures compare three months ended July 31, 2021 to July 31, 2020:
- Net income (after dividends, patronage and taxes) rose by 227.9% to $36.7 million primarily due to a decrease in credit losses.
- Provision for credit losses decreased by 157.3%. With a more positive economic outlook, vaccination rollout and planned re-openings, combined with lower than anticipated loan delinquency and write-offs, Servus has been able to lower the amount of funds set aside to cover potential future losses, resulting in a significant recovery in this area.
- Statutory capital and liquidity requirements continue to be met or exceeded.
“Building from last quarter, we continue to see a return to results we would have seen prior to the COVID-19 pandemic,” explains Ian Burns, President and CEO for Servus Credit Union. “This is a reflection of what’s going on in the broader society and economy, and I believe is a sign of positive, forward momentum for our credit union and Albertans at large.”
“It’s very promising to see the growth in deposits, in particular. We know that the Servus Big Share™ contest definitely played a role in encouraging our members to save in big ways. I believe strongly that this demonstrates how impactful our focus on helping members feel good about their money is on our overall economy and, especially, the day-to-day lives of our member-owners.”
Full details of Servus's 2021 third quarter results can be seen on our 2021 performance page.
Servus announced the winner of the Servus Big Share contest in June 2021. Servus gave $1 million to member Ken Walker, who earned entries by banking with Servus and receiving Profit Share® Rewards cash. The Big Share contest was developed to encourage members to save by offering the chance to win $1 million. The 2021 contest encouraged members to save a combined total of $320 million and attracted more than 6,000 Albertans to join the credit union during the contest period.
Helping Albertans feel good again
In its third quarter of 2021, Servus gave more than $315,000 to 136 community organizations to help Albertans recover and manage through the economic and public health challenges of the past year. Since the beginning of the 2021 fiscal year, Servus has put more than $1 million toward this movement aimed at getting Albertans back to feeling good again.
Most notably in Q3, Servus supported the following organizations:
- Free access days at Calgary’s Glenbow Museum allowing more than 8,500 Albertans to visit the museum before it closed for a multi-year renovation project. Free access days also helped drive $4,400 in additional donations for the Glenbow.
- SAGE Seniors Association Awards which honoured 11 outstanding seniors for their contributions to their communities.
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 over 80 years with a full line of secure financial services. We help members manage their money wherever they are through more than 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.
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