(Edmonton, AB) – Servus Credit Union reported net income (after dividends, patronage and taxes) of $28.6 million for the first quarter of the 2022 fiscal year, up 17.9% from the first quarter of Servus’s 2021 fiscal year.
Key Servus Credit Union performance indicators (all figures compare Q1 2022 to Q1 2021):
- Assets grew 1% to $17.4 billion.
- Deposits increased by 2.6% to $14.4 billion.
- Loans expanded by 4% to $15.5 billion.
- Retained earnings were boosted by 10.3% to $1.08 billion and capital is well over the legislated requirement.
- Provision for credit losses continued to decrease by 126.8% due to more favourable economic forecasts along with lower delinquency and accounts written off.
Servus’s net interest income, other income and credit card book saw positive increases in the first quarter of 2022 as members make the most of positive market returns and maintain active retail behaviours. Meanwhile, operating expenses increased due to organizational restructuring activities.
"We’re pleased to maintain and grow our credit union at the stable rates evidenced in our first quarter results," explained Ian Burns, Servus Credit Union President & CEO.
"As we look to the future of our credit union, the first quarter of our 2022 fiscal year has also been a time of significant transition. We have been deeply engaged in the important work of building our organization to enable increased innovation, the development of best-in-class member tools and services, and a continued focus on helping our members feel good about their money."
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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