Servus reports strong second-quarter fiscal 2026 results
(June 24, 2026, Edmonton, AB) — Servus Credit Union Ltd. (Servus) today announced its financial results for the second quarter of fiscal 2026, reporting year-to-date income before taxes and patronage of $223 million, an increase of 61 per cent, or $85 million, compared with the same period last year.
The increased income reflects Servus’s strategic focus on efficiency, supported by disciplined operational execution across the organization.
Revenue growth continued to outpace increases in expenses during the first six months of the fiscal year, contributing to improved earnings and reflecting the stability of Servus’s underlying business. This balanced approach continues to support long-term value creation for Servus members.
"These results reflect a business that continues to operate with discipline and strength in a changing environment," said Ian Burns, President and CEO of Servus Credit Union. "Our strong income performance and capital position allow us to keep investing in what matters most: serving our members well, returning value through our cooperative model, and continuing to build a resilient, modern financial institution positioned for long-term growth and opportunity."
Key financial results for the first half of the year as compared to the same period in the prior year show:
- Assets under management grew 7.5% to $41.2 billion
- Total assets grew 3.6% to $30.8 billion
- Retained earnings increased by 20.0% to $1.6 billion
- Net interest income grew by 18.0% to $443.1 million
- Non-interest income grew by 15.3% to $137.8 million
- Provision for credit losses decreased 20.6% to $27.5 million
- Operating expenses increased 2.3% to $330.5 million
- Income before income taxes and patronage increased 61.1% to $222.9 million
Results include accounting adjustments primarily due to the 2024 merger that are not related to ongoing operations. These adjustments total $31.5 million, bringing normalized income before taxes and patronage down to $191.4 million.
Servus Chief Economist Charles St-Arnaud pointed to continued resilience in Alberta’s economy during the quarter despite ongoing geopolitical uncertainty and inflationary pressures. This, combined with favourable macroeconomic indicators, primarily related to Alberta oil, contributed to a lower provision for credit losses.
Burns added that, "our performance this quarter reflects more than financial strength — it reinforces our ability to continue sharing success with our members. Through initiatives like Profit Share® and the Servus Big Share® Contest, which recently welcomed its eighth $1 million winner, we continue to demonstrate the value of the cooperative model in action."
About Servus Credit Union Ltd.
Servus Credit Union provides a full line of secure financial services to more than 600,000 Albertans. Unlike the banks, Servus pays its members for their loyalty through Profit Share® Rewards cash, which returns millions of dollars of profits directly to members annually.
As Alberta's largest credit union, with branches in more than 80 communities and 24/7 online, mobile and telephone support services, as well as access to thousands of no-fee ATMs, Servus makes banking secure and easy. Having served Albertans for nearly 100 years, with an emphasis on providing friendly service and personalized advice, Servus helps its members feel good about their money.
For more information, call 1.877.378.8728 or visit servus.ca.
Media contact:
media@servus.ca
825.402.0740