Bank Earnings

Servus Credit Union’s second quarter results show $1.1 billion increase in profits

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EDMONTON, Alberta, June 29, 2022 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) concluded the second quarter of fiscal 2022 with the following results, compared to the corresponding period of fiscal 2021:

  • Assets grew 3.5% to $17.9 billion
  • Deposits increased 4.7% to $14.8 billion
  • Loans increased 4.1% to $15.7 billion
  • Retained earnings increased 8.8% to $1.1 billion
  • Net income decreased 15.0% to $46.8 million
  • Provision for credit losses decreased by 82.2%

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Net income was down 15% due to fluctuations in credit loss recoveries. An improving Alberta economic outlook and the health of our loan portfolio allowed our net interest income and other income to rebound favorably from the setbacks caused by COVID-19. Provisions for credit losses remain lower than expected, although higher than last year. As Servus observes the dynamic changes in Alberta’s political and economic landscape during these times, credit losses are expected to normalize.

Operating expenses increased 10.2% to $117.6 million due to organizational transformation activities that support Servus’ goal of becoming the largest and strongest credit union in the Canada. Recent activities include changes in staffing and organizational structure, which drive Servus’ goal to be a growth-oriented organization that provides a premier member experience.

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“Servus is at an important transition point as we adapt to changing market conditions in our post-pandemic world and across the financial industry,” said Ian Burns, President and CEO of Servus.

“During the second quarter of fiscal 2022, we focused on reinventing Servus, innovating better banking solutions, and improving our member tools and services. This is how we plan to keep pace in our fast-paced and ever-changing world. We will continue to help our members feel good about their money by building on our strong position as Canada’s leading bank (Forbes, 2022). »

About Servus Credit Union Ltd.
Servus Credit Union is ranked #1 in Canada on the Forbes list of the World’s Best Banks 2022. At Servus Credit Union, we’ve been shaping the financial health of Albertans for over 80 years with a full suite of secure financial services. With over 100 branches in 59 communities, online, mobile and telephone banking, and 1,900 toll-free ATMs across Canada, you can comfortably bank with us the way you want. We are proud to reinvest our profits back into our members and the communities we serve. With Servus Credit Union, you can feel good about your money.

For more information contact:

Chris Tse
Media and story consultant
Servus Credit Union
Such. : 587.594.3820
Email: [email protected]