Edmonton, Alberta – Servus Credit Union's Q3 results continue to show a healthy bottom line and ongoing stability despite turbulence in the Alberta economy.
Alberta's largest credit union reported an increase in net interest income of almost $3.5 million for the nine months ended July 31, 2016. Servus maintained a strong market position with loans up 4.2% from this time last year, total assets up 4.1%, and deposits up 0.9%.
The bottom line also reflected a $7.2 million increase in funds set aside for potential credit losses compared to the third quarter of 2015. Income for the nine months ended July 31, 2016 (before patronage allocation to members and income taxes) was $93.1 million, down 0.3% from the same period in the previous year. Servus continues to manage income in these challenging times by keeping a keen eye on costs, and lowered operating expenses 3.6% compared to the same period last year. The credit union is particularly proud of finding ways to make these reductions without any staff layoffs.
"We do not believe we have seen the bottom of the downturn yet but we are in good shape to help our members through this," said Garth Warner, President and CEO of Servus Credit Union. "With our expert advice, top rated customer service and Profit Share that puts money back into the pockets of Albertans, we can help them meet these challenges. Credit unions were formed in tough times by Albertans who wanted an independent alternative to the banks, and we continue to honour that legacy."
Servus also continues to invest in Alberta communities, recently announcing its newest Community Access partnership with the Alberta Sports Hall of Fame and Museum that will kick off October 6, 2016.
Key financial indicators in the Servus Q3 results were:
- Deposits of $12.3 billion, up $105.5 million (0.9%) from October 2015
- Total assets of $14.7 billion, up $483.1 (3.4%) million from October 2015
- Total loans of $13.1 billion, up $406.6 (3.2%) million from October 2015
- Total equity of $1.3 billion, up $55.9 (4.5%) million from October 2015
View detailed Q3 results on www.servus.ca.
About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 60 communities. The credit union’s vision of building a better world - one member at a time -inspires their commitment to provide sound, advice-based financial products and services; help members achieve personal satisfaction, enjoy financial stability and a good quality of life; and improve the communities where its members live and work. For more information, call toll-free 187SERVUSCU / 1.877.378.8728 or visit servus.ca.
For more information contact:
Manager Social Media and Public Relations
Servus Credit Union