(Edmonton, Alberta) – Servus Credit Union continued to show stability despite Alberta’s turbulent economy with strong first quarter results. The credit union reported growth in areas including total assets, member’s equity and income.
The credit union had income (before patronage and taxes) of $37.8 million in Q1 2016, up $7.1 million (23.0%) from the same quarter in 2015. This comes in large part as a result of Servus’ continued determination to prudently manage expenses, which led to a reduction in operating expenses of $5.0 million (6.7%) from first quarter of 2015.
Loans were up $145.2 million (1.1%) to $12.8 billion this quarter, and total assets were $14.4 billion, an increase of $136.8 million (1.0%) from October 2015.
“Sound planning, efficient cost management on the part of our dedicated employees, and the deeply rooted support of our members mean that we continue to be in a very solid position, despite Alberta’s economic turmoil,” says Garth Warner, President & Chief Executive Officer of Servus Credit Union. “We are very pleased with our first quarter results, and thankful for the support of our members right across the province.”
Warner says the credit union’s focus at this time is on providing expert, tailored advice for its members that will allow them to succeed and thrive despite an Alberta economy that continues feeling the impacts of low oil prices, and which may get worse before it starts to get better. “We’ve been in Alberta for over 77 years so we’ve been through this before, and we know how to help our members get through it as well.”
Key financial indicators in the 2016 first quarter ending January 31, 2016 were:
- Deposits of $12.2 billion, down $23.8 million from October 31, 2015
- Total assets of $14.4 billion, up $136.8 million from October 31, 2015
- Total loans of $12.8 billion, up $145.2 million from October 31, 2015
- Income (before patronage and income taxes) of $37.8 million, up $7.1 million from the same three month period in 2015
- Total equity of $1.3 billion, up $15.3 million from October 2015
View detailed Q1 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 62 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.
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