(Edmonton, Alberta) – A more refined and strengthened focus on member service in the 2017 fiscal year (FY17) proved positive for Servus Credit Union's performance, resulting in increased financial fitness for the credit union's members and a stronger bottom line as people turned increasingly to the organization for help achieving their financial goals.
Benefiting from years of cost management discipline and an improving Alberta economy, the credit union's income (before patronage allocation to members and taxes) was $140.8 million, up 13.5% from $124.0 million the previous year. As a result the province's largest credit union paid $50.6 million to members through its annual Profit Share® program, the largest payout in its history. Since 2009, the program has paid $419 million to members.
“Servus Credit Union contributed $3.6 billion to Alberta's economy in 2017," said Garth Warner, Servus Credit Union's President and CEO. "By committing to shaping member financial fitness, we've helped more families into homes, supported more Alberta businesses as they've diversified, and we're helping to strengthen the financial futures of our members by listening and providing them tailored solutions for their individual needs. Our aim is to earn their trust in Servus by helping them feel financially resilient, in control and able to take advantage of opportunities".
Last year Servus reported an increase in assets to $15.4 billion from $14.8 billion in FY16, loan growth of $452 million and deposit growth of $267 million. Retained earnings were also strong at $763.6 million, up from $697.9 the previous year. Operating expenses increased $6.1 million in FY17, primarily allocated to personnel costs and to greater investment in member services such as digital banking and technology security. Servus also opened a new high tech branch in Calgary in February 2018. Servus's member satisfaction and member loyalty scores continued to be among the highest in the industry. The credit union sustained its strong commitment to Alberta communities, giving $2 million to over 1000 community organizations.
In 2017, members turned more often to wealth and investment advice provided by Servus. The credit union continued to see significant growth in its wealth services, where members increased their investment holdings to more than $3.3 billion from $2.9 billion, an increase of 13.6%. The generated income of $25.9 million was an increase of 22.8% from the previous year.
About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 59 communities. Servus aspires to build a better world - one member at a time – by shaping member financial fitness to help Albertans feel in control, be financially resilient and pursue opportunities. For more information, call toll-free 187SERVUSCU / 1.877.378.8728 or visit servus.ca.
For more information contact:
Manager Public Relations and Social Media
Servus Credit Union