(Edmonton, Alberta) – Sound planning and careful management continues to pay off for Servus Credit Union members as the credit union reported strong Q1 results to start the year.
Net income was $23.9 million in the first quarter, up $1.5 million or 6.5% from Q1 2016. Operating income was $39.2 (up 3.5% from Q1 2016), total assets were $14.9 billion (up 3.2% from January 2016), member loans were $13.3 billion (up 3.4% from January 2016) and retained earnings increased $57.0 million (8.5%) over Q1 2016.
Cost control continued to help put Servus in a strong position, as the company held the line on expenses with operating expenses just 0.6% higher than Q1 2016, after significant reductions in FY15 and FY16. Despite the turbulence that continues in Alberta's economy, provisions for credit losses are consistent with those seen in FY16 and were below the credit union's initial forecasts.
“We are pleased with the continued growth in our net income and member loans,” said Servus President and CEO Garth Warner. “Clearly, there are no quick fixes in an economy that still is troubled, but we are starting to see conditions stabilize. Alberta families are starting to see some relief, and businesses are starting to grow and expand. Our 78 years in this province allow us to give the kind of advice Albertans need to weather our province's economic cycles, and our results show the benefit of that same careful planning and management."
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 59 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.