(Edmonton, AB) – A focused commitment to member financial fitness has influenced strong financial performance for Servus Credit Union in 2019, despite challenging economic factors impacting Albertans. Servus achieved record-breaking net income of $100.5 million and returned $57 million in Profit Share® Rewards cash and dividends to members.
"From our beginnings in 1938, our cooperative principles and our commitment to the financial well-being of our members have guided us," said Garth Warner, Servus Credit Union's President & CEO. "Our strong performance in 2019 is a reflection of the hard work our members have put toward their financial fitness, which is what we're here to help them with."
Members responded to Servus's promise to build their financial fitness with increased business in 2019, resulting in:
- Net income (after dividends, patronage and taxes) rose by 16.5% to $100.6 million
- Assets grew 1.1% to $16.3 billion and our capital is well over the legislated requirement
- Deposits increased by 2.4% to $13.1 billion
- Loans expanded by 1.7% to $14.5 billion
- Retained earnings were boosted by 9.2% to $909.4 million
As a result of strong financial results, Servus paid out the most it ever has to members. Servus paid $57 million to members in Profit Share® Rewards cash ($32.4 million) and dividends ($24.6 million), the largest payout in its history. Since 2009, Servus has returned more than $530 million to members, a financial benefit of membership offered only by Servus and some credit unions.
Other 2019 highlights:
- Servus Credit Union contributed $3.4 billion to Alberta's economy.
- Servus invested $2.3 million in 800 community organizations.
- Edson Credit Union amalgamated with Servus in 2019.
- Built a new branch in the Calgary community of Bridlewood.
- Expanded and improved online service products with a full suite of mobile payment options, new online banking products and improved online banking services.
- Forbes recognized Servus as one of Canada's Best Employers in 2019, and one of the top three financial institutions in Canada.
Full details of Servus's 2019 financial performance can be seen at 2019 Servus financial statements.
About Servus Credit Union Ltd.
At Servus Credit Union we're building a better world, one member at a time. We've been shaping the financial fitness of Albertans for 80 years with a full line of secure financial services. We help members manage their money wherever they are through 100 branches in 59 communities; online, mobile and telephone banking; and 1900 no-fee ATMs across Canada. We re-invest our profits in our members and the communities we serve.
For more information contact:Amanda LeNeve
Manager, Media & Member Engagement
Servus Credit Union