EDMONTON, Alberta, Sept. 23, 2022 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) continues to position the organization for the future despite market volatility, ending its third fiscal year. We continue to show strong financial growth in the quarter. .
Here are the numbers for the third quarter compared to the same period in 2021:
- Assets increased 4.8% to $18.2 billion
- Deposits increased 5.8% to $15.1 billion
- Loans increased 5.9% to $16.1 billion
- Retained earnings increased 6.2% to $1.1 billion
- Net income fell 34.8% to $59.9 million
- Loan loss reserves increased from recoveries of $13.3 million to an expense of $5 million.
Servus assets exceeded $18 billion in the middle of the third quarter. This is also thanks to a more aggressive loan growth approach. Members’ financial position has benefited from attractive deposit prices in the third quarter. The credit union has achieved $1 billion in asset growth since mid-2020 while supporting members and implementing significant organizational changes through the impact of the COVID-19 pandemic.
Ian, President and CEO of Servus, said: Burn. “As we continue to rethink our financial health, Servus remains focused on building a growing and prosperous credit union.”
Net earnings were down about 35%, partly due to transformation-related costs up about 16%. Credit unions have made significant changes to ensure their organizations have the talent and technology to meet changing consumer demands. This work caused a temporary spike in costs in the quarter.
“We are making significant changes to the way we work, providing the products, services and expert advice our members have come to expect from us so that we can thrive in an increasingly complex, dynamic and demanding financial services marketplace. We have worked hard to strike the right balance between doing what we do,” added Servus President and CEO.
Loan loss reserves increased to $5.0 million from recoveries of $13.3 million in the prior-year quarter. The change comes as a result of revised economic forecasts based on the rising interest rate environment, inflation and falling unemployment across the state.Rising prices have boosted state revenues, but wage growth has laggedServas remains deeply loyal to its members as they manage their commitments under changing economic tides by remaining committed to rethinking their financial health.
About Servus Credit Union Ltd.
Servus Credit Union is ranked #1 in Canada on Forbes’ 2022 list of World’s Best Banks. At Servus Credit Union, our complete line of secure financial services has shaped Alberta’s financial health for over 80 years. With 100 branches in 59 communities, online, mobile and phone banking, and 1,900 fee-free ATMs across Canada, you can bank the way you want and the comfort. We are proud to reinvest our profits back into our members and the communities we serve. With Servus Credit Union you can be happy with your money.
For more information, please contact:
Email: [email protected]
Servus has reached an important milestone while positioning for the future. Canadian Business Journal
Source link Servus has reached an important milestone while positioning for the future. Canadian Business Journal