EDMONTON, Alberta, March 07, 2019 (GLOBE NEWSWIRE) -- In 2018 Servus Credit Union marked 80 years of making a positive difference in the financial lives of Albertans, writing another chapter in its history with strong financial performance, record profit sharing, expanded member services and economic contributions to the province.
Servus's net income (after dividends, patronage allocation to members and taxes) was $86.4 million, up 4.7% from $82.5 million the previous year. As a result, the province's largest credit union paid $54.1 million to members through its annual Profit Share® program, the largest payout in its history. Since 2009, the program has paid $473.7 million directly to members, a financial benefit of membership offered only by Servus and some credit unions.
“At Servus we are making a real difference in the lives of our members by shaping their financial fitness with sound advice, secure, competitive services to help them manage their money on their terms and a direct financial return through Profit Share Rewards," said Garth Warner, Servus Credit Union's President and CEO. "When our members succeed, Servus succeeds, and our members are succeeding."
Members responded to Servus's promise to build their financial fitness with increased business in 2018, resulting in:
- Assets grew 4.9% to $16.1 billion and our capital is well over the legislated requirement.
- Net income (after dividends, patronage and taxes) rose by 4.7% to $86.4 million.
- Deposits increased by 2.2% to $12.8 billion.
- Loans expanded by 4.5% to $14.3 billion.
- Retained earnings were boosted by 9.1% to $833.0 million.
Other FY 2018 highlights:
- Servus Credit Union contributed $3.5 billion to Alberta's economy.
- Servus invested $2.5 million in 982 community organizations.
- Inglewood Credit Union and Canada Safeway Limited Employees Savings & Credit Union chose Servus as an amalgamation partner in 2018. More recently, the members of Edson Savings and Credit Union Limited also voted to amalgamate with Servus.
- Delivery channels - expanded contact centre hours to 24/7, new online and mobile banking features, two new branches in Calgary.
- Recognition by the Centre for Financial Services Innovation as one of its 2018 Financial Health Leaders, the only Canadian institution named.
- Highest member satisfaction scores in Alberta and industry leading loyalty score.
- Forbes recognized Servus as one of Canada's Best Employers in 2018, and one of the top three financial institutions in Canada.
Full details of Servus's 2018 financial performance can be seen at 2018 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 invest our profits in our members and the communities we serve. The rest we return to members as Profit Share Rewards. For more information, call 1.877.378.8728 or visit servus.ca.
For more information contact:
Michael Dickinson
Director of Stakeholder Solutions
Servus Credit Union
T: 780.638.8012
C: 780.910.8712
Email: michael.dickinson@servus.ca
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