Servus Credit Union's 2021 financial results lay promising foundations for growth and transformation
EDMONTON, Alberta, March 02, 2022 (GLOBE NEWSWIRE) -- In 2021, Servus Credit Union achieved record financial performance. Returning and exceeding to pre-pandemic levels in many areas, of significant note, net income (income after dividends, patronage allocation to members and taxes) reached a new high of $110.9 million, up 82.5% and significantly surpassing net income performance achieved in the past five years.
"Over the past several years, Servus's financial performance has steadily strengthened the credit union's capital stability," says Ian Burns, Servus Credit Union President & CEO. "As we emerge from the pandemic, you're going to see Servus build on these strong foundations, investing in our technology and processes enabling our credit union to become increasingly easier for our members to do business with us."
"We're really fortunate to be in the financial position we are as we emerge from the pandemic. Now is the time for us leverage these foundations to accelerate moving our credit union forward and providing best-in-class member tools and services to continue to be a financial institution of choice for many future generations of Servus Credit Union members."
Key performance indicators (all figures compare FY21 to FY20):
- Net income (after dividends, patronage and taxes) rose by 82.5% to $110.9 million.
- Assets grew by 1.7% to $17.5 billion.
- Deposits increased by 3.8% to $14.4 billion.
- Loans expanded by 3.2% to $15.3 billion.
- Retained earnings were boosted by 10.1% to $1.1 billion and our capital is well over the legislated requirement.
- Provision for credit losses decreased by 129.9% given the financial recovery most Servus members are experiencing.
Servus members more financially fit than other Albertans
Each year, Servus surveys its members and Albertans about their financial fitness. Over the past two years, Servus members have outperformed Albertans who do not bank with Servus. In 2021, that gap increased substantially with Servus Credit Union members scoring 74.3% compared to Albertans' score of 69.6%.
Servus's score increased by 5.2% over 2020's score (69.1%), while Albertans saw an increase of 0.8% over 2020's score (68.8%).
Servus returns millions to members and Alberta communities
A testament to Servus's commitment to its members and communities, Servus continued to share profits with members through our annual profit share program, while also giving more than $2 million to charitable organizations throughout 2021.
In December 2021, Servus returned $54.6 million to members in cash and dividends ? $36.1 million in Profit Share Rewards® cash, $4.2 million in investment share dividends, and $14.3 million in common share dividends.
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 more than 80 years with a full line of secure financial services. We help members manage their money wherever they are through more than 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, call 1.877.378.8728 or visit servus.ca.
For more information contact:
Chris Tse
Media & Story Consultant
T: 587.594.3820
Email: [email protected]
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