(Edmonton, AB) – As Servus Credit Union Ltd. (Servus) continues to invest in transformative activities to ensure member service remains strong into the future, the organization ended the year with significant financial growth, including surpassing $18.3 billion in assets, a 5.1% ($883.5 million) increase from the previous fiscal year.

Financial results, for the year ended October 31, 2022, saw assets increase, due to growth in loans and investments, as a result of competitive market positions and pricing. While retained earnings increased substantively, a decrease in net income is reflective of investment in transformation efforts to ensure Servus has the services, technology and people necessary to meet changing consumer demand.

"Throughout 2022, we've positioned our organization for the future by reimagining how Servus can best support members with their changing financial needs," said Ian Burns, Servus’s President and Chief Executive Officer. “Our 2022 results, including the largest increase in asset growth we’ve ever had in a single year, show we’re on the right track and that members are increasingly placing their trust in Servus as we help them navigate today's complex economic environment."

2022 year-over-year results show:

  • Assets increased by 5.1% to $18.3 billion
  • Deposits increased by 6.2% to $15.3 billion
  • Loans increased by 6.7% to $16.3 billion, which was an increase of over $1.0 billion
  • Retained earnings increased by 5.3% to $1.1 billion
  • Net income dropped by 30.5% to $77.1 million

"Of particular note is our increase in commercial loans, which is reflective of the work we've done to evolve our competitive offerings and rates for small to medium size Alberta businesses," said Burns.

In terms of economic outlook, market volatility caused by COVID-19 has eased, bolstered by increased commodity revenues and the lowest provincial unemployment level in nine years. At the same time, Alberta currently faces inflationary and interest rate pressures. This "push-pull" effect has presented challenges for some members in meeting their financial obligations and increases the potential for loan default. Accordingly, provision for credit losses increased to a charge against income of $8.2 million in 2022.

"Servus remains committed to providing the best member service possible. We want to help members feel good about their money, even in these uncertain times,” said Burns. “That's part of why we’re focused on transforming and growing our credit union so that we can continue to provide a superior member experience to a growing base of members."

Part of how Servus helps members feel good about their money is by sharing its profits with members through the Servus Profit Share® program, which saw a record-setting payout in 2022 of over $60 million.

About Servus Credit Union Ltd.

Servus Credit Union has served Albertans for over 80 years with a full line of secure financial services. The financial institution has more than 100 branches in 59 communities throughout the province as well as options for online, mobile and telephone banking. Servus's noble purpose is to help members reimagine their financial fitness so that they feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.


For more information contact:

Email: media@servus.ca
Telephone: 587.437.7332

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