EDMONTON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Servus Credit Union (Servus) is reporting a promising start to fiscal year 2025 with a balance sheet portraying total assets of $29.4 billion. The first quarter also marks an increase in assets under management to $38.4 billion, an approximate $800 million jump from the previous quarter.
Following the successful merger with connectFirst Credit Union, Servus is prioritizing seamless integration across all areas of the business while staying steadfast and committed to members. Its strong financial performance and growth continues to reinforce the benefits of the merger, with the momentum positioning Servus for continued scalability.
“I am excited to start the new fiscal year on solid footing. We successfully wrapped up the merger transaction last year, and now it is time to focus on integrating our operations. This will enable us to better serve our members and communities, particularly in these economically uncertain times. We will continue to make fiscally responsible decisions to enable sustainable growth so that more Albertans can enjoy the advantages of co-operative banking in the long run,” says Ian Burns, President and CEO of Servus.
Given the close of the merger on May 1, 2024, financial results for the first quarter of fiscal 2025 are not comparable to the pre-merger results in the first quarter of 2024. In addition, this quarter includes accounting adjustments, primarily related to the merger, that are not related to ongoing operations. These adjustments total $23.9 million, bringing income before income taxes and patronage down to $44 million.
Servus’s Q1 results for the period of November 1, 2024 to January 31, 2025 show:
• Total assets under management at $38.4 billion
• Total assets at $29.4 billion
• Loans at $24.7 billion
• Deposits at $24.7 billion
• Retained earnings at $1.3 billion
• Net interest income at $187.8 million
• Non-interest income at $61.0 million
• Provision for credit losses at $22.1 million
• Operating expenses at $159.7 million
• Income before income taxes and patronage at $67.9 million
• Normalized income before income taxes and patronage is $44 million
Alberta’s economy entered 2025 with encouraging momentum driven by rising oil production, a strengthening housing market, and steady population growth. However, despite these positive indicators, unemployment continues to rise, and households are still grappling with prolonged increases in the cost of living. Additionally, recently announced tariffs and ongoing geopolitical developments in the United States pose significant risks to provincial and national economies, particularly in key trade sectors. These factors could create headwinds for Alberta’s economic growth in the months ahead.
“Uncertain times like the present are when people most need a financial institution that has their best interests at heart. That is exactly the credit union difference – we are here to serve the interests of our member owners. And the growth we’re seeing at Servus is a testament to how we’re able to help our members navigate the current environment,” says Burns.
Servus Credit Union is the trade name of Connect First and Servus Credit Union Ltd. All rights reserved.
About Servus Credit Union
Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has more than 140 branches in more than 80 communities throughout the province as well as options for online, mobile and telephone banking. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
Media contact:
media@servus.ca
825.402.0740
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