Members of Servus Credit Union got a sense of the financial institution’s 2010 performance in December, when the credit union paid out $42.9 million in profit sharing.
They’ll have the opportunity for a closer look on Thursday, when Servus conducts its annual general meeting in Edmonton. The 7 p.m. AGM will be broadcast live at a half-dozen other locations across Alberta — including at Servus’s Taylor Plaza branch — and can also be seen on the Servus website at www.servus.ca.
The credit union’s financial statements for its last fiscal year, which ended Oct. 31, can also be found on its website. These indicate that Servus’s net interest income and other income for the year was $346.1 million, up from $327 million in 2009.
Operating expenses were $260.8 million, an increase from $236.7 million.
After patronage allocations to members and income taxes, Servus’s net income last year was $49.5 million. The corresponding figure for 2009 was $60.9 million, with $7.3 million of this resulting from an accounting adjustment.
Of the $42.9 million in profit sharing paid out to members, $23.65 million represented a patronage allocation and $19.25 million was from dividends from Servus common and investment shares.
Last year, the profit-sharing program sent $42.2 million to members: $22.5 million through the patronage allocation and $19.7 million by way of dividends.
Servus has 390,000 members, and operations in more than 100 locations in 62 Alberta communities. It came into being on Nov. 1, 2008, following the merger of Red Deer-based Community Savings with Servus Credit Union and Common Wealth Credit Union.