Strong loans, deposits give Servus jump in numbers

Servus Credit Union is reporting a 40 per cent jump in operating income for 2012, with strong loan and deposit growth contributing to the gain.

Servus Credit Union is reporting a 40 per cent jump in operating income for 2012, with strong loan and deposit growth contributing to the gain.

The financial institution announced in November that it would be distributing $45.8 million to members through its profit-sharing program, but did not release detailed results from its 2012 fiscal year, ended Oct. 31.

It did so on Monday, including confirmation that the profit-sharing figure was actually $46.1 million — up from $44.3 million in 2011 and $43 million in 2010.

Servus, which is headquartered in Edmonton and was formed by the 2008 merger of Red Deer-based Community Savings, Edmonton’s Servus Credit Union and Common Wealth Credit Union of Lloydminster, said in a release that its operating income before profit-sharing and taxes last year was $107.9 million, up from $76.8 million the previous year. Its net income was $63.2 million, up 60 per cent from $39.5 million.

The credit union’s loan portfolio grew 7.2 per cent to $10.7 billion from $10 billion, and its deposit base climbed 8.3 per cent to $11.1 billion from $10.2 billion.

Total assets increased by 8.3 per cent to $12.2 billion from $11.3 billion, the first time they’d surpassed the $12-billion mark.

Total members’ equity increased 9.5 per cent to $976 million from $891 million.

In addition to asset growth, Servus attributed its 2012 income gains to an increase in the income it received from Credit Union Central of Alberta, lower loan allowance costs, and a rise in operating costs that was less than the rate of asset growth.

“2012 was a tremendous year for Servus Credit Union,” said Garth Warner, Servus’s president and CEO.

“We achieved excellent financial results while managing significant change and delivering exceptional service to our members across the province.”

Other 2012 highlights included the opening of four new branches — including one at Red Deer’s Clearview Market Square — and relocating two others. It also acquired the Medicine Hat Civic Employees Credit Union.

Servus’s annual general meeting will take place March 11 in Edmonton. That meeting can be viewed online through the credit union’s website.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Attendees of the Downtown Red Deer Market, which runs every Wednesday during the summer on Little Gaetz Avenue, have complained about the lack of public washrooms. (Photo contributed by Red Deer Downtown Business Association)
Portable washrooms to be set up in downtown Red Deer this summer

More data is needed before the city invests in a permanent structure

A survey of 3,083 Red Deer residents was done by an online platform on behalf of the City of Red Deer, generating about 11,607 comments.. (File photo)
Red Deerians speak out about COVID-19 concerns in survey

More than 3,000 city residents were surveyed

A Calgary energy company's request for a tax break was turned down by Lacombe County. About $31,000 was owed by a company that went bankrupt and Silverleaf Resources Inc. bought some of their assets.
(Advocate file photo)
Lacombe County turns down oil company’s tax break request

Silverleaf Resources Inc. hoped for break on $31,000 in back taxes

RCMP recovered hundreds of stolen items, including Bibles and historical items stolen from the Bowden Pioneer Museum.
(Photo from RCMP)
Museum artifacts among hundreds of stolen items recovered by RCMP in central Alberta

Second World War and other historical and religious items recovered

Red Deer dogs Bunsen and Beaker helped save a missing pet recently. The two dogs have more than 80,000 followers on Twitter. (Contributed photo)
WATCH: Red Deer science dogs help save lost pet

Red Deer science-communicating dogs Bunsen and Beaker helped rescue a missing pet… Continue reading

Edmonton Oilers' Kailer Yamamoto (56) and Toronto Maple Leafs' Morgan Rielly (44) reach for the rebound from Leafs goalie Michael Hutchinson (30) during second-period NHL action in Edmonton on Monday, March 1, 2021.THE CANADIAN PRESS/Jason Franson
Michael Hutchinson earns 31-save shutout, Maple Leafs blank Oilers 3-0

Michael Hutchinson earns 31-save shutout, Maple Leafs blank Oilers 3-0

Washington Nationals' Ryan Zimmerman watches his solo home run during the third inning of a spring training baseball game against the Houston Astros Monday, March 1, 2021, in West Palm Beach, Fla. (AP Photo/Jeff Roberson)
In-game video returning to baseball for 2021

In-game video returning to baseball for 2021

Winnipeg Jets' Nathan Beaulieu (88) clears the puck in front of goaltender Connor Hellebuyck (37) as Vancouver Canucks' Elias Pettersson (40) looks for the rebound during second-period NHL action in Winnipeg on Monday March 1, 2021. THE CANADIAN PRESS/Fred Greenslade
Three first-period goals pace Vancouver Canucks to 4-0 victory over Winnipeg Jets

Three first-period goals pace Vancouver Canucks to 4-0 victory over Winnipeg Jets

Rugby training gear is shown during a Torotno Wolfpack during a practice at Lamport Stadium in Toronto. Bradford, Featherstone, Leigh, London,  THE CANADIAN PRESS/Neil Davidson
Plans announced to create a grassroots Canadian rugby league co-op

Plans announced to create a grassroots Canadian rugby league co-op

Ottawa Senators left wing Brady Tkachuk (7) and centre Chris Tierney (71) get sandwiched between Flames defencemen Rasmus Andersson (4) and Juuso Valimaki (6) during second-period NHL action in Ottawa on Monday, March 1, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Batherson scores twice for Ottawa Senators in 5-1 win over Calgary Flames

Batherson scores twice for Ottawa Senators in 5-1 win over Calgary Flames

Skiers may be safe from COVID-19, but not those working to keep slopes open: experts

Skiers may be safe from COVID-19, but not those working to keep slopes open: experts

Armas likes what he sees in Toronto FC camp but there are still issues to resolve

Armas likes what he sees in Toronto FC camp but there are still issues to resolve

Team Canada's Jocelyne Larocque celebrates her goal past the U.S.A. with goaltender Embrace Maschmeyer during first period of Women's Rivalry Series hockey action in Vancouver on February 5, 2020. The Canadian women's hockey team opened a camp Monday in Halifax, which is co-hosting the upcoming world championship. Hockey Canada invited 35 players to participate in the seven-day camp closed to the public and media at Scotiabank Centre. The women are training under restrictions because of the COVID-19 pandemic, including a limit of 25 players on the ice at one time. "They will continue to follow strict COVID-19 testing as per team health and safety protocols that have been detailed and approved by Nova Scotia Public Health," Hockey Canada said Monday in a statement. THE CANADIAN PRESS/Jonathan Hayward
Canadian women’s hockey team preparing for possible May world championship

Canadian women’s hockey team preparing for possible May world championship

Most Read