The profit-sharing picture is looking pretty for members of Servus Credit Union.
The Edmonton-based financial services co-operative reported on Thursday that its income for the first three quarters of 2013 is up 11.6 per cent.
Servus, which operates on a Nov. 1 to Oct. 31 fiscal year, had income before patronage allocations and income taxes equal to $89 million for the nine months ended July 31. That compared with $79.7 million for the same period of 2012.
Garth Warner, Servus’s president and CEO, attributed the improved numbers to loan growth and tight controls on expenses.
“We expect this to continue for the rest of fiscal 2013 and we see ourselves being in a good position to pay profit share to our members.”
Last year, Servus paid out $46.1 million to members through its profit-sharing program.
Nine months into its 2013 year, Servus’s assets were up to $12.9 billion, as compared with $11.8 billion a year earlier. Member loans were at $11.4 billion, up from $10.4 billion; member deposits totalled $11.7 billion, an improvement from $10.7 billion; and the credit union’s total equity had cracked the $1 billion mark, up from $952.9 million.
In the third quarter alone, Servus generated $24.6 million in income before patronage allocations and income taxes, a 13.4 per cent increase from $21.7 million for the same period of 2012.
“Alberta’s economy has been stable and we have not yet had an impact on our business from the flooding earlier in the summer,” said Warner.
Servus, which operates from more than 100 locations in 62 communities, has nearly 390,000 members.