Servus Credit Union posted a 15.9 per cent increase in net income last year, which helped finance a $47.5-million payout to members before Christmas.
The Edmonton-based financial institution has reported earnings of $73.2 million for the 12 months ended Oct. 31. That compares with $63.1 million for its 2012 fiscal year.
“We had a tremendous year and we achieved excellent financial results at a time when banks are experiencing increased competition and pressure to perform,” said Garth Warner, Servus’s president and CEO, in a release. “Looking ahead, we expect Servus to continue to make prudent, educated decisions about how to best serve members and protect the credit union’s assets in the current economic climate and beyond.”
The release attributed Servus’s improved performance last year to a 10 per cent increase in loans and a 7.5 per cent rise in deposits. Also helping the bottom line was a 31.9 per cent — or $5.2 million — jump in income from Servus’s associates, including the Credit Union Central of Alberta.
Among Servus’s highlights for 2013 was the fact it hit $13.1 billion in assets, a 7.6 per cent increase over $12.2 billion in 2012. Total equity climbed 8.6 per cent to $1.1 billion from $977 million.
Servus announced in December that it was distributing $47.5 million to members under its profit-sharing plan. This amount consisted of $26.7 million in patronage rewards and $20.8 million in common share and investment share dividends.
Servus’s annual general meeting will take place March 12 in Lloydminster.