Servus Credit Union is reporting a 4.7 per cent increase in its first-quarter operating income for 2014.
The member-owned financial institution said it generated $32.5 million in profits, before patronage allocations and taxes, during the three months ended Jan. 31. That compares with $31.1 million for the same period a year earlier.
Servus said in a release that its first-quarter loans increased $995.6 million, as compared with a year ago, and its assets grew by $1.1 billion to $13.4 billion.
“Strong loan growth is giving us a good start to the year and is contributing to assets worth more than $13.4 billion,” said Garth Warner, Servus’s president and CEO.
“We are cautiously optimistic for the year and can see that residential mortgages and commercial lending are still strong, meaning Alberta is still a great province to live and work in.”
Servus’s fiscal year began Nov. 1.
During the subsequent three months, its loans grew by $152.1 million, its deposits increased by $313.1 and its assets rose by $287 million.