Servus records boost in income

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 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.

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