(Edmonton, AB) – Servus Credit Union reported net income (after dividends, patronage and taxes) of $23.9 million for the first quarter of the fiscal year compared to $27.8 million for the same period in the previous year.

"Though down from last year, our first quarter results for 2020 are exceeding our expectations," said Garth Warner, President & CEO of Servus Credit Union. "To start the year, we've made some significant investments in technology and personnel to better serve our members into the future, which is reflected in our net income. Results for the same period last year were higher largely due to unrealized gains in our derivative portfolio and lower than expected loan loss provisions."

Key performance indicators (all figures compare Q1 2020 to Q1 2019)

• Assets grew 0.9% to $16.3 billion.
• Net income (after dividends, patronage and taxes) fell by 14.0% to $23.9 million.
• Deposits increased by 2.4% to $13.1 billion.
• Loans expanded by 1.3% to $14.6 billion.
• Retained earnings were boosted by 9.2% to $933.2 million and our capital is well over the legislated requirement.

Full details of Servus's 2020 first quarter results can be seen on our 2020 performance page.

About Servus Credit Union Ltd.

At Servus Credit Union we're building a better world, one member at a time. We've been shaping the financial fitness of Albertans for 80 years with a full line of secure financial services. We help members manage their money wherever they are through 100 branches in 59 communities; online, mobile and telephone banking; and 1900 no-fee ATMs across Canada. We re-invest our profits in our members and the communities we serve.

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