Servus sees stellar growth and solid financial results in 2023



EDMONTON, Alberta, Feb. 16, 2024 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) reported another year of strong financial performance and record growth, despite the economic volatility of this past year. Assets increased by 10.9%, year-over-year, to $20.3 billion. This was fueled by strong growth in both deposits and loans, while retained earnings grew by 4.9% to $1.2 billion.

At a time when many financial institutions are grappling with headwinds, Servus’s financial results for the fiscal year ending Oct. 31, 2023, demonstrated the organization’s resilience and increasing relevance to Albertans.

2023 year-over-year results show:

Assets increased 10.9% to $20.3 billion
Loans increased 11.4% to 18.2 billion
Deposits increased 9.2% to $16.7 billion
Retained earnings increased 4.9% to $1.2 billion
Net income increased 0.9% to $77.8 million

“Our success this year bucks the trend in the financial services landscape and is a result of our strategic focus and …

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