Strong Q2 Results Reinforce Servus’s Position as Canada’s Largest Credit Union
EDMONTON, Alberta, June 25, 2025 (GLOBE NEWSWIRE) -- Servus Credit Union (Servus) is reporting its second quarter financial results, highlighting strong core operations, balanced growth across assets, loans, and deposits, and a resilient financial position amid ongoing economic uncertainty. The continued strength reflected in Servus's second quarter financial results, covering the period of February 1 through April 30, 2025, demonstrates the organization's commitment to ensuring financial stability as growth continues following its merger with connectFirst Credit Union which closed on May 1, 2024.
Servus’s balance sheet expanded by nearly half a billion dollars ($485.1 million) over the first half of the fiscal year, a 1.7% increase since year-end, bringing total assets to $29.7 billion. This growth includes a $304.6 million increase in loans supported by a $226.3 million rise in deposits, reflecting steady gains across Servus’s core business.
“These results demonstrate the strength of our strategy and our commitment to long-term financial stability,” says Ian Burns, President & CEO of Servus Credit Union. “We entered this fiscal year as Canada’s largest credit union, and we’re proud that our performance in the first half of the year continued to reinforce that leadership position. As we move into the second half of our fiscal year, Servus will remain focused on providing the member-centric and personalized supports, products and services that are attracting an ever-growing number of Albertans.”
Given the close of the merger, financial results for the second quarter of fiscal 2025 are not directly comparable to pre-merger results in the second quarter of 2024. In addition, the results include accounting adjustments primarily related to the merger that are not related to ongoing operations. These adjustments total $50.8 million, bringing normalized income before income taxes and patronage down to $87.6 million.
Key financial highlights for the first half of the year (November 1, 2024 – April 30, 2025) include:
- Assets under management at $38.4 billion
- Total assets at $29.7 billion
- Retained earnings at $1.4 billion
- Net interest income at $375.6 million
- Non-interest income at $120.5 million
- Provision for credit losses at $34.7 million
- Operating expenses at $323.1 million
- Income before income taxes and patronage at $138.4 million
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Normalized income before income taxes and patronage is $87.6 million
The second quarter was marked in Alberta by heightened economic and political uncertainty due to the global trade war, including volatility in global markets, shifting trade dynamics, and policy developments continuing to impact global growth forecasts — particularly in commodity-driven economies. While Alberta’s economy demonstrated promising resilience, many businesses and consumers adopted more conservative spending and investment approaches. A soft labour market and a decline in home sales further characterized the provincial landscape.
“As always, we remain focused on providing values-based alternatives not offered by the big banks, including a 100 per cent deposit guarantee, a cross-country network of ding-free ATMs, profit sharing and local decision making,” Burns added. “That’s a big part of the credit union difference — putting people, businesses and communities first to help build a stronger, more prosperous Alberta.”
About Servus Credit Union Ltd.
Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has 147 branches in 80 communities throughout the province as well as options for online and mobile banking. For more information about Servus, call 1.877.378.8728 or visit servus.ca
Media contact:
media@servus.ca
825.402.0740
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