Servus Reports Strong Q3 Results, Balancing Growth with Member Benefits
EDMONTON, Alberta, Sept. 17, 2025 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) continued to build momentum with merger synergies, posting normalized income before income tax and patronage of $170.6 million in the first three quarters of fiscal 2025. This level of profitability reflects the confidence members place in Servus to support their financial goals, reinforcing its position as Canada’s largest credit union.
Servus’s fiscal year covers the period from November 1, 2024, to July 31, 2025. Over this period, Servus’s balance sheet expanded with loan growth of $898.7 million (a 3.6% increase from previous year end), supported by $297.7 million (a 1.2% increase) in new deposits.
“We’re proud of the growth we’ve achieved, but equally proud of how we’ve achieved it. We’ve done so responsibly, with strong risk management, and with members’ long-term financial wellbeing at the centre,” said Ian Burns, President & CEO of Servus Credit Union. “This steadfast focus is what has seen Servus recently emerge as Canada’s largest credit union. And, when you look at our profitability and retained earnings, we believe Servus also stands out as the strongest large credit union in the country.”
On May 1, 2024, Servus completed its merger with connectFirst Credit Union. As a result, year-to-date income statement results for fiscal 2025 are not directly comparable to the same period in 2024.
This quarter’s results include amounts that are not tied to ongoing operations. The amounts are primarily related to the merger and a one-time gain from the sale of Everlink shares held through Alberta Central. These adjustments total $113.1 million, bringing normalized income before income taxes and patronage down to $170.6 million for the period.
Servus Credit Union Ltd. wrapped up the third quarter of the 2025 fiscal year with strong performance. Results from Nov 1, 2024, to July 31, 2025, show:
- Assets under management at $38.3 billion
- Total assets at $29.8 billion
- Retained earnings at $1.5 billion
- Net interest income at $585.3 million
- Non-interest income at $225.5 million
- Provision for credit losses at $38.3 million
- Operating expenses at $488.7 million
- Income before income taxes and patronage at $283.7 million
- Normalized income before income taxes and patronage is $170.6 million
The third quarter had significantly lower provision for credit losses than in the first half of the year and the year prior. This is a result of Alberta’s economy and Servus’s portfolio demonstrating resiliency despite ongoing global tensions and domestic challenges. The energy industry continues to serve as a foundation, while migration-driven population growth is supporting housing and construction activity. At the same time, the real estate market has cooled from previous highs, and labour market challenges persist. Even with these headwinds, Alberta’s economy continues to demonstrate resilience as reflected in Servus’s results.
“Our performance translates directly into benefits for members,” Burns added. “From profit sharing that puts money back in their pockets, to personalized service that makes banking feel easier, Servus’s success is designed to flow back to the people, businesses and communities we serve.”
About Servus Credit Union Ltd.
Servus Credit Union has served Albertans for over 80 years with a full line of secure financial services. The financial institution has 140 branches 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
