Servus Credit Union Surpasses $10 Billion in Wealth Assets as Part of Strong Q1 Results
EDMONTON, Alberta, March 26, 2026 (GLOBE NEWSWIRE) -- Servus Credit Union Ltd. (Servus) announced today its financial results for the first quarter of fiscal 2026, reporting income before taxes and patronage of $110 million, an increase of over $42 million, or 62 per cent, compared with the same period last year. The significant year-over-year growth reflects strong net interest margin and non-interest income performance.
Additionally, during the quarter, Servus achieved a significant milestone in its wealth business, surpassing $10 billion in wealth assets under management. Total assets under management for Servus overall now stand at $40.2 billion, further reinforcing Servus’s position as Canada’s largest credit union.
"This quarter marks the first year-over-year comparison since the close of our merger and the momentum we're seeing is tremendous – reflective of a strong balance sheet and core business performance," said Ian Burns, President and CEO of Servus Credit Union. "The growth in our wealth business is also a particular point of pride, demonstrating the value we're bringing to members through our wealth management services."
Key financial results as compared to the same period in the prior year show:
- Assets under management grew 5% to $40.2 billion
- Total assets grew 2.8% to $30.2 billion
- Retained earnings increased by 17.6% to $1.6 billion
- Net interest income grew by 19.2% to $223.8 million
- Non-interest income grew by 13.9% to $69.5 million
- Provision for credit losses decreased 18.6% to $18 million
- Operating expenses are up 3.4% to $165.1 million
- Income before income taxes and patronage increased 62.1% to $110.1 million
Results include accounting adjustments primarily due to the merger that are not related to ongoing operations. These adjustments total $20 million bringing normalized income before taxes and patronage down to over $90 million.
Servus’s financial performance this quarter unfolded against a backdrop of steady, though evolving, economic conditions in Alberta. Servus’s Chief Economist, Charles St-Arnaud, noted that the province continued to demonstrate resilience despite uncertainty, including continued volatility in US trade policy and softer oil prices toward the end of 2025. Strong population growth relative to the rest of the country remained a key driver of Alberta’s economic outperformance, supporting residential investment and overall consumer spending.
Burns added, “Through Servus’s full-service approach to banking, we support members at every stage of their financial journey. Whether supporting everyday banking, helping members grow their savings, or providing personalized financial and wealth advice, our commitment is to deliver exceptional service and long-term value.”
About Servus Credit Union Ltd.
Servus Credit Union provides a full line of secure financial services to more than 600,000 Albertans. Unlike the banks, Servus pays its members for their loyalty through Profit Share® Rewards cash which returns millions of dollars of profits directly to members annually.
As Canada's largest credit union, with branches in more than 80 communities and 24/7 online, mobile and telephone support services, as well as access to thousands of no-fee ATMs, Servus makes banking secure and easy. Having served Albertans for nearly 100 years, with an emphasis on providing friendly service and personalized advice, Servus helps its members feel good about their money.
For more information, call 1.877.378.8728 or visit servus.ca.
Media contact:
media@servus.ca
825.402.0740
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