Since the merger closed between Servus and Connect First credit unions on May 1, the new entity is charting a fresh era with an income of $94.1 million before taxes.
The Connect First and Servus Credit Union Ltd. (CFSCU) is marking its first reporting period with “a healthy balance sheet and steady growth in the quarter” May 1 to July 31,0224.
“I am delighted to share the results of our first joint financial report, which indicate that we are starting to achieve the anticipated financial benefits of the merger,” says Ian Burns, President and CEO of both the new CFSCU and the former Servus Credit Union.
CFSCU’s results for the nine months ended July 31:
- Total assets – $29.0 billion
- Loans – $24.8 billion
- Deposits – $24.1 billion
- Retained earnings – $1.2 billion
- Provision for credit losses – $61.8 million, which includes a one-time $12.9 million merger-related adjustment
- Operating expenses – $397.7 million
- Income before income taxes – $94.1 million
CFSCFU notes that housing prices in Alberta are trending up due to tight supply, but the relatively lower cost of housing in the province continues to draw in immigrants from more expensive parts of Canada. The province has also shown strong economic growth across different sectors, aided by the surge in population.
However, job creation in Alberta has started to taper and inflation and interest rate headwinds remain persistent.
