Latest news with #Servus
Business Upturn
2 days ago
- Business
- Business Upturn
Servus Credit Union and working group announce Halal Mortgage for Albertans
EDMONTON, Alberta, June 06, 2025 (GLOBE NEWSWIRE) — Servus Credit Union has begun testing an alternative mortgage financing product. The Servus Halal Mortgage will be available to consumers in the fall of 2025 through its new wholly owned subsidiary, Servus Halal. Typical Canadian mortgage structures are interest-based. Recent amendments to Alberta legislation allow provincially regulated financial institutions to offer more financing structures in addition to the traditional interest-based financing structures. Servus Halal customers will be able to choose to finance a home purchase through a cost-plus-profit agreement. This structure also meets the principles of Islamic finance where paying interest is not allowed. 'Working together with key stakeholders to make halal mortgages widely accessible to consumers is an exciting demonstration of Servus's innovation and leadership in the industry,' said Ian Burns, Servus President and CEO. 'One of the founding principles of the credit union system is to provide specialized products that meet the evolving needs of our diverse population while driving growth for members. We proudly continue this tradition today, making home ownership accessible to more Albertans through the Servus Halal Mortgage.' Servus and the main working group members – the Government of Alberta's Treasury Board and Finance ministry; the Canadian Islamic Finance Board (CIFB), an initiative led by Al Rashid Mosque; and the Credit Union Deposit Guarantee Corporation (CUDGC) – collaborated to find the path forward to provide alternative financing options, including a halal mortgage. Each organization contributed specialized expertise to ensure the perspectives of legislation, regulation, community and industry were each represented. 'Access to alternative finance mortgages promotes inclusivity and fairness by providing Albertans with more options when buying their home. I am proud that we introduced legislation that made Alberta the first jurisdiction in Canada to enable provincially-regulated financial institutions to offer alternative finance mortgage products.' – Nate Horner, President of Treasury Board and Minister of Finance CIFB has provided specialized training for Servus Halal employees in Islamic finance principles and will provide annual certification of Servus Halal's products. During the testing phase, June through August, CIFB will audit Servus Halal processes and documentation to ensure compliance with principles of Islamic finance. Dr. Muammar Sawan, Chair, Canadian Islamic Finance Board, said: 'This work marks a historic milestone for Islamic finance in Alberta. For the first time, Muslim Albertans can access home financing from a regulated institution that respects their faith and values. At CIFB, our commitment is to uphold the highest standards of Islamic financial ethics while ensuring full transparency and trust in every transaction. We are proud to be part of this transformative step toward inclusive, faith-aligned financial solutions.' As the regulator of Servus, CUDGC provided subject matter expertise and regulatory guidance to the project that was key to enabling alternative finance mortgages to be offered. CUDGC will continue to regulate and advise credit unions on their business practices as they develop innovative products and services for members. CUDGC oversight enables credit unions to remain financially sound. Servus Halal products are available to anyone purchasing a home in Alberta and meeting the income and down payment requirements. The Servus Halal Mortgage is a 25-year, cost-plus-profit home financing structure, which meets the requirements of a Murabaha agreement within Islamic finance principles. The consumer pays the cost of the home plus an agreed-upon profit amount for the financer. Payments are the same each month for the 25-year life of the mortgage, providing consistency and predictability for the homeowner. Watch for updates. Servus Halal Mortgages are expected to be available to consumers in the fall of 2025 once the testing period is complete. MEDIA CONTACTS 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 Halal is a wholly owned subsidiary of Servus Credit Union Ltd. For more information about Servus Halal visit About CIFB The Canadian Islamic Finance Board (CIFB) is an initiative led by Al Rashid Mosque, Canada's first mosque and a trusted voice in Muslim community leadership. CIFB is a non profit organization established in cooperation with Muslim communities across Alberta including Edmonton, Calgary, Fort MacMurray and others to support delivering Islamic-compliant financial products that meet the spiritual and practical needs of Canadian Muslims. CIFB is led by Canadian Islamic scholars specializing in Islamic finance who deliver advisory, training, Shariah Audit and certification services. CIFB ensures financial offerings align with the ethical principles of Islamic finance. CIFB plays a key role in enabling equitable access to homeownership while upholding regulatory and religious standards. About Alberta Treasury Board and Finance The Ministry of Treasury Board and Finance is responsible for budget, planning and reporting, financial management and the administration of tax and revenue programs. The ministry also provides policy and regulatory oversight for Alberta's financial, securities, insurance and pension sectors. About Credit Union Deposit Guarantee Corporation (CUDGC) Our role as the credit union regulator is to guarantee deposits with Alberta credit unions and provide risk-based regulatory oversight. To do this, we ensure Alberta credit unions, as well as the products they offer, comply with the Credit Union Act while enabling innovative products and services. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Hamilton Spectator
26-05-2025
- Business
- Hamilton Spectator
Servus Credit Union Now Canada's Largest Credit Union
EDMONTON, Alberta, May 26, 2025 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) has officially become Canada's largest credit union by total assets, a historic milestone for the Alberta-based credit union and its members. This designation, as recognized by the Canadian Credit Union Association (CCUA), reflects years of disciplined operational decisions, a growing number of Albertans who bank with Servus, and the completion of a successful merger with connectFirst Credit Union on May 1, 2024. The milestone marks a major shift in Canadian credit union history — after more than four decades, the title of Canada's largest credit union has shifted from B.C.-based Vancity to Servus. This achievement is based on year-end 2024 results, as just reported by the CCUA. 'This is a proud moment for the entire Servus community – members and employees,' says Ian Burns, President and CEO of Servus Credit Union. 'It reflects years of hard work, smart decisions, and the trust that an ever-growing number of Albertans place in us. This milestone isn't just symbolic. It's national recognition that underscores the strength of the products, services and member-centric approach that we provide.' With a consolidated asset base nearing $30 billion, Servus is well-positioned to challenge traditional banking models and offer Albertans a compelling, cooperative, and values-driven alternative to the big banks. As the largest credit union in Canada, Servus has the size and strength to deliver value to its members through innovative offerings and personalized, locally made decisions. 'Every year, we see more Albertans and Alberta businesses turning to us for their banking needs. This is a testament to the power of the cooperative banking model and the value we offer – such as a 100 per cent deposit guarantee, profit sharing with members and recent enhancements to our digital banking platforms. If you're not already benefitting from these things, perhaps it's time to check us out,' says Burns. Burns notes the credit union's disciplined approach as a fundamental driver of this success, where a focus on stability and capital strength have set the stage for long-term success. Burns adds, 'Becoming Canada's largest credit union is a remarkable milestone, but our real strength lies in the long game — we will continue to make deliberate decisions to build lasting success for the good of our credit union and members, to progress the future of cooperative banking in Alberta.' Servus has a long-standing presence in Alberta, with 147 branches serving more than half a million members. From financial advisors helping members reach personal goals, to business banking experts supporting Alberta's entrepreneurs, to a Wealth Strategies team offering tailored investment advice – Servus is dedicated to helping its members feel good about their money. 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 Media contact: media@ 825.402.0740
Yahoo
28-02-2025
- Business
- Yahoo
Rocky Brands sees slight sales dip in 2024 as net income rises
Rocky Brands' dip in sales for full year 2024 is largely attributed to certain non-recurring sales which the company does not anticipate repeating moving forward. The 2023 non-recurring sales included a spike in military footwear sales to a single customer, sales of Servus-branded products before its March 2023 divestiture, sales from the switch to a distributor model in Canada in November 2023, and contract manufacturing sales of Servus products post-divestiture. Setting aside these one-off sales, Rocky Brands experienced a 5.3% increase in net sales on a year-over-year basis. Rocky Brands saw its gross margin climb by 70 basis points to reach 39.4% of net sales in FY24, up from 38.7% in the preceding year. The company's operational income for 2024 stood at $31.1m, 6.9% of net sales as opposed to $35.4m or 7.7% of net sales in FY23. During the year ended 31 December 2024, net income of Rocky Brands rose to $11.4m, translating to $1.52 per diluted share, an improvement from $10.4m or $1.41 per diluted share in the prior year. When adjusted for certain factors, net income was reported at $19.0m or $2.54 per diluted share, compared to $14.3m or $1.93 per diluted share during the same period last year. Total debt decreased by 25.7% to $128.7m on a year-over-year basis. Rocky Brands chairman, president and chief executive officer Jason Brooks said: 'Our sales trends accelerated as the holiday season progressed led by strong consumer demand for our Durango and XTRATUF brands, with particular strength in our direct to consumer channel which fuelled our highest ever sales quarter for our retail reporting segment. 'We are pleased with our finish to the year, which included recurring wholesale sales returning to growth and retail sales increasing over 15% for the fourth quarter. Increased marketing helped fuel our top-line performance as we brought spending back in-line with historical levels after under investing in demand creation in the year ago period.' Focusing on Q4 of FY24 alone, net sales saw an uptick of 1.7%, reaching $128.1m compared with $126.0m in Q4 of FY23. The figure jumps to an 8.8% increase after adjusting for specific non-recurring sales related to Canadian distribution changes and elevated commercial military footwear sales. The fourth quarter gross margin improved as well, registering at $53.2m up from the previous year's $50.7m. Net income for Q4 2024 was reported at $4.8m or $0.64 per diluted share, including trademark impairment charges; this is down from Q4 2023's figure of $6.7m or $0.91 per diluted share. Brooks added: 'Our fourth quarter momentum has carried into early 2025, providing us with a good start to the year. While the macroeconomic environment remains uncertain, we are cautiously optimistic about our near-term prospects and confident that the substantial reduction in our debt provides us with the financial flexibility to invest in growth and deliver enhanced earnings and greater value for our shareholders.' "Rocky Brands sees slight sales dip in 2024 as net income rises " was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
