ARTICLES

DE COOPÉRATIVES ET MUTUELLES CANADA

ARTICLES

FROM CO-OPERATIVES AND MUTUALS CANADA

Central 1 Credit Union posts 2014 profit of $53.6 million

4 Mar 2015 | Archives

VANCOUVER, B.C.—Central 1 Credit Union (Central 1) announced today it posted a profit of $53.6 million for the year ended December 31, 2014, down $14.9 million or 21.7 per cent from 2013.

“Central 1 continues to perform well in a challenging slow growth, low interest rate environment and I believe our organization is well positioned for the future,” said Don Wright, President and CEO of Central 1. “Based on our strong performance, we have returned $22.5 million in dividends to our member credit unions and continue to improve the services we provide to them.”

Key results for 2014, compared to 2013:

  • Total assets at year-end were $13.1 billion, an increase of $0.9 billion or 7.4 per cent from 2013.
  • Return on average equity was 5.9 per cent, compared to 8.2 per cent in 2013. This reflects lower earnings in 2014 and a higher capital base.
  • Other income increased 3.3 per cent to $119.7 million, reflecting higher levels of income across most business lines.
  • Operating expenses increased 2.1 per cent from the previous year to $129.5 million.
  • Dividends of $22.5 million were declared to member shareholders in 2014, compared to $14.0 million in 2013.

Central 1 has sufficient capital to meet regulatory requirements with a provincial regulatory capital base of $946.8 million (after deductions) and a ratio of regulatory capital to risk-weighted assets of 60.6 per cent. At the end of 2014, Central 1’s borrowing multiple for federal capital adequacy purposes was 12.4:1.

B.C. and Ontario credit union systems

Assets of the B.C. system totalled $61.5 billion at the end of 2014, up $2.5 billion or 4.3 per cent from a year earlier.

System deposits totalled $54.4 billion at the end of 2014, up 4.8 per cent from 2013. Commercial mortgages grew 6.3 per cent to $13.2 billion, while residential mortgages were up 1.7 per cent to $34.7 billion.

Asset growth for the Ontario system was strong, with assets of Central 1’s Ontario member credit unions totalling $36.2 billion at year-end, up 9.5 per cent year-over-year. The addition of Ontario Civil Service Credit Union to Central 1’s Ontario membership added $150 million to aggregate year-end assets, accounting for 0.5 per cent of asset growth.

System deposits totalled $30 billion at the end of 2014, up 7.3 per cent from 2013. Commercial mortgages grew 11.7 per cent to $8.9 billion, while residential mortgages were up 10.0 per cent to $16.4 billion.

Central 1’s Financial Review 2014 has been filed with SEDAR and is posted on www.sedar.com and on www.central1.com.

Pour lire d'autres articles

To read other articles

RESTEZ INFORMÉS

Pour recevoir les nouvelles du secteur coopératif et mutualiste

STAY INFORMED

To receive co-op/mutual sector news

Share This