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Credit Union Central of British Columbia: B.C. Credit Unions Post Second-Best Performance on Record
VANCOUVER, BRITISH COLUMBIA- B.C. credit unions earned 0 million before taxes and dividends in 2006, Credit Union Central of British Columbia announced today.
That marks the credit union system's second-best annual performance, nearly matching the record of 5 million posted in 2005.
"Credit unions continued to respond to the needs of their members in B.C.'s buoyant economy," said Rowland Kelly, Central's Interim President and Chief Executive Officer. "B.C. saw strong growth in consumer and investment spending and a continuing hot real estate market, which boosted members' demand for mortgages and other loans."
The credit union system's total assets rose eight per cent to .9 billion at year-end. This included a residential mortgage portfolio that reached .7 billion at year-end, up 10 per cent from 2005.
Loans to the small business sector grew to .1 billion, an increase of 21.9 per cent.
The system's credit quality remains extremely strong, with year-end loan delinquency at an all-time low of 0.19 per cent of total loan value.
Members had .2 billion on deposit with credit unions at year-end, an increase of 5.4 per cent.
They benefited directly from the performance of their credit unions, receiving nearly million altogether in dividends and patronage rebates last year.
Credit Union Central, the system's central financial facility and trade association, earned income of .6 million before taxes and dividends. Central's assets grew to .2 billion at year-end, a gain of 10.7 per cent.
As announced in October, Central is in merger discussions with its Ontario counterpart, with the aim of creating an organization that could eventually serve credit unions across the country. Subject to various shareholder and regulatory approvals, the merger could take place in the fourth quarter of 2007.
Serving 1.6 million members, B.C.'s 50 credit unions operate from 361 locations in 139 communities, including 40 that have no other financial institution. They are governed by local boards of directors, elected on a one-member, one-vote basis. Credit unions and their subsidiaries employ about 8,000 British Columbians.
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