Canadian Credit Union system posted healthy Q1 growth: Assets, savings and loans record solid gains
TORONTO, June 4, 2013 /CNW/ - Credit Union Central of Canada (Canadian Central), the national trade association representing the Canadian credit union system, today reported system results for the first quarter 2013. The system experienced another quarter of continued financial growth. Assets, savings/deposits and loans all recorded solid gains when compared with the first quarter of 2012, with growth matching levels achieved throughout 2012.
Canadian Central affiliated credit unions / caisses populaires across Canada ended first quarter 2013 with almost $154.2 billion in assets. This represents an 8.4 per cent increase over the same period in 2012.
Canadians had $136.6 billion on deposit with Central affiliated credit unions and caisses populaires at the end of first quarter 2013, representing an increase of $10.5 billion or 8.3 per cent over first quarter 2012.
Lending activity showed an $11.0 billion or 9.4 per cent annual gain, ending the first quarter with $128.5 billion in loans.
Consolidation continued in the affiliated system, with the number of credit unions declining to 339 from 358 one year earlier. Credit union membership continued to grow, with a record 5.33 million Canadians reported to be members of an affiliated credit union or caisse populaire at the end of first quarter 2013.
"Our membership numbers show that Canadians appreciate the credit union philosophy of personal service, fairness, quality products and community spirit," commented David Phillips, president and CEO, Credit Union Central of Canada. "At the same time, our strong financial results reflect the sound business acumen that can be found within system affiliates."
To view the full credit union system release, click here.
About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five regional Centrals and one Federation representing 339 credit unions with more than $154.2 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.
For the eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit unions also took sole honours in Branch Service Excellence and Values My Business. Credit unions tied for first among all financial institutions for Financial Planning & Advice and Telephone Banking Excellence.
SOURCE Credit Union Central of Canada