Canadian Credit Unions Posted Strong Growth in 2012, Year-End Report Shows
System Assets, Savings, Deposits and Loans Continued Upward Growth
TORONTO, March 11, 2013 /CNW/ - The Canadian credit union system ended 2012 financially strong and Canadian credit unions continue to grow, according to the year-end System Results Report from Credit Union Central of Canada (Canadian Central).
Central affiliated credit unions/caisses populaires across Canada ended fourth quarter 2012 with $152.5 billion in assets, representing an 8.8 per cent increase over the $140.2 billion reported at year-end 2011. An estimated 1.1 per cent of this growth was attributed to two previously unaffiliated Ontario credit unions joining Central 1 Credit Union in 2012.
"The impressive fourth quarter results reflects Canadian credit unions' commitment to growing their business and is further evidence of the strength of the credit union system," commented David Phillips, president and CEO, Credit Union Central of Canada.
System savings, deposits and loans also experienced positive growth over the previous quarter and continued the upward trend recorded at the beginning of 2012. Canadians had $134.6 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $11.1 billion or nine per cent over fourth quarter 2011. Lending activity recorded an $11.3 billion or 9.8 per cent annual gain, ending fourth quarter with $127 billion in loans.
"Strong performance results also suggest that Canadian credit unions' continued focus on providing excellent service to their members and to their communities is the right approach," adds Phillips.
Consolidation continues in the system as the numbers of credit unions reduced to 348 from 365 a year earlier. A total of 1,762 locations were reported by the Canadian credit union system and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2012.
Click to view the full credit union system release [http://www.cucentral.ca/SitePages/Publications/FactsAndFigures.aspx]
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 provincial/regional Centrals and one Federation representing 348 credit unions with more than $152.5 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