Credit Union Central of British Columbia

Credit Union Central of British Columbia

May 01, 2008 12:30 ET

B.C. Credit Unions Post Earnings of $261 Million in 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - B.C. credit unions earned $261 million before taxes and dividends last year, Credit Union Central of British Columbia announced today.

That marks a modest gain over the 2006 result of $260 million.

The system's combined assets grew by 9.5 per cent to $42.6 billion at year-end.

"B.C. credit unions enjoyed another solid year in 2007," said Don Rolfe, Central's President and Chief Executive Officer. "With the strength in the province's domestic economy, particularly the housing sector, credit unions saw continued growth in loans to home-buyers and businesses."

Housing markets continued to be strong in most regions of B.C., and the residential mortgage portfolio grew by 10.1 per cent to $25 billion, amounting to 68 per cent of total loans.

Loans to businesses grew by 15.3 per cent to $9.1 billion, representing nearly 25 per cent of the lending portfolio.

Loan delinquency remained at very low levels, with loans in arrears more than 90 days amounting to just 0.21 per cent of total loan value.

Members' deposits grew by 7.9 per cent to $36.3 billion.

B.C. credit unions are owned by their 1.6 million members, who received $39 million in dividends and patronage rebates last year.

There are 48 credit unions in B.C., operating from 368 locations in 140 communities, including 41 that have no other financial institution. They are governed by local boards of directors, elected on a one-member, one-vote basis. The B.C. credit union system employs more than 8,000 British Columbians.

Contact Information

  • Credit Union Central of British Columbia
    Ian Smith
    Director of Communications
    (604) 730-6348