Central 1 Credit Union

Central 1 Credit Union

August 25, 2010 13:30 ET

Central 1 Credit Union Reports Net Income of $12.7 Million in First Half

VANCOUVER, BRITISH COLUMBIA and MISSISSAUGA, ONTARIO--(Marketwire - Aug. 25, 2010) - Central 1 Credit Union (Central 1) posted net income of $12.7 million in the first six months of 2010, compared with $53.1 million in the same period last year.

Central 1 experienced higher financial margin and larger trading gains than in the first half of last year, but with continuing volatility in the financial markets, those results were outstripped by mark-to-market losses on financial instruments.

In contrast, in the first six months of 2009, Central 1 had taken advantage of highly unusual conditions in the financial markets, resulting in very strong mark-to-market gains that generated record net income.

"In the current financial climate, we had no expectation of matching last year's exceptional performance," said Don Rolfe, president and chief executive officer. "We expect financial margin to continue to be strong in the second half, but that will be accompanied by on-going volatility in the financial markets."

In other highlights for the first half:

  • Assets grew by 8.4 per cent year-over-year, amounting to $10.3 billion as at June 30, compared with $9.5 billion a year earlier.
  • Central 1's return on equity was 4.6 per cent, compared with 23.0 per cent a year earlier.

Central 1's First and Second Quarter 2010 Reports, including Management's Discussion and Analysis, are available at www.central1.com and have been filed with SEDAR at www.sedar.com.

About Central 1 Credit Union

Central 1 provides liquidity management, payments, Internet banking and trade association services to member credit unions in B.C. and Ontario, and banking and transaction services to customers in the corporate and public sectors.

Contact Information

  • Central 1 Credit Union - Media
    Art Chamberlain
    Media Relations Manager (Mississauga)
    905-282-8534 or 1-800-661-6813, ext. 8534
    Central 1 Credit Union - Media
    Ian Smith
    Manager, External Communications (Vancouver)
    604-730-6348 or 1-800-661-6813, ext. 6348
    Central 1 Credit Union - Investors
    Charles Milne
    Senior Vice-President, Treasury and Funding Services
    604-730-6307 or 1-800-661-6813, ext. 6307
    Central 1 Credit Union - Investors
    Dirk Haack
    Associate Vice-President, Funding Services
    604-737-5007 or 1-800-661-6813, ext. 5007