Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

March 02, 2010 11:52 ET

Coast Capital Announces Increase in Net Income and Strong Membership Growth in 2009

SURREY, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - Coast Capital Savings Credit Union recorded strong net income growth in 2009, with profits increasing four per cent from $52.4 million the previous year to $54.3 million, while total assets under administration grew by 4.8 per cent to $12.9 billion.

Customer growth was also among the fastest in the Canadian credit union system, up over 21,000 or 5.4 per cent. Total deposits grew from $9.2 billion to $9.9 billion, an increase of 7.3 per cent.

"2009 was a challenging year for all financial institutions due to lower market interest rates and economic conditions that negatively impacted our net interest income and loan provisions respectively," said Coast Capital Savings president and CEO Tracy Redies. "Our financial performance was buoyed by strong customer growth, innovative products, and our innovative operating model, which was a key factor in allowing us to deploy our resources to specific areas of the organization, based on customer demand. We also recognized a one-time extraordinary gain from Surrey Metro Savings non-voting shares."

Redies credits products like Coast Capital's High-interest, No-fee Savings Account™, alongside its flagship Free Chequing, Free Debit and More Account™, with being key drivers of customer growth. Coast Capital also partnered with SEI, one of the world's largest and most respected money managers, to launch The Low-Fee More-for-me Mutual Funds™ in March 2009. This was followed by mobile phone banking text alerts, making the credit union one of the first financial institutions in Canada to offer this service.

"Coast Capital Savings has a strong brand that consumers associate with value, savings, and helpful service," said Redies. "Not surprisingly, we were well positioned to be consumers' top choice in their selection of a financial institution offering real financial value during tough economic times."

Redies said she expects Coast Capital will continue to perform strongly this year and beyond, thanks to the dedication and hard work of staff and the credit union's commitment to a strong value-based brand.

"We recently unveiled our newly articulated purpose, which is to change the way Canadians feel about banking, forever," Redies said. "I believe we can do this through continued investments in innovative products, value-based products, high standards of service and our helpful and effective community engagement programs."

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $12.9 billion, more than 425,000 members and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution and a high-interest, no-fee savings account. Named as one of Canada's 50 Best Employers and 50 Best Managed Companies, Coast Capital Savings is designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.

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