Credit Union Central of British Columbia

Credit Union Central of British Columbia

March 24, 2005 13:02 ET

B.C. Credit Union Earnings up 19 per cent to Record High


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CREDIT UNION CENTRAL OF BRITISH COLUMBIA

MARCH 24, 2005 - 13:02 ET

B.C. Credit Union Earnings up 19 per cent to Record
High

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 24, 2005) - The B.C.
credit union system posted its highest earnings ever in 2004, Credit
Union Central of British Columbia announced today.

The system's net income before taxes and dividends rose 19 per cent to a
record $258.7 million, compared with the previous high of $217.0 million
in 2003.

The boost in earnings reflects robust gains in deposits and assets,
improved operating efficiency and a one-time adjustment for income from
mortgage prepayment fees, resulting from an industry-wide change in
accounting policy.

Combined assets for the system rose nine per cent to $32.3 billion at
year-end, while members' deposits also increased nine per cent to $29.0
billion.

"With a healthy economy and strong housing markets, B.C. credit unions
enjoyed another record year," said Wayne Nygren, Central's president and
chief executive officer. "In fact, this was the fourth straight year
that the system topped its previous record for net operating income."

Strong demand for housing loans drove the residential mortgage portfolio
up to $17.8 billion, a 6.8 per cent increase over 2003. Commercial loans
rose 16.7 per cent to nearly $5.5 billion, as credit unions made further
inroads into the small business market.

Loan delinquency fell to its lowest level in 10 years, with just 0.34
per cent of loans in arrears by more than 90 days at year-end.

Altogether, the nearly 1.5 million members served by B.C. credit unions
received $35.5 million in dividends and patronage refunds last year.

The 54 credit unions operating in B.C. form the widest financial network
in the province, with 349 branches and 485 ATMs in 137 communities,
including 40 that have no other financial institution. Credit unions and
their subsidiaries employ some 8,000 British Columbians.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Credit Union Central of British Columbia
    Wayne Nygren
    (604) 737-5034