VANCOUVER, BRITISH COLUMBIA and
MISSISSAUGA, ONTARIO--(Marketwire - Nov. 26, 2009) - Central 1 Credit
(Central 1) recorded net income of $88.7 million in the first nine months of
2009, compared with $11.5 million in the same period last year.
1's results continued to be buoyed by investments in government and high-grade
corporate bonds made earlier in the year, which produced strong results in the
first half. Following on from this, Central 1 posted a net mark-to-market
increase of $19.0 million in the third quarter along with a gain of $6.9
million through sales of securities.
conservative investments in the bond markets continue to generate record
results for Central 1," said Don Rolfe, president and chief executive
other highlights for the first nine months:
- Central 1 posted a return on equity of 24.2 per cent,
compared with 4.7 per cent a year earlier.
- Assets increased by 35.5 per cent year-over-year,
reaching $10.3 billion as at September 30, compared with $7.6 billion a year
earlier, reflecting significant growth in the liquidity of Central 1's member
Central 1's Third Quarter 2009 Report,
including Management's Discussion and Analysis, is available at www.sedar.com.
About Central 1 Credit Union
Effective June 30, 2008, Credit Union Central
of British Columbia changed its name to Central 1 Credit Union (Central 1). On
July 1, 2008, Central 1 purchased substantially all of the assets and assumed
substantially all of the liabilities of Credit Union Central of Ontario Limited
(CUCO). As of that date, Central 1 manages the liquidity reserves of member
credit unions in both British Columbia and Ontario. The results of CUCO's
operations have been included in the Interim Consolidated Financial Statements
since that date.
Central 1 provides liquidity management,
payments, Internet banking and trade association services to member credit
unions in B.C. and Ontario, while serving corporate customers with banking and