Central 1 Credit Union

Central 1 Credit Union

November 26, 2009 06:00 ET

Central 1 Credit Union Maintains Record Earnings Pace Through Nine Months

VANCOUVER, BRITISH COLUMBIA and MISSISSAUGA, ONTARIO--(Marketwire - Nov. 26, 2009) - Central 1 Credit Union (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.

Central 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.

"Well-timed, conservative investments in the bond markets continue to generate record results for Central 1," said Don Rolfe, president and chief executive officer.

In 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 credit unions.

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 transaction services.

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