Central 1 Credit Union

Central 1 Credit Union

May 29, 2012 12:00 ET

Central 1 Credit Union Posts $31.0 Million in Profit in First Quarter of 2012

VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(Marketwire - May 29, 2012) - Central 1 Credit Union (Central 1) announced its first quarter results today and has posted a profit of $31.0 million for the three months ended March 31, 2012, an increase of $12.7 million from $18.3 million in the same quarter last year.

Financial markets improved in the first quarter as stronger than expected U.S. economic data and continued liquidity support from the European Central Bank to EU financial institutions boosted confidence.

As a result Central 1 had gains of $29.0 million on its financial instruments, compared to net gains of $14.4 million a year ago.

Highlights:

  • Return on equity was 16.7 per cent, compared to 12.6 per cent a year ago.
  • Total assets at the end of the quarter were $14.5 billion, compared to $14.1 billion in 2011.
  • Operating expenses declined $0.5 million to $29.4 million.

Central 1's capital ratios remain well within statutory limits. Its borrowing multiple for federal capital adequacy purposes was 14.4:1, while its percentage of regulatory risk capital to risk-weighted assets for provincial capital adequacy purposes was 37.5 per cent.

Central 1's First Quarter Report 2012 has been filed with SEDAR at www.sedar.com.

Central 1

Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Central 1 represents a consumer-oriented, full-service retail financial system that serves more than 3 million members, holds $82 billion in on-balance sheet assets and is owned primarily by its member credit unions, 45 in B.C. and 106 in Ontario.

With offices in Vancouver, Mississauga, and Toronto, Central 1 provides a wide range of financial services to its members such as liquidity management, funding services, direct banking, and payment service solutions. For more information, visit www.central1.com.

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