Central 1 Credit Union

Central 1 Credit Union

November 26, 2010 09:00 ET

Central 1 Credit Union Posts Net Income of $30.9 Million After Nine Months

VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(Marketwire - Nov. 26, 2010) - Central 1 Credit Union (Central 1) has reported net income of $30.9 million in the first nine months of 2010, compared with $88.7 million in the same period last year.

Central 1 experienced higher financial margin and larger trading gains in the nine months ended September 30, 2010, than in the previous year, but with continuing volatility in the financial markets, net income was adversely affected by mark-to-market losses.

In contrast, in the first nine months of 2009, Central 1 benefited from a highly unusual combination of events in financial markets, including declining interest rates and shrinking bond spreads, resulting in very strong mark-to-market gains that generated record net income.

"We expected that net income would revert closer to historical levels this year as financial market conditions returned toward normal," said Don Rolfe, president and chief executive officer. "Our results to date for 2010 are in line with those expectations."

In other highlights for the first nine months:

  • Assets declined by 2.9 per cent year-over-year, amounting to $10.0 billion as at September 30, compared with $10.3 billion a year earlier.
  • Central 1's return on equity was 7.4 per cent, compared with 24.2 per cent a year earlier.

Central 1's First, Second and Third Quarter 2010 Reports, including Management's Discussion and Analysis, are available at www.central1.com and have been filed with SEDAR at www.sedar.com.

About Central 1 Credit Union

Central 1 provides liquidity management, payments, Internet banking and trade association services to member credit unions in B.C. and Ontario, and banking and transaction services to customers in the corporate and public sectors.

Contact Information

  • Central 1 Credit Union - Media
    Art Chamberlain
    Media Relations Manager (Toronto)
    905-282-8534 or 1-800-661-6813, ext. 8534
    or
    Central 1 Credit Union - Media
    Ian Smith
    Manager, External Communications (Vancouver)
    604-730-6348 or 1-800-661-6813, ext. 6348
    or
    Central 1 Credit Union - Investors
    Charles Milne
    Senior Vice-President, Treasury and Funding Services
    604-730-6307 or 1-800-661-6813, ext. 6307
    or
    Central 1 Credit Union - Investors
    Dirk Haack
    Associate Vice-President, Funding Services
    604-737-5007 or 1-800-661-6813, ext. 5007
    www.central1.com