Central 1 Credit Union Posts Profit of $28 Million to Mid-Year

VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(Marketwire - Aug. 24, 2011) - Central 1 Credit Union (Central 1) posted profit of $28 million in the first half of 2011, compared with $18.2 million in the same period last year.

First-half profits reflect $16.9 million in net gains on disposal of financial instruments and changes in fair market value of the portfolio, compared with $4.8 million in the first six months of 2010.

"With market conditions being less favourable in the second quarter, profit was down by roughly half from the first quarter, but Central 1's overall performance for the first six months is substantially ahead of last year's results to this point," said Don Rolfe, Central 1's president and chief executive officer.

In other highlights for the first half:

• Central 1's return on equity was 9.4 per cent, compared with 6.4 per cent a year earlier.
• Assets grew by 10.3 per cent year-over-year, reaching $15.0 billion as at June 30, compared with $13.6 billion a year earlier.

Effective January 1, 2011, Central 1 adopted International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Previously, Central 1 had prepared its financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP). Information for 2010 previously reported under GAAP has been restated according to IFRS for comparative purposes.

Central 1's Second Quarter 2011 Report (http://www.central1.com/pdf/2ndQtrReport2011.pdf) has been filed with SEDAR at www.sedar.com.

Central 1

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. For more information, visit www.central1.com.