REGINA, SASKATCHEWAN--(Marketwired - April 9, 2014) - Contributing to the continuing strength of the provincial economy, Saskatchewan credit unions grew system assets by 7.8% to $18.2 billion, while loans grew 13.3% to $14.6 billion. Combined, credit unions in the province returned close to $16 million to their members in the form of patronage and dividend programs.
Saskatchewan credit unions are the financial institutions of choice for both urban and rural residents and for small to medium-sized businesses that are the backbone of our provincial economy.
"The financial figures again demonstrate the strength and stability of the credit union system," said Keith Nixon, CEO of SaskCentral. "The results are especially encouraging given the federal government's surprise announcement in 2013 of a costly change to the tax structure for credit unions. We are very appreciative of the Saskatchewan government's recognition of the unique structure and contribution of our credit unions, reflected in their decision not to follow the federal lead and to instead leave the current provincial tax provisions in place."
Credit unions are financial co-operatives. As such, business decisions are guided by internationally recognized co-operative principles, balancing the need for growth with the needs and well-being of members and communities.
As a support organization owned by Saskatchewan credit unions, SaskCentral reported at its annual meeting today that it recorded another solid year financially. Assets grew to $2.31 billion, representing an incremental increase over the 2012 figure of $2.2 billion. SaskCentral's return on equity was 7.7%, compared to 8.3% in 2012.
About SaskCentral - SaskCentral is owned by Saskatchewan credit unions to serve and represent their collective interests. There are 52 credit unions in Saskatchewan serving over 490,000 members. Saskatchewan credit unions build lives and fulfill dreams by helping members achieve financial well-being and investing in communities. SaskCentral is an Imagine Caring Company, and in 2013 was named one of Canada's top five Best Workplaces among all Canadian companies with fewer than 1,000 employees by the Great Place to Work® Institute Canada. Visit us at: http://www.saskcu.com/saskcentral.