Canadian Credit Unions Enjoy Record Results

Canadian credit unions reported a record net income of $124.8 million in the third quarter of 2005, up 12.1 per cent from the third quarter a year ago.

Net income for the first nine months was a record $338.5 million, up 8.2 per cent compared to the same period a year earlier, says a report by Credit Union Central of Canada.

“Credit unions are expanding their reach across the country,” says Joanne De Laurentiis, president and CEO of Canadian Central, which represents most credit unions and caisses populaires outside Quebec.

“The strong financial results are good news for our 4.8 million members,” De Laurentiis said. “This income allows us to carry out unique programs that benefit people across the country.”

Total assets of affiliated credit unions and caisses populaires outside Quebec were $84 billion, up 10.6 per cent from $75.9 billion in 2004.

Total savings or deposits were $74.7 billion, up 9.9 per cent from $68 billion in 2004 and loans were $69.4 billion, up 11.4 per cent from $62.3 billion.

The total number of credit unions declined by 5.8 per cent to 533 from 566, but the number of locations increased 0.9 per cent to 1,809 from 1,792.

“The number of credit unions continues to drop as mergers occur to allow them to provide access to more products and services,” De Laurentiis said.