Canadian credit unions' balance sheet remains strong

Q2 results continue to show solid gains

TORONTO, Sept. 17, 2012 /CNW/ - Credit Union Central of Canada (Canadian Central) announced credit union system results for the second quarter 2012. Overall, solid growth was reported in assets, savings, deposits and loans.

Central affiliated credit unions / caisses populaires across Canada ended second quarter 2012 with $145.7 billion in assets, representing a gain of 7.4 per cent from the same quarter last year.

Canadians had $128.9 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $7.9 billion or 6.6 per cent over second quarter 2011. Lending activity showed a $9.6 billion or 8.7 per cent gain over second quarter 2011, ending the first half of 2012 with $120.7 billion in loans

Consolidation continues in the system as the numbers of credit unions declined to 359 from 378 a year earlier, and there are currently 1,748 locations reported by the Canadian credit union system. Almost 5.25 million Canadians are members of an affiliated credit union or caisse populaire as of second quarter 2012.

"These solid results reflect our strong business fundamentals, our continued focus on excellent customer service and drive to be the best provider of financial services in Canada," commented David Phillips, president and CEO, Credit Union Central of Canada.

To view the full credit union system release, click here.

About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 359 credit unions with more than $145.7 billion in assets and serving over 5.2 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.

For the eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit unions also took sole honours in Branch Service Excellence and Values My Business. Credit unions tied for first among all financial institutions for Financial Planning & Advice and Telephone Banking Excellence.

SOURCE: Credit Union Central of Canada

Veronica Feldcamp
Director, Trade Association Services 
416-232-3417 or [email protected]