Canadian Credit Unions Continuing Solid Growth

TORONTO, June 5, 2012 /CNW/ - Credit Union Central of Canada (Canadian Central) announced credit union system results for the first quarter ended March 31, 2012. Overall, solid growth was reported in assets, savings, deposits and loans, consistent with results achieved throughout 2011.

Canadian Central affiliated credit unions / caisses populaires across Canada ended first quarter 2012 with almost $142.5 billion in assets, representing a gain of 8.8 per cent over first quarter 2011.

Canadians had $126.3 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $9.6 billion or 8.2 per cent over first quarter 2011.  Lending activity showed a $9.4 billion or 8.7 per cent gain over first quarter 2011, ending the first three months with $117.6 billion in loans.

Consolidation continues in the affiliated system as the number of credit unions declined to 363 from 379 a year earlier. The number of members has increased - there are now almost 5.25 million Canadians as members of an affiliated credit union or caisse populaire as of first quarter 2012.

"Canadian credit unions remain focused on the delivery of excellent customer and community service, and this focus is what helps drive system success," 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
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 363 credit unions with more than $142.5 billion in assets and serving 5.25 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.

For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Synovate Canada's annual Best Banking Awards. Credit unions also took sole honours in Values My Business and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; and Telephone Banking Excellence.

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