connectFirst continues astonishing momentum with third quarter financials
CALGARY, AB, Sept. 22, 2022 /CNW/ - After making a bold statement that we see Albertans, while banks see numbers, connectFirst Credit Union (connectFirst) celebrates another milestone quarter.
After closing the third quarter on July 30, 2022, connectFirst saw operating assets cross the $7 billion mark to put the company back into its benchmark within Canada's top 10 credit union rankings.
"Our extraordinary success is a direct result of our employees' commitment to our members. They're putting the needs of our members first by listening to their unique situations and finding solutions that work best for their families, their businesses and their communities. Our employees are helping to build a more prosperous future for Alberta through each and every member interaction," says Liz Stretch, executive vice president, consumer and wealth, connectFirst Credit Union. "We're doing what's best for Albertans and putting Albertans' needs first. That's not simply good business, it's the right thing to do."
Top five performance indicators (all figures compare Q3 2021 to Q3 2022):
- Net income (before taxes) increased by $14.0 million to $30.4 million.
- Total assets grew by $1.05 billion to $7.1 billion.
- Member deposits increased by $866 million to $6.0 billion.
- Loans to members expanded by $965 million to $6.3 billion.
- Member equity grew by $77 million to $641 million.
"We look at our success differently than most financial institutions. We see the people behind the numbers. We've helped fund the purchase or upgrade of over 1600 homes; we've helped over 4 600 Albertans get into vehicles that they need to get to work or get their kids to school; we've supported over 300 agricultural producers and more than 750 small business owners to make their unique dreams possible," adds Stretch.
connectFirst Credit Union, one of the largest and most successful credit unions in Canada, is a full-service financial institution with over $7 billion in assets under administration. connectFirst employs 750 Albertans who provide a wide range of financial products and advice in more than 40 communities across central and southern Alberta. It serves over 125000 members through a community-focused approach to banking.
SOURCE Connect First Credit Union
Kate Bowering, Brand & Reputation Lead at connectFirst Credit Union
Share this article