connectFirst Credit Union celebrates record-breaking 2021: reports strongest financial performance in 83-year history
CALGARY, AB, March 10, 2022 /CNW/ - After inviting Albertans to come bank where they belong and promising to find ways to make banking more meaningful, connectFirst Credit Union (connectFirst) celebrates a record-breaking year for 2021 as it reports its strongest financial performance in the credit union's 83-year history.
After closing the year on October 31, 2021, connectFirst saw an extraordinary $25.2 million in net income.
"A lot of leaders talk about pride when releasing year-end results. I'm no different: I am proud of the unprecedented growth we saw last year. However, I take more pride in the stories and the people behind those phenomenal numbers, in the growth and success of our members," says Wellington Holbrook, chief executive officer, connectFirst Credit Union. "As our new CEO, my vision is to build a beautiful company that is rooted in creating remarkable member experiences, supporting local businesses and driving economic development. In order to accomplish these things and benefit as many Albertans as possible, growth is not an option – it's a necessity. So, we'll continue to invest in our members and their future."
Top five performance indicators (all figures compare FY21 to FY20):
- Net income was $25.2 million.
- Assets grew by $332 million, or 5.6% to $6.3 billion.
- Deposits increased by $357 million, or 7.2% to $5.3 billion.
- Loans expanded by $459 million, or 9.2% to $5.5 billion.
- Member equity grew by 11% to $585 million.
connectFirst's recent evolution has been innovating all areas of the business; most notably an ambitious core and digital banking transformation, an inspiring new brand launch; a more competitive product shelf with active management principles around product pricing; and standing up four lines of business to expand and customize member capabilities that meet the unique needs of all Albertans.
"In 2021 we welcomed over 3 800 new members who chose to bank where they belong. One of the best things about being a credit union is sharing our success directly with our members on an individual basis by paying them in dividends, and we get to make meaningful contributions to their communities where our members live and work through our sponsorship program," adds Holbrook. "Last year we paid our members $11.6 million, and we invested almost $540 000 in over 100 non-profit organizations across Alberta. Those are numbers that everyone at connectFirst takes great pride in sharing."
Building on the formidable performance of 2021, connectFirst realized one its strongest-ever quarterly results in the first quarter of 2022. Profitability was up notably to $11.7 million in the quarter (strongest quarterly profit ever). Membership continued to grow at a brisk pace and significant growth was achieved in consumer loans and independent business loan portfolios, reflective of the strong economic momentum that is building in communities across Alberta.
ABOUT CONNECTFIRST CREDIT UNION
connectFirst Credit Union, one of the largest and most successful credit unions in Canada, is a full-service financial institution with over $6 billion in assets under administration. connectFirst employs 750 Albertans who provide a range of financial products and advice in more than 40 communities across central and southern Alberta. It serves over 125,000 members through a community-focused approach to banking.
SOURCE connectFirst Credit Union
MEDIA CONTACT: Kate Bowering, Lead, brand & community at connectFirst Credit Union, 587-228-2382, [email protected]
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