Despite a downturn in the global economy that adversely affected many financial institutions around the world in 2008, Manitoba’s credit unions continue to grow and succeed, thanks to an ongoing commitment to exceptional member service and competitive rates.
Last year marked the ninth straight year of double-digit growth for the credit union system, with total assets increasing by 11.9 per cent to hit $14.4 billion by the end of the year. Meanwhile, the system’s combined loan portfolio grew by 14.7 per cent in 2008 (to $12.1 billion), while total deposits increased by 11.5 per cent to $13.4 billion.
Overall, credit union market share in Manitoba, at nearly 41 per cent, has never been higher. This is particularly true with small- and medium-sized businesses, with 51 per cent of owners belonging to a credit union and 94 per cent of those business members listing a credit union as their primary financial institution.
The continued growth of credit unions in difficult economic times is a tribute to the loyalty of credit union members. In turn, Manitoba credit unions repaid that loyalty by contributing over $3 million to a variety of community based groups, initiatives and charitable organizations in 2008, as well as by awarding $125,000 in scholarships to Manitoba students.
The strength of the provincial credit union system, which employs 3,300 Manitobans, remains a bright spot in today’s difficult economy.