Friday, February 8, 2013

Canadian credit unions maintain forward momentum

Buoyed by strong member support, Canadian credit unions continue to perform well in spite of aggressive competition from both traditional and non-traditional competitors, as well as a lagging economy.
According to figures released by Credit Union Central of Canada (Canadian Central), Central-affiliated credit unions and caisses populaires reached the midway point of 2012 with $145.7 billion in assets, a 7.4 per cent gain over the same period in 2011.
Canadians had $128.9 billion on deposit with credit unions and caisses populaires, an increase of $7.9 billion or 6.6 per cent over second quarter 2011.
Locally, Manitoba credit unions also continue to excel. The province’s credit union system now has nearly $21 billion in assets, with 41 credit unions, 190 branches and 175 ATM locations to serve members. Since hitting $10 billion in the fourth quarter of 2005, credit union assets have grown at an annual rate of 11.25 per cent. Manitoba credit union assets have quadrupled since September 1999.
“Every credit union in the province can be rightly proud of this achievement,” said Garth Manness, chief executive officer of Credit Union Central of Manitoba, the trade association and primary service provider for Manitoba credit unions. “In addition to their appeal as excellent financial institutions, the success of credit unions is also attributable to the fact that they are co-operatives — owned and democratically controlled by the same people, their members, who are their customers, and guided by a common set of principles that set them apart in the marketplace.”

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