Alberta Credit Unions Continue to Experience Exceptional Growth and Profitability



    CALGARY, March 30 /CNW/ - At Credit Union Central Alberta's (Alberta
Central's) annual meeting today, March 30, in Calgary, the Alberta credit
union system celebrated another record year of financial and operational
results. Credit unions' total assets reached $12.8 billion at year end
(October 31, 2006), which represents an astounding growth rate of 17% from the
2005 year end. The system's capital base also experienced a strong increase of
10% in 2006, demonstrating ongoing strength and viability within the credit
union movement in Alberta.
    Credit unions achieved another record for operating results in 2006,
reaching $140 million in earnings before tax and dividends, compared to the
previous year's record of $105 million. What sets credit unions apart from
other financial institutions is the fact that profits are shared by the
members of each credit union. A total of $55.5 million in patronage rebates
and share dividends were allocated to credit union members this past year.
    With today's Annual General Meeting, Alberta Central marked its 40th
anniversary and celebrated this landmark with a record year in growth and
profitability. Alberta Central's earnings went up 50% to $21.7 million in
2006. Alberta Central also paid record share and patronage dividends of
$13.9 million.
    "This past year has been the best year our system and Alberta Central
have enjoyed from both growth and profitability standpoints," says Jim
Scopick, President & CEO of Credit Union Central Alberta Ltd. "These
outstanding results demonstrate our credit unions' ability to deliver superior
financial performance through improved operating efficiencies, while staying
true to their community roots and maintaining a high standard of quality
service. Through our culture of leadership, innovation, cooperation and
relentless focus on people and service, we have built a tremendous foundation
for the future and are well positioned to seize any opportunities and deal
with any challenges that come our way."

    Alberta Credit Union System

    The credit union system in Alberta is comprised of 49 individual credit
unions, which provide comprehensive financial services to Albertans through
209 branches and 233 automated banking machines in 127 communities throughout
the province. Services are also provided through Internet and telephone
banking channels across Alberta.

    Credit Union Central Alberta Ltd.

    Owned by Alberta credit unions, Credit Union Central Alberta, with an
asset base of $1.7 billion, is the financial services and support services
provider to Alberta's 49 credit unions. Through its 230 knowledgeable staff
and its strategic joint ventures, Central delivers its support to credit
unions in the areas of liquidity management, strategic planning, government
relations, payment processing, cheque clearing, and information technology
solutions.





For further information:

For further information: Graham Wetter, Senior VP and General Counsel,
Credit Union Central Alberta Limited, Cell: (403) 860-4130, Office: (403)
258-5900 (to leave message), email: graham.wetter@albertacentral.com

Organization Profile

Credit Union Central Alberta Limited

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