TORONTO, June 5, 2012 /CNW/ - Credit Union Central of Canada (Canadian
Central) announced credit union system results for the first quarter
ended March 31, 2012. Overall, solid growth was reported in assets,
savings, deposits and loans, consistent with results achieved
Canadian Central affiliated credit unions / caisses populaires across
Canada ended first quarter 2012 with almost $142.5 billion in assets,
representing a gain of 8.8 per cent over first quarter 2011.
Canadians had $126.3 billion on deposit with Central affiliated credit
unions and caisses populaires, representing an increase of $9.6 billion
or 8.2 per cent over first quarter 2011. Lending activity showed a
$9.4 billion or 8.7 per cent gain over first quarter 2011, ending the
first three months with $117.6 billion in loans.
Consolidation continues in the affiliated system as the number of credit
unions declined to 363 from 379 a year earlier. The number of members
has increased - there are now almost 5.25 million Canadians as members
of an affiliated credit union or caisse populaire as of first quarter
"Canadian credit unions remain focused on the delivery of excellent
customer and community service, and this focus is what helps drive
system success," commented David Phillips, president and CEO, Credit
Union Central of Canada.
To view the full credit union system release, click here.
About Credit Union Central of Canada
Credit Union Central of Canada is the national trade association for the
Canadian credit union system. Canada's credit union system is a vital
competitor in the financial services industry. Canadian Central
represents five provincial/regional Centrals and one Federation
representing 363 credit unions with more than $142.5 billion in assets
and serving 5.25 million members, outside of Quebec. For more
information about Canada's credit union system and Canadian Central
For the seventh consecutive year, Canadians ranked credit unions first
in overall Customer Service Excellence, among all financial
institutions, surpassing all Canadian banks in Synovate Canada's annual
Best Banking Awards. Credit unions also took sole honours in Values My
Business and Branch Service Excellence. Credit unions tied for first
among all financial institutions for Financial Planning and Advice; and
Telephone Banking Excellence.
SOURCE Credit Union Central of Canada
For further information:
Director, Trade Association Services