TORONTO, March 11, 2014 /CNW/ - The Canadian credit union system ended 2013 financially strong and Canadian credit unions continue to
grow, according to the year-end National System Review from Credit Union Central of Canada (Canadian Central).
Central affiliated credit unions/caisses populaires across Canada ended
fourth quarter 2013 with $160.86 billion in assets, representing a 5.5
per cent increase over the $152.5 billion reported at year-end 2012.
According to David Phillips, president and CEO, Credit Union Central of
Canada, this growth is "evidence of the strength of the credit union
system, a reflection of Canadian credit unions' commitment to growing
their business, and a dedicated approach to excellent customer
System savings, deposits and loans also experienced positive growth over
the previous quarter. Canadians had $142.3 billion on deposit with
Central affiliated credit unions and caisses populaires, representing
an increase of $7.6 billion or 5.7 per cent over fourth quarter 2012.
Lending activity recorded a $9.8 billion or 7.7 per cent annual gain,
ending fourth quarter with $136.8 billion in loans.
Consolidation continues in the system as the numbers of credit unions
reduced to 326 from 348 a year earlier. A total of 1,741 locations were
reported by the Canadian credit union system and over 5.3 million
Canadians are members of an affiliated credit union or caisse populaire
as of year-end 2013.
Click to view the full credit union system results.
About Credit Union Central of Canada (Canadian Central)
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 326 credit unions with more than $160.9 billion in assets
and serving over 5.3 million members, outside of Quebec. For more
information about Canada's credit union system and Canadian Central
For the ninth consecutive year, Canadians ranked credit unions first in
overall Customer Service Excellence, among all financial institutions,
surpassing all Canadian banks in Ipsos 2013 Best Banking Awards. Credit unions also took sole honours in: Branch Service Excellence; and
Values My Business. Credit unions tied for first among all financial
institutions for Financial Planning & Advice; Mobile Banking
Excellence; Automated Telephone Banking Excellence; and Live Agent
Telephone Banking Excellence.
SOURCE: Credit Union Central of Canada
For further information:
Director, Trade Association Services
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