CALGARY, Oct. 16 /CNW/ - As credit unions and cooperatives around the
world celebrate Credit Union Day today, on October 16, Alberta credit unions
have much to cheer about. "Alberta credit unions' outstanding financial
performance in the first three quarters of this year proves that we are well
positioned to weather the current financial storm," says Graham Wetter, Credit
Union Central Alberta's President & CEO, of the financial crisis which has
recently swept the United States.
The Alberta credit union system has a growing deposit base, a sound
portfolio of loans to Albertans, and prudent capitalization levels that are
designed to withstand economic turbulence. Despite the uncertain economic
outlook for North America, Alberta credit unions were able to demonstrate
superior financial performance throughout the first three quarters of the
year. With $153 million in net income before taxes and dividends and an almost
10% asset growth at the end of the third quarter, Alberta credit unions are on
track to set a new record in profitability and growth in 2008. With combined
assets now exceeding $16 billion, Alberta credit unions are robust and strong,
and continue to grow and achieve financial success.
The Alberta credit union system maintains a high quality loan portfolio
that continues to experience very low loan delinquency rates and loan losses.
"We lend responsibly, focusing in the local communities we know and
understand," explains Wetter. "Because of this, we have a very prudent loan
portfolio." As a result of their locally-focused lending practices, Alberta
credit unions have had no exposure to the subprime assets and other securities
that have troubled American financial institutions, and are not directly
impacted by the recent disruptions in the financial marketplace.
The Alberta credit union system is comprised of 48 member-owned,
community-focused credit unions and the provincial support service
organization, Alberta Central. The system employs over 3,300 Albertans and
serves over 720,000 members through its 211 branches, a Canada-wide ATM
network and online banking.
For further information:
For further information: Graham Wetter, President & CEO, Alberta
Central, (403) 258-5936