TORONTO, June 4, 2013 /CNW/ - Credit Union Central of Canada (Canadian
Central), the national trade association representing the Canadian
credit union system, today reported system results for the first
quarter 2013. The system experienced another quarter of continued
financial growth. Assets, savings/deposits and loans all recorded solid
gains when compared with the first quarter of 2012, with growth
matching levels achieved throughout 2012.
Canadian Central affiliated credit unions / caisses populaires across
Canada ended first quarter 2013 with almost $154.2 billion in assets.
This represents an 8.4 per cent increase over the same period in 2012.
Canadians had $136.6 billion on deposit with Central affiliated credit
unions and caisses populaires at the end of first quarter 2013,
representing an increase of $10.5 billion or 8.3 per cent over first
Lending activity showed an $11.0 billion or 9.4 per cent annual gain,
ending the first quarter with $128.5 billion in loans.
Consolidation continued in the affiliated system, with the number of
credit unions declining to 339 from 358 one year earlier. Credit union
membership continued to grow, with a record 5.33 million Canadians
reported to be members of an affiliated credit union or caisse
populaire at the end of first quarter 2013.
"Our membership numbers show that Canadians appreciate the credit union
philosophy of personal service, fairness, quality products and
community spirit," commented David Phillips, president and CEO, Credit
Union Central of Canada. "At the same time, our strong financial
results reflect the sound business acumen that can be found within
To view the full credit union system release, click here.
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 regional Centrals and one Federation representing 339
credit unions with more than $154.2 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 visit www.cucentral.ca.
For the eighth consecutive year, Canadians ranked credit unions first in
overall Customer Service Excellence, among all financial institutions,
surpassing all Canadian banks in Ipsos 2012 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 and Telephone Banking
SOURCE: Credit Union Central of Canada
For further information:
Director, Trade Association Services
Tel: (416) 232-3417
Cell: (416) 434-8777