TORONTO, March 15, 2012 /CNW/ - Credit Union Central of Canada today announced fourth quarter results for 2011 for the Canadian credit union system. Solid gains were reported in assets, savings, deposits and loans, continuing the upward trend in growth recorded in the beginning of the year. Central affiliated credit unions / caisses populaires across Canada ended Q4 2011 with $140.2 billion in assets, representing a gain of 10.1 per cent over Q4 2010. Aggregate net income of $616 million for credit unions in 2011 closely matched the record earnings achieved in 2010.
Canadians had $123.5 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $8.5 billion or 7.4 per cent over fourth quarter 2010. Lending activity showed a $10.4 billion or 9.9 per cent gain over 2010, ending the year at $115.6 billion. Loans as a percentage of total deposits are currently at 93.6 per cent, up from the 91.5 per cent reported twelve months ago. Ten years ago loans represented 87.4 per cent of total deposits.
Consolidation continues in the system and the number of credit unions declined by 18 (or 4.7 per cent) over the previous year. However, membership has increased by 1.5 per cent from Q4 2010 to Q4 2011. Currently, there are over 5.13 million Canadians as members of an affiliated credit union or caisse populaire.
"Excellent products and services, a strong commitment to our members and our communities and an adherence to cooperative principles continue to shape the way credit unions operate," commented David Phillips, President and CEO, Credit union Central of Canada. "It's this approach to doing business which helps drive our success."
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 368 credit unions with more than $140 billion in assets and serving 5.1 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.
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.
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Director, Trade Association Services