Canadian credit unions' balance sheet remains strong
TORONTO-- Credit Union Central of Canada (Canadian Central) announced credit union system results for the second quarter 2012. Overall, solid growth was reported in assets, savings, deposits and loans.
Central affiliated credit unions/caisses populaires across Canada ended second quarter 2012 with $145.7 billion in assets, representing a gain of 7.4 per cent from the same quarter last year.
Canadians had $128.9 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $7.9 billion or 6.6 per cent over second quarter 2011. Lending activity showed a $9.6 billion or 8.7 per cent gain over second quarter 2011, ending the first half of 2012 with $120.7 billion in loans
Consolidation continues in the system as the numbers of credit unions declined to 359 from 378 a year earlier, and there are currently 1,748 locations reported by the Canadian credit union system. Almost 5.25 million Canadians are members of an affiliated credit union or caisse populaire as of second quarter 2012.
"These solid results reflect our strong business fundamentals, our continued focus on excellent customer service and drive to be the best provider of financial services in Canada," commented David Phillips, president and CEO, Credit Union Central of Canada.