November 19, 2012
Quarterly results show increased, accelerated growth for Canadian Credit Union System
TORONTO--Credit Union Central of Canada (Canadian Central) announced credit union system results for the third quarter 2012. System assets, savings, deposits and loans all experienced increased growth over the previous quarter.
Central affiliated credit unions / caisses populaires across Canada ended third quarter 2012 with $149.7 billion in assets, representing a gain of 8.4 per cent from the same quarter last year.
Canadians had $132.5 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $9.7 billion or 7.9 per cent over third quarter 2011. Lending activity showed a $10.95 billion or 9.6 per cent gain over the same quarter 2011, ending the third quarter of 2012 with $124.5 billion in loans.
"Canadian credit unions are an integral player within the financial services sector. Our quarterly results reflect our focus and dedication to meeting the financial needs of our members," commented David Phillips, president and CEO, Credit Union Central of Canada.
Consolidation continues in the system as the number of credit unions declined to 357 from 373 a year earlier. There are currently 1,761 locations reported by the Canadian credit union system and 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of third quarter 2012.
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 357 credit unions with more than $149.7 billion in assets and serving over 5.3 million members, outside of Quebec.