(September 15 – 15:15 ET) – B.C. credit unions are reporting a 23% increase in earnings for the first six months of 2000.
Earnings before taxes and dividends stood at $76.2 million at mid-year, compared with $62 million in the first half of 1999, says Credit Union Central of British Columbia. Combined assets for the credit union system grew to $22.5 billion, a 3.0 per cent increase from mid-year 1999.
“Stable financial margins and continued control over operating expenses contributed to the system’s strong results,” says Wayne Nygren, Central’s president and Chief Executive Officer.
As full-service financial institutions, credit unions continue to diversify, providing services other than the traditional mix of loans and deposits, says Nygren. Income from non-financial sources is up by $7.6 million, he says, driven largely by revenue from insurance and mutual fund business.
-IE Staff