B.C. credit unions posted a strong gain in earnings in 2000, Credit Union Central of British Columbia announced today. Credit unions earned $144.2 million before taxes and dividends, up 17.8% from 1999.

Combined assets for the credit union system grew to $23.4 billion, a 5.% increase over 1999. That includes strong growth in commercial real estate loans, which rose by 12.4% to $3.3 billion.

Wayne Nygren, Central’s president and CEO attributed the system’s results to stable financial margins and continued control over operating expenses.

As full-service financial institutions, credit unions continue to diversify into providing services other than the traditional mix of loans and deposits, said Nygren. He noted that income from non-financial sources was up by 75.3% to $13.5 million, driven largely by revenue from insurance and mutual fund business.

The system expanded its presence in the B.C. marketplace with the acquisition of 13 Bank of Montreal branches, which were purchased by 11 credit unions in various communities throughout the province. That deal brought loan and deposit business worth more than $500 million into the system during the final four months of the year.

On top of the strong earnings performance by credit unions, Credit Union Central of B.C., the system’s central financial facility, earned $20.1 million before taxes and dividends, an increase of 34.8% over 1999. Central’s assets rose by 15.1% to $3.43 billion.