Credit Union Central of Canada Thursday 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 and caisses populaires across Canada ended the fourth quarter with $140.2 billion in assets, representing a gain of 10.1% over Q$ 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% over fourth quarter 2010. Lending activity showed a $10.4 billion or 9.9% gain over 2010, ending the year at $115.6 billion. Loans as a percentage of total deposits are currently at 93.6%, up from the 91.5% reported twelve months ago. Ten years ago loans represented 87.4% of total deposits.
Consolidation continues in the system and the number of credit unions declined by 18 (or 4.7%) over the previous year. However, membership rose by 1.5% 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 co-operative principles continue to shape the way credit unions operate,” said David Phillips, president and CEO, Credit union Central of Canada, in a release. “It’s this approach to doing business which helps drive our success.”