Credit Union Central of Canada (Canadian Central), the national trade association representing the Canadian credit union system, said Tuesday that credit unions experienced another quarter of continued financial growth during the first quarter of 2013.
Assets, savings/deposits and loans all recorded solid gains when compared with the first quarter of 2012, with growth matching levels achieved throughout 2012.
Canadian Central affiliated credit unions / caisses populaires across Canada ended first quarter with almost $154.2 billion in assets. This represents an 8.4 per cent increase over the same period in 2012.
Canadians had $136.6 billion on deposit with Central affiliated credit unions and caisses populaires at the end of first quarter, representing an increase of $10.5 billion or 8.3 per cent over first quarter 2012.
Lending activity showed an $11.0 billion or 9.4 per cent annual gain, ending the first quarter with $128.5 billion in loans.
Consolidation continued in the affiliated system, with the number of credit unions declining to 339 from 358 one year earlier.
Credit union membership continued to grow, with a record 5.33 million Canadians reported to be members of an affiliated credit union or caisse populaire at the end of first quarter 2013.
“Our membership numbers show that Canadians appreciate the credit union philosophy of personal service, fairness, quality products and community spirit,” commented David Phillips, president and CEO, Credit Union Central of Canada. “At the same time, our strong financial results reflect the sound business acumen that can be found within system affiliates.”