Westminster Savings Credit Union is reporting strong financial performance for fiscal 2005.

WSCU achieved solid balance sheet growth with total assets increasing to $1.315 billion, an increase of $118.2 million, or 10%, from last year. Operating earnings were $500,000 higher than the previous year, reaching $10.7 million. Net earnings increased by almost 25% in 2005 to $8.6 million from $6.9 million the year prior.

“It was a notable year for WSCU,” said Barry Forbes, president and CEO of the New Westminster, B.C.-based credit union. “We enjoyed the benefits of an expanding economy in Canada buoyed by low interest rates, which fuelled the housing markets and encouraged consumer spending. We also expanded service to members with the opening of our Member Service Centre providing extended hours.”

The credit union contributed $850,000 to the Westminster Savings Foundation in 2005, bringing the total capital of the Foundation to more than $4 million. The Foundation supports local community organizations in areas of health, education, social services, sports and culture.
“Improving the quality of life in the communities we call home is an important part of our philosophy,” said Forbes. “I take great pride in belonging to an organization that has exceptionally strong business and social values, and which strives to sustain and improve upon the favourable results of those efforts, year after year.”

Westminster Savings has over $1.3 billion in assets, 51,000 members and nine retail branches in B.C.’s lower mainland, including New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, Surrey, White Rock, and Langley with another location opening in 2006.

In addition Westminster Savings has a full service Commercial Services branch and operates two subsidiaries, WS Leasing Ltd, and Westminster Savings Financial Planning Ltd.