Year-end report shows increase in assets and continued upward growth of Canadian Credit union system
TORONTO--The Canadian credit union system ended 2013 financially strong and Canadian credit unions continue to grow, according to the year-end National System Review from Credit Union Central of Canada (Canadian Central).
Central affiliated credit unions/caisses populaires across Canada ended fourth quarter 2013 with $160.86 billion in assets, representing a 5.5 per cent increase over the $152.5 billion reported at year-end 2012.
According to David Phillips, president and CEO, Credit Union Central of Canada, this growth is "evidence of the strength of the credit union system, a reflection of Canadian credit unions' commitment to growing their business, and a dedicated approach to excellent customer service."
System savings, deposits and loans also experienced positive growth over the previous quarter. Canadians had $142.3 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $7.6 billion or 5.7 per cent over fourth quarter 2012. Lending activity recorded a $9.8 billion or 7.7 per cent annual gain, ending fourth quarter with $136.8 billion in loans.
Consolidation continues in the system as the numbers of credit unions reduced to 326 from 348 a year earlier. A total of 1,741 locations were reported by the Canadian credit union system and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2013.
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 326 credit unions with more than $160.9 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.
For the ninth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2013 Best Banking Awards. Credit unions also took sole honours in: Branch Service Excellence; and Values My Business. Credit unions tied for first among all financial institutions for Financial Planning & Advice; Mobile Banking Excellence; Automated Telephone Banking Excellence; and Live Agent Telephone Banking Excellence.