Central 1 Credit Union Posts Profit of $28 Million to Mid-Year
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO -- (Marketwire) -- 08/24/11 -- Central 1 Credit Union (Central 1) posted profit of $28 million in the first half of 2011, compared with $18.2 million in the same period last year.
First-half profits reflect $16.9 million in net gains on disposal of financial instruments and changes in fair market value of the portfolio, compared with $4.8 million in the first six months of 2010.
"With market conditions being less favourable in the second quarter, profit was down by roughly half from the first quarter, but Central 1's overall performance for the first six months is substantially ahead of last year's results to this point," said Don Rolfe, Central 1's president and chief executive officer.
In other highlights for the first half:
Effective January 1, 2011, Central 1 adopted International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Previously, Central 1 had prepared its financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP). Information for 2010 previously reported under GAAP has been restated according to IFRS for comparative purposes.
Central 1's Second Quarter 2011 Report () has been filed with SEDAR at .
Central 1
Central 1 provides liquidity management, payments, Internet banking and trade association services to member credit unions in B.C. and Ontario, and banking and transaction services to customers in the corporate and public sectors. For more information, visit .
Contacts:
Media:
Central 1 Credit Union
Ian Smith
Manager, External Communications (Vancouver)
604.730.6348 or 1.800.661.6813, ext. 6348
Investors:
Central 1 Credit Union
Charles Milne
Senior Vice-President, Treasury and Funding Services
604-730-6307 or 1-800-661-6813, ext. 6307
Central 1 Credit Union
Dirk Haack
Associate Vice-President, Funding Services
604-737-5007 or 1-800-661-6813, ext. 5007
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Datum: 24.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 1033360
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