Central 1 Credit Union Posts First Quarter 2016 Profit of $8.5 Million
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/16 -- Central 1 Credit Union (Central 1) announced today it posted a profit of $8.5 million for the quarter ended March 31, 2016, compared to $11.4 million for the same period in 2015.
"Central 1 started the year with a solid first quarter revenue growth aided by income from affiliates compared to the first quarter of 2015," said Don Wright, President and CEO of Central 1. "Both interest margin and income related to payments processing and treasury services increased in the quarter, reflective of the value that Central 1 delivers to our members. Our costs also increased due in part to the increased volume of transactions and our investments in ongoing strategic initiatives that will help to position the system for the future."
Highlights for 2016, compared to the same period in 2015:
Net interest margin increased by $2.1 million from the same period in 2015, driven by higher net assets and increased commercial lending, offset by a decrease in gains on financial instruments. Gains in the first quarter of last year were positively impacted by the Bank of Canada''s rate cut in January 2015.
Other income also increased $3.7 million. High transaction volumes led to an increase in fee income over the prior year, and additionally allowed Central 1 to reduce ''per transaction'' fees, benefitting our members. Direct banking, along with treasury-related services, continue to help provide membership with important products and services to meet their members'' needs.
As at March 31, 2016, Central 1''s ratio of regulatory capital to risk-weighted assets for provincial capital adequacy purposes was 33.3 per cent. Central 1''s borrowing multiple for federal capital adequacy purposes was 13.0:1.
B.C. and Ontario credit union systems
Assets of the B.C. system totalled $67.1 billion at the end of the first quarter of 2016, compared to $62.0 billion a year earlier. The B.C. system''s net operating income was $71.7 million, compared to $78.5 million a year earlier. Asset growth was led by residential and commercial mortgages. Liability growth was led by non-registered demand deposits and non-registered term deposits.
The B.C. system''s regulatory risk-weighted capital ratio was 14.8 per cent at the end of the first quarter.
Assets of the Ontario system totalled $40.8 billion at the end of the first quarter of 2016 compared to $37.1 billion a year earlier. The Ontario system''s net operating income was $38.2 million compared to $35.3 million in the prior year. Asset growth was led by residential mortgages and commercial mortgages and loans. Liability growth was led by non-registered demand deposits.
The Ontario system''s regulatory capital as a percentage of risk-weighted assets was 13.6 per cent at the end of March.
Central 1''s First Quarter Report 2016 has been filed with SEDAR and is posted on and on .
About Central 1
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $14.6 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to more than 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 74 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $107.9 billion in assets. For more information, visit .
Contacts:
Media
Art Chamberlain
Media Relations Manager
Central 1 Credit Union
905.282.8534 or 1.800.661.6813 ext. 8534
Investors
Brent Clode
Chief Investment Officer
Central 1 Credit Union
905.282.8588 or 1.800.661.6813 ext. 8588
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Datum: 27.05.2016 - 15:33 Uhr
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News-ID 1438013
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