Feb 13: Vancity Reports Record Earnings and Membership Growth

Year-end results good news for members, employees and local communities

Vancouver, February 13, 2003 - Vancouver City Savings Credit Union (Vancity) has reported its highest earnings ever and total assets that increased to $8.2 billion.

"2002 was an exceptional year for Vancity. We welcomed more than 18,000 new members through our doors, continued to improve on our hallmark of member service and generated strong earnings that we're proud to share with our employees, members and communities," says Vancity CEO Dave Mowat.

Consolidated earnings from operations at $67.7 million jumped 60 per cent from 2001 and net earnings increased 53 per cent to $39.6 million.

"Our Board of Directors couldn't be more proud of our employees for their contribution to our success. Our focus and direction is to help our communities thrive and prosper. Giving back $11.9 million to our members and communities is just one of the ways we are doing that," says Bruce Ralston, Chair of Vancity's Board of Directors.

A strong residential housing market and membership growth fueled record results. Service also proved to be a key contributor, with members ranking Vancity as providing the highest level of excellence of customer service among financial institutions in British Columbia.

The results are good news for members and communities, as 30 per cent of net earnings after tax will be shared with them. The level of earnings for 2002 will allow Vancity to give back the highest amount ever - $4.7 million will go to community organizations, including the winner of the $1-million Vancity Award. The Vancity Board of Directors has also approved $7.2 million in patronage rebates and member share dividends to Vancity members in 2002. This amount is a 50 per cent increase over the previous year.

Vancity is Canada’s largest credit union, with $10.5 billion in assets, more than 300,000 members, and 42 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.