March 26, 2025 | Territories of Musqueam, Squamish, and Tsleil-Waututh Nations/Vancouver, B.C. – Vancity has released its 2024 financial results, showcasing encouraging performance despite a volatile economic environment. With Canada experiencing moderate growth, the credit union navigated uncertainty to return to profitability while reinforcing its financial strength and laying the groundwork for future growth and success.
Vancity's total core revenues reached nearly $516 million, with net interest income up almost 4% year-over-year. While a sluggish real estate market tempered mortgage growth, resulting in a modest $34 million dip in the lending portfolio, Vancity's focus on supporting members drove strong growth in chequing and savings accounts. This, in addition to strategic management of Vancity's exposure to interest rate risks, contributed to positive gains. The credit union also saw over 12% growth in non-interest income, fueled by higher investment fee income, and unrealized valuation gains from foreign exchange positions and investment portfolios.
In 2024 Vancity made the difficult decision to proceed with an organizational restructuring to align with current market conditions and support a future-focused renewal of its commitment to members and community. Total operating expenses remained in line with budget and prior year levels, reflecting disciplined cost management in what continued to be an inflationary environment. Combined with revenue growth, this efficiency drove a return to profitability, from a $1.3 million net loss in 2023 to positive net income of $5.8 million in 2024.
"2024 was about building resilience, making smart choices, and advancing a new strategic path to ensure we meet the expectations of our members in the future" said Wellington Holbrook, Vancity's CEO. "We have stepped up investments in technology and are making operational improvements to secure long-term growth while keeping members' financial well-being at the forefront. Our strong capital base and liquidity allowed us to navigate uncertainty and emerge with an optimistic outlook for the year to come."
Each year 30% of Vancity's net profits go back to members and communities through the Shared Success program. This year, Vancity is allocating $1.7 million from its 2024 profits for member dividends and investment in programs and partnerships that address environmental and social needs in our communities — like climate change, affordable housing, and Reconciliation.
Looking ahead, Vancity will double down on serving and supporting members through financial uncertainty, enhancing its technology and operational efficiency, strengthening core lines of business, driving responsible growth, and building financial strength in its local communities.
"We're optimistic about 2025, but remain mindful of economic volatility," Holbrook added. "The steps we're taking today will reinforce Vancity's resilience and deepen our impact on members and communities."