Vancity Announces 2021 Financial Results
Credit union grows positive impact backed by strong financial results
Vancity will share $31.9M with members and the community in 2022
Thursday, April 21, 2022, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. – Vancity today announced its 2021 financial results, showing the credit union had one of the strongest years in its 75-year history. The credit union grew its total assets and assets under administration to $33.2 billion, increased its total membership to over 560,000 and earned $176.4 million in net income from operations.
In the first quarter, Vancity’s Board of Directors appointed Christine Bergeron as President and CEO. Shortly after, the credit union announced its ambitious climate commitments with an aim to achieve net-zero by 2040.
“We are pleased to announce very strong financial results together with considerable community impact during a time when the world is facing severe challenges,” said Christine Bergeron, Vancity President and CEO. “Our members enable us to continue to invest in activities to drive positive change, and we will continue to strengthen our services for our members in the year ahead.”
The credit union surpassed 2021 targets for its membership growth rate and sustainable investment portfolio growth. Vancity welcomed 9,662 new members in 2021, which represents more than half of all new credit union membership growth in BC. The credit union’s sustainable investment portfolio grew to $6.6 billion in assets under administration (AUA).
By the end of 2021, BC’s economic recovery was stronger than expected as the unemployment rate fell below pre-pandemic levels, business and consumer confidence strengthened, and consumer spending rose. The credit union focused on strengthening its critical capabilities resulting in a more engaged workforce, enhanced banking technology, and its largest Shared Success payout in history.
Vancity members and communities benefit from the credit union’s strong performance, which shares 30 per cent of its net profits through the Shared Success Program. In 2022, the credit union will distribute $31.9 million between its members and into partnerships to address broad and systemic needs in communities. Since 1994, Vancity has distributed more than $406 million to members and communities.
“Sharing 30 per cent of our annual net profit makes Vancity unique among retail financial institutions. We know we are only as strong as the communities around us.” said Christine Bergeron, Vancity President and CEO. “From community branch grants to large-scale, multi-year partnerships serving multiple communities, our Shared Success program is integral to how Vancity and its members are a financial force for change."
One of the ways the credit union tracks its social and environmental impact performance by measuring Triple Bottom Line Assets under Administration (TBLAA). In 2021, Vancity’s TBLAA assets grew to $10.7 billion from $8.9 billion in 2020.
“When Vancity does well, we all do well,” says Vancity Board Chair Anita Braha. “In 2021, Vancity maintained its position as a leading force for climate action and equity in Canada. With a strong track record of delivery, we will build on this platform for growth with a vision of a transformed economy that protects the earth and guarantees equity for all.”
Vancity by the numbers
|
Item |
2021 |
2020 |
|
Total assets |
$26.6 billion |
$24.9 billion |
|
Total assets plus assets under administration |
$33.2 billion |
$30.5 billion |
|
Total operating income |
$624.5 million |
$490.0 million |
|
Total operating expenses |
$448.2 million |
$424.8 million |
|
Net income from operations before distribution and tax |
$176.4 million |
$65.3 million |
|
Net income attributable to members |
$106.4 million |
$46.3 million |
|
Members’ equity |
$1.6 billion |
$1.5 billion |
|
Return on members’ equity before Shared Success payout |
9.3% |
4.3% |
|
Shared Success payout |
$31.9 million |
$13.9 million |
|
Return on members’ equity after Shared Success |
7.0% |
3.2% |
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member-owners and their communities, with offices and 54 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people. With $33 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
For more information, please visit vancity.com
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