Feb 12: Strong Earnings and Membership Growth
Strong Earnings and Membership Growth for Vancity in 2001
Vancouver, February 12, 2002 - Vancouver City Savings Credit Union marked its highest earnings from operations in its 56-year history in 2001, reporting today an increase in net earnings of 23 per cent and assets of $7.5 billion.
"2001 was about providing legendary service to our 275,000 members, making Vancity a great place to work for our 1,600 employees and giving back to the communities where we are proud to serve," says Vancity CEO Dave Mowat. "That momentum was reflected in our strong earnings and the fact that over 15,000 new members walked through our doors."
Consolidated earnings from operations were $42.2 million, up 17.5 per cent from 2000. Net earnings were up 23 per cent to $25.9 million. Loan losses were down slightly from 2000.
Mowat attributes Vancity's record year to strong volumes, busy markets driven by favourable interest rates, and people looking for a different place to do their "banking". Particular bright spots included Vancity's commercial and residential mortgage portfolios and membership growth.
Strong earnings allowed Vancity to distribute 30 per cent of its net profits to communities and members. The highest amount ever - $3 million - went to community organizations, including the winner of the $1-million Vancity Award. Vancity members received $4.8 million in relationship dividends for 2001.
"Our focus in 2002 will continue to be on improving member service and deepening relationships with our members. We will also be looking for innovative ways to encourage members to use Vancity for all of their financial needs. We want our members to tell their friends and family about Vancity - more great members will only make us stronger and increase our ability to contribute to British Columbia," Mowat says.
"Vancity plans to offer more and better ways for our members to benefit from being part of a credit union," says Greg McDade, Chair of Vancity's Board of Directors. "We are also opening new branches, refining our service charges and launching innovative partnerships that will help us continue to be an important part of our communities."
Vancity is Canada's largest credit union, with $7.5 billion in assets, 275,000 members, and 39 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.