Canadian credit unions post strong 2012 growth

The Canadian credit union system ended 2012 financially strong and Canadian credit unions continue to grow, according to the year-end System Results Report from Credit Union Central of Canada (Canadian Central).

Central affiliated credit unions/caisses populaires across Canada ended the fourth quarter 2012 with $152.5 billion in assets, representing an 8.8% increase over the $140.2 billion reported at year-end 2011. An estimated 1.1% of this growth was attributed to two previously unaffiliated Ontario credit unions joining Central 1 Credit Union in 2012.

System savings, deposits and loans also experienced positive growth over the previous quarter and continued the upward trend recorded at the beginning of 2012. Canadians had $134.6 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $11.1 billion or 9% over fourth quarter 2011. Lending activity recorded an $11.3 billion or 9.8% annual gain, ending the fourth quarter with $127 billion in loans.

Consolidation continues in the system as the numbers of credit unions reduced to 348 from 365 a year earlier. A total of 1,762 locations were reported by the Canadian credit union system and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2012.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.