Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Canadas Central 1 CU notes 65 income decline
VANCOUVER, Canada (11/30/10)--Central 1 CU in Vancouver, Canada--which functions as a central bank and trade association for Canadian credit unions--has experienced a 65% net income drop in the past year. In a news release, Central 1 attributed the net income decline--to $30.9 million for the first nine months of this year from $88.7 million in the same period last year--to mark-to-market losses due to “continuing volatility” in financial markets (vancouversun.com Nov. 26). In 2009, Central 1 said it reaped the benefits from a rare combination of shrinking bond spreads and declining interest rates that culminated in robust mark-to-market gains that created record net income. The credit union’s assets dropped this year to $10 billion--a 2.9% year-over-year decline, while its return on equity was 7.4%, compared with 24.2% a year earlier. Central 1 has $70 billion in assets and serves 2.9 million members.


RSS print
News Now LiveWire
#NewsNow: CU leagues of 5 states call for merchant breach accountability http://t.co/lnmpna8AoV
8 hours ago
Worker's CU, Fitchburg, Mass., was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award
9 hours ago
.@Servicecu was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award.
9 hours ago
SACU of San Antonio was 1 of 5 CUs honored with a 2014 @CUNA Technology Council Excellence in Technology Award
10 hours ago
Credit report tips from @CUNA's Susan Tiffany at @RISMediaUpdates http://t.co/ezefKXwWjw
10 hours ago