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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.


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