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CU System
Canadas Central 1 CU reports 18.3M profit
VANCOUVER, B.C., and TORONTO, Ont. (6/1/11)--Central 1 CU, a corporate credit union and trade association serving individual credit unions in the Canadian provinces of British Columbia and Ontario, reported a profit of $18.3 million in the first quarter of 2011. The profit compares with a $7.5 million profit in the same period last year. The latest figure reflects gains of $12.1 million from disposal of financial instruments and a $2.4 million net gain on mark-to-market valuation of Central 1’s portfolio (Marketwire via digitalmedianet.com May 25). Central 1’s return on equity was 12.6%, compared with 5.3% a year earlier. Assets increased 2.9% year-over-year, hitting $14.1 billion as of March 31, compared with $13.7 billion a year ago. In a related matter, Central 1 announced the resignation and retirement of Rowland Kelly from his position as chief financial officer and chief operating officer, effective Sept. 30. Helen Blackburn, Central 1 senior vice president of strategy, has been appointed chief financial officer to succeed Kelly, effective Oct. 1.


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