Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Canadas Central 1 CU reports first-half 2010 income
TORONTO (8/27/10)--Central 1 CU, which serves credit unions in British Columbia and Ontario, Canada, posted a net income of $12.7 million during the first six months of 2010, it announced. That compares with $53.1 million in net income for the same period in 2009 (melodika.net Aug. 26). Central 1 experienced higher financial margin and larger trading gains than in the first half of 2009, but financial markets' current volatility meant more mark-to-market losses this year compared to last year. Last year Central 1 was able to take advantage of the market situation and made exceptionally strong gains. "In the current financial climate, we had no expectation of matching last year's exceptional performance," said President/CEO Don Rolfe. Central 1 expects a strong financial margin in the second half, but noted it will be accompanied by ongoing market volatility, he said. Assets at Central 1 grew by 8.4% year-over-year to $10.3 billion as of June 30, compared with $9.5 billion for the same period in 2009. Central 1's return on equity was 4.6%, compared with 23% a year earlier. The credit union provides liquidity management, payments, Internet banking and trade association services to member credit unions, as well as banking and transaction services to customers in corporate and public sectors.


RSS





print
News Now LiveWire
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
18 minutes ago
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
17 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
18 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
18 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
19 hours ago