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CU System
Canadas Central 1 posts 50.1M in net income
VANCOUVER, B.C. and TORONTO (3/28/11)--Central 1 Credit Union has reported net income of $50.1 million for 2010. The net income figure was down from the extraordinary level of $99.9 million in 2009, but ahead of the $26.6 million posted in 2008, when the credit union centrals of B.C. and Ontario combined at mid-year as Central 1. “Against a backdrop of volatile financial markets and a challenging economic environment, Central 1 performed well last year,” said Don Rolfe, president and chief executive officer of Central 1 CU. “In 2009, we were able to take advantage of highly unusual conditions in the financial markets and make conservative investments that produced very strong results, but we had no expectation of matching that exceptional performance in 2010.” Rolfe said gains on the sale of financial instruments and revenue from provision of services contributed to the positive results for 2010. Another factor was equity income from Central 1’s investment at the end of 2009 in The CUMIS Group. Total assets at year-end were $10.4 billion, compared with $11.1 billion in 2009 and $8.6 billion in 2008. Return on average equity was 8.9%, compared with 19.6% in 2009 and 7.7% in 2008. Central 1 paid $9.6 million in dividends to its member shareholders.


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