Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Saskatchewan CUs have record year
SASKATCHEWAN, Canada (4/16/12)--By generating record-high net income of nearly $92 million, credit unions in the Canadian province of Saskatchewan posted a record year in 2011.

The credit unions also returned $18 million to members through patronage and dividend programs (TheStar Phoenix April 12).

In 2010, credit unions posted a net income of $88 million and returned roughly $20 million to members.

Last year, assets grew 11.3% to $15.6 billion, and deposits rose  9% to $13.8 billion.

Also, loans grew by 10.5% $11.7 billion from $10.5 billion in 2010, with the increase coming mostly from consumer loans--75% of the growth. Loan delinquencies decreased to historic lows of 0.75% in 2011 from 1.09% in 2010. The five-year average is 0.98%.

The numbers reflect a strong business model, Ken Anderson, CEO of SaskCentral, the umbrella organization for the provinces 60 credit unions, told the publication.

As a support organization, SaskCentral recorded a consolidated net income of $27.2 million. Assets grew to $2.2 billion, compared with $1.9 billion in 2010. SaskCentral's return on equity was 8.4 %, compared with 11.8 % in 2010.

SaskCentral is owned by 60 Saskatchewan credit unions that serve about 500,000 members in 270 communities through 303 service outlets.


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
2 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
7 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
8 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
8 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
8 hours ago