Canada’s Credit Union Growth Fueled by Deposit, Loan Surge
Billion-dollar increases in both deposits and loans helped Canada’s credit unions end 2012 on a strong note.
According to the year-end System Results Report from Credit Union Central of Canada, central affiliated credit unions/caisses populaires across Canada ended fourth quarter 2012 with $152.5 billion in assets, representing an 8.8% increase over the $140.2 billion reported at year-end 2011.
An estimated 1.1% of this growth was attributed to two previously unaffiliated Ontario credit unions joining Central 1 Credit Union in 2012, data compiled by Canadian Central showed.
Canadians had $134.6 billion on deposit with central affiliated credit unions and caisses populaires, representing an increase of $11.1 billion or 9% over fourth quarter 2011.
Lending activity recorded an $11.3 billion or 9.8% annual gain, ending fourth quarter with $127 billion in loans.
Meanwhile, consolidation continued in the system as the numbers of credit unions reduced to 348 from 365 a year earlier, according to Canadian Central. A total of 1,762 locations were reported by the Canadian credit union system and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2012.
Credit Union Central of Canada is the national trade association for the Canadian credit union system representing five provincial/regional centrals and one federation representing 348 credit unions with more than $152.5 billion in assets and serving over 5.3 million members.