SAN DIEGO — A strong performance in 2006 from CUSO Financial Services, LP led the CUSO to distribute $4 million of its $6 million 2006 net income to its credit union limited partners.
The broker dealer and registered investment adviser said its annual revenue increased from $47 million in 2003 to $79 million in 2006 while net profits jumped from $1.7 million in 2003 to $6 million in 2006.
The strong performance in 2006 can be attributed to the credit unions' continued adoption of the "keystone components" that CFS has advocated for several years, said Valorie Seyfert, president/CEO of CFS.
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"The focus for our programs during the past year was on taking the fundamental keystone concepts of awareness, integration and credibility to the next level and further refining them to create additional opportunities for growth and success," Seyfert said.
CFS, which serves more than 100 CUs, made the distribution on March. 2.
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