TORONTO, Ontario — More than $100 billion in assets and more than five million members at the end of the third quarter of 2007 set records for Canada's credit union system.
Combined assets for the system rose 10.8%, year-over-year, to reach $102.4 billion at third quarter 2007, a 45% increase or $32 billion gain over the last five years, according to Credit Union Central of Canada. Deposits and savings increased by almost $7.8 billion to reach $89.2 billion at quarter-end. Consolidation continued in the system and the number of credit unions declined to 472 from 501 a year earlier.
Demand for loans remained high as total system loans increased by an annualized 11% or $8.5 billion to reach $86.1 billion at third quarter. Loans as a percentage of total deposits are currently at 96.5%, compared to 95% twelve months ago and 89% 10 years ago.
Recommended For You
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
