VANCOUVER — Vancity experiences a drop in profits in 2007 in part due to a $13.9 million write-down of non- bank asset-backed commercial paper owned by the credit union's subsidiary, Citizens Bank of Canada, which held $77 million of the investments.
According to the Vancouver Sun, profits at Vancity continue to fall, dropping 37% in 2007, and down 50% from record profits reached in 2004.
Despite the poor earnings record, assets at Vancity reached record levels of $14.1 billion, up 14.8% from the $12.3 billion held in 2006, the publication reported. Membership also increased from 355,000 to almost 388,000, maintaining Vancity's position as British Columbia's, and Canada's, largest credit union.
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Some of Vancity's growth comes from a merger with Van Tel-Safeway Credit Union, which brought in 14,000 new members and as much as $350 million in assets.
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