In a February 24 MarketWired press release, Central 1 Credit Union announced what it called “strong” asset and profit growth for the year ending December 31, 2016.
The network saw its profits rise by 8.8 per cent year-over-year, from 2015’s $52.4 million to last year’s $57 million.
“The credit union network enjoyed increased deposits from its members in 2016 and that was reflected in good performance by Central 1,” Central 1 president and CEO Don Wright stated in the new release.
“The growth in deposits and increased use of our digital banking products benefit our member credit unions, which in turn helps them advance investment in their communities.”
Last year, Central 1 also focused on the development of its second tier as it entered into consultations with member credit unions.
“In November, the CEO Payments Strategy Committee made recommendations toward the national consolidation of the payments function,” Wright said. “Central 1 believes that developing a national payments strategy is the right direction for the network, and we are working with credit unions and other centrals to achieve the right solution for our credit union network.”
“In collaboration with Canadian Credit Union Association (CCUA) and Credit Union Central of Saskatchewan (SaskCentral), Central 1 has been reviewing the trade association functions that will best support our members through integration into CCUA,” the release explained.
“In December, Central 1, CCUA and SaskCentral announced the transition during 2017 of marketing and government relations functions to the national association, making progress towards the future state of the second tier.”