Central 1 Credit Union Posts $11.4 Million Profit in Q1 2015
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/26/15 -- Central 1 Credit Union (Central 1) announced today it posted a profit of $11.4 million for the quarter ended March 31, 2015, compared to $20.6 million from the same period in 2014.
First quarter highlights, compared to the same period last year, include:
During the quarter, the yield curve in Canada flattened in response to the cut in the Bank of Canada target overnight rate and credit spreads narrowed. These factors contributed to net realized gains of $4.0 million and net unrealized gains of $6.7 million on financial instruments, compared to a total net gain of $20.0 million the previous year.
As at March 31, 2015 Central 1's ratio of regulatory capital to risk-weighted assets for provincial capital adequacy purposes was 49.6 per cent. Central 1's borrowing multiple for federal capital adequacy purposes was 13.0:1.
B.C. and Ontario credit union systems
Assets of the B.C. system totalled $62.0 billion at the end of the first quarter, up $2.7 billion or 4.5 per cent from a year earlier. The B.C. system earned $78.5 million before taxes in the first quarter, down slightly from $79.2 million in 2014. Deposits were $55.0 billion at the end of the first quarter, up 4.3 per cent from $52.8 billion the previous year. Net loans increased by 4.4 per cent or $2.3 billion, led by commercial and personal mortgages.
The B.C. system's regulatory risk-weighted capital ratio was 15.0 per cent at the end of March, up from 14.9 per cent a year ago.
Assets of the Ontario system totalled $37.1 billion at the end of the first quarter, up $3.7 billion or 11.2 per cent from a year earlier. The Ontario system earned $35.3 million before taxes in the first quarter, down from $45.9 million in 2014. While financial income improved by 4.1 per cent, non-financial expenses, which include salaries and other operating expenses, increased by 8.6 per cent. Deposits were $30.6 billion at the end of first quarter, up 8.7 per cent from $28.2 billion while loans increased by 11.0 per cent to $31.9 billion.
The Ontario system's regulatory risk-weighted capital ratio was 12.8 per cent at the end of the first quarter, down from 13.1 per cent a year earlier.
Central 1's First Quarter Report 2015 has been filed with SEDAR and is posted on and on .
About Central 1
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $13 billion in assets. We provide wholesale financial products, trust services, investment banking services, payment processing solutions and direct banking services to more than 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 43 member credit unions in B.C. and 84 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.2 million members and holds more than $97 billion in assets. For more information, visit .
Contacts:
Media: Central 1 Credit Union
Art Chamberlain
Media Relations Manager
905.282.8534 or 1.800.661.6813 ext. 8534
Investors: Central 1 Credit Union
Charles Milne
Chief Investment Officer
604.730.6307 or 1.800.661.6813 ext. 6307
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Datum: 26.05.2015 - 21:39 Uhr
Sprache: Deutsch
News-ID 395875
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VANCOUVER, BRITISH COLUMBIA
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Commercial & Investment Banking
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