Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Canadas Central 1 CU notes 65 income decline
VANCOUVER, Canada (11/30/10)--Central 1 CU in Vancouver, Canada--which functions as a central bank and trade association for Canadian credit unions--has experienced a 65% net income drop in the past year. In a news release, Central 1 attributed the net income decline--to $30.9 million for the first nine months of this year from $88.7 million in the same period last year--to mark-to-market losses due to “continuing volatility” in financial markets (vancouversun.com Nov. 26). In 2009, Central 1 said it reaped the benefits from a rare combination of shrinking bond spreads and declining interest rates that culminated in robust mark-to-market gains that created record net income. The credit union’s assets dropped this year to $10 billion--a 2.9% year-over-year decline, while its return on equity was 7.4%, compared with 24.2% a year earlier. Central 1 has $70 billion in assets and serves 2.9 million members.


RSS





print
News Now LiveWire
Better economic & #CU conditions,leading to higher rates in '15,'16, will boost CU earnings, asset quality,capital http://t.co/rmJvi3MIpQ
4 hours ago
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
9 hours ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
9 hours ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
9 hours ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
9 hours ago