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CU System
Canadas Central 1 CU reports first-half 2010 income
TORONTO (8/27/10)--Central 1 CU, which serves credit unions in British Columbia and Ontario, Canada, posted a net income of $12.7 million during the first six months of 2010, it announced. That compares with $53.1 million in net income for the same period in 2009 (melodika.net Aug. 26). Central 1 experienced higher financial margin and larger trading gains than in the first half of 2009, but financial markets' current volatility meant more mark-to-market losses this year compared to last year. Last year Central 1 was able to take advantage of the market situation and made exceptionally strong gains. "In the current financial climate, we had no expectation of matching last year's exceptional performance," said President/CEO Don Rolfe. Central 1 expects a strong financial margin in the second half, but noted it will be accompanied by ongoing market volatility, he said. Assets at Central 1 grew by 8.4% year-over-year to $10.3 billion as of June 30, compared with $9.5 billion for the same period in 2009. Central 1's return on equity was 4.6%, compared with 23% a year earlier. The credit union provides liquidity management, payments, Internet banking and trade association services to member credit unions, as well as banking and transaction services to customers in corporate and public sectors.


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