Net income for Central 1 Credit Union, Canada's first inter-provincial central credit union, rose 22% in 2008 in the midst of a global financial crisis.
The wholesale supplier of liquidity for credit unions in B.C. and Ontario recorded profits of $29.8 million compared with the $24.4 million posted last year by Credit Union Central of B.C. (CUCBC).
Financial margins increased 51% to $47.1 million from $31.1 million, reflecting higher net interest spreads and the impact of the merger between CUCBC and Credit Union Central of Ontario (CUC-Ontario).
Total assets rose to $8.5 billion from the combined assets of $8.1 billion held by CUCBC and CUC-Ontario prior to their merger.