The wholesale financial services provider for B.C.'s and Ontario's credit union reported a 275% increase in net income for 2009.
Net income for Central 1 Credit Union rose to $99.9 million from $26.5 million due primarily to gains the fair value of financial instruments, which rose $52.4 million compared to a loss of $27.7 million in 2008.
Other increases that contributed to the stronger performance included a 48.6% increase in net interest income to $69.9 million from $47.1 million and a 18.5% increase in other income to $87.6 million from $73.9 million.
Total assets also rose to $11 billion from $8.5 billion as a result of significant growth in the liquidity of Central 1's member credit unions.
As a result of its strong performance, Central 1 will pay an extraordinary dividend of 10% on top of its regular dividend of 2%.