Net profit at Vancity jumped 43% in 2008 to $46.8 million from a restated figure of $32.8 million earned in 2007 due, in part, to strong growth in deposits, which has helped the credit union maintain access to credit for its members during the financial crisis.
The credit union's assets rose to $14.5 billion from $14.1 billion at the start of 2007.
Vancity's new Jumpstart high-interest savings account helped the credit union achieve one of its strongest years for deposit growth. Retail deposits increased $574 million.
The credit union also added 19,000 new members, primarily through organic growth. The merger with Greater Victoria Savings last year accounted for nearly 25% of 2008's membership growth.
Close to $15.3 million, or 30% of the credit union's net profits, will be distributed to members through its shared success program.