B.C. credit unions collectively earned $261 million in 2007, up slightly from the $260 million they racked up in 2006.
Business loans increased 15.3% to $9.1 billion; their residential mortgage portfolio grew 10.1% to $25 billion.
Combined assets increased 9.5% to $42.6 billion. Deposits from the credit unions' 1.6 million members grew 7.9% to $36.3 billion. Dividends and patronage rebates to members totalled $39 million last year.
B.C. has 48 independent credit unions. Credit union central acts as their central banker, liquidity manager, payments processor and trade association. The merger between the B.C. and Ontario central credit unions is projected to close July 1.