The central financial facility and trade association for the B.C. and Ontario credit union systems more than quadrupled its profit in 2012 when compared with 2011.
Central 1 Credit Union posed $74.4 million profit in 2012, up from $16.7 million in 2011.
"The gains over last year were due largely to improved investment results and the reversal of unrealized losses from last year," said Don Rolfe, Central 1 president and CEO.
"Overall, Central 1's risk profile was reduced and we did an excellent job of generating a strong return on our investment portfolio even though markets remained in turmoil throughout the year."
In 2012, Central 1 reported net financial income of $91.5 million, up from $43.0 million in 2011. Total net gains on financial instruments amounted to $51.6 million, compared with a net loss of $11.3 million in 2011. Interest margin was $39.9 million, down 26.7% from $54.4 million in 2011.
Central 1's announcement follows news that B.C.'s second largest credit union, Coast Capital Savings, had a record profit in 2012 and that it is closing in on the province's longtime largest credit union, Vancity.
Coast Capital Savings announced March 5 that its annual profit rose 17% to a record $72.4 million in 2012.
Vancity announced the next day that it posted $93 million in 2012 earnings on $423 million in revenue. That compares with a $131 million profit on $411.4 million in revenue in 2011.
