Although it posted a $20 million 2013 first-quarter profit, Central 1 Credit Union is down 35% from its $31 million in 2012’s first quarter.
The credit union’s net financial income also took a hit this year, down more than $12 million to $27.9 million in the first quarter, as did its realized and unrealized gains, which totalled $14.5 million, more than $5 million short of last year’s first-quarter tally.
Other highlights of Central 1’s Q1 report include:
- return on equity of 9.9%, compared to 16.7% last year; and
- assets of $14.2 billion, down from $14.5 billion in 2012.
Total assets of the B.C. credit union system were $57.4 billion in the first quarter, up from $54.2 billion in the first quarter of 2012.
Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. In B.C., Central 1 has 44 member credit unions.
