Vancouver's Central 1 Credit Union has posted a $7.8 million profit in 2013's third quarter, down from $25.6 million in the same period last year, the organization announced November 25.
For the first nine months of the year, Central 1's profit was $48.3 million, 20% lower than the same period last year ($60.6 million).
Art Chamberlain, media relations manager for Central 1 Credit Union, told Business in Vancouver that because last year was an unusually strong period for the company, this quarter's results are totally in line with expectations.
"It's not really any change in our business operations or prospects or anything," Chamberlain said. "It's really just a reflection of what's been happening in the investment markets between last year and this year, and last year was an unusually strong year for us, which was good.
"We didn't expect that we would be able to do the same thing again this year."
