Central 1 Credit Union had a profit of $68.5 million in 2013 – 7.6% lower than 2012's profit of 74.1 million.
Charles Milne, chief investment officer at Central 1, said in spite of the dip, the association's results are still "outstanding," as the prior year was particularly strong.
"Returns on our investment portfolio benefitted again this year from narrowing credit spreads on provincial government, NHA mortgage-backed securities and highly rated corporate debt," Milne said.
"Liquidity in the portfolio continues to improve from already strong levels as Central 1 moves towards OSFI's high-quality liquid asset framework."
Net financial income in 2013 was $88.7 million, down 3% from $91.5 million in 2012.
In 2013's fourth quarter alone, Central 1 had profit of $20.1 million – an increase of 4.9% from the same period a year ago ($13.5 million).
Central 1 is the central financial facility and trade association for credit unions in British Columbia and Ontario.
