Coast Capital Savings, B.C.'s second-largest credit union, announced yesterday that its annual profit rose 17% to a record $72.4 million in 2012.
Revenue increased 3.8% to $323.3 million.
Commercial loans helped drive both revenue and profit with an increase of 18.5% to 2.5 billion. Most of those loans were in the form of mortgages and equipment financing.
"Our 2012 financial performance is the result of an increased focus on growing all our lines of business and this generated other income to offset the revenue reductions stemming from the challenging interest rate environment," said Coast Capital CFO Dan Coulter.
"While we saw good performance from all our business lines, unprecedented growth, particularly in our commercial portfolio, played an important part in buoying our financial results."
Membership at the credit union rose 18,000 to 504,000.
Total loans increased 9.8% to 10.8 billion in 2012, compared with $9.8 billion at the end of 2011.
