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Growth halved at the province’s top credit unions

Industry’s 8% annual growth of assets under management dropped to 3.8% in 2019
Vancity retained its No. 1 ranking on BIV’s list of B.C.’s biggest credit unions | Rob Kruyt

Growth is slowing at British Columbia’s largest credit unions, according to data collected on Business in Vancouver’s Biggest Credit Unions in B.C. list (see

From 2015 to 2018, the value of assets managed by the province’s largest credit unions grew roughly 8% annually. But 2019 put the brakes on this trend, with asset values growing by less than half the rate of each of the previous four years.

Average assets managed grew 3.8% in 2019, to $4.1 billion from $3.96 billion in 2018.

The median asset value hit a five-year low in 2016 at $893.8 million and has grown 19% since then.

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The growth in the median value of assets managed by B.C.’s top credit unions surpassed average growth, increasing 5.6% to $1.06 billion in 2019 from $1 billion in 2018. This suggests that smaller credit unions lower on the list grew faster than larger money sources higher on the list.

No. 9 G&F Financial Group recorded the most impressive five-year growth. Its assets under management increased by 66% to $2.33 billion in 2019 from $1.4 billion in 2015.

G&F also boasted the largest one-year growth in 2019 with a 12.9% increase in assets managed compared with $2.06 billion in 2018.

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No. 19 North Peace Saving and Credit Union in Fort St. John had the largest one-year slump. The value of its assets dropped 7.2% to $438 million in 2019 from $472 million in 2018.

No. 15 Northern Savings Credit Union in Prince Rupert suffered the largest five-year decline in assets managed, falling 29.3% to $633 million in 2019 from $895.8 million in 2015. •