Vancity Credit Union has announced $131 million in 2011 earnings from operations and a fourth consecutive year of increased net earnings from operations at $91 million, up 5.2% from 2010.
The earnings in turn produced a record $27 million fund for the company’s Shared Success scheme, which will be distributed to members through dividends and to communities through grants and community investment initiatives.
The credit union’s total assets grew by 8.6% to $16.1 billion, bringing its total assets under administration to $18.5 billion.
Tamara Vrooman, president and CEO of Vancity, said, “Vancity’s results are driven by broad-based, sustainable growth and represent an 11.3% return on average equity.
“Our model of banking is values-based and is grounded in the local economy. When you put the needs of members and the communities we serve first, profit follows.”
