Central 1 Credit Union has posted second-quarter profits of $4 million, down from $9.7 million for the same quarter last year.
"Financial markets remained volatile during the quarter as investor appetite for risk waned, due to continuing concerns about Europe and disappointing economic data pointing to a global economic slowdown," according to a Central 1 statement.
The credit union's return on equity also decreased to 2.1% in its second quarter, compared with 6.3% last year, and its assets decreased 2.7% to 14.6 billion.
"Central 1's capital ratios remain well within statutory limits," the bank said.
Central 1's second-quarter results follow a strong first quarter, with $31.0 million in profits.
Central 1 is the central financial facility and trade association for B.C. and Ontario credit union systems.
