Lo­cal credit union an­nounces first quar­ter re­sults

The Drumheller Mail - - AROUND TOWN - Sub­mit­ted

Con­nect First Credit Union con­tin­ues to post strong fi­nan­cial re­sults through the first quar­ter of 2017, de­spite the on­go­ing chal­lenges in the lo­cal eco­nomic environment.

In­come be­fore taxes reached nearly $4.5 mil­lion for the first three months of fis­cal 2017 and sets the Credit Union on track for an­other suc­cess­ful year of op­er­a­tions. Strong an­nual earn­ings has con­trib­uted to a solid cap­i­tal base at the Credit Union, ex­ceed­ing reg­u­la­tory tar­gets, and po­si­tion­ing the Credit Union for con­tin­ued and sus­tain­able growth in future years.

To­tal as­sets de­creased by $18 mil­lion through the first three months to $4.3 bil­lion. Dur­ing the same pe­riod, to­tal loans in­creased by $9 mil­lion to $3.7 bil­lion as of Jan­uary 31, 2017. Mem­ber de­posits de­creased by $14 mil­lion to $3.9 bil­lion. Con­nect First Credit Union’s book of busi­ness man­aged on be­half of its 100,000 mem­bers was ap­prox­i­mately $8.8 bil­lion on Jan­uary 31, 2017.

Loans in the Chi­nook Fi­nan­cial di­vi­sion grew 2.9% or $21 mil­lion dur­ing the first quar­ter. In­creases in loans was sup­ported by growth in the res­i­den­tial, com­mer­cial and agri­cul­tural loan port­fo­lios.

“Growth in our Agri­cul­tural book is crit­i­cal to our suc­cess. I’m very en­cour­aged with the growth so far this year and the last 5 years”, said Pres­i­dent Scot Had­den. “Times are tough. I’m proud of the re­silience of our em­ploy­ees and mem­bers across south­ern Al­berta as they weather this tough econ­omy.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.