June 5, 2018
Connect First Credit Union continues to post strong financial results through the second quarter of 2018 as the local economic environment improves.
Income before taxes reached nearly $13.5 million for the first six months of fiscal 2018 and sets Connect First Credit Union on track for another successful year of operations. Strong annual earnings has contributed to a solid capital base, exceeding regulatory targets, and positioning for continued and sustainable growth in future years.
Total assets increased by $69 million through the first six months to $4.6 billion. During the same period, total loans increased by $165 million to $4.0 billion and member deposits decreased by $38 million to $3.9 billion. Connect First Credit Union’s book of business managed on behalf of its 100,000 members was approximately $9.1 billion on April 30, 2018.
“When our members succeed, we succeed,” said Paul Kelly, CEO of Connect First. “It’s really gratifying to see our unique operating model delivering outstanding results for our members.”
About Connect First Credit Union
Connect First Credit Union offers its members a full range of financial products and services through trusted local brands and a community-focused approach to banking. Connect First Credit Union is Canada’s tenth largest credit union, with over $5 billion in assets under administration. It serves 104,000 members through 29 locations in 14 communities across southern Alberta, under the Chinook Financial, First Calgary Financial, Legacy Financial divisions.
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Director, Brand and Stakeholder Engagement
Connect First Credit Union