May 31, 2017
Calgary, AB – Connect First Credit Union continues to post strong financial results through the second quarter of 2017, despite the ongoing challenges in the local economic environment.
Income before taxes reached nearly $10.1 million for the first six months of fiscal 2017 which is an increase of 10% from the same period last year. Strong annual earnings have 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 growth was flat through the first six months to $4.3 billion. During the same period, total loans increased by $23 million to $3.7 billion as of April 30, 2017. Member deposits decreased by $60 million to $3.8 billion. Members’ equity increased by $10.9 million through the first six months.
“Despite a challenging economic and business environment in Alberta, we continue to succeed by focusing on financial products and services that meets our members’ needs. Through prudent expense control and building a very strong capital base, we are well positioned for future growth”, said Paul Kelly, CEO.
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 100,000 members through 27 branches in 13 communities across southern Alberta, under the Chinook Financial and First Calgary Financial divisions.
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Director, Brand and Stakeholder Engagement
Connect First Credit Union
Ph: 403.736.4015 Cell: 403.473.3676