March 6, 2018
Calgary, AB – Connect First Credit Union is off to a strong start for the first quarter of fiscal 2018 as the local economic environment improves.
Income before taxes were $5.1 million for the first three months of fiscal 2018, an increase of $640,000 or 14% compared to the first quarter of 2017. Those strong earnings have increased Members’ Equity to $387 million, well above regulatory requirements.
Total assets increased by $83 million through the first three months to $4.6 billion. During the same period, total loans increased by $103 million to $4.0 billion as of January 31, 2018. Member deposits increased by $80 million to $4.0 billion. Connect First Credit Union’s book of business managed on behalf of its 100,000 members was approximately $9.2 billion on January 31, 2018.
“I’m very pleased with our results despite our challenging business environment”, said Paul Kelly, CEO. “I am particularly proud of our strong results as we engaged in our amalgamation discussions during the quarter.”
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