Connect First Credit Union announces First Quarter Results

March 1, 2017


Calgary, AB – 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 loans increased by $9 million to $3.7 billion as of January 31, 2017. Member deposits decreased by $14 million to $3.9 billion. Total assets decreased by $18 million through the first three months to $4.3 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 First Calgary Financial division increased by 0.2% during the quarter. In addition, wealth management deposits from members increased $16 million or 3.2% from the previous year-end.

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 especially agricultural loan portfolios.

"Times continue to be tough in southern Alberta but we are seeing signs of cautious optimism. I am very proud of how our employees have worked with and stood by our members during these difficult economic times. I am also grateful for the confidence our members have shown in their credit union as we continue to grow both our assets and membership base,” said Paul Kelly, CEO.

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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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For more information, please contact:

Alison Archambault
Director. Brand & Stakeholder Engagement
Connect First Credit Union
403.473.3676
aarchambault@connectfirstcu.com

or

Megan Douglas
Manager, Brand & Stakeholder Engagement
Connect First Credit Union
403.988.0903
mdouglas@connectfirstcu.com

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