Strong growth continues for Manitoba credit unions

Assets top $30 billion in 2018

WINNIPEG, Manitoba (March 21, 2019) — Manitoba’s credit unions will gather in Winnipeg tomorrow to mark another year of strong growth and success.

Representatives from the province’s 26 credit unions will convene at the Delta Hotel for Credit Union Central of Manitoba’s (CUCM) annual general meeting and reflect on a year marked by increases in assets, loans, deposits and memberships, as well as the continued evolution of the credit union system in Manitoba.

Over the course of 2018, total assets grew by $1.7 billion to surpass the $30 billion threshold, closing the year at $30.29 billion, a 5.83 per cent increase over year-end 2017. Lending activity showed a 6.83 per cent increase over 2017, ending the year at $26.28 billion. Credit unions also attracted deposits — which increased 5.45 per cent, to $27.46 billion — by offering members and potential members highly competitive deposit rates. Credit unions’ equity, a key indicator of the system’s financial strength, increased to 6.72 per cent of assets.

In addition to the financial growth, 9,944 new memberships pushed the system to nearly 643,000 by year’s end, while the number of branches held steady at 181.

Credit unions serve 108 communities throughout the province. In 67 of those communities, a credit union is the only financial institution in place to serve local residents and businesses.

CUCM chief executive officer Garth Manness said 2018’s results can be attributed to the fact that credit unions continue to offer Manitobans highly competitive deposit and lending interest rates and excellent financial products and services.

“Manitoba’s credit unions continue to make strong personal and professional service relationships with members a real priority,” Manness said. “Results such as these emphasize that credit unions are continuing to evolve to meet the needs of their members — and that they are a strong, vibrant alternative in financial services for all Manitobans.”

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MANITOBA’S CREDIT UNIONS FACT SHEET, 2019

Dec 31 2018                  Dec 31 2017

Memberships                      643,000                         633,000

Deposits                             $27.46 billion                 $26.04 billion

Loans                                 $26.28 billion                 $24.60 billion

Assets                                $30.29 billion                 $28.62 billion

System Equity                     $2.03 billion                  $1.89 billion

Preliminary unaudited results

Credit Unions          27 (as at December 31, 2018)

Branches                181

Communities where a credit union is the only F.I.:       67

 

About Credit Union Central of Manitoba

Credit Union Central of Manitoba is the trade association for Manitoba’s 26 credit unions, providing services in areas of capital and financial management, banking services, product and service research and development, consulting and representation and advocacy.

 

CONTACT:       John Hamilton, Manager, Communications & Public Relations

Phone: 204-985-4785 | Cell: 204-223-1976 | john.hamilton@creditunion.mb.ca