Resilience amid a challenging economy

Continuing a positive trend of several years, First West demonstrated strong financial performance in 2019. Despite overall tepid economic conditions, we achieved substantial growth in profit, deposits and our wealth management business.

Performance dashboard

Key financial strength metrics—for detailed analysis of our financial results, download Management's Discussion & Analysis.

Assets

$751.8 million or 7.3% increase in 2019, compared with 4.2% in 2018

Loans

$553.8 million or 6.5% increase in 2019, compared with 4.3% in 2018

Deposits

$633.1 million or 7.0% increase, compared with 2.8% in 2018

Wealth Assets Under Management

$329.3 million or 12.3% increase, compared with 0.7% in 2018

Loans by Lending Sector (%)

Stable portfolio product mix, with commercial lending growing to 36%, from 34% in 2018, and residential mortgages decreasing slightly to 54%, from 55% of the portfolio in 2018

Total Funding Composition (%)

Strong funding and liquidity profiles, with deposits totalling $9.6 billion, an increase of
7.0% in 2019

Profit ($M)

Profit for the year after tax at $88.2 million was $30.2 million or 52.2% higher in 2019, compared with $57.9 million in 2018

Revenue Mix ($)

Continued strong diversification of interest, fee, commission and other income in 2019

Total Assets and AUM ($B)

Including wealth assets under management, First West's total assets grew to $14 billion

Credit Rating | Long-Term

Investment Grade Credit Rating (DBRS Morningstar)
Long-term issuer rating

Credit Rating | Short-Term

Investment Grade Credit Rating (DBRS Morningstar)
Short-term issuer rating / Short-term instruments

Strong Regulatory Capital Ratio*

Capital buffer of $390 million relative to minimum regulatory requirement of 8.0%
*as defined by BCFSA
First West’s financial results in 2019 reflect our intense focus on our members’ evolving financial needs and our ability to continue providing innovative, relevant products and remarkable advice and service in an increasingly complex marketplace.
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Tom Webster, Chief Financial Officer

Learn more about First West's performance and outlook.

Management’s Discussion and Analysis (MD&A) documents provide additional commentary and information on the results of operations and financial condition of First West Credit Union for the year ended December 31, 2019. The annual Governance Report provides information about the credit union’s governance structure and practices, including significant board activities, key board processes and information about directors’ backgrounds, compensation, education and meeting attendance.

Management's Discussion & Analysis

Download

Financial Statements

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Outlook & Strategy

Download

Governance Report

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Complete Annual Report

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Credit unions are required to have a set of rules that govern their conduct. The rules include high-level guidance on how memberships may be acquired or withdrawn, how shares and deposits are treated, how borrowing and lending is conducted, how directors are elected, how general meetings are conducted and more.

Past Annual Reports

2009 | Envision Financial

View Report

2009 | Valley First

View Report

2008 | Envision Financial

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2008 | Valley First

View Report