2019 ANNUAL REPORT
Financial Performance
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.
Highlights
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 $9.6 billion, an increase of
7.0% in 2019
7.0% in 2019
Profit ($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
Long-term issuer rating
Credit Rating | Short-Term
Investment Grade Credit Rating (DBRS Morningstar)
Short-term issuer rating / Short-term instruments
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
*as defined by BCFSA
“”Tom Webster, Chief Financial Officer
Report Downloads
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.