LANGLEY, B.C. – Underpinned by its commitment to exceptional member service, First West Credit Union has reported exceptional deposit growth as part of its 2016 financial highlights.
The Langley-based financial co-operative grew deposits by $830 million last year. This helped drive a profit before tax of $35.2 million and was a significant factor in total asset growth, which increased by more than nine per cent to $9.52 billion.
First West’s CEO Launi Skinner says the organization’s success is largely attributed to First West’s advice-based approach to service, providing market-leading products—such as the Simply Free Account™– that simplify the financial lives of its members, and the outstanding performance from its subsidiaries and lines of business, in particular commercial banking division.
“Canadian financial institutions continue to experience unprecedented, prolonged financial margin pressure,” says Skinner. “Despite this, First West’s margin remains one of the best in the credit union system in B.C. The engagement, expertise and commitment of the First West team, coupled with our strategy to focus on our diversified portfolio and to continue to thoughtfully grow our lines of business remains a differentiating factor for us.”
Beyond the numbers, First West also completed a number of major technology investments and system upgrades in 2016.
“The spirit of innovation runs throughout our team and over the past year, we introduced several new platforms and tools to help simplify our members’ financial lives,” says Skinner. “In 2016, we were the first financial institution in B.C. to offer Mobile Pay for Android™ devices and the first credit union in the province to provide personal financial management tools in online banking. Across First West, our insurance teams also completed a conversion to a unified, enterprise-wide insurance broker management platform.”
In 2016, First West welcomed more than 7,000 net new members, bringing its total net new members to more than 40,000 since 2010. Furthering its commitment towards building healthier communities, First West contributed more than $2 million through its community giving activities, including the organization’s signature causes, Feed the Valley and The Full Cupboard, bringing its community investment total to $12.2 million since 2010.
First West Credit Union 2016 financial highlights
- Total assets grew by $805.3 million, or 9.2%
- Total deposits grew $829.9 million, or 10.9%
- Total loans grew $335.0 million, or 4.7%
- Income after tax decreased $907,000, or 3.0%, to $29 million
- Membership grew by 2.84%, bringing our total net new members to more than 40,000 since 2010
- First West paid dividends of $1 million to members, bringing total dividends paid to $9.1 million since 2010
- More than $2 million was invested in building healthier communities, bringing our total to $12.2 million since 2010
First West Credit Union 2016 annual report now online
First West Credit Union’s online annual report and downloadable 2016 financial statements are now available, featuring management’s discussion and analysis, 2016 successes and highlights from our regional divisions.
Annual General Meeting
The 2017 First West Credit Union AGM sessions will be held as follows:
- May 4, 2017 at the Penticton Lakeside Resort in Penticton, B.C.
- May 4, 2017 livestreaming the AGM at the First West Credit Union Langley Regional Office in Langley, B.C.
- May 4, 2017 livestreaming the AGM at the Ramada Duncan in Duncan, B.C.
Registration for the meeting begins at 5:30 p.m., president’s welcome begins at 6:20 p.m., and the meeting commences at 6:30 p.m.
For more information on the AGM, visit firstwestcu.ca/our-leadership/governance/