Welcome!

News Feed Item

Coast Capital Savings Caps 2013 With Solid Financial Results

One-Time Asset Sale and Solid Performance from All Business Segments Result in Largest Annual Profit for the Credit Union, Setting a Record in Canadian Credit Union Industry

SURREY, BRITISH COLUMBIA -- (Marketwired) -- 03/06/14 -- Coast Capital Savings, Canada's second largest credit union, had a solid year in 2013 with balanced financial performance despite a year of transformation and challenging external market conditions, as reported in its 2013 financial results announced today.

Coast Capital's revenue was $425.6 million in 2013, compared to $323.3 million in the previous year. Its net income increased 108 per cent from $72.4 million to $150.6 million, primarily due to some unusual one-time items including the sale of its insurance subsidiary.

"Our results for 2013 come at the end of a year in which we re-focused our core business and successfully undertook some significant projects, including the implementation of a new banking system," said Coast Capital Savings president and CEO Tracy Redies.

The credit union's performance is also due in part to growth in commercial loans and its wealth management business. Commercial loans increased by 9.3 per cent, from $2.5 billion in 2012 to $2.7 billion, and total investment services assets under administration increased by 15.9 per cent to $2.3 billion from $2.0 billion.

"The measures taken by the credit union in recent years have resulted in a strong financial position as seen in improved regulatory capital, liquidity, profitability, and asset quality. Coast Capital Savings is now positioned for sustainable growth in the future," said Don Coulter, Coast Capital's chief financial officer.

Below are highlights of Coast Capital's 2013 financial performance:


--  Net interest income increased from $233.6 million to $240.7 million. 
--  Commercial loans, inclusive of commercial mortgages and equipment
    financing, grew from $2.5 billion in 2012 to $2.7 billion, an increase
    of 9.3 per cent. 
--  Total deposits increased from $11.2 billion in 2012 to $11.3 billion in
    2013, an increase of 1.1 per cent. Retail and business deposits
    increased by $0.2 billion. Deposit growth enabled us to maintain stable
    core liquidity levels of 10.4 per cent at the end of the year. 
--  Total loans grew by 2.2 per cent from $10.8 billion at the end of 2012
    to $11.0 billion. 
--  Total assets under administration increased by 1.7 per cent, to $14.8
    billion from $14.6 billion in 2012. 
--  Residential mortgages remained steady at $8 billion with growth of 0.2
    per cent. 
--  Retained earnings increased by 21.8 per cent, from $688.1 million in
    2012 to $838.1 million. 

Redies said Coast Capital's community programs have also benefitted from the credit union's financial performance in 2013.

"Guided by our promise to help build a richer future for youth, our strong financial results each year have allowed us to invest seven per cent of our pre-tax profits into the community every year and this translated into over $5 million for a wide range of organizations and causes in 2013," Redies said.

"Canadians like what we're doing," said Redies. "Our membership rose to 512,000, the most members of any credit union in Canada. We had the highest net promoter score - a measurement of how likely customers would be to recommend us to friends or colleagues - of any financial institution in the province. In a recent survey our members told us we're focusing on the right things, providing them with great products and services, and running their credit union the way they like.

"Consistently delivering solid financial results has allowed us to continue offering our signature Simple financial help® through products like our free chequing account, the You're the Boss® mortgage and innovative Where You're At Money Chat(TM), which are helping our members reach their financial goals," Redies added.

Looking ahead to 2014, Coast Capital will continue to focus on deepening relationships with current members, giving them more reasons to bring their business to Coast Capital Savings where they will benefit from the credit union's unrivalled products and services.

Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and has exciting plans to grow. Product innovations include Canada's first free chequing account from a full-service financial institution. Coast Capital offers one of Canada's 10 Most Admired Corporate Cultures(TM) and was named one of 2014's BC Top Employers. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....