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 T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
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.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...