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™, 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™ 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.

Contacts:
Coast Capital Savings
Erin McKinley
Senior Media Relations Advisor
(O) 604.517.7657 or © 604.836.6924
[email protected]
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
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...