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.

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
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of 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. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
“Why didn’t testing catch this” must become “How did this make it to testing?” Traditional quality teams are the crutch and excuse keeping organizations from making the necessary investment in people, process, and technology to accelerate test automation. Just like societies that did not build waterways because the labor to keep carrying the water was so cheap, we have created disincentives to automate. In her session at @DevOpsSummit at 20th Cloud Expo, Anne Hungate, President of Daring System...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile 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. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...