CALGARY, Alta., March 10, 2022 /CNW/ – After inviting Albertans to come bank where they belong and pledging to find ways to make banking more meaningful, connectFirst Credit Union (connectFirst) celebrates a banner year for 2021 by announcing its best financial performance in the credit union’s 83-year history.
connectFirst Credit Union announces its best financial performance in the credit union’s 83-year history.
After closing the year on October 31, 2021connectFirst has seen an extraordinary $25.2 million in net income.
“A lot of leaders talk about pride when releasing year-end results. I’m no different: I’m proud of the unprecedented growth we’ve seen over the past year. However, I’m more proud of the stories and the people behind these phenomenal numbers, in the growth and success of our members,” says Wellington Holbrook, Managing Director of connectFirst Credit Union. “As the new CEO, my vision is to build a great business that is rooted in creating remarkable experiences for members, supporting local businesses and stimulating economic development. In order to accomplish these things and benefit as many Albertans as possible, growth is not an option – it is a necessity. So we will continue to invest in our members and their future.
Five key performance indicators (all figures compare FY21 to FY20):
- The net income was $25.2 million.
- Assets increased by $332 millioni.e. 5.6% to $6.3 billion.
- Deposits increased by $357 millioni.e. 7.2% to $5.3 billion.
- Loans increased by $459 millioni.e. 9.2% to $5.5 billion.
- Members’ equity increased by 11% for $585 million.
The recent evolution of connectFirst has broken new ground in all areas of the business; including an ambitious digital and central banking transformation, an inspiring new brand launch; a more competitive product range with active management principles around product pricing; and the establishment of four business lines to develop and customize member capabilities that meet the unique needs of all Albertans.
“In 2021, we welcomed over 3,800 new members who chose to bank where they belong. One of the best things about being a credit union is that we share our success directly with our members on an individual basis by paying them dividends, and we get to make meaningful contributions to their communities where our members live and work through our referral program,” adds Holbrook. “Last year we paid our members $11.6 millionand we invested almost $540 000 in more than 100 nonprofit organizations across alberta. These are numbers that everyone at connectFirst is very proud to share.”
Building on the tremendous performance of 2021, connectFirst achieved one of its strongest quarterly results in its history in the first quarter of 2022. Profitability notably increased for $11.7 million in the quarter (highest quarterly profit ever). Membership continued to grow at a healthy pace and significant growth was achieved in consumer loans and independent business loan portfolios, reflecting the strong economic momentum building in communities across alberta.
ABOUT CONNECTFIRST CREDIT UNION
connectFirst Credit Union, one of the largest and most successful credit unions in Canadais a full-service financial institution with over $6 billion in assets under administration. connectFirst employs 750 Albertans who provide a range of financial products and advice in more than 40 central and southern communities alberta. It serves over 125,000 members through a community-driven banking approach.
SOURCE connectFirst Credit Union
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