Saskatchewan Credit Unions Post Record Year

REGINA, SASKATCHEWAN--(Marketwired - April 10, 2013) - Saskatchewan credit unions posted another positive year in 2012 with a record high net income of over $110 million.

This success was passed on to members. Combined, credit unions in the province returned $16 million to their members in the form of patronage and dividend programs.

Benefitting from a strong provincial economy, Saskatchewan credit unions continued a year over year trend and grew system assets to $16.9 billion, while deposits grew 8.1% to $15.0 billion. Saskatchewan credit unions are the financial institutions of choice for both urban and rural residents and for small to medium-sized businesses that are the backbone of our provincial economy.

"Saskatchewan credit unions in 2012 again demonstrated excellent stability and steady growth even though the financial services business environment is churning out new challenges," said Keith Nixon, CEO of SaskCentral. "We've seen the continuation of low interest rates along with the rising costs of new technology and compliance with regulatory changes. The fact that credit unions were able to post another great year and continue to broaden their member service really speaks to the strength of the co-operative credit union model."

Credit unions are financial co-operatives. As such, business decisions are guided by internationally recognized co-operative principles, balancing the need for growth with the needs and well-being of members and communities.

As a support organization owned by Saskatchewan credit unions, SaskCentral reported at its annual meeting today that it recorded a consolidated net income of $28.2 million. Assets as well grew to $2.21 billion, representing an incremental increase over the 2011 figure of $2.18 billion and SaskCentral's return on equity was 8.2%, compared to 8.4% in 2011.

About SaskCentral - SaskCentral is owned by Saskatchewan credit unions to serve and represent their collective interests. There are 55 credit unions in Saskatchewan serving over 502,000 members. Saskatchewan credit unions build lives and fulfill dreams by helping members achieve financial well- being and investing in communities. SaskCentral is an Imagine Caring Company, and was named one of Canada's top 10 Best Workplaces among Canadian companies with fewer than 1000 employees by the Great Place to Work® Institute Canada. Visit us at: http://www.saskcu.com/saskcentral.