Saskatchewan credit unions posted another positive year in 2012 with a record high net income of over $110 million, Regina-based SaskCentral reports.
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.
Combined, credit unions in the province returned $16 million to their members in the form of patronage and dividend programs.
As a support organization owned by Saskatchewan credit unions, SaskCentral reported at its annual meeting Wednesday 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.
“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, in a release.