Saskatchewan credit unions grew system assets by 8% to $19.7 billion, while loans grew 8.1% to $15.8 billion, according to an announcement by Regina-based SaskCentral, a support organization for Saskatchewan credit unions.

“Saskatchewan credit unions had another solid year, even though we are seeing downward pressure on the provincial economy,” said Keith Nixon, CEO of SaskCentral. “The ability of credit unions to maintain their strong financial position has been partly a result of their success at controlling costs, but is also due to the growing demand for credit union services from small and medium-sized businesses.”

Combined, credit unions in the province returned close to $9 million to their members in the form of patronage and dividend programs.

SaskCentral has also reported its own financial results. Assets as at Dec. 31 were at $2.28 billion, representing a slight decrease from the 2013 figure of $2.31 billion. SaskCentral’s return on equity was 6.5%, compared to 7.7% for 2013.

There are 49 credit unions in the province that serve more than 475,000 members.