Canadian credit unions reported a record net income of $124.8 million in the third quarter of 2005, up 12.1% from the third quarter a year ago.

Net income for the first nine months was a record $338.5 million, up 8.2% compared to the same period a year earlier, according to a report by Credit Union Central of Canada.

“Credit unions are expanding their reach across the country,” says Joanne De Laurentiis, president and CEO of Canadian Central, which represents most credit unions and caisses populaires outside Quebec.

“The strong financial results are good news for our 4.8 million members,” De Laurentiis said. “This income allows us to carry out unique programs that benefit people across the country.”

Total assets of affiliated credit unions and caisses populaires outside Quebec were $84 billion, up 10.6% from $75.9 billion in 2004.

Total savings or deposits were $74.7 billion, up 9.9% from $68 billion in 2004 and loans were $69.4 billion, up 11.4% from $62.3 billion.

The total number of credit unions declined by 5.8% to 533 from 566, but the number of locations increased 0.9% to 1,809 from 1,792.

“The number of credit unions continues to drop as mergers occur to allow them to provide access to more products and services,” De Laurentiis said.

Credit Union Central of Canada is the national trade association and finance facility for Canada’s 533 credit unions. Credit unions in Canada serve 4.8 million members, control $84 billion in assets and employ 22,000 people.