Vancouver City Savings Credit Union says 2003 was a record year for growth in membership and profitability.

“It was another remarkable year for VanCity and the momentum generated by this cycle of success will enable us to share the most ever with our members through dividends, and with our communities through grants and sponsorships,” says CEO Dave Mowat.

The country’s largest credit union said dividends to members and contributions to the community reached record $13.5 million. Total assets, meanwhile, hit $9.0 billion, up from $8.2 billion in 2002. Consolidated earnings from operations were $78.0 million, up from $67.7 million in 2002, and net earnings reached $44.5 million.

Membership increased last year by more than 22,000 to 301,000.

“The record earnings are good news for VanCity members and communities as $13.5 million – more than 30% of net profits – will be shared with them,” the company said in a statement. “The highest amount ever – $5.4 million – will go to community organizations, including the winner of the $1-million VanCity Award. VanCity members will receive $8.1 million in patronage rebates and member share dividends as part of the credit union’s Shared Success program.”

VanCity said low interest rates and a continued strong residential housing market helped push results in 2003.

VanCity, which has 41 branches throughout Greater Vancouver, the Fraser Valley and Victoria, also noted that its reputation as a values-based organization remained strong. It was rated by Ipsos Reid as one of the most-respected companies in B.C. and its “social accountability report” was one of the two best in Canada and among the world’s best. The company has also made Maclean’s magazine’s list as one of the top 100 employers in Canada. It has also been recognized for its environmental leadership.