B.C.’s credit unions earned $272 million before taxes and dividends in 2005, topping the previous record for the fifth year in a row, Credit Union Central of British Columbia announced today.

That represents an increase of $17 million, or 6.8%, from 2004.

“The system’s earnings growth reflects strong gains in assets and deposits,” said Wayne Nygren, Central’s president and CEO. “With locations throughout the province, credit unions continued to benefit from B.C.’s strong economy and housing markets.”

The credit union system’s total assets rose 11.5% to $36 billion at yearend. British Columbians had $32.4 billion on deposit with credit unions at yearend — an increase of 12.1%.

The residential mortgage portfolio reached $20.6 billion at yearend, a gain of 15.7% over 2004.

Nygren noted that the small business sector represents a growing market for credit unions. Loans to this sector grew in 2005, with commercial mortgages and loans climbing to $6.7 billion, up 17.3%.

The rate of loan delinquency dropped to an all-time low of 0.25% of the outstanding loan portfolio’s total value.

The system’s membership topped the 1.5 million mark for the first time, reaching 1.54 million at year-end, a gain of 48,600 from 2004.

Credit unions paid $35 million to their members in dividends and patronage rebates last year.

Credit Union Central, the system’s central financial facility and trade association, recorded net income before taxes and dividends of $16.4 million. Central’s assets increased to $4.7 billion at year-end, a gain of 5.6%.

B.C.’s 52 credit unions operate from 352 locations in 139 communities, including 40 that have no other financial institution. They are governed on a one-member, one-vote basis, under the direction of locally elected boards of directors. Credit unions and their subsidiaries employ about 8,000 British Columbians.