TORONTO, March 20, 2015 (GLOBE NEWSWIRE) -- Credit Union Central of Canada (CUCC) today released the fourth quarter 2014 results for the Canadian credit union system. The results show that credit unions ended 2014 financially strong and Canadian credit unions are continuing to grow.
Reported assets are $170.96 billion, a 6.3 per cent increase from the same period last year. Deposits have increased by 5.7 per cent to $150.3 billion, and loans have increased to $145.7 billion, from 6.6 per cent reported a year ago.
"Credit unions have had a solid year," said Martha Durdin, president and CEO, Credit Union Central of Canada. "Despite challenging market conditions, credit unions remain focused on providing excellent member service, investing in technology, and on community support, which have always set us apart from our competitors."
Consolidation continues in the credit union system as the numbers of credit unions reduced to 313 from 326 a year earlier. However, the total number of branch locations has increased in 2014. Currently, there are 1,747 locations reported by the Canadian credit union system, and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2014.
About Credit Union Central of Canada (CUCC)
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. CUCC represents five provincial/regional Centrals and one Federation representing 313 credit unions with more than $170.96 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada's credit union system visit www.cucentral.ca.
For the 10th consecutive year, Canadians ranked credit unions first overall in Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2014 Best Banking Awards. Credit Unions also took sole honours in: Customer Service Excellence; Values my Business; and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; Automated Telephone Banking Excellence; and Live Agent Telephone Banking Excellence.
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Director, Member Services and Communications
Source: Credit Union Central ofCanada