2012 Westminster Savings Financial Results

Westminster Savings reports solid financial results in 2012

New Westminster, BC – May 1, 2013 – At its April 30th annual general meeting, Westminster Savings Credit Union reported another strong year of financial performance in 2012. Despite ongoing economic uncertainty, heightened competition and increased regulatory pressures, Westminster Saving’s return on capital and return on assets were amongst the strongest within the credit union sector. Net income after tax was $14.6 million, up 25% from $11.7 million in 2011, while retained earnings topped $140 million, up 6.9% from the previous year. The credit union’s assets grew by 7.4% to $2.29 billion, and member deposits increased 12.4% to $1.91 billion.

“Beyond our strong business performance, a key highlight for Westminster Savings was being identified as one of Canada’s Best 50 Employers by Aon Hewitt through an independent annual survey. “It speaks volumes to the strong engagement of our employees and their commitment to enriching the lives of our customers by advising, empowering and enabling them to achieve their most important goals,” said Bill Brown, chair of the Board of Directors.

2012 was a year of transition and change for the credit union. Westminster Savings launched a new strategic direction, appointed a new board chair and recruited a new president and CEO following the retirement of Barry Forbes after 41 years of service with the credit union.

In response to customer feedback, Westminster Savings introduced a number of new and convenient products and services, including a three-year cashable term deposit with very competitive rates and new online and mobile banking features such as a new iPhone App.

“We experienced another year of strong financial performance thanks to our continued focus on helping our members and customers achieve better balance,” said President and CEO Gavin Toy. “In 2012, we continued to show unwavering support for local communities through our community investment program, Project Better Balance. We extended our free swims program across all leisure centres in our local communities and launched a free skate program in Coquitlam.”

In 2012, Westminster Savings contributed an additional $600,000 to the Westminster Savings Foundation, bringing total contributions to more than $8 million. Westminster Savings also donated more than $400,000 to community activities and oversaw annual donations from the Foundation of more than $227,000.


About Westminster Savings

Headquartered in New Westminster, Westminster Savings Credit Union provides a full range of retail, commercial and wealth management services, plus vehicle and equipment leasing services through its wholly-owned subsidiaries WS Leasing Ltd. and Mercado Capital Corporation. Its 400 employees serve 60,000 members and customers with $2.7 billion in assets under management from a network of 12 retail branches across metro Vancouver and leasing offices in British Columbia, Alberta, Manitoba and Ontario.

For more information:

Judy Hsu
jhsu@national.ca
604-638-7454

 

 

 

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