Westminster Savings reports solid earnings in 2015

New Westminster, B.C. – April 14, 2016 – Westminster Savings Credit Union (Westminster Savings) today reported another year of solid financial performance.

Total assets under management continued to grow reaching $3.4 billion in 2015, up 7.3% from 2014. Members' deposits were $2.3 billion, an increase of 8.2% from last year. Retained earnings grew to $171.1 million, an increase of 5.6%. Net interest income was $59.5 million, down 0.9% from last year. Net income for the year of $9.3 million increased 14.6% from $8.1 million in 2014.

"Although 2015 was marked by continued low interest rates and heightened regulatory and competitive pressures, Westminster Savings was successful in achieving positive results," said Bill Brown, chair of the Board of Directors. "Beyond our solid business performance and balance sheet growth, we continued our focus on using members' feedback to enhance and expand our suite of products and services to better meet their needs."

The credit union continued to make enhancements to its mobile banking app and grew its team of investment specialists to provide members with better access to experts in money management. It also hosted a number of special events and seminars to help members with a variety of topics such as wills and estate planning, buying homes and investment properties, and how to successfully start a new business.

"We experienced another year of solid financial performance thanks to our ongoing focus on helping our members and customers Achieve better balance™ while working diligently to control costs in line with a declining margin," said President and CEO Gavin Toy. "These results ensure our credit union is financially secure and has the resources necessary to invest in new products, technology and infrastructure for the benefit of our members moving forward, and to fund important investments that will increase access to arts and active living programs and help to create healthier communities as a result."

In 2015, we invested more than $629,000 in our local communities, including a disbursement of $313,000 by the Westminster Savings Foundation to local charities. The foundation has a community endowment fund of $9.1 million ensuring a reliable source of financial support for community investment activities going forward.

2015 Annual Report now online

Westminster Savings' interactive Annual Report and downloadable Management Discussion and Analysis, Governance Report and Westminster Savings Foundation Annual Report are now available.

2016 Annual General Meeting (AGM)

The 2016 Westminster Savings AGM will be held on Tuesday, April 19 at Surrey City Hall Council Chambers, 13450 104 Avenue, Surrey.

Registration for the AGM opens at 6:15 p.m. and the meeting starts at 7 p.m.

About Westminster Savings Credit Union

At $3.4 billion in assets under management, more than 55,000 members and 400 employees, Westminster Savings is among the largest credit unions in Canada. Known for its customer and community focus, people oriented culture, and sound financial and operating practices, Westminster Savings provides a full range of retail, commercial, leasing and wealth management solutions to meet its customers' evolving needs.

For more information, please contact

Cathryn Tucker
604-519-4210
ctucker@wscu.com

 

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