Westminster Savings reports solid earnings in 2016

Surrey, B.C. – April 5, 2017 – Westminster Savings Credit Union (Westminster Savings) today reported another year of solid financial performance.

Total assets under management grew by 4.8% to $3.6 billion, while members’ deposits grew by 3.3% to $2.4 billion. Loans and leases receivable grew to $2.3 billion, an increase of 9.6%. Net interest income was up by $3.2 million or 5.4% against 2015. Credit losses and lease loss provisions increased as a result of oil-related challenges and a general softening of the Alberta economy. However despite these challenges, income before income taxes for the year was $9.8 million and members’ equity grew by 4.0% to $181 million.

“We experienced another year of solid financial performance thanks to our ongoing focus on helping our members and customers,” said Bill Brown, chair of the Board of Directors. “These results ensure the credit union remains financially strong and has the resources necessary to continue to invest in new products and services and to fund important investments in our communities.”

In 2016, Westminster Savings embarked on a significant journey to expand its distribution network with planning and preparation to open three new service locations in 2017 - Central City and Grandview Central in Surrey, and River District in South Vancouver. In addition, the credit union continued to focus efforts on enhancing its mobile and online banking services to provide members with maximum choice, convenience and flexibility when it comes to how they bank.

In July, the credit union consolidated various administrative offices and moved nearly 140 of its employees to a new Corporate Centre at Central City Office Tower in Surrey. Bringing together these employees has already led to increased integration and collaboration, which will ultimately benefit our members and customers through enhanced service and support.

“2016 was a transformational year where we made significant and very important investments for the future of the credit union while continuing to navigate a challenging operating environment,” said Gavin Toy, president and CEO. “We focused the year on developing products and services, enhancing customer experience levels, investing in our people, systems and infrastructure, and further aligning our business operations to meet members’ evolving needs and enhance the value we deliver to them.”

In 2016, we invested $560,000 in our local communities, including a disbursement of more than $319,000 by the Westminster Savings Foundation to local charities. The foundation has a community endowment fund of $9.0 million ensuring a reliable source of financial support for community investment activities. In addition, we announced an exciting three-year commitment totalling $675,000 to KidSport BC, Arts Umbrella and Special Olympics BC ($75,000 to each organization per year from 2017 – 2019). The arts and active living are pivotal to healthy, inclusive communities across Metro Vancouver and the Fraser Valley, and we’re honoured to be lending our support to such impactful causes.

2016 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.

2017 Annual General Meeting (AGM)

The 2017 Westminster Savings AGM will be held on Tuesday, April 18 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 $3.6 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, visit www.wscu.com

For more information, please contact:

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

 

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