Credit union succeeds with continued community investments, innovation and growth
Surrey, B.C.: Coast Capital Savings, Canada’s largest credit union by membership, has finished another strong year as it continues to move the needle on improving the financial well-being of its 543,000 members. In 2016, the credit union attracted 20,000 new members, invested $5.6 million in community programs supporting youth and achieved outstanding balance sheet growth.
“Our performance is a direct result of our steadfast commitment to helping members live a better life through financial empowerment,” said Don Coulter, Coast Capital’s President and CEO. “With Canadian consumer debt reaching a record high, we offer the products and advice our members need to achieve their goals and improve their financial well-being, whether it’s through savings, personal or business loans and mortgages, or investments in their future. As a credit union, we are driven to help our members succeed, which in turn fuels Coast Capital’s success.”
Some of the highlights from Coast Capital’s financial results include:
- Total assets increased by 9 per cent, ending the year just below $15 billion
- Assets under administration surpassed $18.4 billion up from $16.8 billion in 2015, an increase of 9.6 per cent
- Mutual funds under administration exceeded $3.4 billion with an increase of 12.1 per cent
- Net income grew by 0.2 per cent to $58.5 million
- Total loan growth was $1.2 billion, almost double the rate of growth last year
- Deposits increased by $1.3 billion across all channels, particularly from core personal and commercial members
- Retained earnings, the primary source of capital for a credit union, surpassed $1 billion
- Regulatory capital remained solid with an increase of $66 million over last year
Coast Capital’s solid financial performance enabled the credit union to make key investments to position itself for expansion opportunities and to deliver innovative products and services to more Canadians.
“We are growing and helping more people than ever before,” said Coulter. “For the first time in our history, we expanded beyond our traditional footprint, bringing Coast Capital to the Okanagan with a new branch in Kelowna. We also deepened our roots on Vancouver Island, moving further north with the addition of a branch in Courtenay.”
With demonstrated success in British Columbia, the credit union is getting ready to take its helpful brand cross-country. In an historic vote last fall with record voter turnout, members voted 79.2 per cent in favour of Coast Capital becoming a federal credit union.
In preparation for expansion both within and beyond British Columbia, Coast Capital invested in strategic initiatives supporting innovation, growth and operational excellence in 2016. The credit union evolved to meet members’ changing needs, offering convenience and mobility with the launch of digital channels such as Deposit On-the-go and Coast Online Banking for Small Business. Other investments designed with members’ needs in mind included the launch of new Contact Centre technology and a new website. These investments in technology, combined with learnings from the credit union’s new branches, position Coast Capital well as it looks to grow its business and help even more Canadians.
According to Coulter, the financial industry faced several challenges in 2016, as it has since the 2008 global financial crisis, including intense competition that continues to erode margins. He said Coast Capital was able to respond to these challenges through the credit union’s healthy balance sheet and innovative offerings, including the Free Chequing, Free Debit and More Account®, Members Get It™ Mortgages and Low-fee, More-for-me Mutual Funds™. In addition to maintaining strong financials and a healthy bottom line, Coast Capital also measures success through its impact on people. In 2016, the credit union supported nearly 200 non-profit organizations through its Youth Get It community investment model and its employees delivered 31,000 unique Where You’re At Money Chats® to assist members’ efforts to save, manage, grow, and protect their finances.
“Our commitment to improving our members’ financial well-being sets us apart from other financial institutions; we are member-centric and focused on genuinely helping the people we serve. After a successful 2016, we’re looking to the future, and we believe our value proposition will be attractive across Canada,” said Coulter. “As a purpose-driven organization dedicated to strengthening communities and the credit union system, we are excited about the possibility of making a meaningful difference for people living in other parts of the country.”
Coast Capital Savings is Canada’s largest credit union by membership. An Imagine Canada Caring Company, the credit union invested $5.6 million into local communities in 2016, focusing on empowering and engaging youth. Coast Capital is one of Canada's 10 Most Admired Corporate Cultures™, and a member of Canada's Best Managed Companies Platinum Club. It has 52 branches serving its 543,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com.
For more information, contact:
Amanda Thomas, Public Affairs, Coast Capital Savings