Coast Capital Savings delivers another year of strong financial results in 2017 through focus on helping members improve financial well-being
Credit union succeeds with continued innovation, growth and community investments
Surrey, B.C.: Coast Capital Savings, Canada’s largest credit union by membership, has finished another strong year as it continues to fulfill its mission of improving the financial well-being of its 555,000 members. In 2017, the credit union attracted a total of over 25,000 new members, invested $5.6 million in community programs supporting youth and achieved outstanding balance sheet growth.
“We believe our performance is a reflection of our commitment to empowering members to achieve what’s important in their lives,” said Bruce Schouten, Coast Capital’s Interim President and CEO. “Despite advances in consumer financial products and digital services in Canada, many Canadians still struggle to feel in control of their finances. Coast Capital is striving to rise to the challenge of improving our members’ financial well-being by developing innovative technology, products and services that help them reach their financial and life goals.”
2017 proved to be a record-breaking year for the credit union, with strong growth supported by an active real estate market and the Bank of Canada’s increases to prime interest rates. Some of the highlights from Coast Capital’s financial results include:
- Total assets increased by 14 per cent, ending the year above $17 billion
- Assets under administration at year end totaled $21.0 billion, up from $18.4 billion in 2016
- Mutual funds under administration exceeded $3.9 billion with an increase of 14.2 per cent
- Net income grew by almost 30 per cent to $75.8 million
- Total loan growth was $1.9 billion, a 15 per cent rate of growth and the highest on record for the credit union
- Deposits increased by $1.4 billion across all channels, up 10.8 per cent
- Retained earnings, the primary source of capital for a credit union, grew by 7.4 per cent
- Regulatory capital remained solid with an increase of $100 million over 2016
Coast Capital’s strong financial performance enabled the credit union to continue making key investments to position itself for expansion opportunities and continue delivering innovative products and services to more Canadians. The credit union launched Digital Membership Opening, enabling potential members to open an account in minutes, from any mobile device. Other investments designed with members’ evolving needs in mind included the launch of Interac Flash and touch ID log in for the Coast Mobile Banking app. Coast Capital also became the first credit union in Canada to offer Apple Pay for debit and credit.
Schouten stated that innovative technology was a key focus for the credit union in 2017 and will continue to play an important role in financially empowering its members going forward. Just weeks ago, Coast Capital launched its Take Charge Money Manager™, an online tool that gives members transparency and visibility into their financial standing and spending, and the credit union has big plans for even more innovation throughout 2018.
These investments in technology position Coast Capital well as it looks to take its brand cross-country. Later this year, the credit union expects to receive regulatory approvals for continuance as a federal credit union, and will become the first in Canada to operate on a national basis.
In addition to maintaining strong financials and a healthy bottom line, Coast Capital also measures success through its impact on people. In 2017, the credit union supported over 200 non-profit organizations through its Youth Get It community investment model and its employees delivered 27,000 unique Where You’re At Money Chats® to assist members’ efforts to save, manage, grow, and protect their finances.
“Now more than ever, Canadians need credit unions,” said Schouten. “As a purpose-driven organization, our commitment to improving our members’ financial well-being while strengthening our communities will continue to set us apart from other financial institutions as we bring our unique value proposition to even more Canadians.”
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 2017, focusing on empowering and engaging youth. Coast Capital is one of Canada's Most Admired Corporate Cultures™, and is a winner of the Canada's Best Managed Companies Platinum Club designation. It has 52 branches serving its 555,000 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.