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MEDIA CENTRE

DBRS confirms R-1 (low) Short-term Rating to First West Credit Union

LANGLEY, B.C. – DBRS Limited (DBRS) has assigned a Short-Term Instruments Rating of R-1 (low) to First West Credit Union, noting the trend is stable.

The ratings reflect First West’s position as the third-largest credit union in B.C. and the fifth-largest in Canada, with assets of $10.1 billion as at June 30, 2018. First West has a well-established market position through its community-based divisions, which contribute to its successful product diversification. The ratings are also supported by First West’s strong earnings power, which is underpinned by an above-average revenue per member as well as a higher contribution from non-interest income compared with its peers.

“First West continues to secure strong ratings that reflect our financial performance and our capacity to create stability during times of rapid change,” says Tom Webster, First West’s Chief Financial Officer. “The value of First West’s multi-brand model combined with its financial strength is clearly resonating with our members and communities.”

Other report highlights

  • First West has a diversified revenue base, largely reflecting a higher contribution from fee-based products such as wealth management and insurance, resulting in the Credit Union having one of the best revenue per member ratios among the large credit unions in B.C.
  • In 2017, First West generated strong net income of $42.2 million, which was up 45% compared with the prior year. This increase was largely driven by overall loan growth of $733 million, or 9.8%, higher interest rates and increased fee-based revenue particularly in investment revenue, wealth management commissions and lending fee revenue.
  • With a sizable capital buffer relative to regulatory minimums and high-quality capital, First West’s capitalization levels are viewed by DBRS as strong

First West provides services to nearly 250,000 British Columbians through its divisions: Envision Financial, Valley First, Enderby & District Financial and Island Savings. DBRS is an independent, privately held, globally recognized credit ratings agency. To learn more about DRBS, visit dbrs.com.

Company Information

About First West Credit Union

First West Credit Union brings together the best of both worlds, combining the scale, stability and solutions of a leading Canadian financial institution with the care and community leadership of a local cooperative. Powered by the leadership of Launi Skinner, First West is Canada’s premier multi-brand credit union, serving 283,000 members through four admired community brands: Envision Financial, Valley First, Island Savings, and Enderby & District Financial. With approximately $20 billion in total assets and assets under administration, First West makes it easy for its members to get impactful, practical advice and personalized service that’s truly in their best interests, through 45 branches across B.C., a Member Advice Centre and leading digital tools.

Since 2010, First West has given back more than $41 million to its communities, while cultivating a culture with its 1,250 team members that is recognized nationally with Canada’s Most Admired Cultures Award, BC’s Top Employers Award, 5-Star Psychological Safety Award, and the Canadian Workplace Wellbeing Award. Learn more at firstwestcu.ca and see how we’re redefining banking to create a future where everyone can flourish.