LANGLEY, B.C. – First West Credit Union has released its 2019 financial highlights, reporting significant profit results and strong growth in deposits and wealth management assets.
First West Credit Union 2019 financial highlights
- Profit for the year after tax was $88.2 million, marking a 52.2% or $30.2 million year-over-year increase
- Assets grew $751.8 million, a 7.3% increase on 2018’s result
- Deposits increased $633.1 million, a 7.0% increase on 2018’s result
- Loans increased $553.8 million, a 6.5% increase on 2018’s result
- Wealth assets under administration increased $329.3 million, a 12.3% increase on 2018’s result
CEO Launi Skinner attributed the results to First West’s unwavering commitment to putting members first and noted the credit union’s mindset hasn’t changed amid pandemic measures.
“We’re all in this unique and challenging season together,” Skinner said. “The First West leadership team and I realized right from the start of pandemic measures in B.C. that coming through this well was going to depend on the same commitment we have each and every day—helping our members and communities thrive.”
CFO Tom Webster noted the strong results position First West well amid uncertain economic conditions.
“Our deposit growth was solid, noticeably higher compared to last year,” said Webster. “For credit unions, member deposits have a key correlation to our profit margin and strength. Over the past several years, we’ve focused on improving process efficiency, which has improved our cost structure and the member experience. In turn, we’ve been able to invest in technology and product development to better serve our members in the future.”
First West also recognized a one–time gain from the sale of its insurance business to Westland Insurance Group Ltd., Webster added.
The credit union continued its commitment towards building healthier communities in 2019. Through community giving activities, including the organization’s signature causes Feed the Valley and The Full Cupboard, the credit union invested $3.4 million back into the communities it serves. The investment brings First West’s total community investment to $24.7 million since 2010.
First West Credit Union 2019 annual report now online
First West Credit Union’s online annual report is now available, complete with downloadable financial statements, management’s discussion and analysis and more.