Coast Capital Savings’ net income rises to all-time high
Coast Capital Savings’ net income increased by 20.4 per cent from $54.3 million at the end of 2009 to $65.4 million at the close of last year, an all-time high for the B.C.-based financial institution.
Pre-tax profit also rose a record 42.9 per cent, from $60.8 million in 2009 to $86.9 million in 2010. Net interest income went up by 7.6 per cent from $230.3 million to $247.8 million while the credit union’s member base rose to 454,000 as of December 31st, 2010.
“Our strong results for 2010 come at the end of an extraordinary year in which we launched key initiatives such as smart phone banking and the award winning You’re the Boss Mortgage, arguably the most flexible mortgage product in Canada today,” said Coast Capital Savings president and CEO Tracy Redies. “In addition to record net income, we took our community giving to new heights in 2010 with a significant contribution of $1 million to the YMCA, one of the largest donations we’ve ever made.”
Redies said Coast Capital’s pledge to invest seven per cent of budgeted pre-tax income in the community resulted in more than $4.6 million provided to various causes and organizations across its market area in 2010, an increase of 19.1 per cent over the previous year.
Below are highlights from Coast Capital’s 2010 financial results:
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Item 2010 2009 % change
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Revenue $318.5 million $295.3 million + 7.9%
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Retained earnings $551.5 million $487.0 million + 13.2%
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Net income as a percentage
of average assets 0.63% 0.53% + 18.9%
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Net income as a percentage
of average equity 11.61% 10.38% + 11.8%
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Total loans $8.4 billion $8.2 billion + 2.4%
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Residential mortgages $6.2 billion $5.6 billion + 10.7%
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Total deposits $9.7 billion $9.9 billion - 2.0%
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Total assets $10.4 billion $11.1 billion - 6.3%
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Total assets under
administration $12.3 billion $12.9 billion - 4.7%
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Operating efficiency 69.5% 72.4% + 4.0%
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Redies noted that Coast Capital Savings took the step of reducing its institutional deposits in 2010 to align with changing market and organizational needs.
“Given the strength in our balance sheet in 2009, including very high levels of liquidity driven by continuing growth in customer deposits, we repaid some of our institutional deposits as they were not required in the more stable market environment of the past year,” she said.
Coast Capital Savings Credit Union is one of Canada’s largest credit unions with total assets under administration of $12.3 billion, more than 454,000 members and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia.
