Vancity posts record results

VANCOUVER (NEWS1130) – BC’s biggest credit union says 2010 produced the best financial results in its 64-year history.      

Vancity says its net income was $77 million, a 44 per cent rebound from 2009 when the financial crisis and recession hit the global economy.  In total, revenue rose 11 per cent.

The credit union sold more than $1 billion of assets, including its insurance unit in 2009.  Yet it increased its assets to greater than that level in 2010 thanks to $780 million in new loans.

As a cooperative, Vancity gives 30 per cent of its profits to members and the community, a number that will rise by more than $8 million to $23.5 million.

It’s a timely increase, according to CEO Tamara Vrooman who says community groups told Vancity “they wouldn’t feel the impact of the economic downturn until early 2011.”