2004 Canadian Credit Union Report

The 2004 Canadian Credit Union Survey included 91 of the largest credit unions in Canada, outside of Quebec. The total assets of these credit unions were $63 billion and represented an increase of 11.8% from the previous year. In comparison, the chartered banks saw their assets grow by only 4.5%. More than three million Canadians were members of these 91 largest credit unions. The largest Canadian Credit Unions returned about $115 million in dividends and patronage payments to their members or 30% of their net income before taxes. The profitability of the largest credit unions in 2004 was weaker than their competitors. The return on equity (ROE) was 10.2%. This was lower than the chartered banks ROE of 17%. The return on assets (ROA) was 0.63% compared to 0.84% for the banks. The lower profitability was primarily due to the higher cost structure of the credit unions. Productivity ratio, which is a measure of costs to revenues, was 76.8% for the largest credit unions compared to 68.9% for the banks.

Download the 2004 Canadian Credit Unions Survey

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