2004 Ukrainian Canadian Credit Unions

Download the 2004 Ukrainian Credit Unions Report

There were 13 Ukrainian Credit Unions in Canada located in five provinces, including Quebec, Ontario, Manitoba, Saskatchewan, and Alberta. This number remained unchanged from 2003. Their total assets were $1.1 billion and represent an increase of 7.5% from the previous year. Total membership increased by 3.1% to 71,392 averaging $15,461 assets per member. This has been the largest memberships increase since 1999, when membership increased by 4.5%. Combined, Ukrainian Credit Unions returned just under $2 million in dividends and patronage payments to its members or 34% of their net income before taxes. Since, Ukrainian Credit unions began making tax efficient patronage payments, they have returned over $16.4 million to their members, an average of over $2 million a year. In 2004, Ukrainian Credit Unions were very well capitalized with a capital to assets ratio of 7.27%.

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