2006 Ukrainian Canadian Credit Unions

Download the 2006 Ukrainian Credit Unions Report

There are now 10 Ukrainian Credit Unions in Canada located in four provinces, including Quebec, Ontario, Manitoba and Saskatchewan. This number was reduced by two from 2005 due to Ukrainian (Calgary) Savings and Credit Union Ltd. merging with Community Savings Credit Union and St. Josaphat’s Parish (Toronto) Credit Union with the assistance of the Deposit Insurance Corporation of Ontario being dissolved. The total assets of the 10 credit unions were $1.2 billion and represent an increase of 6.5% from the previous year. Total membership declined by 1.5% to 70,452. The average assets per member were $17,699 assets per member. This has been the first time that the membership has decreased. Combined, Ukrainian Credit Unions returned just over $2.7 million in dividends and patronage payments to its members or 24% of their net income before taxes. Since, Ukrainian Credit unions began making tax efficient patronage payments, they have returned over $22 million to their members, an average of over $2 million a year. In 2006, Ukrainian Credit Unions were very well capitalized with a capital to assets ratio of 7.38%

Leave a Reply

Your email address will not be published. Required fields are marked *