Five Year Results of Ukrainian-Canadian
Credit Unions in Canada – 2009-2014
The financial results of Ukrainian-Canadian Credit Unions over the last five years have been mixed: asset quality as measured by allowance as a % of loans and loan loss provision has remained stable at 0.12% of total loans primarily due to a continued lower interest rate environment. Ukrainian-Canadian credit unions have endeavoured to provide loans using a lower loan to value ratio than the maximum of 80% which has helped reduce the loan loss ratio. Capital to assets ratio in 2014 has declined to 7.20% compared to the record level of 7.48% in the previous year. The return on assets and the return of equity declined in 2014 compared to 2013. The membership has increased in 2014 after a declining for few years. The membership totalled 64,899 and is far from the record level of 72,280, which was achieved in 2007.
The members of the Ukrainian-Canadian credit unions have continued to financially benefit by receiving significant dividends and patronage payments, which totalled $1.825 million in 2014 compared to $1.959 million in 2013. Over the last five years a total of $8.8 million has been provided by way of dividends and patronage dividends to the members of the Ukrainian-Canadian credit unions in Canada.
The Ukrainian-Canadian credit unions have continued to support the Ukrainian community in Canada by providing donations, sponsorship and promotions funds to non-profit and charitable organizations for their deserving projects. In 2014, the five largest credit unions have provided $2.965 million in donations, sponsorship and promotion funds to many charitable and non-profit organizations in the Ukrainian community in Canada. This represents an increase of 17.3% from the previous year. Over the last five years a total of $12.8 million has been provided by way of donations, sponsorship and promotion funds to the Ukrainian community in Canada.