The highlights of financial results of Ukrainian-Canadian Credit Unions for 2015 are as follows:
- 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.
- Comprehensive net income increased by 24.4% in 2015 to $11 million.
- Return on assets and return on equity improved in 2015.
- Membership declined slightly in 2015 by 356 members.
The members of the Ukrainian-Canadian credit unions have continued to financially benefit by receiving significant dividends and patronage payments, which totalled $1.326 million in 2015 compared to $1.825 million in 2014. Over the last five years a total of $8.7 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 2015, the five largest credit unions have provided $3.660 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 23.4% from the previous year. Over the last five years a total of $13.8 million has been provided by way of donations, sponsorship and promotion funds to the Ukrainian community in Canada.