2015 Ukrainian Canadian Credit Union Report

Download 2015 Ukrainian Canadian Credit Union Report

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.

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