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ECONOMY: Credit unions continue to experience exceptional growth and profitability
        (AlbertaIndex, April 2) --- At last week’s annual meeting of the Credit Union Central Alberta in Calgary, the Alberta credit union system celebrated another record year of financial and operational results.
        Credit unions' total assets reached $12.8 billion at year end (October 31, 2006), which represents an astounding growth rate of 17% from 2005. The system’s capital base also experienced a strong increase of 10% last year, demonstrating ongoing strength and viability within the credit union movement in Alberta.
       
Credit unions achieved another record for operating results in 2006, reaching $140 million in earnings before tax and dividends, compared to the previous year's record of $105 million.
        What sets credit unions apart from other financial institutions is the fact that profits are shared by the members of each credit union. A total of $55.5 million in patronage rebates and share dividends were allocated to credit union members this past year.
        Alberta Central marked its 40th anniversary and celebrated this landmark with a record year in growth and profitability. Alberta Central’s earnings went up 50% to $21.7 million in 2006. It also paid record share and patronage dividends of $13.9 million.
        “This past year has been the best year our system and Alberta Central have enjoyed from both growth and profitability standpoints," says Jim Scopick, President and CEO of Credit Union Central Alberta Ltd. “These outstanding results demonstrate our credit unions' ability to deliver superior financial performance through improved operating efficiencies, while staying true to their community roots and maintaining a high standard of quality service. Through our culture of leadership, innovation, cooperation and relentless focus on people and service, we have built a tremendous foundation for the future and are well positioned to seize any opportunities and deal with any challenges that come our way.”
        The credit union system in Alberta comprises 49 individual credit unions, which provide comprehensive financial services to Albertans through 209 branches and 233 automated banking machines in 127 communities throughout the province. Services are also provided through Internet and telephone banking channels across Alberta.
        Owned by Alberta credit unions, Credit Union Central Alberta, with an asset base of $1.7 billion, is the financial services and support services provider to Alberta's 49 credit unions. Through its 230 staff and its strategic joint ventures, Central delivers its support to credit unions in the areas of liquidity management, strategic planning, government relations, payment processing, cheque clearing, and information technology solutions.

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