November 19, 2007

Strong growth in the Canadian credit union system has pushed it to two new records -- more than $100 billion in assets and more than five million members -- as of the end of the third quarter of 2007.

Consolidation continues in the system and the number of credit unions declined to 472 from 501 a year earlier.

Combined assets for the system rose 10.8 per cent, year-over-year, to reach $102.4 billion at third quarter 2007. This is a 45 per cent increase or $32 billion gain over the last five years.
Deposits/savings growth was consistent with recent past. An annualized growth rate of 9.5 per cent was reported by the system. Deposits/savings increased by almost $7.8 billion to reach $89.2 billion at quarter-end.

Demand for loans remained high as total system loans increased by an annualized 11 per cent or $8.5 billion to reach $86.1 billion at third quarter. Loans as a percentage of total deposits are currently at 96.5 per cent, compared to 95 per cent twelve months ago and 89 per cent 10 years ago. 

More details are available here.