Bob (Bohdan) Leshchyshen
BA, MBA, CFA
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The seventh annual Analysis of Canada's Largest Credit Unions based on 2009 Audited Financial Statements provides extensive financial comparisons between credit unions, chartered banks and financial institutions includes asset growth and profitability, deposit and loan portfolio, operating results, capital ratios. The Analysis provides an overview of the Credit Unions' participation in the mutual fund and on-line brokerage industries. The 2009 Analysis included 120 of the largest credit unions in Canada, outside of Quebec. The total assets of these credit unions grew by 6.5% from the previous year to $109.8 billion. In comparison, the chartered banks domestic operations saw their assets grow by only 7.5% to $1.07 trillion. More than 3.7 million Canadians were members of these 120 largest credit unions. The largest Canadian Credit Unions returned about $149 million in dividends and patronage payments to their members or 24% of their net income before taxes. The return on equity (ROE) was 8.6%, a decline from 10.7% in the previous year. The 25 largest U.S. credit unions had an ROE of 10% in 2009 compared to only 3.9% in 2008. The return on assets (ROA) was 0.55% compared to 0.98% for the chartered banks (domestic operations) and 0.85% for the U.S. credit unions. The largest credit unions continue to have a higher operating cost structure the Canadian Chartered Banks.
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The sixth annual Analysis of Canada's Largest Credit Unions based on 2008 Audited Financial Statements provides extensive financial comparisons between credit unions, chartered banks and financial institutions includes asset growth and profitability, deposit and loan portfolio, operating results, capital ratios. The Analysis provides a overview of the Credit Unions' participation in the mutual fund and on-line brokerage industries. The 2008 Analysis included 101 of the largest credit unions in Canada, outside of Quebec. The total assets of these credit unions grew by 9% from the previous year to $98.7 billion. In comparison, the chartered banks saw their assets grow by only 19.7% to $2.7 trillion. More than 3.7 million Canadians were members of these 101 largest credit unions. The largest Canadian Credit Unions returned about $147 million in dividends and patronage payments to their members or 24% of their net income before taxes. The profitability of the largest credit unions in 2008 was stronger than their competitors. The return on equity (ROE) was 10.7%. This was on par with the chartered banks ROE of 10.7% and greater than ROE for the 25 largest U.S. credit unions. The return on assets (ROA) was 0.66% compared to 0.48% for the banks and 0.34% for the U.S. credit unions. The higher profitability was primarily due to the banks reduced other income and higher loan losses. The largest credit unions continue to have a higher operating cost structure.
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The fifth annual Analysis of Canada's Largest Credit Unions - 2007 Audited Financial Statements provides extensive financial comparisons between credit unions, chartered banks and financial institutions includes asset growth and profitability, deposit and loan portfolio, operating results, capital ratios. The Analysis provides a overview of the Credit Unions' participation in the mutual fund and on-line brokerage industries. The Analysis also highlights some of the future challenges and trends facing the credit union system. The 2007 Analysis included 98 of the largest credit unions in Canada, outside of Quebec. The total assets of these credit unions grew by 12.3% from the previous year to $89 billion. In comparison, the chartered banks saw their assets grow by only 10.1% to $2.3 trillion. More than 3.7 million Canadians were members of these 98 largest credit unions. The largest Canadian Credit Unions returned about $148 million in dividends and patronage payments to their members or 27% of their net income before taxes. The profitability of the largest credit unions in 2007 was weaker than their competitors. The return on equity (ROE) was 10.5%. This was lower than the chartered banks ROE of 20.2%. The return on assets (ROA) was 0.64% compared to 0.88% for the banks. The lower profitability was primarily due to the higher cost structure of the credit unions. Productivity ratio, which is a measure of costs to revenues, was 76.1% for the largest credit unions compared to 61.0% for the banks.
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The fourth annual Analyis of Canada's Largest Credit Unions - 2006 Audited Financial Statemets provides extensive financial comparisons between credit unions,chartered banks and financial institution includes asset growth and profitability, deposit and loan portfolio, operating results, capital ratios. The Survey also highlights some of the future challenges and trends facing the credit union system.
Download the 2006 Canadian Credit Unions Analysis
The third annual Survey of the Largest Canadian Credit Unions' 2005 Financial Results provides extensive financial comparisons between credit unions, caisses populaires, chartered banks and financial institution includes asset growth and profitability, deposit and loan portfolio, operating results, capital ratios. The Survey also highlights some of the future challenges and trends facing the credit union system.
Download the 2005 Canadian Credit Unions Survey
The 2004 Canadian Credit Union Survey included 91 of the largest credit unions in Canada, outside of Quebec. The total assets of these credit unions were $63 billion and represented an increase of 11.8% from the previous year. In comparison, the chartered banks saw their assets grow by only 4.5%. More than three million Canadians were members of these 91 largest credit unions. The largest Canadian Credit Unions returned about $115 million in dividends and patronage payments to their members or 30% of their net income before taxes. The profitability of the largest credit unions in 2004 was weaker than their competitors. The return on equity (ROE) was 10.2%. This was lower than the chartered banks ROE of 17%. The return on assets (ROA) was 0.63% compared to 0.84% for the banks. The lower profitability was primarily due to the higher cost structure of the credit unions. Productivity ratio, which is a measure of costs to revenues, was 76.8% for the largest credit unions compared to 68.9% for the banks.
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