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Canada’s credit union system ended 2012 financially strong

Strong and growing, was how the year end Systems Results Report from Credit Union Central of Canada (Canadian Central) described the Canadian credit union system in 2012.

Central-affiliated credit unions/caisses populaires across Canada ended 2012 with $152.5 billion in assets, an 8.8 percent increase over the $140.2 billion reported at the end of 2011. “The impressive fourth-quarter results reflect Canadian credit unions’ commitment to growing their business and is further evidence of the strength of the credit union system,” says David Phillips, president and CEO, Canadian Central.

System savings, deposits and loans continued upward growth last year, while Canadians had $134.6 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $11.1 billion over fourth quarter 2011. ◊