Affinity Credit Union’s 2015 results reflected an overall increase of 11 per cent in managed assets, which grew to exceed $5.9 billion, alongside a net operating income of $32.8 million, members were told at the credit Union’s annual general meeting in Saskatoon on April 20.
Deposit growth increased by 8.33 per cent and loan growth by 7.44 per cent, they were told. Income before taxes rose by $2.2 million over the previous year.
During the meeting Mark Lane, CEO, highlighted several new online, branch and mobile advances that were introduced in 2015 in response to the changing needs of members, who are increasingly using these convenient channels to access services, said a release from the credit union. Lane reflected that members now have easier access to wealth management, mortgage and business services using video links that enable them to meet face-to-face with specialists across the province - regardless of their own location.
Similarly, video-enabled ATMs that allow members to see and speak to Affinity representatives who can then guide them through transactions were rolled out in two Saskatoon locations, the release said. “And all members now enjoy expanded mobile banking applications including INTERAC e-Tranfers which enable them to send money using their mobile phone.
“These are examples of important investments in our future – we are responding to a rapidly changing financial services environment and to the expectations of our members,” Lane said. “Affinity will continue to invest in ways that deliver excellence in terms of our members’ experience.”
Financial success in 2015 enabled the credit union to continue fueling local economies across the province – building a better world here in Saskatchewan, it said. One hundred per cent of member loans were financed by member deposits: $3.95 billion representing over 70,000 member loans for home mortgages, businesses, farmers and start-ups.
A total of $2.5 million, or six per cent of pre-tax profits, was provided in community grants and donations to 1,626 community initiatives including recreation centres, sport complexes, playgrounds, parks, child care centres, community halls, libraries, museums and housing facilities.
Over 1,100 individuals in 14 communities across the province benefitted from financial literacy presentations and workshops, the release said. A total of $109,000 was provided to young people by way of scholarships and leadership awards.
A total of $100,000 was donated to Wanuskewin Heritage Park to help transform the park into a world-class cultural and historical site, it said. One hundred per cent of Affinity profits continue to be re-invested in Saskatchewan.
Affinity was recognized both locally and nationally in 2015 for its work in strengthening communities, it said. Affinity was the recipient of a Canadian Credit Union Association national award for community economic development and, more locally, received the Strategic Alliance PartnershipAward from the Saskatoon Community Foundation for its partnership with READ Saskatoon.
“Building on our co-operative roots, we continue to deepen our commitment to values-based banking – in how we operate, how we support and engage with members and how we reinvest member deposits and profits in our communities,” Lane said. “By choosing this path, we reflect an alignment of our organization’s values with those of people in Saskatchewan.”
To read Affinity’s annual report and complete financial results, one may go to: https://www.affinitycu.ca/YourCreditUnion/About/Pages/AnnualReportsandStatements.aspx.
Affinity Credit Union is the eighth largest credit union in Canada with $5.9 billion in managed assets and with the largest credit union branch network in Saskatchewan. It offers access to a complete range of accounts and services and is a leader in delivering quality investment and lending services to Saskatchewan.
Affinity Credit Union has a workforce of over 900 people and is 100 per cent owned by more than 135,000 members, all of whom have a voice in the way the credit union does business.
Persons wishing additional information may go to: www.affinitycu.ca.
