VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO -- (Marketwire) -- 05/25/11 -- Central 1 Credit Union (Central 1) reported profit of $18.3 million in the first quarter of 2011, compared with $7.5 million in the same period last year.
First-quarter profits reflect $12.1 million in gains on disposal of financial instruments and a $2.3 million net gain on mark-to-market valuation of Central's portfolio.
In other highlights for the first quarter:
-- Central 1's return on equity was 12.6 per cent, compared with 5.3 per
cent a year earlier.
-- Assets grew by 2.9 per cent year-over-year, reaching $14.1 billion as at
March 31, compared with $13.7 billion a year earlier.
Effective January 1, 2011, Central 1 adopted International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Previously, Central 1 had prepared its financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP). Information for 2010 previously reported under GAAP has been restated according to IFRS for comparative purposes.
Central 1's First Quarter 2011 Report, including Management's Discussion and Analysis, has been filed with SEDAR at www.sedar.com.
Central 1
Central 1 provides liquidity management, payments, Internet banking and trade association services to member credit unions in B.C. and Ontario, and banking and transaction services to customers in the corporate and public sectors. For more information, visit www.central1.com.
Contacts:
Central 1 Credit Union- Media
Ian Smith
Manager, External Communications (Vancouver)
604.730.6348 or 1.800.661.6813, ext. 6348
ismith@central1.com
Central 1 Credit Union- Investors
Charles Milne
Senior Vice-President, Treasury and Funding Services
604-730-6307 or 1-800-661-6813, ext. 6307
cmilne@central1.com
Central 1 Credit Union- Investors
Dirk Haack
Associate Vice-President, Funding Services
604.737.5007 or 1.800.661.6813, ext. 5007
dhaack@central1.com
www.central1.com
