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Feb 5: Vancity Assets Grow 7.5% to $6.9 Billion

Vancity Assets Grow 7.5 Percent

Vancouver, February 5, 2001 - Vancouver City Savings Credit Union released its consolidated financial statement today for the year ending December 31, 2000. Earnings from operations were $34.5 million, compared with $39.2 million the previous year. Net earnings after dividends and taxes were $21 million, compared with $23.7 million in 1999.

Consolidated assets, meanwhile, grew to $6.9 billion, up 7.5 per cent, from $6.4 billion a year ago.

"We had one of our best years in terms of generating revenue, as we look back over our 55-year history," said Vancity CEO Dave Mowat. "Our earnings felt the bite of some significant loan losses, including personal bankruptcies, but the strength of the balance sheet and overall portfolio position us for solid future growth.

"Our earnings are strong and cover us during this low point in the business cycle, and we have ensured we are adequately provisioned to deal with any future loan losses as we work through what is a tough economic climate in British Columbia," Mowat added.

Unconsolidated earnings from operations were $30.7 million, down from the $34.9 million posted in 1999. Unconsolidated net earnings were $19 million, also down from $21.4 million in 1999. Vancity's wholly-owned subsidiary, Citizens Bank, contributed to the overall 2000 performance with operating earnings of $3.9 million.

"Vancity's focus in 2001 is to provide legendary service and a motivated and proud workforce," said Mowat. "While we will improve our efficiency and innovate with technology, we know that satisfied members will always be the source of our success."

Total payments to Vancity members in relationship dividends were $3.9 million over the year. A further $2.1 million was shared with community organizations.

"At Vancity, we balance our commitments of delivering service to our members and our support of the community as importantly as our financial results," said Greg McDade, chair of Vancity's Board of Directors. "The credit union's ongoing leadership and contribution to the well-being of our communities through our social and environmental commitments is what the Vancity difference is all about."

Vancity is Canada's largest credit union with 39 branches in Greater Vancouver, Fraser Valley and Victoria, $6.9 billion in assets and 266,000 members. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM and on the Internet. Both Vancity and Citizens Bank of Canada have a commitment to corporate social responsibility.