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Feb 12: Vancity Reports Record Year

30 per cent of net profits - $13.5 Million - to be shared with communities and members

Vancouver - Record member satisfaction and employee morale at Vancouver City Savings Credit Union (Vancity) fueled record growth in membership and profitability in 2003. Dividends to members and contributions to the community reached an all-time high of $13.5 million.

“It was another remarkable year for Vancity and the momentum generated by this cycle of success will enable us to share the most ever with our members through dividends, and with our communities through grants and sponsorships,” says CEO Dave Mowat.

Total assets hit $9.0 billion, up from $8.2 billion in 2002. Consolidated earnings from operations were $78.0 million, up from $67.7 million in 2002, and net earnings reached $44.5 million. Membership growth was up 23 per cent over 2002 with more than 22,000 joining Vancity, pushing membership over the 300,000 milestone.

The record year was driven by low interest rates and a continued strong residential housing market, with other factors contributing to Vancity’s success. Vancity’s reputation as a values-based organization remained strong with a rating by Ipsos Reid as one of the most respected companies in BC. Its Social Accountability report was selected as one of the two best in Canada and among the world’s best, and Vancity made Maclean’s Magazine’s list as one of the top 100 employers in Canada.

In addition, Vancity continued to be recognized for its environmental leadership. It launched Canada’s first low-interest loan for hybrid vehicles and was one of five organizations chosen by BC Hydro’s Power Smart certification program for its achievements in energy efficiency. The year was topped off by an Innovation Award from Credit Union Central of BC for its lesbian and gay marketing campaign.

“Our Board of Directors is proud of all that Vancity has accomplished. We couldn’t have done it without the dedication and ingenuity of our employees and members in 2003. Being first, taking risks and working with our communities to help them thrive and prosper continues to pay off for all of us,” says Bruce Ralston, Chair of Vancity’s Board of Directors.

The record earnings are good news for Vancity members and communities as $13.5 million – more than 30 per cent of net profits – will be shared with them. The highest amount ever - $5.4 million – will go to community organizations, including the winner of the $1-million Vancity Award. Vancity members will receive $8.1 million in patronage rebates and member share dividends as part of the credit union’s Shared Success program.

Vancity is Canada’s largest credit union, with $9.3 billion in assets, 305,000 members, and 41 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity was chosen as the best place to work in Canada for 2005 by Maclean’s Magazine as part of its annual Canada’s Top 100 Employers issue. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.