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Values-based banking helps Vancity post strong 2014 results

Vancity’s assets reached $18.6 billion and the credit union attracted nearly 27,000 new members

March 5, 2015 - Vancouver, B.C. Vancity welcomed 26,558 new members and added $1.1 billion to its consolidated balance sheet in 2014, providing further evidence that its co-operative, values-based banking model is working. Vancity’s assets reached $18.6 billion in 2014 compared to $17.5 billion in 2013, a 5.8 per cent increase. Assets and assets under administration reached $22.4 billion, a 7.2 per cent increase, or $1.5 billion over the 2013 figure.

Year-over-year, Vancity’s sustainable wealth management division increased net operating earnings by 53 per cent in 2014 to $9.0 million from $5.9 million. The credit union also increased its total 2014 membership to 509,008.

Profit margins at Vancity – the difference between the money earned on loans and mortgages and the money paid on deposits – continued to be affected by historically low interest rates. This contributed to net earnings of $54.6 million in 2014, a 5.7 per cent decrease from 2013’s $57.9 million.

Even in a challenging economic environment, volumes of business at Vancity have been steadily increasing. The credit union’s balance sheet and membership have also continued to grow, putting it in a uniquely strong position to take advantage of more favorable economic conditions in the future.

In keeping with previous years, Vancity has allocated 30 per cent or $16.4 million of its 2014 net earnings to be shared with members and community partners in 2015. The credit union also shares profits with its employees based on meeting organizational targets. This year employee profit share was, on average, about seven per cent of employees’ eligible earnings.

Sharing its success with members, communities and employees reflects Vancity’s vision to redefine wealth and focus on building healthy communities that are financially, socially and environmentally sustainable.

To measure its success in achieving these outcomes, Vancity calculates the percentage of its loans that have a direct positive impact on the community – 44.1 per cent in 2014 – and how much profit it generates with every unit of member equity. The return on member equity (ROME) was 5.53 per cent in 2014. If one were to factor out the 30 per cent Shared Success payout, the return on member equity would be 6.99 per cent.

In 2015 Vancity, the largest private-sector Living Wage employer in Canada, was selected as one of the country’s Top 100 employers. It is also one of Canada’s Top 50 Socially Responsible Companies.


Our values-based business model helped us to grow our balance sheet and attract more members in 2014. By focusing on improving our members’ well-being and building healthy communities, we’re working with more people and have a bigger financial footprint in British Columbia than ever before. Tamara Vrooman, president and CEO of Vancity
We’re unique as a financial institution in that our members’ deposits are directed back into local communities. This means that we can enhance our members’ financial well-being while also making a real difference on issues like affordable housing, sustainability and social inclusion. Jan O’Brien, chair of Vancity’s board of directors

Vancity by the numbers




Total assets

$18.6 billion

$17.5 billion

Total assets plus assets under administration

$22.4 billion

$20.9 billion

Total operating income

$412 million

$403 million

Total operating costs

$333 million

$316 million

Net earnings from operations before distribution and tax

$79 million

$87 million

Net earnings

$54.6 million

$57.9 million

Members’ equity

$1 billion

$954 million

Return on member equity before Shared Success payout



Shared Success payout

$16.4 million

$18.3 million

Return on member equity after Shared Success



About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 509,000 member-owners and their communities through 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada’s largest community credit union, Vancity uses its $18.6 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

Tweet us @vancity and connect with us on

For more information:

Lorraine Wilson | Vancity
T: 778-837-0394


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