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Vancity announces strong 2022 financial results

May 8, 2023, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. - Vancity has announced its financial results showing the credit union had a strong year in 2022. Total assets grew $1.7 billion to $28.3 billion, and together with assets under administration, grew to a total of $34.3 billion. With this strong asset growth, Vancity remains the largest credit union in Canada.

In terms of net income from operations, Vancity surpassed the 2022 target by more than $11 million, with operating earnings of $138.4 million. Vancity’s total operating income in 2022 was $561 million, with total operating expenses of $449 million, creating a net income from operations (before distribution and tax) of $112 million.

Vancity Credit Union grew its membership to more than 562,000 in 2022.

“In a year of great economic change, including higher inflation and consecutive interest rate increases, Vancity dedicated itself to stay the course to help our members stay financially resilient,” said Christine Bergeron, Vancity President and CEO. “Our strong earnings enable us to enhance the financial wellbeing of our members and create a positive impact that goes beyond our bottom line.”

Vancity members and communities benefit from the credit union’s good financial performance. Through the Shared Success program, 30 per cent of Vancity’s net profits are given back to members and their communities every year. Based on 2022 financials, the credit union will distribute more than $22 million to its members, to grants and to community partnerships. During the past three decades Vancity has given more than $440 million to address issues around climate change, financial resilience, Reconciliation and racial justice, and to support our co-operative principles.

“By focusing on improving our members’ well-being and building resilient communities, Vancity along with its members, are making a meaningful difference in people’s lives,” said Christine.

For a detailed look at Shared Success funding:

Vancity by the numbers2022

Total Assets$28.3 billion
Total Assets, plus assets under administration$34.3 billion

Total Operating income$561 million
Total Operating expenses$449 million
Total net income from operations$112 million

Member deposits and shares$24.5 billion
Members equity$1.6 billion

Number of Employees2,738

Shared Success payout$22.1 million

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people. With $34 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its 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.

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