March 30, 2007

At Credit Union Central Alberta's Central's) annual meeting  in Calgary, the Alberta credit union system celebrated another record year of financial and operational results.
Credit unions' total assets reached $12.8 billion at year end (October 31, 2006), which represents a growth rate of 17 per cent from the 2005 year end. The system's capital base also experienced a strong increase of 10 per cent in 2006, demonstrating ongoing strength and viability within the credit union movement in Alberta.
 
Credit unions achieved another record for operating results in 2006, reaching $140 million in earnings before tax and dividends, compared to the previous year's record of $105 million.
A total of $55.5 million in patronage rebates and share dividends were allocated to credit union members this past year.
Alberta Central's earnings went up 50 per cent to $21.7 million in 2006. Alberta Central also paid record share and patronage dividends of $13.9 million.
 
"This past year has been the best year our system and Alberta Central have enjoyed from both growth and profitability standpoints," says Jim Scopick, President & CEO of Credit Union Central Alberta Ltd.

"These outstanding results demonstrate our credit unions' ability to deliver superior financial performance through improved operating efficiencies, while staying true to their community roots and maintaining a high standard of quality service.

 "Through our culture of leadership, innovation, cooperation and relentless focus on people and service, we have built a tremendous foundation for the future and are well positioned to seize any opportunities and deal with any challenges that come our way."

The credit union system in Alberta is comprised of 49 individual credit unions, which provide comprehensive financial services to Albertans through 209 branches and 233 automated banking machines in 127 communities throughout