Central 1 Credit Union is in the black for 2014’s second quarter but profit at the Vancouver-based financial institution has dropped 26% compared with a year ago.
The credit union posted $14.7 million in quarterly profit, according to financial statements released August 25.
That’s a $4.4 million dip compared with the same period last year when the credit union reported $19.1 million.
Earnings per share dropped 1.8 cents to 4.7 cents, down from 6.5 cents in the second quarter of 2013.
But Central 1, which formed as a merger between Credit Union Central of British Columbia and Credit Union Central of Ontario in 2008, reported system assets were up in both of those respective provinces.
Assets of the B.C. system were worth $60.5 billion in the second quarter, rising 4% from a year ago when they were at $58.2 billion.
Meanwhile, the assets of Ontario’s member credit unions rose 8% to $34.5 billion, up from $31.3 billion in the second quarter of 2013.
In all, Central 1 represents a retail financial network of 131 credit unions across nearly 900 branches throughout B.C. and Ontario.
Central 1's former CFO, Helen Blackburn, left the financial institution to take a job at Pacific Blue Cross about a week before the second quarter ended, although she had announced her departure about a month prior.
Dan Blue, Central 1's vice-president of finance, has been serving as interim CFO since late June.
