WINNIPEG, Canada–Access Credit Union here has announced it will be returning $13.5 million to its more than 200,000 members. The announcement was made during the $12.38(C) CU’s annual meeting.
“The patronage allocation of approximately 1.12% was paid to members on non-registered accounts during 2023. Members who held surplus shares and common or preferred shares excluding member shares earned a dividend paid out in the form of surplus shares,” board chair Curt Letkeman, said, according to the Winnipeg Free Press.
During the meeting the credit unions announced it had $10.7 billion in deposits, $10.9 billion in loans, and $74.4 million in gross income during 2023.
‘Substantial Growth’
“Both deposit and loan portfolios enjoyed substantial growth this year, in addition to growth as a result of our mergers with Casera and Carpathia Credit Unions. Our loan portfolio had a strong year, despite a rapidly increasing rate environment, and grew 15.89% in 2023, 9.57% as a result of mergers, and 6.32% as a result of organic growth,” the Winnipeg Free Press quoted President and CEO Larry Davey as saying. “Our deposits, buoyed by the same rate increases we saw on the lending side, grew by 13.7%, 10.86% as a result of mergers, and 2.84% as a result of organic growth. With the changes to the rate environment, gross operating margin fell to 14.51% from 17.95% last year. And gross operating expenses as a percentage of assets grew from 0.95% last year, to 1.23% this year.”
The credit union has merged in other credit unions in Manitoba, including Carpathia, Amaranth, Noventis, Sunova, and Casera, the report stated.
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