LONDON, Ontario–Libro Credit Union announced a record-setting surplus at its 2019 annual general meeting, as well as record payouts to its members.
In 2018 Libro said it distributed profit shares and dividends that totaled $11.6 million – an increase of $1.2 million, or roughly 10% over 2017.
“This is the best year we have ever had as Libro Credit Union,” said CFO Rick Hoevenaars,
Libro reported that during 2018 its total assets grew to $4.6 billion, an increase of 5.3% year-on-year. In addition, more than 7,000 new members joined Libro, taking the total number to a highest-ever figure of more than 105,000.
Libro said it also celebrated the first anniversary of gaining status as a registered B Corp, part of a global movement that pledges to use business only as “a force for good.” The credit union said it supports projects that align with its pillars of “money smarts, youth leadership and economic development.”