KELOWNA – Despite an uncertain global economic environment, the Interior’s largest credit union enjoyed another successful year in 2012. Total assets of Interior Savings reached $2.08 billion, with an asset growth of $23.9 million during the year.
“2012 was a challenging year for the banking industry,” said Interior Savings president and CEO Kathy Conway. “We faced persistent pressure on the financial margin resulting from the very low interest rate environment, coupled with ongoing economic uncertainty locally and nationally. At Interior Savings, we continued to focus our efforts on improving the member experience; combining more choice and greater convenience with competitive rates and expert advice.
“This approach enabled us achieve a solid financial performance in 2012. We saw modest growth across most lines of business and increased our capital position – $3.3 million was paid out to our members through our Member Rewards program, and we also continued to invest in our communities through various sponsorship and donation programs,” Conway added.
Interior Savings loan portfolio continued to grow in 2012. Members’ loans increased $36.3 million or two per cent; this portfolio includes the commercial lending category, which grew by 6.6 per cent or $28.8 million. Income from operations stood at $13.9 million at year-end.
Interior Savings’ annual general meeting will take place on Tuesday, May 7 at 7 p.m. at the Ramada Lodge Hotel in Kelowna. Credit Union members are encouraged to attend.
Through its 21 branches, 15 insurance offices, two Commercial Services Centres, and a Member Service Centre, Interior Savings offers personal and commercial banking and a full range of insurance and wealth management services to members in 14 communities.
