Central 1 reviews first quarter monetary outcomes

May 26, 2023 | blog

Article content material

VANCOUVER, British Columbia, May 26, 2023 (GLOBE NEWSWIRE) — Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a revenue of $1.3 million for the primary quarter (Q1) ended March 31, 2023, up $36.7 million from the identical quarter one 12 months prior.

Q1 2023 outcomes in comparison with Q1 2022:

Article content material

In Q1 2022, credit score spreads elevated to mirror the financial uncertainty round rising inflation and the Russia – Ukraine battle. This resulted in Q1 2022 reporting a bigger honest worth loss on our fastened revenue investments than in Q1 2023.

“While markets have been volatile, our capital base remains healthy and our business lines performed well in the first quarter. Still, inflation remains above target levels and we have yet to see the impacts of higher interest rates fully work their way through the system. We will continue to work with our credit union members and clients to support their ongoing success through the economic cycle,” stated Sheila Vokey, President and CEO of Central 1.

Core Business Financial Performance

Article content material


Treasury’s first quarter revenue was $4.1 million, up $41.6 million from the primary quarter of 2022.

During the quarter, we noticed secure and constant outcomes from non-financial revenue and fee-for-service based mostly enterprise regardless of inverted yield curves and widened credit score spreads lowering the honest market worth of Central 1’s monetary devices. Non-financial revenue, together with mortgage servicing, business lending and asset administration, improved marginally year-over-year.

With mortgage markets slowing because of greater rates of interest, credit score unions skilled greater liquidity than the previous quarter which translated into holding extra deposits with Central 1.

Payments & Digital Banking Platforms and Experiences (DBPX)

Article content material

Payments & DBPX reported a lack of $4.4 million within the first quarter of 2023 in comparison with the $0.5 million revenue reported in the identical quarter final 12 months.

Higher spend partially offset by elevated transaction quantity in cost merchandise contributed to a better loss within the first quarter. Investments in strategic initiatives, which included the Payments Modernization program and digital banking initiatives, had been in step with Central 1’s strategic priorities.

This was partially offset by elevated transaction quantity in funds merchandise which contributed to a better non-financial revenue, excluding strategic initiatives.

For extra data

Central 1’s third quarter Management’s Discussion and Analysis and Financial Statements have been filed on Central 1’s SEDAR profile at and are additionally out there at

Article content material

About Central 1

Central 1 cooperatively empowers credit score unions and different monetary establishments who ship banking option to Canadians. With belongings of $11.8 billion as of December 31, 2022, Central 1 offers important companies at scale to allow a thriving credit score union system. We do that by collaborating with our shoppers, creating methods, merchandise, and companies to assist the monetary well-being of their greater than 5 million various prospects in communities throughout Canada. For extra data, go to

Caution Regarding Forward-Looking Statements

This press launch incorporates forward-looking statements based mostly on assumptions, uncertainties and administration’s finest estimates of future occasions. These embody, with out limitation, statements referring to our monetary efficiency goals, imaginative and prescient and strategic objectives, the financial, market and regulatory evaluate and outlook for the Canadian financial system and the provincial economies by which our member credit score unions function and the impacts of the COVID-19 pandemic, in addition to statements that comprise the phrases “may,” “will,” “intends” and “anticipates” and different related phrases and expressions. Forward-looking statements are based mostly on the opinions and estimates of administration on the date the statements are made. Actual outcomes might differ materially from these at the moment anticipated. Securityholders are cautioned that such forward-looking statements contain dangers and uncertainties. Certain vital assumptions by Central 1 in making forward-looking statements embody, however should not restricted to, aggressive situations, financial situations, regulatory issues, and the impacts of the COVID-19 pandemic. Important danger components that might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements embody financial dangers, regulatory dangers (together with legislative and regulatory developments), dangers and uncertainty from the affect of the COVID-19 pandemic, geopolitical uncertainty, data know-how and cyber dangers, environmental and social danger (together with local weather change), digital disruption and innovation, fame danger, aggressive danger, privateness, knowledge and third-party associated dangers, dangers associated to enterprise and operations, and different dangers detailed now and again in Central 1’s periodic reviews filed with securities regulators. Given these dangers, the reader is cautioned to not place undue reliance on forward-looking statements. Central 1 undertakes no obligation to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by relevant legal guidelines.


Tricia Weagant
VP, Communications & Marketing
Central 1
T 613.806.5168

Brent Clode
Chief Investment Officer
Central 1
T 905.282.8588 or 1.800.661.6813 ext. 8588

MoneyMaker FX EA Trading Robot

powered by