Central 1 reports 2021 first quarter financial results

VANCOUVER, BC (May 28, 2021) — Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit after tax of $24.7 million for the first quarter (Q1) ended March 31, 2021, compared to a loss of $37.3 million in the same period in 2020.

In the first quarter of 2021, Central 1 reported strong results driven by the organization’s diversified business model, operational resilience managing the ongoing pandemic, and an improving economic environment. Central 1 maintained the confidence of the credit union system and supported members and clients with essential products and services. The organization continued strategic investments to enhance digital and payments capabilities to meet the changing demands of Canadians.

“Central 1’s performance this quarter reflects our ability to adapt, our strong balance sheet and the strength of our organization,” said Sheila Vokey, Interim President and CEO. “We effectively managed expenses and endeavour to be well-positioned to have the right products and services for our members and clients as the pace of innovation and change accelerates.”

The organization remains focused on supporting the credit union system and ensuring the system’s success. Central 1 continues to be a financially strong and profitable organization, driven by strong growth in our investment portfolio and a prudent investing strategy, combined with an increase in steady fee-based revenue, and enhanced operational efficiency.

Q1 2021 Consolidated Results Compared to Q1 2020:

Effective January 1, 2021, Central 1 discontinued operation of the Mandatory Liquidity Pool when it was segregated.

  • Profit of $24.7 million, compared to loss of $37.3 million (excluding discontinued operations) in 2020.
  • Assets of $14.4 billion, up 44.0 per cent from $10.0 billion (excluding discontinued operations) in 2020.

Prior year results reflect the impact from the pandemic due to significant widening of credit spreads and rate cuts by the Bank of Canada. However, credit spreads narrowed since the second quarter of 2020 and reverted to the pre-pandemic levels by the end of 2020. Non-financial income and non-financial expense remained relatively stable. Investments in strategic initiatives continued into Q1 2021 but were $9.5 million lower compared to Q1 2020.

Statement of financial position
Excluding the assets from discontinued operations, total assets as at March 31, 2021 increased $0.4 billion from December 31, 2020 and $4.4 billion from a year ago, supported by the strong growth in deposits. In response to the potential economic impact of COVID-19, many credit unions continued to hold elevated levels of liquidity. Deposits placed with Central 1 increased $0.5 billion from December 31, 2020 and $5.4 billion from March 31, 2020.

Treasury saw a $26.9 million profit compared to a loss of $26.2 million in the same quarter a year ago. In January, Central 1 issued successfully a $250 million, 5-year senior deposit note in advance of a $350 million senior note maturity. Although Central 1 liquidity levels remain high, Central 1 took advantage of attractive market pricing and conditions and locked in 5-year term funding. Central 1 focused on supporting our members with our Asset Management Services, which was developed and delivered in partnership with Credential QTrade Securities Inc. This service was created as a direct response to help our members with the MLP transition.

Payments & Digital Banking Platforms and Experiences
Payments & Digital Banking Platforms and Experiences (DBPX), formerly Digital & Payment Services, experienced a loss of $2.0 million compared to a loss of $11.4 million a year ago. This was driven by an increase in Interac® e-Transfer volumes, reflecting the ongoing increase in usage of online payments during the COVID-19 pandemic. Investment in strategic initiatives continued in 2021, including the Payments Modernization initiative, with the amount incurred being $10.1 million lower year-over-year.

Central 1’s first quarter Management’s Discussion and Analysis and Financial Statements have been filed with SEDAR and posted at and

About Central 1 Credit Union

Central 1 Credit Union (‘Central 1’) cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.9 billion as of December 31, 2022, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit


Tricia Weagant, Vice President, Communications and Marketing
Central 1
T: 905 282-8414

Yuan Li, Senior Communication Specialist
Central 1

More News