Envision reports steady growth
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Updated: July 09, 2009 10:50 AM
Envision Financial of Langley, B.C.’s third largest credit union, has announced its financial results for the past fiscal year. It reporting steady growth in 2008, despite a challenging economic environment.
“In a year that was exceptionally difficult for the financial services industry, Envision turned in an acceptable performance thanks to our long-term strategy to diversify income,” says Gord Huston, Envision Financial president and CEO.
Envision’s revenue for 2008 was $212.5 million, up from $203.5 million in 2007. Net income for the year totaled $11.7 million. Member-owner loans decreased by $28.4 million, or 1.1 per cent, while deposits increased $83.2 million, or 3.2 per cent. Envision maintained its asset base of $3.1 billion. As of December 31, 2008, Envision had a capital ratio of 11.8 per cent on a risk-weighted basis, compared with 11.6 per cent in 2007. The prescribed minimum ratio is eight per cent.
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