VANCOUVER, B.C., March 3, 2023 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a loss of $69.6 million for the year ended December 31, 2022, compared to a profit of $45.4 million in 2021.

“Our 2022 financial story is reflective of the challenging market conditions during the year which has resulted in unrealized losses on our fixed income investments, but also stable performance in our core operations and revenue sources like interest margin, which remained strong,” said Sheila Vokey, Central 1 President & CEO. “Our Treasury team effectively managed Central 1’s portfolio which is predominately fixed income investments, supporting our credit union members with the provision of solid liquidity services. Our continued focus on enabling and supporting our members and clients remained steady across all lines of business. This was especially important as our members were working to navigate tumultuous market conditions themselves.”

2022 consolidated financial results compared to 2021

  • A loss for 2022 of $69.6 million, compared to a profit of $45.4 million in 2021
  • Interest margin of $75.9 million, up 23.4 per cent from $61.4 million in 2021
  • A change in unrealized losses on financial instruments of $149.0 million, compared to a change in unrealized gains of $6.9 million in 2021
  • Net financial expense of $67.5 million, compared to a net financial income of $84.8 million
  • Assets of $11.9 billion, down 11.2 per cent from $13.4 billion


For 2022, Treasury reported a loss of $49.4 million. While the core business performed well generating strong interest margin and non-financial income these were offset by a reduction in the fair market value of Central 1’s Treasury Portfolio. As the geopolitical tension rose, along with inflation expectations, interest rates and credit spreads moved higher. This resulted in lower asset valuation and thus unrealized market-to-market losses in our fixed income investment portfolio.

Incorporating ESG factors into our investing activities continues to be an important and growing part of Central 1’s investing framework. In 2022, 14.7 per cent of Central 1’s investment portfolio consisted of green, social or sustainable labelled securities.

In response to the needs of Central 1 members and clients and the gaps identified in the current marketplace, Central 1 launched the Treasury Knowledge Centre, the first of its kind for credit unions.

Payments & Digital Banking Platforms & Experiences

Payments & Digital Banking Platforms & Experiences (DBPX) reported a loss of $13.7 million in 2022, down by $4.0 million from 2021. Non-financial income remained relatively stable year-over-year driven by consistent transaction volumes in Payments & DBPX. Investments in strategic initiatives which included the Payments Modernization and Forge 2.0 initiatives continued in 2022 and are consistent with Central 1’s strategic priorities.

Within Payments, Central 1 continued to support financial institutions to deliver safe and reliable payments and maximize the benefits of modernized capabilities. Central 1 achieved full compliance, deployed technology and met all testing requirements to support Lynx and the organization’s readiness to meet the start of the global ISO 20022 migration for cross-border payments. In 2022, milestones were met on the phased implementations of Interac e-Transfer® for Business and Central 1’s Enterprise Fraud Management solution, and launches included Interac e-Transfer Bulk services with the Province of BC.

Within Digital, Central 1 heightened focus on ensuring the stability and reliability of platforms, prioritizing system availability and operational excellence, while delivering commitments to strengthen offerings. In 2022, the organization completed the migration of Forge, its digital platform, to rely more on Central 1’s proven and proprietary digital banking technologies and strengthened its product management and program delivery expertise. In addition, the Digital Experience Council was established to make sure client voices are represented in the future of Central 1’s Digital Banking platform.

Central 1’s 2022 Management’s Discussion and Analysis and Financial Statements have been filed with SEDAR and posted at and

About Central 1
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

Caution Regarding Forward-Looking Statements
This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial, condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate and the impacts of the COVID-19 pandemic, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions, regulatory considerations, and the impacts of a pandemic. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemic, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

– ENDS –


Amanda LeNeve
Senior Manager, Corporate & Internal Communications
Central 1

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

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