VANCOUVER, B.C. November 24, 2022 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit of $1.3 million for the third quarter (Q3) ended September 30, 2022.

“We continue to support our members and clients through the effects of a slowing global economy and resulting consumer behaviours,” said Sheila Vokey, Central 1’s President and CEO.

“While our year-to-date results have been challenged by unrealized losses driven by increasing market yields in the Canadian fixed income market, our third quarter shows signs of improvement as interest margin strengthened which resulted in overall profitability for the quarter. Meanwhile, we continue as planned with our investments to enhance and modernize our products and services enabling our clients to deliver valuable financial services to Canadians.”

Q3 2022 Consolidated Results Compared to Q2 2022:

  • Profit of $1.3 million, compared to loss of $26.2 million
  • Interest margin of $21.5 million, up $2.2 million from $19.3 million
  • Net financial income of $7.8 million, compared to net financial expense of $25.3 million

Q3 2022 Consolidated Results Compared to Q3 2021:

  • Profit of $1.3 million, down $11.5 million from $12.8 million
  • Interest margin of $21.5 million, up $6.0 million from $15.5 million
  • Net financial income of $7.8 million, down $11.7 million from $19.5 million
  • Assets of $12.6 billion, down 4.8 per cent from $13.2 billion


Treasury’s third quarter profit was $2.5 million, up $20.3 million from a loss of $17.8 million in the second quarter, driven by a smaller decrease in the mark-to-market value of financial instruments during the quarter and included a $2.2 million increase in interest margin.

The third quarter profit decreased $12.0 million from the same quarter last year. The credit spreads widened as seen in most of 2022 reflecting the expected economic slowdown as a result of rising interest rates, persistent high inflation and geopolitical uncertainty. The market yields continued its upward trend but at a slower speed in the third quarter leading to a further decrease of $12.0 million of mark-to-market value of the Treasury portfolios.

The third quarter interest margin was up $6.0 million from the same period in 2021 as floating rate assets are repriced along with the interest rate increases. Strong loan growth by our members has resulted in continued withdrawal of their deposits at Central 1 which has resulted in a gradual decline of $1.1 billion in Treasury’s deposits from December 31, 2021.

1This is a non-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section of Central 1 Credit Union’s Management’s Discussion & Analysis for the first quarter of 2023, available on, for more information.

Payments & Digital Banking Platforms and Experiences

Payments & Digital Banking Platforms and Experiences (DBPX) reported a loss of $3.7 million in the third quarter of 2022. This loss was largely in line with the same quarter last year and $2.8 million lower than the prior quarter. Investments in strategic initiatives which included the Payments Modernization and Forge 2.0 initiatives continued in the third quarter and are consistent with Central 1’s strategic priorities.

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 also available at

About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $12.6 billion as of September 30, 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 contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. These include, without limitation, statements relating to our 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 the COVID-19 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 the COVID-19 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.

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Julie Breuer
VP, Stakeholder Relations & Communications
Central 1
T 604.714.6733

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

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