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VANCOUVER, B.C., February 24, 2022 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a profit from continuing operations of $45.4 million for the year ended December 31, 2021, an increase of $19.1 million in profit from continuing operations compared to 2020.

In 2021, Central 1 continued to focus on exploring innovation and opportunities for the growth and evolution of the credit union system. The organization introduced its Corporate Strategy for 2021-2023 and delivered core business functions, while taking steps to build foundational strength that will allow the organization to deliver on its purpose, now and into the future.

“Despite continued uncertainty due to the global pandemic, Central 1 delivered strong earnings and remained dedicated to providing diverse products and services for our clients,” said Sheila Vokey, Central 1’s President and CEO. “Our scale, commitment and expertise remain the source of our competitive advantage, we know that working together is key to the ongoing success of our credit union system.”

For 2021, Treasury reported a profit of $52.6 million, driven by a continuation of strong results across all Treasury lines of business. Incorporating ESG factors into our investing activities continues to be an important and growing part of Central 1’s investing framework. In 2021, 12.3 per cent of Central 1’s investment portfolio consisted of green, social or sustainable securities – substantially exceeding our UN Principles of Responsible Investment commitment of 5 per cent.

Digital & Payments Services
Within Digital, Central 1 continued to assess and adapt its products with clients and members in mind. Digital transformation was a primary focus with a number of initiatives in progress including a new Content Management System and the 2.0 iterations of the Forge Digital Banking Platform offerings for Forge Retail and Small Business. The team remains committed to operational efficiency and implementations.

Within Payments, Central 1 made progress implementing its Payments Modernization strategy which is designed to position the credit union system and financial services industry for growth and innovation. Launches included the first phase of Interac e-Transfer® for Business, Lynx Release I and Central 1’s Enterprise Fraud Management (‘EFM’) Solution. A strategic partnership with financial services technology provider Fiserv was also established and compliance was achieved with a new SWIFT global mandate.

2021 consolidated financial results compared to 2020

  • Annual profit for 2021 of $45.4 million, compared to the annual profit of $26.3 million (excluding discontinued operations) in 2020.
  • Assets of $13.4 billion, down 4.3 per cent from $14.0 billion (excluding discontinued operations).

Central 1’s consolidated results from continuing operations in 2021 reflected a $19.1 million increase in profit from 2020. Investments in strategic initiatives[1] continued at a planned lower level and remained consistent with Central 1’s strategic priorities and plans, resulting in a $24.3 million lower spend compared to 2020. Central 1 also recognized a $11.5 million fair value gain in its investment in Concentra Bank. Excluding the one-time income of CA$5.5 million relating to the liquidation distribution from a prior investment in U.S. Central Federal Credit Union (US Central), non-financial income remained relatively stable year-over-year while non-financial expense decreased $12.8 million from 2020 when a charge related to intangible assets was recorded.

The segregation of Mandatory Liquidity Pool in 2021 resulted in a higher income tax rate, leading to an increase of $23.9 million in income tax expense. Net financial income decreased $6.3 million year-over-year due to lower realized gains from less favourable movements in credit spreads and interest rates.

The combined impact of these movements led to strong financial results.

Statement of financial position
Total assets as of December 31, 2021, were $13.4 billion, a decrease of $635 million (excluding discontinued operations) from December 31, 2020, when credit union liquidity was near its peak and has since begun to reduce from elevated levels in light of improving economic conditions.

Central 1’s 2021 Management’s Discussion and Analysis and Financial Statements have been filed with SEDAR and posted at www.sedar.com and www.central1.com/investor-relations.

About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $13.4 billion as at December 31, 2021, 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 www.central1.com.

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, risks and uncertainty from the impact of the COVID-19 pandemic 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 –



John Ngo
Director of Communications
Central 1
T 403 615 8678


Brent Clode
Chief Investment Officer Central 1
T 905 282 8588 or 1 800 661 6813 ext. 8588


[1] Investments in strategic initiatives are supplementary financial measures and represent the net spend Central 1 incurred during the reporting period to develop and deliver solutions to support the growth of the credit union system.

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