2017 Concentra Annual Report is now online. Corporate performance will be discussed during the upcoming
Annual Meeting of Shareholders
- Monday, April 9, 2018
11:00 am (Central Standard Time – Saskatchewan)
Sheraton Cavalier Hotel – Top of the Inn – 8th Floor
612 Spadina Crescent East, Saskatoon, SK
Live Webcast information via
January 1, 2017 marked a new beginning for Concentra, bringing expanded opportunities as the company executed its successful transition to a Schedule 1 chartered bank.
2017 financial results were strong, with the second highest net income in company history, at $33.6 million, up from $28.9 million in 2016. Concentra also recorded its highest ever net interest income result. Return on equity was 8.8% in 2017, up from 7.9% the year previous, and Concentra returned $4.0 million in quarterly dividend payments to Common Shareholders.
Concentra Bank ended 2017 with $33.4 billion in assets administered on behalf of credit unions, to help facilitate their own strategic growth. In addition, the company recorded $9.1 billion on balance sheet, bringing total assets under administration to $42.5 billion. The company's efficiency ratio maintained at a healthy 51.7%, up marginally from 49.4% in 2016.
Concentra celebrated a number of accomplishments during 2017, including recognition from Governance Professionals of Canada with their Award for Best Engagement by a Governance Team. The company solidified several unique partnerships including a $100 million funding facility with Financeit, and an on-going funding relationship with SNAP Premium Finance. Additionally, Concentra teamed up with Coastal Community to provide their members and clients with access to personalized estate and trust services through a new delivery model.
Facing substantial changes in the residential mortgage market throughout 2017, Concentra continued to diversify, produce consistent earnings, and deliver value back to our owners through dividends. These results demonstrate Concentra's ability to evolve, and successfully execute on our strategy to meet the emerging needs of Canada's credit unions.
The horizon is bringing new challenges for the financial services industry to navigate. Concentra is committed to maintaining momentum by strengthening our enterprise, expanding partnerships, and creating value for Canada's credit unions.
click here to register for the meeting, and select whether you will attend in person or by webcast.
Meetings materials were provided to Concentra Shareholders on March 14, 2018.
Concentra is Canada's primary provider of wholesale banking and trust solutions to credit unions from coast to coast. With deep co-operative roots, Concentra is focused on creating value for the credit union system. We partner with credit unions to ensure over five million Canadian members can choose competitive financial services from their local credit union. 2017 was the fifteenth consecutive year Concentra earned distinction as part of Canada's Best Managed Companies, retaining Platinum status.