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SYSTEM RELEASE - Tuesday, March 17, 2020

Concentra Bank Announces Earnings for 2019

Concentra Bank announces its 2019 financial results, reporting solid net income and ROE, with strengthening revenue and a strengthened capital position.

"We're pleased with our 2019 fiscal year results," says Paul Masterson, Chief Financial Officer. "It was a solid financial performance for our organization as we continue to mature as a new Schedule I bank."

Financial Highlights

  • Net Interest Income was $96.4MM, an increase of seven per cent from 2018's level of $90.4MM and up $13MM/15% over the last two years
  • NIMs widened in F2019 by 6 bps
  • Non-Interest Income (or Fee Income) grew slightly to $24.6MM, up 0.5% from $24.5MM in 2018
  • Return on Equity (ROE) at 6.6%, down from 10% in 2018

Concentra ended 2019 with $8.9B in Assets, down from last year $9.7B last year. Our asset portfolio remained well diversified across Canada and is truly national in scale. Our Asset mix remains conservative and management continues to manage the risks of our portfolio in a prudent manner. The majority of Concentra's assets are fully secured.

Concentra returned more than $5.3 million last year in quarterly dividend payments to Common Shareholders. Since 2005, Concentra has returned more than $84 million in dividend payments to common shareholders.

Concentra is a Schedule I bank that also holds a federal trust licence through its wholly owned subsidiary, Concentra Trust. In November 2018 we embarked upon a strategy to build a digital bank that will serve mid-market businesses, Canadians and Canadian credit unions.

"Creating the future of banking to enable your success is our purpose," says Don Coulter, President & CEO. "We're responding to a call for innovation, personalization and a superior customer experience to build a great new bank for Canadians."

Notable Annual Business Highlights

  • Expansion into new markets such as reverse mortgages
  • Streamlined and automated many of our operations and systems
  • Enhanced investment in our people strategy, focusing on change management and leadership development
  • Through the Empowering Your Community campaign, invested $200,000 in community projects across Canada that are supported by local credit unions
  • Named one of Canada's Best Managed Companies for the 17th year in a row

The 2019 Concentra Annual Report is now online. Corporate performance will be discussed during the upcoming Annual Meeting of Shareholders. In light of the COVID-19 virus, Concentra Bank is taking special precautions with respect to its upcoming Annual General Meeting, which will proceed by a teleconference. Due to travel restrictions and protocol with Concentra's Pandemic Plan, no individuals will be attending in person.  However, the Corporate Secretary will be at the venue below at the time of the Meeting, should you wish to attend in person on the date of the meeting to participate via teleconference from that location.
Annual Meeting of Shareholders
Tuesday, April 7, 2020
11:00 am – noon (Central Standard Time – Saskatchewan)
1 p.m. – 2 p.m. (Eastern Standard Time)

Teleconference: 1.647.379.5305 
Conference ID:  10683459#

Concentra's offices at 333 3rd Ave N, Saskatoon, SK