Financially strong and extremely well-positioned for the future, Concentra celebrated10 years of business at its 2015 Annual General Meeting on May 4, 2015 in Banff, Alberta.
The 2014 fiscal year ended with a total of on-balance sheet assets of $6.7 billion resulting in total assets under administration of $33.3 billion. Growth of on-balance sheet assets for the year was 11.4%, primarily a result of higher securities and loan volumes in all portfolios as compared to 2013. Consolidated earnings resulted in a net income of $23.2 million with an 8.6% return on common equity.
While Concentra faced some challenges to its financial performance in 2014, it is the sixth consecutive year of solid levels of profitability. This is attributed largely to strong core operations through the support of credit unions and prudent management of our non-interest expenses. Respectively, Concentra has declared a portion of the profits for 2014 as a cash dividend to Class A shares representing 4% of the average share capital for distribution to shareholders.
“We have begun to nurture a much stronger external customer focus and are finding new ways to increase our market relevance in the credit union system,” says President and Chief Executive Officer Ken Kosolofski. “As a result, our relationships with credit unions across Canada have never been stronger.” By helping credit unions improve balance sheet performance, diversify risk, and deliver solutions to over 5.3 million members, Concentra delivered the following 2014 select results within its wholesale financial and trust businesses:
- Achieved $861.0 million in commercial loans funded, growth of nearly 400% from 2013 largely due to a rise in the construction portfolio, CMBS activity, and credit union business
- Facilitated $764.8 million in credit union securitization transactions, a 13.3% increase over 2013
- Strengthened the Strategic Financial Management (SFM) team to meet the growing credit union demand of our financial consulting service
- Participated in a new provincial RESP program facilitating payments of approximately $500 thousand largely through credit unions
Looking ahead, according to Kosolofski, Concentra is focused on a Build, Grow, and Change strategy to deliver exceptional solutions and insights to credit unions that help them compete more effectively in the financial services industry.
“Our success has been – and will continue to be – built by credit unions. As a result, they remain our #1 priority.” says Kosolofski.
To view the 2014 Annual Report please visit this page on the Concentra website.
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VP, Strategic Relationship Management