Annual General Meeting
You are invited. Please join us for our Annual General Meeting at the Canadian Credit Union Association National Conference.
Monday, May 2, 2016
10:30 am – 12 noon
Registration opens at 9:30 am
TCU Place, Salon BCD
Concentra reports solid earnings for 2015 fiscal year, demonstrating financial strength and balanced growth.
Consolidated earnings for Concentra in 2015 resulted in net income of $25.3 million, up from $23.2 million in 2014; return on equity was 8.8%, ahead of the 2014 amount of 8.6%.
Concentra ended 2015 with total on-balance sheet assets of $7.8 billion and total assets under administration of $36.5 billion. Asset growth in 2015 was 15.6%, as compared to 11.4% in 2014.
"Concentra remains 100% committed to strengthening the credit union system," says Concentra's Chief Executive Officer, Ken Kosolofski. "Everything we do at Concentra is centred on our commitment to credit unions. It's the constant lens we use in evaluating our solutions, our service and our actions," he adds.
Building on ten years of history and dedication to serving Canadian credit unions, Concentra has devoted much of 2015 to actively engaging with our partners, and deepening these crucial relationships.
Ron Friesen, Concentra's Chief Financial Officer credits solid financial results to advancing Concentra's capital strategy and increased demand for its wholesale and trust solutions within the credit union system. Concentra partners with 84% of Canada's credit unions to provide wholesale and trust solutions that enhance financial performance, diversify risk, and meet member needs.
"We will continue to use financial discipline to build a strong, viable company to support the future of the credit union system," adds Friesen. "Concentra is well-positioned for future growth to support the credit union system today, and in the future."
Looking ahead, an integral component of Concentra's future success is the work underway to secure an optimal corporate legal structure that will enable the achievement of Concentra's build, grow, change strategic agenda and meet the emerging business needs of credit unions. "Concentra's board and executive team will be devoting considerable resources to this stream of work," confirms Kosolofski.
Concentra's achievements in 2015 are only made possible through the leadership, service and commitment of the entire Concentra team. "I'm proud of the work we do each and every day for credit unions from coast and coast," adds Kosolofksi.
2015 Annual Report now online
2015 Annual Report is now online and available for download, highlighting some of our key business successes, management's discussion and analysis, and 2015 financial statements.