UNI posts record growth in 2017
UNI Financial Cooperation reported at its annual general meeting on Tuesday, April 24, on its financial performance and that of its subsidiaries for the financial year ended December 31, 2017.
After his first year at the helm of the institution, CEO Robert Moreau was pleased to announce that UNI had reached a historic milestone: UNI’s assets exceeded the $4 billion mark in 2017, up 4% over 2016.
This result was complemented by a number of other performance indicators, including higher surplus earnings, which totalled $21.5M, versus $15.1M in 2016.
These financial figures are largely attributable to sound expenditure management as well as life insurance results exceeding expectations. The Acadia Life and AVie subsidiaries reported more than $9.7M in net earnings, a 29% increase over the previous year.
Even more encouraging were the gains posted in the personal and business portfolios, which grew by a total of $220M. Corresponding to 7.4%, this growth was the strongest in the last five years, reflecting renewed market confidence in UNI.
The business loan portfolio increased by $108.5M for growth of 11%. The institution consequently surpassed another threshold, with this portfolio currently totalling more than $1 billion in authorized business loans. Robust performance was also noted in 2017 in personal loans, which grew by $77.5M. A $34M increase was posted in consumer and other personal loans over the same 12-month period. Positive performance was also reported in the savings sector, with deposits up by $121M or 3.8%.
“We are pleased to report on the financial performance of UNI this past year,” stated Mr. Moreau. “We are very satisfied with the results of our business development initiatives, which are highly encouraging and show the soundness of our decisions and the quick impact on UNI's future of everyone's dedication and commitment.”
GROWTH AND THE COOPERATIVE DIFFERENCE: THE STABILITY OF ACADIA'S FINANCIAL INSTITUTION
In addition to exceeding growth objectives, UNI continued to invest in the communities it serves, thereby consolidating its leading collaborative role, with total contributions of $2.3M in donations, sponsorships and scholarships.
The institution’s board of directors opted for prudence again in 2017, deciding not to pay out individual dividends to members. This decision was made in response to the implementation of more stringent capitalization requirements. The collective approach was consequently adopted once again with a focus on protecting the assets of all members.
However, nearly $15M was passed directly on to member clients in the form of lower rates, a decision generating benefits for them on a daily basis.
OUR CLIENTS: OUR CENTRAL PRIORITY
Our society continues to change as it becomes increasingly computerized and automated. UNI is keeping pace and expanding access to new, effective online features to bring even more services to clients. Photo cheque deposit, account access via smart watch and contactless payment using mobile devices are just some of the new services freeing up the time of UNI clients for more important things.
“At UNI, our aim is to support our members through every stage of their lives – inspiring, supporting, financing and insuring while also upholding the sense of goodwill and mutual aid that has guided the success of our institution,” added Mr. Moreau. “Our ambitions remain unchanged. We continue to stand for humanity and compassion, inspired by the same dream as the founders who came before us: a dream of building not only financial wealth but also cultural, social, environmental and community wealth.”
About UNI Financial Cooperation
Founded in 1936, UNI Financial Cooperation has $4 billion in assets and 1,000 employees. As the largest Acadian financial institution, it seeks on a daily basis to inspire, support, finance and insure the individual and collective heritage of New Brunswickers. UNI is the only financial institution fully dedicated to the province’s prosperity. For additional information, visit uni.ca.
Information:
Mario Griffin
Communications and Public Relations Advisor
UNI Financial Cooperation
506-724-0078 | mario.griffin@acadie.com
To view the annual report, please visit uni.ca/annualreport