UNI stays on course
Tuesday, April 23, 2019
During its Annual General Meeting on Tuesday, April 23, UNI Financial Cooperation revealed its financial performance and that of its subsidiaries for the financial year ending on December 31, 2018.
2018 was marked by the volatility of the financial world, and more specifically, during the last quarter. In spite of this market reality, UNI stayed on course in terms of results and achievements by demonstrating great flexibility.
UNI’s assets hit the $4.2B mark, an increase of 5.5% compared to 2017. We posted surplus earnings before other items of $16.2M in 2018, slightly lower than the $17.3M posted in 2017.
Moreover, UNI experienced unprecedented growth of over $92M in our out-of-province financing. Growth and diversification strategies have enabled UNI to extend its reach by establishing partnerships at the national scale.
The loan portfolio, net of provisions, reached $3.3B in 2018, up $123M over 2017, for growth of 3.9%. In terms of our specific plan to promote entrepreneurship, we posted an increase of 8% or $89.1M in the business loan portfolio.
“All the indicators confirm it. The world is changing and reinventing itself at an ever-faster pace. Our activity sector is experiencing a pivotal moment that is pushing us to reinvent our profession, our tools and even our way of distributing products and services to our 155,000 members,” indicated Chief Executive Officer, Robert Moreau.
MOVING AHEAD TOGETHER ALONG WITH THE CHANGES
Client habits are evolving. They are turning away from the counters and turning towards digital solutions. In 2018, 93% of transactions made by 18-34 year-olds were made digitally (AccèsD or at the ATM) rather than at the counter. And 80% of transactions made by our members of all ages were made digitally.
“And this reality will inevitably intensify... We are pursuing our modernization efforts in order for our members to access our products and services where and when they want. It is a responsibility and also an extraordinary opportunity: the chance to reinvent ourselves through a daring and agile business culture that will make intrapreneurship, experimentation and innovation the pillars of our growth.” added the CEO.
Faithful to our purpose
UNI is upholding our economic and social role for communities. In 2018, we granted $2.6M in donations, sponsorships and scholarships. By giving ourselves the means to match our ambitions, we will increase our impact on meaningful, value-creating projects. It is with pride that the organization continues to wear the colours of an institution that is cooperating to create a better future for the next generations.
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About UNI Financial Cooperation
Founded in 1936, UNI Financial Cooperation has $4.2 billion in assets and 1,000 employees. UNI Financial Cooperation is a significant lever and actively contributes to the ecosystem of the province’s economic development. UNI Financial Cooperation seeks on a daily basis to inspire, support, finance and insure the individual and collective heritage of New Brunswickers. For additional information, visit uni.ca.
Communication and Public Relations Advisor
UNI Financial Cooperation
506-724-0078 | email@example.com
To consult the annual report: