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UNI announces positive results for 2019

During its virtual Annual General Meeting held on Tuesday, May 5, UNI Financial Cooperation released its financial results and those of its subsidiaries for the year ending December 31, 2019.

Due to restrictions related to COVID -19, UNI had to postpone its Annual General Meeting scheduled for April 21 in Bouctouche which would have seen simultaneous broadcasts in five other locations across the province. In order to hold its mandatory meeting with client members, the choice was made to go virtual.

UNI’s Board of Directors and senior management issued positive financial results for 2019, which was marked by the rollout of several promising projects for the financial institution’s future. These included new partnerships to solidify and enhance its offerings to client members and businesses, as well as the completion of the very first three-year strategic plan as the new UNI credit union.

UNI’s total assets were $4.4 billion as of December 31, 2019, an increase of 5.2% from the previous year. Surplus earnings of $21.1 million were reported, compared to $16.8 million in 2018.

The loan portfolio, net of provisions, was $3.4 billion in 2019, an increase of $106 million over 2018, or 3.2% growth. In terms of entrepreneurship development, UNI recorded 7.9% growth in its business loan portfolio with an increase of $91 million.

“Thanks to 2019’s good results, UNI is in a good position to face the post-COVID situation, but neither UNI nor any company, no matter how big or small, can ignore the fact that the global economy is contracting and it will take time to regain the vitality of recent years. Recovery will be slow and gradual in 2020 and 2021. UNI will need to act with prudence, responsibility and courage,” said Robert Moreau, Chief Executive Officer.

A FORWARD-LOOKING INSTITUTION

2019 marks the end of a transition period at UNI, with the current global isolation further accelerating the pace of change. In fact, the pandemic has dramatically hastened the delivery of new digital solutions that have enhanced UNI’s business model.

“At UNI, we greatly value the closeness that unites us. It is part of who we are. We use technology to serve our client members, never the other way around. There are tremendous opportunities to reinvent our institution through a bold and agile corporate culture” Mr. Moreau said.

Present in the community

In 2019, UNI pursued its economic and social roles in communities by supporting more than 1,000 projects that create collective wealth. More than $2 million was shared through donations, sponsorships and scholarships, the biggest being a $750,000 donation for the creation of a support fund for student initiatives on the three campuses of Université de Moncton. UNI is proud to continue its commitment to cooperating with communities.

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About UNI Financial Cooperation

Founded in 1936, UNI Financial Cooperation has $4.4 billion in assets and 1,000 employees. It is a significant driver of the economic development of New Brunswick and beyond. Working for the prosperity of UNI and its client members, the institution is committed to its overarching values of solidarity, responsibility and courage. For more details, visit uni.ca.


Media contact
Mario Griffin
Communications and Public Relations Advisor
UNI Financial Cooperation
506-724-0078 | mario.griffin@uni.ca


Read the annual report: www.uni.ca/en/about-uni/section/corporate-publications

 

UNI is a trademark used under in licence in Canada by Caisse populaire acadienne ltée.

 

FOR MORE INFORMATION

Communication Team
295 Saint-Pierre Blvd. West
P.O. Box 5554
Caraquet NB E1W 1B7

E-mail: communication@uni.ca