UNI continues it's growth in the 2016 fiscal year
UNI Financial Cooperation will be releasing its financial results, as well as those of its subsidiaries, for the fiscal year ending December 31, 2016 at its annual general meeting to be held this Saturday, April 29.
In a year highlighted by significant changes, including its transition to a federal charter and its new corporate image, the institution ends the year with relatively satisfying results.
UNI Financial Cooperation’s assets grew by $152M in 2016, reaching $3.8B, which is an increase of 4.1% compared to 2015. The largest francophone Acadian financial institution recorded $15.1M in surplus earnings before other items. Our subsidiaries Acadia Life and AVie recorded net profits of over $7.5M. Worth mentioning is the business loans portfolio’s growth of $37M this year, a 4.1% increase compared to 2015. The personal loans portfolio also had good results in 2016, with mortgage loans increasing by $46M and consumer loans and other personal loans recording a growth of $18M compared to 2015. The savings sector also had a positive impact on our financial results, with the member deposits portfolio increasing by nearly $158M as of December 31, 2016, a hike of 5.3%.
In 2016, our investments were higher than the costs initially predicted to satisfy requirements and undertake activities required to comply with the federal legislative framework. “It goes without saying that this situation is not unrelated to the fact that UNI was a pioneer, becoming the first credit union to transition to Canadian banking laws’ jurisdiction. There was no other real case on which we could rely on accurately, since our institution made its mark as a leader, paving the way for the country’s credit unions,” said Chief Executive Officer Robert Moreau.
Renewal of our governance structure and democratic involvement process
Democratic involvement has increased thanks to the implementation of a new process for the selection of the institution’s board members. In March, the online and telephone voting system allowed us to triple the usual member participation levels, with nearly 7,000 votes cast.
Another aspect of our merger collective project approved by our members in 2014 was also rolled out. In order to provide the institution with a never-before seen cooperative model which is more vibrant and even more in tune with its members-owners, we implemented a new governing structure in the fall of 2016 under UNI Community, made up of 12 community cooperative committees and 3 regional committees.
“Our governance structure has undergone a significant change, which will culminate on Saturday when, for the first time, the Chief Executive Officer will address all 155,000 members during our annual general meeting to be held in Moncton and simultaneously broadcasted in 5 other locations across the province. This is further evidence of how far our important institution has evolved after 80 years of existence,” added Robert Moreau.
True wealth comes from sharing
The institution stood out because of its level of social involvement, disbursing nearly $2.3M in donations, sponsorships and scholarships. Unlike banks, our institution is in tune with the needs of our communities and members-clients. “Over the past 5 years, UNI has returned over $16M to members and communities, which is almost equivalent to our 2016 surplus earnings alone” added Robert Moreau.
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About UNI Financial Cooperation
With its $3.8G in assets and thanks to the support of its 1,000 employees, the organization, founded in 1936, is the most important francophone Acadian financial institution. In this respect, it makes sure to inspire, support and finance the individual and collective heritage of New Brunswickers’. UNI is the only financial institution fully dedicated to the province’s prosperity. For more information, visit UNI’s Website at uni.ca.
For more information
Mario Griffin
Communications and Public Relations Advisor
UNI Financial Cooperation
Telephone: 506 726-4785 | Cellular: 506 724-0078
mario.griffin@acadie.com