Letter from Tom Vandeloo, Board Chair and Doug Conick, President & CEO: 2017 Financial Statements
Dear DUCA Members,
We are pleased to announce the release of our audited financial statements for the year ended December 31, 2017 and the declaration of dividends.
2017 was a year of solid growth and progress for DUCA.
We saw a strong improvement in the growth of residential mortgages and retail deposits, continued solid performance in our commercial lending, and improved profitability across the board.
Here are a few important highlights:
Record-setting financial results
During the February 2018 meeting of the Board, your Board of Directors approved DUCA's audited financial statements for the year ended December 31, 2017. Our consolidated year-end results showed net income of $12.973 million, and income before tax and patronage returns (IBT&P) of $18.231 million. This compares to IBT&P of $12.417 million in 2016, which included the Zenbanx Canada Inc. loss of $4.305 million. The strong income result was fueled primarily by net interest margins earned on a growing loan portfolio, improved yields on liquid treasury assets, and management of operating expenses. Total assets increased to $2.777 billion driven primarily by an increase in loan balances of 17% over the prior year, and deposits reached $2.012 billion – a 9% increase.
The strong financial results for fiscal 2017 are made possible by your support, and on behalf of the Board and all Employees we thank you for that support and your Membership participation in DUCA.
DUCA’s Consolidated Financial Statements are now posted here for your review.
Declaration of dividends
Further, the Board of Directors is pleased to declare dividends of 3% on Class B shares, and Class A dividends of 2%. We are also pleased and proud to report that over DUCA's history and including the current year's declaration, a total of $72 million of patronage and Class A dividends has been returned to our Members.
In the year ahead, we will continue to deliver on our strategic goals of growing our Membership base and deepening relationships, diversifying and growing our business profitably, strengthening and streamlining our infrastructure, and engaging and investing in our Employees and our Community. As we build on the ground work established in 2017, we will continue our proud tradition and passionate pursuit of helping people and businesses “Do More, Be More, Achieve More!”
Tom Vandeloo, Chair of the Board of Directors Doug Conick, President and CEO
DUCA Financial Services Credit Union Ltd.