For immediate release
April 15, 2019
Libro Credit Union announces record profits at 2019 Annual General Meeting
Libro Credit Union has announced another successful year, with record profits and portfolio, at its 2019 Annual General Meeting.
Owners and staff gathered for the meeting at the London Convention Centre on Saturday, April 13, to hear leaders deliver the annual results for southwestern Ontario’s largest credit union.
Chief Financial Officer Rick Hoevenaars, speaking to the AGM for the final time before he retires after a 46-year career on June 30th, told the meeting: “This is the best year we have ever had as Libro Credit Union. It is a record year for profitability. It is a record year for profit sharing.”
As a co-operative company owned by its shareholders, Libro redistributes profits to customers in the form of profit shares and investment share dividends. For 2018, that totalled $11.6 million, an increase of $1.2 million from the previous year.
Other highlights from the annual results announced on Saturday included:
• A total portfolio of $7.7 billion, an increase of almost $448 million, or 6.2%, on the previous year and the highest amount in the company’s history.
• Total assets under administration – traditionally a measure of the size of a financial institution – of $4.6 billion, an increase of 5.3% year-on-year and another record.
• A near-20% ($3 million) increase in income before taxes and distributions for 2018, to a record total of $18.5 million.
• More than 7,000 new Owners (members) joining Libro, taking the total number to a highest-ever figure above 105,000. Of those, 28% were younger than 25 years old, up from 27% the previous year.
The AGM also saw Libro celebrate the first anniversary of gaining status as a registered B Corp, part of a global movement that pledges to use business only as a force for good. As a company with a social purpose, Libro supports projects that align with its pillars of money smarts, youth leadership and economic development.
And Owners at the AGM heard about the ambitious expansion plans Libro is delivering, including the announcement earlier in the week of a new location in Old East Village, London, which is due to open before the end of the year.
“It’s an exciting time to be part of Libro,” said CEO and President Steve Bolton, “and, the more people join us, the stronger we become together – and the more we can do to grow prosperity for everyone in southwestern Ontario.
“We’re grateful to Libro Owners for sharing their passion with us, and we invite more people to bring us their business and find out more about how we’re transforming banking.”
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