The 2016 Concentra Annual Report is now online. Corporate performance will be discussed during the upcoming
Annual and Special Meeting of Shareholders
Monday, May 8, 2017
11:00 am – 12:30 pm
Halifax World Trade and Convention Centre, Level 2 Ballroom
Halifax, Nova Scotia
Meetings materials were provided to Concentra Shareholders on April 13, 2017.
2016 financial results demonstrate the Concentra strategy continues to deliver success, positioning the company for future growth. Concentra continued to grow with net income of $28.9 million, up from $25.3 million in 2015. Total assets reached $9.4 billion, up from $7.8 billion in 2015, and assets under administration grew to over $31.0 billion, an increase from $28.3 billion in 2015. Our efficiency ratio also improved to 49.4%, from 58.20% in 2015. Return on equity was 7.9% in 2016, compared to 8.7% in 2015. In 2016, returned $13.3 million in dividend payments to Class A shareholders.
These results were largely due to the evolution of Concentra as the company continued to successfully execute on its strategy to build, grow and change to meet the emerging needs of Canada’s credit unions.
Concentra partners with more than 85% of Canadian credit unions to provide solutions that improve financial performance, diversify risk and meet member needs. Looking forward, the goal is to grow our partnerships and earn the business of every Canadian credit union.
Concentra is Canada’s primary provider of wholesale banking and trust solutions to credit unions from coast to coast. With deep co-operative roots, Concentra is focused on creating value for the credit union system. We partner with credit unions to ensure over five million Canadian members can choose competitive financial services from their local credit union.