Concentra Bank announces its 2018 financial results, reporting overall strong earnings with record revenue and net income, and a strong return on common equity.
- Record Net Income of $40.6M
- Record revenue of $114.9M
- Record Net Interest Income at $90.0M
- Third-highest Non-Interest Income at $24.5M
- Return on Common Equity of 10.0%
Concentra ended 2018 with $35.7 billion in assets administered on behalf of credit unions, which facilitates credit unions' strategic growth. The Bank also reported $9.7 billion of on balance sheet.
Concentra returned $5.3 million last year in quarterly dividend payments to Common Shareholders. Since 2005, Concentra has returned over $79 million in dividend payments to common shareholders.
Concentra's new strategic direction, approved in November 2018, positions the Bank for growth. The Bank will diversify from an indirect business model and return to a direct-to-customer model, while continuing to drive value for credit unions.
New channels, emerging technologies and reimagined interaction and service models are generating opportunities for value creation within the industry and for Concentra. "How people earn and spend their money is changing, and this creates exciting opportunities," said Don Coulter, President and CEO. "We believe Canadians deserve great banking services and intend to be at the forefront of making banking better for everyone."
Notable Annual Business Highlights:
- Diversified $150 million, 18-month floating rate deposit note. The issuance signaled broad acceptance of the institutional investor base and rising awareness of the Bank in the capital markets
- Continued investment in relationships with financial technology (Fintech) companies to build the consumer lending business, which ended the year with a $400 million portfolio
- Enhanced investment in our people strategy, focusing on change management and leadership development
- Through the Empowering Your Community campaign, invested $200,000 in community projects across Canada that are supported by local credit unions
- More than $1 billion in commercial assets administered on behalf of our credit union partners
2018 Concentra Annual Report is now online. Corporate performance will be discussed during the upcoming Annual Meeting of Shareholders.
Annual Meeting of Shareholders
Tuesday, April 9, 2019
11:00 am (Central Standard Time – Saskatchewan)
Sheraton Cavalier Hotel – Top of the Inn – 8th Floor
612 Spadina Crescent East, Saskatoon, SK
Live video webcast via