Joint Message from our Chair, and President & CEO
In 2016, Concentra rose to the challenge of reimagining how best to continue
our service and contributions as a strategic partner within Canada’s co-operative system.
It was a truly transformational year. Transition and evolution were common themes, woven through much of Concentra’s activity in 2016. In a year defined by change, Concentra remained guided by one constant: our unwavering commitment to Canada’s credit unions. This commitment is our driving force, our reason for being, and our continued purpose as we move forward together.
Our 2016 financial results demonstrate that our strategy continues to deliver success. Concentra maintained a strong rate of growth with a net income of $28.9 million, up from $25.3 million in 2015. Total assets reached nearly $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.
It’s no secret we devoted much of our corporate energy in 2016 to securing our bank license. Regulatory pressures, increased competition in the financial services industry, and the need to secure stable, long-term funding spurred Concentra’s interest in pursuing the expanded capabilities and market access that come with a bank license. While bank continuance was moving forward, Concentra remained focused on growth.
In 2016, the wholesale business assisted in the generation of $3.7 billion of total loan volumes for the credit union system through purchases/sales/syndications and securitization of loans, an increase of 24% over 2015. This is a result of focused efforts to deepen our strategic alignment with credit unions, and provide relevant solutions that create value for their business, while Concentra Trust made great strides to integrate our estate and trust solutions in the credit union system.
Concentra is positioned for future growth and we will continue to prosper with co-operative values driving our decisions. We will continue to deliver value through service, solutions and dividends for our shareholders.
In 2017, Concentra started a new chapter. We are creating our own path forward, and with support from our partners within Canada’s co-operative system, we have a company more ready than ever to support Canada’s credit unions.
Thank you our credit union partners for your confidence and trust in Concentra.
Download the complete annual report to learn more.
Chairman, Board of Directors
President and Chief Executive Officer