Ontario credit unions remain strong despite economic challenges

According to FSRA’s Q4 2023-24 Sector Outlook Report, Ontario’s credit union sector remained adequate in the fourth quarter in terms of capital and liquidity, despite high interest rates. Credit unions also showed year-over-year growth in sector assets.

However, profitability went down and more people were late in paying back their loans compared to the same time last year. Despite this, credit demand is expected to rise as inflation comes down, which could contribute to the growth of Ontario’s credit union sector over the next few quarters.

Here are some key findings:

  • sector assets totaled $96.3 billion at the end of the quarter, reflecting a year-over-year increase of $5.5 billion (up 6.1%)
  • liquidity ratio was at 11.9%, up 96 bps from last year
  • profitability in this quarter was 14 basis points (bps), 26 bps below last year and 6 bps below last quarter
  • over 30-day delinquency on residential mortgages was 56 bps, up 26 bps year over year and 13 bps from last quarter
  • 30-day delinquency on commercial loans was 111 bps, up 61 bps year over year and 29 bps from last quarter
  • total loan delinquency was 72 bps, up 37 bps year over year and 17 bps quarter over quarter

FSRA publishes Sector Outlook reports for the credit union sector every quarter. They provide an analysis and commentary on the economy and financial results in Ontario’s credit union sector.

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