Ontario’s credit unions grow assets despite challenging environment

According to FSRA’s Q1 2024-25 Sector Outlook Report, Ontario’s credit union sector remained steady in the fourth quarter in terms of both liquidity and capital. Ontario credit unions also showed year-over-year growth in sector assets.

However, profitability decreased, and more people were late in paying back their loans compared to the same time last quarter and on a year-over-year basis.

Economic growth is forecast to pick up in 2024, according to the Bank of Canada. This largely reflects both strong population growth and a recovery in spending by households. For the credit union sector, financial margins are likely to remain under pressure in 2024, and credit risk will remain a key risk area.

Here are some key findings:

  • sector assets totaled $97.2 billion at the end of the quarter, reflecting a year-over-year increase of $4.9 billion (up 5.7%)
  • liquidity ratio was at 12.5%, up 120 bps from last year
  • profitability in this quarter was 14 basis points (bps), down 1 bp from last quarter and down 5 bps from last year.
  • 30-day delinquency on residential mortgages was 64 bps, up 32 bps year-over-year and up 8 bps from last quarter
  • 30-day delinquency on commercial loans was 156 bps, up 89 bps year-over-year and up 43 bps from last 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.

Learn more:

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at