Q2 sector outlook report: Ontario’s credit union sector remains stable as economy slows
In its second quarterly outlook report for the credit unions and caisses populaires sector, the Financial Services Regulatory Authority of Ontario (FSRA) found that the sector remains stable, but there is the possibility that future quarters will deteriorate as inflation persists and interest rates increase.
Here are some of the key findings:
- liquidity remained strong at 11.7% and year over year growth in retained earnings (11.5%) exceeded growth in total assets (8.3%)
- sector profitability and growth have begun to slow. Specifically, profitability in 2Q-2022 was 65 bps, unchanged from last year and 8 bps lower than last quarter year
- sector assets totaled $87.4 billion, reflecting a year over year increase of $6.7 billion (up 8.3%)
Click here to read more insights in the full Sector Outlook Report 2Q-2022.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.