From GlobeNewswire: 2024-11-21 17:53:00

Central 1 Credit Union reported steady financial results in the third quarter of 2024, with a net income of $5.8 million compared to $3.9 million in the same period last year. Year-to-date net income was $47.8 million, reflecting strong performance in 2024.

Treasury reported a net income of $11.3 million in the third quarter, with an increase in non-interest income offsetting a decrease in net interest income. Payments & Digital Banking reported a net loss of $3.8 million, attributed to reduced spending on strategic initiatives.

Central 1 announced its intention to wind down its digital banking business and transition clients to alternative providers over a three-to-four-year timeline. Non-GAAP financial measures are used to assess performance, with net fair value gain and non-interest income excluding strategic initiatives as key metrics.

Overall, Central 1’s third quarter and year-to-date results show strong financial performance in 2024. The company continues to provide critical services to financial institutions, delivering banking choice to Canadians. Detailed financial statements and information are available on Central 1’s SEDAR profile and website.



Read more at GlobeNewswire:: Central 1 reports 2024 third quarter financial results