Vancouver, BC – February 21, 2020 - BlueShore Financial, the first BC credit union sharing 2019 financial results, reports a very strong outcome for 2019 with Assets Under Administration (AUA) reaching $6.3 billion.
BlueShore Financial reports a net operating income of $22 million and an increase in AUA greater than 10%. In 2019, BlueShore achieved Return on Retained Earnings (RORE) of over 11%. AUA includes wealth management assets that surpassed $1 billion and grew by 29% during the year. With total loans up $274 million (up 7%), total deposits increasing by $255 million (up 6%), and a 5% dividend on Class C Investment Equity shares, BlueShore’s growth is in line with, and in many areas, ahead of its peers.
“Our profit has allowed us to both upgrade our retail branch network and invest in our new digital advisor, VirtualWealth™, to better serve our clients,” said Chris Catliff, President and CEO, BlueShore Financial. “Our commitment to our clients is validated by the 87% of clients surveyed that agree that BlueShore is an expert provider of financial advice, compared to 62% of clients at other financial institutions.”
“We are very proud to report that BlueShore Financial had a record year in terms of profit from core operations in 2019,” said Richard Butterworth, CFO, BlueShore Financial. “We are pleased that despite a very slow residential housing market in 2019, our loan delinquencies were only 0.16%, historically low.”
“In 2019, not only did BlueShore achieve outstanding financial results, we were also recognized as a Kincentric Best Employer for the ninth consecutive year,” said Allan Achtemichuk, Chair of the Board of Directors, BlueShore Financial. “To top off the year, our annual independent survey showed that 88% of clients surveyed agree that BlueShore works with their best interests in mind, compared to 58% of those who bank with other financial institutions. Achievements like this confirm that BlueShore continues to create valuable experiences for both clients and employees.”
About BlueShore Financial
BlueShore Financial is a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $6.5 billion in Assets Under Administration and is consistently ranked among the top 20 financial planning firms in Metro Vancouver.
BlueShore Financial is an Imagine Canada Caring Company, contributing at least 1% of pre-tax profits annually to charities and not-for-profit organizations within the communities it serves. BlueShore Financial is the operating name of BlueShore Financial Credit Union.