advantages for everyone advantages for me 2013 annual report

Transcription

1 advantages for everyone advantages for me 2013 annual report

2 2 advantages for everyone ANNUAL REPORT Report from the Chairman On behalf of the Board of s, I m pleased to present Voyageurs Credit Union s Annual Report for the 2013 fiscal year. The report is a great tool to learn about everything we achieved in 2013 and to look ahead to challenges we ll face together in I would like to start by thanking you for the confidence and the interest you ve shown in your financial cooperative. You are a member of your credit union because it meets your needs. We are always working to better support you in your financial decisions. RESULTS REFLECT NEW MEMBER HABITS Our credit union generated $4,045,913 in operating surplus earnings thanks to sound management that focused on your needs and on the quality of our services. Your credit union works tirelessly to provide you with the solutions and services that meet your expectations. We strive to develop innovative products and a team of professionals offering expert advice is always available to ensure customer satisfaction. As you may know, financial institutions must comply with increasingly strict requirements, especially for their capitalization. That is why the credit unions must manage the distribution of their operating surplus prudently. And that s exactly why your financial services cooperative exercises strong, sound judgment when distributing surplus earnings, placing Desjardins among the world s 15 strongest banks according to Bloomberg s World s 20 Strongest Banks, published October 1 st, OUR CREDIT UNION KEEPS GROWING There have been many technological advances since the inception of the first credit union. ATMs, direct payments, the Internet, and mobile payments all mean transactions can be carried out 24 hours a day, 7 days a week! We re adapting to your needs and putting technology to work for you. The Board of s reviewed the organizational framework of the credit union and came up with a better way to meet the needs of members at Voyageurs Credit Union and Caisse populaire Coniston Inc. Representatives from both credit unions formed a committee to analyze the feasibility of a merger. Rest assured that no concrete steps will be advantages for me taken without approval by members of both credit unions. You ll be invited to meet your directors and managers so you can let them know what you think and ask questions about the project, which we think represents a bright future for us all. The Board of s and the managers at the credit union took the decision to adapt to new habits of members and change the way of providing services in the towns of Lafontaine and Perkinsfield. With that said those two branches closed in October 2013 and were relocated to the new branch in Midland. Members that live in Lafontaine can still do their daily transactions at the local hardware store at the Desjardins counter. A full range of Desjardins products and services are now available in the heart of Toronto s financial district. The official opening of the new financial center, located at 11 King Street West, was held on December 4 th with the presence of Ms. Monique F. Leroux, President and CEO of Desjardins Group. This full service branch will enable us to better serve our existing members, as well as gain a foothold in this valuable market. The center also offers products and services of other Desjardins partners: Desjardins Financial Security Desjardins General Insurance Desjardins Securities Desjardins Online Brokerage Desjardins Card Services Desjardins Commercial Business OUR VALUES, OUR PRIDE We re going to keep working in 2014 so the credit union s quality of service and products stand out. Your satisfaction will keep playing a central role in every decision we make. Let us know what you think about our services. Constructive criticism from our members helps us improve and makes your experience a better one. Together we re building a more prosperous community! Robert Boucher Chair of the Board of s

3 3 Message from the Executive Every year, with support and guidance from the board of directors and the Audit Committee, your credit union strives to meet all of your financial needs and provide you with access to a wide range of products and services. Member satisfaction continues to be our primary concern, and our desire to serve you is only matched by our desire to focus even more on our cooperative difference and our mission to improve financial literacy. I am pleased to present the financial report of Voyageurs Credit Union for the fiscal year ended December 31 st, The results are directly linked to the trust you place in us, and we appreciate it. Your loyalty is what enables us to take advantage of our cooperative strength and keep growing while providing you with the best possible services. Business under management * Refers to elements concerning the financial situation of the credit union: deposit liabilities for investments-savings and loan assets for financing (personal and business) SAVINGS AND INVESTMENTS Savings and investments showed an increase of 12.5% compared to last year. In addition to the savings offered at the credit union, members have access to the most comprehensive catalogue of financial products, from mutual funds and securities to discretionary management services, all provided by Desjardins components. FINANCING Variation ($M) ($M) (%) Savings-Investments % Credit union* % Desjardins components % Financing % Credit union* % Desjardins components % Total % BALANCE SHEET Simplified Financial Statement - Financial Position Cash and Investments $58,726,978 $54,143,169 Individual loans $354,220,022 $307,657,638 Commercial loans $141,737,221 $138,041,068 Allowance for impaired loans -$1,408,878 -$1,344,519 Other assets $14,560,169 $13,909,316 Total Assets $567,835,512 $512,406,672 Term deposits $258,645,095 $242,137,742 Other deposits $212,240,629 $182,034,594 Loans and other liabilities $52,360,207 $48,584,981 Total Liability $523,245,931 $472,757,317 Share capital $9,332,949 $9,114,464 Accumulated other comprehensive income $1,029,377 $971,777 Reserve for fair value gains in derivatives The assets of your credit union increased by 10.82% compared to last year to $567,835,512. The credit union s liabilities were $523,245,931, representing an increase of 10.68%. Borrowings increased by 14.8% as a result of a rise in savings and investments, and now total $42,479,740. As of December 31, 2013, your cooperative s equity showed a solid growth, from $39,649,355 to $44,589,581, an increase of 12.5%. Continued on page 4. -$510,435 -$2,751,051 Retained earnings $34,737,690 $32,314,165 Total Equity $44,589,581 $39,649,355 Total Liability and Equity $567,835,512 $512,406,672 The total of the credit union s financing was $553,672,000, representing an overall increase of 2.6%. The credit union s loans made up a large share of activities and were up by 11.3%, while financing through the entities (loans sold or shared) decreased of 38.71%.

4 4 Message from the Executive STATEMENT OF INCOME Statement of Income Retraité Interest revenue $18,713,272 $18,035,863 Interest expenses $7,131,375 $6,655,246 Net interest revenue $11,581,897 $11,380,617 Provision for credit losses $136,047 $240,178 Other revenues $3,822,404 $3,405,720 Other expenses $11,222,341 $11,049,479 Operating Income $4,045,913 $3,496,680 Revenue related to an investment $2,166,813 $1,559,951 in a participatory deposit fund with the Federation Net income before fair value $6,212,726 $5,056,631 adjustments, patronage dividends and provision for income taxes Revenue related to the fair value -$711,095 -$1,033,564 of derivatives Provision for income taxes $441,621 $427,699 Patronage dividends $390,000 $600,000 Income tax recovery related to -$103,350 -$159,000 patronage dividends Net Income $4,773,360 $3,154,368 Dividends, part of our collective difference This year, with respect to the distribution of surplus earnings, we have declared a member dividend of $390,000. Since 2009, $2,915,000 was redistributed in member dividends. These calculations were determined by a balance between surplus earnings, growth and capitalization needs. Investment funds Deposit investment funds owned by the credit unions enable the Federation to coordinate investments in Desjardins Group subsidiaries. Through their activities, these subsidiaries in turn enable the credit unions to provide an extensive range of financial products and services to individuals, groups and businesses. The credit union has invested $13,204,509 in the deposit investment fund and had a 16.4% return at year-end. CONCLUSION In closing, I would like to recognize the work of each and every credit union employee. Without their attention to detail, their professionalism, and their dedication, we wouldn t be able to help our members reach their goals and play such an active role in the well-being our community. Together we re cooperating to build a stronger institution and a more dynamic society! During the past year your credit union generated operating surplus earnings of $4,045,913, up 15.7% compared to the previous year. Interest income totalled $18,713,272, an increase of 3.8% compared to last year. Meanwhile, interest expenses rose by 7.2%, to $7,131,375. Provision for credit losses were $136,047, or 0.03% of the total personal and business loan portfolio. Jean-Marc Spencer, MBA Executive Other income, generated largely from the distribution of products and services by Desjardins entities, was $3,822,404, up 12.2% compared to last year. Other expenses also show moderate overall growth, representing a 1.6% change and reaching $11,222,341.

5 5 Partners in Our Community 10 % A total of $208,800 was returned to the community in Youth and Schools Health Community Publicity 25 % 39 % 26 % Our Board of s Robert Boucher Chair Patrick Plourde Vice-Chair Carole Kairovicius Gérald Gervais Josée Forest-Niesing Michel Lavoie Louise Gervais-Guy Bululu Kabatakaka Roger Robitaille

6 6 Our employees Agostino, Stefanie Allard, Joanne Allarie, Jessica Aouni, Anas Arseneau, Diane Beauchamp, David (CFE) Bertrand, Lucie Bourque, Mélanie Brunet, Brigitte Brunet, Ginette Burke, Sandra Chajar, Maryem Charbonneau, Diane Chartrand, Janick Cheetoo, Anil Chiasson, Julie Constantinescu, Dana Couture, Andrée Daoust, Paul Deschamps, André Diotte, Thérèse Dipietro, Carmela Dubois, Monique Fex, Joanne Fletcher, Vanessa Gilfillan, Curtis Gingras, Sophie Godin, Patrick Hewitt, Colette Houle, Julie Janelle, Anne Joly, Chantal Kapustik, Lisa Katchen, Leslie Ann Keyes, Sylvie Lacelle, Christian Lachance, Lise Lachinette, Melissa Lamontagne, Pamela Lanoix, Katelynn Larcher, Julie Lavoie, Danika Lefebvre, Liette Lefrançois, Zaccharie Lemelin, Mélika Lemire, Julie Manirakiza, Michael Marchildon, Jocelyn Marion, Nicole Mathieu, Nina Mayer, Claudette McLaughlin, Lynn Moreau-Fleury, Ryan Morin, Adam Morzsolos, Samantha O Connor, Renée Pitre, Sherri-Lynn Plante, Stéphan Pothier, Brigitte Poulin, Lucie Préseault, Josée Racine, Pauline Racine, Suzanne Rainville, Michel Rancourt, Mélanie Rancourt, Suzanne Rheault, Claire Ricketts, Julie Rivard, Sylvie Robert, Paulette Robillard, Chantal Roque, Rosemarie Roy, Réjeanne Ruddy, Josée Rygiel, Carolyn Sarnowski, Jessica Schacherl, Claudette Séguin-Bisaillon, Corey Spencer, Jean-Marc Thibert, Alain Vaillancourt, Rachelle Vatinel, Sandrine Veeren, Manesha Vellucci, Marie-Paule Welton, Monique Wills, Joanne 531 Notre-Dame Avenue Sudbury (Ontario) P3C 5L Our branches Sudbury Region St-Jean-de-Brébeuf Lasalle Sudbury-South Ste-Anne Toronto Region Mississauga Toronto Oshawa Simcoe Region Midland Great North Region Thunder Bay