2011 proved particularly favourable, for Caisse populaire de Cornwall, which, at the close of the year ending December 31, 2011, posted surplus earnings, after member dividends, of $2,598,000, up 25 per cent over the same period last year.
Intent on consolidating its position and achieving growth while meeting its members’ needs, the Caisse continued to strengthen its capital base. In distributing its surplus earnings, the Caisse was able to ensure a sound balance between its development, capitalization and future. At the end of fiscal 2011, members will share $350,000 in dividends.
“In this International Year of Cooperatives, our caisse’s excellent results, its community involvement, and the spirit of its board and employees make it clear that the co-operative business model is as relevant today as it was over 59 years ago, when the first caisse populaire in Cornwall was founded. I want to thank our members and partners for their trust and loyalty; our managers for their dedication; and our employees for the quality of their work and their service delivery,” said Ronald Bonneville, president of the Caisse's board of directors.
At the close of its 2011 fiscal year, Caisse populaire de Cornwall reported an increase of 7.1 per cent in total business volume. Overall, its loan portfolio grew by 9.68 per cent compared to last year, with consumer loans amounting to $101,266,000, up 10.91 per cent, and mortgage loans increasing by 8.08 per cent to reach $76,118,000. Meanwhile, commercial, agricultural and institutional loans represented $53,000,000, compared to $49,358,000 the previous year. Any sound financial management begins with savings. In 2011, savings deposits rose 3.3 per cent compared to 2010.
Lastly, as at Dec. 31, 2011, the Caisse assets totalled $185,950,000, compared to $172,708,000 the previous year.
With over $185 million in assets and some 7,600 members, Caisse populaire de Cornwall pursues its mission to contribute to the economic and social well-being of its members and the community. The Caisse offers the complete range of financial products and services of Desjardins Group, of which it forms an integral part. The leading financial cooperative group in Canada, Desjardins Group is one of the largest employers in the country and has been named one of Canada’s Top 100 Employers Canada’s Top 100 Employers for 2012TM. Desjardins is supported by the skills of its 43,600 employees and the commitment of close to 6,000 elected officers, and offers a cooperation and education program to both its members and the general public. For more information, visit www.desjardins.com/co-opme.