Message From The Battle River Credit Union President...

PRESIDENT'S REPORT

      I am pleased to report to you on another record-breaking year for your credit union.

      Our business model is rather simple: we pay competitive rates on deposits, we make sound loans at competitive rates, we operate efficiently while making the credit union a great place to work, we build reserves and we return our profits to our members. Each of these areas is important, and to be an outstanding financial institution you have to do them all right.

      Our results speak for themselves: record profits before ProfitShare allocation and taxes of over $9 million. Record ProfitShare allocations to members of over $6 million, an increase of almost 50% over last year. Our reserves at year end stand at a record $37.663 million, representing just under 9% of assets. The board has set a goal for your credit union to achieve reserves of 10% of assets and we're almost there.

      Though the Battle River Credit Union is now the 35th largest credit union in Canada [outside Québec] and our Return on Assets is the second-highest in the country, we have not lost sight of our primary goal: service to you, the members.

      Outstanding service.

      Outstanding management and staff.

      Outstanding results.

      Sounds simple, doesn't it?

Alan D. Fielding, Q.C.
President