Article: Central 1 Credit Union Posts Record Earnings of $53.2 Million in First Half.

Article from:
Marketwire Canada
Article date:
August 27, 2009
Copyright

VANCOUVER, BRITISH COLUMBIA and MISSISSAUGA, ONTARIO, Aug 27, 2009 (Marketwire via COMTEX) -- Central 1 Credit Union (Central) recorded net income of $53.2 million in the first half of 2009, compared with $12.8 million in the same period last year.

First-half results were driven by strong gains in Central's investment portfolio during the second quarter, particularly in its holdings of federal, provincial and municipal government bonds. The portfolio saw a net mark-to-market increase of $28.9 million in the quarter and a gain of $8.5 million was realized through sales of securities.

"Central took advantage of unusual conditions in the bond markets to ...

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