Many factors played into our overall financial performance in 2020.
Lower interest rates caused significant reductions in our margins. Changes in member spending and banking behaviours due to COVID-19 reduced service fee income, and the severe impact the pandemic had on many individuals and small businesses can be seen in the increases in our loan loss provisions. It was a tough year, but our financial strategies and focus on cost effectiveness enabled us to ride out the storm. Kootenay Savings is well capitalized and we are confident we will come out the other side of COVID-19 as a stronger credit union.
Good news in growth.
In 2020, our deposits and
loans grew by 6.62% and
$2.67 billion in dollars under management
represents an increase of 7.69% over
the previous year.
$349,883 was shared with our member-
owners through a 1.25% patronage
dividend for 2020.