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.

For more financial highlights and a look at our five-year results >