Vancity reports net loss in 2023 citing ‘unprecedented’ economic period

Vancouver City Savings Credit Union (Vancity) saw itself in the red for the first time in many years in 2023.

Vancity revealed in its year-end financial results in March that the credit union had a $1.3 million net loss in 2023, following one of the strongest financial years in 2021 and a year with moderate growth in 2022.

The credit union attributed the profitability loss to an “unprecedented economic period” characterized by a prolonged inverted yield curve, which resulted in “significant compression” of Vancity’s margins, according to the report.

The report also noted that the rapid rise of interest rates, combined with changing member behaviour and stock market weakness,

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