Sunrise Credit Union reports net income of $4.6 million, loan growth

Brandon, Manitoba – Sunrise Credit Union held it’s 2018 Annual General meeting Tuesday night in Grandview with more than 100 members and staff in attendance.

The meeting included the release of Sunrise’s 2018 Annual Report, which included the audited financial statements. In 2018, Sunrise Credit Union reported a Net Income of $4.6 million, Loan Growth of 18%, Deposit Growth of 12%, and Total Equity of 7.07%. In addition, Total Asset Growth was 13.6% at just over $137 million, allowing Sunrise’s Total Assets to reach $1.15 billion.

Sunrise celebrated its 10^th anniversary in 2018, and the growth over the past decade has been tremendous. Sunrise now boasts 19 branches and approximately 30,000 members, an 81.1% increase in membership during the ten-year span.

Sunrise continues to be a leader in the communities we serve, with our staff volunteering over 7,000 hours of their personal time and corporate contributions over $300,000 to various community events and organizations, about 6.77 per cent of Sunrise’s pre-tax income.

Janice McClelland, Chair of the Board of Directors, also re-iterated the results of the recent 2019 Electoral District 3 Election and Glenn Young (reelected), Penny Johnson (reelected), Lon Cullen (reelected) and Craig Spencer (newly elected) were ratified for their three-year terms by the membership.

The Board also recently appointed Doug Van Damme of Laurier to fill a vacancy in District 1, and his appointment was also ratified by the membership.

Notable stats from the 2018 Member Survey were also displayed in the Annual Report. Some of the highlights included 94.7% of respondents indicating Sunrise is meeting our members’ overall needs with our existing products and services, 94.1% of respondents rating the Quality of our Personal Service Sunrise provides as Very Good or Good, and 95.4% of respondents indicating Sunrise’s involvement in Community Improvement was Very Important or Important to them.

In addition, 27 staff members were recognized at Tuesday’s Annual General Meeting for their dedication to the Credit Union system with presentation of 5 to 35 year service awards by President and CEO Tim Klassen.

(Submitted)