Sunrise Credit Union recorded record numbers in 2022.
Sunrise held its annual general meeting virtually on April 25, attended by approximately 130 members and staff.
The meeting included releasing the Sunrise Credit Union 2022 Annual Report, which included the audited financial statements. The statements reflect a Net Income of $16.6 million, Loan Growth of 6.9%, Deposit Growth of 4.5%, and Total Equity of 7.1%.
“It was an amazing year as loans increased $90 million year over year and we jumped by about $60 million on the deposit side. To to op it off delinquencies stayed well below our threshold so I’m pleased our members and the economy in this part of the world is weathering the storm. We’ve had the benefit of a good year last year and so far we’re off to a great start in 2023,” said Sunrise President and CEO Tim Klassen,
"2022 was another great year for Sunrise Credit Union. We continued to make progress on our goals as an organization by improving processes to enhance member experience while providing the service our members have come to expect."
"It was also a record year for profit as we benefitted from the increase in the prime rate." Klassen reviewed some of the highlights for Sunrise Credit Union in 2022, including supporting many community projects, sponsorships, and events financially and through staff volunteerism. As a result, Sunrise contributed more than $450,000 towards the economic and social health of the communities it serves. Among the highlights in 2022 were a $50,000 donation to Ukrainian humanitarian aid, $50,000 toward the Onanole & District Recreation Centre, and $25,000 worth of scholarships to youth for post-secondary education. At the same time, its employees volunteered more than 8,500 hours.
In her remarks, Sunrise Credit Union Board of Director Chair Agnes Kokke thanked her fellow board members for their dedicated governance and commitment to continuous learning. She also expressed gratitude to the more than 34,000 Sunrise members and spoke about the challenges faced in 2022.
"2022 brought much unrest in the world by an ongoing brutal war that has indirectly affected us all. In addition, high inflation and continued supply chain issues brought an unprecedented rise in interest rates." said Kokke, "Sunrise Credit Union is committed to working with members through difficult times."
“Ahead in 2023 we look to keep growing and we’ll invest heavily in technology and people so we can provide online banking platforms to serve our members better and to meet the needs they expect.”
When it comes to the future of Credit Unions Tim Klassen isn’t sure what lies ahead with possible amalgamations. “When I first started there were 90 credit unions in Manitoba and now, we’re down to 16 so there’s been a huge shift but overall credit unions in Manitoba are embraced because a large part of population is part of a credit union and that can’t be said in many other provinces.