VANCOUVER, B.C.–The largest banks in British Columbia have been growing at a smaller pace than their smaller, community-based credit union counterparts, according to new data.
The assets of the five largest banks operating in British Columbia increased by an average of 5.7% in 2017 from 2016. Credit unions operating in the province increased their asset holdings an average of 6.2% over the same period, the data show.
Not only did banks grow more slowly than credit unions, but their one-year asset growth declined from an average of 8.3% in 2015, the same data indicate.
Credit unions, on the other hand, reported an average one-year asset growth of 6.2% in 2017, up from an average of 4.1% in 2013.
The largest credit unions in British Columbia, which is a competitive credit union market, showed average asset growth of 29.7% to $1.97 billion in 2017 from $1.52 billion in 2013, the new numbers show.
During the same period, banks expanded their average assets by 35.9%. Over a five-year term, CIBC, the smallest bank in the top five, had the largest asset growth, increasing its holdings by 43.9% to $597.1 billion in 2018 from $414.9 billion in 2014.