UCU 2021 Annual Report Highlights

UCU Board of Directors Chair, Yaroslaw Borys and UCU CEO, Pidzamecky presented the 2021 Annual Report which showed strong financial results despite the many unprecedented disruptions of last year. Record asset growth, net profit, and increased donations marked a year in which UCU stood strong for our Members, for our community, and for Ukraine.

Thank You to Our Employees

On behalf of UCU members and the Board of Directors, a heartfelt appreciation was extended to our management team and back-office staff that continued to work in a seamless hybrid fashion to advance the UCU strategic growth plan. A special thank you was extended to our member-facing staff that kept branches open and provided uninterrupted service to our Members.

2021 Financial Highlights

In 2021, UCU continued to grow despite the pandemic’s disruptive effects on the economy, exceeding $1.0 billion in total assets and demonstrating solid financial performance with a record net income of $4.516 million.

Assets increased by $129.284 million (13.05%) to $1.119 billion, deposits grew $121.159 million (15.03%) to $927.130 million, while net loans to members increased $149.677 million (17.35%) to $1.013 billion.

Credit Report

In 2021, provisions for doubtful loans increased by $0.258 million (vs. $2.008 million in 2020) reflecting a decrease in default risk in our recovering post-pandemic economy.

Our management team will continue to closely monitor for economic risk factors inspired by the international supply chain disruption and higher interest that may require more aggressive loan loss provisioning even if our actual loan losses remain traditionally low.

COVID-19 Response

Our branches remained open with reduced hours and member service by appointment with our staff adhering to the COVID-19 guidelines set forth by the Ontario Ministry of Health. An ever-increasing number of members took advantage of our online banking, mobile app, and call centre platforms to conduct their business.

Sharing Our Co-Operative Success

In 2021, we stood strong in our commitment to support the many volunteer organizations that make up the fabric of the Ukrainian community and we strove to do our part to stand strong for Canada’s First Nations donating to 11 eleven organizations for indigenous child and youth-focused programs.

Through the UCU Helps Ukraine program led by staff volunteers since 2015, we collected donations to provide financial aid to Ukrainian soldiers injured due to Russian aggression in Eastern Ukraine.

2021 Annual Report

The full 2021 Annual Report, including the Audit Committee report, report of the Independent Auditor and summary consolidated statement of financial position can be found on the UCU website.