June 4, 2026
Territories of Musqueam, Squamish and Tsleil-Waututh Nations / Vancouver, B.C.
Vancity is reporting solid financial results for the first quarter ended March 31, 2026, as continued growth and improved performance reflected the credit union’s progress in advancing its transformation and strengthening its financial foundation.
Building on momentum established in 2025, net income for the quarter rose to $22.0 million, up $6.4 million from the prior quarter and $8.1 million from the first quarter of 2025. Results for the quarter were ahead of plan, positioning Vancity well for the balance of the year.
First-quarter performance was driven by net interest income of $162.3 million, an increase of $16.0 million from the prior quarter, with continued lending growth and improving interest margins.
Balance sheet growth remained strong during the quarter, with net lending increasing by $285.9 million, driven by continued demand across both retail and business portfolios. Growth in lending was led by business and commercial activity, while retail lending remained stable, supported by strong renewal volumes.
Member deposits grew by $461.3 million, reflecting strong member confidence and strengthening Vancity’s funding base. Deposits grew through strong uptake in retail savings products, supporting liquidity and funding for continued lending.
“As a member-owned financial co-operative, our focus is on people and communities, and that continues to guide how we grow,” said Wellington Holbrook, President and CEO. “We’re seeing strong momentum across lending and deposits, reflecting trust in our values-based approach, and we’re building on that by investing in digital services, supporting local businesses and co-operatives, and expanding access to values-based banking for more Canadians.”
In the first quarter, Vancity continued to deliver impact across its core focus areas. The credit union financed 858 affordable housing units and committed $6.35 million in community grants, including significant investments in affordable housing through Vancity Community Foundation. Vancity also progressed its climate commitments, achieving a 15 per cent reduction in operational emissions compared to its 2023 baseline as it works toward net-zero by 2040.
Other significant first-quarter milestones included the completion of Vancity’s new digital banking experience and the launch of a refreshed brand that reflects its evolution into a more modern, member‑first financial co-operative. Informed and tested by members, the new app and desktop platform is designed to make everyday banking simpler, more convenient and reliable, while providing a stronger foundation for continued service improvements and new features over time.
Looking ahead, Vancity continues to invest in its operations and technology to better serve members and support long-term, sustainable growth. Spending on digital banking has increased to meet evolving member needs, while in-person service and expert advice remain a priority. At a time when many financial institutions are reducing their physical footprint, Vancity is expanding its presence in the Vancouver area, with several new member-focused branches opening this year.
Vancity is a values-based financial co-operative serving the needs of its 588,000 member-owners and their communities, with offices and more than 60 branches located in Metro Vancouver and Squamish, the Fraser Valley, the Sunshine Coast, the Vancouver and Gulf Islands and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw Peoples. With $41 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically, and environmentally sustainable.
