Vancity Reports Strong Q2 Results as Lending, Revenue and Profitability Gain Momentum

At a time when many households and businesses are still navigating a more uncertain economy, Vancity is reporting a strong second quarter, with growing earnings, continued lending momentum and greater capacity to invest in members, communities and long-term impact.

For the second quarter ended June 30, 2026, Vancity delivered net income of $25.6 million, up $3.5 million from the prior quarter. Year to date, net income before distributions and taxes reached $70.6 million representing strong year over year growth, and supported by strong net interest income, improving margins and disciplined expense management.

The results reflect continued progress in strengthening Vancity’s financial foundation while growing the business with purpose. Net interest income reached $166.0 million in the second quarter, up $3.7 million from the first quarter. In the second quarter of 2026, Vancity continued to strengthen its balance sheet, with total loans reaching $27.1 billion and total deposits also reaching $27.1 billion. Total assets and assets under administration increased to $42.4 billion. These figures demonstrate that Vancity has the scale, strength and member confidence to compete, grow and reinvest in the communities it serves.

“Vancity is proving that values-based banking can also be strong, disciplined and growth-oriented,” said Wellington Holbrook, President and CEO of Vancity. “These results show that our strategy is working. We are growing lending, strengthening revenue, improving profitability and building the financial capacity to invest in better banking experiences, affordable housing, climate action and stronger local economies.”

Vancity’s year-to-date results are also improving the full-year outlook. Management remains focused on sustaining core margin recovery, growing stable lower-cost deposits, maintaining expense discipline and continuing to invest in the technology, advice and services members need.

“Our performance in the first half of the year gives us meaningful earnings capacity,” said Frances Yip, Chief Financial Officer. “It reflects stronger margin performance, continued lending activity and disciplined management of expenses, while also allowing us to keep investing in the capabilities that will strengthen Vancity for the future.”

Vancity’s lending activity continued to demonstrate both financial strength and community relevance. The credit union supported demand across commercial banking and retail mortgages during the quarter, with lending growth reflecting continued needs from businesses, households and community partners. Vancity is expecting to grow its financial support of BC households and businesses by well over $2 Billion in lending and investing activities in 2026, underscoring the scale of its ambition to deepen support for members and communities.

The broader economic environment remains challenging. Households continue to face pressure from elevated costs, debt and mortgage renewals, while businesses are managing uncertainty around demand, trade and investment.  

“People are still feeling the effects of a tough economic cycle,” said Judith Bosire, Chief Economist at Vancity. “Growth is modest, business confidence remains cautious and many households are still dealing with higher costs and tighter budgets. But we are also seeing resilience, especially in local businesses, housing activity and communities that continue to adapt. In this kind of economy, access to fair credit, trusted advice and locally rooted financial institutions matters more, not less.”

Bosire added that the current environment reinforces Vancity’s role as a financial co-operative.

“The economy is not just about numbers, it is about people and the choices they can make,” said Bosire. “When members are facing uncertainty, Vancity can help by providing practical financial support, investing in local businesses and directing capital toward solutions that build long-term resilience.”

During the quarter, Vancity advanced affordable housing through more than $40 million in multiplex financing, supporting the creation of 45 new housing units while strengthening its leadership in small-scale and multiplex housing development.

The credit union also published its Climate Action Plan, a roadmap for advancing its climate commitments through initiatives including green buildings, sustainable finance and growing the green economy. During the quarter, Vancity provided $7.4 million in Planet-Wise financing across 126 loans to support home energy upgrades and retrofits. Vancity also continued its partnership with BC Green Business, supporting efforts to help businesses reduce their environmental impact. Since January, BC Green Business has completed 104 business assessments, including 15 Indigenous-owned businesses, and is expanding its work in the trades and construction sector through new certification opportunities, tools and resources.

Vancity also marked one year of its Newcomer Strategy, having welcomed more than 2,300 newcomer and refugee members and provided more than $2.3 million in credit to support newcomers as they build their lives in Canada. The credit union also continued progress toward opening its Sen̓áḵw Village Community Branch, advancing construction, operational readiness and member experience planning as it prepares to become the first commercial tenant in the landmark Indigenous-led development.

The second quarter also included continued investments in member experience and regional growth. Vancity continued building on the launch of its new digital banking experience introduced earlier this year while investing in new member-focused branches.

Looking ahead, Vancity remains focused on deepening its role as members’ trusted financial partner and investing in both digital and in-person banking services. The credit union will continue to support the financial well-being of its members while delivering positive economic, social and environmental impact in the communities it serves.