For immediate use
Monday, April 17, 2023
Libro Credit Union has announced annual results that show another successful year while sharing the story of how Libro continues to make a difference people and communities.
At its Annual General Meeting on Saturday, the credit union welcomed Libro Owners to an event with the theme From Strength To Strength. All Libro customers are shareholders because they own a share of the company; they elect Owner Representatives as their delegates to the AGM.
Libro Credit Union, which is a certified B Corp© and led by a social purpose, makes decisions while considering their impact on the community, with a special focus on the areas of financial resilience; housing; local food accessibility; and employment.
This year’s highlights include:
- The credit union’s total portfolio grew by 6.6% to $11.6 billion.
- Our total investment in community through grants, sponsorships, donations and scholarships was more than $1.3 million.
- Libro now has 113,579 Owners, with more than 7,500 joining during 2022.
- And the credit union employs 796 staff, 72% of whom identify as women. And we invested $1.67 million in staff training in 2022 – that’s an average of more than $2,000 per person.
- Libro returned a total of $19.63 million directly to Owners, in profit-sharing and dividends, and investment shares.
- The credit union’s net income, before taxes and profit-sharing, was $56 million.
Libro’s Interim CEO, Carol Normandeau, said: “It’s a source of great satisfaction for us all to report on such a successful year, despite all the challenges and volatility in our sector over the past year and more.
“These annual results really do show that Libro is going From Strength To Strength, as a trusted and secure financial institution that exists to make an impact on people and communities in southwestern Ontario. I want to thank each and every Libro Owner for banking with us, and all Libro staff for their hard work and dedication to Libro’s purpose.”
The credit union’s impact is also part of the storytelling on Libro’s new podcast, Money Made Better, launched to coincide with the AGM. The latest episode features Corporate Secretary Janet Taylor
and Owner representative Elizabeth Baldwin, discussing cooperative banking and what happens
when a financial institution is run as a democracy. We would, of course, love to talk with media
partners about this topic.
Media contact: Mike Donachie, Communications Manager, Libro Credit Union
P: 519-672-0130 ext. 4344, C: 226-926-4068, mike.donachie@libro.ca
Visit libro.ca/media.