Cambrian Credit Union logo


on our

2018 Annual Report

Over the years, Cambrian Credit Union has been helping our members grow by making banking easy, understandable and convenient. We provide each one of our members with the support and literacy to make strong financial decisions and have helped over 64,000 members build their financial foundation for making their dreams come true.




Innovative Spirit

  • Approximately 925,392 pieces of paper saved in our Green for Green Program in monthly statements alone
  • Introduced Digital Identity Verification for new member mobile account opening
  • Introduced our Collabria MasterCard to better serve our members

Member Focused

  • Unfee’d $5.951 million service fees last year up to a total of $36,296,870 to date
  • 99.7% of members are either satisfied or very satisfied with their service at Cambrian
  • 97.8% would likely refer Cambrian to their friends and family
  • Membership growth of 840

Integrity & Honesty

  • Over 280 Cambrian employees serving our members with integrity and honesty everyday
  • A combined 390 years of service awarded at our Long Service Awards


  • Net Income of $25.225 million
  • Asset Growth 2.71%
  • Efficiency ratio 49.85%

Community Involvement

  • Awarded 12 educational bursaries
  • Donated over $290,000 to 34 charities
  • Provided over $150,000 in sponsorships to support 40 organizations across Winnipeg and Selkirk

Celebrating 20 years of helping our customers grow.

Since 1998, we have been offering Canadian savers a simple and self-serving way to achieve their savings goals with our virtual division, Achieva Financial. This year marked a milestone as we celebrated our 20th year Anniversary, making us the longest serving direct to consumer savings solution in Canada.

Our strength and continued success allows us to provide our customers confidence, security and the best available rates in Canada. It’s this simple and consistent approach that has driven the success of our Referral Petal Program with over 200 fellow savers referred by Achieva customers in 2018.



to Members

From the Board and Management of Cambrian Credit Union

Net Income
$25.225 million
Asset Growth
Efficiency Ratio

2018 marked another year of opportunity, achievements and change as we steered through a quick shifting economy and significant market volatility. Despite the challenges faced, we met and exceeded our target objectives with our continued focus on prudent financial management, high-quality growth and carefully managed exposure to risk.



This year’s financial results are a reflection of our commitment to prudent financial management and carefully managed exposure to risk.

View our full financials (PDF) at the link below.


Comparative 5-Year Chart

(THOUSANDS OF DOLLARS) 2018 2017 2016 2015 2014
Assets 3,696,794 3,599,082 3,468,031 3,287,985 3,094,775
% Growth 2.71% 3.78% 5.48% 6.24% 5.00%
Net Interest Income 50,516 45,578 40,235 40,012 40,767
Provision for Loan Loss 222 700 720 600 -272
50,294 44,878 39,515 39,412 41,039
Other Income 21,168 20,811 19,712 19,561 19,163
71,462 65,689 59,227 58,973 60,202
Operating Expenses 35,732 35,147 33,020 31,923 30,755
Income from Operations 35,730 30,542 26,207 27,050 29,447
Refunded Service Fees 5,951 5,646 4,911 4,674 4,426
Income Tax 4,554 3,216 3,618 3,805 5,176
Net Income 25,225 21,680 17,678 18,571 19,845
Regulatory Share Capital 9,364 9,443 9,602 9,717 9,820
As a % of assets 0.25% 0.26% 0.28% 0.30% 0.32%
Retained Earnings 275,593 250,958 229,557 212,156 193,881
As a % of assets 7.45% 6.97% 6.62% 6.45% 6.26%
Regulatory Equity
as a % of assets
7.71% 7.24% 6.90% 6.75% 6.58%
Efficiency Ratio 49.85% 52.94% 55.08% 53.59% 51.32%


(in Millions)

Net Income

(in Millions)

Efficiency Ratio

(Operating Expenses as a % of Revenues)


(in Millions)


(in Millions)

Regulatory Equity

(in Millions)


of Directors

Our Board of Directors are Cambrian Credit Union members themselves, nominated and voted on by you. Their invested interest and strong guidance has allowed us to stand out amongst our competition and has directed us to be the organization we are today.

Ken K. Lamoureux


Judy Mathieson


Alan Curd


Howard Falk


Cindy Genyk


Paul Holden


Jeffrey Morton


Valerie Romanow


Guy Whitehill


Aurore Stacker



Annual Report

As part of our commitment to building relationships with our members, Cambrian provides an Annual Report for you to review our financial health and our operational achievements during the previous year. Our Board of Directors invites you to review our past Annual Report.

A Year of Success

Cambrian Credit Union experienced another year of growth as our deposits grew $73.117 million or 2.20 per cent; loan growth was $148.718 million, up 4.85 per cent from 2017; and our assets grew by $97.712 million. Finishing the year with 2.71 per cent growth to $3.697 billion and a net income of $25.225 million.

In 2018 we reached $283.662 million in total equity, a total of 7.71 per cent of assets, or 13.34 per cent of risk weighted assets. Our retained earnings ended 2018 at $275.593 million, or 7.45 per cent of our assets. This high level and quality of equity underpins our financial strength and capacity to deliver value to members.

We’re Member-Focused

At Cambrian, we’re focused on making sure our members receive the best value with our products and services. That is why seven years ago we introduced The Unfee, a value-added benefit which refunds standard transaction and monthly package fees to all members who have set up a recurring direct deposit. The Unfee has become a part of what makes us Cambrian and this past year we refunded $5.951 million in service fees back to our members, bringing our Unfee total to date $36,296,870.

As an additional member benefit, we offer the Green for Green program, offering our members to make the switch from paper statement to e-statement and receive $1 each month. As of December 31, our Green for Green program had 38,558 registered members paying $441,500 last year, a 5.12 per cent increase from 2017.

At Cambrian, we consistently work as efficiently as possible, while providing our members with industry-leading value. In 2018, our efficiency-ratio was 49.85 per cent, our best to date, allowing us to act as one of the most efficient credit unions in Canada.

Our presence is strong and trusted throughout the marketplace and people are recognizing that being a Cambrian member pays-off. Our reputation, unique approach and total member experience has helped us reach net membership growth of 840 individuals, bringing us over 64,000 total members in 2018.

We’re proud to provide industry-leading value to our members, while acting as one of the most efficient credit unions in Canada.

Cambrian’s Innovative Spirit

We continually strive to advance our product and service offerings to meet the fast-changing needs of our members. In 2018, Credential Direct became Qtrade Investor. Qtrade Investor provides our members access to Canada’s top-ranked online brokerage and NEI Investments, Canada’s leading provider of Responsible Investment solutions.

Nowadays people are bringing their smartphones wherever they go, and we want to make it easier than ever for our members to make purchases. That is one of the reasons we launched Apple Pay, allowing our members to make purchases with their Apple device using the CambrianMobile app or by adding their Cambrian debit card to their mobile wallet. With security at the forefront, Apple Pay includes additional layers of security with state-of-the-art encryption, tokenization, and passcode protection for transactions over $100. Our members have embraced Apple Pay with much enthusiasm. We have seen significant month-over-month increases in the use of this technology since its availability in the spring of last year.

Security is always a priority for Cambrian and we’ve added additional technology to our CambrianMobile and AchievaMobile apps. Our newly enhanced Digital Identity Verification process allows us to establish the identity of the person opening a Cambrian or Achieva account using our mobile apps. When an applicant chooses to take a photo of their ID to open an account, they will now also need to take a “selfie” to verify their identity. This functionality uses advanced liveness detection to prevent spoofing, data falsification and impersonation.

In August, we announced our partnership with Collabria Financial, offering our personal and business members a new suite of credit cards including the Cambrian Cashback Mastercard, Cambrian World MasterCard, Cambrian Student MasterCard and Cambrian US Dollar MasterCard.

Also in 2018, we launched a new way for our Achieva customers to reach out for assistance - Live Chat. This feature, which is available on our Achieva website, in Achieva’s Online Banking and on our AchievaMobile app, connects users with an Achieva representative, allowing them to get a timely response to their inquiries.

More Than Just Daily Banking

In addition to the daily banking services our members have come to expect, we offer our members investment planning advice from our Wealth Management department, business services from our Commercial and Small Business Banking department, and the ability to manage their own investments online with a Qtrade Investor online brokerage account.

Cambrian’s virtual division, Achieva Financial, had its 20th anniversary in 2018. To celebrate, we offered two 20th anniversary rate specials to new and existing Achieva customers. Throughout 2018, savers benefited from continued deposit rate increases. Achieva customers who refer friends and family to Achieva are rewarded with a cash deposit, a perk that our customers are consistently taking advantage of.

Our Commercial and Small Business Banking team continues to serve Manitoba-based businesses from sole proprietors, to large companies and non-profit organizations. This year our team reached a significant milestone surpassing the $1 billion mark in our commercial loan portfolio.

Our members look to Cambrian’s Wealth Management professionals for personalized wealth building and investment strategies. Our assets under management concluded the year at just over $525 million in assets, growing revenues by 14.4 per cent. We also finished the year with over 800 Qtrade Investor accounts for $26.85 million in assets under management.

As a result of our continued growth, our Wealth Management and Commercial Services teams relocated to new office space located at 287 Broadway, allowing us to better serve our members with additional room to grow.

The Cambrian Team

Cambrian Credit Union would not experience the level of success we have had without the dedication of our 280 employees across all departments who provide excellent service to our members. All Cambrian team members, from our board of directors, management, to our front-line staff work together to provide exceptional value to our members. Their passion, dedication and hard work have guided us in being the organization we are today.

Cambrian’s board of directors are all members, meaning they are invested in the success of our credit union. Personal and professional development is an ongoing priority, allowing our board to keep current in the governance best practices of the credit union system in Manitoba and Canada. Throughout the year, the Board meets regularly to set policy and direct our corporate strategy, which contributes greatly to our continued success as a leader in the Manitoba marketplace.

Thank you to our dedicated team members for another successful year and for your hard work.

Cambrian’s management team leads our employees and takes steps to move us towards our 2025 strategic vision. Their ongoing leadership contributes to our continued success.

We are guided by our core values: integrity and honesty; member focused; competitive; community involvement; and innovative spirit and we are proud to see our people live these values every day. To the staff, management and board at Cambrian Credit Union, thank you for your hard work and service, and we look forward to the year ahead.

Thank You!

We would like to thank you, our members, for continuing to choose Cambrian Credit Union as your financial institution and for your trust and support. As we head into our 60th year, we look forward to a very strong future together.

On behalf of the board,

Ken K. Lamoureux, ACCUD, CGEIT, ICD.D

Board Chair

On behalf of management,

Tom Bryk, FCPA, FCA, ICD.D

President & Chief Executive Officer