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Together, we’re building better futures for our members, employees
and communities.

Our purpose to build better futures together drives us to create meaningful impact for our members in an increasingly complex world. This past year our members faced a slowing economy, housing affordability struggles and high interest rates along with other external pressures. Reflecting on 2024, I’m grateful to our employees for their dedication to helping our members through these challenges and unlocking financial opportunities that make a real difference in people’s lives.

Growing responsibly today for a strong future.

Despite slower economic growth this year, our organization is resilient. Our balance sheet remained strong, maintaining healthy regulatory capital and liquidity throughout the year. Our retail and commercial loan portfolios grew by $138 million and $474 million respectively, while wealth investment assets under administration increased 15.4 per cent or $819 million. Although the interest rate environment and a severe downturn in the transportation sector impacted the profitability of our equipment finance division, we continued to grow and deliver a positive net income of $15 million.

Our financial strength and resilience were further corroborated when we maintained our long-term and short-term credit ratings of BBB (high) and R1 (low) from the global credit rating agency, Morningstar DBRS.

We were also recognized as one of Deloitte Canada’s Best Managed Companies, marking the 22nd year we’ve made this list and the 15th year as a member of the award program’s Platinum Club.

Driving our purpose forward with members at the centre.

In 2024, we remained focused on elevating our members’ experience by finding new ways to make membership meaningful and to deliver enhanced value. Our passionate and dedicated team consistently demonstrated adaptability, resourcefulness and determination—turning our purpose into action through products and services that have a direct, lasting impact on our members’ short- mid- and long-term financial well-being.

Together, we delivered new financial solutions and service improvements, including:

  • Everyday banking: We launched a new suite of chequing accounts to provide better value to members, including the Unlimited Chequing and Elevate Chequing Accounts. Both accounts provide free, unlimited Interac™ e-Transfers and day-to-day banking transactions. The Elevate Chequing Account comes with premium benefits in addition to access to Coursera’s global learning platform to support our members’ skill development and improve their earning potential. Through 2024, thousands of learning hours and course completions were logged on this platform by members seeking to enhance their skills and advance in their careers.
  • Investments: We assisted more members in growing their money with the introduction of new products and enhanced investment services, supporting our members in opening investment accounts.
  • Credit cards: We built on the success of our Collabria credit card partnership by enhancing our offering and pre-authorized loan programs, including the introduction of a highly requested US dollar card that provides a convenient payment solution for members traveling to the US or transacting in US dollars.
  • Digital banking: With more than half of all new memberships being opened online in 2024, digital banking remained a top focus. We continued to enhance the desktop and mobile digital banking experience making it easier for members to open new accounts, obtain account information, manage their products and services, make payments and complete Interac™ e-Transfers. We also modernized our Commercial Online Business Banking platform to meet the evolving banking needs of commercial business members. With our continued focus on enhancements, Surviscor once again named Coast Capital the Best Credit Union for Mobile Experience in Canada.
  • Commercial loans: In partnership with CMHC, we offered a new product through the Commercial Real Estate team to provide our commercial members with loans for the construction of rental housing, supporting the creation of rental housing units for our communities.
  • Personalized advice: We expanded our appointment availability to provide members with personalized and helpful advice. In 2024, our team of relationship managers completed more than 76,000 advice conversations—24 per cent more than in 2023—ensuring more members received guidance to support their financial well-being.

Looking ahead

Keeping us focused on what truly matters, our purpose continues to drive everything we do at Coast Capital.

Looking ahead to 2025, we expect the year to present new economic challenges; however, we will remain dedicated to growing responsibly to strengthen our ability to invest in solutions that make membership meaningful and banking easier. We’re also investing in our employees, fostering an inclusive workplace culture where everyone is empowered to deliver their best work and make a positive impact—for our members, communities and each other.

Together, we’ll continue to help unlock financial opportunities and grow incomes, building a better future for Canadians for years to come. With this clear vision and a strong team, I’m excited for the path ahead.

Calvin MacInnis,
President & CEO