The good, the bad, the pandemic

Libro Credit Union in solid financial shape, but pandemic pain puts a drag on 2020 earnings

LONDON-BASED LIBRO CREDIT Union announced its 2020 financial results over the weekend at its annual general meeting, which took place virtually on Saturday.

Although the financial institution’s assets grew by more than $1.1 billion to a total of $9.6 billion, the economic toll of the pandemic showed up on the bottom line, with profitability dropping to $7.2 million from $13.1 million in 2019.

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According to CEO Steve Bolton, the past year showed the strength of the financial institution as it worked through the challenges of a pandemic year. “It is important that we recognize these are tough times for so many,” said Bolton in a released statement. “We all know someone directly affected by Covid.”

Libro’s core operating income also dipped, from $25.11 million in 2019 to $22.25 million in 2020.

Libro Credit Union CEO, Steve Bolton

On its operations side, Libro made several significant investments. It more than doubled the size of Libro Connect, its contact call centre, and handled more than 80,000 incoming calls, with an average wait time for callers of just 13 seconds. In addition, digital services were expanded significantly, including the ability to open accounts through their website and the addition of new smartphone debit pay options.

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The credit union also added more than 700 new businesses and 5,500 individuals as owners-members in 2020.

“Libro entered 2020 in a position of strength, confident in our plans to grow prosperity for our owners and to achieve our strategic objectives,” said chief financial officer, Kathleen Grogan. “It was an unforgettable year full of unique challenges, and we continued to grow and protect prosperity for individuals, businesses, and communities across Southwestern Ontario.”