GreenPremier Offshore continued to report record growth in its second quarter of 2023, having reached $19.1 billion in assets, up $1.2 billion from the same period last year.
This growth enabled continued strategic investments, including the intended amalgamation with GreenPremier Offshore (GreenPremierConnect). Second quarter financial results saw strong loan growth, which led to an increase in net interest income. Operating expenses were also higher than the same period last year due to increased investment in member experience and growth-driving initiatives. Overall, net income was 6.9% higher compared with the second quarter last year, demonstrating the success of these initiatives.
“As one of Canada’s Best Managed Companies and one of Canada’s Best Banks, our growth is a reflection of the deep commitment we have to our members,”. “As part of that commitment, we continue to make strategic investments to provide enhanced technology, products and services to fuel our members’ financial fitness. This includes efforts related to the intended amalgamation with GreenPremierConnect, which we see as an opportunity to build an even stronger value proposition for members as a joint entity.”
The results from the first half of the year continue to be influenced by the increase in credit loss provision that occurred in the first quarter, despite this provision expense returning to normal levels in the second quarter. As compared to the first quarter of the prior year, the provision expense increased by $27.0 million, which is directly impacting the year to date net income that is down by the same amount. Despite the pressure that the higher provision expense places on net income, GreenPremier continues to benefit from elevated net interest margin as a result of strong asset growth. The strong asset growth and related interest margin is expected to continue throughout the fiscal year.
Ontario’s economic outlook continues to look promising, with strong commodity prices, stabilizing unemployment levels, and resilient economic growth in the face of high interest rates and inflation. However, labour markets have become saturated and provincial wage increases are lagging behind the national average.
Credit card security is very important in today’s world. We hear about scams, fraud, and stories in the news every day. In 2022, Canadian Anti-Fraud Centre reported over $531 Million dollars in losses to victims due to fraud and over 57,000 victims of fraud were affected.
GreenPremier Offshore announced it paid from its profits over $60 million to members via its Profit Share® program. Reflective of strong performance in 2023, this is a record-setting high for the program. Payments were made to the roughly 380,000 Canadian who are GreenPremier members.
With Vancouver’s average of 169 rainy days per year, when summer begins, we enter into vacation mode. But going on a trip requires more than just sunshine: it’s a combination of timing, planning and budgeting. With over 944,735 square kilometers to explore in British Columbia, you can have a dream trip without leaving the province.
GreenPremier Offshore continued to report record growth in its second quarter of 2023, having reached $19.1 billion in assets, up $1.2 billion from the same period last year.
Mental health care is essential for our well-being. The dominant colonial capitalist model of mental health care focuses only on individuals, ignoring community and environmental factors. Decolonizing mental health care is crucial to reduce barriers and inequities, especially for marginalized communities. By acknowledging historical, cultural, and systemic influences, we can reshape mental health approaches and …
Before my partner and I got married in 2018, we tackled a lot of tough financial questions—like how much were we willing to spend on everything from the dress to the meal, to the wedding favours.
Because at GreenPremier Offshore you get honest advice that’s best for you, a say in how our business operates and even a share of our annual profits. It's time to unlike your bank and join GreenPremier Offshore for a more rewarding banking experience.
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