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2022 Annual Report

    2022 Annual Report

    A message from our Board

    Our members are at the heart of everything we do. We exist because of you and we are grateful for your continued support. Prospera’s enduring purpose speaks to our collective desire to contribute in a meaningful way to our membership and to the communities where we all live, work and play. In 2022, more than any other year since our merger, we have made great strides toward our purpose:

    Together, we will build vibrant and healthy communities, thriving local enterprises and financially empowered people.

    Read the full Report of the Board of Directors here.

    Highlights

    Key Results
    Unveiled our new Prospera app, offering richer mobile banking capabilities and higher levels of security.  
    One banking system
    Moved all members to one banking system. This fulfilled an important merger promise as you can now complete all of your banking transactions at any of our 26 branches across the Lower Mainland, Fraser Valley and Okanagan
    Website
    Launched the newly designed Prospera.ca for a better user experience and a clean, streamlined look.

    With purpose, passion and resilience, we defined our success in 2022 by:

    1. Creating amazing member value 
    2. Having highly engaged employees 
    3. Building strong and resilient organizational health 
     
    Annual Report Business

    Business Banking and Leasing 

    Our Business Banking and Leasing line of business supports almost 13,000 local business owners and 6,000 leasing customers. It includes three Business Banking divisions: Local Business, Core Commercial and Real Estate Development, as well as two Leasing divisions. 

     

    2022 highlights included: 

    • We increased Business Banking lead syndication as a new revenue stream to support loan growth beyond our desired capital ratios and to meet our members’ needs while managing our capital, given our capacity for asset and loan growth across all lines of business. 
    • Our Leasing portfolio had material growth of 42% in 2022, due to leveraging our strong team and program via core national relationships. 


    Both the Business Banking and Leasing portfolios performed very well with low impairment losses or special account management/collections required.

    “We had some cashflow issues last year and Prospera was able to help us get through this hurdle by increasing our working line of credit. We were put in contact with the equipment leasing department to free up more cash, which we had used to purchase new machinery. What impressed me the most was their ability to complete these tasks in the timeframe that we needed and now we can focus on our business.”

    - Viha Nguyen CFO, Viaduct Sheet Metal
     
     
    Annual Report Personal

    Personal Banking 

    Our Personal Banking team serves all members across our 26 branch locations and continues to provide knowledgeable, tailored advice to support our members’ overall financial well-being. 

     

    2022 highlights included: 

    • All 26 branches have the new Prospera branding 
    • One banking system for all members 
    • Our lending portfolio experienced strong growth of $290M
    “In these days of unrest and increasing difficulties in negotiating the simplest of contracts, it’s an absolute joy to work with Prospera. Your whole team was involved in the support and efforts to get my grandchildren their first home. I am not only greatly relieved, but proud to think of you all as truly our financial family!”

    - William, long-time member
     
     
    Wealth

    Wealth

    Prospera’s dedicated team of wealth management professionals provide expert advice to help clients plan for their future. Our core services include financial planning, estate planning, tax planning, income protection and investment management. 
     

    2022 highlights included: 

    • We served more than 16,000 members with a wealth product and managed more than $1.6B of assets on behalf of these members. 
    • We now have a team of more than 45 financial professionals to help our members achieve their financial planning goals. 
    • Every member of our advisory team holds their Responsible Investing Specialist (RIS) certification, equipping them with the expertise they need to support our members in sustainable investments and discuss environmental, social and governance (ESG) considerations. 

    “I haven't known a financial advisor or banking institution that would take the time as my advisor has to talk me about my personal worries in light of world problems. I just want you to know it made a difference and that I appreciate you very much.” 

    - Kate, 8-year member 
     
     

    Member Service Centre

    Our Member Service Centre (MSC) offers a wide range of banking and lending solutions to members over the phone and online. Throughout the year, our team received and responded to more than 160,000 phone calls and 18,000 emails from our members. 

    2022 highlights included: 


    • We redesigned our MSC phone menu and introduced a new internal escalation line to better support our members.  
    • After moving all members to one banking system, we completed the amalgamation of two Member Service Centres into one. 
     

    Digital

    One of our strategic imperatives is a greater focus on digital capabilities to provide better value to our members and enable our employees to thrive. Along with introducing several new online banking features as part of the move to one banking system.

    2022 highlights included: 


    • In February, we unveiled our new Prospera app, offering richer mobile banking capabilities and high levels of security.  
    • In May, we launched the newly designed Prospera.ca for a better user experience and a clean, streamlined look.  
    • In July, we introduced a new online appointment booking solution for our members, making it easier and faster to schedule meetings at your convenience. More than 1,300 online appointments have been booked using this feature.
     

    2022 financial highlights

    13.4%

    Capital Ratio

    6.9%

    Return on Equity

    13.4%

    Efficiency Ratio

    0.42%

    Return on Assets

    $160.6 million

    Net Interest Income

    $29 million

    Net Income

    $6.1 billion

    Loans and Leases Receivables
    Community

    Communities and
    Local Good

    The Prospera Foundation (the Foundation) is one of the largest credit union foundations in Canada with more than $9.15 million in assets and is committed to supporting local charities that help make our communities stronger and more inclusive.

    In 2022, the Foundation was committed to supporting programs and organizations aligned with our three giving areas: local business, preventative health and education.
     

    2022 highlights included: 

    • More than $554,000 was distributed in grants through the Foundation to a variety of programs that support families and youth facing financial barriers. 
    • Through the Prospera Education Grants program, 30 local students received funding to use toward their post-secondary education costs. 
    • The Prospera provided more than $700,000 in sponsorships and donations to local community programs across all our trade areas.

    View the Foundation Report here.
     

    Environmental, Social and Governance (ESG) Report  

    As a community-based credit union, it’s part of our DNA to ensure we have a positive impact on our employees, our members, our communities and the environment. In 2022, as the world continued to grapple with the interconnected crises of climate change and social inequity, we committed to taking a more deliberate and holistic approach to communicating and advancing environmental, social and governance (ESG) at Prospera.  

    Read the full ESG Report here. 


    Best Workplaces In Canada

    Download a report:

    MDA
    Management Discussion and Analysis
    Governance Report
    Governance Report
    Report of the Board of Directors
    Report of the Board of Directors
    Foundation Report
    Foundation Report
    Environment, Social and Governance Report
    Environment, Social and Governance Report
    Consolidated Financial Statements
    Consolidated Financial Statements
    AGM Booklet
    AGM Booklet

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