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2023 Annual Report

    2023 Annual Report

    A message from our Board

    The power of local. The theme of our annual report speaks to our unwavering commitment to supporting our local communities and our enduring purpose: 

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

    In support of our purpose, our team had a busy, productive year in 2023. Our primary focus was to foster strong, lasting relationships with our members and better understand their needs and goals, so we can help them achieve financial success.

    Read the full Report of the Board of Directors here.
     
     
    Annual Report Personal

    Personal Banking

    Our Personal Banking team serves members across our 26 branch locations. Our team supported members with day-to-day banking, investments, borrowing and account openings, and continued to provide knowledgeable, tailored advice to support overall financial well-being.

     

    2023 highlights included: 


    • Helped review short and long-term goals for members by completing more than 7,800 individual Financial Health Checks. This complimentary tool is offered to members to help identify their financial goals, forecast for the future and have a greater understanding of members' needs.
    • Focused on helping our members be cyber-savvy through several initiatives, including the implementation of multi-factor authentication to improve account security and campaigns to educate members on account alerts.
    • Completed a comprehensive review and redesign of our branch roles to allow us to better serve our members and provide holistic and timely advice.
    “I can’t say enough about the personability, professionalism, thoroughness and helpfulness of each and every staff member we have dealt with. To us, this makes the difference and is why we chose not to deal with banks, that cannot and do not provide this quality of interaction. It seemed like our money was more important than we were. This is not the case with Prospera.”

    - A longtime member at the Sunwood branch in Coquitlam
     
     
     
    Annual Report Business

    Business Banking

    Prospera’s Business Banking team supports approximately 12,500 local business owners and includes three divisions: Local Business, Core Commercial and Real Estate Development.

     

    2023 highlights included:


    • Increased Business Banking syndication to meet our members’ lending needs while effectively managing Prospera’s capital.
    • Worked with members on the best-customized solution to support them, with 1,300 Canada Emergency Business Account (CEBA) loans ending in early 2024.
    • The Business Banking portfolios performed well with low impairment losses and minimal special account management, or collections required.
    “We have multiple personal accounts and some commercial ones with Prospera and have been with the credit union since 1994. Over the last two years, Mehran has delivered exceptional customer service. Whenever I have reached out, I have only received a great experience. She always values our time, has a pleasant attitude and provides knowledgeable resources, exceeding our expectations consistently.”

    - Sukhbir, Prospera member
     
     
     

    Leasing

    Prospera Auto Leasing provides new and used vehicle leasing for individuals, dealers and brokers. Approximately 45% of the leases are personal leases and 55% are business leases. Prospera Equipment Finance provides leases for all makes and models of equipment, across almost all industries and regions throughout Canada with our primary markets being BC, Alberta and Ontario.

    2023 highlights included:


    • Served more than 6,000 customers who leased a new vehicle or equipment.
    • Achieved net lease growth of about 16% in 2023.
    • Achieved material gross lease and net lease production in 2023, due to leveraging our dedicated team and program via core national relationships.
     

    Member Service Centre

    Our Member Service Centre 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 157,000 phone calls and 18,500 emails from our members.

    2023 highlights included:


    • Introduced a call-quality program focused on providing a consistent experience for our members that includes excellent service, proactive advice and first-call resolution.
    • In partnership with our People Development team, we reduced new employee onboarding from an average of four weeks of training to two weeks, allowing our new team members to begin helping our members more efficiently.
    • Began a consistent cadence of in-person working days to foster collaboration, teamwork and skill enhancement to better serve our members.


    “I would like to compliment Prospera for the excellent service I received from Apoorv when I phoned the Member Service Centre. I had a problem with my account, and he was so helpful and courteous - professional yet friendly. He lowered my anxiety level and made me feel the problem would be solved. I am DELIGHTED with Prospera, and I thank you for having such excellent employees.”

    - Diane R. – Prospera member
     
    Wealth

    Wealth planning

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

     

    2023 highlights included:


    • Served more than 14,000 members with a wealth product through a team of more than 34 financial professionals.
    • Managed more than $1.6B of assets on behalf of these members in an effort to help them achieve their financial planning goals.
    • The majority of our advisory team members hold Responsible Investing Specialist (RIS) certification, equipping them with the expertise they need to support our members with sustainable investments and discuss environmental, social and governance (ESG) considerations.

    “My wife and I were both impressed with Prospera’s efforts, direction and advice. We look forward to working with them soon, especially as we plan to make some drastic changes with both being retired and selling our home after more than 40 years. We always feel special and very well looked after.”

    - Mike and Carolyn – longtime Prospera members
     
     
     

    Digital channels

    In addition to our branches and Member Service Centre, members can complete their banking through our digital channels, including mobile and online banking. Our focus is on continuous enhancement and personalization of these channels.

    2023 highlights included:


    • Launched a new online banking platform in July 2023 that provides members with an improved user experience and more responsive design. This includes updated navigation, and valuable tools and resources that members can access anytime.
    • Enhanced our two-step verification process and self-serve password reset options in line with industry best practices.
    • Increased security for online and mobile transactions to help keep our members’ accounts secure. These security enhancements were put in place for members’ protection and in areas where we see the highest potential for fraud, such as e-Transfers.
     

    2023 financial highlights

    13.4%

    Capital Ratio

    2.1%

    Return on Equity

    91.0%

    Efficiency Ratio

    0.086%

    Return on Assets

    $122.3 million

    Net Interest Income

    $9 million

    Net Income

    $6.5 billion

    Loans and Leases Receivables
     
    Community

    Doing local good

    We believe local banking means so much more than just banking. It means being financially, socially and emotionally invested in our local communities and ensuring that we’re making a positive impact on the people that live there.

     
    Here are just a few examples:

    • We distributed $50,000 in education grants to students pursuing post-secondary education.
    • Our employees volunteered more than 1,000 hours of their personal time at community events and supporting local non-profits.
    • Through the Prospera Foundation, one of the largest credit union foundations in Canada, we distributed more than $500,000 in grants to local charities.

    In 2023, Prospera committed more than $1 million to charitable organizations and community partners across British Columbia, helping to create vibrant, healthy communities.


    “We pride ourselves on doing Local Good where we live, work and play. In 2023, our investments focused on supporting local businesses, promoting health and wellness initiatives, plus education programs with a focus on financial literacy, mentorship and entrepreneurship. Our commitment to local communities extends beyond financial investments.”

    - Gavin Toy, President and CEO


    2023 highlights included: 


    • This includes more than $500,000 in grants from the Prospera Foundation to eight local charities.
    • Another $500,000 was distributed through corporate donations and sponsorships, supporting worthy causes and charitable organizations such as Big Sisters of BC Lower Mainland, Archway Community Services and Accelerate Okanagan.

    For more information on community giving and the Prospera Foundation, please review our Foundation Report here.
     
     

    Environmental, Social and Governance (ESG) Report

    Environmental, social and governance (ESG) considerations are driving conversations across the financial services industry and in our world today. ESG is a framework used to assess an organization’s performance and practices related to environmental and social issues as well as corporate governance practices.

    As a credit union with deep roots in British Columbia for nearly 80 years, Prospera is proud to be woven into the fabric of our local communities. And it’s part of our DNA to ensure we have a positive impact on our employees, our members and our communities.

    2023 highlights included:


    • Launched Prospera’s Electric Vehicle Loan Program to members, offering preferred lending rates and an extended amortization period for electric vehicle models up to two years old.
    • Worked with an external consulting agency to identify and assess Prospera’s greenhouse gas (GHG) emissions, gaining a broader understanding of Prospera’s carbon footprint.
    • Strengthened our diversity, equity and inclusion (DEI) journey, including launching customized unconscious bias and microaggressions training courses for all employees.
    • Honoured National Day for Truth and Reconciliation with a webcast for all employees, featuring storytelling, education and a performance by Indigenous artist, lawyer and advocate Terri-Lynn Williams-Davidson.


    Read the full ESG Report here.
     

    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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