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VANCOUVER, British Columbia, May 28, 2026 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported first quarter financial results and provided an update on performance across its core businesses.
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“Our first quarter results reflect stable underlying performance and continued growth in our core businesses, amid a challenging economic environment,” said Sheila Vokey, President and CEO of Central 1. “We remain focused on disciplined execution, supporting our clients through transformation, and investing in the capabilities that will drive long-term growth.”
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First quarter 2026 compared with first quarter 2025:
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- Net loss of $2.8 million, compared with net loss of $24.0 million
- Adjusted net loss1 was $2.1 million, compared with adjusted net income of $6.6 million
- Net fair value gains of $0.4 million, compared with net fair value losses of $7.4 million
- Net interest income of $18.0 million, compared with $17.4 million
- ROE2,3 was -1.3%, compared with -2.3%
- Adjusted ROE2 was -1.0%, compared with 0.8%
- Total assets of $9.2 billion at March 31, 2026, compared with $9.6 billion as at December 31, 2025
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Core Business & Financial Performance
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Treasury
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Treasury recorded a net loss of $1.2 million in the first quarter, primarily reflecting an increase in provision for credit losses related to the commercial loan portfolio. Excluding this item, underlying performance remained resilient, supported by solid revenue trends and higher net interest income driven by continued optimization of the funding mix.
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Payments
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Payments delivered strong top-line momentum in the quarter, generating notable revenue growth of 9.7% year-over-year driven by higher transaction volumes, customer expansion, pricing initiatives, and increased adoption of new and enhanced products. To support scalability, regulatory readiness, and long-term growth, Payments continued its strategic investments to strengthen the platform and position Payments for improved operating leverage and sustainable performance as scale increases, resulting in a net loss of $2.5 million.
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Non-GAAP Financial Measures
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The following non-GAAP financial measures exclude certain items from our financial results prepared in accordance with IFRS Accounting Standards. The table below presents reconciliations of these measures to their respective most directly comparable financial measures disclosed in Central 1’s Interim Consolidated Financial Statements.
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Adjusted Results
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On an adjusted basis, which excludes the impact of Digital Banking that was transferred to Intellect Design Arena Ltd. in the first quarter of 2025, we reported a loss of $2.1 million during the three months ended March 31, 2026. The table below provides a view of Central 1’s core business performance.
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| For the three months ended March 31 | ||||||||||||
| $ millions | 2026 | 2025 | Change | |||||||||
| Reported net loss | $ | (2.8 | ) | $ | (24.0 | ) | $ | 21.2 | ||||
| Adjust: net loss from Digital Banking | 0.7 | 30.6 | (29.9 | ) | ||||||||
| Adjusted net income (loss) | $ | (2.1 | ) | $ | 6.6 | $ | (8.7 | ) | ||||
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Notes
1This is a non-GAAP financial measure. Refer to the “Non-GAAP and Other Financial Measures” section of the Q1 MD&A for more information.
2This is a non-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section of the Q1 MD&A for more information.
3When calculating the annualized ROA and ROE, certain items were treated as a non-recurring item and therefore not annualized.
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