BlueShore Reports Strong Financial Results for 2020
Vancouver, British Columbia – (BUSINESS WIRE) – BlueShore Financial Reports Strong Fiscal Year 2020 with Record Profits (Net Operating Income) of $ 32 Million, Including One-Time Gain of $ 9 Million and Return on Retained Earnings (RORE) of 15.5 %. Assets under administration increased 4% to $ 6.5 billion, including a 15% growth in wealth management assets to $ 1.3 billion.
While 2020 has been a difficult year due to the global pandemic, BlueShore has remained resilient and stable. Despite the impact of COVID-19, BlueShore was happy to increase residential loans by $ 45 million (2%) and commercial loans by $ 34 million (2%). In addition, BlueShore exceeded $ 100 million in revenue for the first time.
“During COVID-19, BlueShore worked hard to help our customers, our employees and our communities. Throughout 2020, we have supported our clients with expert and personalized advice, as well as credit assistance through relief programs, to help them navigate the poor business climate and health, ”said Chris Catliff, President and CEO. “Going forward, to better serve our customers, we will continue to invest in our digital strategy and deepen our high-tech, high-touch approach to our premium customer experience.” BlueShore ended the year with historically low credit delinquencies as customers rebounded from the healthcare shutdown.
“In 2020, we have delivered on our commitment to keep our entire organization and move forward,” said Allan Achtemichuk, Chairman of the Board of BlueShore Financial. “In addition to achieving exceptional financial results, we were recognized as a Top 10 Kincentric Employere year in a row, gave back to the community in a meaningful way and received high marks from customers in our survey results. Our annual independent survey showed that 83% of clients surveyed rate BlueShore High as an expert provider of financial advice, compared to 66% of those who do business with other financial institutions. We are very proud of these achievements and the continued affirmation of our customers.
About BlueShore Financial
BlueShore Financial is a specialized financial institution that offers a full range of solutions for personal and business banking, wealth management, insurance and commercial loans. With a branch network located in the Lower Mainland and the Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial well-being® thanks to personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $ 6.5 billion in assets under administration and is consistently ranked among the top 20 financial planning firms in Metro Vancouver.
BlueShore Financial is a Caring Company of Imagine Canada, which annually donates at least 1% of pre-tax profits to charities and non-profits in the communities it serves. BlueShore Financial is the trading name of BlueShore Financial Credit Union.