Future-forward thinking defines Vancity's year

In 2015, Vancity’s efforts to build healthy communities that are economically, socially and environmentally sustainable met with considerable success.

More than 29,000 new members decided to join us in 2015, our balance sheet grew to $19.8 billion, our income was above target and 49.1 per cent of our business lending was in impact.

But for us to address the long-standing concerns of our members about environmental degradation, rising inequality, housing affordability and rapid technological change, we need to fundamentally transform our business.

We’re doing this now so that we can become even more agile as an organization and make more of a difference in the communities we serve in the future. This report details our progress.

Message from the Chair

One of the things most people know about Vancity is that we’re a values-based organization. The Vancity Board of Directors plays an important role in upholding and strengthening those values.

In 2015, we were inspired by the final report of the Truth and Reconciliation Commission of Canada (TRC) and by the calls made in that report for businesses to embrace reconciliation. Adopting reconciliation with Indigenous peoples at Vancity will complement and amplify our existing values and deepen our links with these often-overlooked communities.

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Message from the President and CEO

Vancity has had another good year and the foundations of our credit union remain strong. The stability we’ve created here is no accident – it exists because of the unique relationship we have with our members and with the real economy of goods and services that impact their daily lives.

We are committed to redefining wealth and building healthy communities that are economically, socially and environmentally sustainable. These ideas guide the work we do every day and form the basis of our values-based banking model. In 2015, they delivered some solid results.

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About Vancity

Headquartered in Coast Salish Territory/Vancouver, British Columbia, Vancity is a member-owned, community-based, full-service financial institution with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. Our primary lines of business include retail and business banking (deposit-taking and lending), commercial mortgage lending, and investment advice and services. We also have several wholly owned active subsidiaries and partnerships.

In 2015, we employed 2,594 people

Our total consolidated assets were $19.8 billion

519,736 Vancity members

Vancity’s vision is to redefine wealth in a way that furthers the financial, social and environmental well-being of our members and their communities. Our values-based banking model places its tools in service of economic, social and environmental development in a manner that is fair, transparent and accountable. We’re carbon neutral, a living wage employer, and a member of the Global Alliance for Banking on Values.

In ‘About Vancity’, you’ll find more about this report, the messages from our Chair, and our President and CEO, an organizational overview including our Board of Directors and executive leadership team, and more on our vision, business model and 2015 strategy.

Read about Vancity

Key results

We measure progress on three connected outcomes – impact, confidence and integrity – through our organizational scorecard.

  • Impact – the difference we create because of our vision and values
  • Confidence – the evidence that what we are doing is good for our business
  • Integrity – how we deliver impact and demonstrate confidence based on trust

Results for the organizational scorecard targets related to impact and confidence directly influenced senior management’s incentive pay and the amount of profit shared with employees.

Our 2015 results were externally verified by KPMG and you can read more about them in the ‘Key Results’ section of the report.

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Member well-being

Member well-being was one of our organizational scorecard targets in 2015. Our vision calls on us to measure success in terms of how we contribute to the well-being of our members and their communities – not just financial well-being, but social and environmental well-being as well.

We measured member well-being through telephone interviews with approximately 1,400 members following in-branch transactions in 2015. Just under half strongly agreed that Vancity’s contribution to the community has a positive effect on their well-being.

Read More About Member Well-Being

Impact at a glance

Trusted advisor score

Number of people
assisted with
financial literacy

Dollar value of
treasury investments
in impact

Loans by
primary impact area

Grants by
primary impact area


Member growth and financial performance

In 2015, 29,276 new members joined Vancity, 10 per cent more than in 2014. We ended 2015 with 519,736 members, a net growth of 10,728 that also demonstrates a healthy retention rate.

Alongside strong member growth, Vancity’s income provides us with the capital we need to invest in building healthy communities. The financial plans we develop are designed to deliver sustainable growth so that, over time, the growth of our assets and the return on average members’ equity are stable.


Confidence at a glance

Net income before distribution and tax

Net income attributable to members

Liquidity ratio

Capital adequacy ratio

Efficiency ratio after distribution to members and community


Employees, sustainability and governance

It’s through our employees that we will be able to build an organization that moves quickly and adapts to the changing needs of the real economy. At the same time, we will continue to uphold our three Guiding Principles, which include a commitment to environmental sustainability.

As well as overseeing this work, the Board of Directors establishes Vancity’s vision and strategy, ensures that governance is transparent and inclusive and that members’ needs are well served.

Read More About Employees, Sustainability and Governance

Integrity at a glance

We met living wage
employer requirements.

We remained carbon neutral

Waste diverted from the landfill or
recycled at Vancity Centre

Greenhouse gas emissions

Plans and targets

There are profound changes in our communities and membership that are challenging us to explore new opportunities to help our members create sustainable wealth in the future. This calls for a bolder progression towards our vision of redefining wealth. In a departure from previous formats, our business plan looks five years ahead, describing what we want to achieve by 2020 as well as setting specific targets for 2016. It is designed to move us from incremental to transformational growth and outlines ambitious goals. These include increasing our total assets and assets under administration to $40 billion with 50 per cent invested in impact by 2020 and expanding our membership to 600,000 members in the same period.

Read plans and targets

About this report

Our annual reports reflect how we engage with members and communities, and the ways we integrate social, environmental, economic and financial factors into all aspects of our business.

In the section called ‘Summarized statements and other information’ you will find more on how we determined the content of the report, the independent assurance statement and auditors' reports from KPMG, a table of key accountability data and summarized consolidated financial statements.

Read about this report

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