Message from the CEO.

Looking back at Vancity’s 2025, I am proud and excited. Proud of the transformation our teams have undertaken. And excited for sowing the seeds to do even more for members and other Canadians in the years ahead.

After posting a $1.3 million net loss in 2023, and a modest $5.8 million profit in 2024, we achieved a profit¹ of $69.9 million in 2025. It’s a remarkable achievement given where we were, but it’s still far below where our potential is.

Importantly, this improvement was evident across our business. Our core revenue grew by 31 per cent since 2024. We saw significant growth in lending and member deposits, reflecting the trust members are placing in us to deliver the right solutions and products to help them achieve their goals. And most importantly, we received strong overall scores across our key member satisfaction metrics.

With all this growth, we achieved a new milestone in 2025. For the first time in our history, Vancity’s total assets and assets under administration exceeded $41 billion.²

What these numbers tell me is that we’re starting to truly rebuild Vancity. And we’re doing it the right way, getting back to making Vancity a competitive financial institution again by ensuring that the member experience is always at the centre of our work.

“ For the first time in our history, Vancity’s total assets and assets under administration exceeded $41 billion.”

That’s why, in 2025, we stepped up our investments in people, processes, and technology.

For example, many of you have now used our new state-of-the-art banking app or online banking service. For me, as a user, it’s been night and day – easier to use, intuitive to navigate, and a modern design. And that’s what so many of you are telling us as well. More importantly, this new digital banking platform is built for the future and will enable us to regularly add new features, conveniences, and services to ensure that your banking experience always remains competitive.

These transitions and large technology projects of this nature are always complicated projects to pull off. But Vancity’s teams pulled off our digital transition with very few glitches by coming together, collaborating, and centring our members. For example, it was remarkable for me to watch how our member-serving employees all helped each other behind the scenes so that anyone serving a member had the answers they needed almost immediately.

To me that was a testament to how much our employees care about serving members and giving them the best banking experience possible – and why we must equip our employees with the tools to do that. For instance, in 2025, we invested significantly in modernizing our contact centre platform, transitioning to a state-of-the-art cloud-based system designed to reduce wait times and enhance your future human-to-human member experiences. Additionally, we now have an extensive portfolio of ongoing projects aimed at making it easier for our team members to focus more on getting things done for you and spend less time on administrative work. We aren’t there yet, but the work and investment are underway, and we are committed to delivering a best-in-market member experience.

Along with this work to make Vancity a better banking partner and stronger performer, we’re also renewing our commitment to community and impact. The improvement in our financial performance means that millions of new dollars are again flowing to the community through our Shared Success program, which dedicates 30 per cent of our annual net profits to member dividends and community supports. In 2025, we distributed a total of $5.3 million in Shared Success funds through more than 490 grants supporting more than 400 organizations. And a further $18.3 million has been allocated for distribution to community thanks to our 2025 financial performance.

That’s a lifeline for many local community organizations, all over the regions we serve, that do such amazing work in our four impact focus areas: affordable housing, climate action, co-ops and local economies, and equity and Reconciliation. And it’s all supported by you banking with us.

But all this is only the beginning. In 2025, we also furthered our work to scale our impact by embedding it even more deeply within our business and banking services, so that we meet the needs of our members and communities now, and in the future.

That means developing innovative products and services that help more people qualify for mortgages to achieve the dream of home ownership, reduce their emissions and help fight climate change, and more. It also means ramping up activity at our national bank, the Vancity Community Investment Bank, which also did some very impactful financing work in 2025 to help drive affordable housing, green energy, and other priorities.

Our work and future vision are underpinned by a deep commitment to community banking. We believe banking must be conducted for and in the local community, not based on corporate priorities set remotely in service of even more remote shareholders. And today’s financial services landscape puts the community banking model in grave risk.

That was the driving force behind our merger with First Credit Union – now FCU Community Financial – which became official on December 1, 2025. I’m thrilled to welcome FCU’s members and employees into the Vancity family. We’re confident this merger, which upholds local decision-making while providing Vancity’s technological, product, and service offerings, will serve as a model for helping other communities in BC preserve the local banking they need and cherish.

Our Vancity 2.0 vision is to transform Vancity, in bold and meaningful ways, to be the financial institution our members need us to be, now and for the future, while holding true to the values that define who we are.

As we head into 2026, the year of our 80th birthday, we’ll continue our work to reinvent banking for our members, provide the services and banking experience they deserve, and build a better future for all. Last year was a milestone year on this journey, and while we’ve made great progress, we know that we have a lot more to do to deliver the Vancity we all know it can be.

Because we’re just getting started.