In a challenging economic year, Vancity stayed focused on its vision of driving meaningful social and systemic change. Vancity continues to demonstrate that a financial institution can be an agent of positive change. Vancity’s 2023 financial results show areas of continued strength despite modest operating earnings amid a challenging rate environment.
Vancity’s 2023 Annual Report can be viewed here: Annual Report - Vancity
Action on the climate crisis remains a high priority. Vancity issued its second climate report including updating the progress made on both Vancity’s commitment to achieve net-zero emissions across its loans and mortgages by 2040 and its Net Zero Bankers Alliance (NZBA) commitments. The climate report also includes disclosures on managing climate risks and opportunities, including through public policy advocacy, guided by the ISSB’s new IFRS S2 Climate-related Disclosures Standard, and detailed greenhouse gas emissions data and methodology. Vancity’s progress toward the 2025 interim targets for financed GHG emissions and “percentage change since 2019” from residential mortgages and commercial real estate are externally assured.
Vancity added a Sustainability Issuance Report to its reporting suite after publishing its first Sustainability Issuance Framework to guide issuances of green, social, and sustainable financing instruments. Vancity issued -- the first of its kind by a Canadian community credit union -- $200 million in bearer deposit notes (BDNs). The BDN proceeds were used to finance sustainability initiatives.
Vancity’s annual reporting makes a point of showcasing stories of impact about our members and their communities. Those stories reflect Vancity’s use of assets to create long-term value in communities through shareholder engagement, financing of climate-friendly building, and supporting a more diverse co-operative economy.
Report highlights include:
- Grew total assets and assets under administration from $34.3 billion to $35.5 billion
- Financed $14.4 million worth of new Planet-WiseTM loans and commercial retrofits to help members take climate action in affordable ways
- Financed 729,635 square feet of energy-efficient buildings
- Financed the construction or renovation of 1,451 units of affordable housing
- Launched Indigenous cultural awareness training for all employees as a part of its commitment to the Progressive Aboriginal Relations™ certification program
- Named as one of Canada’s Top 100 Employers, Canada’s Top Family Friendly Employers, and BC’s Top Employers
- Launched a new defined-benefit pension plan and an updated employee benefit program
Vancity’s values-based banking model is aligned with the United Nations’ Sustainable Development Goals. Vancity’s annual reporting was prepared in accordance with the International Integrated Reporting Framework and the Global Reporting Initiative Sustainability Reporting Standards. The reporting also includes some disclosures using the Sustainability Accounting Standards Board (SASB) standards and reporting on the UN Principles for Responsible Banking (PRB).
Vancity takes a double materiality approach to determining what is material to include in the reporting based on what has the most significant impacts on the economy, environment, and people and topics that could substantively affect the ability to create value in the short, medium, and long term.
About Vancity
Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people. With $35.5 billion in assets plus assets under administration, Vancity is Canada’s largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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