Central 1's Net Income Declines while Systems Generate Healthy Levels of Net Income in Q4 2020
Central 1 Credit Union (Central 1) reported lower Q4 2020 net income of $5.5 million, which compares with $25.6 million in Q3 2020. Although normalizing credit spreads benefitted revenue, the quarter-over-quarter decline in earnings primarily was due to an impairment charge related to intangible assets associated with Central 1's Digital and Payments segment. Positively, Central 1 recovered provision for credit losses (PCL) during the quarter. For F2020, net income grew by 6% year over year to $36.1 million as growth in revenue and stable operating expenses more than offset lower profit from discontinuing operations and higher PCL.
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