BlueShore Financial reports a strong 2020 financial year with record profits (Net Operating Income) at $32 million, including a one-time gain of $9 million, and Return on Retained Earnings (RORE) of 15.5%. Assets Under Administration grew 4% to reach $6.5 billion, which includes growth of 15% in wealth management assets to reach $1.3 billion.
While 2020 was a challenging year due to the global pandemic, BlueShore remained resilient and stable. Despite the impact of COVID-19, BlueShore was pleased to grow residential loans by $45 million (2%) and commercial loans by $34 million (2%). In addition, BlueShore surpassed $100 million in revenue for the first time.
"During COVID-19, BlueShore worked hard to assist our clients, employees and communities. Through 2020 we supported our clients with expert and personalized advice, as well as credit assistance through relief programs, to help navigate the poor business and health climate," said Chris Catliff, President and CEO. "Moving forward, to better serve our clients, we will continue to invest in our digital strategy and further our high-tech, high-touch approach to our premium client experience." BlueShore ended the year with historically low credit delinquency as clients rebounded from the health shutdown.
"In 2020, we honoured our commitment to keep our organization whole and moving forward," said Allan Achtemichuk, Chair of the Board of Directors, BlueShore Financial. "In addition to achieving exceptional financial results, we were recognized as a Kincentric Best Employer for the 10th consecutive year, gave back to the community in meaningful ways, and received high marks from clients in our survey results. Our annual independent survey showed that 83% of clients surveyed rank BlueShore highly as an expert provider of financial advice, compared to 66% of those who bank with other financial institutions. We are very proud of these achievements and ongoing affirmation from our clients."
About BlueShore Financial
BlueShore Financial is a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through 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 an Imagine Canada Caring Company, contributing at least 1% of pre-tax profits annually to charities and not-for-profit organizations within the communities it serves. BlueShore Financial is the operating name of BlueShore Financial Credit Union.
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Employee & Corporate Communications Manager