NLCU reports growth and technology upgrades in 2025

Newfoundland and Labrador Credit Union (NLCU) reported financial growth, major technology changes and expanded community initiatives during its 2025 annual general meeting.

The credit union reported assets of $832.39 million at the end of 2025, an increase of 6.2 per cent, or about $48.62 million, from the previous year.

Loans and mortgages receivable reached $772.36 million, with the loan portfolio increasing by 8.7 per cent. Member deposits increased 6.8 per cent to approximately $798.29 million.

NLCU reported net income and comprehensive income of $1.14 million, while retained earnings stood at $29.43 million at year-end.

The credit union also completed several major technology projects during the year, including moving its core banking infrastructure to Mambu and its financial accounting platform to Prologue.

NLCU also launched the Forge platform for retail mobile and business banking.

The credit union said it completed advisory work related to artificial intelligence and brought in cybersecurity experts to assess its systems against national security standards.

NLCU also expanded its digital banking services, member campaigns, automotive dealer network and relationships with mortgage brokers.

The credit union was involved in the renewal of the provincial Small Business Loan Guarantee Program and provided advice to the provincial government and St. John’s Board of Trade on a proposed Restaurant Loan Guarantee Program.

NLCU also partnered with the City of St. John’s on the Shift Community Retrofit Financing Program. The program is projected to reduce greenhouse gas emissions by 512 tonnes annually and support the creation of 120 local jobs.

The credit union said it received an excellent examination report from the Credit Union Deposit Guarantee Corporation during the year.

NLCU was also named one of Atlantic Canada’s Top Employers and one of the Best Places to Work in Atlantic Canada for 2025.

CEO and Treasurer Glenn Bolger described 2025 as a year of significant change for the credit union, pointing to its financial performance and technology upgrades.

Board Chair and President Maureen Singleton said the board remained focused on governance, oversight and the long-term operations of the credit union.

The annual general meeting was held virtually on September 29, 2026.