In 2024, Vancity initiated a values-led transformation focused on improving member service and restoring profitability, while staying true to its co-operative values.
The year marked a strategic reset under new CEO Wellington Holbrook, reaffirming Vancity’s commitment to delivering modern, people-centered banking rooted in equity, inclusion, and climate action. Key initiatives included rolling out long-requested service upgrades and streamlining operations for greater efficiency. Despite economic headwinds, Vancity returned to profitability with $5.8 million in net income, and continued its community impact work—such as financing affordable housing and supporting climate-ready home retrofits and Indigenous entrepreneurs.
Vancity’s 2024 Annual Report, along with its Consolidated Financial Statements, Climate Report, Accountability Statements, and Sustainability Issuance Report, can be viewed here: https://www.vancity.com/AnnualReport.
The Climate Report outlines its strategic alignment with the Paris Agreement and UN Sustainable Development Goals, integrating climate action into its core strategy, risk management, and governance. The report highlights progress on emissions reductions.
The Accountability Statements outline Vancity’s approach to managing key material topics and provide detailed data, disclosures, and impact insights.
The Sustainability Issuance Report outlines the purpose, use, and impact of funds raised through its Sustainable Bearer Deposit Notes program. The report details how proceeds were allocated to eligible green and social investments under Vancity’s Sustainability Issuance Framework.
Report highlights include:
- $12.1B of Vancity’s $36.0B in assets and assets under administration were focused on both generating a profit and creating positive impact.
- 71% of procurement spent locally
- Financed the construction or renovation of 1,924 units of affordable housing
- 7,810 tonnes of avoided emissions from clean energy projects
- Financed 1,036,020 square feet of energy-efficient buildings
Vancity’s annual reporting is designed to promote transparency and accountability by openly reporting on how its actions impact people, communities, and the environment. 2024 reporting follows the International Integrated Reporting Framework and GRI Standards, and incorporates elements from IFRS S1 and S2, and the Sustainability Accounting Standards Board (SASB) standards. It is intended to meet the disclosure requirements of Vancity’s membership in the UN Principles for Responsible Banking and was also guided by the disclosure requirements of the Net-Zero Banking Alliance (NZBA) and the Partnership for Carbon Accounting Financials (PCAF).
2024 reporting reflects Vancity’s dual focus on material financial risks and broader social and environmental impacts. It was shaped by ongoing member engagement and supported by external assurance of several key metrics.
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 $36 billion in assets plus assets under administration, Vancity is one of Canada's largest credit unions. 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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