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Nathan Ake calls on Man City to show character after latest setbackVANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Central 1 Credit Union (Central 1) today reported third quarter performance reflecting steady financial results across business lines, consistent with plans and expectations. "Our stable third quarter results were in line with our expectations,” said Sheila Vokey, Central 1's President & CEO. "Central 1 continues to grow its critical payments, treasury and clearing and settlement services, which we provide at scale to financial institutions who deliver banking choice to Canadians.” Third quarter 2024 compared with third quarter 2023: The reported YTD net income was $47.8 million, an increase of $24.2 million compared to the same period last year, reflecting an increase of $36.0 million in net fair value gains 1 largely due to credit spreads narrowing. Core Business & Financial Performance Treasury Treasury delivered consistently strong results in the quarter and reported a net income of $11.3 million, broadly in line with $11.5 million reported in the third quarter last year. Net interest income was $10.1 million, a decrease of $9.9 million compared to the third quarter last year. However, the decline in net interest income was offset by an $8.9 million increase in net fair value gains 1 . Non-interest income, including revenue from Treasury's fee-for-service operations, also increased by $2.4 million compared to the third quarter last year. Payments & Digital Banking Payments & Digital Banking reported net loss for the quarter was $3.8 million, compared with a reported net loss of $4.7 million in the third quarter last year, driven by the Digital Banking business and partially offset by the net income in Payments. The year-over-year reduction in net loss for the current quarter can be attributed to reduced spending on strategic initiatives 1 . This decline is due to the pause earlier in the year in the Payments Modernization initiative, awaiting details from Payments Canada. Additionally, there were lower professional fees associated with Forge implementations, and completion of certain digital strategy projects. After the close of the quarter, Central 1 announced its intention to wind down its digital banking business and transition clients to one or more alternative digital banking providers. While no firm date has been set for completing this transition, Central 1 is working with digital banking providers and clients to complete transitions within a three-to-four-year timeline. Non-GAAP and Other Financial Measures Central 1 uses a number of financial measures and ratios to assess overall performance. Some of these measures do not have a standardized definition prescribed by Generally Accepted Accounting Principles (GAAP) and might not be comparable to similar measures presented by other companies. Presenting non-GAAP financial measures and ratios provides readers with an enhanced understanding of how management analyzes Central 1's results and assesses the underlying business performance. The discussions of non-GAAP financial measures and ratios that Central 1 uses in evaluating its operating results are presented as footnotes in the respective sections of the Management's Discussion and Analysis together with the required disclosure below in accordance with National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Non-GAAP Financial Measures The following non-GAAP financial measures exclude certain items from our financial results prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards. The tables below present reconciliations of these measures to their respective most directly comparable financial measures disclosed in Central 1's Interim Consolidated Financial Statements. Net Fair Value Gain (Loss) Net fair value gain (loss) used across this press release is comprised of gain (loss) on disposal of financial instruments plus changes in fair value of financial instruments reported in the Consolidated Statement of Income (Loss). Reporting them combined provides better information on the fair value movements of Central 1's financial instruments to the readers. Non-Interest Income, excluding Strategic Initiatives Non-interest income, excluding strategic initiatives, presented in the Overall Performance and Results by Segment sections of this press release is derived by excluding Central 1's income from investments in strategic initiatives. Excluding income from strategic initiatives allows readers to better understand Central 1's recurring financial performance and related trends. Overall Performance Results by Segment Payments & Digital Banking Central 1's third quarter Management's Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1's SEDAR profile at www.sedarplus.com and are also available at central1.com/investor-relations . About Central 1 Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com . Notes 1. These are n on-GAAP financial measures and non-GAAP financial ratios. Refer to the "Non-GAAP and Other Financial Measures" section of th is release or the MD&A for more information. 2. This is a non-GAAP financial ratio. Refer to the "Non-GAAP and Other Financial Measures” section of the MD&A for more information. Caution Regarding Forward Looking Statements This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management's best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words "may,” "will,” "intends” and "anticipates” and other similar words and expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1's periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Contacts Media: Heather Merry Senior Manager, Communications Central 1 Credit Union T 1.800.661.6813 ext. 2355 E [email protected] Investors: Brent Clode Chief Investment Officer Central 1 Credit Union T 905.282.8588 or 1.800.661.6813 ext. 8588 E [email protected]Potter 3-5 2-2 8, C.Welling 6-10 8-12 21, Leonhardt 4-5 2-2 11, Nelson 3-11 4-7 10, Toolson 1-8 2-2 4, Grady 4-9 0-2 8, Green 1-1 5-8 7, Wells 3-7 0-0 6, H.Welling 1-3 0-0 2, Taitz 0-0 0-0 0. Totals 26-59 23-35 77. K.Griffin 5-14 0-0 11, Williams-Dryden 8-11 2-4 18, Davis 5-13 3-4 16, M.Griffin 1-1 0-0 2, D.Johnson 1-3 1-1 3, Ballard 1-3 1-2 3, Noel 4-7 4-4 14, Hardewig 2-3 0-0 5, Releford 1-2 0-0 2, Watson 0-1 0-0 0. Totals 28-58 11-15 74. Halftime_Utah Valley St. 34-32. 3-Point Goals_Utah Valley St. 2-11 (Leonhardt 1-1, C.Welling 1-2, H.Welling 0-1, Grady 0-2, Nelson 0-2, Toolson 0-3), West Georgia 7-19 (Davis 3-4, Noel 2-3, Hardewig 1-2, K.Griffin 1-6, D.Johnson 0-1, Watson 0-1, Ballard 0-2). Fouled Out_Davis, Ballard. Rebounds_Utah Valley St. 37 (C.Welling 11), West Georgia 24 (K.Griffin 6). Assists_Utah Valley St. 13 (Leonhardt, Nelson 3), West Georgia 16 (D.Johnson 4). Total Fouls_Utah Valley St. 14, West Georgia 25. A_177 (6,500).In conclusion, the National Assembly's decision to arrest President Yoon Suk-yeol and pass the Special Prosecutor's Act represents a critical step towards upholding justice and the rule of law in South Korea. This landmark moment underscores the country's determination to root out corruption and ensure that those in positions of power are held accountable for their actions.
Internally, Macron is grappling with a series of crises that have eroded his popularity and undermined his authority. The ongoing Yellow Vest protests, which have been raging for months, have exposed deep-seated social and economic grievances in France. Despite Macron's efforts to address some of the protesters' demands, such as scrapping the fuel tax hike, the unrest continues to simmer, casting a shadow over his ability to govern effectively.
Wahoo beats Central City in Class C-1 championship: How it happened
Robert F. Kennedy Jr., Donald Trump's pick to head the U.S. health department, is scheduled to travel to Romania next week. His visit coincides with a meeting with Calin Georgescu, a far-right candidate who secured a surprising lead in Romania's presidential elections. The recent election results, which placed Georgescu in a favorable position for the Dec. 8 run-off, could potentially alter Romania's political landscape and its pro-Western orientation. However, the results face a recount ordered by Romania's top court, creating uncertainty ahead of the parliamentary elections scheduled for the same weekend. Kennedy's trip to Bucharest will also include the launch of his book on the coronavirus pandemic, featuring a preface by Georgescu. The Romanian television station, Realitatea, announced it is partnering the event, slated for Dec. 5, but Kennedy's team has yet to confirm the meeting's details. (With inputs from agencies.)
Ogun trains automotive artisans on CNG conversion, maintenance
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