Billion-dollar increases in both deposits and loans helped Canada's credit unions end 2012 on a strong note.

According to the year-end System Results Report from Credit Union Central of Canada, central affiliated credit unions/caisses populaires across Canada ended fourth quarter 2012 with $152.5 billion in assets, representing an 8.8% increase over the $140.2 billion reported at year-end 2011.

An estimated 1.1% of this growth was attributed to two previously unaffiliated Ontario credit unions joining Central 1 Credit Union in 2012, data compiled by Canadian Central showed.

System savings, deposits and loans also experienced positive growth over the previous quarter and continued the upward trend recorded at the beginning of 2012, according to the system report.

Canadians had $134.6 billion on deposit with central affiliated credit unions and caisses populaires, representing an increase of $11.1 billion or 9% over fourth quarter 2011.

Lending activity recorded an $11.3 billion or 9.8% annual gain, ending fourth quarter with $127 billion in loans.

Meanwhile, consolidation continued in the system as the numbers of credit unions reduced to 348 from 365 a year earlier, according to Canadian Central. A total of 1,762 locations were reported by the Canadian credit union system and over 5.3 million Canadians are members of an affiliated credit union or caisse populaire as of year-end 2012.

Credit Union Central of Canada is the national trade association for the Canadian credit union system representing five provincial/regional centrals and one federation representing 348 credit unions with more than $152.5 billion in assets and serving over 5.3 million members.