NCUA 2Q numbers highlight credit union strength, membership and loan growth
Federally insured credit unions recorded another strong performance in the second quarter or 2015, according to data released today by the National Credit Union Administration.
“Across America, there’s a growing recognition that credit unions offer solid value to their members,” said NCUA Chair Debbie Matz. “More people see credit unions as an affordable financial services alternative. Credit unions continue to increase lending while taking steps to shed certain investments that would pose risk when interest rates inevitably begin to rise. All these trends are signs of a robust system.”
Total memberships in federally insured credit unions rose to 101.1 million as of June 30, up by 1.1 % during the quarter and 3.2% over the previous 12 months.
Growth was strong in several credit union categories. For instance, assets were up to $1.17 trillion, 0.8% above last quarter and 5.9% above the second quarter of 2014. Credit unions’ earnings (return on assets) rose modestly from 78 basis points in the first quarter to 84 basis in the second; and these earnings, combined with modest asset growth, raised the credit union overall net worth ratio from 10.81% in March to 10.92% in June.continue reading »