Federally insured credit unions reported net income growth of $11.3 billion, or 134.9%, over the year ending in the first quarter of 2021, according to the latest financial performance data released by NCUA.
The increase in net income was due in large part to strong growth in other operating income and a decline in the provisioning for loan, lease, and credit loss expenses. Insured shares and deposits rose $286 billion, or 22.4 percent, to $1.56 trillion over the same period.
Highlights from the NCUA’s Quarterly Data Summary Report for the first quarter of 2021 include:
- Net income for federally insured credit unions in the first quarter of 2021 totaled $19.7 billion at an annual rate, up $11.3 billion, or 134.9 percent, from the first quarter of 2020. Interest income declined $3.2 billion, or 5.3 percent, over the year to $57.7 billion. Non-interest income increased $5.9 billion, or 29.0 percent, to $26.2 billion, mainly due to growth in other operating income.
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