NCUA releases second quarter credit union performance data
On September 5th, the National Credit Union Administration (NCUA) released the second quarter 2024 credit union performance data report. The report is intended to provide an “overview of the financial performance of federally insured credit unions based on information reported to the agency in the second quarter of 2024.”
As of June 30, there were 4,533 federally insured credit unions with 141.0 million members. This is down from the 4,572 federally insured credit unions that existed in March of 2024, a significant drop of 39 credit unions within a three-month period. However, the total number of members increased from 140.4 million, a jump of 600,000 members.
Regarding loans, the number of outstanding loans increased from this time last year, increasing by $56 billion, or 3.6 percent, to reach $1.62 trillion. As did the outstanding amount on the loans, reaching $18,222, up $693, or 4.0 percent more than the second quarter of 2023. But at the same time, so did the number of delinquencies, climbing 21 basis points in a year to reach 81 basis points.
Meanwhile, credit union interest income rose by $19.9 billion, or 21.6 percent, over the year to $112.3 billion and the credit union systems total net worth rose as well by $13.3 billion, or 5.6 percent, over the year to $249.0 billion. Despite these increases though, net income is down $1.8 billion from last year to $15.7 billion.
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