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NAFCU: NCUA Data Shows Record Earnings, Robust Membership Growth

WASHINGTON – The National Association of Federal Credit Unions (NAFCU) said the National Credit Union Administration’s (NCUA) fourth quarter 2012 call report data highlights the continuing strength and growth of the credit union industry.

“Credit unions continue to reap the rewards of consumer confidence through record earnings and membership growth as people continue to choose credit unions as their financial partner,” said Fred R. Becker, NAFCU president and CEO. “Credit unions are committed to providing their members with outstanding service, low fees and competitive rates, which are undeniably great benefits. The year-end data and record traffic to CULookUp.com, our credit union locator, prove that our nation’s Main Street credit unions—with their not-for-profit, member-focused business model—are the people’s choice.”

Some of the highlights of the NCUA’s 2012 fourth quarter Call Report data include:

  • Credit union net income hit a record of $8.5 billion for 2012, a 36.1 percent increase from 2011.
  • Credit union membership grew by more than 2 million for the year, representing a 48 percent increase over 2011.
  • Lending continues to grow. Total loans increased 4.6 percent to $597.7 billion in 2012, and new business lending rose 6.5 percent over the previous year to $41.7 billion.
  • Deposits (shares) grew by 6.1 percent to $877.9 billion from $827.4 billion in 2011, with the loan-to-share ratio declining 1 percentage point from the previous year.
  • Assets increased 6.2 percent to $1.02 trillion in 2012 from $961.7 billion in 2011.
  • Net worth increased 8.6 percent to $106.7 billion in 2012 from $98.3 billion in 2011.

As more and more people realize the value of credit unions, CULookUp.com continues to grow in popularity with traffic to the site increasing by 22 percent in 2012.

“Credit unions continue to be well-capitalized, making them a vital agent in spurring our nation’s economic recovery through credit on Main Street,” said Becker. “By passing the reforms in NAFCU’s five-point plan for broad regulatory relief, Congress will enable credit unions to do even more to help our economy and provide services to their members. The time to act is now.”

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

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