NCUA: CU loan growth higher in 2Q
Aug. 29, 2013 – NCUA released its second quarter call report data on Thursday, showing credit unions experienced higher loan growth than the first quarter, and delinquencies remained low.
NAFCU President and CEO B. Dan Berger said the data “validates the fact that credit unions are helping to keep our economy moving by continuing to provide their members with low-cost, high quality loans despite the challenging lower interest rate environment.”
Loan growth was higher than any quarter since 2008 on a year-over-year basis. Federally insured credit unions reported $613.7 billion in total loans, up 5.5 percent since the second quarter of 2012.
Other highlights from the data include:
- Credit union membership increased 2.2 percent, versus June of 2012;
- Loans went up 5.5 percent, year over year;
- Shares increased 4.7 percent, year over year;
- Assets went up 4.8 percent, year over year; and,
- Net worth went up 8.3 percent year over year.
The report also showed that delinquency ratio and net charge-offs were significantly lower than they were a year ago.
The full report is available at NCUA’s website.