CU loans, membership, net worth up in 2013
March 4, 2014 – Credit unions' lending was up 8 percent in 2013, and membership grew by more than 2.4 million, according to year-end call report data released Monday by NCUA.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt said the data show the credit union industry's strength and integral role in the nation's economy. "Credit unions' proven value is underscored by the industry's continued membership growth, fueled by credit unions' Main Street appeal," said Hunt. "Credit unions offer their members unquestionable value, with outstanding service, low fees and competitive rates."
The year-end data show:
- Credit union membership was up 2.6 percent from 2012.
- Lending was up 8 percent to $645.2 billion, up from $597.5 billion in 2012; and member business lending rose 10.1 percent over the previous year to $45.9 billion.
- Deposits (shares) grew 3.7 percent to $910.1 billion, up from $877.9 billion in 2012.
- The industry's loan-to-share ratio increased 2.8 percentage points from the previous year.
- Assets increased 3.9 percent to $1.06 trillion, up from $1.02 trillion in 2012.
- Credit union net income totaled $8.1 billion, slowing 3.8 percent from 2012.
- Net worth was up 7.4 percent to $114.5 billion, up from $106.7 billion in 2012.
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