Q2 CU shares up 8.2%, membership at 109.3M
Federally-insured credit unions saw share growth of 8.2 percent, year over year, during the second quarter of 2017 as membership also grew to 109.3 million, according to call report data released Wednesday by the NCUA.
The NCUA's second-quarter data shows credit union membership growth of 4.3 percent versus a year ago; and loan growth of 10.9 percent, also year over year.
NAFCU President and CEO Dan Berger said the second-quarter 2017 call report data is a clear testament to the value credit unions provide to their members.
"These figures show how much credit union members appreciate their institutions and the products and services they provide," said Berger. "Credit unions continue to grow and succeed because of their ongoing focus on their members."
Here are highlights of the NCUA's 2017 second-quarter call report data:
- Membership in federally-insured credit unions rose 4.3 percent, up 4.5 million members from a year ago.
- Assets grew 7.7 percent to $1.35 trillion, up from $1.25 trillion a year ago.
- Lending grew 10.9 percent to $913 billion, up from $823 billion a year ago; and member business lending rose 17.4 percent to $72.5 billion.
- Deposits (shares) grew 8.2 percent to $1.15 trillion, up from $1.06 trillion a year ago.
- The industry's loan-to-share ratio increased 1.9 percentage points from a year ago to 79.7 percent.
- Credit union net income totaled $10.2 billion annualized in the second quarter, up 6.8 percent from the second quarter of 2016.
- Net worth grew 7.1 percent to $146 billion, up from $136 billion a year ago.
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