Credit Unions Post Asset, Savings, Loan and Member Growth

21.11.08 - 15:04 ... source : National Credit Union Administration

... Alexandria, Va., November 21, 2008 - While federally insured credit unions remain financially sound, the industry's financial results reflect some repercussions of the current economic turmoil. Confidence in the credit union system has resulted in asset, loan and share growth, as well as a membership increase to 88.5 million according to September 30, 2008, Call Report data submitted by the nation's 7,904 federally insured credit unions. While many major balance sheet categories showed positive growth in the first nine months of 2008, the return on average assets declined. Net income decreased 15.7 percent, based primary on a 71.9 percent increase in the provision for loan & lease losses account as credit unions reserve for possible losses. Reflecting the current stress in the financial industry, delinquency ratios increased in all loan types. "Credit unions' continued high level of net worth will help the ...» Next (HTML)