Federally-insured credit unions continued to see solid growth in the first quarter of 2018.

The National Credit Union Administration reported first quarter net income of $12.6 billion, up from $9.3 billion in the first quarter of 2017. Total assets grew to roughly $1.42 trillion, up from $1.34 trillion one year ago. Membership was up 4.4 percent, reaching almost 113 million members nationwide.

Total loan volume reached about $972 billion, up almost $88 billion from one year ago, while total deposits reached $1.2 trillion, up about $65 billion from one year ago.

“More and more households are joining credit unions, recognizing that they provide the best rates in the marketplace along with superior service,” Curt Long, chief economist and vice president of research at the National Association of Federally-Insured Credit Unions, said in a statement. “Credit unions’ continued growth is confirmation that they remain as committed as ever to serving their members.”

Total non-interest income, which decreased between 2016 and 2017, was way up this year, reaching $20 billion, up $3.1 billion from the first quarter of 2017.

Total delinquencies reached $6.4 billion, up from $6.1 billion in the first quarter of 2017, but down from $7.8 billion in the linked quarter. Total charge-offs were $5.8 billion, up from $5.1 billion in the first quarter of 2017.

Federally-Insured Credit Unions Off to Solid Start in 2018

by Bram Berkowitz time to read: 1 min
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