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CUNA economist on 1Q Challenges but improvements seen
MADISON, Wis. (6/4/10)--The Credit Union National Association (CUNA) has posted its U.S. Credit Union Profile for First Quarter 2010, a summary of credit union operating results, on its website. CUNA is "cautiously optimistic that credit unions have turned the corner on the way back to more favorable economic times, although there are still many challenges ahead," said Mike Schenk, CUNA vice president of economics and statistics. "First quarter data reflect a continuation of strong savings inflows and weak lending," he said. "Net income rebounded to an average of nearly 0.5% on average assets, and asset quality reflects modest improvement with declines in both delinquency and net chargeoff rates," Schenk continued. "Net worth ratios remain at 9.9%, and 94% of credit unions remain well-capitalized under PCA [Prompt Corrective Action] guidelines. "The current results show gradual improvement in many of the key metrics we examine, but they also make it abundantly clear that recent challenges haven't disappeared.. Nevertheless we clearly have a solid basis for future improvement and that makes it likely that full-year 2010 results will be substantially stronger than 2009 results," Schenk concluded. Credit unions across the nation totaled 7,636, with total assets at $909.8 billion, a 4.7% growth over 2009, according to CUNA's profile. Credit union loans totaled $574.8 billion at the end of the first quarter, a 12-month decline of 0.3%, while savings totaled $784.1 billion, an increase of 6.6% over the period. Total memberships grew 1% to nearly 92 million members. To access the full report, use the resource link.
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