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First-half net income up 23 at Wisconsin CUs
MADISON, Wis. (8/20/08)--Wisconsin credit unions saw a nearly 23% rise in net income and an 8.5% increase in savings in the first half of the year. Net income totaled about $62.1 million at mid-year 2008, compared with $50.5 million for the first six months of 2007, according to the State of Wisconsin Office of Credit Unions Bulletin for mid-year 2008. Also, savings rose to more than $15 billion. “Overall, the financial indicators for Wisconsin credit unions exhibit sound financial performance for the first half of 2008 amid volatile challenging markets,” Suzanne T. Cowan, director of the Office of Credit Unions, wrote in the bulletin. Total assets as of June 30 were $17.8 billion, representing growth of $1.2 billion--a 7.4% increase--during the first half of the year. The net worth ratio remained strong at 10.78%, the bulletin said. Delinquency was 1.14%, down from 1.27% as of Dec. 31, 2007. The return on average assets grew slightly to 0.72%, compared with 0.66% in June 2007. Loans outstanding increased by $629 million and savings grew by $1.1 billion. The loan to share ratio for Wisconsin credit unions continues to be high at 92.89%, Cowan wrote in the bulletin.
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