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News Now

Washington
CUs post 1.1B in returns in first quarter reports NCUA
ALEXANDRIA, Va. (6/3/10)--In its recent analysis of the first quarter call reports of all 7,498 federally insured credit unions, the National Credit Union Administration (NCUA) reported credit union net income “posted a positive return of $1.1 billion, with a return on average assets ratio of 0.47%.” Total assets rose by 5.86% during the quarter, which ended on March 31. The NCUA report, which was released on June 2, also noted a 4.68% increase in credit union net worth and a 1.35% rise in total credit union membership. Investments, cash and cash equivalents also increased to a total of $290.1 billion during the quarter, a 28.61% rise from the previously reported amount. Total shares in credit unions increased by nearly 11%, but the NCUA noted that slowed loan growth, when combined with this total share increase, resulted in a decline in credit union loan to share ratios. The NCUA noted that credit unions are “challenged by a declining demand for loans across the board.” The NCUA reported a loan-to-share ratio of 73.16% as of March 31, down from the 76.06% reported in 2009. In an NCUA release, Chairman Debbie Matz said that while “some of the short-term numbers are moving in the right direction,” credit unions “still have a long way to go before overcoming all of the residual issues from the economic downturn of the past two years.” The NCUA is “working diligently to ensure that credit unions maintain strong balance sheets so that they can continue to serve members well through the economic recovery and beyond,” Matz added. For the NCUA release, use the resource link.


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