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NCUA reports CU key ratios improved in 2010
ALEXANDRIA, Va. (3/4/11)--Nationwide credit union membership inched up during 2010, totaling 90.5 million by the end of the year, and credit union investment, earnings and assets also grew last year, the National Credit Union Administration (NCUA) reported on Thursday. “While credit unions are still not back to their pre-recession performance, they are showing decent signs of recovery," Credit Union National Association Chief Economist Bill Hampel said. "CUNA expects 2011 to be even better than 2010, with continued declines in loan losses and some modest improvement in earnings,” Hampel added. The NCUA’s December 2010 Call Report data note that loan delinquencies and charge-offs both declined during the year. Although total loans outstanding fell by 1.3% in 2010, used-vehicle loans increased by 3.4%, first mortgage real estate loans increased by 2.7%, and unsecured credit card lending rose by 3.1%. The agency also noted a 16.4% decrease in new-car loans during 2010. According to the NCUA report:
* Assets increased 3.4%, totaling $914.5 billion; * Loans declined 1.3%, totaling $564.8 billion; * Shares increased 4.5% to $786.5 billion; * Investments increased 13.4% to $238.9 billion; and * Net income increased 208.3%.
Net income for 2010 totaled $4.6 billion, up from 2009’s total of $1.5 billion NCUA Chairman Debbie Matz said that “credit unions, as a whole, are exhibiting positive trends in their operations,” adding that the recovering economy helped net worth climb to 10.1% and increased credit unions’ return on average assets (ROA) by 33 basis points. Credit union ROA totaled 0.51% in 2010, up from the 2009 total of 0.18%. “To the maximum extent possible, NCUA will continue to ensure that this progress persists and credit unions remain well-positioned to serve American consumers,” Matz added. For the full NCUA report, use the resource link.
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