ALEXANDRIA, Va. (5/30/13, UPDATED 2:13 p.m. ET)--The National Credit Union Administration just released figures that claim the fastest first-quarter loan growth for federally insured credit unions in five years, as well as membership growth of more than 800,000 new members.
The agency also reports a decline in delinquencies and charge-offs in the first quarter of 2013, and says the first quarter data reflect "continuing overall improvement in the credit union industry's performance."
"As the economic recovery continues, American families are re-gaining their financial footing and so are federally insured credit unions," NCUA Chair Debbie Matz said. "It's encouraging to see delinquencies and charge-offs falling as loan portfolios and membership continue to grow." During the first quarter, the credit unions closed on $600 billion in total loans and, with the membership growth, reached 94.6 million members.
The delinquency ratio of federally insured credit unions declined, dropping 14 basis points (bp) to 1.02%. Net charge-off ratios also dropped significantly by 12 bp points, to 0.61%. The agency notes that the declines reflect significant improvement from the highs of 1.84% for delinquencies and 1.21% for charge-offs reached in 2009.
Read tomorrow's News Now for more on the first-quarter results.