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Card portfolio balances grew for CUs in Q2
PORTLAND, Ore. (9/27/10)--Balances grew at U.S. credit unions in the second quarter, according to AssetExchange, a credit union credit card portfolio advisory and brokerage firm in Portland, Ore., that has analyzed second quarter 2010 credit union credit card portfolio trends. Data provided in the analysis are for credit card portfolios larger than $1 million in each time period and are based on National Credit Union Administration call report data. For the roughly 2,150 credit unions with credit card portfolios of $1 million and larger:
* Outstanding balances grew at an annual rate of 7.4% between June 2009 and June 2010 to $34 billion, continuing the trend of mid-single digit growth. Total assets at the credit unions grew at an annual rate of 6.8% during the same period. * Card accounts grew at a 3.1% annual rate to 12.6 million. * Cards as a percentage of total assets increased to 4.6% in the second quarter of 2010, up from 4.5% in the second quarter of 2009. * Credit card penetration continued to trend near 18%. * Credit card delinquencies fell to 1.7% from 1.9% between June 2009 and June 2010. Credit card charge-offs rose to 4.5% from 4.2% during the same period.


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