ALEXANDRIA, Va. (12/2/11)--The results of call reports from 7,179 federally insured credit unions showed increases in member totals, net worth and total assets, as "credit union financials continued to move in the right direction," National Credit Union Administration (NCUA) Chairman Debbie Matz said as the agency released its quarterly update on the credit union system on Thursday.
Credit unions added more than 450,000 members during the third quarter, increasing the nationwide membership total to 91.4 million members, and Matz noted that membership during the first 9 months increased by nearly 1 million.
Credit union total assets also continued to expand, standing at $951.1 billion when the third quarter of 2011 ended on Sept. 30, an increase of almost $8.7 billion for the quarter, the NCUA added.
Although net income growth slowed during the quarter, totaling $1 billion, credit union earnings during the first 9 months of 2011, which total $4.61 billion, exceed the net income total that was reported in 2010.
The net worth ratio totaled 10.15% during the third quarter, and credit union share deposits increased by $7 billion during that time period, totaling $819.2 billion at the end of the quarter.
The NCUA added that checking, savings, and money market shares also rose. However, share certificates and non-member deposits fell.
Lending during the quarter totaled $567.1 billion, a $3.1 billion increase over the second-quarter total, with used vehicle loans, credit cards and other unsecured loans, and first mortgages rising. However, the NCUA noted, loans for new automobiles and other types of real estate fell during the quarter.
The NCUA said demand for non-federally guaranteed student loans increased by 20.5% during the quarter, and investments, cash on deposit, and cash equivalents increased 1.78%, totaling $347.2 billion at the end of the quarter.
For the full NCUA report, use the resource link.