CUNA Mutual Group recently released its December Credit Union Trends Report, compiled with data from October 2018. The report found credit union loan balances 0.7 percent in October, above the 0.6 percent reported in October 2017.
During October 2018, credit unions picked up 284,000 memberships and loan balances grew at a 9.7 percent seasonally-adjusted annualized pace, while savings balances rose at a 7 percent annualized pace.
Credit union memberships grew a modest 0.24 percent in October 2018, up from a 0.07 percent gain reported in October 2017. Memberships rose 5.4 percent during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates compared to banks.
Credit union capital-to-asset ratios remained at 10.8 percent in October, with very little variation reported over the last year. Loan delinquency rates fell to 0.64 percent in October, down from 0.81 percent in October 2017, due to a stronger economy and double digit loan growth.
To learn more or view the complete report, visit CUNA Mutual Group’s website.