TUKWILA, Wash. BECU, the nation’s third-largest credit union, reported a 53% surge in midyear earnings to $109.6 million, fueled by a slashing of provision for loan losses and a cut in cost of funds.
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That equates to a return on assets of 0.95% at midyear and 1.9% for the full year.
The increase in the bottom line came even as BECU reported a 4% decline in loan income. The one-time Boeing Employees Credit Union now has $11.5 billion in assets.
The $37.8-million increase in net income was attributed to a $32.3-million decline in provisions for loan and lease losses and a $6.1-million drop in cost of funds.
