PORTLAND, Ore. — Outstanding credit card balances at credit unions grew at an annual rate of 6.2% between September 2008 and September 2009 to $33 billion, roughly the same rate as second quarter growth, according to analysis by AssetExchange here.
Total assets at these credit unions grew at an annual rate of 10.1% in the third quarter of 2009. AssetExchange also found that of the roughly 2,100 credit unions with credit card portfolios of $1 million and larger:
• Outstanding balances grew at an annual rate of 6.2% between September 2008 and September 2009 to $33 billion, roughly the same rate as second quarter growth. Total assets at these credit unions grew at an annual rate of 10.1% in the third quarter of 2009.
• Card accounts grew at a 1.9% annual rate over the same period to 12.3 million.
• The percentage of portfolios that grew more than the rate of inflation during the previous 12 months increased to 81% in the third quarter of 2009 from 56% in the third quarter of 2008, as the inflation rate was negative. In the third quarter of 2009, 74% of portfolios grew in nominal terms.
• Cards as a percentage of total assets declined to 4.68% in the third quarter of 2009, down from 4.86% in the third quarter of 2008. The metric increased from 4.57% in the second quarter of 2009.
• Credit card penetration remained approximately flat in the third quarter of 2009 at 18%.
