CUNA Lifts its Bottom Line

WASHINGTON – CUNA financials, which have been boosted by asset sales and earnings of its CSS subsidiary in recent years, reported strong financial results for 2006. The trade group said it doubled its net income to $2.9 million, with $1.5 million a net operating margin. That’s up from about $1.5 million in 2005, about half of which was from earnings at CSS. “We had a great year in 2006, and we’re looking forward to a great year in 2007,” said Suncoast School FCU President Tom Dorety, treasurer of the CUNA Board, during yesterday annual general meeting. For the fiscal year, CUNA reported a 4.5% increase in revenues, to $53.4 million, and a 4.6% increase in expenses, to $51.9 million. Member equity, or reserves, rose to $15.9 million at year-end 2006, up $3 million over the past three years.