ALEXANDRIA, Va.-Federally insured CUs reported $1.1 billion in net income and an ROA average of 0.47% during the first quarter of 2010, according to NCUA. Among other Q1 numbers:
• Total assets were up by 5.86%.
• Credit unions reported a 4.68% increase in net worth, and a 1.25% overall increase in total members.
• Investments, cash and cash equivalents increased by $290.1 billion Q1, up 28.61% from year-end 2009.
• Total shares on deposit were up 11%, but a 5% decline in lending led to an overall decline in the loan-to-share ratio (see related story, left). Credit unions closed the quarter with a loan-to-share ratio of 73.16%, down from the 76.06% at year end.
In a statement, NCUA chairman Debbie Matz said "some of the short-term numbers are moving in the right direction," but that credit unions "still have a long way to go before overcoming all of the residual issues from the economic downturn of the past two years."
